Sony shares seen surging after Reuters reports Third Point building stake again

FILE PHOTO: A shopper looks at Sony Corp’s Bravia television monitors at an electronics store in Tokyo June 20, 2013. REUTERS/Issei Kato

April 9, 2019

TOKYO (Reuters) – Shares of Sony Corp were untraded early Tuesday with a glut of buy orders after Reuters reported that Daniel Loeb’s hedge fund Third Point LLC was building a stake in Japanese electronics conglomerate again to push for changes.

Third Point, which has about $14.5 billion in assets under management, is raising a dedicated investment vehicle to target between $500 million and $1 billion in capital, so it can buy more Sony shares, people familiar with the matter said.

(Reporting by Makiko Yamazaki; Editing by Chang-Ran Kim)

Source: OANN