Unhedged Is M&A turning around?
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Jul 24, 2025 Sujeet Indap, The FT’s Wall Street editor, dives into the world of mergers and acquisitions, discussing the impact of political shifts on deal-making. He explores the stagnation of M&A during the Trump presidency and hints at a revival with significant pending deals. The conversation covers the contentious U.S. Steel acquisition and the evolving regulatory landscape, including a focus on big tech and corporate influence. With Wall Street's renewed optimism, Indap shares insights on navigating M&A in these uncertain times.
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Trump's Erratic Policy Slowed M&A
- Post-election, M&A bankers expected a dealmaking boom under Trump due to lax regulations.
- Instead, erratic Trump policies and uncertainty slowed deals significantly.
Trump's Golden Share in U.S. Steel
- The U.S. Steel deal saga involved Trump re-approving a blocked Japanese acquisition with a controversial "golden share".
- This gave the U.S. government influence over corporate actions despite Republican norms against such intervention.
Mixed Signals from New Regulators
- Trump's appointed antitrust regulators are more permissive than Biden's but still skeptical of big tech.
- Wall Street views them as better counterparts, though not perfectly aligned with industry desires.