IN BRIEF (Page 16)

Nippon merger

Nippon Oil Corp, Japan's largest refiner, and Nippon Mining Holdings Inc have agreed to form Japan's third-largest company by revenue to cut costs amid plunging demand for fuels.

The companies will sign a contract by March and combine under a holding company in October next year, Nippon Oil President Shinji Nishio and Nippon Mining President Mitsunori Takahagi announced in Tokyo. No financial details were given. Nippon Mining jumped 11 percent in Tokyo trading and Nippon Oil gained 3.4 percent compared with the 1.3 percent decline in the benchmark Topix index.