Sony climbs 14pc after US fund proposes listing of entertainment unit

Shares of Sony Corp climbed 14 per cent on Wednesday in Tokyo trade after hedge fund investor Daniel Loeb on Tuesday called on the electronics company to list its entertainment unit.

Sony jumped 14 per cent to 2,146 yen and was the third most traded stock on the board by turnover.

Loeb said his Third Point hedge fund had accumulated a little more than 6 per cent of Sony’s shares - a stake worth us$1.1 billion - making it the largest stakeholder in the inventor of the Walkman portable music player and Trinitron TV.

via Business feed http://www.scmp.com/business/money/market-snapshot/article/1238097/sony-climbs-14pc-after-us-fund-proposes-listing