VVV - Valvoline shares spikes on Aramco takeover rumor -- WSJ
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 it's 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).
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Valvoline shares spikes on Aramco takeover rumor -- WSJ