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Sony rejects Third Point plan to spin off chips
- Thursday | 19th September, 2019
TOKYO (Reuters) – Sony Corp said on Tuesday it was rejecting a call by Daniel Loeb’s activist hedge fund Third Point LLC to spin-off its chips business, saying that the business is “a crucial growth driver” for the Japanese company. Sony said staying within the group would help the chips business enhance its competitiveness as it aimed to combine sensors with artificial intelligence for use in autonomous driving, games and advanced medicine. Smartphone makers’ adoption of multiple-lens cameras and large-size image sensors drove Sony to a record April-June operating profit. Sony rejected the sale of Sony Financial, saying it believed “at this time” that retaining the holding company for insurance and banking units would also enhance the corporate value of Sony. The effort marks the second time in six years that Loeb has targeted Sony.
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