Japan likely to block U.K. fund’s bid to raise J-Power stake

HONG KONG (MarketWatch) — The Japanese government will block a bid by the U.K’s Children’s Investment Fund to raise its stake in Electric Power Development Co. , according to a media report Wednesday. A finance ministry panel concluded Tuesday that the bid by the hedge fund to raise its stake to 20% from 9.9% in the utility, which is also known as J-Power, would be detrimental to the public interest, the business daily Nikkei reported. The ruling effectively sinks the hedge fund’s bid to invest an estimated 60 billion yen ($593 million) into the utility. The government’s decision was expected to be conveyed to the U.K. group Wednesday.

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Original post by Forextvblog

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