Energy
Japan’s Fuji Oil Jumps 24% After $177 Million Idemitsu Offer
An Idemitsu Kosan apollostation gas station in Tokyo.
Photographer: Kiyoshi Ota/BloombergJapan’s Fuji Oil Co. shares jumped 24% after the oil refiner received a 26.1 billion yen ($177 million) takeover offer from Idemitsu Kosan Co.
Fuji Oil shares settled at 413 yen Friday in Tokyo after being bid up to their daily limit during trading hours. It was the firm’s biggest one-day share gain since May 2021. Idemitsu, which is the largest shareholder of the company, on late Thursday offered 480 yen per share, according to a statement from the company.