Elliott Investment's Bid Gains Edge in Citgo Shares Auction

A U.S. court officer has indicated that Elliott Investment's bid for shares in Venezuela-owned Citgo is now viewed as superior to a previous offer by Gold Reserve. The decision may lead to Elliott's affiliate, Amber Energy, being recommended as the auction winner if Gold Reserve doesn't improve its offer.

In a significant turn of events, a U.S. court officer has highlighted a bid from an affiliate of Elliott Investment Management as superior in the ongoing auction of shares in Citgo Petroleum, a Venezuela-owned refiner. This development arrives after earlier recommending a competing offer led by the miner, Gold Reserve.

Officer Robert Pincus, overseeing the auction process, has now shifted focus towards Elliott's affiliate, Amber Energy, suggesting their proposal has overtaken the initial lead of Dalinar Energy, a subsidiary of Gold Reserve. This move could redefine the outcome of the sale.

The court-appointed officer's reassessment highlights the competitive nature of this high-stakes engagement, as it paves the way for Elliott's potential emergence as the prevailing bidder, unless Gold Reserve swiftly responds with an enhanced submission to reclaim its position.

(With inputs from agencies.)