Idemitsu Kosan sees off court challenge to share sale, paving way for Showa Shell merger (update*)
By Sachiko Sakamaki ( July 19, 2017, 08:33 GMT | Insight) -- The Tokyo High Court today upheld a lower court's decision to allow Idemitsu Kosan to issue new shares, diluting the shareholding of the company's founding family. The decision means that after the share sale, the founding family is likely to lose its veto on the firm's planned merger with fellow oil refiner Showa Shell Sekiyu, over which it has been locked in a dispute with the family for more than a year.The Tokyo High Court today upheld a lower court's decision to allow Idemitsu Kosan to issue new shares, diluting the shareholding of the company's founding family. ...
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