Elliott Investment Management has emerged as a top-three shareholder in Kansai Electric Power, Japan’s second-largest utility and its leading nuclear operator. As reported by the Financial Times, the New York-based fund now holds between 4% and 5% of Kansai Electric’s shares. Elliott is pressing Kansai Electric to boost shareholder returns through larger dividends and buybacks. Its proposal hinges on the sale of non-core assets worth at least ¥150 billion ($1 billion) annually. According to Elliott’s estimates, Kansai…