11:56 AM EDT, 04/19/2024 (MT Newswires) -- UGI's (UGI) propane distribution unit AmeriGas is a potential target for investment by a subsidiary of Abu Dhabi National Oil, Bloomberg News reported Friday, citing unnamed people with knowledge of the matter.

Adnoc is engaged with advisers for the potential acquisition of a stake in AmeriGas that could value the company at several billion dollars, according to the report.

The state-owned petroleum company will likely make the investment through its retail arm Adnoc Distribution, if it moves ahead with the deal.

UGI, Adnoc and AmeriGas did not immediately respond to MT Newswires' requests for comment.

UGI shares were up 6.4% in recent trading on Friday.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)