September 5, 2017 / 2:27 PM / a year ago

Marathon Petroleum to keep its Speedway retail business

Sept 5 (Reuters) - U.S. refiner Marathon Petroleum Corp said on Tuesday it would keep its Speedway business, which runs a chain of gasoline stations and convenience stores, a decision that was backed by hedge fund Elliott management.

The Ohio-based refiner announced in January a series of steps to increase its stock price amid pressure from Elliott, including the possible separation of Speedway.

Elliott unveiled a 4 percent stake in Marathon last November but has since reduced its holding to about 1 percent.

Marathon’s shares were down 2.4 percent at $52.98. (Reporting by John Benny in Bengaluru; Editing by Saumyadeb Chakrabarty)

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