Cerberus to sell off Aozora shares

Kyodo

Aozora Bank said Monday that U.S. investment fund Cerberus Group, its largest shareholder, will sell most of its Aozora shareholding.

Cerberus will sell 632.5 million shares to investors in and outside of Japan at a price to be determined by the middle of January.

With the sale, the U.S. fund’s equity stake in Aozora will fall from the current 57.8 percent to 7.7 percent, but Cerberus will still remain the bank’s largest shareholder.