Business
Blue Water Acquisition Corp. III Announces Submission of $10 Billion Bid for PDV Holding Inc., Parent of Citgo Petroleum Corp.
Blue Water Acquisition Corp. III (Nasdaq: BLUWU) ("Blue Water" or the "Company") today announced that it has submitted a $10 billion bid to acquire PDV Holding Inc., the parent company of Citgo Petroleum Corp., in a Delaware court-supervised auction process.
About this update from Blue Water Acquisition Corp. Iii
[{"type":"text","content":"GREENWICH, Conn., Sept. 5, 2025 /PRNewswire/ -- Blue Water Acquisition Corp. III (Nasdaq: BLUWU) ("Blue Water" or the "Company") today announced that it has submitted a $10 billion bid to acquire PDV Holding Inc., the parent company of Citgo Petroleum Corp., in a Delaware court-supervised auction process.","length":326,"tagName":"p"},{"type":"image","alt":"Blue Water Acquisition Corp iii logo (PRNewsfoto/Blue Water Acquisition Corp iii)","displaySize":"","headline":null,"caption":"Blue Water Acquisition Corp iii logo (PRNewsfoto/Blue Water Acquisition Corp iii)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":291,"url":"https://media.zenfs.com/en/prnewswire.com/d8711d3668436cf01b7de15a5ec18380"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/aLJt3lehwNung5gvqb6yiA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTUxMztjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/d8711d3668436cf01b7de15a5ec18380","width":400,"height":291}},"href":"https://mma.prnewswire.com/media/2706863/Blue_Water_Acquisition_Corp_iii_Logo.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"The Company's proposal would provide cash or stock distributions to PDV Holding Inc.'s general creditors, a $3.2 billion settlement for holders of the PDVSA 2020 bonds to be paid either in cash or in shares of the publicly listed entity that will own Citgo.","length":265,"tagName":"p"},{"type":"text","content":"Citgo Assets Included in the Auction","length":36,"tagName":"p"},{"type":"text","content":"The assets of the auction include:","length":34,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Three major U.S. refineries: Lake Charles, Louisiana; Lemont, Illinois; and Corpus Christi, Texas, with combined refining capacity exceeding 800,000 barrels per day.","length":165,"tagName":"p"}]},{"val":[{"type":"text","content":"Midstream infrastructure, including pipelines and terminals such as the Sour Lake crude pipeline.","length":97,"tagName":"p"}]},{"val":[{"type":"text","content":"Lubricant and blending plants supporting specialty fuels and lubricants.","length":72,"tagName":"p"}]},{"val":[{"type":"text","content":"Nationwide retail distribution network of more than 4,000 branded service stations.","length":83,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":41...