Agree­ment fi­nal­ized to form big oil re­finer

China Daily (USA) - - BUSINESS -

Japan’s JXHold­ings Inc and To­nenGen­eral Sekiyu KK fi­nal­ized an agree­ment to form the county’s big­gest oil re­finer start­ing in April. JX Hold­ings will give 2.55 shares for each To­nenGen­eral share, the two com­pa­nies said in a joint state­ment Wed­nes­day. The deal val­ues To­nenGen­eral at 965.2 yen ($9.36) a share based on Tues­day’s clos­ing prices. The two com­pa­nies are tar­get­ing more than 500 bil­lion yen of or­di­nary in­come in the year end­ing March 2020, ac­cord­ing to the state­ment. Each com­pany plans to seek share­hold­ers’ ap­proval in De­cem­ber.

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