Author: Fiona Craig

BNP Paribas Group (EU:BNP) has reached an agreement to sell its 25% shareholding in AG Insurance to Ageas for €1.9 billion, while simultaneously reinforcing a long-term partnership focused on bancassurance activities in Belgium.

The framework agreement, signed on Sunday, renews the exclusive cooperation between AG Insurance and BNP Paribas Fortis and sets the stage for accelerated growth — particularly in digital offerings. The renewed partnership spans savings products, protection solutions, and property & casualty insurance.

As part of the broader deal, BNP Paribas Cardif — which currently owns 14.9% of Ageas — will provide a €1.1 billion capital contribution to Ageas. Using the agreed valuation of €60 per share, BNP Paribas Cardif’s stake would rise to 22.5% once the transaction closes.

Completion is expected in the second quarter of 2026, subject to regulatory validation. BNP Paribas forecasts a post-tax capital gain of €820 million in 2026 and anticipates a 5-basis-point uplift to its CET1 ratio after distribution. The group also expects an annual recurring boost of €40 million to its net income.

In addition, AG Insurance and BNP Paribas Asset Management will establish a long-term investment partnership across select asset classes, leveraging the asset manager’s expanded platform for insurers and pension funds following its recent integration with AXA IM.

Jean-Laurent Bonnafé, CEO of BNP Paribas, stated: “We see significant potential in the growth prospects of BNP Paribas Fortis’ bancassurance business through the partnership with AG Insurance, as well as the deployment of our new asset management platform’s expertise created through the combination of BNP Paribas AM and AXA IM.”

Hans De Cuyper, CEO of Ageas, said that acquiring full ownership of AG will strengthen the group’s Belgian operations while reinforcing the renewed bancassurance relationship with BNP Paribas Fortis. He noted that this deal represents the second time Ageas has increased its financial ambitions under its Elevate27 strategy.

L’Oréal SA (EU:OR) announced Monday that it will acquire a further 10% interest in Galderma Group AG (BIT:1GALD), doubling its ownership to 20% as the company deepens its presence in the medical aesthetics sector. The added shares are being purchased from a consortium led by EQT, which includes Sunshine SwissCo GmbH, the Abu Dhabi Investment Authority, and Auba Investment Pte. Ltd.

Financial details of the deal were not disclosed.

With the expanded holding, Galderma’s board is expected to consider nominating two non-independent directors from L’Oréal to replace EQT consortium representatives at the 2026 Annual General Meeting.

“Aesthetics is a key adjacency to our core beauty business that we are keen to continue to explore. Our initial strategic investment made in 2024 in Galderma has proven very successful and therefore we are eager to solidify and extend the partnership further,” said Nicolas Hieronimus, Chief Executive Officer of L’Oréal.

The transaction will be executed via an off-market block trade with the EQT-led group. L’Oréal intends to finance the acquisition through available cash and credit facilities, with completion targeted for the first quarter of 2026 pending regulatory approval.

L’Oréal noted that it remains committed to supporting Galderma’s long-term strategy and operational independence under CEO Flemming Ørnskov, adding that it does not plan to increase its stake beyond 20%. Both companies will also explore expanding their scientific collaboration to build on shared expertise.

After closing, L’Oréal will account for its Galderma stake using the equity method, and the existing shareholder agreement between L’Oréal and SSCO will be dissolved.

TotalEnergies SE (EU:TTE) has reached an agreement to combine its U.K. upstream operations with those of Repsol (TG: REP) and Hitec, forming what will become the largest independent oil and gas producer in the United Kingdom. Under the terms of the deal, TotalEnergies will take a 47.5% stake in the newly formed entity, NEO NEXT+, making it the largest shareholder. HitecVision will hold 28.875%, while Repsol will own 23.625%.

The transaction, subject to regulatory approval, is slated to close in the first half of 2026. Analysts at RBC noted that the move “reflects a continuation of the trend we’ve seen in recent years from the majors in the UK North Sea,” following Repsol’s earlier deal in March and the 2024 agreement between Shell and Equinor to merge their U.K. offshore portfolios. However, RBC also cautioned that HMRC may see diminished tax receipts, as the merged entity is expected to pay less in taxes than the companies would have individually.

