The proposed $2.3bn merger between Marathon Petroleum (MPC) and Andeavor has been approved by shareholders of the respective refining companies.
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.
MPC’s proposal to issue shares in connection with the transaction was supported by approximately 98 percent of votes cast, representing approximately 73 percent of MPC’s outstanding shares.
Andeavor’s proposal to approve the transaction was supported by approximately 99 percent of votes cast, representing approximately 74 percent of Andeavor’s outstanding shares.
MPC chairman and CEO Gary R. Heminger said: “We are pleased that the shareholders of both companies voted overwhelmingly in support of this transaction.
“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.”
Also at the MPC special meeting, MPC’s proposal to increase the size of its board of directors by two members was not approved.
MPC and Andeavor expect the closing of the transaction to occur on Oct. 1, 2018, subject to customary closing conditions.
Source: Company Press Release