Power play

31 October 2008 By Mike Prest

The famously combative hedge fund has sold its 9.9% stake back to the Japanese electricity company for a $110m loss. Its attempt to export activism to Japan always looked ambitious. The ignominious retreat signals that the heady days of hedge fund aggression are over.

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JPower, the Japanese electricity company, announced on October 31 that it had bought back the 9.9% stake in it owned by The Children's Investment Fund.

JPower paid Y3,830 a share, based on the average threemonth price up to TCI's request on September 29 to sell its shares back. The full consideration of Y63.2 was equivalent to about $642m.

TCI paid an average of Y4,546 for its shares or a total of Y75.6bn. The crude difference between the selling and purchase prices is the equivalent of about $110m.

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