Welcome to Ahead of the Deal.Each month, we explore the latest news and developments in M&A to help you stay Ahead of the Deal. We cover trends in M&A activity, topical deal issues and changes in the regulatory landscape.

In the first episode of our new series, Tony Damian and Amelia Morgan unpack the key findings from Ashurst's recently released M&A Deal Report 2026.

Tony and Amelia take a close look at deal flows, shifting deal structures and the role of private capital. 

Watch all of our episodes in the Ahead of the Deal series here. For more information about our global corporate practice, visit our Corporate and M&A page.

The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions.

Welcome to Ahead of the Deal. Each month, we explore the latest news and developments in M&amp;A to help you stay Ahead of the Deal. We cover trends in M&amp;A activity, topical deal issues and changes in the regulatory landscape.
In the first episode of our new series,&nbsp;<a href="https://www.ashurst.com/en/people/tony-damian/">Tony Damian</a>&nbsp;and&nbsp;<a href="https://www.ashurst.com/en/people/amelia-morgan/">Amelia Morgan</a>&nbsp;unpack the key findings from Ashurst's recently released&nbsp;<a href="https://www.ashurst.com/en/insights/australian-public-m-and-a-deal-report/">M&amp;A Deal Report 2026</a>.
Tony and Amelia take a close look at deal flows, shifting deal structures and the role of private capital.&nbsp;
Watch all of our episodes in the Ahead of the Deal series <a href="https://www.ashurst.com/en/insights/ahead-of-the-deal-australian-m-and-a-briefing/vodcast/">here</a>. For more information about our global corporate practice, visit our <a href="https://www.ashurst.com/en/what-we-do/services/ashurst-legal/corporate-and-ma/">Corporate and M&amp;A page</a>.
The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions.

The commercial world is always changing and the legal landscape never stands still. Keeping pace with all those changes, and knowing how they affect your organisation, is a big responsibility and a challenging task. Ashurst Legal Outlook will keep you at the forefront of the most pressing legal issues, offering insights from legal experts across our international network.

The commercial world is always changing and the legal landscape never stands still. Keeping pace with all those changes, and knowing how they affect your organisation, is a big responsibility and a challenging task. Ashurst Legal Outlook will keep you at the forefront of the most pressing legal issues, offering insights from legal experts across our international network.

A podcast series that will keep you across the global trends and local issues that are shaping the legal landscape and impacting organisations.

Ashurst Legal Outlook Podcast

Ashurst Legal Outlook

Tony Damian and Amelia Morgan unpack the key findings from Ashurst's recently released M&A Deal Report 2026.

Ahead of the Deal: The M&A Deal Report 2026

In this episode of Taxed Out, Tax Controversy Partners Vanja Podinic and Colin Little examine YTL and Newmont, the first major Federal Court tests of Division 855 and the principal asset test. Both cases reject the Commissioner’s push for an expansive, physical reading of “real property”, confirming instead that the definition turns on technical legal estates, statutory severance rules and the underlying rights actually held.

Vanja and Colin walk through the implications for investors disposing of infrastructure and mining interests, explaining why leases, transmission assets, plant and equipment, and mining tenements must all be analysed through a property-law lens rather than a physical-asset one. They also outline the Courts’ guidance on valuing synergistic asset bundles and allocating value between TARP and non-TARP assets.

The decisions highlight the need for meticulous evidence gathering, careful classification of rights, and interdisciplinary support from property, planning and infrastructure specialists. For investors, the message is clear: understanding the legal character of land-related rights is now essential to navigating Australian CGT rules.

The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions.

In this episode of Taxed Out, Tax Controversy Partners <a href="https://www.ashurst.com/en/people/vanja-podinic/">Vanja Podinic</a> and <a href="https://www.ashurst.com/en/people/colin-little/">Colin Little</a> examine YTL and Newmont, the first major Federal Court tests of Division 855 and the principal asset test. Both cases reject the Commissioner&rsquo;s push for an expansive, physical reading of &ldquo;real property&rdquo;, confirming instead that the definition turns on technical legal estates, statutory severance rules and the underlying rights actually held.
Vanja and Colin walk through the implications for investors disposing of infrastructure and mining interests, explaining why leases, transmission assets, plant and equipment, and mining tenements must all be analysed through a property-law lens rather than a physical-asset one. They also outline the Courts&rsquo; guidance on valuing synergistic asset bundles and allocating value between TARP and non-TARP assets.
The decisions highlight the need for meticulous evidence gathering, careful classification of rights, and interdisciplinary support from property, planning and infrastructure specialists. For investors, the message is clear: understanding the legal character of land-related rights is now essential to navigating Australian CGT rules.
The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions.

