Idemitsu indefinitely delays Showa Shell takeover on founding family opposition



Japanese refiners Idemitsu Kosan Co Ltd and Showa Shell Sekiyu said on Thursday they were delaying a planned integration indefinitely, putting in serious doubt a deal that has been fiercely opposed by the Idemitsu founding family.
Idemitsu was scheduled to acquire Showa Shell by April 1 next year, but the companies announced the indefinite postponement in a joint statement, citing a lack of progress in deal talks "due to difficulties in consultations with some stakeholders". They did not give a new schedule for the integration.
In a separate statement, Idemitsu, however, said... read more

 
13 October 2016 in Business, Views: 37
Source: Reuters
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