Sony Rejects Loeb's Entertainment Unit IPO Proposal

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Aug. 5 (Bloomberg) -- Bloomberg's David Ingles reports on today's top headlines out of Asia. She speaks on Bloomberg Television's "Bottom Line." (Source: Bloomberg)

We did get that breaking news release a few minutes back.

We now have sony for about two months of deliberation and discussion now coming to a decision, rejecting that proposal from dan loeb to take sony's entertainment business public.

That will continue to on 100% of the entertainment unit as what they call fundamental to the company's future and a public offering is not consistent with the company's long-term strategy.

We will be watching for share reaction as soon as shares opened in tokyo about 25 minutes from now.

Another story we are looking at is the tainted baby milk scare in china.

What more can you tell us about that?

Absolutely, that has been probably the biggest story we have been falling over the past 24 hours.

The world's largest dairy producer found bacteria that causes a rare paralytic illness called botulism in about 38 metric tons of whey protein that issues to make infant milk formula.

That have now said that 90% of affected products are in warehouses.

They are working on getting the remaining 10% off retail shelves over the next 24-48 hours.

They said there have been no reports of any illness linked to this.

Fonterra downplayed rumors we have our over the last few hours that china has closed its market to all dairy products coming from new zealand retail shelves over the.

Countries like russia and china have stopped imports of whey

This text has been automatically generated. It may not be 100% accurate.

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