How can ADR be issued in other countries?

[OD864]

Hi guys,
I’ve always thought ADRs are only issued in the US for foreign companies. Well I’ve came across Teva Pharmaceuticals, an Israeli company and apparently they have a wide range of ADRs issued on foreign exchanges (TEV GR in germany, TEV MM in Mexico, etc). Can anyone shed some light on this?
Thanks,
OD

 

[S2000magician]

Seems odd.

 

[sailor]

They are not ADR’s but are DR’s. In Germany they are GDRs, in much of Europe EDRs, Latin America generally refers to tehm as DRs. In general all the same animal but many products lump everything into ADR as it is the most recognized and all of the asset types share the same characteristic and similar structure.