VeraSun Energy to sell assets to Valero Energy - KWWL - Eastern Iowa Breaking News, Weather, Closings

VeraSun Energy to sell assets to Valero Energy

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SIOUX FALLS, S.D. (AP) -- Sioux Falls-based ethanol producer VeraSun Energy Corp. says it's selling assets to Valero Energy Corp. for $280 million amid difficult industry conditions and tight credit markets.

The assets include certain VeraSun production facilities in South Dakota, Iowa, Minnesota, and Indiana. The company will sell all operations in separate or combined transactions.

Other companies have expressed interest in VeraSun's assets, excluding those included in the proposed Valero transaction.

VeraSun will hold an auction for other bidders to offer more favorable terms than Valero's bid. Bidders have until March 13 to submit qualifying bids.

VeraSun says it has enough liquidity to maintain production facilities and staff through the sale process.

Online Producer: Mike Verlo

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