UniCredit Bid for Banco BPM Is Paused for 30 Days by Regulator
The last-minute decision — a day before the offer period expires on Wednesday — will give the lender more time to end uncertainty over conditions imposed by the government on a deal, the people said, asking not to be identified because the decision has yet to be announced.
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Yahoo
5 hours ago
- Yahoo
Maziar Mike Doustdar appointed as president and chief executive officer of Novo Nordisk
Bagsværd, Denmark, 29 July 2025 – Novo Nordisk today announced that Maziar Mike Doustdar has been appointed as president and chief executive officer, effective 7 August 2025. Mike Doustdar succeeds Lars Fruergaard Jørgensen, who will step down as president and chief executive officer on the same date. The company also announced other executive-level changes, effective 7 August. Mike Doustdar, currently Novo Nordisk's executive vice president of International Operations, has a strong track record of creating value and driving growth. Under his leadership over the past decade, Novo Nordisk's International Operations have more than doubled sales to approximately DKK 112 billion in 2024. The business includes all of Novo Nordisk's affiliates outside of the US and employs nearly 20,000 people. Novo Nordisk Chair, Helge Lund, said: 'Mike is an exceptional leader and has the unanimous support of the Board. We are confident that he is the best person to lead Novo Nordisk through its next growth phase. Mike has consistently demonstrated the ability to drive growth through strong commercial execution and building high-performing teams. This is an important moment for Novo Nordisk. The market is developing rapidly, and the company needs to address recent market challenges with speed and ambition. I believe Novo Nordisk will build on its strengths as a global leader in obesity and diabetes, and Mike has a clear vision of how to unlock the full potential of the opportunities ahead.' Mike Doustdar has been appointed as the result of a comprehensive process that included external and internal candidates. The Novo Nordisk Foundation fully endorses Novo Nordisk Board's decision to appoint Maziar Mike Doustdar as president and chief executive officer. Mike Doustdar said: 'It's an enormous privilege to lead this company at a time of tremendous opportunity and change. I come to this role with a sense of urgency, a laser focus on high performance, and a fierce determination for Novo Nordisk to aim higher than it's ever done, and to deliver to many more patients the innovation they need. From my decades in leadership roles across Novo Nordisk, I know the extraordinary talent and commitment of our people and the excellence of our science. This has enabled us to achieve great things in the past and will ensure we continue to do so in the future.' Novo Nordisk Chair, Helge Lund, added: 'Under Lars's leadership, Novo Nordisk has undergone a profound period of growth and now reaches millions more patients with life-changing medicines. On behalf of Novo Nordisk's Board of Directors and our employees, I want to thank Lars for 34 years of unstinting commitment to the company and wish him all the best in his future endeavours.' Other organisational changes effective 7 August: Research & Early Development and Development EVP areas will be merged into a combined R&D Nordisk has decided to merge the company's Research & Early Development with its Development area into a new, consolidated R&D unit, under the leadership of Martin Holst Lange, MD, PhD. Martin Holst Lange, currently executive vice president, Development, will be appointed chief scientific officer (CSO), effective 7 August. Martin Holst Lange will focus on seamlessly combining the two functions, quickly advancing the innovation of new therapies and ensuring the success of the early and late-stage pipelines, with a significant focus on the diabetes and obesity areas. In addition, Martin Holst Lange will work closely with Mike Doustdar to drive pipeline development and innovation from both within and outside of the company. Marcus Schindler, executive vice president, Research & Early Development and CSO, has decided to retire from the company. Novo Nordisk Chair, Helge Lund, said: 'We thank Marcus for his deep commitment to Novo Nordisk and its pursuit of scientific excellence. We wish him all the best for the future.' Marcus Schindler joined Novo Nordisk in January 2018 as senior vice president of External Innovation and Strategy and has been