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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.