WSJ : Universal Music Shareholder Deals Blow to Bill Ackman’s $65 Billion Bid

Universal Music Shareholder Deals Blow to Bill Ackman’s $65 Billion Bid
Bollore’s CEO encourages Universal to reject the Pershing Square Capital bid

  • Bollore Group called on Universal Music Group to reject a $65 billion bid from Bill Ackman’s Pershing Square Capital.
  • Cyrille Bollore, chief executive of Bollore Group, said the Pershing Square Capital offer undervalued Universal.
  • The Bollore family holds an 18.5% stake and nearly 40% of voting rights in Universal, where shares are down nearly 30%.

Universal Music Group UMG -2.65%decrease; red down pointing triangle shareholder Bollore Group BOL 0.09%increase; green up pointing triangle said it was calling on the record label to reject a $65 billion bid from Bill Ackman’s Pershing Square Capital, a move that could derail efforts from the billionaire to seize the world’s largest music company.

Cyrille Bollore, chief executive of the Bollore Group, said Ackman’s bid undervalued Universal. Pershing Square Capital in April offered 30.40 euros a share in a cash-and-stock deal that values Universal’s current stock outstanding at 55.89 billion euros, equivalent to $65.01 billion.

“I don’t think that this offer is positive. I don’t think it would be positive for the company and I encourage UMG management to reject that offer,” Bollore told shareholders at the company’s annual general meeting on Wednesday.

Pershing and Universal declined to comment. The record label previously said its board was reviewing the proposal.

Bollore’s remarks poured cold water on Ackman’s efforts to land Universal, home to some of the world’s most successful artists, including Lady Gaga, Taylor Swift, Billie Eilish and the Beatles.

The family of French billionaire Vincent Bollore commanded a stake of roughly 18.5% and nearly 40% of voting rights in Universal, according to the music company’s latest annual report. Universal’s other major shareholders include Vivendi and China’s Tencent Holdings and any deal would require a two-thirds vote to pass, according to Pershing Square’s proposal.

“Without Bollore, we don’t have a transaction,” Ackman said in a call with investors on April 7 to present the deal. Universal’s other major shareholders include Vivendi and China’s Tencent Holdings, and any deal would require a two-thirds vote to pass.

Ackman has long sought to get Universal listed in the U.S., saying its stock price had languished due to what Pershing called uncertainty in relation to Bollore’s stake in the company, the underutilization of UMG’s balance sheet and the lack of a publicly disclosed capital allocation plan.

Pershing is seeking to merge Universal with Pershing Square Sparc Holdings, a specially created acquisition vehicle. The new entity would be based in Nevada and would shift its stock listing from Amsterdam to the New York Stock Exchange.

The label has operational headquarters in Santa Monica and corporate headquarters in Hilversum, Netherlands. It started trading on the Euronext Amsterdam in September 2021 after a spinoff from Vivendi.

Universal shares in Amsterdam are down nearly 30% over the past 12 months. Revenue from subscriptions and streaming services boomed during the pandemic when coronavirus restrictions prevented people from attending live concerts. Those services are still resilient, but growth has cooled since pandemic highs.

Last month, the company reported weak revenue and earnings for the first quarter and said it would sell half of its 3.1% equity stake in Spotify Technology and channel funds to buy back shares.

FT : Uber adds to its Delivery Hero stake at €12bn valuation

Uber adds to its Delivery Hero stake at €12bn valuation
Share purchase from Aspex Management steps up US ride-hailing group’s pursuit of German food delivery company

Uber has increased its stake in Delivery Hero to nearly 37 per cent and set a €12bn benchmark for its valuation as the ride hailer steps up its efforts to acquire the German food delivery group.

The San Francisco-based tech company acquired Aspex Management’s 14.6 per cent stake in Delivery Hero earlier this week through a series of share purchases and derivatives, according to three people familiar with the matter.

Uber agreed to pay slightly below €40 per share, valuing Delivery Hero at about €12bn, the people added.

The move is the latest step by Uber in its pursuit of the Berlin-based delivery group, after it previously submitted a takeover offer to the company’s board at €33 per share. Uber’s board met on Saturday to discuss a higher offer, which would have valued Delivery Hero at more than €11.5bn.

One person familiar with Uber’s thinking said the company was still weighing whether to pursue a formal tender offer for Delivery Hero and that a decision was probably “weeks away”.

Uber had pledged to compensate Aspex if it agreed to purchase Delivery Hero at a higher price, the people added.

After the acquisition from Aspex, Uber now holds an economic interest close to 37 per cent, it disclosed in a filing on Wednesday, up from 25 per cent.

It controls 24.99 per cent of Delivery Hero’s voting rights, strengthening its position to block any rival attempt to acquire it while staying just below the legal threshold for a foreign investment review by the German government as well as merger controls.

Under German law, only voting rights attached to shares or physically settled derivatives count towards the 30 per cent threshold, which would mandate a takeover offer.

The FT previously reported that DoorDash had considered an approach for Delivery Hero’s 80 per cent stake in Middle Eastern delivery app Talabat.

