Bloomberg – The Children’s Investment Fund Management Ltd. told Japan’s government it’s willing to freeze a portion of voting rights if it succeeds in increasing its stake in Electric Power Development Co., the Nikkei newspaper reported.
The U.K.-based fund, also known as TCI, is aiming to soften the government’s opposition to its bid to buy more shares in the utility, known as J-Power, by proposing it could refrain from exercising voting rights on issues including those to do with nuclear power plants, the newspaper said today, without saying where it got the information.
TCI, which holds 9.9 percent of J-Power’s shares, wants to double its stake to 20 percent. Overseas acquisitions of more than 10 percent in companies critical to national security, including utilities and arms makers, need government approval.
