Jones Day Reps Refiner In $242M Mitsui Oil Buy

Law360, New York (December 18, 2013, 1:55 PM EST) -- Mitsui & Co. Ltd. will sell its entire stake in petroleum retailer Mitsui Oil Co. Ltd. to refiner TonenGeneral Sekiyu KK for 24.9 billion yen ($242 million) and will buy a stake in TonenGeneral from shareholder ExxonMobil Corp. for 33.6 billion yen, the companies said Wednesday.

TonenGeneral will acquire Mitsui's 89.9 percent stake in Mitsui Oil, as well as receive 17.2 billion yen ($167 million) in dividends from Mitsui Oil prior to the shares swapping hands, Mitsui said. The deal is expected to go though on...
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