Australian conglomerate Wesfarmers Ltd said on Tuesday it made a bid to acquire rare earths miner Lynas Corporation Ltd for A$1.50 billion ($1.07 billion) in cash.
Under the proposal, Lynas shareholders will receive A$2.25 per share, Wesfarmers said in a statement.
($1 = 1.4069 Australian dollars)
(By Aditya Soni; Editing by Matthew Lewis)