December 27, 2017 / 11:45 PM / 2 years ago

Founding family ups stake in Japan's Idemitsu to 28.5 percent

A signboard of Idemitsu Kosan Co. is seen at its gas station in Tokyo, Japan, October 2, 2017. REUTERS/Kim Kyung-Hoon

TOKYO (Reuters) - The founding family of Japanese petroleum company, Idemitsu Kosan (5019.T), locked in a battle with the firm’s management over a proposed integration with a smaller rival, said it had further increased its stake in the Japanese refiner by about half a percentage point to about 28.5 percent.

The descendants of founder Sazo Idemitsu remain opposed to a takeover of Showa Shell Sekiyu 5002.T, and the family had been buying more shares in Idemitsu after having its holding diluted when the company sold new stock in July.

The family could take a legal action seeking to halt the partial integration of businesses that the two companies have been planning, the secretariat added

The family had increased its stake to 28.0003 percent from 26.093 percent immediately after the new share sale, the secretariat had said last week.

Reporting by Osamu Tsukimori

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