Exxon Mobil to Sell Thai Refinery, Retail Unit to Bangchak (3)

Exxon Mobil Corp. will sell its controlling stake in Esso (Thailand) Pcl, which runs a local refinery and retailing business, to rival Bangchak Corp. as the largest US oil company focuses on its home market and the production of lower-emission fuels.

Bangchak will acquire 66%, or 2.28 billion shares, of Esso at a price to be determined later, the companies said in separate stock exchange filings Thursday. It will also make a tender offer for the remaining 34% of the stock after securing regulatory approvals. Shares of Esso Thailand plunged as much as 17% while Bangchak jumped more ...