Renewable Energy

Hedge fund Third Point calls on Sony to spin off businesses

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Reuters
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Credit: REUTERS/CARLO ALLEGRI

Daniel Loeb's activist hedge fund Third Point LLC called on Sony Corp on Thursday to spin off its entertainment and semiconductors businesses into separate companies, the second time in six years it has targeted the Japanese electronics maker.

June 13 (Reuters) - Daniel Loeb's activist hedge fund Third Point LLC called on Sony Corp 6758.T on Thursday to spin off its entertainment and semiconductors businesses into separate companies, the second time in six years it has targeted the Japanese electronics maker.

Sony should also consider selling its stakes in Sony Financial Holdings Inc 8729.T, M3 Inc 2413.T, Olympus Corp 7733.T and Spotify Technology SA SPOT.N, Third Point said in a public letter to investors.

Sony did not immediately respond to a request for comment.

(Reporting by Svea Herbst-Bayliss in New York; Editing by Sandra Maler)

((svea.herbst@thomsonreuters.com; +617 856 4331; Reuters Messaging: svea.herbst.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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