On Wednesday, in the course of current trade, Shares of Marathon Petroleum Corp (NYSE:MPC), dropped -2.52%, and is now trading at $57.31.
Marathon Petroleum Corporation, declared that MPLX LP (MPLX), the midstream master limited partnership (MLP) sponsored by MPC, has signed a definitive merger agreement with MarkWest Energy Partners, L.P. (MWE) (MarkWest) whereby MarkWest would become a wholly owned partner of MPLX. The merger would be a unit-for-unit transaction, generally predictable to be tax-free, plus a one-time cash payment to MarkWest unitholders, that implies an enterprise value for MarkWest of about $20 billion, counting the assumption of debt of about $4.2 billion, as of the close of trading on Friday, July 10, 2015. MPC would contribute $675 million of cash to MPLX to fund the one-time cash payment.
MarkWest, an MLP that owns and operates midstream service businesses in several liquids-rich natural gas resource plays in the U.S., is the nation`s second largest processor of natural gas and the largest processor and fractionator in the Marcellus and Utica shale regions.
Marathon Petroleum Corporation, together with its auxiliaries, engages in refining, marketing, retailing, and transporting petroleum products primarily in the United States. It operates through three segments: Refining & Marketing, Speedway, and Pipeline Transportation.
During an Afternoon trade, Shares of Energizer Holdings, Inc. (NYSE:ENR), climbed 0.86%, and is now trading at $37.94.
Energizer Holdings, declared that its newly formed Board of Directors initiated a dividend program by declaring a dividend of $0.25 per share of common stock, payable on September 9, 2015, to all shareholders of record as of the close of business on August 19, 2015. Subject to declaration by the Board, Energizer anticipates paying a $0.25 per share cash dividend each quarter, with predictable dividend payment dates in March, June, September and December. Future declarations of dividends are subject to Board approval and may be adjusted at the discretion of the Board, as business needs or market conditions change.
The Board of Directors also approved an authorization for the company to acquire up to 7.5 million shares of its common stock. The Company anticipates to purchase shares from time to time in open market transactions. The timing and the amount of any purchases will be determined by the Company based on its evaluation of market conditions, capital allocation objectives, legal and regulatory requirements and other factors.
Energizer Holdings, Inc. manufactures and markets primary batteries and portable lighting products under the Energizer and EVEREADY brands worldwide.
Finally, Eastman Chemical Company (NYSE:EMN) , gained 0.01% Wednesday, hitting its highest level.
Eastman Chemical Company, declared LLumar has been named the official window tint and paint protection film of West Coast Customs, the world famous premiere vehicle customization shop internationally known for extraordinary builds, celebrity clients and the hit television show, West Coast Customs on the Fox Sports 2 Network. All custom builds in Season Three will feature LLumar window tint.
“It was natural for LLumar to team up with West Coast Customs, the premiere high-end modification shop,” said Mark Gershenson, Director, LLumar Global Brand Administration. “LLumar window tint adds style, protection and comfort to any ride; and our self-healing paint protection film assists keep West Coast Customs cars looking new. Now we can showcase window tint and paint protection film benefits to millions of West Coast Customs viewers.”
Eastman Chemical Company, a specialty chemical company, manufactures and sells materials, chemicals, and fibers in the United States and internationally. The company’s Additives & Functional Products segment offers solvents, such as specialty coalescents and ketones and esters, glycol ethers, and alcohol solvents; cellulose and polyester-based specialty polymers, and paint additives; insoluble sulfur products; antidegradants; hydrocarbon resins; specialty intermediates, performance products, and formic acid; and alkylamine derivatives.
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