Japanese refiner Idemitsu abandons bid for rival Toa after Cornwall Capital builds stake

The combined firm would account for about 30 percent of Japan's domestic gasoline sales.

The Vietnamese government raised $184 million through the sale of a 20 percent stake in PVOIL in an initial public offering in January.

Vietnam, which needs billions of dollars in infrastructure investments, is dramatically accelerating sales of stakes in state-owned companies to boost revenue and ease a strained budget

The descendants of founder Sazo Idemitsu remain opposed to plans for a takeover of Showa Shell Sekiyu.