Cerberus To Sell $2.5B Stake In Aozora Bank

Law360, New York (September 27, 2012, 1:30 PM EDT) -- Buyout firm Cerberus Capital Management LP plans to sell its majority stake in Aozora Bank Ltd., which could yield $2.5 billion, as part of the Japanese bank's buyback plan aimed at increasing capitalization to repay public funds it receives as a credit intermediary, according to a Thursday statement.

Cerberus, which holds a 55 percent stake in Aozora, told the bank that it planned to sell a portion of its 821 million shares in connection with shareholders' Thursday approval of the recapitalization plan. The private investment firm...
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