Ceva Santé Animale Nears Fundraising at €9 Billion Value
French animal health firm Ceva Santé Animale is close to completing its latest funding round that would value the company at €9 billion ($9.7 billion) or more, according to people familiar with the matter.
Téthys Invest SAS, the investment company of the billionaire Bettencourt Meyers family behind L'Oréal SA, and the Mérieux family are poised to increase their stakes, the people said. French health-care focused investment firm Archimed is among new backers in the round, the people said, asking not to be identified as the information is private.
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Hypebeast
26 minutes ago
- Hypebeast
François-Henri Pinault Expected To Be Replaced by Renault CEO Luca de Meo at Kering
Summary Luca de Meo is set to step down from his position as Chief Executive ofRenaultin mid-July to pursue new opportunities outside the automotive to French outlet – Le Figaro, it is rumored that he will take the helm as the new CEO ofKering, the French luxury conglomerate known for iconic brands such as Gucci, Saint Laurent and Balenciaga. Although de Meo has declined to comment, speculation has intensified — particularly after reports emerged last week suggesting thatFrançois-Henri Pinault, the current Chairman and CEO of Kering, is preparing to relinquish his role and retain his position as Chairman while bringing in new leadership to steer the group. Fueling further speculation, Kering abruptly canceled a scheduled event with financial analysts set for Monday, June 16th, 2025. Kering has also recently faced mounting challenges, particularly with Gucci. Once considered their 'cash cow,' Gucci has seen asignificant declinein sales and profitability. Kering's share price has plummeted by over 60% in the past two years, and the company is currently managing more than €10 billion EUR (approximately 11.5 billion USD) in debt. Luca de Meo is widely credited with revitalizing Renault during his five-year tenure achieving economies of scale by implementing cost-cutting initiatives, shifting focus toward electric vehicles and restructuring the brand's alliance with Nissan. His proven track record has led many to believe he is being tapped to execute a similar turnaround strategy at Kering — especially as the group looks to reignite momentum at Gucci. Kering has not confirmed the reports at the moment.
CNBC
2 hours ago
- CNBC
Europe is trying to woo Southeast Asia — but it won't win it over the U.S. or China
European leaders are looking to Southeast Asia with renewed interest amid Washington's aggressive tariff agenda, but experts warn that the state of regional trade ties makes it challenging to disrupt the U.S. or China's hold. Southeast Asia is in a predicament: its ally China is ramping up its advances in the South China Sea, with state-of-the-art Chinese bomber planes. spotted in the disputed Paracel Islands in the region late last month as tensions flare with the Philippines. Meanwhile, its other ally, the U.S., hangs the threat of tariffs over the world, with uncertainty mounting as a 90-day reprieve is set to expire in July. Europe is now seizing the opportunity to surface as an alternative ally to emerging Asian nations, with French President Emmanuel Macron calling for stronger ties between the blocs at the 2025 Shangri-La Dialogue that wrapped up earlier this month. Southeast Asia brings Europe the opportunity to access another market for its defense sector, according to Bob Herrera-Lim, managing director at Teneo. Ifri's Pajon adds that the region could also provide Europe a diversified supply chain to hedge against economic reliance on the U.S. or China and significant raw material reserves essential for the EU's green and digital transition. Europe is ambitious in its hopes for emerging Asia, but analysts nevertheless doubt it can overtake the U.S. or China's influence in the region. "Europe, on its own, can offer Southeast Asia a valuable option to hedge against the risks of overdependence on either China or the United States," Céline Pajon, head of Japan and Indo-Pacific Research at Ifri's Center for Asian Studies, told CNBC by email. While ties span more than half a century, Southeast Asian and European relations have been mired in various challenges that Teneo's Herrera-Lim attributes to factors such as geographic distance and diverging views over politics or the environment. In his keynote speech at the 2025 Shangri-La Dialogue, Macron called for stronger ties between Europe and the Indo-Pacific's "new special relationship." He stressed that both blocs are facing the "potential erosion of long-time alliances" and the threat of countries vying for control or resorting to force, drawing direct parallels between China's advances in the South-China Sea and Russia's invasion of Ukraine. Yet similar experiences alone might not be enough to sway emerging Asia away from the U.S. or China, according to Herrera-Lim. "Form follows function in Southeast Asia," he told CNBC in a call, "Relationships are built on economic ties in Southeast Asia, more than anything else." While