Idemitsu Kosan Co Ltd and its founding family will meet next week on the family’s opposition to Japan’s second-biggest refiner’s plan to buy smaller rival Showa Shell Sekiyu KK, the office of the family’s lawyer told Reuters on Tuesday.
Shosuke Idemitsu, 88, the son of founder Sazo Idemitsu, publicly objected to the plan at a meeting last week in what was an unusual intervention in Japan’s staid corporate world.
The former president and now honorary chairman is leading the family against the plan, which includes the purchase of Royal Dutch Shell PLC’s 33.3 percent stake.
The family has said it sees no chance of compromise on the issue, and the meeting next Monday afternoon in Tokyo – the first since Shosuke Idemitsu voiced opposition publicly through his lawyer – was arranged at the request of Idemitsu Kosan, the office of the family’s lawyer Takujiro Hamada said.
The family’s 33.92 percent stake is large enough to veto the plan when it comes up for consideration at a special meeting expected later this year.
An Idemitsu spokesman said the talks are part of continuing communication with the founding family.