Deals
Sony’s $3.6 Billion Fundraising Opens Way to Finance Deal
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Sony Corp.’s first share sale in 26 years is fueling speculation the company may buy full control of Sony Financial Holdings Inc., a move that could save taxes and help the parent meet performance targets.
The company said on Tuesday it plans to raise about 440 billion yen ($3.6 billion) by selling common stock and convertible bonds. The announcement prompted a three-day 11 percent jump in the life insurance unit’s stock, while Sony said proceeds from the share sale will fund an increase in chip production.