TCI Seeks Bigger Piece Of Japanese Power Co.

Jan 16 2008 | 6:39am ET

Activist hedge fund manager The Children’s Investment Fund is stepping up its battle with Japan’s largest electric utility. The British firm has asked for permission to double its stake in Electric Power Development Co.

The Japanese Ministry of Economy, Trade and Industry said today that TCI has applied for permission to boost its stake, currently 9.9%, in the company known as J-Power. Japanese law requires that foreign investors receive advanced approval before buying 10% or more of a power company.

TCI has been pushing for board representation and improved stock performance at J-Power. The firm told the Nikkei business daily that it wants to increase its stake because J-Power shares are undervalued and it also wants to improve corporate governance.

Earlier this month, J-Power complained about the British hedge fund’s “misleading impression of underperformance.”


In Depth

Direct Lending: What’s Different Now?

Mar 14 2017 | 8:43pm ET

Senior direct lending funds have become riskier over the past four years, with leverage...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...

 

From the current issue of