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Originally Marathon had announced in 2018 that they were planning on spinning off Speeday into a separate company by 2020. Then in early 2020 7-11 made an initial offer of $22 billion, but withdrew it a month later due to COVID and investor concerns that price was too high. They came back with the $21 billion offer in August, closed the sale in May 2021. The 300 locations sold off were mostly Speedway locations, and most were in CA, NY and FL. Marathon does have an agreement to supply fuel to the Speedway locations for 15 years as part of the deal. As far as I can tell, Marathon did not retain ownership of any locations.
What can be more confusing is that to be specific, until 2021 Speedway was a division of Marathon Petroleum which was spun off from Marathon Oil in 2011 as a separate company. Marathon Oil distributed all shares it held in Marathon Petroleum to shareholders.
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JoeH wrote:
Originally Marathon had announced in 2018 that they were planning on spinning off Speeday into a separate company by 2020. Then in early 2020 7-11 made an initial offer of $22 billion, but withdrew it a month later due to COVID and investor concerns that price was too high. They came back with the $21 billion offer in August, closed the sale in May 2021. The 300 locations sold off were mostly Speedway locations, and most were in CA, NY and FL. Marathon does have an agreement to supply fuel to the Speedway locations for 15 years as part of the deal. As far as I can tell, Marathon did not retain ownership of any locations.
What can be more confusing is that to be specific, until 2021 Speedway was a division of Marathon Petroleum which was spun off from Marathon Oil in 2011 as a separate company. Marathon Oil distributed all shares it held in Marathon Petroleum to shareholders.
Plus free Slurpees.
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For the record, I WANT JAPANESE 7-11s IN THE US.
That is all, thank you for listening to my shouting into the wind.
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Z wrote:
For the record, I WANT JAPANESE 7-11s IN THE US.
That is all, thank you for listening to my shouting into the wind.
I couldn't hear you over the wind noise.
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In NY they have one every few blocks. Never understood how they can all turn a profit...
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fauch wrote:
In NY they have one every few blocks. Never understood how they can all turn a profit...
When I was a young person, I dreamed of having 7-Elevens in my part of L.A. But they didn't put them in the hood. Now, they're every few blocks. Too often the clerks are kinda surly. I do recognize that they have to deal with some challenging customers. They could stand to cull some of them.
Oh, I don't need 7-Eleven to be more than what they are. I'm not trying to dine there.
