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

SONY CORPORATION

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Sony in $760 million Olympus stake sale after investor Loeb's prodding

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08/29/2019 | 07:21am EDT
A man walks past an advertisement of Japan's Olympus Corp in Tokyo

TOKYO (Reuters) - Sony Corp is selling its 5% stake in Olympus Corp back to the Japanese medical equipment maker for 80.4 billion yen (£621.3 million), a move that Daniel Loeb's activist hedge fund Third Point LLC had called for.

TOKYO (Reuters) - Sony Corp is selling its 5% stake in Olympus Corp back to the Japanese medical equipment maker for 80.4 billion yen (£621.3 million), a move that Daniel Loeb's activist hedge fund Third Point LLC had called for.

This is the first strategic move Sony has made that is in line with U.S.-based Third Point's proposals since Loeb, one of the world's highest-profile activist investors, revealed earlier this year he was building a stake again in the company.

A Sony spokeswoman said the sale was not in response to demand by specific shareholders, adding that the company is still reviewing Third Point's proposals.

Sony will sell 68.9 million Olympus shares at Thursday's closing price of 1,165 yen by participating in Olympus' share buyback plan.

Sony bought 11.5% of Olympus in 2012-13, paying 50 billion yen in a much-needed cash injection for the latter after an accounting scandal sent Olympus' share price plummeting. Sony later halved its stake to finance its own restructuring.

The companies have developed high-definition surgical endoscopes and microscopes through a medical equipment joint venture established in 2013.

Sony said in a statement it decided to sell "considering that the initial purpose of the capital alliance to establish collaboration between Sony and Olympus has been accomplished and after reviewing the rationale for owning the Olympus shares."

Loeb has called on Sony to spin off its semiconductor business and sell off stakes in Sony Financial, Spotify and other non-core assets, in order to position itself as a leading global entertainment company.

"Sony's valuation discount is attributable primarily to portfolio complexity, which will be a permanent problem unless it is decisively addressed," Third Point said in a letter to investors in June.

Shares of Sony have risen 23% since early April, when Reuters reported that Loeb was building a stake in the company to push for change. The effort marks the second time in six years that Loeb has targeted Sony.

(Reporting by Makiko Yamazaki; Editing by Muralikumar Anantharaman)

By Makiko Yamazaki


Stocks mentioned in the article
ChangeLast1st jan.
CHANGE INC. -2.31% 8050 End-of-day quote.453.65%
LINE CORPORATION -0.37% 5370 End-of-day quote.0.37%
OLYMPUS CORPORATION 1.20% 1989 End-of-day quote.17.76%
SONY CORPORATION -1.43% 8674 End-of-day quote.17.20%
SPOTIFY TECHNOLOGY S.A. -10.11% 239.89 Delayed Quote.60.41%
THE GLOBAL LTD. -12.20% 223 End-of-day quote.-52.65%
WORLD CO., LTD. -2.36% 1323 End-of-day quote.-50.84%
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Financials
Sales 2021 8 408 B 80 303 M 80 303 M
Net income 2021 616 B 5 883 M 5 883 M
Net cash 2021 2 390 B 22 829 M 22 829 M
P/E ratio 2021 17,5x
Yield 2021 0,56%
Capitalization 10 700 B 102 B 102 B
EV / Sales 2021 0,99x
EV / Sales 2022 0,89x
Nbr of Employees 111 700
Free-Float 96,7%
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Technical analysis trends SONY CORPORATION
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Mean consensus BUY
Number of Analysts 23
Average target price 10 036,50 JPY
Last Close Price 8 674,00 JPY
Spread / Highest target 52,5%
Spread / Average Target 15,7%
Spread / Lowest Target -7,77%
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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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