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Sony rejects Loeb's proposal for chip business spin-off


Content Team

Sony Corp has rejected a proposal from Daniel Loeb's activist hedge fund Third Point LLC to spin-off its chips business as it’s "a crucial growth driver" for the Japanese company. The rejection has come only a few weeks after Sony sold its 5% stake in Olympus back to the Japanese medical equipment maker, a move interestingly also called for by Loeb, one of the highest-profile activist investors in the world now.