Delivery Hero’s share price has risen almost 100 per cent in the past month due to speculation of a potential takeover attempt. Uber’s share price has retreated more than 4 per cent over the past week.

Any transaction would add to growing consolidation in the global food delivery market after DoorDash’s £2.9bn takeover of Deliveroo and the €4.1bn acquisition of Just Eat Takeaway by Prosus last year.

Prosus, which was previously Delivery Hero’s largest shareholder with a 27 per cent holding, has forfeited its voting rights and agreed to sell down its stake to “single digits” as part of a deal with EU antitrust authorities to allow the Just Eat takeover.

The Amsterdam-based group, which holds a 16.8 per cent stake in Delivery Hero, had been lobbying Brussels in recent weeks for a waiver of that agreement, according to people familiar with the matter.

If granted, Prosus could attempt to block an Uber takeover attempt.

Prosus chief executive Fabricio Bloisi told the FT in December that the EU was at risk of becoming “irrelevant in terms of technology” due to its antitrust rules. The group has criticised European regulators for opening the door for an American takeover of Delivery Hero.

Uber, Aspex, Prosus and Delivery Hero declined to comment.

FT : For ailing Lululemon, going private might not be a stretch

For ailing Lululemon, going private might not be a stretch
The company has essentially no net debt and still generated $1bn in free cash flow last year

It is over a decade since Chip Wilson, founder of Lululemon, suggested that some customers really did not belong in his company’s garments. This was, it’s fair to say, the wrong response to complaints that Lululemon’s yoga pants were too sheer. Yet Wilson has not stopped having opinions — or thinking he has the solution to the group’s problems.

The athleisure mogul stepped down from Lululemon in 2013, but still owns 7 per cent of its stock. He has also spent recent months battling the company to put his three suggestions for directors on the board. On Wednesday, Lululemon agreed to admit two of those candidates. In return, Wilson must stop bad-mouthing the company for 18 months.

Wilson’s public criticisms may have been unwelcome and even possibly unhelpful, but they weren’t unfounded. Shares of Lululemon have fallen 75 per cent from the peak levels hit in 2023. Its founder’s beef has been that the once aspirational marque has become too diluted and basic. A partnership with Walt Disney, for example, does suggest a drift in brand values.


Lululemon’s management concedes its merchandising must improve; a new chief executive will join from Nike shortly. But since Wilson left, annual sales have gone from $2bn to $11bn. There is no simple solution to the challenge of retaining a gilded brand when the market is also under attack from buzzy newcomers such as Vuori and Alo, and public market investors want to see sustained growth.

Shrinking, though, is Lululemon’s near-term reality. Like-for-like sales in its core Americas market fell by 3 per cent in 2025. Analysts expect a 5 per cent contraction in 2026, according to Visible Alpha. More worryingly, its balance of inventories grew by a whopping 18 per cent, a sign that its apparel is not moving as it should, and is a drain on its cash.

When Lululemon was growing, Wall Street proved a huge booster. At the beginning of 2021, the stock had quadrupled in three years, and the company was trading at 50 times estimated year-ahead earnings. That figure has cratered at about 10 times now.

Wilson will now have eyes in the boardroom looking out for his, and all other shareholders’, interests. And if that isn’t enough? Lululemon has essentially no net debt and still generated $1bn in free cash flow last year, suggesting a buyout isn’t out of the question. Wilson’s claim that some customers weren’t meant for his clothing was tin-eared. Apply the premise to Lululemon and the stock market, and it might make more sense.

FT : Uber bid for Delivery Hero would be an odd route to superapp status

Uber bid for Delivery Hero would be an odd route to superapp status
Food delivery group’s taxed operating profit this year is only about 2.4 per cent of its enterprise value

It isn’t hard to see why Uber wants to be “one app for everything.” Piling everything from hotels and cars to shopping and finance on to a single “super app” is tantamount to a giant cross-selling opportunity, and a rich seam of customer behavioural data. But buying Delivery Hero, the €14.2bn food delivery business that Uber has been circling, would be a complicated and expensive way to get closer to boss Dara Khosrowshahi’s dream. 

One problem is that the German group, which biked almost €50bn worth of meals last year in around 65 countries under brands such as Glovo and Foodora, has already markedly risen in price. As one of the last sizeable assets left in a sector that has been consolidating — with Deliveroo acquired by DoorDash and Just Eat Takeaway by Prosus — bid talk has swirled and its shares have roughly doubled over the past month.


That makes it hard for Uber to get anything like value for money. Delivery Hero’s taxed operating profit this year, a proxy for the free cash flow it might generate after making investments in its business, is only about 2.4 per cent of its enterprise value. To get a reasonable return of, say, 10 per cent on an acquisition at these prices, Uber would need to believe it could roughly quadruple Delivery Hero’s operating profit to €2bn. 

To be fair, there are ways Uber could juice those numbers up. One would simply be to wait: Delivery Hero is growing, and is forecast to reach €1bn of operating profit by 2028 on S&P Capital IQ numbers. Another is to take out a chunk of its general and administrative expenses: personnel costs last year were around $2.2bn excluding delivery, reckon Bernstein analysts. If Uber managed to cut a quarter of those, it would get closer to its target.

