Downstream mega-merger raises the bar

摘要

US independent refners Marathon Petroleum and Andeavor have set a 1 October deadline to complete a merger that competitors say will be hard to match. Marathon’s $23bn cash-and-shares ofer for Andeavor - if approved by share- holders on 24 September - will create a downstream behemoth with more than 3mn b/d refning capacity and marketing and logistics operations stretching from coast to coast.