Major Investors Pressure Marathon Petroleum to Split into 3 Cos.

Here we go again. "Activist investor" Elliott Management is pressuring Marathon Petroleum to split itself up into three companies--retail (Speedway convenience store chain), refining, and midstream (or MarkWest Energy). Recall that Marathon bought out and merged in MarkWest just a few years ago, in December 2015 (see MarkWest Energy Investors/Unitholders Approve Merger with Marathon). Now Elliott wants the company carved up to "unlock value." Two other large shareholders either want the company split up and/or Marathon CEO Gary Heminger gone--now.

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