FINDLAY, Ohio -- At separate special stockholders' meetings, shareholders of Marathon Petroleum Corp. and Andeavor voted on Sept. 24 to approve the strategic combination of MPC and Andeavor. MPC shareholders approved the issuance of shares of MPC common stock, and Andeavor shareholders approved the adoption of the previously announced agreement and plan of merger.
- Marathon Petroleum’s Speedway LLC, Enon, Ohio, is No. 3 on CSP’s 2018 Top 202 ranking of convenience-store chains by number of company-owned retail outlets. Andeavor is No. 7.
Approximately 98% of votes cast, representing about 73% of MPC’s outstanding shares, supported MPC’s proposal to issue shares in connection with the transaction. Approximately 99% of votes cast, representing approximately 74% of Andeavor's outstanding shares, supported Andeavor’s proposal to approve the transaction.
"We are pleased that the shareholders of both companies voted overwhelmingly in support of this transaction," said MPC Chairman and CEO Gary 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."
MPC and Andeavor expect the closing of the transaction to occur on Oct. 1, 2018, subject to customary closing conditions.
C. Michael Palmer, MPC senior vice president of supply, distribution and planning, recently was named executive vice president to assist in the integration of MPC and Andeavor upon closing of the pending merger. MPC's top leadership has selected the executive teams to lead the combined company upon closing of the transaction.
Also at the meetings, MPC stockholders did not approve a proposal to increase the size of its board of directors by two members. Andeavor stockholders also approved, on a non-binding, advisory basis, certain compensation that may be paid or become payable to Andeavor's named executive officers in connection with the merger.
Based in San Antonio, Andeavor is an integrated marketing, logistics and refining company. Its retail-marketing system includes approximately 3,330 gas stations marketed under multiple fuel brands, including ARCO, SuperAmerica, Shell, Exxon, Mobil, Tesoro, USA Gasoline and Giant.
Findlay, Ohio-based MPC is a refining, marketing and logistics company that sells Marathon-branded gasoline through approximately 5,600 independently owned gas stations in 20 states and the District of Columbia. Enon, Ohio-based Speedway LLC, an MPC subsidiary, owns and operates approximately 2,740 convenience stores in 22 states.
Photograph courtesy of Marathon Petroleum Corp.
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