U.S. hedge fund Third Point LLC, which had been pressing Sony Corp to make changes including spinning-off of its chip unit, has sold all of its American Depositary Receipts (ADRs) in the Japanese electronics company, regulatory filings showed.
FILE PHOTO: A view of the Sony booth during the 2020 CES in Las Vegas, Nevada, U.S., Jan. 8, 2020. REUTERS/Steve Marcus
But the fund, headed by one of the world’s highest-profile activist investors, Daniel Loeb, still owns a large portion of the company’s Japanese shares, a person familiar with the fund told Reuters. Securities and Exchange Commission filings show what investors hold in U.S. stock. It is not clear from the U.S. filings what Third Point’s holdings are in foreign stock or how much it owns in Sony’s common stock listed in Japan.
Third Point revealed its position in Sony last year when it called on the firm to spin off its highly successful chip business and sell off non-core assets such as Sony Financial to position itself as a leading global entertainment company.Sony rejected the call to spin off the chip unit, saying the business is “a crucial growth driver” for the Japanese company, and instead of selling Sony Financial, it took full control.
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