The Four Percent
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TOKYO—Sony Corp. said it would spend $3.7 billion to take full control of its banking and insurance unit, calling the Japan-centered business a hedge against uncertainty caused by the new coronavirus and global tensions.
With the move, the conglomerate bucked criticism from New York-based hedge fund Third Point LLC, which has said Sony has too many businesses and should consider selling its stake in the financial-services unit.
Instead,…
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