VeraSun Energy Co said Wednesday that Valero Energy emerged as the successful bidder to acquire seven plants from the bankrupt ethanol maker.
Valero bid $477 Million to take the plants. VeraSun said it has a total of $993 million in bids for 17 plants and also has a total of $516 million of bids from secured lenders for the remaining assets.
The winner will takes the nation’s largest oil facilities in Aurora, S.D.; Albert City, Charles City, Fort Dodge and Hartley, Iowa; Welcome, Minn.; and Albion, Neb and development site in Reynolds, Ind.
The bidding, which ended late Tuesday, is subject for approval by the federal court and is expected to close in April, the company said.
VeraSun Energy has been in bankruptcy since last Oct. 31, 2008, and has an annual potential production capacity of approximately 1.64 billion gallons of ethanol and 5 million tons of distiller’s grains.
Valero Energy shares drop 2.61% at $18.02 on trading today.