Sailing-Winds of change for America's Cup in Bermuda Triangle
HAMILTON, Bermuda, June 24 Mystery surrounds what next for the America's Cup if New Zealand win sailing's most prestigious prize in Bermuda next week.
TOKYO Jan 14 Japan's Seibu Holdings Inc and top shareholder Cerberus Capital Management LP have agreed to list the Japanese company's shares in Tokyo early in the new financial year that starts in April, sources familiar with the matter said on Tuesday.
The two companies had been locked for months in a highly public dispute over the Japanese railway and hotel group's planned return to the Tokyo Stock Exchange, which would allow the U.S. fund to cash out on some of its $1 billion-plus investment.
Cerberus has agreed to sell about a 20 percent stake in the company from its existing 35.48 percent holding, the sources said. The agreement followed an overnight teleconference between Seibu Holdings President Takashi Goto and Cerberus Chief Executive Stephen Feinberg, they said.
Seibu Holdings will apply with the Tokyo bourse as early as Wednesday for a listing. Companies typically list their shares two to three months after submitting an application.
While Seibu had been looking to list as soon as possible, Cerberus had been pressing the Japanese company to improve its governance and earnings performance.
The underwriters for the IPO are Mizuho Securities, UBS and Bank of America-Merrill Lynch.
June 23 The U.S. Marine Corps said on Friday it resumed flight operations for Lockheed Martin Corp's F-35B fighter jets after temporarily suspended operations a day ago because of software problems.