Spatchcock anyone? Welcome back to Unpacked. Institutional capital flooded the market this week, with major plays ranging from Fleet Street consolidation to massive Australian logistics buyouts. And while Wall Street semi-shuttered for the Thanksgiving holiday, thinning liquidity across global bourses late in the week - the M&A desks certainly didn't stop.
All the top moves, shakes, and red hot turkey bastes from Azzet's editorial team are right here in your weekly business wrap every Friday (28 November, 2025).
We saw the Daily Mail finally clinch its prize, Macquarie return to its infrastructure roots, and a COP30 accord that left policymakers divvying up the bill.
Here is what you need to know:
The week that was
After months of regulatory-intensive wrangling, the Daily Mail struck a £500 million deal to acquire The Telegraph, cementing a significant consolidation of right-leaning media in the UK.
This acquisition finally ends the uncertainty that has plagued the broadsheet since the RedBird IMI bid collapsed, though the deal is almost certain to attract fresh scrutiny from competition watchdogs concerned about media plurality.
Closer to home, the "Millionaire’s Factory" is deploying capital into hard assets again as Macquarie returns with an agreed bid for Qube, sparking immediate speculation about the future of listed infrastructure in Australia.
The move underscores the immense value placed on supply chain dominance and has analysts asking if Qube will leave the ASX entirely, following the recent trend of taking major logistics players private.
Turning to the global stage, the wash-up from the latest climate summit saw a COP30 deal signed that left several delegations uneasy, underscoring the growing rift between ambitious decarbonisation targets and the economic realities of the energy transition.
Monday
Outside the headline transactions, the week began with a focus on risk allocation as Corrs predicted PE to focus on tech, business services and defence in 2026, while Scott Bessent projects no U.S. recession in 2026.
In the resources sector, BHP scotched new Anglo bid reports just as China amplified its dispute with BHP, complicating the miner's trade outlook in its most critical market.
Geopolitics remained front and centre with Rubio praising the Ukraine peace meeting, though data on the ground soured the mood as U.S. consumer sentiment dipped to near historic lows.
Elsewhere, the U.S. government's DOGE was reportedly disbanded, while airlines expect record Thanksgiving travel loads despite the broader economic gloom.
Tuesday
The debt capital markets convulsed as an AI bond avalanche pressured debt yields, while in the pharma sector, Novo Nordisk shares plunged following a disappointed drug trial failure.
Simultaneously, Amazon struck a US$5bn AI deal to entrench itself with the US government, just as trade friction simmered with Trump appointing Commerce officials to oversee US Steel.
The US pushed the EU on tech regulation, coinciding with the US and Ukraine agreeing a peace plan following high-stakes talks in Geneva.
In London, markets were on edge ahead of the fiscal statement, while across the Atlantic Comcast shares fell on a breach penalty and Barrick shares hit record highs after resolving the Mali dispute.
On the tech front, Anthropic launched Claude Opus 4.5 and Australia unveiled an AI safety watchdog to monitor frontier tech, while in the courts a judge threw out Trump critics' cases.
Travel disruptions saw airlines halt Venezuela flights, while locally, housing affordability reached a record low according to sobering new data from Cotality.
Wednesday
Midweek figures painted a grim fiscal picture as the U.S. reported a $284 billion deficit for October and retailer confidence hit a 17-year low in the UK amid budget jitters.
In Australia, the inflation fight persists as Australian inflation rose to 3.8%, while the superannuation sector faced regulatory heat with Cbus fined over insurance failures and reports that private assets are harder to swallow for the 'Super Nation' funds.
In the US, Lowe’s was fined for alleged lead paint violations, while Trump pooled resources for AI and hinted he may name a Fed Chair before the holidays.
Meanwhile, Ukraine moved to advance a peace plan, Warner Bros invited improved bids to stoke competitive tension, and a CB survey showed confidence decreasing sharply.
It was a busy day for earnings as Alibaba revenue rose, Dell surged on AI outlook, and Kohl’s shares soared, though HP earnings declined amid planned layoffs.
Thursday
With Wall Street closed for Thanksgiving, global attention shifted to a tragedy in Asia where men were arrested after a Hong Kong fire that saw the death toll pass 80 people.
Economic existentialism was in the air as the OECD laid down a 'triple threat', asking; Is the global economy broken? or merely rerouting, while locally Australian super assets hit a record, and a new flexible credit income fund launched.
In the UK, Reeves lifted the tax burden to historic highs, while tech news saw Central banks cautious on AI, Grindr shareholders withdrew their bid, and iPhone shipments may overtake Samsung.
In Europe, CATL broke ground in Spain and EU governments bought underwater drones, while in the U.S., jobless claims hit a low, and Medicare negotiated lower prices.
A startling report claimed AI could replace the US workforce by nearly 12%, while political tensions flared with calls for Witkoff to be fired and Guardsmen critical after a DC shooting.
On the earnings front, Workday shares dropped 8% on middling guidance, and APRA introduced a home loan cap to cool lending.
Friday
The week closed with Black Friday fever, with Australians set to spend $6.8 billion, amid early indications showing strong sales despite the worries.
Investment trends shifted as EM assets shone against developed markets, while M&A sizzled with copper arbitrage driving activity in the base metals space.
Corporate christmas dancing continued with Apple challenging India’s anti-trust law and Puma jumping on Anta interest in a potential acquisition.
The banking sector saw JPMorgan planning a UK tower despite Jefferies facing an SEC probe.
In other news, Australian mutuals expect mergers, Airbus says AI is years away, and women earn less despite progress.
Finally, geopolitics remained tense as Putin warned of land grabs.
