Third Point to put Sony shares under own name: Nikkei

Reuters
Loeb, founder of Third Point LLC, participates in a panel discussion during the Skybridge Alternatives Conference in Las Vegas
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Daniel S. Loeb, founder of Third Point LLC, participates in a panel discussion during the Skybridge Alternatives …

(Reuters) - Activist investor Daniel Loeb's Third Point LLC will re-register a chunk of its shares in Sony Corp under its own name, allowing the hedge fund group to file shareholder resolutions and take other steps to push for better management, the Nikkei reported, quoting people familiar with the matter.

The move follows Sony's rejection last month of a proposal by Loeb that the electronics giant spin off part of its entertainment business.

New York-based Third Point owns about 7 percent of Sony under different names.

The change would take place around the end of this month, the newspaper said, quoting finance industry sources.

Third Point is expected to re-register up to a 3 percent stake, which would allow it to request extraordinary shareholders meetings and call for the dismissal of directors, the Nikkei said.

The hedge fund group revealed in May that it had accumulated a stake in Sony and urged it to publicly list a portion of its entertainment business.

Sony rebuffed that idea but said it will disclose more details about the segment's finances.

(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Sriraj Kalluvila)

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