VVV - Update: Valvoline shares spike on Aramco takeover rumor -- WSJ

Update: the Wall Street Journal has updated its story to reflect that the approach from Aramco (ARMCO) is related to one of Valvoline's (VVV) operating units. Saudi Aramco (ARMCO) reportedly approached Valvoline (VVV) about a takeover, according to sources cited by the Wall Street Journal. Talks are in the early stages, but Valvoline (VVV) shares are up 15%+ following the news. The strategy could make strategic sense for Aramco (ARMCO), as it looks to diversify its largely commodity-based business lines into value-added products. The Street remains bullish on the name despite weak year-to-date performance, and is unlikely to change tack given rumors of a takeout by a well capitalized and strategically aligned buyer like Aramco (ARMCO). During Q2 results, management indicated that plans to separate the retail service and global products businesses remain on track; rumors Wednesday do not indicate whether Aramco (ARMCO) would be a buyer of one, or both,

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Update: Valvoline shares spike on Aramco takeover rumor -- WSJ