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.
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