The government will effectively nationalize Tokyo Electric Power Co. on July 25 by injecting ¥1 trillion in taxpayers’ money into the nation’s biggest utility, which has been swamped by liabilities related to the Fukushima nuclear disaster, Tokyo Electric said Monday.
The government will initially acquire 50.11 percent of Tepco’s voting rights, which will allow it to choose the utility’s board members. It also will be able boost its stake to 75.84 percent should it want even stronger control to push through reforms.
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