Australia's Linc Energy Agrees to Buy Sapex for A$104 Million

Linc Energy Ltd. (LNC), an Australian company planning a plant in Queensland to convert coal into clean diesel, agreed to buy Sapex Ltd. to gain exploration licenses in South Australia that may yield coal seam gas.

Linc is offering 72 Australian cents for each Sapex share and 50 cents for each option, valuing the target company at about A$104 million ($96 million), Brisbane-based Linc Energy said today in a statement to the Australian Stock Exchange.

To contact the reporter on this story: Angela Macdonald-Smith in Sydney at amacdonaldsm@bloomberg.net

To contact the editor responsible for this story: Amit Prakash at aprakash1@bloomberg.net

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