Utility Giant Tokyo Electric Mulls Joining Toshiba Bid

Japan’s top utility company Tokyo Electric Power Co. is mulling joining a partnership between state-backed investment fund Japan Investment Corp. and a local private equity firm in bidding to take over Toshiba Corp., according to people familiar with the matter.

The largest power utility in Japan, known as Tepco, is looking to secure Toshiba’s nuclear business through a joint takeover offer, the people said. Foreign funds have also approached JIC to join the bid, according to people familiar with the matter.