The acquisition follows completion of anti-trust approval from the Japan Fair Trade Commission.

Shell Downstream director John Abbott said: “Shell has enjoyed a long and valuable partnership with Showa Shell since the year 1900.

“I would like to thank CEO Tsuyoshi Kameoka, the management and the board of directors for their leadership and support, as well as those leaders who have preceded them over the last century.

Earlier, Idemitsu agreed to acquire 33.3% stake in Showa Shell from Shell prior to moving ahead with a full friendly merger.

However, Idemitsu’s company’s founding family which owns 33.92% stake in the firm opposed the deal claiming that the two companies are too different for a potential merger, reported Reuters.

Idemitsu said in a statement: "Taking into account the spirit of the tender offer regulations to the fullest extent, we have … amended the number of shares to be purchased."

Showa Shell Sekiyu refines crude oil as well as sells oil products including industrial fuels, LPG, chemicals, lubricants, and bitumen. It exports oil products using Shell Group's global network.

The firm also has solar business and electric power business.

Shell said that the deal does not impact its upstream, integrated gas, chemicals and trading businesses while Japan will remain as its important LNG market.

Image: Showa Shell headquarters in Tokyo, Japan. Photo: courtesy of Kakidai/Wikipedia.