Hedge-fund manager Daniel Loeb speaks during a Reuters Newsmaker event in New York on Sept. 21, 2016.Daniel Loeb’s hedge fund Third Point LLC is building a stake in Sony Corp to push for changes that include shedding some businesses, the second time in six years it has targeted the Japanese electronics maker, people familiar with the matter said on Monday.
Third Point’s amassed stake in Sony thus far could not be learned. The hedge fund, which has about $14.5 billion in assets under management, is raising a dedicated investment vehicle, targeting between $500 million and $1 billion in capital, so it can buy more Sony shares, the sources said. U.S.-listed shares of Sony rose 9 per cent to $46.85 on Monday after the Reuters report. The company, whose main stock market listing is in Tokyo, has a market value of 6.1 trillion yen .
Later Loeb changed his tune, praising the company for cutting costs at the entertainment division and having made management changes.Sony has already sold off its ailing personal computer division and streamlined its television and smartphone businesses. In taking aim at Sony’s commitment to the entertainment business, however, Third Point may be facing an uphill struggle.
Source: News Formal (newsformal.com)
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