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Japanese refiner Idemitsu wins family backing for Showa Shell merger

Reuters  |  TOKYO 

By Osamu Tsukimori and Chris GallagherTOKYO (Reuters) - Japanese oil refiners Idemitsu Kosan and Showa Shell Sekiyu said on Tuesday they had agreed to merge on April 1 next year, 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 on March 29, they said in a statement, pushing the shares of the two companies up sharply in afternoon trade.The combined firm would account for about 30 percent of Japan's domestic gasoline sales, second only to JXTG Holdings, which controls about half the ...

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First Published: Tue, July 10 2018. 12:18 IST