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Sony shares surge after report of US hedge fund investment

Activist investor Daniel Loeb returns as company shareholder

Daniel Loeb’s hedge fund Third Point is reportedly setting up a $500 million to $1 billion fund dedicated to building a stake in Sony to push the company to streamline its businesses, targeting the electronics maker for the second time in six years.   © Reuters

TOKYO -- Sony shares surged 9% in Tokyo on Tuesday after a report by news agency Reuters revealed that U.S. hedge fund Third Point, led by investor Daniel Loeb, has been building a stake in the company to press for changes, including a review of its businesses.

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