approached
Valvoline Inc.
about a potential takeover of its lubricants business, according to people familiar with the matter, as the state oil giant looks to diversify.
No deal is imminent, and there are no guarantees there will be one, the people said. Valvoline has a market value of around $6 billion after its shares closed up more than 12% Wednesday following The Wall Street Journal’s report on the talks.
Valvoline makes engine and automotive products and operates and franchises oil-change service centers around the U.S. Valvoline said last October that it planned to separate its retail-services business from its global-products operation, which is best known for its lubricants.
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