Blue Water Acquisition Corp. III Announces Submission of $10 Billion Bid for PDV Holding Inc., Parent of Citgo Petroleum Corp.
Blue Water Acquisition Corp. III (Nasdaq: BLUWU) has submitted a $10 billion bid to acquire PDV Holding Inc., the parent company of Citgo Petroleum Corp., through a Delaware court-supervised auction. The proposal includes a $3.2 billion settlement for PDVSA 2020 bondholders, payable in cash or shares.
The acquisition would encompass three major U.S. refineries with over 800,000 barrels per day capacity, midstream infrastructure, and a network of 4,000+ branded service stations. If successful, the deal would return Citgo to U.S. ownership as a publicly-listed company, marking a significant shift from its current Venezuelan state ownership structure.
Blue Water Acquisition Corp. III (Nasdaq: BLUWU) ha presentato un'offerta di 10 miliardi di dollari per acquisire PDV Holding Inc., la società madre di Citgo Petroleum Corp., tramite un'asta supervisionata da un tribunale del Delaware. La proposta prevede un accordo di 3,2 miliardi di dollari per i detentori dei bond PDVSA 2020, pagabile in contanti o in azioni.
L'acquisizione includerebbe tre grandi raffinerie statunitensi con una capacità complessiva superiore a 800.000 barili al giorno, infrastrutture midstream e una rete di oltre 4.000 stazioni di servizio con marchio. In caso di esito positivo, l'operazione riporterebbe Citgo sotto proprietà statunitense come società quotata in borsa, segnando un cambiamento significativo rispetto all'attuale controllo statale venezuelano.
Blue Water Acquisition Corp. III (Nasdaq: BLUWU) ha presentado una oferta de 10.000 millones de dólares para adquirir PDV Holding Inc., la matriz de Citgo Petroleum Corp., mediante una subasta supervisada por un tribunal de Delaware. La propuesta incluye un acuerdo de 3.200 millones de dólares para los tenedores de bonos PDVSA 2020, pagadero en efectivo o en acciones.
La adquisición abarcaría tres grandes refinerías en EE. UU. con más de 800.000 barriles por día de capacidad, infraestructura midstream y una red de más de 4.000 estaciones de servicio de marca. Si prospera, la operación devolvería Citgo a la propiedad estadounidense como empresa cotizada, representando un cambio significativo respecto a su actual control estatal venezolano.
Blue Water Acquisition Corp. III (Nasdaq: BLUWU)는 델라웨어 법원 감독 경매를 통해 Citgo Petroleum Corp.의 모회사인 PDV Holding Inc.를 인수하기 위해 100억 달러 규모의 인수 제안을 제출했습니다. 이 제안에는 PDVSA 2020 채권 보유자들을 위한 32억 달러 합의금이 현금 또는 주식으로 지급되는 조건이 포함되어 있습니다.
인수 대상에는 일일 생산능력 합계가 80만 배럴이 넘는 미국 내 주요 정유소 3곳, 미드스트림 인프라 및 4,000개 이상의 브랜드 주유소 네트워크가 포함됩니다. 거래가 성사되면 Citgo는 상장된 미국 소유 회사로 돌아가게 되어 현재 베네수엘라 국영 소유 구조에서 큰 전환을 의미합니다.
Blue Water Acquisition Corp. III (Nasdaq: BLUWU) a soumis une offre de 10 milliards de dollars pour acquérir PDV Holding Inc., la maison mère de Citgo Petroleum Corp., via une enchère supervisée par un tribunal du Delaware. La proposition inclut un accord de 3,2 milliards de dollars pour les détenteurs d'obligations PDVSA 2020, payable en espèces ou en actions.
L'acquisition couvrirait trois grandes raffineries américaines d'une capacité totale supérieure à 800 000 barils par jour, des infrastructures midstream et un réseau de plus de 4 000 stations-service sous enseigne. Si elle aboutit, l'opération ramènerait Citgo sous propriété américaine en tant que société cotée, marquant un changement important par rapport à sa structure actuelle de propriété d'État vénézuélienne.
Blue Water Acquisition Corp. III (Nasdaq: BLUWU) hat ein 10-Milliarden-Dollar-Angebot zur Übernahme von PDV Holding Inc., der Muttergesellschaft von Citgo Petroleum Corp., im Rahmen einer vom Delaware-Gericht beaufsichtigten Auktion eingereicht. Der Vorschlag sieht eine 3,2-Milliarden-Dollar-Vergütung für Inhaber der PDVSA-2020-Anleihen vor, zahlbar in bar oder in Aktien.
