Frederic Arnault (29) new head of LVMH watches
Cracking the Vault: Your daily roundup on all things finance
Cracking the Vault is your daily news roundup with a focus on Switzerland and Germany.
Let’s jump in!
Frederic Arnault new head of LVMH watches at 29; Meyer Burger most shorted Swiss stock; Partners Group shares fall ahead of asset update; Fielmann founder dies aged 84; German insolvencies rose sharply in 2023; and Hapag-Lloyd continuing to avoid Red Sea.
Headline recap
LVMH names Frederic Arnault to new role as head of watches unit (BBG)
Novartis cancer drug Pluvicto gets production boost (WSJ)
Meyer Burger is the most shorted Swiss stock (FuW)
Partners Group shares fall ahead of portfolio development update (FuW)
Fielmann, billionaire behind German eyewear empire, dies at 84 (BBG)
Warning of up to 30% more insolvencies in Germany (Handelsblatt)
GoldenTree Asset Management hires Muzinich country head Markus Taubert to establish office in Germany (Businesswire)
German container shipping line Hapag-Lloyd to avoid the Red Sea and divert vessels to the Cape of Good Hope until at least Jan-9 (Reuters)
Bonus: Why studying in St. Gallen is nothing for loners (Gründerszene)
Transaction update
Swiss-based Crealogix sold to UK-based Veronca for CHF88m (FuW)
Novartis acquiring Sanreno, a Chinese biotech with active drugs in late-stage clinical development (FuW)
One Rock Capital Partners completes acquisition of Constantia Flexibles, an Austrian producer of flexible packaging (Packaging Strategies)
Fundraising
Bern-based LEM Surgical secures €23.6 million Series B to ready robotic system for FDA submission (EU Startups)
Podcast picks
Michael Waldner (co-founder Pexapark): Buying and Selling Renewable Energy (Swisspreneur)
KKR’s Henry Kravis on private equity, culture, and global markets (Goldman Sachs Exchanges)