Marathon Petroleum Corp proposes to buy Andeavor for more than $20 billion

The potential deal is expected to produce $1 billion in synergies.

As per a Wall Street Journal report, Marathon Petroleum Corp, a U.S. refiner has proposed to acquire its peer Andeavor for more than $20 billion in a cash-and-stock deal

The potential acquisition values Andeavor at around $150 per share, which represent a premium of 22.6% to Andeavor closing stock value on Friday.

The deal is expected to produce $1 billion of synergies.

According to WSJ, if the deal goes through Gary Heminger, Marathon’s CEO is expected to run the combined company with Gregory Goff, Andeavor’s chief executive slated for a senior position.

Both Marathon and Andeavor were not immediately available for comment outside regular business hours.

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