Saudi Aramco contacted the US company Valvoline for a purchase offer

Today, Wednesday, the Wall Street Journal reported, citing informed sources, that Saudi Aramco has contacted the Valvoline Company for the production of automotive oils and lubricants. in on a takeover bid.

Valvoline stock jumped more than 17% to $ 36.64 after the report.

Valvoline, which was valued at $ 5.4 billion at closing price on Tuesday, decided last year to separate its retail services from its global products division following a strategic overhaul.

“Aramco is interested in the unity of global products,” the Wall Street Journal said, citing an informed source.

US Valvoline is the world’s largest supplier of battery fluids to electric vehicle manufacturers and also produces motor oils and lubricants for use in commercial vehicles and industrial equipment.

The report points out that the talks are in an initial stage and there is no guarantee that the two parties will reach an agreement.

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