Ashland Inc. and Marathon Oil Corp. have not given up on their plan for the former to divest its stake in their Marathon Ashland Petroleum joint venture. Ashland said last week that the companies have proposed possible modifications in hopes of finding a way for the deal to receive favorable tax treatment from the U.S. Internal Revenue Service.
Just two months ago the companies said they had failed to receive a commitment for favorable treatment to the original proposal, which was announced in March 2004, and so the deal probably would not be completed. Ashlands Feb. 8 announcement seemed a bit more optimistic.
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