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Two Tepco affiliates to merge businesses -Nikkei
April 26, 2012 / 12:10 AM / 6 years ago

Two Tepco affiliates to merge businesses -Nikkei

TOKYO, April 26 (Reuters) - Takaoka Electric MFG Co and Toko Electric Corp, two companies affiliated with Tokyo Electric Power Co, will merge their businesses under a new holding company around October, the Nikkei business daily reported on Thursday. The move comes as Tepco, reeling from the crisis at its Fukushima Daiichi nuclear plant, is looking to reduce the amount it pays for power and services from the firms, the paper said. Tepco owns 29 percent of Takaoka and 45 percent of Toko.

Both companies declined to comment on the matter.

Reporting by Miki Kayaoka; Editing by Joseph Radford

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