Exxon reduces stake in former Japan unit to 9.9 pct
Published:2015-04-09 Source:
Exxon Mobil Corp has reduced its stake in Japan's second-biggest oil refiner by capacity, TonenGeneral Sekiyu KK , to 9.9 percent from 11.6 percent, the Japanese firm said on Thursday.
The move, which took effect on Thursday, will not in any way change TonenGeneral's existing tie-up with Exxon Mobil, a spokesman for the Japanese firm said, adding that Exxon still remains its largest shareholder.
The stake sale was worth around 6.4 billion yen ($53 million) based on the closing price of TonenGeneral's shares on Thursday.
TonenGeneral, formerly a unit of Exxon Mobil, in 2012 bought a controlling stake in itself from Exxon in a roughly $4 billion deal, reducing Exxon's stake from 50 percent to 22 percent as the oil major pulls back due to declining Japanese oil demand.
Exxon Mobil further reduced its stake in TonenGeneral by about 10 percent in 2014, by selling it to trading house Mitsui & Co.
($1 = 120.2600 yen)
