Idemitsu Kosan acquires Fuji Oil, expanding subsidiary portfolio

Idemitsu Kosan Co., Ltd. announced the successful completion of its tender offer for Fuji Oil Company, Ltd. shares, which concluded on October 28, 2025. The tender offer aimed to acquire Fuji Oil’s common stock at JPY 480 per share, with 40,915,958 shares tendered, exceeding the minimum planned purchase quantity of 27,693,547 shares. This brings Idemitsu Kosan's ownership of Fuji Oil to 75.03% of voting rights, up from 22.06%.

The acquisition will result in Fuji Oil becoming a consolidated subsidiary of Idemitsu Kosan effective November 5, 2025, which marks the commencement of settlement for the tender offer. Fuji Oil, currently a Prime Market listed company, will be delisted following the completion of these procedures.

The financial impact of this subsidiary change on Idemitsu Kosan's consolidated business performance is currently under review. Further announcements will be made as details become available. The tender offer also highlighted Fuji Oil's capital of JPY 24,467 million and its business alliance with Idemitsu Kosan, established in April 2024.