DLA Piper Reps BP In $98M Verenium Biofuels Deal

Law360, New York (July 15, 2010, 3:06 PM EDT) -- BP PLC has agreed to pay $98.3 million for the cellulosic biofuels division of Verenium Corp., along with facilities in San Diego and Louisiana, giving the oil giant a larger stake in the ethanol market.

BP will also buy outright two joint ventures in which it had partnered with Cambridge, Mass.-based Verenium, the two companies announced Thursday.

The deal demonstrates the British company's intent to become a leader in the cellulosic biofuels industry in the U.S. and positions it as one of few companies with “integrated...
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