Marathon Petroleum buys Andeavor for $23 billion

Last Updated: May 01 2018 | 1:06 PM IST

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New Delhi, May 01 (ANI): Marathon Petroleum on Monday has announced it will buy competitor Andeavor in a $23.3 billion deal. It's paying more than $23 billion in a cash and stock, a 24 percent premium to Andeavor's closing price on Friday. The company forms after Marathon buys Andeavor will also makes it the No. 1 United States refiner by capacity with a fuel production throughput of more than 3 million barrels per day. This newly combined company would become a top-five refiner in the world, based on capacity. According to the Analysts there is a good chance that Marathon and Andeavor will avoid antitrust scrutiny because their operations are complementary. The deal is expected to close in the second half of this year.