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Idemitsu to buy Royal Dutch Shell's 33 percent stake in Showa Shell - Nikkei

Published 30/07/2015, 06:38
© Reuters. A passenger plane flies over a Shell logo at a petrol station in west London

TOKYO (Reuters) - Idemitsu Kosan Co Ltd (T:5019), Japan's second-biggest refiner, has agreed to buy about a 33 percent stake held by Royal Dutch Shell (L:RDSa) in fifth-ranked Showa Shell Sekiyu (T:5002) for about 160 billion yen (833 million pounds), the Nikkei business daily reported.

The deal will be announced later on Thursday, the Nikkei said.

Showa Shell shares soared as much as 13 percent on the report, while Idemitsu fell 3 percent.

Showa Shell was not immediately available for comment. An Idemitsu spokesman declined immediate comment.

(This version corrects day in paragraph 2 to Thursday)

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