The combined company is expected to produce around 250,000 barrels of oil equivalent per day in 2026, with a portfolio spanning fields such as Penguin, Mariner, Shearwater, and stakes in the Elgin/Franklin complex and Alwyn North. As part of the agreement, TotalEnergies will retain up to $2.3 billion in decommissioning liabilities tied to legacy assets, and it expects the transaction to be immediately accretive to the joint venture’s cash flow.

This deal follows March’s announcement of NEO Energy’s merger with Repsol, which similarly involved Repsol keeping $1.8 billion of funding commitments — representing 40% of decommissioning liabilities — for its legacy portfolio. Before this latest agreement, Hitec and Repsol had forecast that their joint venture would produce roughly 130,000 barrels of oil equivalent per day in 2025.

Magnum Ice Cream (LSE:MICC) began trading publicly for the first time on Monday, listing on both the Amsterdam and London exchanges. Shares opened at €12.20 in Amsterdam, coming in under the €12.80 technical reference price issued last Friday. Even so, the stock trended higher as early trading progressed.

Parent company Unilever (LSE:ULVR) also saw a modest boost following the debut, with its London-listed shares rising 0.9%.

Smith & Nephew PLC (LSE:SN.) has unveiled a new set of mid-term performance goals, outlining revenue compound annual growth of 6–7% through 2028 — well above the current analyst consensus of 5.2%. The targets were presented during the company’s Capital Markets Day in London, where management detailed its “RISE” strategy aimed at accelerating both top-line and profitability metrics over the next several years.

Under this plan, Smith+Nephew is aiming for a 9–10% trading profit CAGR, more than $1 billion in free cash flow, and a return on invested capital (ROIC) of 12–13% by 2028. For 2025, the company reaffirmed its expectation of roughly 5% revenue growth and raised its trading margin forecast to at least 19.5%. It also lifted its free cash flow target to around $800 million, citing improvements in working capital management and operational efficiency.

Management projects post-tax ROIC above 9% for 2025, excluding any effects from portfolio rationalisation. As part of its optimisation initiatives, the company believes it can reduce gross inventory by $500 million and will recognise a $200 million non-cash charge in its 2025 accounts.

Looking toward 2026, Smith+Nephew anticipates around 6% underlying revenue growth, with profits expected to grow at a faster pace due to margin expansion from operating leverage. The company also projects approximately $800 million in free cash flow for the year and ROIC above 10%.

UK equities opened the week on a firmer footing Monday, even as the pound slipped and European markets delivered a mixed start. By 08:38 GMT, the FTSE 100 was up 0.1%, while GBP/USD dipped 0.05% but stayed above 1.33. Elsewhere in Europe, Germany’s DAX gained 0.08%, whereas France’s CAC 40 eased 0.2%.

UK market highlights

Magnum Ice Cream (LSE:MICC) began trading for the first time in Amsterdam and London, opening at €12.20 on the Dutch exchange. The debut price landed below Friday’s €12.80 technical reference point, though shares later pushed higher in early dealings.

Smith & Nephew PLC (LSE:SN.) unveiled new mid-term ambitions that outpace analyst expectations, targeting a 6–7% compound annual revenue growth rate through 2028 compared with the current 5.2% consensus. At its Capital Markets Day in London, the medtech group introduced its “RISE” strategy, aiming for a 9–10% trading profit CAGR, over $1 billion in free cash flow, and a 12–13% return on invested capital by 2028. For 2025, the firm maintained its revenue growth outlook of roughly 5% but raised guidance for trading margins to at least 19.5%. Free cash flow expectations were also lifted to about $800 million, up from $750 million, supported by better working capital and operational improvements.

In corporate governance developments, Anglo American PLC (LSE:AAL) said it has withdrawn a resolution scheduled for its upcoming General Meeting that sought to amend executive incentive plans, following shareholder pushback. Resolution 2, which would have altered the Long-Term Incentive Plan Awards for 2024 and 2025, will not be put to a vote on Tuesday.

In executive news, Oxford Nanopore Technologies Ltd (LSE:ONT) appointed Francis Van Parys as its next Chief Executive Officer, effective 2 March 2026. Van Parys — currently President and CEO of Radiometer, part of Danaher Corporation — will take over from founding chief Gordon Sanghera. His career spans more than two decades across life science leadership roles at Radiometer, Cytiva, and GE Healthcare in Europe, Asia, and North America.

