International stocks trading in New York were mixed on
Monday.
The BNY Mellon index of American depositary receipts rose 0.34%
to 151.81. The European index increased 0.31% to 147.18, the Asian
index improved 0.52% to 163.56, the Latin American index fell 0.26%
to 237.07 and the emerging markets index increased 0.65% to 285.23.
Teva Pharmaceutical Industries Ltd. (TEVA, TEVA.TV) was among the
companies with ADRs that traded actively.
Teva's ADRs fell 4.3% to $61.63 after Mylan NV said its board
unanimously rejected Teva's unsolicited bid, the latest move in a
three-way tussle as the generic-drug industry faces challenges from
slowing growth. Separately, Teva reiterated its commitment to its
Mylan offer, valued at $82 a share, and said it was prepared to
"devote all necessary resources" to complete the proposed deal.
Mylan also said it remains committed to its offer for Perrigo Co.,
which some have seen as an effort to prevent a potential purchase
by Teva.
ADRs of BP PLC (BP, BP.LN) fell nearly 1% to $43.04 following a
report in the Financial Times that said the U.K. government had
told BP that it wants the oil giant to remain a British company
with global clout and that it would be against a takeover by a
foreign entity. The U.K. government's pre-emptive opposition to any
potential foreign takeover of BP is just the latest sign that
Britain is becoming more hostile to foreign takeovers.
ADRs of HSBC Holdings PLC (HSBC, HSBA.LN, 0005.HK) rose 3.7% to
$49.48 on Monday following reports in the Sunday Times over the
weekend that HSBC is mulling a spinoff of its U.K. retail banking
operations. Separately HSBC on Friday said it was reviewing whether
to move its headquarters outside the U.K., a high-stakes decision
that comes as the bank faces tighter regulatory scrutiny and higher
taxes in the country. The lender has large Asian operations but is
based in London.
ADRs of Deutsche Bank AG (DB, DBK.XE) fell 4.9% to $32.61 after
the German lender released details of its long-awaited strategic
overhaul that aims to close the gap with rivals for profitability
and capital adequacy. Deutsche Bank said it would scale back at its
investment banking and retail operations while strengthening
transaction banking as well as asset and wealth management
services. The bank also cut a profitability target after reporting
over the weekend that its first-quarter profit fell about 50%.
Separately, U.S. securities regulators said they need another two
weeks to decide whether Deutsche Bank should be able to continue
issuing stocks and bonds without regulatory review, the latest
hiccup for a firm seeking a Securities and Exchange Commission
"waiver" after settling an enforcement case.
ADRs of PetroChina Co. (PTR, 0857.HK, 601857.SH, K3OD.SG) rose
3.3% to $134.30 after the listed unit of China National Petroleum
Corp. said its hasn't received any information from the government
about a possible planned merger with Sinopec Group after market
chatter of consolidation of the big state-owned enterprises.
PetroChina also reported that its first-quarter profit slumped 82%,
largely because of the sharp decline in oil prices. Petrochina, one
of the world's largest oil companies by market value, said its oil
and gas output rose 4.9% year-on-year, while pointing out it had
continued to reduce costs. ADRs of Sinopec's subsidiary, China
Petroleum & Chemical Corp. (SNP, 0386.HK, 600028.SH) rose 3.5%
to $94.98.
Write to Tess Stynes at tess.stynes@wsj.com
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