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.

© WOC News 

0 Comments

Login

Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News


Eastman to acquire Solutia

KINGSPORT, US/ ST LOUIS, US: Eastman Chemical Company and Solutia Inc announced that they have entered into a definitive agreement, under which Eastma ...

Read more
Samsung Total Petrochemicals to expand Daesan complex

PARIS, FRANCE: Total is consolidating its positions in petrochemicals in Asia with a new expansion and upgrading project for the Daesan complex in Sou ...

Read more
BASF, Teck partnership for zinc deficiency reduction

DAVOS, SWITZERLAND: BASF and Teck Resources Ltd announced that they have signed a three year agreement to jointly develop innovative and affordable zi ...

Read more
Toray forms partnership with Gordon Murray Design

TOKYO, JAPAN/ SHALFORD, SURREY: Toray Industries Inc announced that the company made a decision to conclude a technical partnership agreement with Gor ...

Read more
New device to measure glucose concentration in saliva

RHODE ISLAND, US: Engineers at Brown University have designed a biological device that can measure glucose concentrations in human saliva. The techniq ...

Read more
Amazing complex processes in biology

CAMBRIDGE, UK: The sensors at the foot of fly can detect both chemical and mechanical changes in the environment. These sensors are far smaller and mo ...

Read more