ADRs End Higher; Syngenta Declines
August 26 2015 - 6:04PM
Dow Jones News
International stocks trading in New York closed higher on
Wednesday.
The BNY Mellon index of American depositary receipts rose 2% to
129.37. The European index increased 1.5% to 130.76, the Asian
index improved 3% to 133.26, the Latin American index rose 3.3% to
167.36 and the emerging markets index increased 2.3% to 210.86.
Syngenta AG (SYT, SYNN.VX) was among the companies with ADRs that
traded actively.
Syngenta fell 14% to $67.51 after Monsanto Co. (MON) dropped its
roughly $46 billion bid for the Swiss agribusiness giant. The
disclosure came after Syngenta rejected a sweetened offer,
dashing--at least for now--chances of a union that would have
reshaped the global market for seeds and pesticides. The move also
capped four months of aggressive pursuit by St. Louis-based
Monsanto.
Amec Foster Wheeler PLC (AMFW, AMFW.LN) said Wednesday that its
joint venture with engineering and construction firm Fluor Corp.
(FLR) has been selected by the U.S. Air Force to bid for work up to
a value of $5 billion. Amec Foster Wheeler ADRs rose 5.3% to
$11.78.
Two major Chinese oil companies indicated little expectation for
a sharp rebound in oil and natural gas prices as both reported
weaker earnings for the first half of 2015. State-owned oil-and-gas
company China Petroleum & Chemical Corp. (SNP, 0386.HK), or
Sinopec Corp., said its earnings fell 22% for the period while
offshore oil producer Cnooc Ltd. (CEO, 0833.HK) said profits
plunged 56%. Still, Sinopec ADRs rose 1.2% to $64.46 amid a broader
market upturn, while Cnooc increased 6.3% to $106.13.
Mexico's telecommunications regulator is investigating whether
America Movil SAB de CV (AMOV, AMX, AMX.MX) fixed-line unit Telmex
violated its concession through its commercial agreements with
satellite television provider Dish Mexico, America Movil said
Tuesday. Dish Mexico is a joint venture between Mexico's MVS
Comunicaciones and EchoStar Corp. of the U.S. ADRs rose three cents
to $17.49 on Wednesday.
Petroleo Brasileiro SA (PBR, PETR4.BR, PETR3.BR) is planning to
raise at least 3 billion reais (about $833 million) from the issue
of local bonds, amid the Brazilian state-run oil firm's effort to
finance its investment program and also lengthen the maturity of
its debt. Petrobras, as the company is also known, has been cutting
costs and planning to shed a wide range of assets amid weak oil
prices. ADRs rose 3.6% to $82.19.
Turkcell Iletisim Hizmetleri AS (TKC, TCELL.IS) said late
Tuesday it is considering buying back up to 10% of its outstanding
share capital. Turkey's biggest mobile-phone operator by
subscribers also said it would evaluate borrowing alternatives,
including loans and debt of as much as $3 billion for refinancing,
funding infrastructure investments and other potential investment
opportunities. ADRs rose 4.4% to $9.72.
WPP PLC (WPPGY, WPP.LN) said Wednesday that an uptick in its
North American business helped it post a sharp rise in net profit
for the first half of this year, but the world's largest
advertising holding companywarned that highly volatile markets in
China were a concern. ADRs fell 28 cents to $103.31.
Write to Tess Stynes at tess.stynes@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
August 26, 2015 17:49 ET (21:49 GMT)
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