Elliott Affiliate Wins Citgo Auction With $7.3 Billion Bid (2)

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, the court-appointed special master who oversaw the process, said in a filing Friday. Pincus must still make a formal, final recommendation and then federal Judge Leonard Stark in Delaware must approve it.

Amber won out over other suitors interested in wresting ...