05:04 PM EDT, 09/05/2025 (MT Newswires) -- Blue Water Acquisition III (BLUWU) submitted a $10 billion bid to acquire Citgo Petroleum parent PDV Holding in a Delaware court-supervised auction process.

The special purpose acquisition company proposed cash or stock distributions to PDV Holding's general creditors, along with a $3.2 billion settlement for holders of PDVSA 2020 bonds.

The auction included Citgo's three major US refineries, midstream infrastructure, lubricant and blending plants and a nationwide retail distribution network of 4,000 service stations, Blue Water said Friday in a statement.

"Our $10 billion proposal would provide creditors with both immediate recovery and the opportunity to participate in the future of Citgo as a US public company," Blue Water Chief Executive Officer Joseph Hernandez said in the statement.

Citgo was a US company before its acquisition by Venezuela's state-owned oil company PDVSA. in the 1980s and 1990s.