the EU has trade ties with Singapore and Vietnam, talks for other bilateral deals or an EU-ASEAN wide free trade agreements (FTA) have been stalled for years, and Ifri's Pajon said that the bloc "still has progress to make" in increasing its presence and investment in the region. Meanwhile, Beijing remains the Southeast Asia's largest trading partner since 2009, with total goods in trade reaching $982.3 billion in 2024. The U.S. follows behind in second place, with an estimated $476.8 billion goods in trade last year. The EU trails behind in third place, with roughly 258.7 billion euros ($299.7 billion) of goods in trade over the same period. Without any meaningful reform or the promise of increased trade in the future, Herrera-Lim said that it will be difficult for Europe to compete against the bloc's established trading partners. "If in the next week or next month, China says, 'We're doing reforms so that domestic markets are opened up in China for Southeast Asian goods,' [then] Southeast Asian countries would line up to get access to the Chinese market. Independent of their politics around many of these issues," he said. While Europe might not be able to replace the U.S. or China in emerging Asia, it can nevertheless offer transparent, reliable partnerships that aren't about zero-sum competition, Lizza Bomassi Research Analyst at the European Union Institute for Security Studies (EUISS), told CNBC by email. "Europe's value proposition lies in being a reliable partner in critical areas like energy security, green infrastructure, and digital governance," she said, "These are areas where Southeast Asian countries want to diversify and build resilience, especially given concerns about overdependence." Ifri's Pajon said that strengthening ties with Europe would allow Southeast Asia to diversify its strategic partnerships and enhance their capacity to resist hegemonic pressures. "The presence of more partners, including Europe, raises the diplomatic and reputational costs for China to escalate [territorial disputes in the region], particularly given Beijing's emphasis on a 'peaceful rise'," Bomassi said. "In this context, the EU-ASEAN partnership isn't about hard military deterrence, but it serves as a crucial symbolic defence mechanism. It reinforces that Southeast Asia isn't isolated and has multiple partners, making the region more resilient to coercion," she added.
CNBC
2 hours ago
- CNBC
Shares of Gucci-owner Kering pop 7% on reports de Meo will be next CEO
Shares of French fashion house Kering popped 7% on Monday on reports that it has appointed industry outsider Luca de Meo as group CEO. It comes as the owner of beleaguered brands Gucci and Saint Laurent embarks on the latest phase of its turnaround effort. Auto veteran de Meo's departure as CEO of Renault was confirmed Sunday, with the French carmaker saying in a statement that he was stepping down "to take on new challenges outside the automotive sector." De Meo's move to Kering was first reported by French newspaper Le Figaro on Sunday. Kering declined to comment on the reports when contacted by CNBC. Kering shares were trading up 7.2% by 8:34 a.m. London time as investors and analysts cheered the reports. Renault shares, meanwhile, shed 7%. "Brand management and marketing are [de Meo's] forte, which dovetails with what the luxury industry does," Bernstein analysts wrote in a note Monday. De Meo is seen as having a strong track record, having worked in the auto sector for over 30 years, including at Toyota, Fiat and Volkswagen. The Italian is largely credited with Renault's turnaround during his five years at the helm, with shares up over 90% over the period. The challenges facing the luxury sector nevertheless loom large, with Kering among the biggest laggards as shoppers have fallen out of love with its star Gucci label. Kering shares have shed over 60% in the last two years, sparked by a series of profit warnings and designer changes at Gucci. Kering's current CEO and chairman François-Henri Pinault, a member of the family that controls the group, has held the top jobs for two decades but is actively working on his succession, according to Reuters, citing sources. Pinault reportedly intends to split the roles of chair and CEO, according to the sources. It was unclear whether he will remain chair. Thomas Chauvet, senior equity analyst at Citi, commended de Meo's turnaround of Renault, including his embrace of technological innovation and the brand's elevation. However, he noted that the challenges of the prospective new role would be significant. "Execution of luxury brand turnarounds has become more complex, lengthy, costly, and far less public-market-friendly, reflecting consumer preference for top brands rather than those in transition and significant P&L disruption from greater investment commitment," he wrote in a note. "There is still a considerable amount of work ahead at Gucci and Saint Laurent ... to rejuvenate both brands and generate a steady stream of revenue and cash flow for the group, which, if achieved, could result in significant multiple re-rating," he added.
