Friday's Financial Winners & Losers

Shares of Fairfax Financial Holdings(FFH Quote)rose Friday after the Toronto-based financial services holding company began an underwritten public offering to sell 9 million shares of Odyssey Re Holdings'(ORH Quote) common stock.

Fairfax, which will continue to own a majority of the shares of Odyssey Re after the offering, said it intends to use the proceeds from the proposed offering for general corporate purposes. That could include repurchases of its outstanding debt or shares, the company said. Odyssey Re won't receive any proceeds from the sale of the shares. Shares of Fairfax were trading up $2.41, or 1.3%, to $187.56. Odyssey Re gained a penny to $38.20.

Equity Office Properties Trust(EOP Quote) gained after the Chicago-based real estate investment trust was upgraded by UBS to neutral from reduce. Earlier this week, Equity Office agreed to be purchased by an affiliate of private-equity firm The Blackstone Group for $48.50 per share in a deal valued at $36 billion. Shares rose 15 cents to $48.73 Friday.

Dallas-based commercial real estate company Trammell Crow(TCC Quote) said the U.S. Federal Trade Commission terminated the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, clearing the way for the company's acquisition by CB Richard Ellis Group(CBG Quote). Shares of Trammell Crow gained 7 cents to $49.30.

NYSE Group(NYX Quote) and Euronext selected French financier Sylvain Hefes to balance their board between European and American directors. Euronext also set Dec. 19 as the date when its shareholders can vote on the two companies' proposed merger at a special meeting in Euronext's hometown of Amsterdam. Hefes formerly worked as a banker at Goldman Sachs and is now an adviser at banking group Rothschild. NYSE shares were trading up 22 cents to $109.18.