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TCI takes 1 pct of Japan's Chubu Electric -Nikkei

Wed Mar 14, 2007 7:51pm EDT

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TOKYO, March 15 (Reuters) - British hedge fund TCI, which is pressuring Japan's Electric Power Development (J-Power) (9513.T) to triple its dividend, has acquired at least a 1 percent stake in Chubu Electric Power Co. (9502.T), the Nikkei business daily said on Thursday.

The Children's Investment Fund (TCI) has contacted Chubu Electric, Japan's third-biggest electric utility by revenues, several times since last autumn and asked for higher dividends and share buy-backs, the newspaper quoted an unnamed senior Chubu Electric official as saying.

Japanese power utilities generally have large cash piles boosted by strong demand for electricity, low interest payments and a lack of competition. They have yet to make clear how they plan to use the cash.

((Reporting by Kiyoshi Takenaka, editing by Mike Miller; Reuters Messaging: kiyoshi.takenaka.reuters.com@reuters.net; +81-3-3432-8837; kiyoshi.takenaka@reuters.com)) Keywords: CHUBU TCI/

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