Agreement finalized to form big oil refiner

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.