Elliott’s conditional offer selected in case of Citgo stock auction, Reuters sources say

HOUSTON (Reuters) – Financial firm Elliott Investment Management’s conditional offer for shares has been accepted by a U.S. court official overseeing an auction that will determine the future ownership of Venezuelan-owned oil refinery Citgo Petroleum, sources said.

Elliott’s bid for shares in Citgo parent PDV Holding is subject to a Delaware court settlement of claims by a group of defaulting Venezuelan bondholders, the sources said.

Their claims threaten to derail the sale process which has already been delayed five times. The value of Elliott’s offer was not immediately known.

The Delaware court did not disclose the outcome of the second auction round for PDV Holding shares.