SAN FRANCISCO (MarketWatch) -- U.S.-listed shares of overseas companies rose Monday as Wall Street rallied on a number of M&A developments, including a $4 billion deal involving Brazilian petrochemical company Braskem and speculation that Dutch banking firm ABN Amro is in merger discussions with Barclays PLC.
The Bank of New York Composite ADR Index rose 1.3% to 165.76, with the Latin America sub-index a solid contributor, up 2% to 275.54.
Brazilian ADRs led the rise on that index, with Braskem the top percentage gainer in the ADR market, up 17% at $15.03. Braskem agreed to acquired oil company Ipiranga as part of a consortium with oil giant Petrobras (PBRpetroleo) and Ultrapar Participaceos.
Shares of Petrobras were up 2.3% at $88.17.
Behind Braskem in terms of percentage gainers was ABN Amro (ABN) , whose shares jumped 9.8% at $39.79.
Speculation that ABN is in deal talks with Barclays PLC (BCS) heated up following press reports in Europe over the weekend that the two are discussing a tie-up, which would create a banking entity with a market cap of $156 billion. See full story.
Barclays, the U.K.'s third-largest bank, said it will issue an announcement early Tuesday to clarify its position. Its U.S.-listed shares were down 0.6% at $53.18 in afternoon trading.
Shares of other companies that have been previously linked to possible deals with ABN traded higher. Spain's Banco Bilboa Vizcaya Argentaria (BBV) rose 1.8% to $23.84; Banco Santander (STD) gained 2% at $17.71; and ING Groep (ING) rose 2.1% to $40.85.
Also in deal news, Ericsson (ERIC) shares climbed 2.6% to $36.35 after the Swedish telecom equipment maker said 87.4% of Tandberg Television shareholders have accepted its offer for the Norwegian digital television technology provider. See full story.
Meanwhile, shares of Ericsson's competitor Nokia Corp. (NOK) moved up 1.2% to trade at $22.12 after the mobile-phone giant said it's filed complaints against Qualcomm Inc. (QCOM) over patents in Germany and the Netherlands.
Nokia said if its claims succeed that "Qualcomm would be prevented in Europe from enforcing its respective patents in relation to Nokia handsets incorporating such chipsets."
Elsewhere, Chinese ADRs were higher after China's central bank, in a widely expected decision, raised rates for the third time in less than a year as policymakers aim to cool economic growth.