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<u>Pacific Ethanol to Buy Aventine for $190 Million</u>

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UserAlias1   Wednesday, 12/31/14 09:38:22 AM
Re: timhyma post# 1721
Post # of 1746 
Pacific Ethanol to Buy Aventine for $190 Million in Stock

Last update: 31/12/2014 9:37:25 am

By Angela Chen

Biofuel company Pacific Ethanol Inc. agreed to buy Aventine Renewable Energy Holdings Inc. for about $190 million in stock, a deal that would make the company the fifth-largest ethanol producer in the U.S.

With the deal, which comes amid a sharp gas-price slump, Sacramento-based Pacific Ethanol (PEIXD) , already the largest producer of low-carbon fuels in the western U.S., would expand its reach into the Midwestern and Eastern markets currently served by Illinois-based Aventine (AVRW) . Ethanol is a renewable fuel made from plants, often corn, and is one of the most popular sources of alternative energy.

"This transaction will more than double our annual ethanol production capacity," said Chief Executive Neil Koehler. The combined company will have a total ethanol production capacity of 515 million gallons a year, and will sell over 800 million gallons of ethanol annually.

Koehler added the deal is expected to immediately add to earnings. Pacific Ethanol will issue about 17.75 million shares in exchange for all of Aventine's common stock.

Pacific Ethanol shareholders will own about 58% of the stock of the combined company. Aventine, which will be operated as a wholly-owned unit, will nominate two representatives for Pacific Ethanol's board, increasing the total count to nine.

(An expanded version of this report appears at WSJ:com: http://www.wsj.com/articles/pacific-ethanol-to-buy-aventine-for-190-million-in-stock-1420036065?mod=mktw.)

-Angela Chen; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

December 31, 2014 09:37 ET (14:37 GMT)

Copyright (c) 2014 Dow Jones & Company, Inc.

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