Blue Water offers $10 billion for Citgo's parent company.
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Sep 05 2025
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Source: Reuters
Blue Water Acquisition Corp's Bid: The company has submitted a $10 billion offer for PDV Holding, the parent of Citgo Petroleum, which includes a $3.2 billion settlement for holders of a defaulted Venezuelan bond.
Court Proceedings and Competition: A U.S. court is overseeing the bidding process, with recent changes in recommended winners, and a final sale hearing is expected in mid-September to determine the auction's outcome.
Analyst Views on BLUW
About BLUW
Blue Water Acquisition Corp. III is a blank check company. The Company is formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company has not selected any specific Business Combination target, and the Company has not, nor has anyone on its behalf, engaged in any substantive discussions, directly or indirectly, with any Business Combination target. The Company neither engaged in any operations nor generated any revenue.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
