Marathon Petroleum Explores Spin-Off For Retail Business Speedway

Reuters

Jan 3 (Reuters) - Marathon Petroleum Corp, under pressure from activist investor Elliott Management, said a special committee of its directors would review its retail business, including considering a tax-free separation.

Elliott unveiled a 4 percent stake in Marathon Petroleum in November and urged the company to consider spinning off just Speedway, a chain of gasoline stations and convenience stores, or all three of its retail, refining and pipeline businesses.

Marathon Petroleum said it expects to provide an update on the review by mid-2017.

(Reporting by Arathy S Nair in Bengaluru; Editing by Shounak Dasgupta)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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