Poet considers purchase of VeraSun assets
US ethanol producer Poet may bid on plants owned by VeraSun Energy during an auction to be held in March, CEO Jeff Broin says.
Earlier in January VeraSun obtained approval from a judge to auction seven of the eight ethanol plants it had bought from U.S. BioEnergy in 2008 for approximately $700 million (€527 million).
Poet first expressed an interest in making investments in ethanol production several months ago.
‘We are looking at all of our opportunities [with] VeraSun being one of them,’ Broin comments. ‘Basically we’re vetting those and looking at how they stack up against other[s].’
VeraSun filed for bankruptcy protection in October after expensive prices for corn, the main feedstock for making ethanol in the US.
Both companies are based in South Dakota.
Earlier in January VeraSun obtained approval from a judge to auction seven of the eight ethanol plants it had bought from U.S. BioEnergy in 2008 for approximately $700 million (€527 million).
Poet first expressed an interest in making investments in ethanol production several months ago.
‘We are looking at all of our opportunities [with] VeraSun being one of them,’ Broin comments. ‘Basically we’re vetting those and looking at how they stack up against other[s].’
VeraSun filed for bankruptcy protection in October after expensive prices for corn, the main feedstock for making ethanol in the US.
Both companies are based in South Dakota.
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