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Japan’s Idemitsu says no plan to call shareholders’ meeting on Showa Shell merger

Japan’s Idemitsu Kosan Co said it had no plans to call a shareholders’ meeting to vote on a merger with rival Showa Shell Sekiyu after the issuance of new shares, which would dilute the stake held by the refiner’s founding family.

The issuance is for financial purposes and not to dilute the founding family’s stake, a company spokesman said, adding that the company would continue to try to gain understanding from the founding family for the integration.

The founding family, which claims to control over one-third of the oil refiner, opposes the merger plan.

(Reporting by Osamu Tsukimori; Editing by Himani Sarkar)


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