Elliott Affiliate Wins Citgo Auction With $7.28 Billion Bid
(Bloomberg) -- An Elliott Investment Management affiliate won an auction for Citgo Petroleum Corp.’s parent company with a $7.28 billion bid, allowing it to acquire an oil refiner that was once Venezuela’s largest foreign asset.
The affiliate, Amber Energy Inc., submitted the best bid for Citgo’s US parent, PDV Holding, according to Robert Pincus, the court-appointed special master who oversaw the process. The sale is intended to satisfy Venezuela creditors holding more than $20 billion in claims.
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