Elliott Investment Management's Bold $8.82 Billion Bid for Citgo Petroleum

Elliott Investment Management's affiliate has upped its bid for the Venezuela-owned Citgo Petroleum to $8.82 billion. The new bid includes payment provisions for key Venezuelan defaulted bonds, intensifying competition for the refiner. This move is part of a broader auction involving various creditors, including Red Tree Investments.

An affiliate of hedge fund Elliott Investment Management has intensified its efforts to acquire the parent firm of Venezuela-owned Citgo Petroleum by raising its bid to $8.82 billion, according to recent court documents.

The enhanced offer comes amid fierce competition for the coveted refiner, with the revised bid featuring a crucial payment provision for holders of a significant Venezuelan defaulted bond. This development was revealed in a letter submitted on Tuesday by Red Tree Investments, one of the creditors involved in the auction.

This strategic move highlights the escalating interest in Citgo Petroleum, drawing attention to the broader implications for stakeholders within the energy sector.

(With inputs from agencies.)