Ceberus to cut stake in Japanese Aozora Bank

Downtown Tokyo at night

US buyout firm Cerberus Capital Management LP intends to shed up to 632.5m shares in Japan’s Aozora Bank Ltd (TYO:8304), a move that would lower its voting stake to 7.7% from 57.8%, the lender said in a statement today.

More specifically, Cerberus plans to sell some 275m shares to local investors and just as much overseas at a price that will be determined as soon as 16 January. In addition, it may also sell up to an additional 82.5m units in total depending on the demand.

The shares were valued at JPY158.1bn (USD1.8bn/EUR1.4bn) as of the close of trading today, Bloomberg said. Based on data compiled by the news agency, Aozora had JPY5.1trn of assets as of March 2012.

Citigroup Inc (NYSE:C) and Morgan Stanley MUFG Securities Co will be acting as joint global coordinators. Goldman Sachs Group Inc (NYSE:GS) and Barclays Plc (LON:BARC) will be taking responsibility for the overseas part of the sale, while Daiwa Securities Group Inc and Mitsubishi UFJ Financial Group Inc manage the local sale.

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