TIMB TIM SA

International stocks trading in New York closed lower on Monday.

The BNY Mellon index of American depositary receipts declined 0.50% to 134.95. The European index decreased 0.68% to 135.04, the Asian index fell 0.20% to 143.18, the Latin American index edged down 0.13% to 167.14 and the emerging markets index eased 0.04% to 227.78.

Ctrip.com International Ltd. (CTRP, K3RD.SG) was among the companies with ADRs that traded actively.

Two of China's biggest online travel companies are joining forces amid intensifying competition for booking train, plane and hotel reservations in the fast-growing market. A share swap unveiled on Monday would closely tie U.S.-traded rivals Ctrip.com International Ltd. (CTRP, K3RD.SG) and Qunar Cayman Islands Ltd. (QUNR) amid an increasingly expensive race to serve Chinese travelers. It would also tie the two companies closely to Baidu Inc. (BIDU, K3SD.SG), the Chinese Internet search company sometimes called the Google of China. ADRs of Ctrip.com climbed 22% to $90.78 while Qunar increased 7.9% to $42.65 and Baidu advanced 5.5% to $166.24.

Brazilian phone company Oi SA (OIBR, OIBRC, OIBR4.BR) is getting a long-awaited second chance at being a key player in the consolidation process in the country's telecoms industry. Oi said Monday that LetterOne, an investment firm led by Russian billionaire Mikhail Fridman, proposed investing $4 billion in the Brazilian phone company, though the offer is conditioned on the success of a potential merger with TIM Participacoes SA (TSU, TIMP3.BR) , the Brazilian unit of Telecom Italia SpA (TI, TIT.MI). ADRs of Oi rose 3.5% to 88 cents, TIM Participacoes increased 5.8% to $10.93. Telecom Italia rose 11 cents to $12.75.

Luxottica Group SpA (LUX, LUX.MI) said its third-quarter profit and sales increased, boosted by favorable currency-exchange fluctuations and strong growth in the U.S., despite a decline in consumer traffic in areas such as New York and Miami. ADRs edged down five cents to $71.37.

Brazil's state oil company Petroleo Brasileiro SA's (PBR, PETR3.BR, PETR4.BR) board has approved the partial sale of its natural-gas distribution unit for 1.9 billion reais ($488 million), kicking off Petrobras's divestment campaign to reduce its debt burden. ADRs fell 1.2% to $4.92.

Philips NV (PHG, PHIA.AE) said it has run into unexpected regulatory trouble in the U.S. over the planned sale of its lighting-components and automotive-lighting unit to a Chinese investor. The Dutch electronics group said the Committee on Foreign Investment in the U.S., or CFIUS, has expressed "certain unforeseen concerns" regarding the planned disposal of an 80% stake in the Philips business, called Lumileds, without providing further details. Philips said it would "take all reasonable steps" to address the committee's concerns. The company also reported that it swung to a profit in the latest quarter. ADRs eased 12 cents to $26.07.

WPP PLC (WPPGY, WPP.LN) said a strong quarter from its North American business helped it post an increase in sales, but the world's largest advertising holding company also warned that many of its clients continue to focus on cutting costs rather than improving revenues. ADRs fell 2.3% to $111.36.

Write to Tess Stynes at tess.stynes@wsj.com

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(END) Dow Jones Newswires

October 26, 2015 18:30 ET (22:30 GMT)

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