CSO since 2021. Marcus Schindler has played an integral role in leading the discovery of early scientific innovation. He will remain at Novo Nordisk for a short period to ensure a successful transition. Emil Kongshøj Larsen, currently senior vice president of the Europe and Canada region (EUCAN), will join Executive Management and succeed Mike Doustdar, assuming the responsibility of executive vice president, International Operations. Emil Larsen currently leads a region spanning 40 countries, accounting for about 20% of Novo Nordisk's global sales. He has previously led other significant business areas throughout Europe, Africa and the Middle East, as well as Commercial Affairs and Strategy in International Operations. With these changes, Executive Management will have the following members, effective 7 August: Maziar Mike Doustdar, president and CEO* Thilde Hummel Bøgebjerg, EVP, Quality, IT & Environmental Affairs Emil Kongshøj Larsen, EVP, International Operations Ludovic Helfgott, EVP, Product & Portfolio Strategy Karsten Munk Knudsen, EVP, chief financial officer* Martin Holst Lange, EVP, chief scientific officer, Research & Development David Moore, EVP, US Operations Tania Sabroe, EVP, People, Organisation and Corporate Affairs Henrik Wulff, EVP, CMC & Product Supply * Registered as an executive with the Danish Business Authority. About Maziar Mike DoustdarMike Doustdar became senior vice president of International Operations in 2013, a business that includes 80 affiliates - all of Novo Nordisk's commercial affiliates outside of the US. Novo Nordisk's International Operations had sales of approximately DKK 112 billion in 2024 and serve approximately 35 million patients. Prior to this role, Mike led Novo Nordisk's Southeast Asia and Oceania commercial area out of Malaysia, following on from his leadership of the Middle East business. Prior to this, he was general manager based in Turkey and held leadership roles in finance and IT. Mike Doustdar became executive vice president in 2015. He is a member of the Board of Directors of Orion Corporation. Conference CallNovo Nordisk will host a conference call for investors at 14.30 CEST on 29 July 2025, corresponding to 8.30 am EST. For more information on how to listen, please visit the investor section of There will be a conference call for media at 16.00 CEST, which corresponds to 10.00 am EST. Novo Nordisk is a leading global healthcare company founded in 1923 and headquartered in Denmark. Our purpose is to drive change to defeat serious chronic diseases built upon our heritage in diabetes. We do so by pioneering scientific breakthroughs, expanding access to our medicines and working to prevent and ultimately cure disease. Novo Nordisk employs about 77,400 people in 80 countries and markets its products in around 170 countries. Novo Nordisk's B shares are listed on Nasdaq Copenhagen (Novo-B). Its ADRs are listed on the New York Stock Exchange (NVO). For more information, visit Facebook, Instagram, X, LinkedIn and YouTube. Contacts for further information Media: Ambre James-Brown +45 3079 9289abmo@ Liz Skrbkova (US)+1 609 917 0632lzsk@ Investors: Jacob Martin Wiborg Rode+45 3075 5956jrde@ Sina Meyer +45 3079 6656azey@ Max Ung+45 3077 6414 mxun@ Frederik Taylor Pitter +1 609 613 0568fptr@ Publication of inside information pursuant to Market Abuse Regulation, Article 17 Company announcement No 19 / 2025 Attachment CA250729-CEO-succession
Yahoo
5 hours ago
- Yahoo
The Nutriment Company acquires cat food supplier Purrform
Acquisitive pet-food group The Nutriment Company has snapped up another UK business, buying cat-food supplier Purrform. Financial terms were not disclosed. In a statement, The Nutriment Company said the deal 'adds a new dimension of species-specific expertise to its brand portfolio'. Founded in 2011, Purrform offers recipes said to closely mirror a cat's natural prey-based diet. According to The Nutriment Company, it uses 100% human-grade meat, offal and bone, free from preservatives or additives. The Stockholm-headquartered group believes Purrform's acquisition 'comes at a strategic time' as cat ownership is rising across Europe. Citing FEDIAF, a trade body representing the European pet food industry, The Nutriment Company said approximately 108 million cats live in European households, highlighting the 'significant market potential for natural nutrition tailored specifically for cats'. As part of The Nutriment Company, Purrform's products are expected to become 'more available in retail' with