In this episode of the Market Maker Podcast, we break down the major M&A transactions reshaping global markets, spanning banking, asset management, mining, media and artificial intelligence.
We begin with Santander’s $12.2 billion acquisition of Webster Bank and examine what this signals about European banks expanding into the United States. We discuss capital efficiency, deposit strategy and the broader shift in global banking power.
Next, we analyse Nuveen’s $13.5 billion takeover of Schroders, creating a $2.5 trillion asset management group. We explore consolidation in active management, competitive pressure from passive giants, and what this means for London-listed institutions.
We then turn to the mining sector, where merger talks between Rio Tinto and Glencore have once again collapsed. We examine copper’s growing strategic importance in the AI era, valuation disagreements, and the geopolitical complexities surrounding critical minerals.
In media, Paramount strengthens its $108 billion hostile bid for Warner Bros Discovery. We break down ticking fees, breakup guarantees and how deal structuring can determine takeover outcomes.
Finally, we cover Anthropic’s $30 billion capital raise at a $350 billion valuation and discuss the sustainability of the AI funding race as competition intensifies between OpenAI, Big Tech and emerging players.
If you’re interested in mergers and acquisitions, global markets, corporate strategy and the forces shaping capital allocation, this episode provides a structured deep dive into the week’s most important developments.
(00:00) Episode Overview
(02:42) Santander’s $12BN US Deal
(21:20) Nuveen Buys Schroders
(36:02) Mining Mega-Merger Fails
(45:57) $108BN Media Takeover Battle
(53:37) Anthropic’s $30BN Raise
South Africa