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Article: British hedge fund pushes for change at Japanese utility after government blocks bid
- Article from:
- AP Worldstream
- Article date:
- April 17, 2008
- Author:
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Britain's The Children's Investment Fund urged a major Japanese electricity company on Thursday to free up stock ownership and introduce outside directors, a day after the government blocked the fund's attempt to raise its stake in the utility.
The Japanese government on Wednesday turned down the London-based hedge fund's effort to raise its holding in J-Power _ Japan's largest electricity wholesaler _ to as much as 20 percent of the company from its current 9.9 percent.
It was the first rejection of such an attempt under a law requiring government approval before foreign companies can hold more than 10 percent of companies in sensitive sectors such as utilities, ...