Company News: Marathon Oil to acquire Ashland's stake in MAP

In a deal that Marathon Oil Corp. said would complement its long-term growth plans, the Houston-based integrated petroleum company will acquire Covington, Ky.-based Ashland Inc.'s 38% interest in Marathon Ashland Petroleum LLC (MAP) for $2.93 billion.Marathon already holds a 62% interest in Findlay, Ohio-based MAP. Once completed, the deal will make Marathon sole owner of MAP, the largest refiner in the US Midwest and the fifth largest refiner in the US.In another multibillion dollar downstream deal, Lyondell Chemical Co., Houston, and Millennium Chemicals Inc., Hunt Valley, Md., have agreed to a stock-swap merger that will create the third-largest independent, publicly traded chemica...

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