Marathon Petroleum Reportedly To Buy Andeavor For More Than $20 Bln

(RTTNews) - Marathon Petroleum Corp. (MPC) plans to buy pipeline and refining company Andeavor (ANDV) for more than $20 billion, the Wall Street Journal reported citing people familiar with the matter.

The cash-and-stock deal values Andeavor at about $150 per share. The deal is expected to be announced Monday. That would be a roughly 23% premium over Andeavor's closing price Friday, the Journal reported.

The deal is expected to produce $1 billion of synergies.

Marathon Chief Executive Gary Heminger is expected to run the combined company, with a senior role for his counterpart at Andeavor, Gregory Goff.