Nippon Oil Corp. and Nippon Mining Holdings Inc. shareholders approved terms Wednesday 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 Inc. 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 barrels per day from April, the start of fiscal 2010.