ADRs Move Lower; AstraZeneca Down 8% on Alexion Deal News
December 14 2020 - 5:41PM
Dow Jones News
By Micah Maidenberg
The S&P/BNY Mellon of American depositary receipts fell
almost 1% Monday to 151.99. The European index closed at 124.59, 1%
lower. The emerging-markets and the Asian indexes dropped 1.3% and
0.8%, respectively, closing at 395.57 and 222.46. The index for
Latin American ADRs decreased 1.6% to 193.17.
ADRs for AstraZeneca PLC dropped 7.8% to $50.03 in heavy trading
as investors digested the British company's plan to purchase
Alexion Pharmaceuticals Inc. for $39 billion in cash and stock. The
proposed deal values shares of Alexion at $175.
Itau Unibanco Holdings SA's ADRs also traded actively.
The Brazilian bank on Monday announced several changes to its
executive committee, efforts it said would help the company speed
up decision making and simplify its operations. The changes to its
executive ranks include assigning leaders oversight over its retail
bank, automobile loans as well as wealth management and related
services.
In addition, the company said it will create a new structure to
oversee a range of activities, including corporate products and
trading, as well as its operations in South America outside of
Brazil.
Itau's ADRs closed the day down 3% to $6.05.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
December 14, 2020 17:26 ET (22:26 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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