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Japan's Idemitsu buys 31.3 percent of Showa Shell from Royal Dutch Shell
December 19, 2016 / 5:18 AM / in a year

Japan's Idemitsu buys 31.3 percent of Showa Shell from Royal Dutch Shell

TOKYO (Reuters) - Japanese refiner Idemitsu Kosan Co Ltd (5019.T) said on Monday it has completed its planned acquisition of 31.3 percent of rival Showa Shell Sekiyu KK (5002.T) from Royal Dutch Shell PLC (RDSa.L).

Showa Shell Sekiyu's logo is seen at its gas station in Tokyo, Japan, August 10, 2016. REUTERS/Kim Kyung-Hoon/File Photo

Earlier in the day, Japan’s anti-monopoly regulator approved Idemitsu’s plan to acquire the stake.

In a filing at the stock exchange, Idemitsu said it paid 1,350 yen a share, or a total of 159 billion yen (1.08 billion pounds).

The refiner had originally planned to buy 33.3 percent from Royal Dutch Shell.

Reporting by Taiga Uranaka

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