Exxon Mobil Sells Japan Unit For $3.9B To Refiner

Law360, New York (January 30, 2012, 11:54 AM EST) -- Oil refiner TonenGeneral Sekiyu KK has struck a $3.9 billion deal to buy Exxon Mobil Corp.'s Tokyo-based subsidiary and take full control over gas station brands in Japan including Esso and Mobil, the companies said Sunday.

TonenGeneral Sekiyu will purchase the Houston-based oil giant’s stake in ExxonMobil Yugen Kaisha and plans to integrate the marketing operation with its existing refining and chemicals businesses, the buyer said, adding the deal is expected to close in June.

The deal will expand TonenGeneral's market reach from 904 service stations...
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