TOKYO Dec 17 Japanese refiner Idemitsu Kosan Co
will acquire 33.24 percent of Showa Shell by
the end of the year, with the anti-monopoly watchdog expected
to approve their merger proposal next week, the Nikkei business
daily said on Saturday.
Idemitsu will go ahead with an agreement to acquire the
stake in Showa Shell for about 170 billion yen ($1.44 billion)
from Royal Dutch Shell after getting the approval, the
report said, without citing sources.
The company has been facing fierce opposition to their
integration from Idemitsu's founding family.
Japan's Fair Trade Commission is also expected to approve
the planned integration of JX Holdings and TonenGeneral
Sekiyu at the same time, the Nikkei said.
($1 = 117.9800 yen)
(Reporting by Osamu Tsukimori; Editing by Paul Tait)