US judge approves Elliott affiliate bid for Citgo Petroleum parent

By Marianna Parraga

HOUSTON, Nov 25 (Reuters) - A U.S. judge on Tuesday adopted a recommendation for the approval of a $5.9 billion bid from an affiliate of Elliott Investment Management in the court-organized auction of Citgo Petroleum's parent, clearing the way to order the sale of the seventh largest U.S. refiner.

Judge Leonard Stark, from Delaware, overruled all pending objections to the bid, but gave parties involved until Nov. 28 to submit any final objections to the offer before moving to the final sale order.