America’s first merger wave began in the 1890s and forged giants in steel, oil and railroads. A second preceded the crash of 1929. Executives assembled conglomerates in the 1960s; private-equity firms dismantled them in the 1980s. The bursting of the internet bubble, the financial crisis and higher interest rates ended takeover waves in 2000, 2007 and 2022.

An eighth episode began this summer. Like its predecessors, it is energised by technological promise, enthusiastic credit markets, willing politicians and striving bosses.

The number of mega-deals — mergers, acquisitions and investments worth more than $US10 billion ($15 billion) — announced this year is approaching a record high. The third quarter was one of the busiest in history. Donald Trump’s MAGA revolution is yet to upend the r

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