By Mia Lamar
International companies trading in New York closed lower Monday,
driven by declines for Latin American shares.
The Bank of New York index of ADRs fell 0.3% to 140.81.
Banking shares in Brazil were among decliners amid talk that
Banco Bradesco SA (BBD, BBDC4.BR, BBDO) had given up on plans to
acquire credit-card operator Credicard from Citigroup Inc. (C) for
$1.5 billion. U.S.-listed shares of Banco Bradesco fell 1.8% to
$16.24.
The Latin American index fell 0.4% to 324.13 and the emerging
markets index rose 0.1% to 282.65.
Elsewhere in Brazil, utility shares slumped. State-run Centrais
Eletricas Brasileiras SA (EBR, ELET6.BR) was the biggest decliner,
falling 3.2% to $2.41. Shares of Companhia Energetica de Minas
Gerais (CIG, CMIG4.BR), or Cemig, fell 1.3% to $10.57.
The Asian index fell 0.1% to 143.66.
Chinese solar stocks closed mixed following reports the European
Union is poised to slap import duties on solar panel equipment made
in China, sparking one of the largest trade battles of recent
decades.
European producers say the rise of Chinese manufacturers like
Suntech Power Holdings (STP, K3ND.SG) has been fueled by unfair
pricing and subsidies provided by the Chinese government. Suntech
shares fell 1.1% to 60 cents Monday.
The European index fell 0.4% to 132.80.
Spanish shares declined after data showed activity in the
country's services industry shrank in April at its fastest rate
since the end of last year. Shares of heavily-indebted telecom
Telefonica SA (TEF, TEF.MC) fell 1% to $14.71.
Write to Mia Lamar at mia.lamar@dowjones.com