分拆索尼不容易

    分析师表示，现在外国公司更多地采取这类做法，这进一步证明日本企业正面临着一个公司并购的全新时代，这类并购将与日本海外的并购案更加相似。私募基金和对冲基金在日本曾一直被视为盘旋在公司上空的秃鹰，因此直到不久前，这类收购要约还颇为少见。而想从日本公司身上赚取高额回报的海外投资者在日本也很少成功过。

    勒布先生的策略并没有太多敌意。但是历史事实表明，索尼和其它日本公司不太可能响应他的呼吁，它们在骨子里只会对新任首相安倍晋三言听计从。这位首相近期推行的经济政策似乎正让日本重新恢复元气。最新数据显示，多亏日本央行的巨额注资，日本经济正重拾升势，不过通缩依旧，而由于没有推出新的投资计划，企业还是不愿意放开手脚。

    法索尔的问题是：“勒布先生呼吁索尼放手一搏，要么成功要么失败，我们也都知道索尼必须改革，但到底该怎么做呢？”他的建议是，和日本八大电子巨头中的其他公司一样，现在是时候聚焦到几种为数不多的产品上，并挑选出能真正赢得市场的产品了——而这些公司总是和自己的对手一样，大量生产同类产品。他说：“很多日本公司都应该像这样专注起来了，他们都太过全线出击了。”

    至于勒布的提议，法索尔认为它是索尼所需要的大手术之一。他说：“我想，包括平井在内的所有人都不会否认，索尼现在需要进行重大变革，其他日本电子巨头也概莫能外。不过，大手术只是改革举措之一。除此而外，员工态度、执行力、公司文化等很多方面都需要改变——但最重要的是，索尼要推出富有前景的产品，这才是我一直期待着的！”(财富中文网）

    译者：清远

    Analysts here say an increase in more moves like this from foreign firms is further proof that Japanese industries now face a new era of corporate mergers and acquisitions that will more closely resemble deals seen overseas. Until very recently takeover bids were rare in Japan where private equity and hedge funds have been traditionally viewed as corporate vultures. Nor have efforts by overseas investors to wring higher returns from companies found much success in Japan.

    Mr Loeb's tactics are less hostile. But historic evidence suggests that Sony and Japan Inc. are unlikely to heed his call, which essentially echoes the lead of the country's new prime minister, Shinzo Abe. His economic policies seem to have done so much to put Japan back on the map recently. Thanks to massive spending by the Bank of Japan, the nation's economy is on the up, though deflation is still the norm and firms are refusing to budge on lack of plans for new investments, according to the latest figures.

    "Successful or not is Mr Loeb's call for action, we all agree that Sony must change, but how?" asks Mr Fasol. He suggests like the rest of Japan's big eight electronics makers, it is time to focus on a few products -- many reproduce in droves the same as their competitors -- and pick whichever can succeed. "Many other companies in Japan should focus like this, they all do too much," he says.

    Regarding Mr Loeb's proposal, Fasol believes it constitutes major surgery. "I think that everyone including Mr Hirai agrees that massive change is necessary at Sony, and all other Japanese electronics companies," he says. "However, massive surgery is only one part. In addition, many changes in attitude, execution, company culture, etc. are also necessary -- but the most important are visionary products which I am still waiting for at Sony!"