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
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