Aozora To Buy Back $1.7B In Stock From Cerberus

Law360, New York (January 7, 2013, 1:23 PM EST) -- Japanese bank Aozora Bank Ltd. plans to buy back roughly $1.7 billion in stock from Cerberus Capital Management LP as the New York-based hedge fund looks to divest its majority holding in the bank, according to a securities filing by Aozora on Friday.

Cerberus will sell roughly 550 million shares of Aozora, the vast majority of its 58 percent stake in the Japanese bank, Aozora said in a filing with the Tokyo Stock Exchange. The deal would reduce Cerberus' stake in Aozora to roughly 7.7 percent....
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