Steel Partners cuts Sapporo stake nearly to zero

TOKYO, Dec 16 (BestGrowthStock) – U.S. fund Steel Partners has
slashed its stake in Sapporo Holdings (2501.T: ) nearly to zero,
according to a public filing, as the investor parts ways with the
brewer amid a retreat from Japanese equities.

The fund, which held as much as an 18.64 percent stake in
Sapporo Holdings earlier this year and was the beermaker’s
largest stakeholder until recently, began to offload chunks of
its shares in October after criticising the firm’s management.

Steel Partners, which has achieved mixed results with a
diverse portfolio of more than 20 Japanese firms, now owns 0.15
percent of the brewer after the latest reduction.

Shares of Sapporo jumped 5.5 percent on Thursday to settle at
384 yen, making it the biggest gainer among components of the
benchmark Nikkei 225 average (.N225: ).

Sapporo’s stock has risen nearly one-fourth from its October
low on speculation that greater liquidity in its shares could
increase its chances of becoming a takeover target as Japan’s
stagnant beverage industry restructures.
(Reporting by James Topham; Editing by Edmund Klamann)

Steel Partners cuts Sapporo stake nearly to zero