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SIOUX FALLS, S.D. — Valero Energy is buying seven ethanol plants from VeraSun Energy for $477 million, the largest biofuel buyout in terms of production capacity. VeraSun, the country’s second-largest ethanol producer, filed for Chapter 11 bankruptcy protection in October.
Valero won an auction for the assets in court, VeraSun announced late Tuesday. Valero became the first traditional refiner to cross over into ethanol production after a Delaware bankruptcy court approved the sale Wednesday. The Associated Press
