The heads of Japanese oil refiners Idemitsu Kosan Co (5019.T) and Showa Shell Sekiyu (5002.T) met on Thursday to re-confirm the companies’ intention to merge despite opposition from Idemitsu’s founding family, an Idemitsu spokesman said.
The Nikkei business daily reported on Friday that Idemitsu had begun considering acquiring a smaller stake in Showa Shell than planned to counter efforts by its founding family to block a merger of the two oil refiners.
The Idemitsu spokesman said it was not true that a decision had been made on any specific plan, and that a variety of options were under consideration for the planned merger.
(Reporting by Kaori Kaneko; Editing by Edwina Gibbs).
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Source: Reuters.com
