Elliott Affiliate Raises Bid to $8.82 Billion for Citgo Parent; Court Reschedules Sale Hearing, Citgo Posts $100M Q2 Profit

An affiliate of Elliott Investment Management has increased its bid for the parent company of Citgo Petroleum, a Venezuela-owned U.S. refiner, to $8.82 billion in a court-organized auction. The competition for the shares has intensified, prompting a U.S. federal court to reschedule the final sale hearing originally planned for next week. Citgo reported a $100 million profit in the second quarter, recovering from previous losses, and maintained liquidity of $2.6 billion while processing 858,000 barrels per day. Meanwhile, Elliott Investment Management has also increased its stake in Phillips 66 by 22.4%, acquiring 19.3 million shares. The auction and court proceedings remain closely watched as bidders compete for control of the Citgo parent company.