Sony Stock Jumps on Reports of Battery Unit Sale
The electronics and entertainment conglomerate’s shares climbed 8.5 percent in Tokyo amid reports that it will sell its lithium-ion battery operations.
TOKYO -- Sony Corp.'s stock rallied Friday amid the latest divestiture talk.
It ended the Tokyo trading day up 8.5 percent at ¥1,290 ($14.18) following reports in the Japanese media that the conglomerate is looking at offloading its lithium-ion battery business to a joint venture between Nissan and NEC, which then would be invested in by a government-private fund. In the U.S., Sony shares were up 6.5 percent at $14.40 as of 2:40 p.m. ET.
The Innovation Network Corporation of Japan reportedly is looking at putting funds into a combined lithium-ion venture to prevent the technology falling into the hands of Chinese or Taiwanese companies.
Under new CEO Kazuo Hirai, Sony sold its chemical division last year to the INCJ for $700 million as it attempts to concentrate on its electronics and entertainment businesses and realizes synergies between them.
Sony's stock, which hit a three-decade low last year, has been rising again recently following news last week that it would sell its New York City headquarters for $1.1 billion.
The INCJ also created the All Nippon Entertainment Works venture in 2011 to push Japanese content in Hollywood.