July 19, 2017 / 7:42 AM / 8 months ago

Court rejects Idemitsu family's appeal to block share issue -Nikkei

TOKYO, July 19 (Reuters) - 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.

Idemitsu Kosan said on Tuesday it would proceed with a $1.1 billion sale of new shares, following the Tokyo District Court’s decision on the same day, potentially clearing the way for a takeover of Showa Shell Sekiyu. (Reporting by Osamu Tsukimori and Taiga Uranaka; Editing by Chris Gallagher)

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