Mining and resources company Linc Energy (LNC.AX: Quote, Profile, Research) is set to acquire South Australia-based Sapex (SXP.AX: Quote, Profile, Research), which specialises in underground coal gasification (UCG). The two companies entered a trading halt yesterday in anticipation of a deal. Brisbane-based Linc, which has accumulated a 5.3 percent stake in Sapex over the past two months, is expected to offer about A$150 million for the takeover target. The UCG assets will be used by Linc for clean diesel production, and possibly for electricity generation. P54.
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