Idemitsu Kosan Co Ltd (5019.T)
18 Aug 2017
Wed, Jul 19 2017
TOKYO, July 19 The Tokyo High Court on Wednesday rejected an appeal from founding family of Japanese oil refiner Idemitsu Kosan Co to block the company from issuing new shares, the family's lawyers said.
TOKYO, July 19 The Tokyo High Court on Wednesday backed a lower court ruling rejecting a petition by Idemitsu Kosan Co's founding family to block the Japanese refiner from issuing new shares, the Nikkei business daily reported.
TOKYO Idemitsu Kosan Co said it would proceed with a $1.1 billion sale of new shares, after a court rejected the founding family's petition to block the offering, potentially clearing the way for a takeover of Showa Shell Sekiyu.
* Idemitsu plans to issue 48 mln new shares at 2,600 yen apiece
TOKYO, July 18 A Tokyo court on Tuesday rejected a petition by Idemitsu Kosan Co's founding family to block the Japanese refinery from issuing new shares, clearing the way for a merger with rival Showa Shell Sekiyu, the Nikkei reported on its online edition.
TOKYO Idemitsu Kosan Co has a good chance of sidestepping founding family opposition to a merger with Showa Shell Sekiyu with its $1.2 billion share offering, analysts said, a plan that sent Showa Shell shares surging on Tuesday.
* Merger with Showa Shell has been opposed by Idemitsu family
TOKYO Japan's Idemitsu Kosan Co said it had no plans to call a shareholders' meeting to vote on a merger with rival Showa Shell Sekiyu after the issuance of new shares, which would dilute the stake held by the refiner's founding family.
TOKYO, July 4 Shares in Japan's Idemitsu Kosan Co Ltd plunged 12 percent early on Tuesday after the refiner said it would issue new stock to raise $1.2 billion in a move that would sharply dilute shareholders' stakes.
* To issue 48 mln shares, or about a third of outstanding shares