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COVER STORY

Tariffs trauma: business risks amid global trade wars

The volatility and continuing uncertainty surrounding US tariffs is making business operations challenging for business leaders. This landscape also leaves businesses questioning the benefits of expanding into the US market.

FEATURES

Mitigating M&A disputes

There are numerous reasons why disputes may arise in M&A, and increasingly, these are being driven by factors such as environmental, social and governance concerns, the rise of artificial intelligence, and misaligned valuations – particularly in high-value transactions.

Unsolicited: ‘bear hugs’ in M&A

Although M&A deal activity is expected to pick up later in the year, current economic uncertainty is resulting in a subdued market. However, as conditions improve, a range of factors is likely to influence future deployment of the strategy.

Remaining dawn raid ready

Dawn raids are becoming more frequent, more sophisticated and more invasive. As regulatory scrutiny intensifies across Europe, Asia and South America, companies must remain vigilant and proactive.

Bot or not: navigating California’s Bot Disclosure Law

As AI technologies continue to advance and chatbots such as ChatGPT are at the vanguard, disclosure requirements will also need to evolve, particularly in an online world where bots are now virtually indistinguishable from humans.

FCPA enforcement and compliance

Although the pause represents a significant shift in the global fight against bribery and corruption, it does not amount to a complete abandonment of FCPA investigations and enforcement by US authorities.

ROUNDTABLE

Managing transactional risk

While traditional risk areas such as financials, material contracts and compliance with laws remain critical, new technologies, shifting regulatory regimes, and fast changing geopolitical and trade risks are pushing diligence beyond the traditional playbook. FW moderates a discussion between Marc Sherman at Alvarez & Marsal, Nick Tuliebitz at AssuredPartners, Mike Sherry at DUAL North America, Inc., Sean Kim at Euclid Transactional, LLC, Roy H. Reynolds at Great American Insurance Company, and Dave J. Bartoletti at Taft Stettinius & Hollister LLP.

SPECIAL REPORT

Competition & antitrust

Q&A: Navigating dynamic competition in merger control

The geopolitical climate, including issues related to tariffs, national champions and economic growth and investment, as well as potential concerns related to new technologies, are driving considerable debate and evolving approaches regarding merger control. FW discusses dynamic competition in merger control with David Cardwell at Baker Botts, Logan Breed at Hogan Lovells and Ian Giles at Norton Rose Fulbright LLP.

Shifting gears: a new approach to merger control policy in the UK and US

Proskauer Since their elections in 2024, Donald Trump’s and Keir Starmer’s respective governments have made clear their intention to foster a more pro‑business regulatory environment and have engaged their respective competition agencies in this agenda.

No deal too small: navigating US and EU scrutiny of below-threshold deals

Baker Botts LLP Antitrust regulators in both the US and the European Union are paying closer attention to deals that do not meet traditional notification thresholds for pre-closing review. This increased focus stems from concerns that certain transactions might be harming competition and innovation without adequate review.

Merger control and the rise of national call-in powers in the EU: what does it mean for M&A transactions?

Dechert (Paris) LLP Over the past decade, competition authorities in Europe, led by the EC, have identified what they perceive as a growing ‘enforcement gap’ in the EU merger control system.

US, UK and EU decisions buoy antitrust cartel enforcement in labour markets

Skadden, Arps, Slate, Meagher & Flom LLP Antitrust agencies have committed to bringing cartel enforcement to labour markets and, at this stage, have shown an ability to prevail.

Antitrust and information exchange: navigating without a safe harbour

Axinn, Veltrop & Harkrider LLP The level of risk associated with information sharing, particularly when done through a reputable trade association or commercially available software, surprises many business people.

The strategic shift in private enforcement of Canada’s competition laws

McCarthy Tétrault LLP The amendments to Canada’s private application regime in Bill C-59, that came into force on 20 June 2025, represent a significant change in policy regarding the enforcement of the Competition Act’s civil provisions at the legislative level.

Legitimate cooperation vs anticompetitive agreements – ‘Green Deal’ or ‘Green Cartel’?

Gleiss Lutz Hootz Hirsch PartmbB Sustainability aspects have become parameters of competition along with price, quality and availability, which is bringing them into the realm of competition law and regulation.

Priorities of the Belgian Competition Authority for 2025: an ambitious programme

CMS Belgium The new managing board and additional financial resources have heralded a new era for the BCA. In that respect, its annual communication on policy priorities for 2025 sets very high concrete objectives in terms of projects and strategic actions.

