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Marathon Petroleum to Buy Andeavor in Biggest Oil Refining Deal

  • Marathon will become the largest independent U.S. refiner
  • Offer is a 24 percent premium to Andeavor’s share price
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Bloomberg’s David Marino reports on Marathon Petroleum agreeing to buy Andeavor for $23.3 billion.(Source: Bloomberg)
Updated on

Marathon Petroleum Corp. agreed to buy rival Andeavor for $23.3 billion in the biggest-ever deal for an oil refiner that would create the largest independent fuel maker in the U.S.

The offer, payable in either cash or shares, values Andeavor at about $152.27 a share, the companies said in a statement Monday. That represents a 24 percent premium over Friday’s closing price.