Nippon Oil and Nippon Mining approve integration terms
Jan 28, 2010 01:00 AM
Nippon Oil Corp. and Nippon Mining Holdings Inc. shareholders approved terms at their extraordinary general meetings
for the two firms' integration under a new holding company on April 1.
Under the terms, one Nippon Oil share will be exchanged for 1.07 share of JX Holdings and one Nippon Mining share for
one JX Holdings share.
The biggest challenge for the two oil refiners after the integration will be the reduction of overcapacity.
The two companies plan to cut their combined oil refining capacity by 400,000 bpd from April, the start of fiscal
2010.
