(Bloomberg) -- Sony Corp. plans to hold onto its semiconductor and financial services operations, the Japanese technology giant said in response to American activist investor Dan Loeb.
In June, Loeb disclosed a $1.5 billion stake in Sony and encouraged the company to spin off its semiconductor division, sell its insurance operations and focus on its main entertainment business. Chips are key to growth and retaining a stake in the financial services unit will enhance the company's value, Chief Executive Officer Kenichiro Yoshida countered in a letter filed to the Tokyo stock exchange Tuesday.
To contact the reporter on this story: Pavel Alpeyev in Tokyo at palpeyev@bloomberg.net
To contact the editors responsible for this story: Edwin Chan at echan273@bloomberg.net, Colum Murphy
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