Nov 21 Hedge fund Elliott Management, which owns about 4 percent of Marathon Petroleum Corp, urged the company to conduct a strategic review and consider splitting into three businesses.
Marathon should consider spinning off of its chain of gasoline and convenience stores or break into three businesses, focused on retailing, refining and midstream operations that hold pipeline and storage assets, Elliott said on Monday.
The activist investors, which also called the refiner "severely undervalued", said Marathon Petroleum could also look at transferring assets, which could go into an master limited partnership, to MPLX LP. (Reporting by Arathy S Nair in Bengaluru; Editing by Anil D'Silva)
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