In by far the largest deal, Tepco said after the close of the Tokyo Stock Exchange Monday that it will sell its entire stake—more than 10%—in mobile telecommunications company KDDI Corp. for ¥521,000 (about $6,700) per share, the stock’s closing price in Tokyo, raising about ¥186.28 billion, or $2.4 billion.
Tepco said it will book a loss of about ¥35.15 billion from its sale of KDDI shares. But the move is in line with plans it previously announced to sell off a range of noncore assets as its seeks to bolster its balance sheet while bracing for massive compensation claims related to contamination from the Fukushima Daiichi plant in the wake of Japan‘s biggest earthquake on record and the ensuing tsunami on March 11.
- TEPCO employee arrested for making prank calls to TEPCO – Anger over having to eat radiation-contaminated food, say sources (enenews.com)
- The ‘funeral company’ – Tepco set a new low for corporate behavior (enformable.com)
- 19.8 microsieverts per hour in Tokyo air on Nov. 15 – Nearly 200 times normal level – Incineration of radioactive debris suspected (enenews.com)
- TEPCO revises timetable to cold shutdown for seventh time in eight months (enformable.com)
- Post-Fukushima, Japanese Official sees crisis as war between humans and technology (enformable.com)