Wishbone Gold Plc (LSE:WSBN) has provided an update on its Red Setter Gold Dome Project, announcing that it has applied for approval to construct a new 30-kilometre access road designed to lower logistical costs and boost operational efficiency. The improved access route will connect directly to infrastructure near the Nifty Copper Mine, enhancing mobility for equipment and personnel and supporting more effective exploration activities. During the 2025 drilling campaign, Wishbone completed seven Reverse Circulation holes and six Diamond Drill holes, with assay results still pending. The company expects the new road to accelerate upcoming fieldwork and enable a broader drilling programme in 2026, with the anticipated assay results guiding the next phase of exploration.

More about Wishbone Gold

Wishbone Gold Plc is a mining exploration company focused primarily on gold assets. Its flagship project, the Red Setter Gold Dome in Western Australia, sits close to major regional operations including Greatland Gold’s Telfer mine and Cyprium Metals’ Nifty Copper Mine, providing strategic advantages for ongoing exploration and development activities.

Helium One Global Ltd (LSE:HE1) has begun new operational work at its Southern Rukwa Helium Project in Tanzania, initiating preparations for further testing using an Electrical Submersible Pump (ESP). The ESP technology is intended to improve flow rates from the Basement section, potentially boosting helium concentrations and the gas-to-water ratio as the project advances. In a further boost to operations, the company has been granted a ‘Certificate of Incentives’ for Mineral Processing by the Tanzania Investment and Special Economic Zones Authority, providing fiscal benefits such as import duty relief to support project development.

Despite these encouraging operational and regulatory developments, Helium One continues to face a challenging financial backdrop. Persistent losses, no current revenue stream, and negative valuation indicators weigh heavily on its investment outlook. Mixed technical signals add to the cautious sentiment, even as recent milestones hint at longer-term growth potential.

More about Helium One Global Limited

Helium One Global Ltd is a helium exploration company operating projects in Tanzania and holding a 50% working interest in the Galactica-Pegasus development project in Colorado, USA. The firm aims to address global helium shortages through its portfolio of licences across two continents. Its flagship Southern Rukwa Project in Tanzania has moved into appraisal and development following a confirmed helium discovery.

Avacta Group plc (LSE:AVCT) has shared preliminary findings from its Phase 1b clinical trial evaluating Faridoxorubicin in patients with salivary gland cancer. Full results will be unveiled on 17 December 2025. The early data represent an important milestone for Avacta as it continues to advance its peptide drug conjugate (PDC) platform, aimed at delivering more targeted cancer treatments with improved safety and efficacy. This progress strengthens the company’s positioning within the field of next-generation oncology therapeutics.

Despite the encouraging scientific developments, Avacta’s broader outlook remains constrained by significant financial pressures. Heavy dependence on external funding, a lack of profitability, and valuation challenges continue to weigh on sentiment, even as technical indicators and recent corporate updates offer pockets of optimism.

More about Avacta Group plc

Avacta Group plc is a clinical-stage life sciences company developing innovative oncology treatments using its proprietary pre|CISION® platform. The technology is designed to create peptide drug conjugates (PDCs) that activate selectively within tumour environments, enhancing drug effectiveness while minimising systemic toxicity and side effects.

Frontier IP Group plc (LSE:FIPP) has released its results for the year ended 30 June 2025, reporting a stable overall equity portfolio value alongside a marked reduction in its debt portfolio, driven by debt-to-equity conversions and realised losses. The company recorded a sizeable loss before tax, largely attributable to unrealised valuation movements and operating costs. During the year, Frontier IP raised £3.6 million to support working capital needs and provide further backing for its portfolio companies. A key strategic milestone was the formation of a partnership with Abstract Mid-Tech Limited to establish a new innovation hub in Cambridge — a move expected to strengthen Frontier IP’s role in the UK innovation ecosystem and support future cash generation. Despite a difficult funding environment, several portfolio companies achieved notable progress, including successful capital raises and international collaborations, showcasing continued technical and commercial advancement.

Frontier IP’s outlook remains constrained by financial performance challenges, especially in revenue generation and profitability. While some technical indicators suggest pockets of short-term strength, broader trends remain weak and valuation concerns persist due to negative earnings. Even so, recent strategic developments and positive portfolio activity offer encouraging signals for potential long-term growth.

More about Frontier IP

Frontier IP Group plc specialises in commercialising intellectual property by bridging the gap between scientific innovation and industry. The company identifies high-potential technologies and supports their development through hands-on commercialisation services, engaging industry partners early to ensure alignment with real-world needs. Frontier IP aims to build long-term value through a diversified and strategically driven equity portfolio.