Elliott Management Corp. wants to split Marathon Petroleum Corp. up into three separate entities.
The New York investment firm, under the helm of billionaire Paul Singer, says the move would boost shareholder value by about $40 billion. Elliott Management owns about 2.5 percent of the Ohio oil and gas company.
John Pike, Elliott Management’s senior portfolio manager, wrote a letter to the Marathon board urging for it to create “three strong, independent companies – each a leader in its sector.”…
