Sony Shares Climb to Four-Month High on Speculation of Possible Buyout Bid
Stock Chart for Sony Corp (6758)
Sony Corp. rose to the highest level in more than two months in Tokyo trading on speculation that the company may become a buyout target, an analyst said.
The maker of Bravia televisions and PlayStation game consoles rose 0.7 percent to 2,742 yen at the 3 p.m. close in Tokyo, the highest level since Aug. 2. More than 17.6 million shares changed hands, more than double the 180-day average of 7.5 million.
“The gain is likely a temporary move based on speculation of a possible buyout,” said Yuji Fujimori, a Tokyo-based analyst at Barclays Capital. There is also speculation about possible acquisitions in the games and consumer electronics industry, the analyst said.
Panasonic Corp., Tokyo-based Sony’s closest domestic rival, fell 0.4 percent today and Japan’s benchmark Nikkei 225 Stock Average declined 0.3 percent.
Sony won’t comment on speculation, George Boyd, a company spokesman, said earlier today.
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