ExxonMobil restructure holdings in Japan

ExxonMobil to restructure holdings in Japan

8:15 PM, 30th January 2012
ExxonMobil to restructure holdings in Japan

TOKYO, JAPAN: ExxonMobil and TonenGeneral Sekiyu KK have entered into an agreement which will result in the restructuring of ExxonMobil’s holdings in Japan. Under the terms of the agreement, TonenGeneral Sekiyu will purchase ExxonMobil’s shares in ExxonMobil Yugen Kaisha, integrating ExxonMobil Yugen Kaisha’s marketing operations with its existing manufacturing operations. This will result in a single, integrated downstream business better positioned to meet Japan’s energy needs. The transaction is valued at approximately $3.9 billion.

At closing, ExxonMobil will remain TonenGeneral Sekiyu’s largest shareholder and anticipates continued participation on its Board of Directors, subject to shareholder approval of its nominees. TonenGeneral Sekiyu will have exclusive, long-term use of ExxonMobil’s existing brands for the sale of ExxonMobil products in Japan. ExxonMobil will provide ongoing technology support, including technical assistance from ExxonMobil Research and Engineering.

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