Two largest oil refineries of Japan, Idemitsu Kosan and Showa Shell Shell Sekiyu, announced their intention to merge. As reported by Nikkei, this decision was preceded by more than two years of disputes and disagreements. In November 2015, the companies agreed on a deal under the terms of which Idemitsu was to acquire 33.2% of the shares of Showa Shell, owned by the Dutch Royal Dutch Shell, for 1 billion 600 million dollars. Now the deal of the two Japanese companies will be implemented in the form of an exchange of shares. The ratio for the exchange will be set in October. If the deal takes place, the merged company will control about one third of Japan's petroleum products market.
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