On the day Marathon Oil announced that it was spinning off its pipeline and refining business, investors responded by bidding up its stock 11 percent. A little over a year later, Marathon and its spin-off, Marathon Petroleum Corp., have a combined market cap of $39 billion-more than double Marathon’s market cap when the deal was announced.
Shareholders liked the spin-off so much this year that the spin-off company announced that it was considering spinning out the pipeline business from the spin-off.
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