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Japan's Idemitsu buys 31.3 percent of Showa Shell from Royal Dutch Shell
December 19, 2016 / 9:52 AM / 9 months ago

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

A signboard of Idemitsu Kosan Co is seen at its gas station in Tokyo, Japan, August 15, 2016. REUTERS/Kim Kyung-Hoon/Files

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

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 ($1.35 billion).

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

($1 = 117.4700 yen)

Reporting by Taiga Uranaka

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