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  "docSlug": "7ed65c83e062",
  "documentTitle": "Marathon Petroleum Corporation (MPC)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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  "presentationDate": "2019-09-24 00:00:00",
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      "kind": "callout",
      "text": "Remaking Marathon unlocks value and improves sustainability of each company",
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      "text": "Shareholders can manage their own diversification; Higher-multiple businesses unlocked; Each business free to pursue opportunities without conflict; Less complicated structure for investors to model; Modern corporate governance",
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      "text": "Low consolidated multiple; Trapped asset value; Business unit opportunities limited due to conflicts; Complexity an obstacle for many investors; Antiquated corporate governance",
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      "kind": "paragraph",
      "text": "Following a separation, Marathon shareholders will own the same interests in each of the Company's three businesses and will be able to receive the proper value for those interests without the current conglomerate discount. Moreover, each new company will be liberated to achieve its full potential under focused management.",
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      "text": "Unlocking Value Through a Separation",
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      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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