Business
Blue Water Moves to Secure Court Approval for $10 Billion CITGO Acquisition Plan
Blue Water Venture Partners, LLC ("Blue Water"), an entity affiliated with Joseph Hernandez, the Chairman and Chief Executive Officer of Blue Water Acquisition Corp III ("BWAC III") announced today that it has formally requested approval from the United States District Court for the District of Delaware to consider its unsolicited $10 billion bid for the assets of CITGO Petroleum Corporation.
About this update from Blue Water Acquisition Corp. Iii
[{"type":"text","content":"WILMINGTON, Del., Sept. 30, 2025 /PRNewswire/ -- Blue Water Venture Partners, LLC ("Blue Water"), an entity affiliated with Joseph Hernandez, the Chairman and Chief Executive Officer of Blue Water Acquisition Corp III ("BWAC III") announced today that it has formally requested approval from the United States District Court for the District of Delaware to consider its unsolicited $10 billion bid for the assets of CITGO Petroleum Corporation.","length":469,"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 motion, filed September 12, 2025, in the matter of Crystallex International Corp. v. Bolivarian Republic of Venezuela (Case No. 17-mc-151), seeks Court authorization for the Special Master to evaluate the proposal. To date, no party has filed any response or objection to the request.","length":288,"tagName":"p"},{"type":"text","content":"The bid from Blue Water Venture Partners represents the highest offer received to date to our knowledge, surpassing competing bids from Amber Energy and Gold Reserve. Key features of the proposed transaction include:","length":216,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"$10 billion total bid value – exceeding all prior offers.","length":57,"tagName":"p"}]},{"val":[{"type":"text","content":"Creditor flexibility – judgment creditors may choose immediate cash at closing or equity in a U.S.-listed public company on NASDAQ, subject to regulatory review.","length":166,"tagName":"p"}]},{"val":[{"type":"text","content":"Bondholders settlement fund – dedicated to extinguishing PDVSA-2020 bondholder ...