Reuters : Private equity circles Magnum as ice cream giant's shares sag, sources

Private equity circles Magnum as ice cream giant's shares sag, sources say

Blackstone and CD&R in early stages of evaluating bids - sources
Magnum seen as potential turnaround target
Unilever retains 19.9% stake, plans full exit within five years


May 15 (Reuters) - Blackstone and CD&R are among private equity firms in the early ‌stages of exploring bids for Magnum Ice Cream Company (MICCT.AS), opens new tab, two sources familiar with the matter told Reuters, less than six months after the owner of Cornetto and Ben & Jerry's was spun out of Unilever (ULVR.L), opens new tab.

The ​firms are monitoring Magnum's share price before deciding whether to make a move, ​the two people said.

Magnum's shares have fallen from a high of 16.5 ⁠euros ($19.19) earlier this year to trade close to their debut price at about 13 ​euros. The ice cream maker listed on December 8 with a valuation of about 7.8 billion ​euros, below analyst expectations of up to 10.8 billion euros. The shares have traded as low as 11 euros.

British consumer goods giant Unilever, which took nearly two years to list its ice cream brands, ​retains a 19.9% stake in Magnum and plans to exit within five years.

Deliberations are ​at an early stage, and both firms are waiting for Magnum to report summer sales before making ‌a ⁠decision, one of the sources said. Magnum makes a large share of its revenue during that period. Other private equity firms are also interested, the people added.

Magnum, Unilever, Blackstone and CD&R declined to comment.


A deal to take Magnum private would be the latest in Europe ​as private equity firms ​seek to deploy ⁠funds after several years of subdued dealmaking.

Magnum is trading in an environment where some shoppers are opting for healthier choices amid a ​boom in GLP-1 weight-loss drugs.

However, the company could offer buyout firms ​a turnaround ⁠opportunity through cost cuts and margin expansion, bringing it closer to rival Froneri, the two sources said.

Magnum says it holds about 21% of the $87 billion global ice cream market, ahead of ⁠Froneri's ​11%.

Froneri, a joint venture between PAI Partners and Nestle (NESN.S), opens new tab, ​secured an investment in October that valued the company at 15 billion euros.

>>> Europe : Brokers Upgrades & Downgrades - 15th of May 2026 V2(+)

>>> Up
* Aberdeen Group Raised to Buy at Citi; PT 265 pence
* Carel Raised to Outperform at Mediobanca SpA; PT 34 euros
* Cisco Raised to Buy at HSBC; PT $137
* E.On Raised to Hold at DZ Bank; PT 19 euros (+)
* First Quantum Minerals Raised to Outperform at BNP Paribas
* Fraport Raised to Neutral at UBS; PT 65 euros
* Standard Life PLC Raised to Overweight at JPMorgan; PT 950 pence

>>> Down
* Aegon Cut to Equal-Weight at Morgan Stanley; PT 7 euros
* BPER Banca Cut to Neutral at UBS; PT 12.50 euros
* Card Factory Cut to Hold at Berenberg; PT 80 pence
* Generali Cut to Equal-Weight at Morgan Stanley; PT 38.50 euros
* Marimekko Price Target Cut to EUR 11.1 from EUR 11.5 by Nordea (+)
* Richter Cut to Hold at HSBC; PT 13,200 forint
* Sabadell Cut to Underperform at KBW; PT 3.40 euros

>>> Initiation
* Jardine Matheson Reinstated Overweight at Morgan Stanley; PT $90
* Kistos Holdings Rated New Buy at Fearnley; PT 424 pence (+)

>>> Call

TechCrunch : What happens when AI starts building itself?

What happens when AI starts building itself?

Richard Socher has been a major figure in AI for some time, best known for founding the early chatbot startup You.com and, before that, his work on ImageNet. Now he’s joining the current generation of research-focused AI startups with Recursive Superintelligence, a San Francisco-based startup that came out of stealth on Wednesday with $650 million in funding.

Socher is joined in the new venture by a cohort of prominent AI researchers, including Peter Norvig and Cresta co-founder Tim Shi. Together, they’re working to create a recursively self-improving AI model, one that can autonomously identify its own weaknesses and redesign itself to fix them, without human involvement — a long-held holy grail of contemporary AI research.

