is expected to offer up to $3.7 billion to take full control of its finance division. The move would shore up its profits.
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 and last year made profits of $1.21 billion . During an earnings call last week, after presentation of Sony’s annual results, chief financial officer Hiroki Totoki said that Sony is in a strong position to make strategic investments or acquisitions. Totoki said that Sony had prudently managed its financial resources and had close to $9 billion of cash on its balance sheet at the March year end. A further $14.7 billion of credit and commercial paper programs were also unused and available.
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