Shell Sells Japan Refiner Stake for $1.4 Billion to Idemitsu
by Tsuyoshi Inajima and Stephen Stapczynski: BLOOMBERG.COM: 30 JULY 2015
Royal Dutch Shell Plc agreed to sell a 33.24 percent stake in a Japanese refiner to Idemitsu Kosan Co. for about 169 billion yen ($1.4 billion).
The deal for 125.3 million shares in Showa Shell Sekiyu KK is almost 23 percent more than the closing price Wednesday, according to data compiled by Bloomberg. The transaction is scheduled to be completed in 2016, according to a statement from The Hague, Netherlands-based company. The energy major will retain a 1.8 percent holding in the Japanese refiner.
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