Sector News

Idemitsu buys stake in Showa Shell for $1.35 bln

December 20, 2016

Japanese oil refiner Idemitsu Kosan Co. on Monday agreed to acquire a 31.3% stake in Showa Shell Sekiyu KK from Royal Dutch Shell PLC for 159 billion yen ($1.35 billion), the companies said.

The purchase followed antitrust clearance from Japan’s Fair Trade Commission.

Idemitsu and Showa Shell management have said they want to pursue a full merger of the two Japanese refiners. However, members of the founding Idemitsu family have opposed the merger, forcing a postponement of the plan.

Idemitsu initially said it would acquire 33.3% of Showa Shell Sekiyu from Royal Dutch Shell, but it reduced the amount to 31.3%, according to Monday’s announcement.

By Peter Landers

Source: MarketWatch

comments closed

Related News

August 23, 2019

The higher purpose of being a CEO

Borderless Leadership

LinkedIn Twitter Xing EmailWhen I left my second large company experience to become President of a small manufacturing company I did so driven by ego; I fancied the title. Soon […]

August 23, 2019

As Brexit nears, Britain’s drugs, devices and pricing regulators seek the exit

Life sciences

LinkedIn Twitter Xing EmailFirm details on exactly how the U.K. will regulate new medicines is still to be decided after it leaves the EU later this year (caveats on timing […]

August 23, 2019

The Simply Good Foods Company acquires Quest Nutrition for $1bn

Food & Drink

LinkedIn Twitter Xing EmailThe Simply Good Foods Company, the owner of Atkins-branded food products, has secured a deal to acquire protein snack maker Quest Nutrition for $1 billion. Quest, which […]

How can we help you?

We're easy to reach