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Cerberus to Sell Gunmaker Freedom After U.S. School Shooting

Cerberus Capital Management LP, the New York-based investment firm that owns the largest U.S. gunmaker, will put the company up for sale, acting four days after one of its rifles was used in the Connecticut school shootings that left 26 people dead, including 20 six- and seven-year-olds.

Cerberus said it will seek to sell Freedom Group Inc. just hours after California Treasurer Bill Lockyer said he’ll propose that the state’s public pension funds, the two largest in the U.S., divest investments in firearm manufacturers that make guns prohibited under state law. The firm’s announcement followed a day in which the White House reiterated President Barack Obama’s support for a new ban on assault weapons and lawmakers called for stricter gun-control laws.