THE PRUDENT EXPLOITERS

摘要

For Valero Energy's S. Eugene Edwards, the deal seemed tantalizing: Sixteen ethanol plants were on the block, and their owner, VeraSun Energy, was in bankruptcy court. After a brief dustup with a rival bidder, Valero walked away this spring with seven of the best plants, plus a site for another. The total cost was $477 million, a fraction of their worth. "We got first-quality plants at 30(£ on the dollar," says Edwards, who heads strategic planning at San Antonio-based Valero.