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July 25, 2017

Volume 6 Issue 50

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Idemitsu Legally Cleared to Issue New Shares

Idemitsu Kosan Co. said on Thursday that it was able to proceed with its offer of 48 million new shares, after the Tokyo High Court rejected a shareholding group’s claim that the issuance would be illegal because it would purposely dilute its share of the company solely to advance a contentious merger with Showa Shell Sekiyu KK.