|Bid||69.84 x 0|
|Ask||69.88 x 0|
|Day's Range||68.46 - 70.16|
|52 Week Range||31.26 - 72.18|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||24.32|
|Earnings Date||Oct 31, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||42.06|
Bird Rides, which pioneered electric-scooter sharing in California, is in talks to buy Circ, a German rival that is led by one of Europe’s most prominent tech entrepreneurs. Circ, which was co-founded by Lukasz Gadowski, who was also a co-founder of online food company Delivery Hero, has been seeking a buyer after struggling to raise the new funds it needs to continue its expansion, according to several people familiar with the two companies’ discussions. , which is widely seen as leading in Europe, these people said.
Delivery Hero harnessed strong demand from convertible bond investors to raise more than €2bn on Wednesday, snagging cheap funding for the acquisition of its South Korean rival Woowa Brothers. The German ...
(Bloomberg) -- South Korean e-commerce giant Coupang Corp. is preparing for an initial public offering as soon as 2021, according to people with knowledge of the matter.The Seoul-based company, founded in 2010 by Chief Executive Officer Bom Kim and said to be valued at $9 billion in late 2018, has begun working on tax structuring among other changes as it eyes a public listing next year, said one of the people, who requested anonymity because the matter is private. A company representative declined to comment.Last month, Coupang -- whose investors include SoftBank Group Corp.’s Vision Fund, BlackRock Inc. and Sequoia Capital -- appointed Alberto Fornaro as chief financial officer to succeed Richard Song. Earlier in 2019, it hired Jay Jorgensen, a former Walmart Inc. executive, as general counsel and chief compliance officer.SoftBank’s shares were up as much as 3.8% in Tokyo in the wake of the news.In November 2018, the Vision Fund invested $2 billion in the company in a deal that valued Coupang at $9 billion, people familiar with the matter said at the time. That funding followed $1 billion from SoftBank itself in 2015, valuing the startup at about $5 billion.Korea’s e-commerce market is the fifth-largest in the world and on track to be the third-largest by 2021, behind only China and the U.S., according to Coupang.Coupang had more than $10 billion in gross merchandise value on its platform as of Dec. 31, according to a person familiar with the company. Sales increased more than 60% year over year in 2019, the person said.Kim, a Harvard University dropout, had mulled an IPO a few years ago, he told CNBC in December, but opted instead to expand the business with a nationwide fast delivery network. In spite of intense competition from EBay Inc.’s Gmarket and family-run conglomerates such as Shinsegae Inc. and Lotte, Coupang has successfully expanded its shopping and delivery services with SoftBank’s investment.Though still unprofitable, Coupang has been pushing a growth narrative when talking to investors and in the summer it launched Coupang Eats as an extension of its delivery services. When South Korea’s biggest food delivery app Woowa Brothers Corp. sold an 87% stake to Delivery Hero SE, it alluded to Coupang Eats as a strong challenger.“Assuming Coupang lists shares in the U.S., it might get a conservative valuation as a loss-making unicorn, owing to WeWork’s IPO failure,” said SK Securities analyst Yoo Seung-woo.(Updates with analyst comment and SoftBank share price)To contact the reporters on this story: Giles Turner in London at firstname.lastname@example.org;Gillian Tan in New York at email@example.com;Sohee Kim in Seoul at firstname.lastname@example.orgTo contact the editors responsible for this story: Alan Goldstein at email@example.com, Andrew Pollack, Vlad SavovFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
South Korean restaurant owners expressed concern on Monday over food delivery giant Delivery Hero's proposed $4 billion acquisition of its local rival, saying the move could undermine competition and lead to higher fees. Delivery Hero, the second-largest food delivery app operator in South Korea, said last month that it agreed to buy larger rival Woowa Brothers backed by Goldman Sachs in a deal subject to antitrust approval. The combination of the two giants would create an entity with a combined market share of nearly 99% in food delivery apps, according to data from mobile big data platform IGAWorks.
