Deals
Japan Takes Control of Tepco in 10-Year Profit Plan
This article is for subscribers only.
Japan took control of Tokyo Electric Power Co., owner of the stricken Fukushima nuclear plant, and agreed to provide 1 trillion yen ($12.5 billion) as part of the nation’s largest bailout since the rescue of the banking industry in the 1990s.
The government will get more than 50 percent of the voting rights in the utility known as Tepco under a 10-year plan approved yesterday by Trade and Industry Minister Yukio Edano. The government stake may rise to two-thirds if Tepco fails to meet goals that include cost cuts and compensation payments.