Exxon (NYSE:XOM) will sell its Japanese refining and marketing business to TonenGeneral Sekiyu for $3.9 billion, in a deal that underscores a larger trend of oil companies shedding refining businesses and turning to exploration in hopes of boosting profits.

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ABB (NYSE:ABB) will buy Thomas & Betts Corp. (NYSE:TNB) for $3.9 billion to expand its North American distribution network. It will aslo add low-voltage equipment. The $72/share offer is a 24% premium to TNB’s Friday close.

U.S. Steel (NYSE:X) sells U.S. Steel Serbia to the Republic of Serbia. The company expects to record a loss of $400 million-$500 million in the first quarter on the deal.

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International Paper (NYSE:IP) and Temple-Inland (NYSE:TIN) have created concerns for he Department of Justice over the pending transaction and have agreed to a second extension of the Justice Department’s period for reviewing the proposed acquisition of TIN. The extension now runs until Feb. 13.

Walgreens (NYSE:WAG), is set “acquire the prescription files and inventory” of thirty-three Kmart (NASDAQ:SHLD) pharmacies in sixteen states a number of which are due to be closed.

Deutsche Boerse (DBOEY.PK) and NYSE Euronext (NYSE:NYX) are hopeful their merger will go through with help from European Union financial regulator Michel Barnier. Not only hopeful that Barnier will go to bat for them, but the exchanges also hope Angela Merkel will lobby for the deal at the European Union meeting today.

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To contact the reporter on this story: at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com

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