By THE NEW YORK TIMES
June 16, 2017
We’re following major market developments throughout the day.
What to Watch For: E.U. Finance Ministers Meet
• European Union finance ministers meet in Luxembourg a day after E.U. officials agreed to unlock 8.5 billion euros, or $9.5 billion, for Greece to ensure it meets a huge debt payment next month.
• The Federal Reserve Bank of Dallas president, Robert Kaplan, delivers a speech in Dallas at 12:45 p.m. Eastern time.
• The Bank of Japan held its benchmark interest rate steady, but signaled that it was confident an economic recovery was gaining momentum.
• Don’t forget to read the DealBook Morning Agenda.
Société Générale Unit Raises $1.3 Billion
Société Générale said on Friday that the initial public offering of ALD, its auto leasing and fleet management arm, raised 1.16 billion euros, or about $1.3 billion.
The offering of 80.8 million shares, or about 20 percent of the company, was priced at €14.30 a share, Société Générale said.
Shares of ALD rose 1.6 percent in early trading in Paris on Friday.
“We are delighted with the success of the I.P.O. of ALD, which is a key milestone for the strategic development of our subsidiary,” Frédéric Oudéa, the French bank’s chief executive, said in a news release.
Société Générale has said that the listing would allow ALD to gain greater visibility, as well as better capacity to pursue growth opportunities in the corporate and business to consumer markets. — CHAD BRAY