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Marathon Petroleum Gains Elliott's Support to Keep Speedway

Business News

(Reuters) - U.S. refiner Marathon Petroleum Corp said on Tuesday it would keep its Speedway retail arm, a decision backed by activist investor Elliott Management, which had previously pushed the company to separate the business. Last November, Elliott, the $33 billion hedge fund, unveiled a 4 percent stake in Marathon and made several demands including urging a spin-off of Speedway, which runs gas stations and convenience stores across the United States.. Marathon’s decision to keep the business represents a unique case where a company has opted against an Elliott demand, yet still managed to earn the hedge fund’s ...

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