Barclays reports better than expected first quarter pretax profit of $2.4 bln

Marathon Petroleum to buy Andeavor for more than $20 billion: WSJ

(Reuters) – Marathon Petroleum Corp is ready to buy Andeavor for more than $20 billion, the Wall Street Journal reported on Sunday, in a mix that will leapfrog Valero Energy Corp to create the biggest U.S. refiner by capability.

The potential cash-and-stock deal, which is anticipated to be introduced on Monday, values Andeavor at about $150 per share, the WSJ reported, citing sources.

The supply would characterize a premium of 22.6 p.c to Andeavor inventory’s Friday shut.

The companied firm can have the flexibility to course of about three.1 million barrels per day and have a big community of retail stations, oil, pure gasoline and refined merchandise pipelines.

The deal is anticipated to produce $1 billion of synergies, the paper mentioned.

Marathon Chief Executive Gary Heminger is anticipated to run the mixed firm, with a senior function for Andeavor’s chief government, Gregory Goff, it mentioned.

San Antonio, Texas-based Andeavor, previously often called Tesoro, operates 10 refineries within the western United States with a refining capability of about 1.2 million barrels per day, and possession in a logistics enterprise, in accordance to Andeavor web site.

Valero, which has comparable total refining capability of three.1 million barrels per day, has refineries in Canada and Britain aside from the United States.

Marathon and Andeavor weren’t instantly obtainable for remark outdoors common enterprise hours.

Reporting by Shubham Kalia in Bengaluru, further reporting Gary McWilliams in Houston; Editing by Gopakumar Warrier

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