ADR Shares End Flat Ahead of Federal Reserve Meeting

   By Nathalie Tadena 
 

International companies trading in New York ended near flat as investors remain cautious ahead of a possible move next week by the U.S. Federal Reserve to reduce its monetary stimulus program.

The Bank of New York index of American depository shares edged up a fraction to 142.81.

The Federal Open Market Committee, the Fed's policy-setting panel, is scheduled to meet on Tuesday and Wednesday. Sixty-six percent of economists surveyed in a Wall Street Journal poll this week expect the Fed will cut back on its $85 billion-a-month bond purchases next week.

The Asian index was up a fraction to 145.20.

Suntech Power Holdings Co. (STP, K3ND.SG) said David King has resigned as chief executive and acting chief financial officer, effective immediately, and Zhou Weiping will take over both roles on an interim basis. Suntech's board will first seek a new finance chief before it turns to finding a new CEO, the company said. Shares of the Chinese solar-panel maker climbed 9.2% to $1.30.

Among decliners, Pactera Technology International Ltd. (PACT) said Friday that a consortium led by U.S. private-equity firm Blackstone Group LP (BX) has made a definitive bid to take the company private, lowering its offer by 50 cents to $7 an American depositary share. The consortium in May made a nonbinding offer to take the company private for $7.50 an ADS. Pactera's shares fell 4.6% to $6.47.

Australia's Prana Biotechnology Ltd. (PRAN, PBT.AU) said the results of a recently completed Phase 2 trial of its proprietary drug PBT2 on early-to-mid stage Huntington's disease patients, which were expected to be reported in the last quarter of 2013, won't be reported until early 2014. The company said the timing delay is due to a delay in finalizing the database to achieve "database lock," which is required before statistical analysis of the data may begin. Shares were down 8.9% to $4.50.

The European index also increased a fraction to 137.64.

Vodafone Group PLC (VOD, VOD.LN) has snatched control of German Internet and cable company Kabel Deutschland AG (KD8.XE) despite suggestions some shareholders would hold out for a higher price, with the U.K. telecom company saying late Thursday that more than 75% of Kabel's shareholders had agreed to take its offer. Vodafone shares edged up 0.6% to $33.59.

European miners finished lower amid weaker metals prices. Shares of Anglo American PLC (AAUKY, AAL.LN) dropped 2.1% to $12.47 and heavyweight Rio Tinto PLC (RIO, RIO.LN, RIO.AU) slipped 0.5% to $49.99.

The emerging markets index rose 1.4 points to 271.88 and the Latin American index rose 2 points to 287.13.

Brazil's GOL Linhas Aereas Inteligentes S.A. (GOL, GOLL4.BR) reported its passenger revenue per available seat kilometer, a key airline industry measure of performance, jumped 24% in August, the 17th consecutive monthly PRASK increase. Shares jumped 7.5% to $5.05.

Write to Nathalie Tadena at [e-mail]

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