Elliott Investment Management is reportedly leading the bid in a highly scrutinized U.S. court-ordered auction for the parent company of Venezuelan-owned refiner Citgo Petroleum Corp. This information comes from individuals familiar with the proceedings who have chosen to remain anonymous due to the confidential nature of the negotiations. The auction has seen competitive interest, notably from independent refiner Vitol Group and Canadian miner Gold Reserve Inc., which teamed up with billionaire Carl Icahn’s CVR Energy.
The auction process has been complex and has now reached a critical juncture. On August 22, the deadline for recommendations on the winning bid expired. Elliott has seemingly emerged as the frontrunner, having been granted exclusivity to negotiate terms for the acquisition. This places Elliott in a strong position ahead of the court-ordered sale hearing scheduled for October 30.
For more details on the unfolding scenario, you can read the full Bloomberg Law article here.