Fuji Oil board backs Idemitsu Kosan's tender offer, revises dividend

Fuji Oil Company announced its board of directors resolved on September 11, 2025, to support a tender offer by Idemitsu Kosan Co., Ltd., a related company. The offer, priced at JPY480 per share, aims to delist Fuji Oil and integrate it more deeply into the Idemitsu Kosan Group. This decision is contingent upon the tender offer's successful completion and subsequent delisting procedures.

In a related announcement, Fuji Oil revised its projected year-end dividend for the fiscal year ending March 31, 2026, to JPY0.00 per share from the previously forecast JPY12.00, citing fairness to shareholders. This revision is also conditional on the completion of the tender offer, with the company committing to promptly determine its dividend policy if the offer is not completed. The tender offer period is set for 30 business days, from September 12, 2025, to October 28, 2025.

Idemitsu Kosan, already Fuji Oil's largest shareholder with 22.06% ownership, seeks to enhance synergies in areas such as optimal production, stable energy supply, cost reduction, and carbon-neutral initiatives. The tender offer is designed to ensure equitable treatment for all shareholders.