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Idemitsu Kosan's founding family asks Tokyo court to block company's new share issue

( July 4, 2017, 09:05 GMT | Official Statement) -- MLex Summary: The founding family of Japanese oil refiner Idemitsu Kosan today asked the Tokyo District Court to block the company's plan to issue new shares. The family made the announcement in a statement. Idemitsu Kosan said yesterday that it would sell new shares and raise as much as 138.5 billion yen ($1.2 billion). The issuance of these shares would dilute the equity stake held by the founding family. The Nikkei newspaper reported that the number of new shares would be equivalent to about 30 percent of the company's outstanding shares. ...

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