Verasun Closes on Sale to Valero
Wednesday, April 1, 2009

 

VeraSun Energy has advised that they have closed on the sale of five ethanol biorefineries, and one developmental site, to traditional refiner Valero Energy Corp. The close is the result of the auction that was conducted several weeks ago.

VeraSun, which filed for Chapter 11 bankruptcy protection in October 2009, auctioned off all of its assets in March 2009, and Valero submitted a successful bid of $477 million for plants in Aurora, South Dakota; Charles City, Fort Dodge, and Hartley, Iowa; Welcome, Minnesota; a development site in Reynolds, Indiana, and two additional plants.

VeraSun also advised that the closing on several sites, including the Albert City, Iowa, and Albion, Nebraska, plants is expected in the coming weeks.

Valero is grouping the plants under a subsidiary, Valero Renewable Fuels.

Valero shares gained 53 cents, or 3 percent, to close at $18.43 Wednesday.