Tokyo-ExxonMobil and TonenGeneral Janu- ary 29 reached a $3.9 billion deal that will cut the US oil major's stake in the Japanese refiner from 50.02% to a non-controlling 22% effective June 1, 2012. Under the agreement, TonenGeneral will acquire 99% of the issued share capital of ExxonMobil Yugen Kaisha for Yen 302 billion ($3.93 billion) and ExxonMobil affiliates will retain certain chemical businesses and 80 mil- lion TonenGeneral shares now owned by EMYK. EMYK is an indirect, wholly owned sub- sidiary of ExxonMobil. It is engaged primarily in fuels, lubricants and petrochemical prod- ucts marketing.
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