Ohio-based Marathon Petroleum (NYSE:MPC) announced Monday that they would be entering into a merger agreement with the Texas-based oil company Andeavor (NYSE:ANDV).
Marathon will be purchasing Andeavor for approximately USD $23.3 billion.
The merger was approved unanimously by the Boards of both companies and is expected to be completed sometime during the second half of 2018.
According to Gary R. Heminger, Marathon’s chairman, and CEO, this transaction will “[combine] two strong, complementary companies to create a leading U.S. refining, marketing, and midstream company, building a platform that is well-positioned for long-term growth ...
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Source: StreetSignals
(April 30, 2018 - 7:37 PM EDT)
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