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Deal-makers say Trump is both good and bad for U.S. M&A

Dan Primack, author of Pro Rata

Photo: AP

Brunswick this morning released results from a survey of more than 100 M&A advisors, ahead of the XBMA symposium at Stanford. They showed that 51% of respondents expect an increase in the number of deals over the next 12 months, but only 39% expect the value of deals will rise.

Key driver: Respondents said that President Trump and his policies are both the most positive and most negative factor in future deal-making, with particular emphasis on tax policy and approval of foreign investments.

Top positive impact for M&A by geography:

  • USA: Tax policy (33%)
  • China: Road & Belt Initiative (68%)
  • Europe: Shareholder activism (50%)

Most negative impact for M&A by geography:

  • USA: Trump and CFIUS (44%)
  • China: Limitations on outbound investment (52%)
  • Europe: Geopolitical risks (51%)

Go deeper

Orion Rummler
20 mins ago - Politics & Policy

AP: Justice Dept. rescinds "zero tolerance" policy

A young girl waves to onlookers through the fence at the US-Mexico border wall at Friendship Park in San Ysidro, California in Nov. 2018. Photo: Sandy Huffaker/AFP via Getty Images

President Biden's acting Attorney General Monty Wilkinson issued a memo on Tuesday to revoke the Trump administration's "zero tolerance" immigration policy, which separated thousands of migrant children from their families at the U.S.-Mexico border, AP first reported.

Driving the news: A recent report by Justice Department Inspector General Michael Horowitz emphasized the internal chaos at the agency over the implementation of the policy, which resulted in 545 parents separated from their children as of October 2020.

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Russell Contreras
51 mins ago - Politics & Policy

Biden picks up his pen to change the tone on racial equity

Vice President Harris looks on as President Biden signs executives orders related to his racial equity agenda. Photo: Doug Mills-Pool/Getty Images

President Biden is making a down payment on racial equity in a series of executive orders dealing with everything from private prisons to housing discrimination, treatment of Asian Americans and relations with indigenous tribes.

The big picture: Police reform and voting rights legislation will take time to pass in Congress. But with the stroke of his pen, one week into the job Biden is taking steps within his power as he seeks to change the tone on racial justice from former President Trump.

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Kadia Goba
2 hours ago - Politics & Policy

Most Senate Republicans join Rand Paul effort to dismiss Trump's 2nd impeachment trial

Photo: Joshua Roberts-Pool/Getty Images

Forty-five Senate Republicans, including Minority Leader Mitch McConnell, supported an effort to dismiss former President Trump's second impeachment trial.

Why it matters: The vote serves as a precursor to how senators will approach next month's impeachment trial, making it highly unlikely the Senate will vote to convict. The House impeached Trump for a second time for "incitement of insurrection" following events from Jan 6. when a pro-Trump mob stormed the Capitol.

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