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

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Kendall Baker, author of Sports
Sep 15, 2020 - Sports

Steve Cohen agrees to buy Mets

Illustration: Aïda Amer/Axios

Steve Cohen, a hedge fund billionaire from Long Island, has reached an agreement to buy the Mets.

Details: Cohen will own 95% of the team, with the Wilpon and Katz families retaining the other 5%. The sale values the Mets at $2.42 billion, per Sportico, making it the most ever paid for an MLB franchise, topping the $2.15 billion paid for the Dodgers and surrounding real estate in 2012.

The cliffhanger could be ... Georgia

Illustration: Sarah Grillo/Axios

It hasn't backed a Democrat for president since 1992, but Georgia's changing demographics may prove pivotal this year — not only to Trump v. Biden, but also to whether Democrats take control of the Senate.

Why it matters: If the fate of the Senate did hinge on Georgia, it might be January before we know the outcome. Meanwhile, voters' understanding of this power in the final days of the election could juice turnout enough to impact presidential results.

Amy Harder, author of Generate
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Climate change goes mainstream in presidential debate

Photo illustration: Aïda Amer/Axios. Photo: Olivier Douliery-Pool/Getty

The most notable part of Thursday’s presidential debate on climate change was the fact it was included as a topic and assumed as a fact.

The big picture: This is the first time in U.S. presidential history that climate change was a featured issue at a debate. It signals how the problem has become part of the fabric of our society. More extreme weather, like the wildfires ravaging Colorado, is pushing the topic to the front-burner.