ADRs in Focus: Asian miners rise on M&A talk

Shares of U.S.-traded mining companies based in Asia rose on Wednesday amid speculation that a Chinese entity is trying to build a stake in Australian mining giant BHP Billiton Ltd.

BHP, which has offered to buy Britain's Rio Tinto Ltd., gained $4.01, or 4.6 percent, to $91.80. The stock hit an all-time high of $92.58 during the session.

American Depositary Shares of Rio Tinto, which produces aluminum, copper and iron, rose $19.40, or 3.8 percent, to $536.50. The stock topped out at $540.85, an all-time high, as speculation lingered that BHP will raise its takeover bid for Rio Tinto.

Rio Tinto says BHP needs to raise its offer. In February, BHP made a hostile, all-stock bid, then valued at $147.4 billion. BHP Billiton is offering 3.4 of its shares for each Rio Tinto share.

Elsewhere in the sector, China's Yanzhou Coal Mining Co. rose $3.46, or 3.6 percent, to $100.90, and Lihir Gold Ltd. slipped 2 cents to $27.70.

The Bank of New York Asia ADR Index, which tracks shares of companies based in China, India, Australia and others, rose 2.33 points, or 1.4 percent, to 166.12. ADR stands for American Depositary Receipt, which is a security designed to allow U.S. investors to trade shares of companies based overseas.

Japan's Nikkei stock average rose 1.18 percent.