ExxonMobil sells Japan Unit to TonenGeneral for $3.9bn

30 January 2012 03:27  [Source: ICIS news]

SINGAPORE (ICIS)--ExxonMobil is selling its Japan-based fuels, lubricants and chemical products marketing business to refiner TonenGeneral Sekiyu in a deal worth around $3.9bn (€2.96bn), the two firms said over the weekend.

Under the deal, TonenGeneral Sekiyu will buy 99% of the shares of Exxon Mobil Yugen Kaisha, integrating its marketing operations with existing manufacturing operations, they said in statements issued on 29 January.

“This will result in a single, integrated downstream business better positioned to meet Japan’s energy needs,” ExxonMobil said in a statement.

The transaction is expected to close in June this year, ExxonMobil added.

ExxonMobil, meanwhile, will lower its controlling stake in TonenGeneral Sekiyu and keep a 22% share in the firm upon completion of the deal, according to a statement by TonenGeneral Sekiyu.

ExxonMobil currently holds about 50% of TonenGeneral Sekiyu, according to media reports.

($1 = €0.76)

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By: Nurluqman Suratman

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