TOKYO -- Sony on Tuesday rejected calls by U.S. activist investor Daniel Loeb to spin off its chip business, arguing that it is a "crucial growth driver" for the Japanese electronics and entertainment company.
Sony, in which Loeb has amassed a $1.5 billion stake, equivalent to almost 2% of the company, wrote in a letter to shareholders that retaining the chips business was the "best strategy for enhancing Sony's corporate value over the long term."
