Marathon Plans $365M IPO For Petroleum Pipeline Biz

Law360, New York (July 3, 2012, 5:00 PM EDT) -- Marathon Petroleum Corp. will spin out a portion of its pipeline business in an initial public offering expected to rake in $365 million, it said Tuesday, polishing off a monthslong strategic evaluation and likely answering an activist investor's call to boost value.

The number of shares to be offered by the Findlay, Ohio-based company and their price were not listed in preliminary filings with the U.S. Securities and Exchange Commission.

MPLX, the Marathon Petroleum subsidiary set to be sold through the offering, deals in crude oil,...
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