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Article: Japan rejects British hedge fund's plans to raise stake in electricity company
- Article from:
- AP Worldstream
- Article date:
- April 16, 2008
- Author:
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Japan rejected a proposal from Britain's The Children's Investment Fund on Wednesday, blocking the hedge fund's efforts to raise its stake in a major electricity company because of potential disruptions to "public order."
The London-based hedge fund had proposed raising its stake in J-Power _ Japan's largest electricity wholesaler _ to as much as 20 percent from its current 9.9 percent.
It was the first rejection of such a proposal under a law that requires government approval before foreign companies can hold stakes of more than 10 percent in companies in sensitive sectors such as utilities, broadcasting and weapons manufacturing.
The standoff with the fund ...