Aug 22 (Reuters) - Wesfarmers Ltd WES.AX :
* UPDATES ON PROPOSAL TO ACQUIRE LYNAS CORPORATION
* WESFARMERS HAS BEEN UNABLE TO PROGRESS ITS PROPOSAL AND DOES NOT INTEND TO PURSUE IT FURTHER
* UNABLE TO PROGRESS ITS PROPOSAL AND DOES NOT INTEND TO PURSUE IT FURTHER
* NOTES LYNAS ANNOUNCEMENT CONFIRMING CONDITIONS FOR RENEWAL OF OPERATING LICENCE FOR COMPANY'S LAMP FACILITY IN MALAYSIA