Sony shares seen surging after Reuters reports Third Point building stake again
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.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.