ADR Report: Shares Decline As EU Ministers Fail To Reach Agreement
December 19 2011 - 5:05PM
Dow Jones News
International companies trading in New York closed lower Monday
in line with the broader markets following signs that European
financial ministers had failed to agree on new ways to bolster the
continent's bailout efforts.
The Bank of New York Index of ADRs dropped 1.3% to 114.50,
hampered by Europe's financial sector.
Britain's government threw its weight behind sweeping new
changes for the banking sector that will involve requiring banks to
segregate, or "ring-fence," their retail activities from riskier
investment-banking activities to better protect depositors.
Chancellor of the Exchequer George Osborne also told lawmakers that
the government would push for Royal Bank of Scotland PLC (RBS,
RBS.LN), 83% state-owned, to be completely restructured as a retail
bank for its corporate and individual clients. RBS shares fell 5.3%
to $5.95 and rival Lloyds Banking Group PLC's (LYG, LLOY.LN)
slumped 8% to $1.38.
Credit Suisse Group AG's (CS, CSGN.VX) chief executive and
chairman told staff in a holiday memo Monday that the coming year
will be challenging, but expressed confidence in the Swiss bank's
strategy, which they said should allow it to come out ahead of
competitors. Shares slipped 1.6% to $22.40, while rival UBS AG
(UBS, UBSN.VX) closed 0.6% lower at $11.38.
The European index fell 0.8% to 107.03.
French technology and media-services group Technicolor (TCLRY,
TCH.FR) issued a profit warning and said it would reduce its
headcount, citing the challenging European environment. Shares
tumbled 4.3% to $1.34.
Dutch farm-machinery manufacturer CNH Global NV's (CNH, NHL.FF)
shares dropped 0.9% to $35.01 after the company made an offer to
buy Norwegian farm-implement maker Kverneland ASA (KVEGF, KVE.OS),
topping an earlier bid for the company by Japan's Kubota Corp.
(KUB, 6326.TO).
The Asian index closed 2.3% lower at 108.84 as news of North
Korean leader Kim Jong Il's death heightened fears of instability
on the Korean Peninsula and sent the Seoul share market and won
skidding to multi-week lows.
South Korean bank Shinhan Financial Group Inc. (SHG, 055550.SE)
slid 6.4% to $62.92 and peer KB Financial Group Inc. (KB,
105560.SE) lost 4.5% to $29.64. Flat-panel maker LG Display Co.
(LPL, 034220.SE) fell 7.3% to $9.42.
Japan's Olympus Corp. (OCPNY, 7733.TO) is preparing to issue
around Y100 billion ($1.28 billion) in new shares following the
sharp downward revision of group net assets to reflect its true
financial situation, The Nikkei reported in its Tuesday morning
edition. The medical- and optical-equipment manufacturer is
believed to be considering the issuance of nonvoting-preferred
shares convertible into common stock down the road. Shares tumbled
21% to $10.26.
The emerging-markets index dropped 2.3% to 262.68.
Yanzhou Coal Mining Co. (YZC, K3GD.SG, 600188.SH, 1171.HK) plans
to acquire Gloucester Coal Ltd. (GCL.AU) for at least $2 billion,
Bloomberg News reported Monday, citing a person with knowledge of
the matter. The person declined to give an exact price for the
cash-and-stock bid for Gloucester, which has a market value of
A$1.43 billion ($1.42 billion). The bid will be made by Yancoal
Australia Ltd., Yanzhou Coal's Brisbane-based unit, the person
said. Yanzhou's shares closed 3.9% lower at $20.03.
Chinese state-owned oil-and-gas company CNOOC Ltd. (CEO,
0883.HK) said production on two platforms at the Zhuhai Hengqin
gas-processing terminal has stopped after a leak was discovered in
an underwater connecting pipeline. Shares slid 3.3% to $172.23.
The Latin American index slipped 2% to 317.02.
Argentina's banks tumbled in line with their European
counterparts.
Grupo Financiero Galicia SA (GGAL, GGAL.BA) shed 5.1% to $5.93,
BBVA Banco Frances SA (BFR, FRAN.BA) fell 3.6% to $4.81, and Banco
Macro SA (BMA, BMA.BA) dropped 2.9% to $19.37.
Copper prices and gold futures ended lower, failing to hold on
to the $1,600 level thanks to pressure from downbeat comments by
the European Central Bank and as buyers remain unwilling to take
new positions ahead of the holidays. That hurt shares of Brazilian
miner Vale SA (VALE, VALE.BR) and Peru's Compania de Minas
Buenaventura SAA (BVN, BUENAVC1.VL). Vale closed down 2.8% at
$20.51, while shares of the Peruvian company slipped 1.6% to
$39.26.
-By Ian Thomson, Dow Jones Newswires; 212-416-2314;
ian.thomson@dowjones.com
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