ExxonMobil has agreed to sell its two-thirds stake in Esso Thailand to Thai energy firm Bangchak Corporation , the companies said, in a deal valued at about 20.1 billion baht ($603 million).
Bangchak shares closed up 9% while Esso Thailand, which closed at 11.2 baht on Wednesday, fell 17% after the companies made the announcement in separate statements."The final price will be based on Esso Thailand's latest quarterly earnings after conditions are finalised," Bangchak chief executive Chaiwat Kovavisarach told a news conference.
"There will be synergy and cost savings of between 1.5 billion baht to 2 billion baht per year," Banchak CEO said. ExxonMobil said it would "continue to supply the Thailand market with branded finished lubricants and chemical products through a new company to be formed", while it focuses its investment on global production facilities.
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ExxonMobil sells Esso Thailand stake for $603 millionExxonMobil has agreed to sell its two-thirds stake in Esso Thailand to Thai energy firm Bangchak Corporation , the companies said in separate statements, in a deal that values the shares at 20.1 billion baht ($603 million).
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