00:00Look, you've been on the acquisitive trail.
00:01I mean, you've done a couple of things that were quite big.
00:03You've gone after large assets in Europe, including Just Eat.
00:07What happens next?
00:08Are you still, do you have an appetite for more?
00:10Francine, pleasure to be here.
00:11It's always a pleasure to be here with you.
00:13Yeah, very excited just getting started.
00:15We did like $8 billion in acquisitions last year,
00:17what included Despegar in Latin America,
00:20then Just Eat's takeaway in Netherlands,
00:22and then we did La Centrale in France.
00:25So it's a good start,
00:27but I think we have everything ahead of us.
00:29For sure, we are willing...
00:31But more to come?
00:31More to come, I'm sure.
00:34How much money do you have to spend?
00:35We have at least $10 billion more to keep investing.
00:39And I see so many opportunities.
00:41The world is changing a lot.
00:42Actually, I think we are starting to realize now
00:46we are in a new world order.
00:47In this new world order, everything changes.
00:50And there will be much more growth in AI technology outside US.
00:54Over the last two, three years,
00:55all the wealth creation in technology was in US.
00:58What we believe is that after this decoupling that is happening right now,
01:02we will see much more growth hour-round.
01:05So we are investing a lot in India.
01:07We did five IPOs in India this year.
01:09We are ready to do more acquisition investments and IPOs in India.
01:12I think India is growing a lot, more than 7%.
01:14It's the fourth biggest economy.
01:15We did a few acquisitions in Latin America.
01:18Now we have a very big group of tech there.
01:21And I think we can do much more.
01:23I think Latin America has the space to have $100 billion business there.
01:27And Europe is my passion.
01:29I committed to Europe.
01:30We just did takeaway in La Central, like $6 billion in investments.
01:34And I think we can do much more.
01:36I hope we can move much faster.
01:38Faster because you're frustrated with regulation in Europe.
01:41You were telling me that.
01:42But what do you want to go after?
01:44What will you do, for example, with your stake in Delivery Hero?
01:47Yeah.
01:48When we did the Just Eat acquisition,
01:50the commitment we had to do is to have to divest $3 billion
01:53before we can do more acquisitions.
01:56I think this is a big mistake for Europe.
01:58I think Europe should be talking about how we invest more and faster.
02:02But actually, we are talking about how I divest faster.
02:05I think this is absurd.
02:07I think the competition authorities in Europe said no to the Siemens-Alston deal
02:11five years ago to create a big transportation global business.
02:16We don't consolidate banks.
02:18We don't consolidate telecommunication.
02:19We are not consolidating or have a bigger group in food delivery.
02:22I think this is a mistake.
02:23I think we are behaving as if we were in 1996.
02:27We are in 2026.
02:28And the world now requires big tech in Europe.
02:32So, I am legally obliged now to divest Delivery Hero.
02:37What a big mistake.
02:38I'm sure, because the world changed,
02:39that Europe is going to keep changing
02:41and understanding that we have to build big tech here.
02:44Fabrizio, it's very clear that the Trump administration is here.
02:47They're taking aim at Europe
02:48because of their treatment with tech and big tech
02:51and because they say on the geopolitical front
02:53they're too weak to actually defend something like Greenland.
02:56Do you agree fundamentally with Trump
02:58that the European economy is broken?
03:01I see Trump saying,
03:04I'm here to defend the interests of the American companies
03:07and fighting for that.
03:10Fighting for that aggressively, let's say, this way.
03:13I see other countries also fighting for their companies.
03:17And I think the difficult decision that Europe has to do
03:20and they have to do trade-offs that they are not doing today
03:22is to say, we need to have big tech in Europe.
03:24Otherwise, the big tech is going to be in China and the U.S.
03:27And I don't think these big decisions are being done yet.
03:31For example, as I told you,
03:32we really need to consolidate and have bigger technology companies here.
03:36I don't think it's happening.
03:37But it doesn't deter you from looking at other assets.
03:39So is there a particular sector that you want to be more involved in in Europe?
03:43I think that the disruption happening right now is on AI, obviously, and assistance.
03:48Over the last one to two years, we have a system that answer all the problems you have.
03:53But what we really bet now is in a system that do things,
03:58a system that deliver real work, real things,
04:00a system that you can ask something to them and they can make your life easier.
04:03And we are a very big player on that.
04:06Outside of China and U.S., we are by far the biggest player.
04:09So we do food delivery all around the world with hundreds of millions of customers.
04:13We do travel, mobility, events, grocery, pharmacy.
04:18So I think the big thing for us is to connect the AI world to one billion customers
04:25where they can just ask and have their problems solved.
04:29So I think a few years ago, people talked about super app,
04:31like an app that do everything.
04:33I think the direction now is a system that connects the real world
04:37to the artificial intelligence world.
04:39And I can't think of a better company to do that outside U.S. than Prozis.
04:43Okay, so what are you looking to buy?
04:45And actually, if everything goes to plan, and that's a big if,
04:48what does your company look like in 2028?
04:51We are going to keep expanding in the position that we have today of marketplace
04:57that delivers, as I said, many real world services
05:01and also e-commerce and payments to really take all the friction
05:05and people, as I told you, can just ask your virtual assistant
05:09and have all those services delivered.
05:11So we are looking, obviously, for food delivery consolidation.
05:12We are looking for all the adjacencies so we can really make our customer life easier.
05:19Does this super app or the super assistant, does it have to be European mates
05:24because of friction with the U.S. and U.S. tech companies?
05:27I think, as I told you, it's a new world organization.
05:32You have to do that in Europe.
05:33You have to do that in India.
05:35You have to do that in Latin America.
05:36You have to have local technology that enable those countries
05:39to have sovereignty in these kind of services.
05:42And that's the Prozos approach.
05:44So we have today a big lab of AI in Europe called Prozos AI Lab in Netherlands.
05:49We also launched the AI house in Netherlands,
05:51and we are expanding that in Europe and also in India and Latin America.
05:55What happens to your Tencent stake?
05:57Do you wind that down?
05:59We are a big shareholder of Tencent.
06:01We are a big believer of Tencent.
06:03We sold a little more of Tencent lately,
06:06but I want to reinforce, I think Tencent is the biggest company in China.
06:11It's an amazing company.
06:13And during the artificial world...
06:15Will you sell a bit more?
06:18We are...
06:19I just announced a few weeks ago that we changed substantially our buyback.
06:24So now we are doing a few buybacks with Tencent.
06:27But right now, our buyback is financed more of non-Tencent assets than Tencent.
06:33And I think this is very good for Prozos.
06:34I think Tencent has an amazing future.
06:37And remember, in artificial intelligence world,
06:40having WeChat, it's an amazing asset.
06:43I think what Tencent can do is just getting started.
06:46So we are selling much less of Tencent,
06:48and we are keeping our buyback.
06:49We even increased the buyback,
06:51selling other assets with less future than Tencent.
06:54That's great.
06:56Let's see you then.
06:57Let's move on.
06:58We'll see you then.
07:12What are we looking for today here?
07:12Do you see one movie that will make people don'tolitical answer?
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