The founding family of Idemitsu Kosan Co has bought 400,000 shares in Showa Shell Sekiyu KK, enough to be able to force a tender offer bid for its rival, in the hope of blocking management’s takeover plan, the family’s lawyer said.
Honorary chairman and former president Shosuke Idemitsu is opposing a plan by the company founded by his father to buy smaller rival Showa Shell, including through the purchase of Royal Dutch Shell PLC’s 33.2 percent stake.
The family’s lawyer, Takujiro Hamada, told a news conference on Wednesday the family was considering buying more shares in Showa Shell.
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