Deals
Tepco Sells $2.4 Billion KDDI Stake for Compensation Funds
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Tokyo Electric Power Co. raised 186.3 billion yen ($2.4 billion) selling its stake in KDDI Corp., its biggest disposal since saying it plans to offload assets to pay compensation for the Fukushima disaster.
The utility known as Tepco, which owned about 8 percent of KDDI, plans to book a 35.1 billion-yen loss on the transaction, it said in a statement. Tepco sold the stock back to KDDI today on the Tokyo Stock Exchange Trading Network System at 521,000 yen a share, the same as yesterday’s close, Hiroki Kawamata, a spokesman for the utility, said by phone.