US hedge fund Third Point sells ADRs of Sony Corp

The Sony logo is seen on a building in the Manhattan borough of New York City, New York, U.S., January 16, 2019. REUTERS/Carlo Allegri/Files

U.S. hedge fund Third Point LLC, which had been pressing Sony Corp to make changes including spinning-off of its chip unit, has sold all of its American Depositary Receipts (ADRs) in the Japanese conglomerate, regulatory filings showed.

The fund, headed by one of the world’s highest-profile activist investors, Daniel Loeb, still owns a large amount of Sony’s Japanese stock, a person familiar with the fund said.

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