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Merger of VeraSun Energy and US BioEnergy effective Tuesday
By Lisa Kerner
Charlotte, N.C., March 31 - VeraSun Energy Corp. closed the merger with US BioEnergy Corp. after shareholders of both companies approved the transaction.
The merger will be effective as of April 1, according to a VeraSun news release.
Under the companies' merger agreement, 0.81 of a share of VeraSun common stock will be issued for each outstanding share of US BioEnergy common stock, a premium of some 11% based on Nov. 23 closing prices.
"We look forward to realizing the synergies of our combined business as we expect to reach 16 biorefineries and an operating capacity of more than 1.6 billion gallons by the end of 2008," VeraSun chief executive officer Don Endres said in the release.
"The size and scale that results from this merger will allow us to become more relevant to our customers in the petroleum industry and continue to position VeraSun as a premier platform company in the renewable fuels industry."
Endres will lead the combined company. US BioEnergy president and CEO Gordon Ommen will become chairman.
US BioEnergy is a St. Paul-based producer and marketer of ethanol and distillers grains.
VeraSun, based in Brookings, S.D., produces renewable fuel.
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