Shareholders OK Integration of Idemitsu, Showa Shell
Tokyo, Dec. 18 (Jiji Press)--Major Japanese oil refiners Idemitsu Kosan Co. <5019> and Showa Shell Sekiyu K.K. <5002> each attained shareholders' approval on Tuesday for their management integration, scheduled for April 2019.
At extraordinary shareholders' meetings of the two companies, separately held in Tokyo, the integration plan won support from more than two-thirds of shareholders present.
The integrated new company will hold a Japanese market share of some 30 pct in terms of gasoline sales, becoming the second-biggest operator after JXTG Holdings Inc. <5020>, which has a share of about 50 pct.
Idemitsu will make Showa Shell a wholly owned subsidiary on April 1, 2019.
Idemitsu said in a statement that it "aims to make the new company grow into a business that has strong competitiveness and can achieve sustainable growth."
[Copyright The Jiji Press, Ltd.]