Late Stage

Romanian Travel Agency Christian Tour to List on Bucharest Stock Exchange in May 2026

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Christian Tour, one of Romania’s largest travel agencies founded in 1997, announces its Initial Public Offering on the Bucharest Stock Exchange under ticker symbol TRIP. The IPO will run from May 21-28, 2026, with share prices between 1.875 and 2.135 lei. The offering includes up to 69.5 million newly-issued shares and up to 14 million existing shares from founder Cristian Pandel’s investment vehicle. The company generated 983 million lei in 2025 sales, representing 14% growth year-over-year, with net profit of 31.9 million lei.

Charlotte Tilbury Founder Threatens Contract Renegotiation as Puig Acquisition Talks Complicate

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Charlotte Tilbury’s founder is threatening to renegotiate her contract with Puig, which owns 78.5% of the British makeup brand. The founder holds the remaining 21.5% stake and is invoking a change of control clause ahead of potential acquisition by Estée Lauder. In 2024, Puig valued the entire brand at approximately 4 billion euros when it purchased an additional 5.4% stake for 215 million euros. The founder’s remaining stake could be worth around 850 million euros at current valuations, which may deter Estée Lauder from proceeding with the acquisition of Puig.

Mistral Acquires Austrian AI Startup Emmi AI to Strengthen Industrial Applications Portfolio

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Paris-based Mistral has acquired Austrian startup Emmi AI, which develops foundational AI models trained with physics laws to simulate complex engineering processes. This is Mistral’s second acquisition in three months, following the February acquisition of French startup Koyeb. Emmi, created a year ago, raised a €15m seed round and has over 30 employees who will join Mistral. The acquisition demonstrates Mistral’s shift toward vertical specialization in industrial AI.

Polish Stem Cell Company Bioceltix Advances Canine Osteoarthritis Treatment Through EMA Regulatory Process

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Bioceltix, a Wrocław-based stem cell company, has submitted responses to regulatory questions from the European Medicines Agency (EMA) regarding its lead therapeutic candidate BCX-CM-J for canine osteoarthritis. This represents a key milestone in the drug registration process ahead of market approval.

Commerzbank Board Rejects UniCredit’s €39 Billion Takeover Bid, Urges Shareholders to Decline

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Commerzbank formally rejected UniCredit’s takeover bid valued at €39 billion, claiming it undervalues the bank by 5.6% and carries significant risks. The board recommended shareholders reject the stock exchange proposal, citing vague integration plans and unrealistic synergy estimates. Commerzbank is promoting its independent ‘Momentum 2030’ strategy instead.

Denmark’s Hidden IPO Pipeline: 54 Companies Positioned for Public Markets by 2030

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A new analysis by The Association of Listed Danish Companies (FBV) reveals 54 Danish companies with IPO potential by 2030, including scaled startups like Pleo, Lunar, Veo, and Too Good To Go. The report suggests Denmark’s IPO pipeline is stronger than commonly assumed, with these 54 candidates representing nearly a third of the current Danish stock market. The analysis recommends three key steps: encouraging pension fund investment in Danish equities, improving retail investor incentives, and simplifying the listing process.

Dutch Defence Tech Startup Destinus Targets €200m Pre-IPO Raise Ahead of Public Markets Debut

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Destinus, a Dutch defence tech startup founded in 2021, is in talks to raise approximately €200m in a pre-IPO funding round, seeking a valuation above €5bn based on forecast annual revenues of €500m. The company, which develops drones and cruise missiles, recently acquired Swiss autonomous pilot startup Daedalean for $225m to strengthen its AI and autonomous flight capabilities.

Anthropic Raises $30 Billion at $900 Billion Valuation, Overtaking OpenAI’s Valuation

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Anthropic is raising $30 billion at a $900 billion valuation, surpassing OpenAI. The round is led by Dragoneer, Greenoaks, Sequoia Capital, and Altimeter Capital, each investing at least $2 billion. This comes three months after a previous $30 billion round at $350 billion valuation. Anthropic’s revenue is projected to reach $45 billion this year, five times higher than last year’s $9 billion, driven by the success of Claude and its new capabilities like Claude Cowork. The company continues to face scrutiny from European regulators regarding access to its latest Claude Mythos model.