Shareholders Approve MPC and Andeavor Merger
Shareholders of both Marathon Petroleum Corp (MPC) and Andeavor have voted to approve the strategic combination of the two companies, MPC has revealed.
“MPC shareholders approved the issuance of shares of MPC common stock and Andeavor shareholders approved the adoption of the previously announced agreement and plan of merger,” MPC said in a company statement.
“MPC's proposal to issue shares in connection with the transaction was supported by approximately 98 percent of votes cast, representing approximately 73 percent of MPC's outstanding shares. Andeavor's proposal to approve the transaction was supported by approximately 99 percent of votes cast, representing approximately 74 percent of Andeavor's outstanding shares,” the statement added.
The transaction is expected to close on October 1, subject to customary closing conditions.
"We are pleased that the shareholders of both companies voted overwhelmingly in support of this transaction," MPC Chairman and Chief Executive Officer Gary R. Heminger said in a company statement.
"As we look forward, we remain focused on the tremendous potential this combination will bring our shareholders and are excited to begin executing our strategy to transform our company and realize our expected synergies,” he added.
MPC is the second-largest refiner in the US, with a crude oil refining capacity of approximately 1.9 million barrels per calendar day. The company reported second quarter (2Q) earnings of 1.06 billion.
Andeavor operates ten refineries with a combined capacity of approximately 1.2 million barrels per day in the mid-continent and western United States. The company reported quarterly earnings of $515 million in 2Q.
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