In my experience, it does not separate, rather it does not mix in the first place.
It is well known that to mix biodiesel and petrodiesel, both must be warmer than 40˚F, preferably warmer than 55˚F in order to properly dissolve in one another. This would show up as separating later if they were mixed too cold, when in fact, they were never properly mixed in the first place.
I have taken mixes at B5, B10, B20, B30, B40, B50 . . . B80, and B90 through cycles of freezing and thawing with and without various anti-gel formulas, and since all were properly mixed in the first place, while warm, I've seen no separation due to the cold. It is worth noting that the B50 mix was the most temperamental, as it became cloudy initially (at about 60˚F) and required 24-36 hours at temperature to clear, signaling final complete solution.