Sunday, 28 August 2016
Last updated 1 day ago
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.”