TCI fights block on J-Power move - Business - Evening Standard
       

TCI fights block on J-Power move

British hedge fund TCI has challenged a decision to reject its proposal to double its stake in Japanese electricity wholesaler J-Power.

Today was the deadline for TCI to appeal against the Japanese government's decision on national security grounds.

TCI, a £5 billion fund set up by Christopher Hohn, already holds 9.9% in J-Power and wants to increase that to 20%.

Hohn has complained to Business Secretary John Hutton about the decision and urged him to launch a formal investigation and to "impose reciprocal trade and investment sanctions".

He has also complained to the EU Trade Commissioner Peter Mandelson and has now taken up the issue in Japan.

Hohn's pleas are unlikely to be successful. Japan's Trade Minister, Akira Amari, personally urged rejection of TCI's bid, saying no nation can allow foreign investors a large say in its power supply.

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