
Elliott’s Conditional Offer Chosen in Citgo Share Auction Case, Sources Report
HOUSTON (Reuters) – A conditional offer from Elliott Investment Management for shares has been accepted by a U.S. court officer overseeing the auction that will decide the future ownership of the Venezuela-owned oil refiner Citgo Petroleum, according to sources.
Elliott’s bid for shares in Citgo’s parent company, PDV Holding, is contingent upon the resolution of claims by a group of holders of defaulted Venezuelan bonds, the sources noted.
The claims have the potential to complicate the sales process, which has already faced five delays. The specific value of Elliott’s offer has not been disclosed.
The Delaware court has yet to reveal the results of its second bidding round for the shares of PDV Holding.