(Bloomberg) -- Amazon.com Inc.’s purchase of a minority stake in U.K. food startup Deliveroo faces a British probe in another sign of mounting antitrust scrutiny of American tech giants.The Competition and Markets Authority said Friday it’s opening an in-depth investigation of Amazon’s investment of about $500 million, saying it risked a “substantial lessening” of competition “in the supply of online food platforms in the U.K. and in the supply of online convenience groceries.”The regulator now has until June 11 to rule on the deal after the companies didn’t offer remedies to allay its earlier concerns over the tie-up.Many were surprised by the CMA’s initial decision to investigate the transaction because the agency doesn’t typically review minority acquisitions. Lawyers said scrutiny of the deal may be down to growing fears about monopolies in Big Tech that have been allowed to go unchecked in the past.Deals like Facebook Inc.’s 2014 acquisition of WhatsApp sailed through with relatively little antitrust oversight at the time, but are now raising questions among regulators who see large tech companies leverage user data from those acquisitions in other areas to boost their market power.“A homegrown U.K. business like Deliveroo should have broad access to investors and supporters,” an Amazon spokesman said in an emailed statement. He added the company believes the investment “will lead to more pro-consumer innovation by helping Deliveroo continue to build its world-class service and remain competitive in the restaurant food delivery space.”The in-depth probe comes as competition heats up in the global food delivery market.The likes of Uber Technologies Inc.’s Uber Eats platform are going up against a proliferation of apps for a share of the fast-growing sector, while other players are consolidating.Dutch groups Prosus NV and Takeaway.com NV have been vying to take over British food delivery firm Just Eat Plc, while Germany’s Delivery Hero SE in December said it would take control of South Korea’s biggest food delivery app, Woowa Brothers Corp.In an emailed statement, Deliveroo said it was “confident that we will persuade the CMA of the facts that this minority investment will add to competition, helping restaurants to grow their businesses, creating more work for riders, and increasing choice for customers.”(Updates with Amazon comment in sixth paragraph)\--With assistance from Aitor Ortiz, Diana Gomes and Jonathan Browning.To contact the reporters on this story: Eddie Spence in London at firstname.lastname@example.org;Natalia Drozdiak in Brussels at email@example.comTo contact the editors responsible for this story: Christopher Elser at firstname.lastname@example.org, Peter Chapman, Nate LanxonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Just Eat Plc chose a revised offer by Takeaway.com NV to merge and spurned a final all-cash bid by Prosus NV, which appears all but set to lose the drawn-out fight to claim ownership of the British food-delivery firm.The U.K. company on Friday said its board recommended Takeaway’s final offer because it would deliver greater value to Just Eat shareholders than Prosus’s final revised bid. Just Eat has also rejected Prosus’s previous bids.Takeaway said Thursday it increased its offer to 916 pence per share, with Just Eat holders to own 57.5% of the combined group. Just moments before, Amsterdam-listed Prosus increased its cash offer to 800 pence per share, valuing the company at about 5.5 billion pounds ($7.2 billion). Both companies said these were their final offers and they would not be increased.“Just Eat continues to believe that the combination with Takeaway.com is based on a compelling strategic rationale that allows shareholders to participate in the upside potential of the enlarged group,” Just Eat said in a statement, adding that it recommended shareholders take no action on the Prosus offer.In a statement Friday, Prosus said its cash offer remains open but that it doesn’t plan to buy Just Eat shares in support of the offer.“We have always stated that we would remain disciplined with respect to price on acquiring Just Eat,” Prosus Chief Executive Officer Bob van Dijk said.Takeaway shares have continued to drop in Friday trading, down around 2% to around 78.10 euros in the mid-afternoon. Prosus shares were up 0.8% to 66.29 euros a share.So far, a collection of investors have also been vocal in their support of Takeaway’s bid. Cat Rock Capital Management, which owns shares in both Takeaway and Just Eat, said Takeaway’s offer is a “win-win for both companies,” and urged Just Eat shareholders to “join us in accepting this final Takeaway.com offer at the earliest possible opportunity.”Aberdeen Standard Investments, a Just Eat shareholder, also said it welcomed Takeaway’s improved offer.