Khosrowshahi could also sell some of Delivery Hero’s country operations — and might have to in order to get antitrust approval. In Europe, Delivery Hero is lossmaking and Uber already operates in many countries under its own Uber Eats brand. Peddling some of its target’s businesses at a reasonable price might further improve the economics of a transaction.

Beyond that, the hope must be that the two groups combined would grow faster. This is where superapp economics, in theory, kick in. Customers who come for the rides stay for the fries. And if all goes well, a much-improved Delivery Hero then generates lots of extra cash for Uber to plough into its business.

Still, the whole endeavour looks astonishingly laborious. Should Uber continue to pursue its quarry at increasingly high prices, it would start to look less like the hunter and more like the hunted. After all, its existing ride-hailing business faces a threat from self-driving cabs, which could over time outcompete its human drivers. Being willing to spend a lot of time and money to bulk up its less-exposed activities, then, might be a sign of weakness rather than strength.

>>> US Gapping up

Gapping up
In reaction to earnings/guidance:
  • DY +20.8%, APPS +13.7%, BBWI +12.4%, SMTC +10.1%, QFIN +8.6%, DTIL +7.1%, ANF +5.1%, API +4.0%, MOD +2.9%, CPRI +2.3%, BMO +2.0%
Other news:
  • MU +8.6% (Continues to rally following UBS price target increase yesterday to $1625 from $535.)
  • RKLB +7.4% (has successfully passed System Requirements Review for the Space Development Agency's Tracking Layer Tranche 3 (TRKT3) constellation.)
  • FLY +7.2% (Won a $75 million NASA JPL subcontract to deliver four drones to the Moon's south pole.)
  • AMWD +6.9% (FTC closed its investigation of MasterBrand's proposed merger, with closing expected on or about May 28.)
  • IREN +4.8% (Entered a $1.6 billion Dell purchase agreement for air-cooled Blackwell systems supporting its five-year $3.4 billion AI contract.)
  • TSM +4.4% (Lifted by news that NVIDIA to spend $150 bln each year in Taiwan; staff will see a 30% increase in profit sharing, according to Bloomberg)
  • RMBS +4.3% (Announces complete DDR5 9600 client memory module chipset for high-performance CUDIMM, CQDIMM and CSODIMM modules.)
  • ENTG +4.0% (Entered a non-exclusive cross-licensing agreement to help advance EUV lithography for next-generation chip manufacturing.)
  • FUL +4.0% (Issued statement saying board and management value shareholder feedback and have engaged with Ancora.)
  • GCTS +3.9% (Announced strategic partnership with MaxLinear to develop integrated 5G fixed wireless access and converged gateways.)
  • LULU +3.6% (Enters into cooperation agreement with Chip Wilson; Laura Gentile and Marc Maurer to Join Company's Board of Directors.)
  • WS +3.5% (Received German antitrust clearance for the Klöckner acquisition, satisfying final closing condition; deal expected to close June 3.)
  • SSYS +3.1% (Agrees to acquire Markforged from Nano Dimension in an all-cash transaction valued at $42.5 million.)
  • STSS +2.7% (Rebranding as SkyAI and changing its Nasdaq ticker to SKYA effective May 28 while building an agentic finance platform.)
  • STNG +2.6% (Satisfied conditions to earn a 49% working interest in Colombia's Tisquirama block from Ecopetrol.)
  • NN +2.4% (Announces stock offering related to warrants)

