US Judge Rejects Blue Water's Bid to Delay Citgo Parent Company's Sale Hearing
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Sep 15 2025
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Source: Reuters
Court Decision on Bid Extension: A Delaware judge denied Blue Water Acquisition Corp's request to extend the final sale hearing for Citgo Petroleum's parent company, PDV Holding, despite their $10 billion bid which included a $3.2 billion settlement for bondholders.
Current Auction Status: The auction is currently led by a $5.9 billion bid from an affiliate of Elliott Investment Management, with a final decision on the winning bid expected after the ongoing hearing.
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.
