June 15, 2018 / 1:12 AM / a year ago

Activist fund Oasis takes stake in Japan's Idemitsu -Nikkei

TOKYO, June 15 (Reuters) - Hong Kong-based Oasis Management has taken a stake in Japanese oil refiner Idemitsu Kosan Co with the aim of spurring a planned merger with a rival, the founder of the activist investment fund told the Nikkei business daily.

Seth Fischer, Oasis’ founder and chief investment officer, did not reveal the size of the stake but said an early merger was essential, according to the Nikkei.

Fischer was not immediately available for comment.

Idemitsu has been forced to put on hold plans to merge with smaller rival Showa Shell Sekiyu KK due to opposition from its founding family.

Fischer also said he had met executives from both companies two weeks ago. (Reporting by Ritsuko Ando; Editing by Stephen Coates)

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