Elliott’s Citgo Bid Bogged Down by US Price, Risk Concerns (1)

A deal for control of Venezuela’s Citgo Petroleum Corp. by a group affiliated with hedge fund Elliott Investment Management has gotten bogged down amid Trump administration concerns over the price and political risk.

The Houston-based refiner is Venezuela’s most valuable overseas asset, and it’s at the heart of a years-long battle with the oil-rich country’s myriad creditors. Both Venezuela’s government and parts of the political opposition also object to the sale.

The $5.9 billion bid by Amber Energy, a consortium that prevailed in a Delaware court-ordered auction of Citgo shares in November, would extinguish about $8.8 billion in claims attached ...