Sony shares rocketed Wednesday after a US hedge fund called on the company to sell off part of its entertainment unit, in a rare bid by a foreign investor to penetrate Japan's staid corporate culture. The Tokyo-listed stock was up 11.56 percent to 2,094 yen by the morning break, hitting its highest levels since mid-2011 after they dropped below 1,000 yen last year for the first time since the era of the Walkman. Daniel Loeb, whose hedge fund company Third Point has been amassing a stake in Sony, proposed selling off as much as 20 percent of the Japanese giant's entertainment arm, which includes profitable movie and music divisions. Loeb -- known for his aggressive style in forcing change at targeted firms -- said he supported chief executive Kazuo Hirai's bid to shake up one of Japan Inc.'s best-known names. "Since taking the helm as chief executive officer (last year), your stated commitment to reinvigorating the company has given us hope that Sony is entering a new era," Loeb said in a letter to Hirai dated May 14. But "for Sony to change, Sony must focus". Loeb has called for Sony to float part of its media division, which includes one of Hollywood's biggest movie studios and a major music label with artists such as Alicia Keys and Taylor Swift, by distributing shares to those who already have holdings in the parent company. Hirai is set to outline Sony's plans going forward next week, but the firm has initially rebuffed Loeb, who says Third Point is now Sony's single-largest shareholder with a stake topping 6.0 percent. Sony would continue "constructive dialogue with our shareholders as we pursue our strategy", but added that the "entertainment businesses are important contributors to Sony's growth and are not for sale".
GMT 11:02 2018 Tuesday ,11 December
ASE opens trading on lower noteGMT 15:40 2018 Monday ,10 December
Amman stock market closes trading at JD4.4 millionGMT 19:10 2018 Wednesday ,05 December
Index at Palestine stock market drops by less than one pointGMT 17:58 2018 Sunday ,25 November
Amman stock market wraps up trading at JD2.6 millionGMT 14:24 2018 Thursday ,22 November
Russia’s stock market demonstrates record-breaking figures in 2018GMT 11:45 2018 Tuesday ,20 November
Tokyo stocks close lower as tech issues weigh, Nissan tumblesGMT 15:08 2018 Monday ,19 November
Amman stock market wraps up trading at JD6.1 millionGMT 15:51 2018 Sunday ,18 November
U.S. stocks post weekly losses amid tech shares routMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor