June 28, 2018 / 1:30 AM / a year ago

Showa Shell shares fall 6 pct after soaring on merger report

TOKYO, June 28 (Reuters) - Shares of Showa Shell fell as much as 6 percent early Thursday after soaring to a record high a day earlier on a media report that Idemitsu Kosan’s founding family would drop its opposition to plans for a merger with its Japanese rival.

Showa Shell shares jumped as much as 19 percent to an intraday high of 1,900 yen on Wednesday before ending up 8.5 percent. The Nikkei business daily reported that in agreeing to a merger, Idemitsu’s founding family had demanded a pledge to maintain the principles held by founder Sazo Idemitsu and two board seats for family members at the combined company.

Showa Shell has said the merger talks are continuing and that no decisions have been made. (Reporting by Ayai Tomisawa Editing by Chang-Ran Kim)

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