I spoke with him on Zoom after the launch, digging into Recursive’s unique technical approach and why he doesn’t think of this new project as a neolab, the informal term for a new generation of AI startups that prioritize research over building products.

This interview has been edited for length and clarity.

We hear a lot about recursion these days! It feels like a very common goal across different labs. What do you see as your unique approach?

Our unique approach is to use open-endedness to get to recursive self-improvement, which no one has yet achieved. It’s an elusive goal for a lot of people. A lot of people already assume it happens when you just do auto-research. You know, you can take AI and ask it to make some other thing better, which could be a machine learning system, or just a letter that you write, or, you know, whatever it might be, right? But that’s not recursive self-improvement. That’s just improvement.

Our main focus is to build truly recursive, self-improving superintelligence at scale, which means that the entire process of ideation, implementation, and validation of research ideas would be automatic.

First [it would automate] AI research ideas, eventually any kind of research ideas, even eventually in the physical domains. But it's particularly powerful when it's AI working on itself, and it's developing a new kind of sense of self-awareness of its own shortcomings.

You used the term open-ended — does that have a specific technical meaning?

It does. In fact, Tim Rocktäschel, one of our co-founders, led the open-endedness and self-improvement teams at Google DeepMind and particularly worked on the world model Genie 3, which is a great example of open-endedness. You can tell it any concept, any world, any agent, and it just creates it, and it's interactive.

In biological evolution, animals adapt to the environment, and then others counter-adapt to those adaptations. It's just a process that can evolve for billions of years, and interesting stuff keeps happening, right? That's how we developed eyes in our [heads].

Another example is rainbow teaming, from another paper from Tim. Have you heard of red teaming?

In cybersecurity, it means—

So, red teaming also has to be done in an LLM context. Basically you try to get the LLM to tell you how to build a bomb, and you want to make sure that it doesn’t do it.

Now, humans can sit there for a long time and come up with interesting examples of what the AI shouldn't say. But what if you tested this first AI with a second AI, and that second AI now has the task of making the first AI [try to] say all the possible bad things. And then they can go back and forth for millions of iterations.

You can actually allow two AIs to co-evolve. One keeps attacking the other, and then comes up with not just one angle but many different angles, and hence the rainbow analogy. And then you can inoculate the first AI, and you become safer and safer. This was an idea from Tim Rocktaeschel, and it’s now used in all the major labs.

How do you know when it’s done? I suppose it’s never done.

Some of these things will never be done. You can always get more intelligent. You can always get better at programming and math and so on. There are some bounds on intelligence; I’m actually trying to formalize those right now, but they’re astronomical. We’re very far away from those limits.

As a neolab, it feels like you’re supposed to be doing something that the major labs aren’t doing. So part of the implication here is that you don’t think the major labs are going to reach RSI [recursive self-improvement] by doing what they’re doing. Is that fair to say?

I can’t really comment on what they’re doing, but I do think we’re approaching it differently. We really embrace the concept of open-endedness, and our team is entirely focused on that vision. And the team has been researching this and doing papers in this space for the last decade. And the team has a track record of really pushing the field forward significantly and shipping real products. You know, Tim Shi built Cresta into a unicorn. Josh Tobin was one of the first people at OpenAI and eventually led their Codex teams and the deep research teams.

I actually sometimes struggle a little bit with this neolab category. I feel like we're not just a lab. I want us to become a really viable company, to really have amazing products that people love to use, that have positive impact on humanity.

So when do you plan to ship your first product?

I’ve thought about that a lot. The team has made so much progress, we may actually pull up the timelines from what we had initially assumed. But yes, there will be products, and you’ll have to wait quarters, not years.

One of the ideas around recursive self-improvement is that, once we have this sort of system, compute becomes the only important resource. The faster you run the system, the faster it will improve, and there’s no outside human activity that will really make a difference. So the race just becomes, how much processing power can we throw at this? Do you think that’s the world we’re headed toward?

