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CM - Marathon Petroleum better off broken up, says activist Elliott - October 2019
Activist investor Elliott Management Corp. wants Marathon Petroleum Corp. to split into three distinct independent companies. The investment management firm believes the current conglomerate structure is a disservice to shareholders and that dividing into separate retail, refining and midstream companies would “remedy the company’s chronic underperformance, improve its businesses and unlock significant and sustainable value for its shareholders.” It also believes such actions could be achieved “tax efficiently.” In a Sept. 25 letter to......
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