05:04 AM EDT, 07/03/2024 (MT Newswires) -- CVR Energy ( CVI ) is looking to acquire shares in the parent of Citgo Petroleum and has submitted a binding offer in an ongoing auction, Reuters reported Tuesday, citing three unnamed sources familiar with the matter.

According to the report, a US court is auctioning the shares to pay certain creditors that have $21.3 billion in default and expropriation claims against Venezuela, which owns Citgo Petroleum. Reuters said the court has accepted bids from CVR and trading house Vitol, among others.

CVR Energy ( CVI ) has tapped Wells Fargo ( WFC ) investment bankers to raise funds for its bid, Reuters reported.

CVR Energy ( CVI ) and Citgo Petroleum did not immediately respond to MT Newswires' requests for comments.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 26.36, Change: +0.15, Percent Change: +0.57