Idemitsu Kosan launches tender offer to acquire Fuji Oil

Idemitsu Kosan Co., Ltd. announced a tender offer to acquire shares of Fuji Oil Company, Ltd. at JPY 480 per share, seeking to make Fuji Oil a wholly-owned subsidiary and delist its shares. The offer is scheduled from September 12, 2025, to October 28, 2025, with a minimum purchase quantity of 27,693,547 shares. This represents a 44.58% premium over Fuji Oil's September 10, 2025, closing price of JPY 332. Fuji Oil's board of directors supports the tender offer, recommending shareholders tender their shares.

The acquisition aims to optimize petroleum product production, strengthen energy supply, and reduce costs through integrated operations. The Government of Saudi Arabia, a significant shareholder, will not tender its 5,811,390 shares. Following the tender offer, Idemitsu plans to implement a squeeze-out procedure, with a special shareholders’ meeting anticipated around December 2025 for share consolidation, to complete the delisting process by January or February 2026. Fuji Oil reported a net loss of JPY 14,585 million for the first quarter ended June 30, 2025, and a revised forecast to no year-end dividends for March 2026, contingent on the tender offer's success.