Idemitsu Kosan to merge with RS ENERGY K.K.

Idemitsu Kosan Co., Ltd. announced its board approved the merger with RS ENERGY K.K. in a simple, short-form process targeting wholly owned subsidiaries. The move aims to integrate operations and enhance productivity, leveraging Idemitsu Kosan's full ownership of RS ENERGY following the Showa Shell Sekiyu acquisition. The merger is slated for completion on July 1, 2025. The agreement, signed on April 22, 2025, bypasses shareholder approval. There will be no consideration exchanged as a result of the merger. The financial impact on Idemitsu Kosan's consolidated performance is expected to be negligible. No changes to the Company's name, location, or business are anticipated post-merger. For the fiscal year ended March 2024, Idemitsu Kosan reported net sales of JPY8,719,201 million, operating income of JPY346,316 million, and net income attributable to owners of the parent of JPY228,518 million.