Tepco Shareholders Approve Government Bailout, Directors
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Tokyo Electric Power Co. won approval from shareholders to give the government control of the company, once the world’s biggest private electricity utility.
Shareholders of the company known as Tepco approved proposals to allow the government to get more than 50 percent of voting rights in return for 1 trillion yen ($12.6 billion) in capital infusion. The appointment of 11 directors, including turnaround lawyer Kazuhiko Shimokobe, who will be the next chairman, was also approved.