ADRs End Higher; Telecom Italia Rises
16 December 2015 - 10:03AM
Dow Jones News
International stocks trading in New York closed higher on
Tuesday. The BNY Mellon index of American depositary receipts rose
1.1% to 126.13. The European index increased 1.1% to 125.37, the
Asian index improved 0.9% to 136.88, the Latin American index rose
1.8% to 151.17 and the emerging markets index increased 2% to
218.07. Telecom Italia SpA (TI, TIA, TIT.MI) was among the
companies with ADRs that traded actively.
Vivendi SA secured four seats on the board of Telecom Italia SpA
(TI, TIA, TIT.MI), winning a key battle to gain greater influence
over the struggling telecom operator. Telecom Italia shareholders
approved Vivendi's request to expand Telecom Italia's board to 17
members from 13 members and appoint four directors representing the
French media company. Vivendi also blocked a share-conversion plan
proposed by Telecom Italia's management that would have heavily
diluted its stake. Telecom Italia's ADRs rose 3.8% to $12.47.
Alibaba Group Holding Ltd. (BABA) and Walt Disney Co. are
launching a so-called over-the-top content system in China to rev
up sales of movie-related toys, books and trips to Disneyland. The
two companies announced Tuesday that they struck a multiyear
licensing agreement and will begin pre-sales of the system, called
DisneyLife, immediately through Alibaba's online shopping site
Tmall. Alibaba ADRs rose 2.4% to $82.49.
ADRs of Bona Film Group Ltd. (BONA) rose 1.8% to $13 after arms
of Alibaba Group Holding Ltd. and Tencent Holdings Ltd. (TCEHY,
0700.HK) joined investors that had offered to take the Chinese film
studio and distributor private in June.
Royal Dutch Shell PLC (RDSA, RDSA.LN) plans to expand its
presence in China through a petrochemical joint venture with
state-controlled China National Offshore Oil Corp., or Cnooc. The
Anglo-Dutch oil company Tuesday announced plans to extend an
existing joint venture in China's Guangdong province. The deal
remains subject to final agreements and regulatory approvals, but
if finalized will double the joint venture's ethylene production
capacity and add other chemical units. Shell's ADRs rose 1.7% to
$44.68.
Sanofi (SNY) said Tuesday it has entered exclusive negotiations
with Boehringer Ingelheim GmbH on a possible exchange of its
animal-health business for most of the German group's
consumer-health-care unit. Sanofi's ADRs rose 3.4% to $42.94.
Statoil ASA (STO, STL.OS) said Tuesday it had awarded contracts
valued at as much as 24 billion Norwegian kroner ($2.77 billion)
for the maintenance of its offshore and onshore oil and gas
installations in Norway, saying it had designed a new compensation
system to save more money on oil services. ADRs rose 2.8% to
$14.45.
Argentina's state-run oil company, YPF SA (YPF, YPFD.BA), and
Dow Argentina, the local unit of Dow Chemical Co. (DOW), said
Tuesday they will invest $500 million in 2016 to explore for shale
gas. The companies, which have already invested $350 million in a
joint shale gas venture, said in a statement that total investment
could reach $2.5 billion in coming years. YPF's ADRs rose 3% to
$16.38.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
December 15, 2015 17:48 ET (22:48 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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