From Earlier: ExxonMobil to Restructure Holdings in Japan

ExxonMobil (NYSE: XOM) and TonenGeneral Sekiyu K.K 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 US $3.9 billion.

The corporation anticipates the restructuring will be seamless for ExxonMobil Japan Group customers, dealers and business partners and expects existing agreements to remain unchanged. Current management will remain in place until closing, which will occur in mid-2012.