Compute is not to be underestimated. I think in the future, a really important question will be: How much compute does humanity want to spend to solve which problems? Here’s this cancer and here’s that virus — which one do you want to solve first? How much compute do you want to give it? It becomes a matter of resource allocation eventually. It’s going to be one of the biggest questions in the world.

WSJ : Mark Rothko Painting Sells for $85.8 Million

Mark Rothko Painting Sells for $85.8 Million
New York’s spring auctions are expected to fetch at least $1.7 billion amid redoubled collector confidence in art values


A luminous, red rectangular abstract by Mark Rothko sold for $85.8 million on Thursday, a solid kickoff to what’s poised to be ebullient spring auctions in New York.

The seller of the 1957 work, “Brown and Blacks in Reds,” was the estate of former Goldman Sachs banker turned art dealer Robert Mnuchin, who paid $6.7 million for the work in 2003. The winning telephone bidder at Sotheby’s was anonymous.

Following last fall’s art-market turnaround, collectors have descended on New York for this weeklong series of auctions at Sotheby’s, Christie’s and Phillips feeling increasingly confident about art values, even as the broader economy remains beset by war and rising gas and food prices. The world’s leading auction houses are also entering the season feeling secure after landing several major estates, including collections owned by Agnes Gund, president emerita of the Museum of Modern Art, dealer Marian Goodman and Condé Nast publisher S.I. Newhouse.

That renewed confidence will now be tested by collectors’ willingness to splurge on trophy art. At least 11 works across these sales carry estimates of $35 million or more. At least two carry $100 million asking prices, including Jackson Pollock’s drip painting, “Number 7A, 1948,” and Constantin Brancusi’s 1913 bronze bust, “Danaïde.”

“It’s an energizing moment,” said David Galperin, a Sotheby’s specialist. “The market is really feeling buoyant, but we are only as good as the works we can get.”

Rothko, the Latvian immigrant who helped define abstract expressionism, has emerged as this season’s one-man barometer of the art market’s health. He is known for paintings that feature stacked blocks of contrasting yet complementary colors meant to elicit strong emotions. Like a mood ring, Rothko subtly chronicled his ambitions and mental health struggles through his works, which span from the 1930s to his death in 1970.

Because his signature works aren’t anchored to specific landscapes or cultures, his works have gained traction among international collectors. The trouble lies in finding Rothko’s coveted, breakthrough 1950s abstracts, as most have filtered into museum collections. Last year, only six turned up in major auctions all year long; thanks to these estates, the same number of Rothko works will go on offer during these sales that end May 21, offering a broad test of his works across several eras and at different price points.

“Brown and Blacks in Reds” likely got a boost from its palette. Rothko collectors tend to pay a premium for his canvases drenched in red—much like sports car enthusiasts—or in other cheery sunset hues. The auction record for a Rothko is his “Orange, Red, Yellow” from 1961 that sold for $86.9 million in 2012, so Sotheby’s example represents the artist’s second-highest price at auction.

During Sotheby’s $166.3 million sale of Mnuchin’s estate on Thursday, a 1949 Rothko also owned by Mnuchin, “No. 1,” sold for $20.8 million, within its $15 million to $20 million estimate. On Monday, Christie’s will ask at least $80 million for a 1964 Rothko that Gund bought directly from the artist’s studio, “No. 15 (Two Greens and Red Stripe).”

Can’t afford a multimillion-dollar Rothko? Galperin said younger collectors have recently started gravitating to his earlier surrealist works from the 1940s as well as his later works on paper showcased in recent museum exhibits, such as his retrospective at Paris’s Louis Vuitton Foundation in 2023-24 that explored the inventive ways the artist experimented before and after landing on his signature style. On Friday, Sotheby’s offerings will include Rothko’s surrealist work on paper from 1946, “The Journey.” Asking price: $300,000 or more.

