Illustration: Eniola Odetunde/Axios

Marathon Petroleum (NYSE: MPC) this week is expected to get first-round bids of between $15 billion and $18 billion for its Speedway gas station chain.

Why it matters: The price tag is large, but still reflects a pretty steep pandemic discount. Marathon had been in exclusive negotiations to sell Speedway for between $20 billion and $22 billion to 7-Eleven owner Seven & i Holdings, before talks fizzled in early March.

  • First-round bidders reportedly will include Seven & i Holdings (Tokyo: 3382), Circle K owner Alimentation Couche-Tard (TSX: ATD), and private equity firm TDR Capital.

The bottom line: "If Marathon does not secure a sale of Speedway, it will seek to spin it off to its shareholders. Under pressure from hedge fund Elliott Management, the Findlay, Ohio-based company has said the spin-off would happen by the first quarter of 2021. Speedway comprises more than 3,900 convenience stores." — David French & Greg Roumeliotis, Reuters

Go deeper

Aug 4, 2020 - Sports

Indy 500 to be held without fans due to coronavirus

The 2019 Indianapolis 500. Photo: Clive Rose/Getty Images

The Indianapolis Motor Speedway announced on Tuesday that it will hold the 2020 Indianapolis 500 on Aug. 23 without fans due to concerns over the coronavirus pandemic.

Why it matters: It's the first time in the race’s 109-year history that fans won't be in attendance and marks yet another professional sports disruption set off by the virus. The Indianapolis Motor Speedway had originally planned to hold the race at 25% stadium capacity.

Trump whisked out of press briefing after shooting outside White House

President Trump was escorted out of a coronavirus press briefing by a Secret Service agent on Monday after law enforcement reportedly shot an armed suspect outside of the White House.

The state of play: Trump returned to the podium approximately ten minutes later and informed reporters of the news. He said the suspect has been taken to the hospital, but was unable to provide more details and said Secret Service may give a briefing later.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 5:30 p.m. ET: 19,952,057 — Total deaths: 732,689 — Total recoveries — 12,150,698Map.
  2. U.S.: Total confirmed cases as of 5:30 p.m. ET: 5,074,059 — Total deaths: 163,275 — Total recoveries: 1,656,864 — Total tests: 61,792,571Map.
  3. Politics: House will not hold votes until Sept. 14 unless stimulus deal is reached.
  4. Business: Richer Americans are more comfortable eating out.
  5. Public health: A dual coronavirus and flu threat is set to deliver a winter from hellAt least 48 local public health leaders have quit or been fired during pandemic.
  6. Sports: The cost of kids losing gym class — College football is on the brink.
  7. World: Europe's CDC recommends new restrictions amid "true resurgence in cases."