Japan is set to launch a $13bn bail-out of the owner of its stricken Fukushima nuclear power plant.

The injection of $12.8bn in public funds into Tokyo Electric Power Co (Tepco) would effectively nationalise the firm, supplier of power to almost 45 million people, in one of the world’s biggest bailouts outside the banking sector.

Reuters report that Tepco had been resisting a bail-out, fearing a loss of management control but is now resigned to the state rescue.

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