>>> US Research Calls I

Research Calls I
  • Upgrades:
    • Advanced Drainage Systems (WMS) upgraded to Overweight from Equal Weight at Stephens, tgt $175
    • BioNTech (BNTX) upgraded to Buy from Neutral at UBS, tgt $135
    • CDW (CDW) upgraded to Overweight from Neutral at JPMorgan, tgt $130
    • Ecolab (ECL) upgraded to Buy from Neutral at UBS, tgt $325
    • FedEx (FDX) upgraded to Overweight from Neutral at JPMorgan, tgt $460
    • Gulfport Energy (GPOR) upgraded to Outperform from Neutral at Mizuho, tgt $252
    • GXO Logistics (GXO) upgraded to Overweight from Equal Weight at Barclays, tgt $65
    • H.B. Fuller (FUL) upgraded to Neutral from Underweight at JPMorgan, tgt $58
    • ICU Medical (ICUI) upgraded to Buy from Hold at Needham, tgt $165
    • Ingram Micro (INGM) upgraded to Neutral from Underweight at JPMorgan, tgt $27
    • Insight Enterprises (NSIT) upgraded to Neutral from Underweight at JPMorgan, tgt $105
    • MGM Resorts (MGM) upgraded to Buy from Hold at Truist, tgt $55
    • MGM Resorts (MGM) upgraded to Overweight from Neutral at JPMorgan, tgt $46
    • MSCI (MSCI) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $700
    • Nayax (NYAX) upgraded to Outperform from Perform at Oppenheimer, tgt $86
    • Par Pacific (PARR) upgraded to Outperform from Neutral at Mizuho, tgt $79
    • Pebblebrook Hotel (PEB) upgraded to Buy from Hold at Truist, tgt $17
    • Phillips 66 (PSX) upgraded to Outperform from Neutral at Mizuho, tgt $212
    • RPM Inc (RPM) upgraded to Buy from Neutral at UBS, tgt $130
    • SanDisk (SNDK) upgraded to Overweight from Equal Weight at Barclays, tgt $2,300
    • TD Synnex (SNX) upgraded to Overweight from Neutral at JPMorgan, tgt $298
  • Downgrades:
    • ACNB Corp. (ACNB) downgraded to Market Perform from Outperform at Hovde Group, tgt $57
    • Dollar General (DG) downgraded to Hold from Buy at Deutsche Bank,t gt $110
    • Endava (DAVA) downgraded to Neutral from Buy at Guggenheim
    • Ferrovial (FER) downgraded to Neutral from Buy at Citigroup, tgt $70
    • First Interstate (FIBK) downgraded to Neutral from Buy at DA Davidson, tgt $39
    • Genesco (GCO) downgraded to Neutral from Buy at Seaport Research
    • Here Group (HERE) downgraded to Neutral from Buy at Citigroup, tgt $2.50
    • HF Sinclair (DINO) downgraded to Neutral from Outperform at Mizuho
    • Kennametal (KMT) downgraded to Underweight from Equal Weight at Barclays, tgt $33
    • Kosmos (KOS) downgraded to Underperform from Neutral at Mizuho, tgt $3
    • Ralliant (RAL) downgraded to Hold from Buy at Vertical Research, tgt $65
    • Sportradar (SRAD) downgraded to Neutral from Overweight at JPMorgan, tgt $16
    • Verra Mobility (VRRM) downgraded to Hold from Buy at Deutsche Bank, tgt $9
    • Verra Mobility (VRRM) downgraded to Market Perform from Outperform at William Blair
    • Verra Mobility (VRRM) downgraded to Neutral from Outperform at Robert W. Baird, tgt $8
    • Verra Mobility (VRRM) downgraded to Underweight from Neutral at JPMorgan, tgt $8
    • Vinci (VCISY) downgraded to Neutral from Buy at Citigroup
    • Westlake (WLK) downgraded to Neutral from Buy at Citigroup, tgt $95
    • Winnebago (WGO) downgraded to Neutral from Buy at Citigroup, tgt $30
    • Xiaomi (XIACF) downgraded to Underperform from Hold at Jefferies
    • Zscaler (ZS) downgraded to In Line from Outperform at Evercore ISI, tgt $155
  • Others:
    • Agilent (A) initiated with an Outperform at RBC Capital, tgt $153
    • Asbury Automotive (ABG) initiated with a Neutral at UBS, tgt $202
    • AutoNation (AN) initiated with a Buy at UBS, tgt $234
    • BioAge Labs (BIOA) initiated with a Buy at Roth Capital, tgt $36
    • CarMax (KMX) initiated with a Neutral at UBS, tgt $42
    • Cellebrite (CLBT) initiated with a Buy at DA Davidson, tgt $20
    • Century Therapeutics (IPSC) initiated with an Outperform at Mizuho, tgt $8
    • Dave (DAVE) initiated with an In Line at Evercore ISI, tgt $260
    • Fervo Energy (FRVO) initiated with a Hold at Jefferies, tgt $42
    • GE Aerospace (GE) initiated with a Buy at Seaport Research, tgt $375
    • Group 1 Automotive (GPI) initiated with a Neutral at UBS, tgt $338
    • Intuit (INTU) resumed with a Buy at BofA Securities, tgt $400
    • Kodiak Gas Services (KGS) initiated with an Overweight at Wells Fargo, tgt $93
    • Lamb Weston (LW) initiated with an Equal Weight at Stephens, tgt $46
    • Larimar Therapeutics (LRMR) initiated with an Overweight at JPMorgan, tgt $9
    • LB Pharmaceuticals (LBRX) initiated with a Buy at Clear Street, tgt $45
    • LeonaBio (LONA) initiated with an Overweight at Piper Sandler, tgt $20
    • Lithia & Driveway (LAD) initiated with a Buy at UBS, tgt $348
    • MapLight Therapeutics (MPLT) initiated with a Buy at UBS, tgt $48
    • MaxLinear (MXL) assumed with a Buy at Benchmark, tgt $125
    • Penske Automotive (PAG) initiated with a Neutral at UBS, tgt $167
    • Pershing Square Inc. (PS) initiated with a Buy at Loop Capital, tgt $49
    • Red Cat (RCAT) initiated with a Buy at H.C. Wainwright, tgt $20
    • Sonic Automotive (SAH) initiated with a Buy at UBS, tgt $90
    • Vertex Pharmaceuticals (VRTX) assumed with a Buy at Truist, tgt $542
    • Workday (WDAY) resumed with a Neutral at BofA Securities, tgt $140

Reuters: Chipmaker X-FAB surges in retail-driven rally as chip frenzy builds

Chipmaker X-FAB surges in retail-driven rally as chip frenzy builds - Reuters News
Sentiment:
Mostly Positive
27 May 2026 02:02:55 PM
 

GDANSK/MILAN, May 27 (Reuters) - Shares of European chipmaker X-FAB XFAB.PA jumped as much as 76% on Wednesday, driven by retail buying amplified by a viral social media post, the latest sign of chip sector frenzy.

