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  "documentTitle": "Marathon Petroleum Corporation (MPC)",
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  "notes": "The slide uses a 'before-after' style comparison to argue against corporate integration, framing it as a cost to shareholders.",
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      "text": "MPC shareholders can own the various distinct securities to construct their own diversified portfolio: management should not be made stewards of portfolio diversification on behalf of the shareholder.",
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      "text": "Reference to Elliott Perspectives document",
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      "text": "Our analysis shows that shareholders are paying $14 – 19 billion for Marathon's diversification. Marathon shareholders can achieve diversification much more efficiently through their own portfolio construction.",
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