Cerberus’ Aozora sale stalled
Ceberus’ attempt to exit Aozora Bank faces a fresh obstacle in the shape of the Japanese government, which is on the cusp of becoming a major shareholder. The US private equity firm made its original investment in the Japanese lender more than 10 years ago.
The Japanese government owns preference shares in the bank, which it acquired when it nationalized Nippon Credit Bank, as Aozora was formerly known, in 1998. It then sold off sizable stakes to investors...
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