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Japanese gasoline firm Iwatani stated Friday it will purchase a stake of about 20% in Cosmo Power Holdings from a gaggle of activist traders, doubtlessly serving as a white knight for the nation’s third-biggest oil refiner.
Iwatani pays ¥105.3 billion ($710.8 million), or ¥6,052 per share, to lift its stake in Cosmo to 19.93% from the present 0.07%, and can purchase an extra 0.29% topic to regulatory approval, based on an alternate disclosure.
The share acquisition marks an finish to Cosmo’s high-profile battle with a gaggle led by outstanding activist shareholder Yoshiaki Murakami, which had flagged its intention to lift its stake from 20% to almost 25%.
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