Court Approves Elliott Bid for Citgo

Delaware judge Leonard Stark has approved Elliott Management’s bid for Citgo, the U.S. refining arm of Venezuela’s PDVSA. Parties involved have until Monday to agree on a sale order—including Venezuela. “The Amber Bid offers the best overall combination of price and certainty of closing of any bid submitted,” Judge Stark wrote, as cited by Reuters. Amber Energy, an affiliate of the activist investor fund, emerged as a frontrunner in the Citgo auction in August, when it presented a bid that offered $5.86 ...