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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.

Sony shares closed at a one-month high of 5,250 yen. Sony stock had slumped since the middle of 2018 due to concerns about its gaming business which has been hit by slower hardware sales and weakness in the semiconductor segment as a decelerating global economy took its toll.

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