Finance History|11 Wall Street — One MPC Share for Every Two MRO Shares
· 2011-7
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Finance History|11 Wall Street — One MPC Share for Every Two MRO Shares
kevin
People treat Marathon Petroleum as a Findlay refining house that always printed MPC after a finished New York book.
The 2011 issuer was Marathon Petroleum Corporation, the former refining, marketing, and transportation segment of Marathon Oil.
Marathon Oil's 25 May 2011 board release set the record date at 27 June 2011 and said holders would receive one MPC share for every two Marathon Oil shares, with cash in lieu of fractions.
The distribution was scheduled for 30 June 2011, after which Marathon Oil would keep no ownership interest.
A Marathon Oil Form 8-K dated 1 July 2011 restates the same one-for-two ratio and puts the distributed block at about 356 million MPC shares, the entire outstanding book.
MPC's own 1 July 2011 release said the company was then an independent public energy firm headquartered in Findlay, Ohio.
The Form 10 had been declared effective on 6 June 2011.
Regular-way trading opened on the New York Stock Exchange under MPC on 1 July 2011, the first session after the distribution date.
The letters MPC still open on the New York Stock Exchange.
The mechanism is a 2011 tax-free spin that opened a downstream book by ratio, not by a cash primary offering.
The pin is the public Broad Street facade of the 1903 New York Stock Exchange building, the present street marker for the tape that prints MPC.
Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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