Japanese oil refiners Idemitsu Kosan Co. and Showa Shell Sekiyu K.K. said Tuesday they will merge in April next year, with Idemitsu's founding family dropping its opposition to the deal announced three years ago.The founding family, a major shareholder of Japan's second-largest oil wholesaler, had opposed the planned merger, agreed in July 2015, citing differences in corporate culture.Japanese oil refiners have been facing a decrease in demand for petroleum products in their home market. Once the merger takes place, Japan's oil wholesale sector will be dominated by the newly merged firm and…READ FULL ARTICLE
