Marathon Petroleum’s stock slumps 1.3% premarket after deal to buy Andeavor

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Marathon Petroleum to buy Andeavor in $35.6 billion deal

Marathon Petroleum Corp. early Monday confirmed it plans to buy rival refiner Andeavor in a deal with a total enterprise value of $35.6 billion. Marathon will acquire all off Andeavor’s outstanding shares, which represent a total equity value of $23.3 billion, the two companies said. Andeavor shareholders can choose between 1.87 Marathon shares or $152.27 in cash per share they own, representing a 24.4% premium to Andeavor’s closing price on Friday. They transaction is expected to close in the second half of 2018. Marathon and Andeavor shares were not moving ahead of Monday’s opening bell.

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