Japan May Own 76% of Tepco After Converting Non-Voting Stock
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Japan’s government may own as much as 76 percent of Tokyo Electric Power Co., operator of the crippled Fukushima nuclear plant, after converting all shares to be awarded under a 1 trillion yen ($12.6 billion) bailout.
The utility will issue 1.6 billion convertible preferred shares with voting rights and 340 million of the same type of equity without voting rights, the company known as Tepco said in a statement today. The plan, which needs approval by shareholders in June, will initially give a state-backed compensation fund a 50.11 percent stake. That may rise to 75.84 percent once the non-voting stock is converted to preferred shares with voting rights.