J-Power braces for TCI battle

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TCI, J-Power's biggest shareholder with 9.9%, has been openly hostile to J-Power management since it blocked a bid to double its stake.

Christopher Hohn's fund has now contacted shareholders for their support at J-Power's annual meeting next month to force the board to double dividends and make decision processes more transparent. TCI also has Yoshihiko Nakagaki, president of Japan's largest power wholesaler, in its sights.

The London-based fund says it intends to "expose serious conflict of interest of supplier and cross-shareholders" by asking them how they will vote at the meeting.

J-Power's board has rejected TCI's demands that it double payouts, appoint at least three outside directors, buy back shares and limit cross-shareholdings. It said such holdings are to strengthen ties with companies offering business synergies.