support from the wider group's 'extensive distribution network', reaching stores across the UK and continental Europe. Anders Kristiansen, CEO of The Nutriment Company, said Purrform's 'heart-felt dedication to crafting species-appropriate, high-quality meals for cats aligns perfectly with our mission'. He added: 'We are excited to help scale Purrform's impact and bring their unique offering to more cat owners across Europe.' Veronique Ornech, founder and managing director of Purrform, added under the new owners 'the brand will not only remain true to its roots but reach exciting new heights'. She added: 'Together, we are not just continuing the journey, we are accelerating it.' Backed by Nordic PE investor Axcel, The Nutriment Company offers 'natural premium' pet food under brands such as Dibo, Barfgold, and AniForte. Purrform is the latest in a series of acquisitions in 2025. The company purchased Graf Barf, a German private-label pet-food business, from CDS Hackner in June. Graf Barf's acquisition came two months after The Nutriment Company acquired BAF Petfood from the German company Fressnapf. In April, The Nutriment Company took over Bulmer Pet Foods, a UK-based firm. Additionally, in February, the pet-food supplier expanded into the Spanish market by acquiring Puromenu, a producer of raw pet food. "The Nutriment Company acquires cat food supplier Purrform " was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 hours ago
- Yahoo
Stellantis to absorb $1.7 billion in tariff costs in back half of the year
Big Three automaker Stellantis (STLA) updated its first half financials after releasing preliminary figures last week, noting that President Trump's tariffs cost 1.5 billion euros ($1.73 billion) in 2025. Stellantis did however re-instate financial guidance for the year. Stellantis — which counts brands like Ram, Jeep, Fiat, and Alfa Romeo in its product portfolio — said it revenues in the first half of 2025 to come in at 74.3 billion euros ($86.13 billion), down 13% year over resulting in a net loss of 2.3 billion euros ($2.67 billion). Last year in the same period Stellantis reported 5.6 billion euros ($6.48 billion) in net profit. Stellantis said adjusted operating income (AOI) came in at 500 million euros ($579.6 million), with cash flows from operating activities slipping to a loss of 2.3 billion euros ($2.67 billion). With that said, Stellantis now projects new guidance for the second half of the year expects to see increased net revenues, low-single digit AOI profitability, and improved industrial free cash flow results. Stellantis said this assumes current tariff and trade rules in place as of July 29, 2025. Stellantis stock was down 4% in the pre-market. "2025 is turning out to be a tough year, but also one of gradual improvement. Signs of progress are evident when comparing H1 2025 to H2 2024, in the form of improved volumes, Net revenues, and AOI, despite intensifying external headwinds," new CEO Antonio Filosa said in a statement. Stellantis said last week that it absorbed approximately 300 million euros ($347.77 million) in tariff-related costs as well as loss of planned production in the first half of the year. Only two months ago, Stellantis selected Filosa, a 25-year veteran of the company and current Americas COO, as its new chief executive. His tenure began on June 23, with interim CEO John Elkann remaining as executive chair. Filosa has his hands full repairing the Stellantis business. For the second quarter, Stellantis said global deliveries fell to 1.447 million units from 1.537 million a year ago, down 6%. Sales tumbled in the US 25%, while the greater European region saw sales drop 6%. Stellantis has been trying to pare bloated inventories in the US with pricing incentives and production cuts, and those measures have helped. But the big question remains, at least in the US, of the effect of auto sector tariffs targeting Canada and Mexico production. Stellantis makes several vehicles in Canada and Mexico, where 25% sector tariffs apply to all imports, in addition to auto parts tariffs. Last quarter, Stellantis idled production at plants in Canada and Mexico as a result of tariffs. Read more: 5 ways to tariff-proof your finances A just-announced US-EU tariff deal could help Stellantis, but issues including unpopular vehicles and existing tariffs for Canadian and Mexican imports will still be a problem. Pras Subramanian is the lead auto reporter for Yahoo Finance. You can follow him on X and on Instagram. Sign in to access your portfolio
