ADRs End Higher; Baidu, ArcelorMittal and Diageo Trade Actively
July 25 2018 - 5:29PM
Dow Jones News
International stocks trading in New York closed higher on
Wednesday.
The BNY Mellon index of American depositary receipts rose 0.9%
to 151.39. The European index increased 0.4% to 140.35. The Asian
index rose 1.4% to 180.57. The Latin American index rose 2.4% to
235.90. And the emerging-markets index increased 2.2% to
325.76.
Baidu Inc. (BIDU), ArcelorMittal SA (MT) and Diageo Plc (DEO)
were among those with ADRs that traded actively.
German premium car maker Daimler AG and China's Baidu are
enhancing their strategic cooperation in the areas of automated
driving and connected vehicles. Daimler said Wednesday that it
signed a memorandum of understanding with Baidu to deepen their
partnership through joint automated driving and connectivity
projects. ADRs of Baidu rose 2.5% to $262.91.
Italy's government is opening a formal review of ArcelorMittal's
proposed takeover of Ilva steelworks, which could lead to the deal
being scrapped, according to a statement issued late Tuesday by the
Ministry for Economic Development. ArcelorMittal said it met with
Economic Development Minister Luigi Di Maio on Wednesday to discuss
proposals for the rehabilitation of the Ilva site, which has
numerous environmental issues. ArcelorMittal agreed last year to
buy Ilva for 1.8 billion euros ($2.1 billion) after it was placed
under state supervision due to financial difficulties and
environmental issues. The steelmaker was set to take over
operations on July 1, but the Italian government delayed the
handover date to Sept. 15, citing environmental, social, economic
and employment concerns. On Tuesday ArcelorMittal said it had
accepted all additional commitments requested by Italian
authorities and expected the transaction to close soon. ADRs of
ArcelorMittal rose 1.4% to $31.35.
Diageo is tipped to report higher sales and may announce another
share buyback when the spirits group reports annual results on July
26. Goldman Sachs expects the maker of Johnnie Walker whisky to
report a 4.1% rise in organic sales, 100 basis points of organic
margin expansion and earnings per share of 119 pence. Last July,
Diageo approved a buyback of up to GBP1.5 billion in the year to
June 30, 2018. Deutsche Bank says the company will probably
continue the buyback this year, though it's unlikely to return more
than last year. ADRs of Diageo rose 1.2% to $150.96.
(END) Dow Jones Newswires
July 25, 2018 17:14 ET (21:14 GMT)
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