"Valero's $477m ethanol bid is OK'd" by Bloomberg News | March 19, 2009
NEW YORK - Valero Energy Corp., the largest US oil refiner, will enter the ethanol business after its $477 million bid for seven plants and other assets of VeraSun Energy Corp. was approved by a US Bankruptcy Court judge.
The acquisition, approved yesterday by bankruptcy Judge Brendan Linehan Shannon in Wilmington, Del., gives San Antonio-based Valero plants that can produce 780 million gallons of ethanol a year, Valero said yesterday in a statement. That would provide an assured supply of the corn-based gasoline additive used to help meet standards enforced by the Environmental Protection Agency.
Valero will pay $350 million for a group five plants in South Dakota, Iowa, and Minnesota, and an Indiana development site, Sioux Falls, S.D.-based VeraSun said in a statement Tuesday. Valero also will purchase an Iowa production plant for $72 million, a Nebraska facility for $55 million and other assets.--more--"