Die Übernahme würde drei große US-Raffinerien mit einer Gesamtkapazität von über 800.000 Barrel pro Tag, Midstream-Infrastruktur und ein Netzwerk von über 4.000 Marken-Tankstellen umfassen. Bei Erfolg würde der Deal Citgo als börsennotiertes US-Unternehmen zurückbringen und damit eine bedeutende Abkehr von der aktuellen venezolanischen Staatseigentümerstruktur markieren.
- Potential return of Citgo to U.S. ownership with public market transparency
- Significant asset acquisition including three major refineries with 800,000+ barrels daily capacity
- Large retail network of over 4,000 branded service stations
- Flexible payment structure offering creditors both cash and equity options
- Large $10 billion acquisition cost could strain financial resources
- Complex transaction structure involving multiple stakeholders and court approval
- Potential regulatory and political challenges due to Venezuelan ownership transition
- Integration risks with large-scale refinery and retail operations
Insights
Blue Water's $10B bid for Citgo represents a significant corporate restructuring opportunity with major implications for creditors and the US energy sector.
The $10 billion acquisition bid by Blue Water for PDV Holding (Citgo's parent) marks a potentially transformative transaction in the US refining industry. This Delaware court-supervised auction could reshape ownership of significant US energy infrastructure, including three major refineries with 800,000 barrels per day capacity and a network of 4,000+ retail stations.
The bid structure reveals a sophisticated financial engineering approach - offering creditors either immediate cash recovery or equity participation in the reorganized public entity. Notably, the proposal includes a $3.2 billion settlement for PDVSA 2020 bondholders with similar cash/equity options.
This transaction would effectively nationalize these assets back to US ownership, reversing the 1980s-90s acquisition by Venezuela's state oil company. The strategic rationale appears threefold: resolving creditor claims through the court process, securing vital energy infrastructure under US control, and creating shareholder value through public markets discipline.
For context, Citgo's operations represent approximately 4% of US refining capacity and a significant downstream distribution network. The proposal's emphasis on "stability for employees" signals intent to preserve operational continuity during any ownership transition. Blue Water's approach suggests confidence in extracting value beyond the purchase price through operational improvements and financial restructuring.
The Company's proposal would provide cash or stock distributions to PDV Holding Inc.'s general creditors, a
Citgo Assets Included in the Auction
The assets of the auction include:
- Three major
U.S. refineries:Lake Charles, Louisiana ;Lemont, Illinois ; andCorpus Christi, Texas , with combined refining capacity exceeding 800,000 barrels per day. - Midstream infrastructure, including pipelines and terminals such as the
Sour Lake crude pipeline. - Lubricant and blending plants supporting specialty fuels and lubricants.
- Nationwide retail distribution network of more than 4,000 branded service stations.
Background on Citgo
Founded in 1910, Citgo was originally an American company before being acquired in the 1980s and 1990s by
Management Commentary
"Our
About Blue Water Acquisition Corp. III
Blue Water Acquisition Corp. III (Nasdaq: BLUWU) is a special purpose acquisition company (SPAC) formed to identify and complete a business combination with high-potential companies across diverse sectors.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties, including the outcome of the court-supervised auction process, regulatory approvals, and market conditions. Actual results may differ materially from those expressed or implied. Blue Water disclaims any obligation to update forward-looking statements except as required by law. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, including without limitation, Blue Water's ability to enter into definitive agreements and complete the transaction. These risks, uncertainties and other factors are expected to be further described in a proxy statement/registration statement to be filed with the Securities and Exchange Commission (the "SEC") relating to any business combination transaction.
Participants in the Solicitation
Blue Water and its respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in a solicitation of its shareholders in connection with a proposed business combination. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of Blue Water directors and officers in its SEC filings. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Blue Water shareholders in connection with the proposed business combination will be set forth in the proxy statement/prospectus for the proposed business combination when available.
No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.
Contact
Investor & Media Inquiries
Blue Water Acquisition Corp. III
15 E. Putnam Avenue, Suite 363
stephbluewatervp@gmail.com
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FAQ
What is the value of Blue Water's bid for Citgo Petroleum's parent company?
What assets are included in Blue Water's proposed acquisition of Citgo?
How will PDVSA 2020 bondholders be compensated in the Blue Water-Citgo deal?
What changes would occur if Blue Water acquires Citgo?
Who is leading Blue Water's acquisition bid for Citgo?
