SPAC Submits $10 Billion Bid to Buy Citgo Petroleum Parent Company

Dow Jones

Sep 06

By Josh Beckerman

Blank-check company Blue Water Acquisition Corp. III submitted a $10 billion bid to buy PDV Holding Inc., the parent company of Citgo Petroleum Corp.

Citgo, one of the largest U.S.-based oil refiners, is being auctioned to cover debts owed by its owner, the bankrupt Venezuelan government. Bidders have included Venezuela creditor Gold Reserve and Amber Energy, which is backed by Elliott Investment Management.

"Our $10 billion proposal would provide creditors with both immediate recovery and the opportunity to participate in the future of Citgo as a U.S. public company," Blue Water said.

Blue Water said its proposal would provide cash or stock distributions to PDV Holding's general creditors.

Blue Water shares rose 4% after hours Friday to $10.37.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

September 05, 2025 17:12 ET (21:12 GMT)

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Bidders have included Venezuela creditor Gold Reserve and Amber Energy, which is backed by Elliott Investment Management. \n</p>\n<p>\n  \"Our $10 billion proposal would provide creditors with both immediate recovery and the opportunity to participate in the future of Citgo as a U.S. public company,\" <a href=\"https://laohu8.com/S/BLUU\">Blue Water</a> said. \n</p>\n<p>\n  Blue Water said its proposal would provide cash or stock distributions to PDV Holding's general creditors. \n</p>\n<p>\n  Blue Water shares rose 4% after hours Friday to $10.37. \n</p>\n<p>\n  Write to Josh Beckerman at josh.beckerman@wsj.com \n</p>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  September 05, 2025 17:12 ET (21:12 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BLUW","symbol_name":"Blue Water Acquisition Corp.","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2565595420","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2565595420","pubTimestamp":1757106720,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Blank-check company Blue Water Acquisition Corp. III submitted a $10 billion bid to buy PDV Holding Inc., the parent company of Citgo Petroleum Corp.Citgo, one of the largest U.S.-based oil refiners, is being auctioned to cover debts owed by its owner, the bankrupt Venezuelan government. Bidders have included Venezuela creditor Gold Reserve and Amber Energy, which is backed by Elliott Investment Management.\"Our $10 billion proposal would provide creditors with both immediate recovery and the opportunity to participate in the future of Citgo as a U.S. public company,\" Blue Water said.Blue Water said its proposal would provide cash or stock distributions to PDV Holding's general creditors.Blue Water shares rose 4% after hours Friday to $10.37.","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BLUW":"Blue Water Acquisition Corp."},"translate_title":"SPAC出价100亿美元收购Citgo石油母公司","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BLUW":0.9},"content_text":"By Josh Beckerman \n\n\n  Blank-check company Blue Water Acquisition Corp. III submitted a $10 billion bid to buy PDV Holding Inc., the parent company of Citgo Petroleum Corp. \n\n\n  Citgo, one of the largest U.S.-based oil refiners, is being auctioned to cover debts owed by its owner, the bankrupt Venezuelan government. Bidders have included Venezuela creditor Gold Reserve and Amber Energy, which is backed by Elliott Investment Management. \n\n\n  \"Our $10 billion proposal would provide creditors with both immediate recovery and the opportunity to participate in the future of Citgo as a U.S. public company,\" Blue Water said. \n\n\n  Blue Water said its proposal would provide cash or stock distributions to PDV Holding's general creditors. \n\n\n  Blue Water shares rose 4% after hours Friday to $10.37. \n\n\n  Write to Josh Beckerman at josh.beckerman@wsj.com \n\n\n  (END) Dow Jones Newswires\n\n\n  September 05, 2025 17:12 ET (21:12 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}