Ashland shareholders agree to sell MAP stake to Marathon

Ashland Inc. shareholders approved an agreement in which Marathon Oil Corp. plans to acquire Ashland's 38% interest in Marathon Ashland Petroleum LLC.

June 29, 2005

By OGJ editors
HOUSTON, June 29 -- Ashland Inc. shareholders approved an agreement in which Marathon Oil Corp. plans to acquire Ashland's 38% interest in Marathon Ashland Petroleum LLC (MAP).

The total value of the deal, which includes other complementary Ashland businesses, is $3.7 billion. Closing was expected on June 30.

Marathon of Houston announced plans to buy all interest in MAP from Ashland of Covington, Ky., last year (OGJ Online, Mar. 19, 2004).