Last year, two Division 855 decisions reshaped the meaning of “real property” for CGT purposes, narrowing the Commissioner’s reach and raising the stakes for infrastructure and resources deals. 

Taxed Out: YTL, Newmont and the future of TARP

AI is nothing new but everything changed when ChatGPT landed. Now that agentic AI is moving at speed through every economy, it’s incumbent on boards to ensure their organisations can, if not outpace change, then at least try to keep up with it. In this episode, we trace AI’s trajectory – from leaps in technology to regulatory dilemmas – and we flag up issues and actions for directors.

In this episode of our UK Governance & Compliance mini-series, host Will Chalk is joined by two experts on AI governance, Ashurst’s Fiona Ghosh and Matt Worsfold. Drawing on Ashurst’s recent Board Priorities 2026, they peel back the layers of AI hype and market complexity to get to the heart of the matter: what do directors need to know and – most importantly – what do they need to do?

In less than 25 minutes, the trio explain the story so far (AI governance in the past three years) and confront today’s great challenge: ensuring frameworks are genuinely embedded and operationalised. They also discuss contrasting regulatory approaches (including mixed fortunes for the EU’s ambitious AI Act and the UK’s more light-touch approach) and the common thread across jurisdictions: uncertainty.

Our panel also gets practical – strongly recommending hands-on AI literacy for directors. As Fiona points out, "Until you are actually grappling with the topic yourself, you can't possibly understand some of the issues and some of the risks that are presented.”

The discussion also explores the changing remit of non-executive directors and the widening breadth of skills they now require to be effective in their roles. And our experts highlight relevant guidance available for directors who want to get on the front foot.

To listen to this and subscribe to future episodes in our governance mini-series, search for “Ashurst Legal Outlook” on Apple Podcasts, Spotify or your favourite podcast player. You can also find out more about the full range of Ashurst podcasts at ashurst.com/podcasts.

To receive updates and alerts on the issues raised in this podcast mini-series, subscribe to Ashurst’s regular Governance and Compliance Updates.

The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions.

AI is nothing new but everything changed when ChatGPT landed. Now that agentic AI is moving at speed through every economy, it&rsquo;s incumbent on boards to ensure their organisations can, if not outpace change, then at least try to keep up with it. In this episode, we trace AI&rsquo;s trajectory &ndash; from leaps in technology to regulatory dilemmas &ndash; and we flag up issues and actions for directors.
In this episode of our UK Governance &amp; Compliance mini-series, host <a href="https://www.ashurst.com/en/people/will-chalk/">Will Chalk</a> is joined by two experts on AI governance, Ashurst&rsquo;s <a href="https://www.google.com/search?client=safari&amp;rls=en&amp;q=ashurst+Fiona+Ghosh&amp;ie=UTF-8&amp;oe=UTF-8">Fiona Ghosh</a> and <a href="https://www.ashurst.com/en/people/matthew-worsfold/">Matt Worsfold</a>. Drawing on Ashurst&rsquo;s recent <a href="https://www.ashurst.com/en/insights/board-priorities-in-2026/">Board Priorities 2026</a>, they peel back the layers of AI hype and market complexity to get to the heart of the matter: what do directors need to know and &ndash; most importantly &ndash; what do they need to do?
In less than 25 minutes, the trio explain the story so far (AI governance in the past three years) and confront today&rsquo;s great challenge: ensuring frameworks are genuinely embedded and operationalised. They also discuss contrasting regulatory approaches (including mixed fortunes for the EU&rsquo;s ambitious AI Act and the UK&rsquo;s more light-touch approach) and the common thread across jurisdictions: uncertainty.
Our panel also gets practical &ndash; strongly recommending hands-on AI literacy for directors. As Fiona points out, "Until you are actually grappling with the topic yourself, you can't possibly understand some of the issues and some of the risks that are presented.&rdquo;
The discussion also explores the changing remit of non-executive directors and the widening breadth of skills they now require to be effective in their roles. And our experts highlight relevant guidance available for directors who want to get on the front foot.
To listen to this and subscribe to future episodes in our governance mini-series, search for &ldquo;Ashurst Legal Outlook&rdquo; on Apple Podcasts, Spotify or your favourite podcast player. You can also find out more about the full range of Ashurst podcasts at <a href="https://www.ashurst.com/podcasts">ashurst.com/podcasts</a>.
To receive updates and alerts on the issues raised in this podcast mini-series, subscribe to Ashurst&rsquo;s regular <a href="https://www.ashurst.com/en/insights/ashurst-governance-compliance-update-issue-79/">Governance and Compliance Updates</a>.
The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions.