There was no obvious specific news behind the surge, but traders cited a post on platform X from the handle Serenity that highlighted X-FAB as an "interesting long idea" tied to photonics and power semiconductors.

"It's being pushed on X," said Stephane Ekolo, equity strategist at TFS Derivatives in London.

X-FAB was not immediately available for comment.

The same handle, also known as @aleabitoreddit, has previously been linked to sharp gains in UK computer hardware firm Raspberry PiRPI.L in February. Since then, its followers have grown to more than 411,000 from around 58,000.

Retail flows appeared to dominate activity, with X-FAB among the most traded stocks on Germany's Tradegate platform, ranking second behind U.S. chipmaker Micron Technology MU.O and ahead of Germany’s Infineon IFXGn.DE.

Paris-listed X-FAB pared gains after briefly reaching a market capitalisation of around 2.06 billion euros ($2.4 billion), roughly three times its value at the start of 2026. By 1127 GMT, the stock was up 35%.

The spike comes against a strong broader rally in semiconductor stocks, fuelled by expectations that AI will drive sustained demand.

SK Hynix000660.KS topped $1 trillion in market value for the first time on Wednesday, joining its memory chip peers Samsung Electronics 005930.KS and Micron.

($1 = 0.8593 euros)

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • JBGS +15.6%, APPS +15.2%, EE +8.2%, RKLB +7.9%, FLY +7.7%, QFIN +6.4%, MU +5.9%, SMTC +5.8%, NN +4.4%, KEN +4.0%, MH +3.9%, IREN +3.9%, SRE +3.5%, GOOD +3.3%, MOD +3.1%, DELL +2.5%, HIMS +2.3%, TSLA +1.8%, UAL +1.3%, NCLH +1.2%
  • Gapping down:
    • VRRM -45.9%, ZS -23.6%, DK -8.5%, MGR -4.8%, ATAT -4.3%, ZTO -3.8%, SB -3.1%, TRS -3.0%, SKM -2.8%, HBNB -2.3%, FCPT -1.9%, JBIO -1.5%

>>> LA LETTRE — 27/05/26 - 🇫🇷 FRANÇAIS & 🇬🇧 ENGLISH

LA LETTRE — 27/05/26

🇫🇷 FRANÇAIS

L’ÉVÉNEMENT

Peugeot Invest — Débuts chahutés pour Édouard Peugeot. Première AG (20 mai, L’Apostrophe, Paris 16ᵉ) sous tension pour le nouveau président du CA, fils de Robert Peugeot (désormais président d’honneur). Holding cotée sur Euronext, contrôlée à 80 % par la famille via les Établissements Peugeot Frères, ~8 % du capital de Stellantis. Grogne des minoritaires sur le titre (–50 % depuis fin 2021) et sur l’implication familiale dans la gouvernance Stellantis. Toile de fond : éviction de Tavares fin 2024, arrivée d’Antonio Filosa (juin 2025), perte >22 Md€ l’an dernier, capi tombée <19 Md€ (vs ~64 Md€ fin 2023). Grégoire Uettwiller (Moneta) : Stellantis est devenu « un boulet » pour Peugeot Invest. Un actionnaire individuel fustige l’absence de la famille aux AG de Stellantis ; Édouard Peugeot (MD chez TowerBrook, 42 ans) plaide pour les débats au sein du board. Jean-François Delcaire (HMG Finance) s’inquiète du barycentre décisionnel glissant vers l’Italie et Detroit. Filosa a dévoilé un plan d’investissement de 60 Md€, avec réductions de capacités en Europe (Espagne, France). — M. Protard

POLITIQUE

Annecy — Un adjoint d’Antoine Armand visé par une plainte pour viol. Enquête préliminaire ouverte (signalement art. 40). Vise Anthony Granger, 1ᵉʳ adjoint du nouveau maire Antoine Armand (ex-ministre de l’Économie, Renaissance). Faits allégués en septembre 2023, au domicile de l’élu, après une soirée alcoolisée ; plainte déposée le 25 avril par un ancien collaborateur (étudiant, 18 ans à l’époque). Signalement initial par la conseillère Cécile Boly. Granger dit ignorer la plainte, n’avoir pas été entendu, et met en garde contre une diffamation. Le parquet ne commente pas « en l’état » ; Armand renvoie vers sa directrice de cabinet, qui n’a pas répondu. — D. Bernard

ENTREPRISES

Orange — La fondation revient à Christel Heydemann. La DG hérite de la présidence de la Fondation Orange, traditionnellement dévolue au président du CA — Frédéric Sanchez (nommé le 19 mai) en est donc privé, contrairement à Jacques Aschenbroich. Refonte des statuts en débat depuis le départ de Stéphane Richard. Heydemann s’appuiera sur sa dircom Caroline Guillaumin. Front juridique : la CFE-CGC veut un représentant au CA et un audit des comptes sous Aschenbroich (la fondation reçoit 7 M€/an + 2,4 M€ de personnel mis à disposition). Encadré : les multiples casquettes de Sanchez (Fives, ex-STMicro, Bureau Veritas — assiduité 58 % en 2025 pointée par OFG, Medef International, Théa Holding) interrogent. — R. Carcan

