Thursday, November 15, 2012

Notable News: Sony Corporation (NYSE:SNE), ConocoPhillips (NYSE:COP)

Japan's Sony Corporation (ADR)(NYSE:SNE) on Wednesday said that it was raising about $1.9 billion through a sale of convertible bonds.

Should Investors Buy SNE After The Recent Slump? Find Out Here

About a third of the proceeds of the bond sale would be used to invest in Olympus Corp, while some portion of it would also be used to finance the acquisition of Gaikal Inc. and pay for a planned ramping up of CMOS image sensors and pay down debt, it said.

Sony hired JPMorgan Chase & Co, Goldman Sachs, Nomura Holdings and SMBC Nikko Securities to handle the offering.

The company has said earlier that the brand would be rebuilt around its gaming, digital imaging and mobile devices, while new businesses such as medical devices would be nurtured.

Shares of the company tumbled about 9% to $9.82.

ConocoPhillips(NYSE:COP) has won the award of highest bidder for Block 749 in the state of Alaska, which had invited bids for Alaska's North Slope Areawide 2012W Lease Sale.

Conoco's bid price was $171.93 a share for the block, which is immediately adjacent to that of Royale Energy's Block 613 part of 33,736 acres in the company's Colville River holdings and part of Royale's overall 91,060 acre holdings on state acreage on the North Slope. Royale's overall average cost per acre is $27.21 and the cost of block 613 was $20.10 per acre.

Royale Energy announced after the results were made public that it has just received the Award Notice and on November 6, executed leases and delivered bonus and rental payments on 91,060.59 acres, which constitutes all available acreage awarded to Royale in the North Slope Areawide 2011W Lease Sale. The company expects leases to become effective December 1, 2012 thereby enabling the commencement of a plan of development to be filed with the state.

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