By THE NEW YORK TIMES
June 6, 2017
We’re following major market developments throughout the day.
What to Watch For: G.M.’s Annual Meeting
• Results of a fight between General Motors and the hedge fund Greenlight Capital will be announced at the automaker’s annual shareholder meeting in Detroit. The fund wants to split the automaker’s stock and change its board of directors.
• Don’t forget to read the DealBook Morning Agenda.
German Food Delivery Company Plans I.P.O.
Delivery Hero, a German online-ordering company, said on Tuesday that it planned a listing in the coming months on the Frankfurt Stock Exchange.
The company, which was founded in Berlin in 2011, said that it planned to raise 450 million euros, or about $507 million, in its offering of new shares.
“Going public and listing our shares on the stock market will further enable us to develop the company and provide us with additional capital to expand our leadership positions in the online food ordering and delivery market,” Niklas Östberg, the Delivery Hero chief executive, said in a news release.
Delivery Hero has more than 6,000 employees and provides delivery services in more than 40 countries.
About 35 percent of the company is indirectly held by Rocket Internet, the German technology company, and about 10 percent is held by Naspers, the South African internet company and technology investor.
Citigroup, Goldman Sachs and Morgan Stanley are acting as joint global coordinators on the offering.