Investing.com– CVR Energy is close to completing a deal worth more than $4 billion to acquire refineries from Marathon Petroleum, the Wall Street Journal reported on Monday evening, citing people familiar with the matter.
The companies plan to announce the deal Tuesday morning if the negotiations do not collapse, the WSJ report said.
Carl Icahn controls CVR Energy and owns approximately 71% of the company’s shares. He has maintained a significant investment position in CVR over the years. His son, Brett Icahn, serves as a board member.
CVR Energy ranks as the seventh-largest publicly traded refiner in the United States. The company operates behind industry leaders such as Marathon, Valero Energy, and Phillips 66, which are roughly 20 times larger in size.
U.S. refineries clocked strong sales this year as the Russia-Ukraine war and Middle East conflicts have reduced a substantial portion of global fuel production capacity.
Original Article
CVR Energy nears $4 bln deal for Marathon refineries- WSJ
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