Cerberus Capital Plans to Sell Aozora Bank Shares

Cerberus Capital Management plans to sell up to 148 billion yen ($1.7 billion) of shares in Aozora Bank Ltd. in a global offering that the Japanese bank said would cut the U.S. buyout firm's stake to 7.7% from 58%, Reuters reported. Cerberus has been the controlling shareholder in mid-sized lender Aozora for much of the past decade, but is in the process of cutting its exposure to Japan, where there are increasingly few distressed investment opportunities for foreign funds.

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