January 30, 2020 / 9:15 PM / a month ago

Third Point presses Sony, takes stand against proposed SEC proxy advisor rule

BOSTON, Jan 30 (Reuters) - Hedge fund Third Point on Thursday called on Sony Corp. to keep divesting non-core assets and said it opposes the Securities and Exchange Commission's proposed rule on proxy advisors.

The firm, run by Daniel Loeb, praised Sony for last year's strong returns but said it needs to take a hard look at its portfolio, from which it has divested only Olympus.

"Sony has avoided the topic of portfolio optimization, but we continue to believe that Sony's media and semiconductors franchises can stand alone and create more value independently than together," the firm wrote in a letter to its investors. A copy was seen by Reuters. (Reporting by Svea Herbst-Bayliss; Editing by Sandra Maler)

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