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Idemitsu to delay acquiring Showa Shell shares www3.nhk.or.jp
Executives at major Japanese oil wholesaler Idemitsu Kosan say the acquisition of shares in a smaller rival as part of a merger plan is going to take longer than expected.
The Idemitsu officials cite a delay in the screening of the acquisition by the Fair Trade Commission. They say they plan to take a stake in Showa Shell Sekiyu next month or later, a change from the initial plan of this month.
Idemitsu says FTC officials need time to vet another merger of oil wholesalers.
They are apparently set on completing the deal in April of next year. But they have another issue to clear, which is the opposition of the founding family to the merger.
Idemitsu managers say they will continue to try to win the family's consent. But it is still unclear whether the companies will be able to complete the proposed merger as planned.
Published Date:2016-09-07
