By THE NEW YORK TIMES
June 5, 2017
We’re following major market developments throughout the day.
What to Watch For: Apple Developers Conference
• Apple’s Worldwide Developers Conference begins in San Jose, Calif. Tim Cook, the company’s chief executive, is to deliver the keynote address, introducing software updates, and maybe even hardware products.
• Don’t forget to read the DealBook Morning Agenda.
Société Générale Plans I.P.O. of Autos Unit
The French bank Société Générale said on Monday that it planned an initial public offering of ALD, its auto leasing and fleet management arm.
Including a potential overallotment of shares, the offering could raise as much as 1.62 billion euros, or $1.82 billion. Société Générale expects to price the offering at €14.20 to €17.40 a share.
The listing would allow ALD to gain greater visibility and better capacity to pursue growth opportunities in the corporate and business-to-consumer markets, the bank said.
Société Générale would seek to sell up to 23 percent of the business in an offering on Euronext in Paris and would remain the controlling shareholder of the business following the listing.
ALD is expected to begin trading in Paris on June 16.
Shares of Société Générale declined about 1 percent in early trading in Paris on Monday. — CHAD BRAY