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. <\/p>\n
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. <\/p>\n
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. <\/p>\n