Osaka Prefecture has canceled the ¥78.1 billion sale of a commuter rail line after local lawmakers rejected U.S.-based Lone Star Funds as the winning bidder, according to a source.
The prefectural government hasn't decided whether to start another auction of Osaka Prefectural Urban Development Co., said the source, who asked not to be identified as the matter is private.
On Monday, 53 of the 104 members of the prefectural assembly voted against Lone Star's offer to buy the prefecture-owned railway and logistics firm.