Seven & I Hldgs Co Ltd - SVNDY STOCK NEWS

Marathon Petroleum Corp. (NYSE: MPC) has successfully closed its $21 billion sale of Speedway to 7-Eleven, Inc. All conditions were satisfied, including the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. The transaction was finalized after the FTC opted not to take action during the waiting period. MPC has received the sale proceeds and reaffirms its commitment to its capital return plans. A tender offer related to this transaction has yet to commence, with no guarantees on the timing or terms.

On May 14, 2021, Marathon Petroleum Corp. (MPC) finalized the $21 billion sale of Speedway to 7-Eleven, marking a pivotal moment in the company's strategic portfolio management. With the transaction's completion, MPC plans to utilize approximately $16.5 billion in after-tax cash proceeds for shareholder returns and debt reduction. Key actions include a $10 billion common stock repurchase plan, commencing with a $4 billion cash tender offer aimed at repurchasing up to 10% of its market capitalization. MPC also intends to reduce long-term debt by allocating $2.5 billion from the proceeds.