Marathon's Acquisition of Ashland Inc.'s Interest in Marathon Ashland Petroleum Approved By Ashland Shareholders

Marathon Oil Corporation has been advised by Ashland Inc. that its shareholders have approved the previously announced agreement under which Marathon will acquire Ashland's 38 percent interest in Marathon Ashland Petroleum LLC (MAP), as well as two other complementary businesses, for total consideration of approximately $3.7-3.9 billion.

The closing of the transaction is expected to take place on June 30. Following the closing, Marathon will own 100 percent of MAP.

In addition to acquiring Ashland's minority interest in MAP, Marathon also will acquire Ashland's maleic anhydride business, including the company's plant located in Neal, West Virginia, adjacent to MAP's Catlettsburg (Kentucky) refinery, as well as a portion of its Valvoline Instant Oil Change business, consisting of 60 retail outlets located in Michigan and Ohio. While not part of MAP, these additional businesses are complementary to MAP's business.

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Posted 30/06/05

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