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Marathon Petroleum extends director deadline amid Elliott pressure
December 16, 2016 / 1:08 PM / a year ago

Marathon Petroleum extends director deadline amid Elliott pressure

Dec 16 (Reuters) - Marathon Petroleum Corp. extended its board director nomination deadline in a move that comes amid pressure from hedge fund Elliott Management LP to break up the company.

In a securities filing disclosed on Friday, Marathon said it amended its bylaws to move the deadline for shareholders to nominate board directors to Jan. 9. The original deadline expired on Thursday.

New York based Elliott unveiled a 4 percent stake in the company last month and issued a set of demands it wants Marathon to follow, including spinning off its gas station retail business known as Speedway.

Reporting by Michael Flaherty; Editing by Chizu Nomiyama

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