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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Sony Corporation    6758   JP3435000009

SONY CORPORATION

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Japan's Olympus to propose board seat for activist investor ValueAct

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01/11/2019 | 01:38am EDT
Olympus Corp's new OM-D E-M1 digital camera is pictured during its unveiling in Tokyo

TOKYO (Reuters) - Japan's Olympus Corp said it would propose to give top shareholder U.S. hedge fund ValueAct Capital a seat at its board, a rare move in the country where activists are still viewed by companies as asset-strippers to be resisted.

The Japanese medical equipment and camera maker also said Yasuo Takeuchi, its vice president, will become chief executive officer from April 1, replacing Hiroyuki Sasa.

Shares of Olympus jumped more than 10 percent after the announcements on Friday.

Olympus said it would propose Rob Hale, partner at ValueAct, be named a director at its annual shareholders meeting in June as part of a management reshuffle aimed to enhance global governance. Shareholders will need to approve the nomination.

ValueAct, which started investing in Olympus more than a year ago, emerged as a major shareholder in May with a 5.04 percent stake.

"The governance changes Olympus announced today will better enable the board to support and supervise management in their implementation of Olympus's strategy to become a global leader in the medical technology Industry," Hale said separately.

Olympus also said it would seek advice from ValueAct in the selection of two additional board directors, underlining a shift is underway in Japan's attitude toward activists - traditionally seen by boards as not legitimate investors with whom to engage.

Activist investment is gaining momentum in Japan, backed by the government of Prime Minister Shinzo Abe that sees active engagement between firms and shareholders as a valuable spur to economic growth.

(Reporting by Junko Fujita and Makiko Yamazaki; Editing by Himani Sarkar)

Stocks mentioned in the article
ChangeLast1st jan.
LINE CORPORATION 0.00% 5370 End-of-day quote.0.37%
OLYMPUS CORPORATION 0.19% 2123 End-of-day quote.25.70%
SEEK LIMITED 0.64% 20.3 End-of-day quote.-9.98%
SHIFT, INC. 2.86% 14410 End-of-day quote.80.58%
SONY CORPORATION 2.35% 8323 End-of-day quote.12.46%
THE GLOBAL LTD. 1.56% 195 End-of-day quote.-58.60%
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Financials
Sales 2021 8 347 B 79 843 M 79 843 M
Net income 2021 520 B 4 973 M 4 973 M
Net cash 2021 2 226 B 21 296 M 21 296 M
P/E ratio 2021 19,4x
Yield 2021 0,58%
Capitalization 10 209 B 97 508 M 97 648 M
EV / Sales 2021 0,96x
EV / Sales 2022 0,87x
Nbr of Employees 111 700
Free-Float 96,8%
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Technical analysis trends SONY CORPORATION
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Mean consensus BUY
Number of Analysts 23
Average target price 9 958,25 JPY
Last Close Price 8 323,00 JPY
Spread / Highest target 57,4%
Spread / Average Target 19,6%
Spread / Lowest Target -3,88%
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Managers
NameTitle
Kenichiro Yoshida Co-Chairman, President & Chief Executive Officer
Shuzo Sumi Co-Chairman
Hiroki Totoki Chief Financial Officer, Director & Vice President
Toru Katsumoto Senior Managing Executive Officer, Head-R&D
Makoto Toyoda Chief Information Officer & Executive Officer
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