Gulf Oil International, part of the massive Hinduja Group, is leading the bids for Houghton International.
Gulf, which owns the Gulf Oil brand worldwide - with the exception of the US, Spain and Portugal - is looking to add to its lubes portfolio with the acquisiton of US-based Houghton International. Gulf has entered a potential prize-winning $1.15bn bid for the metalworking fluid manufacturer.
The Hinduja brothers, Srichand, Gopichand, Prakash and Ashok, have become some of the world's largest investors through their Hinduja Group which was founded in 1914 as a merchant banking and trade organisation. Now its portfolio includes a number of oil and power companies - most recently the Saudi blended lubes producer, Petromin - with Houghton now set to be its next big acquisition in the sector.
Although the deal is not yet done, with other suitors in the wings and the possibility that Houghton may not sell at all, Gulf's bid is certainly likely to be a significant temptation to the US-company's shareholders.