Saudi-Iran Conflict ‘Minefield’ for Japanese Oil Refiner Merger - Bloomberg:
"The conflict between Middle East oil suppliers Iran and Saudi Arabia is playing out between the founding family of one of Japan’s largest refiners and its board.
Idemitsu Kosan Co. agreed last July to buy a stake with 33.3 percent voting rights in Showa Shell Sekiyu KK from Royal Dutch Shell Plc, for 169 billion yen ($1.64 billion). Idemitsu has close ties with Iran and shouldn’t be associated with Showa Shell, in which state-run Saudi Arabian Oil Co. owns a stake, a lawyer for Idemitsu’s founding family said. The family “wants the company to let go of the stake,” he said.
Tensions between two of the world’s biggest oil producers have risen in the Middle East as both seek regional influence and compete for customers globally. The public disagreement between the Idemitsu family and the company’s board comes as Japan has revamped its rules for companies and investors placing more emphasis on independent directors and their duties to shareholders."
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