TonenGeneral prepares to buy Exxon Mobil Japanese unit

Note: This section contains information in English only.
Source: Bloomberg
© Scanpix/Reuters
TonenGeneral Sekiyu agreed to acquire Exxon Mobil Corp. Japanse division for $3.9bn. TonenGeneral is going to acquire 99% of Exxon Mobil Yugen Kaisha unit which manufactures and sells fuel. The deal will be financed by cash and bank loans. Analysts expect TonenGeneral to seek strategic partner to cover purchasing costs. Japanese refiners are struggling with surging operating costs as government forces them to implement technologies which get more fuel from oil. 
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