• Seibu harmony

Japanese hotel company Seibu has reinstated a senior executive recommended by major shareholder Cerberus, ahead of a planned IPO. The decision suggests the hotel and railway group is improving relations with the US investor, reports Reuters.

Stan Brown is to head Seibu’s Prince Hotels and Resorts division, taking over 43 hotels in Japan and 7 overseas. Seibu is likely to relist on the Tokyo Stock Exchange later this year, with an offering that could top USD1bn.
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