Sony to turn financial arm into wholly owned unit for $3.7 billion: Nikkei

Sony Corp will turn its financial arm, Sony Financial Holdings Inc, into a wholly-owned unit through a tender offer worth about 400 billion yen ($3.72 billion), the Nikkei business daily reported.

The early-afternoon report send shares of Sony Financial Holdings up nearly 17% to 2,412 yen, while Sony Corp shares rose 3%. Sony was not immediately available to comment.