Marathon Petroleum has acquired all of the outstanding shares of Andeavor.
Now that the transaction is closed, Andeavor ceased to be publicly traded and its common stock discontinued trading on the New York Stock Exchange.
Marathon Petroleum chairman and CEO Gary R. Heminger says: ‘This transformative transaction is a significant milestone in our company’s more than 130-year history.
‘MPC is now the leading refining, midstream, and marketing company in the US and is well-positioned for long-term growth and shareholder value creation.
‘We are excited to begin unlocking the extraordinary potential across our new platform, including approximately $1 billion of tangible annual run-rate synergies we expect within the first three years.’