Sony Corporation (6758) the Shareholders as a response, in order to hedge fund Third Point's recommendations section of divest its lucrative of entertainment sector, but Hirai Kazuo press the its chief executive, supplications patience for the management reviewed the bold plans.
Third point and Sony's first largest shareholder, billionaire, hedge fund managers Daniel · Loeb, Hope Electronic empire sale to the public as many as fifth, its entertainment units and the use to raise funds, order to strengthen its struggling to struggling hardware department.
"This is a very big suggestion, the purpose is in the Sony company's important business of," Hirai told the more than 10,000 people gathered in Tokyo Thursday's shareholders' anniversary of the General Meeting's shareholder. "I am understand that this is a very important recommendation, it is not only involves to the Sony is a what, but today Sony should be in the the future what the."
Loeb proposal. Perhaps will remain in the radar last month, strikes the heart of the, Sony whether it is still consumer electronic product manufacturing providers and provider of music, movies and television programs.
"Our entertainment sector will remain yes Sony's business of the important part of the," Hirai says. "The board will continue to discuss The third point suggestion, we will reach a appropriate decision."
Hirai, 53, maintain the his trademark the cool the entire Thursday's aggregation, inhibition laugh, when a woman praised his good looks, but left the Shareholders as a the resignation of there is may be used by company does not have swift to take action.
"He did not answer, in the thinking about what is pairs of The third-point proposal is the internal management issues," In the end of the meeting said after, Sony shareholders' Jiro Sugiyama
"I understand U.S. shareholders's perspective, but I do not think Sony's stance will vary changed. As electronic business in a manner yes, entertainment business is the a cash cow, they will be afraid to let go's."
YAHOO's precedent
Hirai said it was important is the the Sony the company's the Board of Directors carefully consider's recommendations and to seek the outside world of the input, no hurry to in order to rapidly make a decision.
Sony For a long time has always been yes Japanese company in the electronics industry a pioneer pillar of. But it has lost of the market share - its innovation advantage - to actively's foreign competitors, such as South Korea Samsung Electronics Co., Ltd. (005930) and Apple Company (AAPL.O: Quotes), because they produce out the blockbuster products.
Although the Loeb's proposal is not in the Thurs's gatherings vote on agenda for, his expectations, in order to maintain press the his own case,, Sony the company's Board of Directors and, if taken any action, there will be's rights as first largest shareholder the final call to Extraordinary Shareholders' General Assembly.
Loeb said he hoped repeat his's success, last year in the Yahoo (YHOO.O), this is his at an lengthy while the the ultimate bitter the right agent of the dispute, triggered a Board of Directors reshuffle.
"When Loeb to go Yahoo after the, he was very persistent. With Sony, he actually in quite a friendly way to do, said:" Sakuma Yasuo, portfolio managers In the Bayview asset management company in the Tokyo.
"Even if Sony Cooperation does not separating business, if the its stock price to rise, he still win as Business a major stakeholder."
Loeb's $ 1.3 billion U.S. dollars of the fund said this week that, it had to increase its in the Sony of the shares is 70 billion shares, or approximately 7%.
After the, last Thurs, Sony's stock price changed little compared to the, Tokyo's Nikkei benchmark slippery 1.8%. N225. Sony's share price has risen more than 7%, because Loeb to send his suggestion, as at the May 14, his first a letter of Hirai the surging an a term of two-year a new high of 2,300 the yen in this week, follower recommendations.
Although recent slides compared to the, Nikkei Index's YTD of the rose just 25% of the, Sony's share price has exceeded in January since the doubled.
 
 



Other News:
Sony CEO asks for patience as shareholders press on spinoff plan
Sporadic clashes in Turkey as Erdogan asserts authority
Rousseff salutes Brazil protests, cities cut bus fares
Icahn seeks Dell share buyback, buys Southeastern stock
Iran says appeals for 'jihad' in Syria fuel radicalism
Obama, Putin face tough talks on Syria at G8 summit
Beyond NYC: Other places adapting to climate, too
Nicaragua approves massive canal project