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A view reveals branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov
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Might 25 (Reuters) – Oil large Saudi Aramco (2222.SE) has approached automotive oil and lubricant maker Valvoline Inc (VVV.N) a couple of takeover deal, the Wall Avenue Journal reported on Wednesday, citing individuals conversant in the matter.
Shares of Valvoline jumped greater than 17% to $34.06 after the report. Valvoline and Saudi Aramco didn’t instantly reply to Reuters requests for remark.
The deal talks are in an early stage and there have been no ensures the 2 sides would attain an settlement, the report mentioned.
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Reporting by Nathan Gomes in Bengaluru; Modifying by Arun Koyyur
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