International stocks trading in New York closed mostly lower on
Tuesday.
The BNY Mellon index of American depositary receipts eased 0.44%
to 144.31. The European index edged down 0.38% to 142.50, the Asian
index dropped 0.70% to 152.26, the Latin American index edged up
0.07% to 214.05 and the emerging markets index declined 0.44% to
259.86. E-House (China) Holdings Ltd. (EJ) was among the companies
with ADRs that traded actively.
E-House said its co-chairman, chief executive and another board
member offered to take the Chinese real-estate services company
private for about $1 billion. Xin Zhou, co-chairman and CEO, and
Neil Nanpeng Shen have offered $7.38 per ADR for the roughly 74%
stake they don't already own. The bid represents a 10% premium over
Monday's closing price. ADRs rose 4.6% to $7.02.
German prosecutors raided the Frankfurt headquarters of Deutsche
Bank AG (DB, DBK.XE) on Tuesday morning in connection with a
criminal tax-fraud probe, The Wall Street Journal reported. The
raid came two days after the bank said its co-chief executives
would resign but the timing appeared to have been unrelated to the
management change, the Journal reported. A Deutsche Bank spokesman
said prosecutors haven't brought forward any allegations against
the bank's current staff in relation to Tuesday's events and
declined to comment further. ADRs fell 2.9% to $31.23.
Embraer SA (ERJ, EMBR3.BR) raised $1 billion from an overseas
10-year bond issue, with the proceeds targeted to repay debt and
for other corporate purposes. The aircraft manufacturer is the
latest Brazilian company to take advantage of low interest rates
around the globe. The bonds carry an annual interest rate of
5.091%. ADRs fell 1.6% to $29.65.
HSBC Holdings PLC (HSBC, HSBA.LN, 0005.HK) said it would reduce
its head count by up to 50,000, or 19%, over the next two years as
part of an overhaul of its sprawling global operations. The
London-based bank said the sale of operations in Turkey and Brazil
would reduce its head count by about 25,000 and that a further
22,000 to 25,000 jobs would be chopped by 2017 through cost
reductions across the group. ADRs fell 37 cents to $47.
Vedanta Ltd. (VEDL, 500295.BY) rose 4.6% to $11.51 after parent
firm Vedanta Resources PLC (VED.LN) said Tuesday that the
Mumbai-listed operating unit is mulling the acquisition of the
remaining stakes in majority-owned units Cairn India Ltd.
(532792.BY), Hindustan Zinc Ltd. (500188.BY) and Bharat Aluminium
Co. Cairn is India-focused natural-resources company Vedanta PLC's
second-largest free cash flow generator after Hindustan Zinc,
accounting for 26% of the total.
WPP PLC (WPPGY, WPP.LN) shareholders on Tuesday approved the pay
package of Martin Sorrell after the advertising group's founder and
chief executive faced another sizable revolt over his pay increase.
Mr. Sorrell's pay package jumped 43% to 43 million British pounds
($66 million) in 2014 from 30 million pounds the previous year, a
sum some shareholder advisory groups expressed concern about ahead
of the meeting. ADRs fell 76 cents to $112.84.
Write to Tess Stynes at tess.stynes@wsj.com
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