Summary
Marathon Petroleum Corporation (MPC) has announced a significant step forward in its proposed merger with Andeavor (ANDV). On July 3, 2018, both companies confirmed that the U.S. Hart-Scott-Rodino (HSR) Act waiting period has expired, and necessary regulatory clearance has been obtained in Canada. These developments represent crucial milestones, satisfying key conditions required for the transaction to close. The companies reiterate their expectation for the merger to be completed in the second half of 2018, contingent upon customary closing conditions, including stockholder approvals. This update is primarily focused on regulatory progress, providing investors with positive confirmation that a major hurdle in the acquisition process has been cleared. While the transaction is moving forward, investors should remain aware that shareholder approvals and other closing conditions still need to be met. MPC and Andeavor have also outlined where additional information regarding the merger, including proxy statements and prospectuses, can be found, emphasizing the importance of these documents for detailed understanding.
Key Highlights
- 1MPC and Andeavor have received necessary regulatory clearance for their proposed merger, with the expiration of the U.S. Hart-Scott-Rodino (HSR) Act waiting period.
- 2The companies have also obtained the required regulatory approval from Canada for the transaction.
- 3These regulatory approvals satisfy key conditions precedent to the closing of the merger.
- 4The expected closing of the transaction remains in the second half of 2018.
- 5Closing of the merger is still subject to customary conditions, including stockholder approvals from both MPC and Andeavor.
- 6A joint press release dated July 3, 2018, details these updates.
- 7Investors are encouraged to review the Form S-4 registration statement and related filings for important information about the transaction.