Deals
Idemitsu Family Buys Showa Shell Stake in Bid to Stop Merger
- Showa Shell shares advance as much as 12% in Tokyo trading
- Shosuke Idemitsu purchases 400,000 shares in Showa Shell
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Idemitsu Kosan Co. founding family descendant Shosuke Idemitsu has begun buying shares in rival Japanese oil refiner Showa Shell Sekiyu KK in a bid to block a proposed merger between the two companies.
The Idemitsu founder’s son purchased 400,000 Showa Shell shares and may buy more until his namesake company gives up on the deal, according to a statement distributed to reporters in Tokyo on Wednesday. Showa Shell rose as much as 12 percent to 1,014 yen, the biggest intraday gain in more than a year, and closed 3.8 percent higher. Idemitsu fell 3.9 percent to 1,984 yen.