Elliott Management on Sept. 25 renewed its demand for Marathon Petroleum Corp. to split into three companies, three years after the activist investor asked the refiner to review its operations and consider spinning off businesses.
Elliott, which holds an economic interest of about 2.5% in Marathon, said the renewal call was prompted by the company’s failure to deliver on its previous promises.
Marathon’s retail, refining and midstream assets will be split into three new businesses, with “RefiningCo” becoming the “new Marathon” under Elliott's proposal.
Shares of the company, down 6% this year as of the Sept. 24 close, jumped nearly 7.3% in premarket trading to $59.42.
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