Sep 27, 2019

Activist investor Elliott Management wants Marathon Petroleum split 3 ways

Illustration: Sarah Grillo/Axios

Elliott Management has revived its call for Marathon Petroleum to be split into three businesses.

Why it matters: Marathon is the largest U.S. oil refiner by capacity, but activist investor Elliott wants it to separate its refining business from its pipeline and gas station units.

  • Elliott got a boost yesterday from two major Marathon shareholders who not only supported the breakup plan, but also want CEO Gary Heminger to resign.

The bottom line: "It’s not the first time Elliott has pushed for changes at Marathon. In 2016, it made a similar demand for the company to split its three main businesses. The Findlay, Ohio-based refiner took steps to simplify its pipeline partnership a year later at the hedge fund’s urging, but rejected a proposal to spin off Speedway," writes Bloomberg.

Go deeper: Activist investors are poaching opportunities from private equity

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Kenya's Brigid Kosgei breaks women's marathon world record

Brigid Kosgei winning a marathon in 2019 in Newcastle, Great Britain. Photo: Richard Sellers/PA Images/Getty Images

Kenya's Brigid Kosgei retained her title at the Chicago Marathon on Sunday, breaking the women's marathon world record with a recorded time of 2 hours, 14 minutes and 4 seconds, the BBC reports.

The big picture: The 16-year-old record was previously held by the U.K.'s Paula Radcliffe, who set a mark of 2:15:25 at the London Marathon in 2003. On Saturday, Eliud Kipchoge of Kenya smashed the 2-hour barrier for a marathon, but he didn't technically break the world record — which he holds — because it wasn't an open event.

Go deeper ... In photos: Kenya's Eliud Kipchoge breaks 2-hour marathon record

Keep ReadingArrowOct 13, 2019

Nike's magic running shoes ignite debate

The Nike ZoomX Vaporfly Next%. Screenshot:

Last weekend, Eliud Kipchoge became the first human to run a marathon in under 2 hours and Brigid Kosgei shattered the women's marathon record.

Why it matters: "It appears that running, the original and most elemental of sports, now faces the same tradition vs. scientific innovation challenge that other sports have encountered," writes NYT's Amby Burfoot.

Go deeperArrowOct 18, 2019

AT&T sells off assets in the Caribbean

Photo: Smith Collection/Gado/Getty Images

As pressure mounts from an activist investor, AT&T said Wednesday it will sell its wireless and wired assets in Puerto Rico and the U.S. Virgin Islands for about $2 billion to Liberty Latin America.

Why it matters: AT&T is looking for assets to sell to alleviate debt, and analysts say the properties in the hurricane-prone islands are a logical target.

Go deeperArrowOct 9, 2019