BT.A Bt Group Plc

International stocks trading in New York closed slightly higher Tuesday.

The BNY Mellon index of American depositary receipts rose 0.2% to 141.14. The European index increased 0.4% to 129.40. The Asian index was nearly flat at 166.51. The Latin American index rose 0.3% to 252.51. And the emerging-markets index remained flat at 313.42.

AstraZeneca PLC (AZN), BT Group PLC (BT) and Diageo PLC (DEO) were among those with ADRs that traded actively.

AstraZeneca's Chief Executive Pascal Soriot told senators that the company would be prepared to reduce its list prices by an equivalent amount to the behind-the-scenes discounts that it offers insurers and other middlemen, less the fees attached to them. That move would be an extraordinary cut in prices; these discounts, known as rebates, averaged around 50% of gross revenue, Dr. Soriot said in his testimony. Still, that promise only would hold under a sweeping overhaul of the drug-pricing system, according to the AstraZeneca chief. ADRs of AstraZeneca rose 1.2% to $41.98.

BT Group shareholders risk a dividend cut when CEO Philip Jansen unveils in May his strategy for the British telecommunications company, Berenberg says. "We believe he will outline a pro-investment, pro-growth vision and repair political and regulatory relations at the start of his tenure. We do not think BT has the cash flow to be able to do this without risk to the dividend," analysts at the investment bank say. Prioritizing investment over the dividend may be right for the company's long-term interests, but its share price is too expensive to be patient, the bank says. Berenberg cuts the stock to hold from buy. ADRs of BT Group fell 1.7% to $14.79.

Diageo said Tuesday that it approached China's Sichuan Shuijingfang Company Ltd. with a proposal to increase its stake in the company to 70% from 60%. The stake increase would be achieved through a partial tender offer at 45.00 Chinese yuan ($6.72) a share, the FTSE 100 beverage company said. Diageo said the outlined proposal doesn't constitute an offer and creates no obligation to make an offer. The proposal is still under discussion and there is no certainty any offer will be made, the owner of Johnnie Walker whisky and Tanqueray gin brands said. ADRs of Diageo rose 0.4% to $157.01.

(END) Dow Jones Newswires

February 26, 2019 17:44 ET (22:44 GMT)

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