Elliott wins Citgo share auction with $7 billion bid By Reuters
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Sep 27 2024
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Source: Investing.com
Elliott Investment Management's Bid: Elliott Investment Management is the presumptive winner in a U.S. court auction for shares in Citgo Petroleum's parent company, PDV Holding, with a bid valuing Citgo at up to $7.286 billion, although the offer is conditional and subject to resolution of competing claims from bondholders.
Legal Challenges Ahead: The court process faces potential delays due to disputes from bondholders pursuing claims against Citgo equity, which could extend the sales timeline beyond the proposed mid-November conclusion.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
