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Fly News Breaks for October 17, 2019
MPLX, MPC
Oct 17, 2019 | 15:23 EDT
Citi analyst Prashant Rao says that in the weeks since Elliott's activist proposal, he has spoken to parties on multiple sides of the arguments for unlocking value at Marathon Petroleum (MPC). The analyst points out that the strongest consensus seems to be for a retail - Speedway - spinoff. His blue-sky sum of the parts on just a Speedway spinoff sees implied value of $105 per Marathon Petroleum share, with $54 from R&M, $23 from Speedway, and a $28 value for the company's MPLX (MPLX) stake.
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