>>> What to look at today - 15th of Mayl 2026

Stocks fell with bonds as rising oil prices deepened concern about inflation and as investors questioned the longevity of the artificial intelligence trade. MSCI’s Asian share index dropped 1.2%, while US equity-index futures slipped 0.3% on speculation energy costs will stay elevated for longer. European shares were set to drop 1% at the start, while the dollar, the haven of choice since the Middle East war broke out in late February, rose for a fifth day. The inflation concerns weighed on government bonds, with the Treasury two-year yield climbing three basis points to 4.05% and the 10-year yield adding the same amount to 4.51%. Japan’s 10-year yield jumped as much as seven basis points after data showed producer prices in the nation rose at the fastest annual pace since 2023. Brent crude extended gains to more than 1% to trade above $107 per barrel after President Donald Trump said the US doesn’t need to reopen the Strait of Hormuz. Hours later though, he said country wanted the key waterway open. The loss of momentum in equities came after strong corporate earnings and a resilient US economy drove global stocks to successive record highs in recent weeks on bets that spending on AI will fuel profit growth. The rally has also overshadowed mounting concerns that oil above $100 a barrel will reignite inflation, reducing the scope for interest-rate cuts and potentially reviving the risk of further tightening. The absence, so far, of any significant breakthroughs from the bilateral summit between the US and China also weighed on markets.  While Trump said he had a great meeting with his Chinese counterpart Xi Jinping, tensions exist over Taiwan. China urged reopening the Strait of Hormuz as soon as possible and called for talks on the Iran war. The US president will end his visit later Friday. Rising bond yields in Japan, the US and the UK are amplifying the sense of caution, Ueno said. “With yields rising globally and no sign of the trend slowing, there are worries about the impact on broader capital flows, including into equity markets,” he added. Elsewhere, the pound dropped for a fifth day after a new challenge to the leadership of UK Prime Minister Keir Starmer. On a positive note, first-quarter S&P 500 profits likely grew about 27% from a year ago, marking a sixth straight quarter of double-digit expansion, according to data compiled by Bloomberg Intelligence. It’s clear that Corporate America has become very skilled at adapting to a wide range of economic environments, according to Clark Bellin at Bellwether Wealth. For investors who missed the opportunity to put new money to work during the war-driven slide in March, he said “it’s not too late.” US After Hours FIG +10.2%, BOOT +9.3%, GLOB +4.5%, AMAT +1.8% higher on earnings; PZZA +8.5% on Reuters M&A report; AARD -17.5% as FDA places full clinical hold on ARD-101.

Nikkei -2.12% Hang Seng -1.59% CSI -0.83% Shanghai -0.65% Shenzen -0.42%

Eur$ 1.1636 CNH 6.8046 CNY 6.8021 JPY 158.62 GBP 1.3346 CHF 0.7860 RUB 73.1286 TRY 45.5440 WTI$ 103.17 +1.98% Gold 4,571 -2.29% BTC 80,452 -1.16% ETH 2,247 -2.22%

S&P -0.64% Nasdaq -1.04% EuroStoxx -1.47% FTSE -0.88% Dax -1.48% SMI -0.62%

Macro :
- AI Cash Buoys Newsom Budget as He Pitches New Software Tax
- Rally in Top Space Stocks Sets Short Sellers Up for Squeeze