AI is nothing new but everything changed when ChatGPT landed. Now that agentic AI is moving at speed through every economy, it’s incumbent on boards to ensure their organisations can, if not outpace change, then at least try to keep up with it. In this episode, we trace AI’s trajectory – from leaps in technology to regulatory dilemmas – and we flag up issues and actions for directors.

 Governance & Compliance 10: Agentic AI rockets to the top of board agendas. Now what?

For many boards, the era of the passive shareholder register is over. So what should boards do when activists come knocking? Our latest episode suggests some answers.

In this episode of our UK Governance & Compliance, Board Priorities mini-series, we get a view of shareholder activism from two hemispheres. Host Will Chalk is joined by Ashurst colleagues Miriam Kleiner from Sydney and Harry Thimont from London.

Together they look beyond the attention-grabbing headlines and consider the underlying trends from Australia and the UK, including the hot button issues likely to raise the ire of activists and the common tactics they employ.

The episode includes pertinent issues that boards should have on their radar, including any perceived weakness an activist shareholder may seek to exploit (e.g. capital allocation, operational inefficiencies, governance weaknesses).

Throughout the episode, Harry emphasises board readiness including, “understanding which institutional investors may support management and which may be on the side of an activist is critical intelligence.”

Will cautions against the assumption that activism is always a case of “us against them” and Harry concurs, “Engaging in constructive discussions can result in an outcome which not only avoids a potentially prolonged and draining campaign, but also has genuine upsides for the company and its shareholders.”

While every campaign is different, having the right response infrastructure in place is always a good idea, as Miriam explains. “Establish the tone and approach to any conversations you're going to have. And really, if it's all managed properly, there should never be a surprise for the board because you're managing your register, you're constantly on top of it, you're constantly talking to shareholders.”

To listen to this and subscribe to future episodes in this governance mini-series, search for “Ashurst Legal Outlook” on Apple Podcasts, Spotify or your favourite podcast player. You can also find out more about the full range of Ashurst podcasts at ashurst.com/podcasts.

To receive updates and alerts on the issues raised in this podcast mini-series, subscribe to Ashurst’s regular Governance and Compliance updates.

The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions.

For many boards, the era of the passive shareholder register is over. So what should boards do when activists come knocking? Our latest episode suggests some answers.
In this episode of our UK Governance &amp; Compliance, Board Priorities mini-series, we get a view of shareholder activism from two hemispheres. Host <a href="https://www.ashurst.com/en/people/will-chalk/">Will Chalk</a> is joined by Ashurst colleagues <a href="https://www.ashurst.com/en/people/miriam-kleiner/">Miriam Kleiner</a> from Sydney and <a href="https://www.ashurst.com/en/people/harry-thimont/">Harry Thimont</a> from London.
Together they look beyond the attention-grabbing headlines and consider the underlying trends from Australia and the UK, including the hot button issues likely to raise the ire of activists and the common tactics they employ.
The episode includes pertinent issues that boards should have on their radar, including any perceived weakness an activist shareholder may seek to exploit (e.g. capital allocation, operational inefficiencies, governance weaknesses).
Throughout the episode, Harry emphasises board readiness including, &ldquo;understanding which institutional investors may support management and which may be on the side of an activist is critical intelligence.&rdquo;
Will cautions against the assumption that activism is always a case of &ldquo;us against them&rdquo; and Harry concurs, &ldquo;Engaging in constructive discussions can result in an outcome which not only avoids a potentially prolonged and draining campaign, but also has genuine upsides for the company and its shareholders.&rdquo;
While every campaign is different, having the right response infrastructure in place is always a good idea, as Miriam explains. &ldquo;Establish the tone and approach to any conversations you're going to have. And really, if it's all managed properly, there should never be a surprise for the board because you're managing your register, you're constantly on top of it, you're constantly talking to shareholders.&rdquo;
To listen to this and subscribe to future episodes in this governance mini-series, search for &ldquo;Ashurst Legal Outlook&rdquo; on Apple Podcasts, Spotify or your favourite podcast player. You can also find out more about the full range of Ashurst podcasts at <a href="https://www.ashurst.com/podcasts">ashurst.com/podcasts</a>.
To receive updates and alerts on the issues raised in this podcast mini-series, subscribe to Ashurst&rsquo;s regular <a href="https://www.ashurst.com/en/insights/ashurst-x-compliance-update-issue-77/">Governance and Compliance updates.</a>
The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions.

For many boards, the era of the passive shareholder register is over. So what should boards do when activists come knocking? Our latest episode suggests some answers.

Ahead of the Deal: The M&A Deal Report 2026

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