Showa Shell Sekiyu KK (5002.T)
17 Nov 2017
* Sees FY 2017 net profit to decrease by 20 percent to increase by 20 percent, or to be 164.6 million yuan to 246.9 million yuan
* Sees H1 FY 2017 net profit to decrease by 30 percent to increase by 10 percent, or to be 90.4 million yuan to 142 million yuan
* Says it plans to use undistributed profits to pay a cash dividend of 4.1 yuan (pre-tax) per 10 shares to shareholders as interim dividend for FY 2017
TOKYO Idemitsu Kosan Co said it would proceed with a $1.1 billion sale of new shares, after a court rejected the founding family's petition to block the offering, potentially clearing the way for a takeover of Showa Shell Sekiyu.
* Idemitsu plans to issue 48 mln new shares at 2,600 yen apiece
TOKYO, July 18 A Tokyo court on Tuesday rejected a petition by Idemitsu Kosan Co's founding family to block the Japanese refinery from issuing new shares, clearing the way for a merger with rival Showa Shell Sekiyu, the Nikkei reported on its online edition.
TOKYO Idemitsu Kosan Co has a good chance of sidestepping founding family opposition to a merger with Showa Shell Sekiyu with its $1.2 billion share offering, analysts said, a plan that sent Showa Shell shares surging on Tuesday.
* Merger with Showa Shell has been opposed by Idemitsu family
TOKYO Japan's Idemitsu Kosan Co said it had no plans to call a shareholders' meeting to vote on a merger with rival Showa Shell Sekiyu after the issuance of new shares, which would dilute the stake held by the refiner's founding family.
TOKYO, July 3 Japan's Idemitsu Kosan Co said it had no plans to call a shareholders' meeting to vote on a merger with rival Showa Shell Sekiyu after the issuance of new shares, which would dilute the stake held by the refiner's founding family.