Fed Approves VeraSun and U.S. BioEnergy Merger
January 1, 2008
BY Craig A. Johnson
Web exclusive posted Jan. 2, 2008, at 10:51 a.m. CST
The United States Federal Trade Commission (FTC) today chose to take no action in VeraSun's acquisition of U.S. BioEnergy. The plan to buy U.S. BioEnergy was announced in late November as an all-stock deal. Investors estimate the agreement's value at roughly $700 million.
The result of the FTC's approval means the combined company will consist of nine ethanol plants online with a production capacity of 870 MMgy. By the end of 2008, the company is expected to nearly double those figures with 16 ethanol plants online and a total production capacity approaching 1.6 billion gallons per year.
According to a VeraSun press release, Chairman, CEO and President Donald L. Endres will remain CEO of the combined company, and US BioEnergy President and CEO Gordon Ommen will serve as chairman following the merger. VeraSun Senior Vice President and Chief Financial Officer Danny C. Herron will become President of the combined company which will retain the VeraSun name and trade under VeraSun's NYSE ticker symbol, VSE.
The United States Federal Trade Commission (FTC) today chose to take no action in VeraSun's acquisition of U.S. BioEnergy. The plan to buy U.S. BioEnergy was announced in late November as an all-stock deal. Investors estimate the agreement's value at roughly $700 million.
The result of the FTC's approval means the combined company will consist of nine ethanol plants online with a production capacity of 870 MMgy. By the end of 2008, the company is expected to nearly double those figures with 16 ethanol plants online and a total production capacity approaching 1.6 billion gallons per year.
According to a VeraSun press release, Chairman, CEO and President Donald L. Endres will remain CEO of the combined company, and US BioEnergy President and CEO Gordon Ommen will serve as chairman following the merger. VeraSun Senior Vice President and Chief Financial Officer Danny C. Herron will become President of the combined company which will retain the VeraSun name and trade under VeraSun's NYSE ticker symbol, VSE.
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