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Elliott Investment Management is the leading bidder in a court-order auction of Venezuelan oil refiner Citgo Petroleum.
Elliott was competing against Gold Reserve Inc. (OTCQX:GDRZF), which was working on a joint bid with Carl Icahn’s CVR Energy (NYSE:CVI), as well as independent refiner Vitol Group, according to a Bloomberg report on Saturday, which cited people familiar with the matter. Elliott has been given exclusivity to negotiate on a transaction.
The deadline for recommending a winning bid expired on Thursday. The court-ordered sale hearing is scheduled for Oct. 30.
Reuters reported earlier this month that Icahn’s CVR Energy (CVI) submitted an$8 billion bid for Citgo.
The court is auctioning shares in Citgo parent PDV Holding after a trial found the company liable for Venezuela’s past debt defaults and expropriations.
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