1. Elliott Unveils Marathon Petroleum Stake, Urges Breakup

    Elliott Unveils Marathon Petroleum Stake, Urges Breakup

    Hedge fund Elliott Management unveiled a 4 percent stake in Marathon Petroleum Corp on Monday, urging the company to launch a strategic review and consider spinning off its three main businesses...

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    1. We believe the recent strategic announcement exacerbated the uncertainty surrounding MPLX.
    2. We agree with Elliott Management that there is upside to our valuation, which we are addressing with the value-creating actions we announced last month, but we disagree with their letter and presentation.
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