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Shell may exit Japan

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Screen Shot 2014-06-23 at 11.37.41According to a report in the Nikkei business daily Royal Dutch Shell will likely exit the oil-refining and sales business in Japan.

Japan’s second-largest oil distributor Idemitsu Kosan is planning to acquire its smaller rival Shell Sekiyu in a deal worth an estimated $4.18 billion.

Idemitsu and Shell are expected to sign a basic agreement as early as February, with the tender offer to be launched pending regulatory approval.

Idemitsu and Showa Shell have a total of six refineries under their wings.

Showa Shell, created in 1985 through a merger of two predecessors, has more than 5,800 workers. Royal Dutch Shell is the biggest stakeholder in the Tokyo-based company, which logged a group net profit of ¥60.2 billion on sales of ¥2.95 trillion for 2013.

Oil firm Idemitsu mulls acquisition of rival Showa Shell: The Japan Times

Idemitsu May Offer $4.2 Billion to Acquire Showa Shell: Nikkei: Bloomberg

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