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Japan oil refiners Idemitsu and Showa Shell to merge

Japan oil refiners Idemitsu and Showa Shell to merge

Deal proceeding after end of bitter dispute with founding family members who objected

Merging Japan’s number two and number four oil refiners would create a group with $47bn in combined annual revenue © Bloomberg

The merger of two of Japan’s leading oil refiners is set to go ahead after a two-year delay, ending a bitter dispute with founding family members who had sought to derail the deal. Under the original agreement reached in 2015, Royal Dutch Shell had planned to sell its 33 per cent stake in Showa Shell for $1.6bn to Idemitsu as part of efforts to reduce debt and streamline operations after its £35bn takeover of BG Group. FULL FT ARTICLE

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