July 10, 2018 / 2:25 AM / a year ago

Japanese refiners Idemitsu, Showa Shell agree to merge in April

TOKYO, July 10 (Reuters) - Japanese oil refiners Idemitsu Kosan and Showa Shell Sekiyu said on Tuesday they had agreed to merge in April next year, after Idemitsu’s founding family dropped its long-standing opposition to the plan.

The companies will merge via a share swap, and Showa Shell will be delisted, they said in a statement. (Reporting by Osamu Tsukimori; Additional reporting by Chris Gallagher; editing by Richard Pullin)

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