A bid by China Nonferrous Metal Mining (Group) Limited Company to acquire Australian Lynas (ASX: LYC), a rare-earth producer, has been rejected by Australian authorities, marking another failed overseas purchase attempt by a Chinese company. This episode follows Chinalco's attempted participation in Rio Tinto.
Lynas, in statement published yesterday, said that the Australian Foreign Investment Review Board (FIRB) demanded that China Nonferrous reduce both its stake in Lynas and proportion of members on the board to below 50 percent each, terms that were deemed unacceptable by China Nonferrous, who chose to end the deal.
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(China.org.cn by Maverick Chen, September 25, 2009)