Blue Water Acquisition Corp. III, a Greenwich-based special purpose acquisition company, said Friday it has suspended its participation in the ongoing process to acquire PDV Holding Inc., the parent company of Citgo Petroleum.
The decision comes two months after Blue Water filed an unsolicited $10 billion bid in federal court to purchase PDV Holding, which controls Citgo’s three U.S. refineries and a network of more than 4,000 branded service stations. The proposal also included a $3.2 billion cash-or-stock settlement for holders of defaulted PDVSA 2020 bonds.
In a statement, Blue Water said a review of “current market and regulatory conditions” led the company to withdraw from the process. The court in Delaware has been evaluating unsolicited bids after previously overseeing a closed auction involving other potential buyers.
Blue Water, which raised $253 million in a June IPO, is the third SPAC launched under the Blue Water platform and is led by Chairman and CEO Joseph Hernandez. The company said it remains well-capitalized and plans to pursue opportunities across multiple sectors.
