7-Eleven in exclusive talks to acquire Speedway

Marathon Petroleum Corp. (MPC) could be moving closer to selling Speedway LLC.

Japan’s Seven & i Holdings is in exclusive talks to acquire Marathon Petroleum’s Speedway petrol station chain for about $22bn in an ambitious effort to grow in the US, according to a person with knowledge of the discussions, reports Bloomberg.

Tokyo-based Seven & i is lining up financing for the potential transaction, which could be announced as soon as next week, said the sources, who asked not to be identified because the deliberations are private. No final decision has been made and discussions could fall through, they said.

Seven & i, which runs the 7-Eleven convenience store chain, said in a statement it had not decided on any acquisitions.