April 30, 2018 / 10:13 AM / 25 days ago

BRIEF-Marathon Petroleum And Andeavor Combination To Create Leading U.S. Refining, Marketing, And Midstream Co

April 30 (Reuters) - Marathon Petroleum Corp:

* MARATHON PETROLEUM CORP. AND ANDEAVOR COMBINATION TO CREATE LEADING U.S. REFINING, MARKETING, AND MIDSTREAM COMPANY

* MARATHON PETROLEUM CORP - DEAL FOR TOTAL ENTERPRISE VALUE OF $35.6 BILLION

* MARATHON PETROLEUM CORP - DEAL FOR TOTAL EQUITY VALUE OF $23.3 BILLION

* MARATHON PETROLEUM CORP - ANDV SHAREHOLDERS WILL HAVE OPTION TO CHOOSE 1.87 SHARES OF MPC STOCK, OR $152.27 IN CASH

* MARATHON PETROLEUM CORP - STOCK PORTION OF CONSIDERATION RECEIVED BY ANDEAVOR’S SHAREHOLDERS IS EXPECTED TO BE TAX-FREE.

* MARATHON PETROLEUM - EXPECT ≥ $1 BILLION TANGIBLE COST, OPERATING SYNERGIES FROM DEAL, DRIVING SUBSTANTIAL LONG-TERM EARNINGS, CASH FLOW/SHARE ACCRETION

* MARATHON PETROLEUM - AT CLOSING, GREG GOFF, ANDV CHAIRMAN AND CEO, WILL JOIN MPC AS EXECUTIVE VICE CHAIRMAN

* MARATHON PETROLEUM - DEAL TO BE IMMEDIATELY ACCRETIVE TO EARNINGS AND CASH FLOW PER SHARE

* MARATHON PETROLEUM CORP - MPC’S BOARD APPROVED AN INCREMENTAL $5 BILLION OF REPURCHASE AUTHORIZATION

* MARATHON PETROLEUM CORP - PLANS TO MAINTAIN CURRENT CAPITAL ALLOCATION STRATEGIES, INCLUDING CONTINUED DIVIDEND GROWTH

* MARATHON PETROLEUM - MPC AND ANDV SHAREHOLDERS WILL OWN ABOUT 66 PERCENT AND 34 PERCENT OF COMBINED COMPANY, RESPECTIVELY

* MARATHON PETROLEUM CORP - BELIEVES INCREMENTAL CASH GENERATED BY TRANSACTION WILL EXCEED $5 BILLION OVER FIRST FIVE YEARS

* MARATHON PETROLEUM - ANDV SHAREHOLDERS’S OPTION SUBJECT TO PRORATION MECHANISM RESULTING IN 15 PERCENT OF ANDV’S FULLY DILUTED SHARES GETTING CASH CONSIDERATION Source text for Eikon: Further company coverage:

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