US court moves to support Elliott affiliate’s bid for Citgo parent
HOUSTON (Reuters) -A U.S. judge allowed an affiliate of hedge fund Elliott Investment Management on Thursday to move towards completing its offer for Venezuela-owned Citgo Petroleum’s parent through a court-ordered auction of shares, while restricting rival bidder Gold Reserve from doing the same. Delaware Judge Leonard Stark instructed a court officer overseeing the auction of shares to terminate a stock purchase agreement (SPA) with a Gold Reserve subsidiary and sign a new one with Elliott’s affiliate Amber Energy, Gold Reserve said in a release.