September 25, 2019 / 1:16 PM / 8 months ago

UPDATE 1-Elliott renews demand to split Marathon Petroleum

(Adds background, details about Elliott's demands)

Sept 25 (Reuters) - Elliott Management on Wednesday renewed its demand for Marathon Petroleum Corp to split into three companies, three years after the activist investor asked the refiner to review its operations and consider spinning off businesses.

Elliott, which holds an economic interest of about 2.5% in Marathon, said the renewal call was prompted by the company's failure to deliver on its previous promises.

Marathon's retail, refining and midstream assets will be split into three new businesses, with "RefiningCo" becoming the "new Marathon" under Elliott's proposal.

Shares of the company, down 6% this year as of Tuesday's close, jumped nearly 7.3% in premarket trading to $59.42.

Reporting by Shariq Khan and Debroop Roy in Bengaluru; Editing by Maju Samuel and Sriraj Kalluvila

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