Idemitsu Kosan (TYO:5019) has resolved to merge with its wholly owned subsidiary, RS Energy K.K., effective July 1, according to a Tuesday filing on the Tokyo Stock Exchange.
The merger, structured as a simple, short-form merger, will see RS Energy absorbed into Idemitsu. As both companies are already aligned, this merger does not require shareholder approval.
The main goal behind this merger is to streamline the operations that were previously integrated under Idemitsu's acquisition of Showa Shell Sekiyu.
By merging the two entities, the company aims to enhance overall productivity. The merger will not involve any financial consideration or the issuance of new share warrants.
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