Source: Activist Fund Oasis Takes Stakes in Japan's Idemitsu & Showa Shell
TOKYO, June 15 (Reuters) - Oasis Management has taken stakes in Japanese oil refiners Idemitsu Kosan Co Ltd and Showa Shell Sekiyu, keen to encourage a proposed merger that has been opposed by Idemitsu's founding family, a person with direct knowledge of the matter said.
The Hong Kong-based activist investor believes the merger is important for the two firms to survive in a shrinking industry, the person said on condition of anonymity.
The source declined to comment on the size of the stakes. Holdings of 5 percent or more have to be publicly disclosed to Japanese financial authorities within five business days of exceeding that level.
Japan's No.2 refiner is battling to overcome the founding family's entrenched opposition to the hoped-for merger - now stalled for about two and half years - at a time when the country's refining market is going through the biggest shake-up in its history.
The founding family held a 28.5 percent stake as of December.
Activist investment is gaining momentum in Japan, with revisions to the country's corporate governance code this month providing a tailwind to shareholders pushing for boardroom reforms.
Representatives for Idemitsu were not immediately available to comment on the development. A spokesman for Showa Shell declined immediate comment.
Oasis' stake in Idemitsu was first reported by the Nikkei business daily, citing Seth Fischer, Oasis' founder and chief investment officer.
Other Japanese companies that Oasis has stakes in include GMO Internet Inc and Alpine Electronics Inc.
(Reporting by Ritsuko Ando and Junko Fujita; Additional reporting by Sam Nussey; Editing by Tom Hogue and Edwina Gibbs)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- Gunvor CEO Sees Russian Refining Capacity Taking Hit from Drone Strikes
- These Factors Helped Brent Oil Price Break Above $85
- Sinopec Engineering Posts Higher Annual Petrochemicals Revenue
- Imperial Pipeline in Winnipeg Goes Offline for Three Months
- Gaz System to Acquire Gas Storage Poland
- Subsea7 Secures Contract to Service Woodside's Trion
- Adnoc Inks Supply Deal for Ruwais LNG Project with Germany's SEFE
- EIA Boosts USA Crude Oil Production Forecasts
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Rystad Looks at the Buzz Around White Hydrogen
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension