A roughly $23 billion merger between Marathon Petroleum Corp. and Andeavor, a rival refining firm, could be finalized as early as next week, according to information from Marathon.
Shareholders of both companies approved a combination of the two firms in special meetings today, according to a news release from Marathon. The companies expect to officially close the deal on Oct. 1.
“We are pleased that the shareholders of both companies voted overwhelmingly in support of this transaction,” said Gary Heminger, Marathon’s CEO in the news release. “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.”
Marathon, based in Findlay, is the parent company of Enon-based Speedway convenience store chain, one of the region’s largest employers. Speedway already operates about 2,740 convenience stores in 21 states. A presentation about the agreement on Marathon’s website shows after the acquisition, the chain would grow to about 4,000 locations with a territory stretching from New Hampshire to California and Alaska to Florida.
MPC’s proposal to issue shares in connection with the transaction was supported by about 98 percent of votes cast, representing approximately 73 percent of MPC’s outstanding shares, according to information from Marathon. 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.
Also at the MPC special meeting, MPC’s proposal to increase the size of its board of directors by two members was not approved.