TOKYO (TheStreet) --
Exxon Mobil says it will sell its Japanese subsidiary to partner TonenGeneral Sekiyu K.K in a deal valued at about $3.9 billion.
The subsidiary, ExxonMobil Yugen Kaisha, currently is wholly owned by Exxon Mobil and has a controlling stake in TonenGeneral Sekiyu.
After the deal is consummated, Exxon will lose its controlling interest in TonenGeneral Sekiyu but it will retain a 22% stake in the Japanese company and will remain its largest shareholder.
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