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Cerberus sells another chunk of Seibu stake

TOKYO -- Cerberus Capital Management has reportedly unloaded more of its interest in Japanese railway and hotel operator Seibu Holdings, continuing a gradual exit from its 2006 investment.

     The U.S. private equity fund on Wednesday apparently sold just over 6% of Seibu's outstanding shares to institutional investors in Japan and elsewhere in off-market trading, lowering its stake to around 15%. Seibu's stock price plunged 7.6% at one point during the day.

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