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Teamsters General Secretary – Treasurer Ken Hall Letter to Marathon Petroleum’s Chairman

MarathonPetroleum

Teamsters General Secretary – Treasurer Ken Hall wrote to Marathon Petroleum’s Chairman of the Board about the company’s decision to close the Speedway transaction for $21 billion without antitrust approval.

With all four FTC commissioners warning the deal as proposed could be illegal, Teamsters are calling on Marathon’s board to immediately halt any executive trading in the company’s stock and any payouts tied to the transaction.

Furthermore, Teamsters are calling on the company to cancel its tender offer for up to $4 billion of the company’s shares, until such time as the FTC rules on the transaction. To move ahead with a deal in the face of an ongoing FTC investigation, is almost unprecedented, making it exceedingly reckless to go ahead with actions contemplated by the successful closure of the deal.