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

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

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.

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

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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