Marathon Petroleum to buy Andeavor for over $20 billion: WSJ

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(Reuters) – U.S. refiner Marathon Petroleum Corp proposed to buy Andeavor for more than $20 billion, the Wall Street Journal reported on Sunday.

The potential cash-and-stock deal, which values Andeavor at about $150 per share, is expected to be announced on Monday, the WSJ reported, citing sources.

The offer would represent a premium of 22.6 percent to Andeavor stock’s Friday close.

The deal is expected to produce $1 billion of synergies, the paper said.

Marathon Chief Executive Gary Heminger is expected to run the combined company, with a senior role for Andeavor’s chief executive, Gregory Goff, it said.

San Antonio, Texas-based Andeavor, formerly known as Tesoro, operates 10 refineries in the western United States with a refining capacity of about 1.2 million barrels per day, and ownership in a logistics business, according to Andeavor website.

Marathon and Andeavor were not immediately available for comment outside regular business hours.

Reporting by Shubham Kalia in Bengaluru; Editing by Gopakumar Warrier

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