ADR Shares End Lower; Novartis, Randgold Resources Shares Active

International stocks trading in New York closed lower Wednesday, with the Bank of New York index of American depositary receipts dropping 1.2% to 144.51. The European index fell 1.2% to 144.23, the Asian index slipped 0.8% to 140.40, the Latin American index declined 1.7% to 251.92 and the emerging markets index fell 1.5% to 252.92. Among companies with shares that actively traded were Novartis AG (NVS, NOVN.VX) and Randgold Resources Ltd. (GOLD, RRS.LN).

Novartis is exploring "unique structures" that may include joint ventures or other types of collaboration for its smaller businesses, Chief Executive Joe Jimenez said as the Swiss pharmaceutical giant reported fourth-quarter earnings that narrowly missed expectations. Shares slipped 0.4% to $79.27.

Randgold Resources said its Loulo-Gounkoto gold mining complex is likely to beat a revised production target for 2013, driven by a strong management team which is delivering on all its operational objectives. Shares rose 3.7% to $70.54.

Barclays PLC (BCS, BARC.LN) became the fourth European bank to make a financial warning, saying it will set aside an extra GBP330 million to cover litigation and regulatory charges in the fourth quarter. Shares fell 0.9% to $18.16.

Germany's Deutsche Bank AG's (DB, DBK.XE) Co-Chief Executive Juergen Fitschen confirmed the lender is on track to reach its profitability targets and plans to strengthen its capital over the next year as it grapples with cleaning up legacy problems including a litany of lawsuits and the need for cultural changes. Still, shares fell 2.1% to $49.53.

Oil major BP PLC (BP, BP.LN) said production has started at the West Chirag platform on the Azeri-Chirag-Gunashli field in the Azerbaijan sector of the Caspian Sea, completing the Chirag oil project which was sanctioned in 2010. Shares edged down 0.4% to $47.27.

Brazilian banking group Itau Unibanco Holding SA (ITUB, ITUB3.BR, ITUB4.BR) confirmed it would take control of CorpBanca SA (BCA, CORPBANCA.SN), Chile's fifth-largest bank by assets, highlighting the increased interest of Brazilian lenders to expand across stable markets in the region. Itau shares fell 3.6% to $11.95, and CorpBanca shares dropped 16% to $16.35.

Royal Dutch Shell PLC (RDSA, RDSA.LN) said it is selling its 23% interest in the Parque das Conchas (BC-10) project offshore Brazil, to Qatar Petroleum International for $1 billion. Shares edged down 0.1% to $70.50.

Chinese online game developer Shanda Games Ltd. (GAME) said its board created a special committee of independent directors to evaluate a "go private" proposal for the company. Earlier this week, the firm disclosed it received a nonbinding takeover bid from a group led by its controlling shareholder that values the company at $1.9 billion. Shares slipped 0.8% to $6.35.

Write to Anna Prior at [e-mail]

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