October 13, 2016 / 3:17 AM / in a year

Japan's Idemitsu to delay planned purchase of Showa Shell - source

TOKYO, Oct 13 (Reuters) - Japanese refiner Idemitsu Kosan Co Ltd is likely to delay its planned acquisition of Showa Shell Sekiyu, a source with direct knowledge of the matter said. The move comes after fierce opposition from the Idemitsu founding family to the acquisition.

Both companies are set to make a formal decision on the matter on Thursday, said the source who declined to be identified before a formal announcement of the move.

Japanese media reported that the firms would hold a news conference later in the day.

Reporting by Taiga Uranaka and Yuka Obayashi; Editing by Edwina Gibbs

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