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Loeb’s Proposal for Partial Sony Spin off Looms over Shareholder Meeting

June 19
10:07 PM 2013

Sony Corp's top investor proposed to partially spin off the Japanese firm's profitable entertainment business. This will be above the agenda for the company's annual shareholder meeting on Thursday.

According to sources familiar with the matter, Daniel Loeb, Sony's top investor will not be able to make it to the meeting. Loeb proposed the spin-off at Sony's units. There were no given reasons why he will not be able to attend the shareholder's meeting.

On the other hand, the same sources stated that those who will be attending the meeting will not consider the suggestion of the Loeb who heads the New York-based hedge fund Third Point.

However, Loeb has the right to call for an extraordinary shareholders meeting if no action takes place with his proposal. People familiar with the situation said that he will keep on pushing the suggestion with the Sony board.

Loeb wants to spin off as much as one-fifth of the electronics empire's lucrative entertainment unit and use the proceeds to boost the struggling electronic division.

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