Valero Takes the VeraSun Prize (VLO, ADM, VSUNQ)

Energy

Published: March 18, 2009 7:54 am

Last Updated: March 26, 2020 6:27 pm

Valero Energy Corp. (NYSE:VLO) has won the auction for seven ethanol plants formerly owned by VeraSun Energy Corporation (VSUNQ), which is now in Chapter 11 bankruptcy. Valero will pay $477 million for the plants.

According to the AP, Archer Daniels Midland Inc. (NYSE:ADM) “participated” in the auction, but did not buy anything. ADM must be too busy looking at Brazilian sugar-cane ethanol producers.

Three other lender groups submitted bids totaling $576 million for other VeraSun refineries and properties. Valero will operate its new ethanol refineries through its Valero Renewable Fuels subsidiary.

Valero’s 52-week range is $13.94-$55/share. Shares closed at $18.50 yesterday. Buying ethanol refineries is likely to keep the price down closer to the bottom than to the top of that range.

Paul Ausick
March 18, 200

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