Shares of Sony Corp rose three per cent as traders cited media reports speculating it could be a potential acquisition target of Apple.
After Apple’s earning announcement last week when it revealed a cash-pile of $51bn, target spotting has become a major pastime for analysts with Disney, Yahoo, Adobe, Netflix and even Facebook all said to be on Apple’s mind. Then technology share tipper Barron’s put Sony at the top of the list.
The speculation centres on Apple CEO Steve Jobs declaration it wouldn’t pay dividends as it liked to: “keep our powder dry, because we do feel that there are one or more strategic opportunities in the future.”
However, many are sceptical about the feasibility of a massive buy-out at all – as it has never been part of Apple’s culture – and Sony in particular as to takeover such an important Japanese company is unprecedented.