Sony Surges After Report
Sony Corp. shares climbed in Tokyo trading after a report that Daniel Loeb’s hedge fund Third Point is building a stake in the Japanese electronics giant as part of an effort to sway its corporate strategy.
Third Point is aiming to raise between $500 million to $1 billion for a dedicated investment vehicle to buy more Sony shares, Reuters reported, citing people familiar with the matter, and it’s pushing the sprawling Japanese company to explore options for some of its business units.
Sony Corp. shares climbed in Tokyo trading after a report that Daniel Loeb’s hedge fund Third Point is building a stake in the Japanese electronics giant as part of an effort to sway its corporate strategy.
Third Point is aiming to raise between $500 million to $1 billion for a dedicated investment vehicle to buy more Sony shares, Reuters reported, citing people familiar with the matter, and it’s pushing the sprawling Japanese company to explore options for some of its business units.