Casino — 85 M€ réclamés aux administrateurs de l’ère Naouri. Une trentaine d’actionnaires et obligataires, menés par l’avocate Sophie Vermeille (Vermeille & Co), assignent les 12 ex-administrateurs devant le tribunal de commerce de Versailles. Reproche : approbation sans réserve des comptes 2022 (9 mars 2023), <3 mois avant la conciliation, puis passivité. Parmi les visés : David de Rothschild, Josseline de Clausade, Frédéric Saint-Geours. Assignation de 260 pages, remise le 22 mai ; risque de mise en jeu des assurances RC dirigeants in solidum. S’ajoute à une action contre la société Casino (Kretinsky), où les demandes passent de ~30 à ~150 M€. — S. Lecluse

DÉFENSE & AÉRONAUTIQUE

Antidrones — Alta Ares et Destinus sur la ligne de départ (programme Elisa, DGA). Marché « tueur de Shahed » de 18,7 M€. Alta Ares (Hadrien Canter, X-Wing Interceptor) et le néerlandais Destinus ont remis leurs offres ; Harmattan AI (200 M€ levés avec Dassault, drone Gobi) pourrait s’aligner. Objectif : alternatives low-cost aux Mica de MBDA (600 000 €/pièce) face aux Shahed et Gerbera russes (~30 000 €). Sélection express en deux mois : 8 candidats, puis 4 lauréats, pour ~1 000 intercepteurs. — M. Fauroux

MÉDIAS

AMI Labs — L’avant-garde parisienne de Yann Le Cun. La licorne AMI (Advanced Machine Intelligence), portée par l’ex-patron de la recherche IA de Meta, vise les world models (« quatrième révolution » post-LLM). Structure PengyouCo immatriculée fin 2025 (d’abord au nom de Gérard Lebrun, 88 ans, père du futur PDG Alexandre Lebrun). Levée de 1,03 Md$ (valo >3 Md$), ~40 salariés (Paris, NY, Singapour, Montréal). Noyau ex-Meta : COO Laurent Solly, CRIO Pascale Fung, CSO Saining Xie (ex-Google DeepMind, à NY). Large écurie d’investisseurs français : Dassault, AFM (Mulliez), Xavier Niel, Aglaé (LVMH), Zebox (CMA CGM), Artémis, Bpifrance, Publicis, Daphni. — byline non visible sur le PDF

🇬🇧 ENGLISH

THE EVENT

Peugeot Invest — Bumpy start for Édouard Peugeot. First AGM as board chairman (20 May) saw minority shareholders attack the stock (–50% since end-2021) and the family’s role in Stellantis governance. Holding is 80%-family-controlled via Établissements Peugeot Frères, holds ~8% of Stellantis. Backdrop: Tavares ousted end-2024, Filosa in since June 2025, >€22bn loss last year, market cap down to <€19bn (vs ~€64bn end-2023). Moneta’s Uettwiller called Stellantis “a burden.” Édouard Peugeot (TowerBrook MD, 42) defended board-level engagement; HMG’s Delcaire flagged decision-making drifting to Italy/Detroit. Filosa just unveiled a €60bn investment plan with European (Spain, France) capacity cuts. — M. Protard

POLITICS

Annecy — Deputy mayor under Antoine Armand hit by rape complaint. Preliminary probe (Art. 40 referral). Targets Anthony Granger, first deputy to new mayor Antoine Armand (ex-economy minister, Renaissance). Alleged Sept. 2023 facts at the official’s home after a drinking party; complaint filed 25 April by a former collaborator (student, 18 at the time). Granger denies knowledge, says he wasn’t questioned, warns of defamation. Prosecutor won’t comment; Armand deferred to his chief of staff (no comment). — D. Bernard

CORPORATES

Orange — Foundation presidency goes to CEO Heydemann. Role traditionally held by the board chairman, so Frédéric Sanchez (named 19 May) misses out, unlike Aschenbroich. CFE-CGC opening a legal front: wants a board seat and an audit of the foundation’s accounts under Aschenbroich (€7m/yr + €2.4m seconded staff). Sidebar questions Sanchez’s many mandates (Fives, Bureau Veritas — 58% attendance in 2025, Medef Int’l). — R. Carcan

Casino — €85m claimed from Naouri-era directors. ~30 shareholders/bondholders, led by lawyer Sophie Vermeille, sue the 12 former directors at Versailles commercial court for rubber-stamping 2022 accounts <3 months before conciliation. Named: David de Rothschild, Josseline de Clausade, Frédéric Saint-Geours. 260-page filing served 22 May; D&O insurance exposure in solidum. Parallel claim vs Casino (Kretinsky) rising from ~€30m to ~€150m. — S. Lecluse

