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Third Point Boosts Sony Stake as Daniel Loeb Seeks Talks
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Third Point LLC, the hedge fund led by billionaire Daniel Loeb, increased its stake in Sony Corp. while pushing for talks with the board on a proposed initial public offering of the company’s entertainment business.
Funds controlled by Third Point own 70 million shares through direct ownership and cash-settled swaps, according to a June 17 letter from the investor to Sony Chief Executive Officer Kazuo Hirai obtained by Bloomberg News. That equals about 6.9 percent of the Tokyo-based company’s shares on issue.