Japan to take control of Tepco after Fukushima crisis TOKYO (Reuters) - Japanese Trade Minister Yukio Edano approved on Wednesday a business turnaround plan for Tokyo Electric Power Co (9501.T), the owner of the crippled Fukushima nuclear plant, paving the way for the utility to be nationalized in return for a 1 trillion yen ($12.5 billion) bailout. A government takeover will avert the collapse of Tepco, which supplies power to almost 45 million people in and around Tokyo, and allows the state to push though reforms at a company that downplayed the risks of natural disasters at its nuclear stations and covered up safety lapses. Tepco is saddled with trillions of yen (tens of billions of dollars) in compensation and clean-up costs after three reactors melted down at its Fukushima Daiichi plant north of Tokyo following a massive earthquake and tsunami in March last year. The disaster spread radiation over a wide area and forced tens of thousands from their homes, as well as damaging farming, forestry and fishing businesses. The government will have more than half of Tepco's voting shares, according to the plan approved by Edano. It will also take convertible stock that, when converted, will increase the government's control to more than two-thirds. Reporting by Yoko Kubota; Writing by Aaron Sheldrick; Editing by Chris Gallagher