ABB ABB Ltd

International stocks trading in New York closed higher on Wednesday.

The BNY Mellon index of American depositary receipts rose 1.7% to 132.57. The European index increased 1.9% to 122.61. The Asian index was up 1.5% to 155.74. The Latin American index rose 1.5% to 226.22. And the emerging-markets index increased 1.5% to 284.23.

ABB Ltd. (ABB), AngloGold Ashanti Ltd. (AU) and Avianca Holdings SA (AVH) were among those with ADRs that traded actively.

ABB said Wednesday it is in talks with Hitachi Ltd. amid media reports of a possible sale to the Japanese company of its power-grid business for up to 800 billion yen ($7.07 billion). The Swiss-based industrial conglomerate didn't provide details on the proposed deal but said the two companies are discussing the expansion and redefinition of a power-grid partnership dating from December 2014. There is no certainty a transaction will occur, it said. Nikkei Asian Review reported Wednesday that Hitachi is in the final stages of talks to acquire the power-grid business as it seeks to bolster its international presence. ADRs of ABB were up 4.7% to $19.75.

Capital Drilling Ltd. said Wednesday it has won a one-year drilling-contract extension with AngloGold Ashanti at the Geita Gold Mine in Tanzania. The contract extension will start in January and use the existing underground drilling equipment at the mine. ADRs of AngloGold Ashanti were up 3.2% $11.78.

Avianca has responded to a reported judicial reorganization filing of Avianca Brasil, noting that Avianca Brasil isn't part of Avianca Holdings' group of companies. OceanAir Linhas Aereas SA, which does business as Avianca Brasil, is owned by Avianca Holdings' majority shareholder Synergy Group Corp. and uses the Avianca name under a licensing agreement. Avianca Holdings, whose Brazilian operations reflect the code-share agreement with Avianca Brasil, has been looking at a potential integration of Avianca Brasil. The integration and a strategic alliance with United Continental Holdings Inc. (UAL) announced late last month were among key initiatives Avianca Holdings studied to strengthen its operations. ADRs of Avianca fell 1.6% to $4.82.

Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com

(END) Dow Jones Newswires

December 12, 2018 18:12 ET (23:12 GMT)

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