Sept 5 (Reuters) - U.S. refiner Marathon Petroleum Corp said on Tuesday it would keep its Speedway business, which runs a chain of gasoline stations and convenience stores, a decision that was backed by hedge fund Elliott management.
The Ohio-based refiner announced in January a series of steps to increase its stock price amid pressure from Elliott, including the possible separation of Speedway.
Elliott unveiled a 4 percent stake in Marathon last November but has since reduced its holding to about 1 percent.
Marathon’s shares were down 2.4 percent at $52.98. (Reporting by John Benny in Bengaluru; Editing by Saumyadeb Chakrabarty)