Loeb Takes Activism Abroad With Sony Stake in Japan Wager
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Dan Loeb, the hedge-fund manager who successfully pushed for an executive shakeup at Yahoo! Inc., is taking his activism overseas for the first time with a $1.1 billion stake in Sony Corp., seeking change in a country where few U.S. investors have succeeded with that approach.
Loeb, whose event-driven fund has returned an annual average of 18 percent since he started his firm out of another manager’s weight room almost two decades ago, chose Sony as part of a wager that Japan’s stocks will gain as Prime Minister Shinzo Abe uses stimulus spending and aggressive monetary easing to spur growth.