“The combined business will be a global leader in the strongly growing online food delivery market and we want to retain exposure to its exciting long-term potential, rather than taking a cash offer for Just Eat and walking away,” said Andrew Millington, head of U.K. equities at Aberdeen.Read More: Takeaway.com Tipped as Winner in Just Eat Bid War: Street WrapShareholders have until Jan. 10 to make up their mind. Takeaway said it has received acceptances and commitments of around 41.09% of Just Eat’s shares and reduced its acceptance condition for the deal to a majority of 50% plus one Just Eat share.Next StepsProsus has argued that it has the resources to make the significant investments in Just Eat necessary for it to stay competitive, while Takeaway believes that it actually knows how to run a food delivery startup, rather than just own one.However, the two bids have been further complicated after shares of Takeaway on Thursday dropped as much as 10% after the final bids were announced, cutting the amount those backing the Takeaway deal would receive. Shares in Prosus rose just over 1%.“We have brought forward our best and final offer for Just Eat,” Takeaway CEO Jitse Groen said in a statement. “We believe it provides Just Eat shareholders with tremendous upside.”“Takeaway.com’s improved all-stock merger terms for Just Eat -- to be sweetened with 50% of the cash proceeds from its iFood stake sale -- is more likely to be accepted by the 50% threshold of shareholders by Jan. 10 (vs. 13.5% currently). The implied value of 916 pence a share tops Prosus’ raised cash offer.”Diana Gomes, BI consumer analystBrazil’s iFoodTakeaway also said it would now explore the exit of Just Eat’s 33% stake in Brazil-based iFood, in which Prosus also invested, adding it would return around 50% of the net proceeds to shareholders of the combined group.The companies are vying for Just Eat as competition heats up in the global food delivery market. Giants like Uber Technologies Inc.’s Uber Eats platform are going up against a proliferation of apps for a share of the fast-growing sector. Other players are consolidating, such as Germany’s Delivery Hero SE, which last week said it would take control of South Korea’s biggest food delivery app, Woowa Brothers Corp., at a $4 billion valuation.(Updates with Prosus reaction)\--With assistance from Lisa Pham.To contact the reporters on this story: Natalia Drozdiak in Brussels at email@example.com;David Hellier in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Giles Turner at email@example.com, Nate LanxonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Abu Dhabi’s sovereign wealth fund Mubadala is placing a bet on the growing demand for food delivery platforms with an investment in Spanish startup Glovo.Mubadala was the lead investor in Glovo’s 150 million euro ($167 million) funding round closed Wednesday, according to a statement, bringing its valuation to over $1 billion. Other backers in Barcelona-based Glovo included Drake Enterprises, Lakestar and Idinvest, all of which were already investors.This was the third round in which Glovo raised more than 100 million euros over the past 17 months, as it seeks to bolster its position in the booming food delivery sector by expanding into new markets and increasing its software development teams. Glovo operates in 26 countries.Investors are flocking to delivery companies, as consolidation unfolds across the globe. On Dec. 13, Delivery Hero SE acquired South Korea’s Woowa Brothers Corp for $4 billion, while rival Takeaway.com NV is in a bidding war with Naspers Ltd. spin-off Prosus NV for British delivery app Just Eat Plc.Over the past year, Glovo drew attention from rivals including Uber Technologies Inc. and Deliveroo. The Spanish startup has also been weighing the possibility of holding an initial public offering, people familiar with the matter have said.Like a number of its rivals, Glovo is not solely focused on food delivery, but is also open to other types of products and is rolling out so-called darkstores from which it services groceries and other products to clients. The company has seven in four cities and plans to open 100 by 2021.To contact the reporter on this story: Rodrigo Orihuela in Madrid at firstname.lastname@example.orgTo contact the editors responsible for this story: Giles Turner at email@example.com, Nate LanxonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Seoul and South Korea may well be the secret startup hub that (still) no one talks about. While often dwarfed by the scale and scope of the Chinese startup market next door, South Korea has proven over the last few years that it can — and will — enter the top-tier of startup hubs. Case in point: Baedal Minjok (typically shortened to Baemin), one of the country’s leading food delivery apps, announced an acquisition offer by Berlin-based Delivery Hero in a blockbuster $4 billion transaction late this week, representing potentially one of the largest exits yet for the Korean startup world.
