Fukushima Plant Operator To Raise $2.4B In Asset Sale

Law360, New York (November 28, 2011, 5:28 PM EST) -- Tokyo Electric Power Co. will sell its 8 percent share in Japanese mobile network operator KDDI Corp. for 186.3 billion yen ($2.4 billion), as it tries to raise money to compensate the victims of the nuclear disaster at its Fukushima Daiichi plant, the company announced Monday.

The company, known as Tepco, will take a loss of 35.1 billion yen on the deal, it said in a statement. The sale of 357,541 shares of common stock will rid Tepco of its entire stake in KDDI.

Compensation could...
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