• Reuters, Kyodo

  • SHARE

Oil refiners Idemitsu Kosan Co. and Showa Shell Sekiyu K.K. said Tuesday they have agreed to merge April 1, after Idemitsu’s founding family dropped its long-standing opposition to the plan.

The refiners will merge via a share swap, and Showa Shell will be delisted March 29, they said in a statement, pushing the shares of the two companies up sharply in afternoon trading.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.

SUBSCRIBE NOW

PHOTO GALLERY (CLICK TO ENLARGE)