An affiliate of Elliott Investment Management on Friday was named the presumptive winner in a U.S. court auction of shares in a parent of oil refiner Citgo Petroleum with a bid that puts an up to $7.286 billion enterprise value on Venezuela-owned Citgo,

Activist investor Elliott Investment Management won the U.S. court auction for shares in Citgo Petroleum's parent company, PDV Holding, valuing it at $7.286 billion. The auction aims to repay claims against Venezuela and state oil firm PDVSA.

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.

A conditional offer for shares in Citgo Petroleum's parent by financial firm Elliott Investment Management was accepted by a U.S. court officer overseeing an auction that could decide the future control of the Venezuela-owned oil refiner,

Elliott Investment Management is close to being named the top bidder in an auction for control of Venezuela’s oil refiner Citgo Petroleum in a court-ordered sale designed to pay down the bankrupt country’s debts,