Trump Administration Inserts Government Into Dealmaking
In the first year of his second term, President Donald Trump has intervened directly in major corporate dealmaking, imposing golden-share rights in US Steel's $14.9bn takeover and extracting a 10% government stake in Intel, while buying stakes in Lithium Americas and MP Materials. These moves, enforced through Cfius oversight and executive decree, coincide with a surge in M&A that surpassed 62 megadeals and projects about $4.6tn in transactions by year-end.
Key Points
- 1Imposes golden shares, equity stakes, and Cfius oversight in major takeovers like US Steel and Intel
- 2Shifts the state-business relationship by lowering some antitrust hurdles while increasing political influence
- 3Requires dealmakers to assess political risks early, altering M&A structuring, negotiations, and regulatory planning
Scoring Rationale
Timely, concrete evidence of state intervention in major M&A, though primarily domestic and not solely tech-focused.
Sources
Public references used for this report.
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