Citgo auction creditors assail Elliott bid, seek rival offers [Globe and Mail, The (Toronto, Canada)]
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Source: Globe and Mail, The
Key terms of a proposed court agreement with a U.S. hedge fund seeking to gain control of oil refiner Citgo Petroleum from Venezuela would lock in the fund's lowball bid, the company's creditors said in new court filings against the deal. The backlash to Elliott Investment Management's wholly-owned Amber Energy's offer ends any chance this year of a change to Citgo's ownership to satisfy debt defaults and expropriations by Venezuela. The offer is not economically viable, deficient, and does not comply with Delaware law, creditors, who are seeking cash proceeds from a court auction, wrote in asking the court to begin anew. Amber, which a court officer had hailed last month as the “successful bidder” in the auction's second round, threatened to walk away if the court approved creditors' requests for more details of its up to $7.286-billion bid to assemble rival bids. Citgo called Amber a “weeks-old shell corporation with no assets and no committed financing,” in its court filing.
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News
- Citgo auction creditors assail Elliott bid, seek rival offers [Yahoo! Finance Canada]Yahoo! Finance Canada
- Citgo auction creditors assail Elliott bid, seek rival offers [Yahoo! Finance]Yahoo! Finance
- ConocoPhillips (COP) Stock Declines While Market Improves: Some Information for Investors [Yahoo! Finance]Yahoo! Finance
- ConocoPhillips (NYSE: COP) had its "sector perform" rating re-affirmed by analysts at Wells Fargo & Company.MarketBeat
- ConocoPhillips (NYSE: COP) had its price target lowered by analysts at Susquehanna from $147.00 to $144.00. They now have a "positive" rating on the stock.MarketBeat
COP
Earnings
- 8/1/24 - Miss
COP
Sec Filings
- 10/2/24 - Form 4
- 10/2/24 - Form 4
- 9/12/24 - Form SD
- COP's page on the SEC website