Sector News

Idemitsu family bought shares in Showa Shell to block takeover

August 4, 2016
News

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.

By Taiga Uranaka

Source: Reuters

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

Consumer Packaged Goods

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