ExxonMobil's Japanese affiliates to merge

Japan's General Sekiyu KK and Tonen Corp.-both affiliates of ExxonMobil Corp.-have agreed to merge in a bid to streamline operations and cut costs.General Sekiyu will be the surviving entity, while Tonen will be dissolved. The new company will be called Tonen General Sekiyu KK.Ahead of the merger, General Sekiyu plans to reduce its capital to allow an equal-basis merger.General Sekiyu, a refiner and products wholesaler, is 50.1% owned by ExxonMobil. Refiner Tonen is a 51%-controlled consolidated unit of the US megamajor. Exxon and Mobil had each held about a 25% stake in Tonen since 1961, when Standard Vacuum split into Esso Eastern and Mobil Petroleum.The merged company aims to rack ...

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