Deals
Idemitsu, Showa Shell to Delay Merger Opposed by Family
- Shares of both companies tumbled following Nikkei report
- Idemitsu founding family opposes merger with rival Showa Shell
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Japanese refiner Idemitsu Kosan Co. will delay a planned April 2017 merger with domestic rival Showa Shell Sekiyu K.K. amid opposition from a key shareholder.
The companies postponed the combination as the founding family of Idemitsu, which controls a 33.92 percent stake in the refinery, still opposes the deal, Idemitsu President Takashi Tsukioka told reporters in Tokyo on Thursday. The company still intends to buy a 33.2 percent stake in Showa Shell from Royal Dutch Shell Plc sometime in October or November, he said.