Stockholders of Andeavor and Marathon Petroleum Corp. (MPC) have voted to approve the merger of MPC and Andeavor.
Andeavor's proposal to approve the transaction was supported by approximately 99% of votes cast, representing approximately 74% of Andeavor's outstanding shares. MPC's proposal to issue shares in connection with the transaction was supported by approximately 98% of votes cast, representing approximately 73% of MPC's outstanding shares.
Also at the Andeavor special meeting, Andeavor stockholders approved, among other things, on a non-binding, advisory basis, certain compensation that may be paid or become payable to Andeavor's named executive officers in connection with the merger.
At the MPC special meeting, MPC's proposal to increase the size of its board of directors by two members was not approved.
MPC and Andeavor expect the closing of the transaction to occur on 1 October 2018, subject to customary closing conditions.
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/26092018/merger-of-andeavor-and-marathon-petroleum-approved-by-stockholders/