(Bloomberg Opinion) -- As food delivery companies gobble up their competitors around the world with mounting haste, the firms’ customers risk being left with scant choice when it comes to ordering nosh online. Regulators need to take notice.On Friday, Germany’s Delivery Hero SE agreed to buy Woowa Brothers Corp. in a deal valuing the South Korean company at $4 billion. The acquisition is a coup for Delivery Hero Chief Executive Officer Niklas Oestberg. The shares in his firm jumped as much as 23% after the announcement to their highest since its 2017 initial public offering.It’s just the latest in a series of efforts to consolidate the online food delivery industry. Much of the capital for the Woowa deal is funded by Delivery Hero’s own 930 million-euro ($1 billion) divestment of its German operations to Takeaway.com NV, which created a monopoly in that market. In the U.S., DoorDash Inc. bought Square Inc.’s Caviar app for $410 million in August. Meanwhile in the U.K., Takeaway.com and tech investment firm Prosus NV are scrapping to acquire Just Eat Plc.The very reason executives are eager for these deals is also why they warrant close examination from antitrust police. In order to be profitable, companies need either to charge consumers more, take a bigger royalty cut from restaurants or reduce costs by using big data to anticipate demand and improve operational efficiencies. A combination of all three of these things is even better. Less competition will enable just that.While few food delivery companies are profitable right now, they have one thing in their favor: the market remains relatively small. That means that it’s easier to push through takeovers which could give them a monopolistic position. It depends what regulators decide is the scope of the relevant market. In a conference call with analysts, Oestberg sought to deflect antitrust concerns by pointing to the overall size of South Korea’s food service market of 85 billion won ($94 billion). Delivery Hero and Woowa had combined gross order volumes in Asia as a whole of just 5.2 billion euros last year. On that basis, their market share looks like a drop in the ocean. Oestberg also argued that lots of Koreans still order takeaways by telephone rather than online or through an app. The Woowa takeover will, however, give Delivery Hero near total control of South Korea’s online food delivery market, a move that’s patently not in the interest of the country’s consumers. Indeed, in justifying the deal, Oestberg indicated that the reduced competition would mean both firms could reduce the amount they spend on marketing. Woowa meanwhile takes a far smaller royalty cut from its restaurants than the Delivery Hero — revenue represented just 6.5% of the gross merchandise value in the nine months through September. The German firm’s sales hit 19% on that measure in the same period.Should regulators approve the deal, the combined company will have far more scope to take a bigger cut from restaurants and charge consumers more for delivery, while controlling the market will let it use data to predict purchasing patterns and anticipate customer demand more efficiently. That helps justify the price it’s paying, which equates to about eight times Woowa’s 2019 sales, assuming that growth in the fourth quarter is in line with the rest of the year. Takeaway.com agreed to pay 8.9 times sales for Delivery Hero’s German arm last year, according to Bloomberg Intelligence analyst Diana Gomes. The anticipation of a monopoly position that allows more pricing power justifies the high multiples.The size of the deal means it will trigger an investigation by the Korea Fair Trade Commission. That body would do well to follow the lead of Britain’s Competition and Markets Authority, which is erring on the side of caution by pushing back against Amazon.com Inc.’s plan to invest in Deliveroo — it’s concerned that the two could fuse their networks of couriers. Otherwise, we risk the world’s food delivery companies divvying up the spoils market by market before dinner has even been served.To contact the author of this story: Alex Webb at firstname.lastname@example.orgTo contact the editor responsible for this story: Melissa Pozsgay at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Alex Webb is a Bloomberg Opinion columnist covering Europe's technology, media and communications industries. He previously covered Apple and other technology companies for Bloomberg News in San Francisco.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
SEOUL/FRANKFURT (Reuters) - Germany's Delivery Hero agreed a $4 billion deal to buy South Korea's top food delivery app owner Woowa Brothers, ratcheting up consolidation in the industry as it expands in Asia's fast-growing but crowded market. Woowa said it fell into the arms of its rival as "a survival strategy" in an intensely competitive market. For Delivery Hero, now worth over 11 billion euros ($12 billion) after listing at a value of 4.4 billion euros two and a half years ago, buying Woowa expands its presence in Asia as Europe becomes more competitive.
