Canadian miner Gold Reserve said on Monday its Delaware subsidiary, Dalinar Energy, has submitted an offer that could be chosen as the starting bid in a court-organized auction of shares in Venezuela-owned refiner Citgo Petroleum’s parent.
A federal court in Delaware, which is handling the auction for Citgo parent PDV Holding, is expected to pick the offer as a ‘stalking horse’ bid, which is the starting point or the minimally accepted offer.
If chosen, a topping-off period will begin for the court to receive rival bids, with a final hearing on the sale set for July, according to Gold Reserve.
The company said the terms of the bid would remain confidential until all offers have been reviewed.
Houston-based Citgo is the crown jewel of Venezuela’s assets overseas and has been the target of creditors seeking compensation for late President Hugo Chavez’ nationalization wave and President…
