Mitsui to Sell its Entire Shares in Mitsui Oil to TonenGeneral
OREANDA-NEWS. Mitsui & Co., Ltd. announced that it has reached an agreement with TonenGeneral Sekiyu K. K. to sell its entire shares (8,993,000 shares, representing 89.93% of the total issued and outstanding shares) in MITSUI OIL CO., LTD ("Mitsui Oil"), a subsidiary engaged in refining and sales of oil products.
The transfer price of Mitsui Oil shares is JPN 24.9 billion. In addition, Mitsui will receive JPN 17.2 billion in the form of dividends from Mitsui Oil, prior to the transfer of Mitsui Oil shares. Subject to the satisfaction of certain conditions stipulated in the agreement, this transfer is scheduled to be executed on February 4, 2014.
Mitsui has also reached an agreement with Exxon Mobile Bay Limited Partnership, a 100% subsidiary of Exxon Mobil Corporation, to purchase 36,000,000 shares in TonenGeneral (representing approximately 6.37% of the total issued and outstanding shares, or 9.99% of voting rights) for JPN 33.6 billion. Mitsui will seek to deepen its cooperative relationship with TonenGeneral through the continued transaction of crude oil and petroleum products.