California Gov. Gavin Newsom is threatening a state takeover of PG&E Corp. unless the company exits bankruptcy and dramatically improves the safety of its electric grid before the next wildfire season.

The governor on Friday said he has demanded that PG&E executives, investors and representatives for wildfire victims appear in Sacramento next week to discuss how to expedite the company’s emergence from chapter 11 by a state-imposed deadline of June 30. He said the state may intervene if the company’s shareholders and…

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