Keep an eye on :
- AAPL US : Apple-OpenAI Relationship Frays, Setting Up Possible Legal Fight
- AMAT US : AMAT 3Q Adjusted EPS Forecast Beats Estimates: Snapshot
- BA US : Boeing Falls After Trump Unveils Smaller China Aircraft Order
- COL SM : Colonial SFL Socimi 1Q Recurring Net EU54.8M Vs. EU55M Y/y
- DXCM US : Elliott Takes Dexcom Stake in Bet on Glucose Monitors Market
- DNB NO : DNB Bank Initiates Share Buyback for 1% of Own Shares
- DOV IM : doValue 1Q Net Revenue EU106.7M Vs. EU128.2M Y/y
- DKNG US : DraftKings Gets Only Sell Rating on Polymarket, Kalshi Threat
- FNTN GY : Freenet 1Q Ebitda Meets Estimates
- KOSKI FH : Koskisen Reports 1Q EPS of EUR 0.04
- MC FP : LVMH to Sell Marc Jacobs to WHP Global
- NNE US : Nano Nuclear Energy Q2 EPS $(0.18) Beats $(0.20) Estimate
- Open AI : OpenAI May Raise More Money as Compute Crunch Deepens, CFO Says
- OBEL BB : Orange Belgium, DAZN Reach Belgian Football Distribution Deal
- PZZA US : Papa John’s Up on Report Franchisee Joining Irth in Buyout Bid
- RUM US : Rumble 1Q Revenue Misses Estimates
- 005930 KS : Samsung Offers Unconditional Talks, Urges Union to Join Dialogue -- -7.5%
- SFER IM : Ferragamo 1Q Revenue Misses Estimates
- SHOP CN : Joshua Kushner’s Thrive Capital Invests $100 Million in Shopify
- SIE GY : Siemens Sees Mid-Term Revenue Growth of 6% to 9%
- SpaceX IPO : SpaceX IPO set to lock in Elon Musk’s control with Mars-linked pay deal
- STLA US : Stellantis, Dongfeng to Produce Peugeot, Jeep Vehicles in China
- SAX GY : Solid beat on OOH momentum but SaaS/E-Commerce weakness tempers upside… still, we see
- TPRO IM : Technoprobe 1Q Consolidated Revenue EU187.0M
- TSCO LN : Tesco Upgraded to Baa2 by Moody’s, Outlook Stable
- UNI IM : Unipol 1Q Direct Insurance Income EU4.81B Vs. EU4.49B Y/y
- WBD IM : Webuild Reports €3 Billion of New Orders Year to Date

>>> Europe : Brokers Upgrades & Downgrades - 15th of May 2026

>>> Up
* Aberdeen Group Raised to Buy at Citi; PT 265 pence
* Carel Raised to Outperform at Mediobanca SpA; PT 34 euros
* Cisco Raised to Buy at HSBC; PT $137
* First Quantum Minerals Raised to Outperform at BNP Paribas
* Fraport Raised to Neutral at UBS; PT 65 euros
* Standard Life PLC Raised to Overweight at JPMorgan; PT 950 pence

>>> Down
* Aegon Cut to Equal-Weight at Morgan Stanley; PT 7 euros
* BPER Banca Cut to Neutral at UBS; PT 12.50 euros
* Card Factory Cut to Hold at Berenberg; PT 80 pence
* Generali Cut to Equal-Weight at Morgan Stanley; PT 38.50 euros
* Richter Cut to Hold at HSBC; PT 13,200 forint
* Sabadell Cut to Underperform at KBW; PT 3.40 euros

>>> Initiation
* Jardine Matheson Reinstated Overweight at Morgan Stanley; PT $90

>>> Call

FT : China to produce Jeep and Peugeot cars under €1bn Dongfeng deal

China to produce Jeep and Peugeot cars under €1bn Dongfeng deal
Stellantis is latest foreign automaker announcing plans to export Chinese-made EVs

Stellantis has finalised a €1bn deal with Chinese state-owned Dongfeng to produce Peugeot and Jeep vehicles in China as the European group tries to establish a foothold in the world’s largest car market at a time of upheaval across the industry.

The owner of the Fiat, Peugeot and Jeep brands said on Friday that under a joint-venture arrangement with Wuhan-based Dongfeng the new models would be produced for the Chinese market as well as for export.

The announcement is the latest move by Stellantis chief executive Antonio Filosa as he tries to revive the group after years of weak sales in Europe and the US.

The project will see combined investment of more than Rmb8bn (€1bn), with Stellantis contributing €130mn.

The deal highlights how western companies are forced to co-operate with Chinese rivals in a bid to keep pace with China’s rapid progress in developing software, batteries and autonomous vehicle systems needed as the world transitions to electric vehicles.

It is also the latest example of a foreign group announcing plans to export more EVs made in China. Such a strategy leverages lower costs and advanced technology from China but risks eroding the market share of factories in other parts of the world.

Stellantis said the deal would be “powered” by favourable industrial policies of the Hubei province, highlighting how foreign groups benefit from Chinese state policies that have been criticised by European and US officials.

The European company said Dongfeng’s Wuhan plant would be used from 2027 to produce two new Peugeot-badged new energy vehicles for China as well as export, along with two new Jeep off-road hybrids for global markets.

Expanding sales in China is likely to prove difficult. Car sales have been slowing in China this year with those of petrol cars collapsing and EV growth tempering after an explosion in demand over the past five years.

