Marathon & Andeavor stockholders approve $23.3 merger
The new entity will become one of the largest refiners and retailers in the U.S.
Stockholders of both Andeavor and Marathon Petroleum Corporation have voted overwhelmingly to approve the $23.3 billion merger of MPC and Andeavor.
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. 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.
"We are pleased that the shareholders of both companies voted overwhelmingly in support of this transaction," said MPC Chairman and CEO Gary R. Heminger. "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."
Once approved by federal regulators, Marathon will control 16 refineries across the U.S. with a combined throughput capacity of 3 million barrels per day, more than 11,000 gas stations and over 16,000 miles of pipeline.
The headquarters for the combined company will be in Findlay, Ohio.