(Bloomberg Opinion) -- It’s the worst nightmare of supermarkets and food delivery firms alike: Amazon.com Inc. turbocharging its grocery business with a network of couriers who can have grub on your doorstep within an hour.So you can see why Britain’s competition regulator has decided to challenge the e-commerce giant’s planned investment in Deliveroo, the U.K. rival to UberEats. The Competition and Markets Authority needs to tread carefully, though, as denying the funds to Deliveroo might inadvertently make it less able to compete in the food delivery business. That would be an unfortunate outcome.Back in May, Deliveroo announced a $575 million funding round led by Amazon. On Wednesday, the CMA determined that the investment might hurt competition in U.K. food delivery. It has given the companies five days to offer remedies, and it will launch a deeper probe if they don’t.The CMA’s concerns are warranted. While Amazon shuttered its British restaurant delivery operations last year, it remains interested in the market. The Deliveroo investment is a way of staying in the game; the American company is no doubt interested in the British business’s tens of thousands of riders. The two are also rivals in grocery deliveries, so forging a closer alliance would discourage them from competing. That’s a risk for delivery rival Ocado Group Plc and supermarket chains such as J Sainsbury Plc and Tesco Plc.A lengthy CMA investigation might be a problem, though, because of Deliveroo’s pressing capital requirements. A probe probably wouldn’t complete until the second quarter of next year, according to Bloomberg Intelligence analyst Aitor Ortiz. By then Deliveroo will have waited a year to receive its investment. If previous form is a guide, it needs that money. In 2018 Deliveroo burned through almost 200 million pounds ($263 million) of cash. If it has been spending at a similar clip this year, it might be nearing the bottom of its pile.There are plenty of remedies that might be acceptable to the CMA: An assurance from Amazon that it won’t try to buy Deliveroo for five years; a pledge not to integrate delivery services; and Amazon refraining from taking a board seat. If such concessions remove Amazon’s rationale for the investment, then it should back out. At least that would give Deliveroo an earlier opportunity to find different funding.The CMA will have one eye on what happened recently in the German food delivery market, where Takeaway.com NV acquired the local businesses of Delivery Hero SE, giving it more than 90% market share. But it can afford a degree of lenience in this case. It could still block any merger, should that materialize. Delaying Deliveroo’s access to funds would probably hold the company back in its market scrap with UberEats and Just Eat Plc.Regulators have been poor at anticipating the market-cornering impact of deals in the past, most famously Facebook Inc.’s acquisition of Instagram and Google’s $3.2 billion purchase of DoubleClick. Scrutinizing Amazon is right and proper, and a commitment not to integrate Deliveroo’s courier network would be a fair condition. But unless a full merger is on the table, the CMA mustn’t overdo things.To contact the author of this story: Alex Webb at firstname.lastname@example.orgTo contact the editor responsible for this story: James Boxell at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Alex Webb is a Bloomberg Opinion columnist covering Europe's technology, media and communications industries. He previously covered Apple and other technology companies for Bloomberg News in San Francisco.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
German food delivery company Delivery Hero said it expects to grow its adjusted core earnings in the Middle East and North Africa while still investing in the region in 2020, and that Europe would break even for the full year. Chief Financial Officer Emmanuel Thomassin told investors at the Morgan Stanley Technology, Media and Telecoms conference on Thursday that the firm had not given guidance for 2020 because it was still finalising budgets and considering proposals. The company said last month it expected to reach adjusted EBITDA breakeven in Europe in the fourth quarter of 2019.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Prosus NV Chief Executive Officer Bob van Dijk is on to something big with his bid for Just Eat Plc, and he isn’t going to let it get away easily.The giant Naspers Ltd. spinoff officially filed its hostile offer for Just Eat on Monday, going up against both a unanimous rejection from Just Eat’s board, and a rival bid from Takeaway.com NV that was supposed to close by the end of the year.