May 19, 2020 / 4:50 AM / 13 days ago

Sony to turn financial arm into wholly owned unit for $3.7 bln - Nikkei

TOKYO, May 19 (Reuters) - Sony Corp will turn its financial arm, Sony Financial Holdings Inc, into a wholly owned unit through a tender offer worth about 400 billion yen ($3.72 billion), the Nikkei business daily reported.

The early-afternoon report send shares of Sony Financial Holdings up nearly 17% to 2,412 yen, while Sony Corp shares rose 3%. Sony was not immediately available to comment. ($1 = 107.4000 yen) (Reporting by Makiko Yamazaki; Editing by Himani Sarkar)

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