ExxonMobil, which holds about 50% of the refiner, will give up its controlling stake in TonenGeneral, but retain a 22% voting share in the Japanese oil giant, completing the transaction by June 1, 2012, a statement said.
The deal marks a de facto retreat from the world's third-largest economy by ExxonMobil, which is focusing its resources on emerging markets and the development of natural resources.
TonenGeneral