“In terms of opportunity, the food space is very, very, very large,” Van Dijk said in an interview prior to the bid. It’s “probably the largest opportunity I’ve run into in my lifetime.”Read more about the rival bids for Just Eat here.Just Eat would be a key piece in building out Prosus’s take out empire. Begun in 2013 with a $2 million investment in Brazil’s iFood, since 2016 it has invested about $2.8 billion in the sector. The company also has holdings in India’s Swiggy and Germany’s Delivery Hero SE, but it doesn’t want to stop there.An acquisition of Just Eat would result in a combined presence in more than 50 markets, and a number one position in 40 of those, according to Prosus. In Brazil, the deal would combine with Just Eat’s existing stake in iFood. Prosus is giving investors until Dec. 11 to accept the 710 pence per share deal.Prosus is keen to sell the idea that its food investment companies all get along rather than cannibalize each other. Swiggy CEO Sriharsha Majety said in an interview prior to Prosus’ bid for Just Eat that his team will sometimes hold calls with other Prosus companies if they think they solved a similar problem in a more effective way. Similarly, Fabricio Bloisi, chief executive of Movile, which owns iFood, said he was inspired by how Swiggy built kitchens where restaurants cook meals exclusively for delivery orders.Last year, Prosus sent a task force of as many as 40 people to Brazil to help iFood develop a new artificial-intelligence strategy, helping the company reduce prices by predicting where and when people will want a certain dish.If it succeeds in acquiring Just Eat, Prosus plans to make significant investments in product innovation, technology and delivery capabilities to ensure the delivery company maintains its market position.“Just Eat’s under investment in the sector has lead to them losing market share, and having its share price under pressure,” Van Dijk said in a conference call on Monday. “We have been speaking to shareholders on how the business is doing and what the long-term potential is - and the investment required to take it there.”Read about Just Eat’s latest earnings report here.Takeaway.com’s selling point is that it actually knows how to run a food delivery startup, rather than just owning one. Both the management of Just Eat and Takeaway.com are betting that their combined experience in turning a profit -- in an industry scattered with loss-making startups -- will help convince shareholders that it can fight off sizable rival startups that may also join forces.The fight over Just Eat comes amid an increasingly competitive landscape around the world for services that pick up or prepare meals and deliver them to customers’ front doors. Increased smartphone adoption, as well as innovations in mapping, logistics and other technologies have driven down the costs of online food delivery and helped catapult growth in the sector in recent years.Still, margins can be tight and startups are going up against tech giants including Uber Technologies Inc. to strike deals with the most popular restaurants and keep customers happy.While some Just Eat investors have complained about both the 710 pence-per-share cash offer from Prosus and Takeaway’s all-stock offer, currently valued at about 627 pence, neither company has indicated that they’d raise the bid.For now, it’s down to the shareholders to make up their mind. Aberdeen Standard Investments, which holds about 5% of Just Eat, said that Prosus needs to increase its offer by 20%. The investor also wanted Takeaway to increase its bid. Eminence Capital, which holds about 4%, in September said Takeaway’s bid undervalued Just Eat and that it planned to vote against that deal.“I can fully understand that the current cash values of both our and the competing offer aren’t particularly appealing to the Just Eat shareholders, and seem to be quite far removed from the fair value of Just Eat,” Jitse Groen, CEO of Takeaway.com, said in a statement posted on the company’s website on Monday. “We do however believe that the agreed merger ratio between Just Eat and Takeaway.com is appropriate.”(Updated to reflect time of interview.)\--With assistance from Loni Prinsloo.To contact the reporter on this story: Natalia Drozdiak in Brussels at firstname.lastname@example.orgTo contact the editors responsible for this story: Giles Turner at email@example.com, Amy ThomsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The Berlin-based company said it recorded a ramp-up in order volumes helped by its own delivery capabilities and targeted customer acquisition investments. It raised its full-year revenue guidance to 1.44 billion-1.48 billion euros ($1.61 billion-$1.65 billion) from 1.3 billion-1.4 billion euros. Delivery Hero shares were up about 4.5% in early Frankfurt trading.