ADR Shares Closer Lower; Latin American Shares Lead Declines

   By Mia Lamar 
 

International companies trading in New York closed lower Monday, driven by declines for Latin American shares.

The Bank of New York index of ADRs fell 0.3% to 140.81.

Banking shares in Brazil were among decliners amid talk that Banco Bradesco SA (BBD, BBDC4.BR, BBDO) had given up on plans to acquire credit-card operator Credicard from Citigroup Inc. (C) for $1.5 billion. U.S.-listed shares of Banco Bradesco fell 1.8% to $16.24.

The Latin American index fell 0.4% to 324.13 and the emerging markets index rose 0.1% to 282.65.

Elsewhere in Brazil, utility shares slumped. State-run Centrais Eletricas Brasileiras SA (EBR, ELET6.BR) was the biggest decliner, falling 3.2% to $2.41. Shares of Companhia Energetica de Minas Gerais (CIG, CMIG4.BR), or Cemig, fell 1.3% to $10.57.

The Asian index fell 0.1% to 143.66.

Chinese solar stocks closed mixed following reports the European Union is poised to slap import duties on solar panel equipment made in China, sparking one of the largest trade battles of recent decades.

European producers say the rise of Chinese manufacturers like Suntech Power Holdings (STP, K3ND.SG) has been fueled by unfair pricing and subsidies provided by the Chinese government. Suntech shares fell 1.1% to 60 cents Monday.

The European index fell 0.4% to 132.80.

Spanish shares declined after data showed activity in the country's services industry shrank in April at its fastest rate since the end of last year. Shares of heavily-indebted telecom Telefonica SA (TEF, TEF.MC) fell 1% to $14.71.

Write to Mia Lamar at [e-mail]