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Hohn's hedge fund TCI loses $112m on J-Power
Independent, The (London), Nov 1, 2008
Business in brief
ENERGY Chris Hohn's The Children's Investment Fund has lost about $112m in J-Power after the Japanese electricity company paid $642m to buy out the activist hedge fund's 9.9 per cent stake. Japan blocked TCI's bid to raise its stake to 20 per cent in May on security grounds and J-Power fought off attempts by TCI to improve governance and bolster shareholder returns in June. Japanese law allowed TCI to ask J-Power to buy it out because the two disagreed over corporate strategy.
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