Japanese electronics to entertainment giant Sony is expected to offer up to $3.7 billion (JPY400 billion) to take full control of its finance division. The move would shore up its profits.
Sony president and chief executive Kenichiro Yoshida is scheduled to make an hour-long presentation on group strategy on Tuesday afternoon local time. The Nikkei newspaper said that the move to take private the finance division would be announced then.
Sony Corp. currently owns 65% of Sony Financial. It will make a tender offer of JPY2,600 per share. The unit controls assets of $13.5 billion (JPY14.5 trillion) and last year made profits of $1.21 billion (JPY130 billion).
Finance industry commentators said that Sony is following in the tracks of other media-tech