By THE NEW YORK TIMES
June 19, 2017
We’re following major market developments throughout the day.
What to Watch For: ‘Brexit’ Talks Open
• Formal talks began in Brussels on Britain’s withdrawal from the European Union. Britain hopes to strike a deal before leaving the bloc in March 2019.
• Wilbur Ross, the United States commerce secretary, gives a welcome address at the start of a two-day investment summit meeting in Washington, and will moderate a panel on business and economic trends with Mary Barra, the chief executive of General Motors.
• The International Paris Air Show opens. The event, which runs all week, will see the trans-Atlantic rivals Boeing and Airbus compete for orders.
• Fed Speakers: William C. Dudley, president of the Federal Reserve Bank of New York, holds a business round-table discussion in Plattsburgh, N.Y. and Charles L. Evans, president of the Federal Reserve Bank of Chicago, speaks in New York City.
• Mexico holds an auction for 15 shallow-water oil areas in the Gulf of Mexico, with 26 companies qualified to participate.
• Don’t forget to read the DealBook Morning Agenda.
Online Food Delivery Firm Plans $1 Billion I.P.O.
Delivery Hero, a German online food delivery company, said on Monday that its initial public offering this month could raise about $1 billion.
The company, founded in Berlin in 2011, said it expected to sell as many as 39 million shares, each priced from 22 euros, or about $25, to 25.50 euros, or $28.50, a share.
At the midpoint of the range, the offering would raise 927 million euros, or about $1 billion, the company said. Delivery Hero said it expected to receive €450 million in proceeds from the sale.
“The expected launch of our I.P.O. is an important and exciting next step for us,” Niklas Östberg, the chief executive, said in a news release. “We will continue our successful journey as a listed company and will seek to further expand our global leadership position in the online food ordering and delivery market.”
The shares are expected to begin trading on the Frankfurt Stock Exchange on June 30.
Delivery Hero has more than 6,000 employees and is available in more than 40 countries.
Citigroup, Goldman Sachs and Morgan Stanley are acting as joint coordinators on the offering.