According to the Wall Street Journal, Saudi Aramco has reportedly approached Valvoline about a takeover. Even with talks in the early stages, the news has sent Valvoline stock surging upwards of 15%.
It is being said that the deal can make sense for Aramco due to the diversifying of their existing commodity-dominated business lines into value-added products. Despite some negative YTD performances, Wall Street is backing Valvoline. Especially now with news of a buyout possibility.
The news has yet to indicate whether or not Aramco will buy both segments of Valvoline which consist of retail services and global product businesses.
Read the full story and stay updated on the topic HERE
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