KPS Is Said to End Talks With Warburg on Gerresheimer Bid
KPS Capital Partners has decided against teaming up with Warburg Pincus on a potential joint bid for Gerresheimer AG, people familiar with the matter said, adding uncertainty to a deal for the German maker of packaging for drugs and cosmetics.
KPS has decided against pursuing a deal after holding discussions with Warburg Pincus and conducting due diligence, the people said, declining to be identified because the information is private. A bid from Warburg Pincus alone could prove difficult, some of the people said.
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Coalition of the willing to reconvene ‘in weeks' as UK pushes Russian oil cap
Sir Keir Starmer and Volodymyr Zelensky will convene a meeting of the so-called 'coalition of the willing' in the coming weeks, Downing Street said as the UK pushed for allies to tighten the oil price cap on Russia. The Prime Minister on Tuesday announced a series of measures aimed at ramping up pressure on Vladimir Putin as he continues to resist calls for an unconditional ceasefire in Ukraine. Speaking to reporters on the sidelines of the G7 summit in Canada, Sir Keir said he 'strongly' believes that restrictions on the price of Russian crude oil should be strengthened to deplete its energy revenues. He also dismissed suggestions that plans, led by Britain and France, for a 'coalition of the willing' to send peacekeeping troops to Ukraine were dead in the water as progress towards a potential truce stalls. In a bilateral meeting with the Ukrainian president on the sidelines of the leaders' conference on Tuesday, the two leaders 'agreed to drive forward the next stage of military support', Number 10 said. 'Their meeting followed an extensive session with wider partners, focused on maintaining momentum to secure a just and lasting peace for Ukraine,' the readout said. 'The Prime Minister and president agreed to drive forward the next stage of military support – adding that a strong Ukraine is essential to guarantee peace in the long term. 'They agreed to convene the next coalition of the willing meeting in the coming weeks. 'They also discussed ramping up the economic pressure on Putin, with the Prime Minister updating the president on the new sanctions announced by the United Kingdom today. 'They agreed there should be no place to hide for those who fund Putin's war machine.' Mr Zelensky said they had agreed that 'to force Russia to end this war, coordinated sanctions by all G7 countries are needed against their energy and banking sectors, shadow fleet, and military-industrial complex'. Britain announced sanctions on 20 Russian oil tankers as well as measures to tighten the net around companies managing the vessels, with Downing Street saying the UK would also seek to 'move with partners' to tighten the energy price cap. A wider package of measures which Sir Keir suggested would be forthcoming from leaders gathered at the summit in the Canadian Rockies is yet to materialise after splits opened up in the approach to Russia on Monday. Allies face an uphill struggle to lower the cap from the existing rate of 60 dollars per barrel after Donald Trump signalled his reluctance to impose further measures on Moscow. The US president suggested he wanted to wait to 'see whether or not a deal is done' with Ukraine before targeting the Kremlin with further action. Speaking to reporters with him in Kananaskis, Sir Keir was asked if tightening the oil price cap would be possible without the backing of Washington. 'Obviously today we're going to focus on Ukraine,' Sir Keir said. 'We've got President (Volodymyr) Zelensky coming in. We're putting in extra sanctions today, including sanctions on the shadow fleet. 'Others will be doing, similar actions in coming days. And so that does ramp up the pressure. 'On the oil price, obviously, we're still looking at how we're going to make that work. But I strongly believe that we have to put those sanctions in place. We're having those discussions with President Zelensky today.' Talks to broker a possible peace in Ukraine have stalled as Moscow continues to pound the country with missile and drone attacks and holds out on US-backed proposals for an unconditional truce. Meanwhile, the UK and France have been leading efforts to assemble a so-called 'coalition of the willing' made up of nations prepared to send peacekeeping troops to Kyiv to enforce a potential ceasefire. Asked whether those plans were dead in the water, Sir Keir told reporters: 'On the coalition of the willing, no, not at all. That is obviously intended to answer the question, how do you ensure that if a deal is reached, a deal is kept so it's a lasting deal? 'Because the concern, has always been, that there have been deals, if you like, before, Putin has then subsequently breached them. 'So how do you stop that happening again? And the military planning is still going on, as you would expect, so that, when the time comes, we're ready to act.' Mr Zelensky is attending the G7 conference in Kananaskis, along with leaders from Canada, the US, France, Italy, Japan, Germany and Britain. 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Kering names new CEO
This story was originally published on Fashion Dive. To receive daily news and insights, subscribe to our free daily Fashion Dive newsletter. Kering has appointed Luca de Meo as CEO, according to a Monday press release. He was previously CEO of France-based automotive company Renault, which he announced his departure from on June 15. De Meo succeeds Kering chairman François-Henri Pinault, who formerly held a dual role of chairman of the board of directors and CEO. This decision to split up the roles of CEO and chairman was initiated by Pinault, per the release. The leadership change comes as losses continue to mount for Kering. In April, the Gucci owner posted a Q1 revenue decline of 14% to 3.9 billion euros, or about $4.4 billion at the time. Revenue fell 12% in fiscal 2024. The executive changes are expected to take effect subject to approval from the board of directors, who will vote following a Kering shareholder meeting on Sept. 9. If his appointment is approved, de Meo will take office on Sept. 15. 'After twenty years of transforming Kering into a major global luxury player, the Group is ready for a new stage in its development,' Pinault said in the release. 'From 2023, I launched a reflection on the evolution of the Group's governance. It was in this context that I met Luca de Meo. His experience at the helm of an international listed group, his sharp understanding of brands, and his sense of a strong and respectful corporate culture convinced me that he is the leader I was looking for to bring a new vision and steer this chapter in our Group's history.' De Meo comes to Kering after spending 30 years working in the automotive industry, per the release. During time as CEO at Renault, he helped engineer a turnaround, according to a press release announcing his exit. De Meo began his career at Renault before leaving to hold positions at Toyota Europe, Fiat, Volkswagen Group and Audi. He returned to Renault in 2020. 'I would like to thank François-Henri Pinault and the Board of Directors for choosing me to lead Kering into this new phase of development,' de Meo said in the Kering release. 'I am approaching this new professional challenge with enthusiasm, eagerness, and confidence, inspired by the strength of the Group's brands and the expertise of its people. I am convinced that together we will continue to make Kering an essential player in the luxury industry.' Last year, Kering appointed new CEOs at Saint Laurent, Balenciaga and Gucci. The company also named a new deputy CEO in 2023. Recommended Reading Gucci names new artistic director 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
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Single ticket-holder from Ireland wins 250 million EuroMillions jackpot
A single ticket-holder from Ireland has won the 250 million euro EuroMillions jackpot, the Irish National Lottery said. The winning numbers from Tuesday's draw, which had rolled over several times, are 13, 22, 23, 44 and 49, with lucky stars 3 and 5. 'The EuroMillions jackpot of 250 million euro has been won in Ireland,' the Irish operator said on X. The EuroMillions jackpot is capped once it reaches 250 million euros – or £208 million. In total, more than 92,000 players in Ireland won prizes in the EuroMillions and Plus games.
