07:07 AM EDT, 09/30/2025 (MT Newswires) -- Blue Water Acquisition Corp III ( BLUW ) said Tuesday its affiliated Blue Water Venture Partners has asked the US District Court in Delaware to authorize its unsolicited $10 billion offer for Citgo Petroleum's assets.

The motion was filed Sept. 12, and no responses or objections have been filed to date, the company said. Blue Water said its proposal is, to its knowledge, the highest yet received, surpassing rival bids.

Terms include a $10 billion total value and a choice for judgment creditors between cash at closing or equity in a US Nasdaq-listed company, subject to regulatory review, the company said. Citgo Petroleum, which refines and markets crude, was acquired by the Venezuelan state oil firm in 1990, according to its website.