Japanese refiner Idemitsu has completed a protracted takeover of local rival Showa Shell, in which Saudi Aramco is the second largest shareholder with 14.96%. The shares exchange is scheduled for 1 April 2019.
Showa Shell, which has three refineries totaling 445,000 b/d, will continue to operate as a separate subsidiary within Idemitsu under a complicated share swap agreement worth about $5.6bn. (CONTINUED - 98 WORDS)