Elliott Affiliate’s $6 Billion Citgo-Shares Bid Wins Auction (2)

An affiliate of Elliott Investment Management won a court-ordered auction for control of the parent company of US oil refiner Citgo Petroleum Corp., Venezuela’s most-valuable foreign asset.

US District Judge Leonard Stark in Wilmington, Delaware, said Tuesday he would adopt a special master’s recommendation that Amber Energy’s $5.89 billion bid was the highest and best generated by the lengthy auction process for shares held by Citgo’s US parent, moving the case closer to conclusion after eight years of litigation.

“The Amber bid offers the best overall combination of price and certainty of closing of any bid submitted,” Stark ...