Fresh off an activist success at LifeLock (LOCK) , insurgent manager Elliott Management LLC's Paul Singer on Monday launched a campaign at Marathon Petroleum (MPC) urging the $23 billion market capitalization energy company in a four-page letter to consider splitting itself up into three businesses.

Shares of the Findlay, Ohio-based petroleum company shot upwards on the news, trading up about 5% to $43.31 a share. The activist fund issued a 50-page presentation in addition to its letter to Marathon Petroleum's board, offering a raft of suggestions including one urging the company to consider a full strategic review to consider whether a tax-free separation of the company into three businesses would best serve shareholders over the longterm.

"The valuation uplift from such an action is compelling... peer valuations show that such an action would result in an 80+% increase to Marathon's stock price," Elliott Management wrote in its letter. 

The fund suggests that Marathon could create three separate businesses from its refining operations, midstream unit and its Speedway gasoline and convenience store operations.

Under pressure from Elliott, LifeLock on Monday agreed to sell itself to Symantec (SYMC)  in a $2.3 billion deal. 

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