Q&A: Cartel enforcement

Without a requirement of law there is no exemption for cartel activity that is just encouraged by a regulator or government. There will continue to be difficulties in distinguishing between legitimate cooperation on procurement and a purchasing cartel. FW discusses cartel enforcement with Matthew Hall at McGuire Woods.

TALKINGpoint

Outlook for SPACs

In this new era, SPACs are more mature, working under a stronger regulatory framework, and tend to have a more cautious investor base. FW discusses the outlook for special purpose acquisition companies (SPACs) with Keith Billotti and Edward Horton at Seward & Kissel LLP.

DEALfront

mergers & acquisitions

Chart Industries and Flowserve in $19bn merger

In early June, Chart Industries, Inc. and Flowserve Corporation announced they had agreed to merge in an all-stock transaction, forming a differentiated leader in industrial process technologies.

Qualcomm to acquire Alphawave Semi for $2.4bn

In a move aimed at accelerating its expansion into data centres and acquiring key technological assets, US chipmaker Qualcomm Incorporated is set to acquire UK chip designer Alphawave Semi in a transaction valued at approximately $2.4bn.

private equity & venture capital

KKR and Stonepeak agree $2.29bn deal for Assura

A private equity consortium led by KKR and Stonepeak has agreed to acquire National Health Service landlord Assura in a deal valued at $2.29bn.

Motorola Solutions acquires Silvus Technologies in $4.4bn deal

In a move aimed at strengthening its communications segment, US technology, communications and security company Motorola Solutions is set to acquire wireless radio manufacturer Silvus Technologies.

bankruptcy & corporate restructuring

Sunnova files for Chapter 11 to facilitate sale process

Amid mounting debt and declining demand, US energy company Sunnova Energy, along with several of its subsidiaries, has voluntarily filed for Chapter 11 bankruptcy protection.

Azul enters bankruptcy protection

Brazilian airline Azul has filed for Chapter 11 bankruptcy protection in the US, aiming to eliminate debt largely accumulated during the pandemic. The move casts doubt over its proposed merger with local rival Gol, a deal that would have created Brazil’s largest carrier.

SPOTlight

Navigating the ESG crossfire: building and adapting sustainability strategies in a polarised world

The Conference Board Businesses need to refine sustainability narratives, strengthen governance, embed sustainability into financial and risk functions, and manage stakeholder expectations with greater care.

Stewarding AI: governance needs to catch up

Henley Business School AI is no longer just an operational assistant; it is a strategic disruptor. As AI becomes central to how work is done, a critical shift is unfolding – one that calls for boards and senior leaders to radically rethink leadership, oversight and responsibility.

Speed without certainty: compliance management in an AI world

Ashurst Australia Global watchdogs now issue penalties not merely for what happened but for what should have happened given available data. If an algorithm spots a red flag in real time and the institution fails to act, the regulator may argue the lapse was foreseeable and therefore preventable.

The increasingly essential role of energy storage for grid security

Dentons Trillions of dollars of investment will be required not only in a variety of supply sources, but also in technologies to modernise and support the grid and to optimise delivery. Storage is already playing a fundamental role in the expansion, and is expected to continue to gain prominence.

Investing in the game: the impact of the Football Governance Bill and regulation in football

Norton Rose Fulbright Clubs that find themselves within the new regulatory regime will be subject to financial and governance obligations as well as novel requirements relating to fan engagement and club heritage.

Ramifications of the House v. NCAA settlement

Gibson, Dunn & Crutcher Many schools will have to make some hard budgetary decisions with respect to student-athlete support and administrative expense, now that schools will need to gather funding in each budget year to pay student-athletes up to the pool cap.

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CONTRIBUTORS

Alvarez & Marsal

Ashurst Australia

AssuredPartners

Axinn, Veltrop & Harkrider LLP

Baker Botts

CMS Belgium

Dechert (Paris) LLP

Dentons

DUAL North America, Inc.

Euclid Transactional, LLC

Gibson, Dunn & Crutcher

Gleiss Lutz Hootz Hirsch PartmbB

Great American Insurance Company

Henley Business School

Hogan Lovells

McCarthy Tétrault LLP

McGuire Woods

Norton Rose Fulbright

Proskauer

Seward & Kissel LLP

Skadden, Arps, Slate, Meagher & Flom LLP

Taft Stettinius & Hollister LLP

The Conference Board