Oil giant Saudi Aramco has approached motor oil and lubricant maker Valvoline Inc about a takeover deal, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.

Shares of Valvoline, which have lost 20% of their value so far this year, jumped more than 17% to $34.06 after the report. Valvoline and Saudi Aramco did not immediately respond to Reuters requests for comment.

Valvoline, which is valued at $5.4 billion as of Tuesday's closing price, had last year decided to separate its retail services and global products division, following a strategic review.

Aramco is interested in the global products business, the Journal reported, citing one person familiar with the matter.

Valvoline is the world's top supplier of battery fluids to electric vehicle makers and makes as well as supplies oil and lubricants used in commercial vehicles and industrial equipment.

The deal talks are in an early stage and there were no guarantees the two sides would reach an agreement, the report said.