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.
©2024 Bloomberg L.P.
KEEPING THE ENERGY INDUSTRY CONNECTED
Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.
By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.
More oil news
EU Tests Mettle to Take On China With New EV Tariff Fight
Biden Discourages Israel From Attacking Iran’s Oil Fields
Oil Set for Biggest Weekly Gain Since Early 2023 on Mideast Risk
Oil Climbs for Third Day as Middle East Supply Risks Dominate
Oil Extends Surge as Israel Vows Retaliation After Iran Strike
Oil Steadies as Mideast Tensions Vie With Libyan Supply Outlook
ADNOC to acquire Germany’s Covestro for €11.7 billion
Oil Swings as Traders Guess at Israel’s Next Moves in Conflict
Former Singapore Oil Mogul to Pay Liquidators, HSBC $3.6 Billion
