Pennzoil to Buy 80% of Jiffy Lube:...

Pennzoil to Buy 80% of Jiffy Lube: Jiffy Lube International, the Baltimore-based franchiser of auto service stores, has agreed to sell Pennzoil Co. an 80% interest in the company in the form of newly issued common shares in exchange for $20 million in cash and $15 million in instruments representing Jiffy Lube debt. Jiffy Lube operates 1,054 shops in the U.S. and foreign countries.