Top Bidder for Citgo Is Elliott Management, Court Master Says

Published On Sep 27, 2024, 3:38 PM

Elliott Investment Management is the leading contender to acquire Citgo Petroleum, as part of a court-approved sale intended to help settle billions of dollars in debts owed by the Venezuelan government to foreign companies, including U.S. firms. The sale involves Citgo's valuation at up to $7.3 billion and includes its three refineries in the U.S., which represent about 4% of the country's fuel production capacity. A federal judge's approval is pending, with a scheduled hearing for November.

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The acquisition of Citgo by Elliott Management, a significant player in the investment field, could streamline operations and possibly enhance efficiency at the refineries, leading to an increased market value for Citgo and potentially benefiting related stocks. However, given the uncertainties surrounding geopolitical tensions, particularly with Venezuela, investors should consider the risks involved.

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Top Bidder for Citgo Is Elliott Management, Court Master Says

Sep 27, 2024, 3:38 PM

The sale, which requires a judge’s approval, would help compensate foreign companies owed billions of dollars by the government of Venezuela, which owns Citgo.

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