Molycorp, Inc.'s takeover bid over Canadian rare earths processor Neo Material Technologies Inc. is now a done deal.

The U.S. rare earths miner announced its plan to become a one-stop shop mine-to-magnet company is finally accomplished with the closure of its acquisition bid of Neo Material Technologies Inc. on Monday.

Molycorp, Inc. acquired Canadian rare earths processor for C$1.2 billion or $1.17 billion through a cash-and-stock deal.

"We now have the broadest global coverage in the industry, and we can immediately access highly specialized niche markets that were not available to us prior to the Neo acquisition," Mark A. Smith, Molycorp's President and Chief Executive Officer, said in a statement. "Our expanded product line in rare earths, particularly in the 'heavies' category, and rare metals, along with our patented technology platform, and our ability to consistently meet demanding customer specifications, will make us a formidable player in these global markets for years to come."

Molycorp Inc., which owns the Mountain Pass rare earth mine in California, is one of Western rare earths miners out to topple the dominance of China in the rare earths sector.

"We believe that this acquisition is a win-win situation," Reuters News quoted analyst Jon Hykawy in a note to clients in May. "Not only should it significantly improve Molycorp's earnings but it also de-risks the start-up of Molycorp's own (processing) facility."

Molycorp Inc. expects its acquisition of Neo Material Technologies Inc. will ramp up its 2012 earnings and cash flow, as well as position the U.S. miner to deliver strong returns in the future.

Following the completion, subsidiaries of Neo Material Technologies Inc. will now use the Molycorp corporate logo, except its Magnequench subsidiary, which will use a Molycorp Magnequench logo.

Combined, the companies span 26 locations across 11 countries, and have over 2,600 employees worldwide.