DEFENCE & AEROSPACE

Counter-drone — Alta Ares & Destinus enter DGA’s Elisa programme. €18.7m “Shahed-killer” contract. Alta Ares (Hadrien Canter, X-Wing Interceptor) and Dutch Destinus bid; Harmattan AI (€200m raised with Dassault, Gobi drone) may join. Goal: low-cost alternatives to MBDA Mica (€600k each) vs Shahed/Russian Gerbera (~€30k). Two-month selection: 8 down to 4, for ~1,000 interceptors. — M. Fauroux

MEDIA

AMI Labs — Yann Le Cun’s Paris vanguard. Unicorn AMI (Advanced Machine Intelligence), led by Meta’s former AI research head, targets world models (post-LLM “fourth revolution”). PengyouCo registered end-2025 (initially under Gérard Lebrun, 88, father of CEO-to-be Alexandre Lebrun). Raised $1.03bn (>$3bn valuation), ~40 staff (Paris/NY/Singapore/Montréal). Ex-Meta core: COO Laurent Solly, CRIO Pascale Fung, CSO Saining Xie (ex-Google DeepMind). French backers: Dassault, Mulliez (AFM), Xavier Niel, Aglaé (LVMH), Zebox (CMA CGM), Artémis, Bpifrance, Publicis, Daphni. — byline not visible on PDF

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>>> What to look at today - 27th of Mayl 2026

Global equities extended their record rally as momentum in technology shares accelerated and geopolitical tensions eased. Oil slipped. The MSCI All Country World Index, the broadest measure of global equities, rose for a sixth straight day to a record. MSCI’s Asian benchmark climbed 1.1% to an all-time high, led by South Korea’s Kospi Index, whose 100% surge this year made it the world’s top-performing equity gauge. Chip shares advanced, with SK Hynix Inc. extending its 12-month gain to over 1,000% and becoming the third Asian company to hit the $1 trillion market-capitalization milestone. Equity-index futures signaled modest gains for the S&P 500 and the Nasdaq 100 after the Wall Street benchmarks closed at record highs. Chipmakers led the charge in the US, with Micron Technology Inc. surging 19% to top $1 trillion in market value. European shares were also set to gain at the open. Elsewhere, Brent crude oil dropped 1.6% to about $98 a barrel on expectations for the US and Iran to sign a peace deal. Treasuries extended their gains, sending the yield on the benchmark 10-year lower by one basis point to 4.47%. The dollar was weaker against most of its Group-of-10 peers, slipping most against the Kiwi after the Reserve Bank of New Zealand signaled it will most likely need to raise interest rates. The moves reinforced momentum behind the AI trade, with investors betting chipmakers will capture an outsized share of spending tied to the global AI buildout. Optimism that the Middle East conflict is moving toward a resolution also helped propel global equities to fresh highs, as traders speculate easing geopolitical risks could temper inflation pressures. “The war premium is fading, but the AI premium is still building,” said Hebe Chen, an analyst at Vantage Global Prime. That’s “opening a wider runway for the rally and rewarding the FOMO trade with fresh record highs.” While tech dominated, traders were also paying attention to the developments in the Middle East. President Donald Trump said talks to extend a ceasefire and reopen the Strait of Hormuz are proceeding. Secretary of State Marco Rubio cautioned that any accord would likely take a few days to finalize.  Still, security in the waterway remained unclear after the two sides exchanged strikes overnight and US Central Command pushed back on reports that suggested the military was helping escort vessels. In other corners of the market, the Japanese yen traded around the 159 level against the dollar, keeping traders on alert for the risk of intervention by authorities to prop up the currency.  However, the currency is poised to strengthen against the dollar, reversing months of underperformance and threatening to upend a popular trade that relies on a weak yen, according to Eurizon SLJ Capital’s Stephen Jen.  The focus in Asia remained squarely on chipmakers, with SK Hynix seen at the center of the global AI buildout as a gauge of regional semiconductor shares climbed to a record. Memory chips have emerged as a critical bottleneck determining how quickly data centers can expand capacity. Investors and analysts expect memory chip shortages to last through 2027, giving SK Hynix and rivals Samsung Electronics Co. and Micron unusual pricing power over the world’s largest technology companies. SK Hynix became only the third Asian company to reach a $1 trillion valuation, joining Taiwan Semiconductor Manufacturing Co. and Samsung, which crossed the milestone earlier this month. 

Nikkei Hang Seng CSI Shanghai Shenzen

Eur$ CNH CNY JPY GBP CHF RUB TRY WTI$ Gold BTC ETH

S&P +0.06% Nasdaq +0.07% EuroStoxx +0.33% FTSE -0.10% Dax +0.30% SMI +0.18%

Macro :
- BNP Expects Up to $20 Billion of US Stock Sales: Equity Insight
- EU April Car Registrations Rise 5.1% Y/y to 0.972m Units
- Trump appoints Bondi to White House AI panel
- SEC Chairman Eyes ‘Gun-Jumping’ Rule Changes to Spur More IPOs
- FTSE Russell Approves Changes for IPO Fast-Entry
- Beer Stocks Slide as Industry Data Reveals Slumping Sales

