Exxon selling Japanese subsidiary in $3.9B deal

Exxon Mobil Corp. is selling its Japanese refining and marketing business to partner TonenGeneral Sekiyu K.K. in a deal valued at $3.9 billion.

TonenGeneral Sekiyu will buy 99% of the shares of Exxon Mobil Yugen Kaisha, which refines and sells fuel and lubricants, the Japanese refiner said. Exxon Mobil's stake in TonenGeneral will drop to 22

% from 50%. (AP)