Sony shares surge after Reuters reports Third Point building stake again

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FILE PHOTO: A shopper looks at Sony Corp’s Bravia television monitors at an electronics store in Tokyo June 20, 2013. REUTERS/Issei Kato

TOKYO (Reuters) – Sony Corp shares surged more than 7 percent in early trade on Tuesday after Reuters reported that Daniel Loeb’s hedge fund, Third Point LLC, was again building a stake in the Japanese electronics conglomerate to push for changes.

Third Point, which has about $14.5 billion in assets under management, is raising a dedicated investment vehicle to target between $500 million and $1 billion in capital, so it can buy more Sony shares, people familiar with the matter said.

A Sony spokesman declined to comment on the report.

Sony shares rallied to a three-week high at the start of Tokyo trade, recovering from a slump last month triggered by concerns that its turnaround in the past few years had lost momentum.

The company had a market value of 6.1 trillion yen ($55 billion) as of Monday’s close.

Third Point’s campaign for changes at Sony, its second in six years, comes as investors are looking for the company’s next profit pillar amid signs its gaming business is slowing and as its popular PlayStation 4 console nears the end