(Investing.com)– A U.S. court officer said on Monday an affiliate of hedge fund Elliott Investment Management made the best bid for the parent of Venezuela-owned refiner Citgo Petroleum, against a group led by miner Gold Reserve previously recommended as the winner. Improved bids emerged in the final stages of the auction of PDV Holding, one of the parents of the
(Investing.com)– HOUSTON -A U.S. court has completed a second bidding round in a auction of shares in the parent of Venezuela-owned Citgo Petroleum after at least three consortia submitted revised bids in June, raising creditors’ hopes of receiving payment for some of Venezuela’s outstanding debt. The court-organized auction for the seventh-largest U.S. refiner stems from an eight-year-old case that Canadian
(Oil Price) – U.S. refiner Phillips 66 told shareholders on Tuesday that Elliott Investment Management’s demands for breaking up the company are misguided, based on inflated and unrealistic assumptions, and would destroy shareholder value. Activist hedge fund Elliott Investment Management has called on Phillips 66 to spin off its midstream business and tighten up operations. Elliott, which has an investment worth more than
(World Oil) – Tokyo Gas Co. will offload its stake in a Texas shale project, amid scrutiny from activist shareholder Elliott Investment Management, which has called for the utility to streamline its portfolio. The company will sell all the interests held by its subsidiary in the Eagle Ford shale gas project to Shizuoka Gas Co. for $130 million, the two firms
(Oil Price) – Elliott Management is pushing for major asset sales at BP to address the undervalued shares of the UK-based supermajor after the U.S. activist investor built a stake of nearly 5% worth about $4.75 billion (3.8 billion British pounds), the Financial Times reported on Thursday, quoting sources familiar with the matter. News of Elliott’s recently-built stake in BP, which now makes
(Yahoo Finance) – An Elliott Investment Management affiliate won an auction for Citgo Petroleum Corp.’s parent company with a bid for $7.3 billion, clearing a key hurdle in the fund’s push to acquire an oil refiner that was once Venezuela’s largest foreign asset. The affiliate, Amber Energy Inc., submitted the best bid for Citgo’s US parent, PDV Holding, Robert Pincus,
