Australia's Lynas Rare Earths to buy Meteoric Resources in $672 million deal

Oct 1 (Reuters) - Australia's Lynas Rare Earths LYC.AX said on Thursday it would acquire Meteoric Resources MEI.AX in an all-share deal valuing the rare earths developer at A$968 million ($672.08 million).

Under the scheme of arrangement, Lynas will acquire all Meteoric shares at a fixed exchange ratio of 0.0207 new Lynas shares for each Meteoric share.

($1 = 1.4403 Australian dollars)