Elliott Management Wins Citgo Bid, Controversy Ensues
Update: 2025-11-26
Description
Delaware Judge Approves Elliott Managements Bid for Citgo: Controversy Surrounds Lowest OfferA Delaware judge has approved Elliott Managements bid to acquire Citgo, the American refining arm of Venezuelas state-owned oil company, PDVSA. The Amber Bid was chosen for its price and closing certainty, despite a higher rival offer from a consortium led by Gold Reserve. The sale, worth over eleven billion dollars, aims to compensate creditors seeking nineteen billion dollars in losses from Venezuelas nationalization and debt defaults. However, the decision has sparked controversy due to allegations of conflicts of interest and a perceived undervaluation of the asset.
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