Japanese refiners Showa Shell Sekiyu K.K. and Idemitsu Kosan Co. Ltd.said Dec. 12 that they secured the necessary approvals for their business integration from both domestic and foreign competition authorities.

With the completion of the approvals, both companies will proceed with preparations for the business integration on April 1, 2019.

Idemitsu Kosan announced in October that it will acquire Showa Shell through a share swap deal amounting to more than an estimated ¥600 billion. Showa Shell will become a subsidiary of Idemitsu Kosan under the terms of the deal.

The new company will work to maximize synergies of about ¥60 billion by 2021 as it revamps its business portfolio and promotes environmental, social and governance initiatives.

Idemitsu Kosan will acquire around 69% of Showa Shell shares and will exchange 0.41 Idemitsu share for each Showa Shell share. Showa Shell shares will be delisted on or around March 27, 2019.

As of Dec. 13, US$1 was equivalent to ¥113.67.