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LOS ANGELES -- Bankrupt ethanol maker VeraSun Energy Corp. said Friday it agreed to sell five production facilities to top U.S. refiner Valero Energy Corp. for $280 million, according to Reuters.com.
VeraSun is now required to hold an auction to determine if other bidders will sweeten Valero's bid, the company said in a statement.
Additionally, VeraSun is seeking to sell all of its ethanol plants and operations in separate or combined deals, it said. It has received expressions of interest in assets other than the ones included in the Valero deal, but it has not yet reached a deal to sell any of them, according to the report.