Keep an eye on :
- ABI BB : Beer Stocks Slide as Industry Data Reveals Slumping Sales
- AIR FP : China Stalls Airbus Deliveries to Pressure Europe on Comac Jets
- AMZN US : NASA Taps Bezos’ Blue Origin, Firefly for Moon Base Contracts
- AMS LN : HB Fuller Says in Talks With Advanced Medical Solutions
- AT1 GY : Aroundtown 1Q Adjusted Ebitda EU250.2M Vs. EU251.1M Y/y
- ASSAB SS : Assa Abloy Offering by Latour Prices at SEK330/Share
- BNP FP : BNP Expects Up to $20 Billion of US Stock Sales: Equity Insight
- BBD/B CN : Bombardier Hits 2002 Levels on Australian Jet Supply Deal (1)
- BP/ LN : BP’s Ousted Chairman Manifold Disputes Accusations of Wrongdoing
- BP/ LN : BP Chair Who Sped Up Company’s Turnaround Is Fired Over Conduct
- CAP FP : Capgemini Sees ‘25-‘28 3Y Rev. CAGR at Constant Fx +5.5% to 7.5%
- CEC GY : EU Set to Investigate JD.com’s Takeover of Ceconomy: FT - Full Article
- APPS US : Digital Turbine 2027 Revenue Forecast Beats Estimates (+15% in After Hours)
- DD US : Dupont Plans Reverse Stock Split, Reaffirms 2026 Guidance
- EAGLES FH : Eagle Filters Group Offers Up to 28.6m Shares at EU0.07/Share
- ENI IM : ENI TO GET $15B FINANCING FOR ASIA GAS JV: MESSAGGERO
- ERA FP : Eramet Appoints Simon Henochsberg as CFO
- FLY US : Firefly Aerospace, Holders Offer 12m Shares
- FLY US : NASA Taps Bezos’ Blue Origin, Firefly for Moon Base Contracts
- GFL US : GFL, Secure Win Shareholder OK for Merger in Defeat for Abrams
- GIMB BB : GIMV Portfolio Value Increases to More Than €2.2B in 1Q
- GFS US : Mubadala Said to Offer $1.91 Billion GlobalFoundries Share Block (-4.6% in After Hours)
- HNSA SS : Hansa Biopharma Says Primary Objective of Idefirix PAES Was Met
- HEIJM NA : Heijmans Wins €83m Contract to Renovate Heerhugowaard Prison
- IDR SM : Indra Names New CEO in Latest Shakeup of Top Spain Defense Firm
- ISS DC : ISS Secures 7-Year Contract With West Sussex County
- KNDS IPO : KNDS on Track For Initial Public Offering as Sales Surge
- LAMDA GA : Lamda to Issue Common Bond Loan of as Much as €350 Million
- LATOB SS : Assa Abloy Offering by Latour Prices at SEK330/Share
- LULU US : Lululemon Nears Deal to End Proxy War With Chip Wilson: Rtrs
- MPCC NO : MPC Container Ships 1Q Revenue Beats Estimates
- NTGY US : CVC Set to Exit €3.8 Billion Stake in Spain’s Naturgy, Naturgy Offering by Holder Prices at EU28.55/Share
- NVDA US : Taiwan Said to Suspect Nvidia Chips Smuggled to China Via Japan
- OXY US : Occidental Takes Stake in Exxon’s Trinidad Deepwater Block: Rtrs
- PST IM : Poste Italiane CEO Sees Telecom Italia Deal Completion By 3Q
- REP SM : Repsol Moves Up Ranking of Europe’s Top Renewable Fuel Makers
- CRM US : Salesforce Earnings to Focus on AI Growth Potential: Preview
- 005930 KS : Samsung Union Votes in Favor of Deal, Averting Chip Plant Strike
- WAF GY : Siltronic Holder Wacker Chemie Offers 1.8m Shares: Terms
- GLE FP : SocGen’s Bini Smaghi Says More Work to Be Done on Costs: Echos
- SOP FP : Sopra Steria Starts €40 Million Share Buyback Program
- SATL US : Mnuchin’s Liberty Strategic Said to Offer 10m Satellogic Shares
- 9984 JP : SoftBank Picks Banks for SB Energy, Roze IPOs: RtrsEU Set to Investigate JD.com’s Takeover of Ceconomy: FT
- SPCX US : US Space Force Awards $2.29b Contract to SpaceX
- SPCX US : SpaceX IPO Gets Another Greenlight Toward Faster Index Inclusion, FTSE Russell Approves Changes for IPO Fast-Entry
- SPCX US : Elon Musk's Tesla-SpaceX Merger Chatter Gets Louder
- TIT IM : Poste Italiane CEO Sees Telecom Italia Deal Completion By 3Q
- TSLA US : Elon Musk's Tesla-SpaceX Merger Chatter Gets Louder (+1% in after hours)
- TTE FP : Mozambique Disputes $2 Billion Claims for Total LNG Project
- VOLCARB SS : Volvo Car Avoids US Ban on Connected Vehicles Tied to China (+3% in After Hours)
- WBD US : DOJ Appears Set to Approve Paramount’s Warner Bros Bid: Semafor
- WCH GY : Siltronic Holder Wacker Chemie Offers 1.8m Shares: Terms