1 Min Read
TOKYO, Dec 17 (Reuters) - Japanese refiner Idemitsu Kosan Co will acquire 33.24 percent of Showa Shell by the end of the year, with the anti-monopoly watchdog expected to approve their merger proposal next week, the Nikkei business daily said on Saturday.
Idemitsu will go ahead with an agreement to acquire the stake in Showa Shell for about 170 billion yen ($1.44 billion) from Royal Dutch Shell after getting the approval, the report said, without citing sources.
The company has been facing fierce opposition to their integration from Idemitsu's founding family.
Japan's Fair Trade Commission is also expected to approve the planned integration of JX Holdings and TonenGeneral Sekiyu at the same time, the Nikkei said. ($1 = 117.9800 yen) (Reporting by Osamu Tsukimori; Editing by Paul Tait)