Saudi Aramco has approached Valvoline about buying its lubricants business, as first reported by The Wall Street Journal. The unit generates around 60% of revenue for Valvoline, which has a $6 billion market cap.
Why it matters: This is the latest example of the world's most valuable oil company, which doubles as a geopolitical power, seeking to diversify. And, were a deal struck, it would enable Valvoline to achieve its announced goal of separating its products business from its retail services business.
Planet FWD, a startup helping consumer product companies assess and reduce their carbon emissions, has raised $10 million in Series A funding led by Acre Venture Partners and Congruent Ventures.
Why it matters: As the urgency for mitigating climate change grows, companies are increasingly coming under the scrutiny of consumers and regulators for their contributions to greenhouse gas emissions.
The Environmental Protection Agency took another step toward blocking a controversial copper and gold mine in the watershed of Alaska's Bristol Bay, proposing new restrictions that are likely to kill the project.
Why it matters: The bay includes the world's largest sockeye salmon fishery. Construction of the Pebble Mine project would have a significant impact on fishing in the area and the ecosystem as a whole, the EPA says.
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