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Valero Picks Up 7 VeraSun Ethanol Plants For $477M

Law360 (March 18, 2009, 12:00 AM EDT) -- Oil refiner Valero Energy Corp. is now also an ethanol producer. A bankruptcy court Wednesday approved the company's $477 million bid for seven refineries auctioned by VeraSun Energy Corp., which also sold its remaining nine refineries to secured creditors for $516 million.

Judge Brendan Linehan Shannon of the U.S. Bankruptcy Court for the District of Delaware greenlighted Valero’s acquisition of seven exiting ethanol plants and one under development, giving North America’s largest petroleum refiner the capacity to produce 780 million gallons of ethanol annually.

VeraSun’s assets...
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