Reuters reported that Molycorp’s (NYSE:MCP) takeover of Neo Material (TSX:NEM) is now complete.

As quoted in the market news:

The cash-and-stock deal, worth roughly C$1.2 billion ($1.17 billion), also gives Molycorp access to Neo’s valuable rare earth patents as well as a toehold in China – the world’s top rare earth producer and consumer.

Click here to read the full Reuters report.