The U.S. Federal Trade Commission granted antitrust approval to VeraSun Energy Corp (VSE.N) today, clearing the way for the company’s acquisition of ethanol maker US BioEnergy Corp (USBE.O).
VeraSun announced plans last November to acquire US BioEnergy in an all-stock deal. Verasun said it would issue 0.81 share of its common stock for every US BioEnergy share. According to the company, the acquisition of BioEnergy will boost its ethanol output to a total of 1.6 billion gallons by the end of 2008.
The U.S. Federal Trade Commission stated in a daily notice that it has completed it’s review of the proposed deal and will take no action to block it.
Website: http://www.verasun.com/
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