ANZ no longer in talks to buy Cerberus’ Aozora stake
Australia and New Zealand Banking Group (ANZ) has ended discussions over a potential investment in Aozora Bank. Talks with Cerberus Capital concerning its 50% stake in the Japanese lender floundered at an early stage because the two sides could not agree on some key terms, Reuters reported, citing a source close to the situation.
An ANZ spokesman said: "At present there are no formal discussions occurring on any opportunity in Japan. ANZ looks at most opportunities in Asia which are consistent with its super-regional strategy. Most of these come to nothing at an early stage."
Aozora shares soared in late August when news of ANZ's interest first emerged. The Australian bank wants Asian business to account for up to 30% of group profit by 2017. It has already invested nearly $6 billion with a view to expanding its institutional, trading and wealth advisory operations. Some of RBS' Asian assets were acquired in 2009 for $550 million, but a $4 billion bid for control of Korea Exchange Bank failed last year.
Cerberus first invested in Aozora in 2003 and currently holds a 49.8% stake. In 2009, merger negotiations took place with Shinsei Bank, which is owned by JC Flowers, but they couldn't agree on a deal.
Last month ANZ was also touted as a potential buyer of Lone Star-controlled Tokyo Star Bank.
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