ADRs End Higher; ABB Ltd., AngloGold Ashanti, Avianca Trade Actively
December 12 2018 - 6:27PM
Dow Jones News
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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