In addition to problems of overcapacity and China’s brutal price war, Chinese buyers no longer favour foreign brands. As a result their share of the domestic market fell to about 30 per cent last year compared with 64 per cent in 2020.

The deal marks a rekindling of a relationship between Stellantis and its former partner in Dongfeng, which has retained a stake in the European carmaker.

It comes just a week after Stellantis said it was expanding its partnership with China’s Leapmotor. Under that deal the European company will transfer one of its two Spanish factories to the Chinese group, which specialises in cheap EVs.

Stellantis is separately in discussions with Dongfeng about expanding their collaboration into European production.

The partnership with Stellantis is a rare piece of positive news for Dongfeng. The legacy Chinese carmaker — like many foreign groups — has been left behind as upstarts including BYD and Leapmotor have embraced newer EV technology.

>>> TradeGate Pre-Market Indications

DAX:
  • Deutsche Bank (DBK TH) -1.5%
  • RWE (RWE TH) -1.6%
  • Deutsche Post (DHL TH) -1.8%
  • Siemens (SIE TH) -2%
  • Infineon (IFX TH) -2.9%
MDAX:
  • Schaeffler (SHA0 TH) -1.9%
  • Thyssenkrupp (TKA TH) -2.1%
  • Delivery Hero (DHER TH) -2.5%
  • Jenoptik (JEN TH) -2.7%
  • Aixtron (AIXA TH) -3.2%
SDAX:
  • Patrizia (PAT TH) +1.6%
  • Siltronic (WAF TH) -3.2%
  • Verbio SE (VBK TH) -3.4%
  • SMA Solar (S92 TH) -3.4%

>>> US After Hours Summary: FIG +10.2%, BOOT +9.3%, GLOB +4.5%, AMAT +1.8% highe

After Hours Summary: FIG +10.2%, BOOT +9.3%, GLOB +4.5%, AMAT +1.8% higher on earnings; PZZA +8.5% on Reuters M&A report; AARD -17.5% as FDA places full clinical hold on ARD-101

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: GEMI +16% (also receives $100 mln strategic investment from Winklevoss Capital), FIG +10.2%, BOOT +9.3%, YSS +7.8%, STNE +7%, GLOB +4.5%, SPCE +2.1% (also mixed securities shelf offering), AMAT +1.8%

Companies trading higher in after hours in reaction to news: PZZA +8.5% (largest US franchisee joins Irth Capital's bid to take co private, according to Reuters), ZYME +3.5% (authorizes new $125 mln share repurchase program), WEX +2.9% (authorizes $1 bln share repurchase program; also names new Chair of the Board), AWK +2% (Ohio regulator approves merger), ACM +1.7% (CEO and CFO disclose insider purchases), SHOP +1.6% (Thrive Capital (Joshua Kushner) makes $100 mln investment, according to Bloomberg), ASPN +1.4% (begins staged restart of East Providence facility), LAR +0.6% (receives RIGI approval for Cauchari-Olaroz Stage 2 expansion), SMID +0.4% (to delay 10-Q filing), MSA +0.2% (names new Chair of the Board), GVA +0.1% (Alaska contract win)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: KULR -8.4%, KLC -8.2%, EGAN -8%, CV -7.4%, ELVA -6.4%, HTFL -6.3%, XNDU -6.2% (also has entered into discussions for up to $285 mln in funding from govts of Canada and Ontario), RUM -5.1%, DLO -4%

Companies trading lower in after hours in reaction to news: AARD -17.5% (FDA places full clinical hold on NDA for ARD-101), BW -6.9% (commences $200 mln stock offering), NEOV -5% (names new CFO), PESI -3.3% (commences stock offering), AAOI -2.3% (enters equity dist agreement for up to $600 mln of common stock), PNRG -1.4% (to delay 10-Q filing), VELO -1.4% (stock offering by selling shareholders), MSFT -0.4% (begins cancelling Claude code licenses, according to The Verge), SNOW -0.2% (ZETA joins SNOW to spearhead Open Semantic Interchange), GIII -0.1% (with WHP Global as partner, will acquire Marc Jacobs brand)