14 January 2011 17:15 [Source: ICIS news]
HOUSTON (ICIS)--US-based energy major Marathon Oil’s board of directors has approved a plan to spin off its downstream refining and marketing business, a move followed by a slight drop in the company's stock price on Friday.
The spin-off should become effective on 30 June.
It will create Marathon Petroleum, the fifth-largest ?xml:namespace>
However, the company decided to move forward with the plan, citing a substantial improvement in the global-business and financial environments over the last two years.
The spin-off will allow each company to be more flexible and more transparent, Marathon said. Moreover, each company could pursue its own strategy and goals.
The company intends to distribute one share of Marathon Petroleum for every two shares of
Marathon Petroleum will be based in
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