State oil giant Saudi Aramco approached Valvoline Inc. about a potential takeover of one of its units, according to people familiar with the matter.
Talks are early-stage and there are no guarantees the two sides will reach agreement, they said. Valvoline has a market value of around $5.4 billion.
Valvoline said last October that it planned to separate its retail services and global products businesses. Aramco is interested in the global products business, one of the people said.
Shares of Valvoline rose 13% Wednesday after The Wall Street Journal reported on the talks.
Valvoline said in a statement that it continues to work on its separation process with the goal of setting both businesses up for long-term success and that no decisions have been made.
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