POET Could Be Interested in VeraSun

Cindy Zimmerman

POETThe world’s largest ethanol producer could be getting even bigger soon.

VeraSunSpeculation is that POET is behind a potential buyout of VeraSun Energy Corporation, which filed Chapter 11 less than a month ago. VeraSun announced this week that it received a “non-binding unsolicited indication of interest with respect to the purchase of substantially all of its assets.”

Both POET and VeraSun are citing confidentiality considerations for not naming names, but POET CEO Jeff Broin said in a statement that they are “in serious discussions with a couple of ethanol producers regarding possible acquisitions.”

“POET remains profitable despite the current economic challenges facing the ethanol industry thanks to careful risk management and proprietary technology that makes our process for producing ethanol extremely efficient,” said Broin. “These potential acquisitions have met our initial criteria, and we will continue discussions to determine whether the plants are the right fit for our company.”

Ethanol, News