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Stock Market & Financial Investment News

News Breaks
February 27, 2014
07:53 EDTMPC, MPLXMPLX acquires added interest in MPLX Pipe Line Holdings from Marathon Petroleum
MPLX LP (MPLX) announced that it has agreed to acquire an additional 13% interest in MPLX Pipe Line Holdings from a subsidiary of Marathon Petroleum (MPC) for $310M. This transaction represents MPLX's second acquisition following its initial public offering in October 2012. This acquisition will increase MPLX's interest in Pipe Line Holdings to 69% from the 56% interest it held previously. Pipe Line Holdings owns a 100% interest in Marathon Pipe Line and Ohio River Pipe Line. The acquisition price represents an approximate 10 times multiple of the assets' forecasted next twelve months earnings before interest, taxes, depreciation and amortization. The transaction is expected to close effective March 1, and be immediately accretive to distributable cash flow. MPLX intends to fund the acquisition through a combination of $40M of cash on hand and a $270M borrowing on its $500M revolving credit facility.
News For MPLX;MPC From The Last 14 Days
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December 17, 2014
10:02 EDTMPCOn The Fly: Analyst Downgrade Summary
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07:19 EDTMPCIndependent Refiners sector cut to Market Weight at Wells Fargo
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07:14 EDTMPCMarathon Petroleum downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo downgraded Marathon Petroleum to Market Perform saying new global capacity additions are likely to pressure refining margins in 2015. Wells has a $82-$87 price target range for shares.
06:59 EDTMPCMarathon Petroleum, Valero, HollyFrontier made bids for Citgo, Reuters says
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