We expect 2026 to be another standout year for M&A. But even with market sentiment and CEO confidence trending up, there are forces at play across the world that will cast a long shadow over the deal environment and present new communication challenges for companies undertaking M&A.
In previous years, global markets followed a post-war, rules-based order. That world has been fundamentally rewired. Now, competing spheres of influence, transactional relationships and "strongman" leadership steer global geopolitics.
This insight comes from FGS Global’s recently published, “Radar 2026: A World Rewired,” which compares top decision-makers’ thoughts about 2026 with the broader public’s views – revealing critical gaps that shape strategic decision-making.
Business leaders and their advisers must navigate the downstream effects of this rewired global order. The knock-on effect of these trends for M&A, and implications for M&A communications, are significant. Joining this data, our analysis and our transactions experience, FGS sees three major trends to watch in 2026:
Rising nationalism altering the political landscape
In 2026, national sovereignty considerations are at an all-time high. According to the Radar report, 69% of people want their country to be “more assertive of [its] national interests even if this creates friction with other countries,” and in 26 of 27 countries, most agree that “international institutions and laws have over-reached and interfere too much with the right of different countries to put their national interests first.”
These attitudes will heavily shape the deal landscape for cross-border acquisitions. Public sentiment doesn't just influence political opinions - it can fundamentally impact the regulatory review process. For policymakers, attacking foreign takeovers is now a low-risk, high-reward position. Regulatory bodies that once operated with technocratic independence increasingly face political pressure, if not direct interference.
Cross-border and sensitive-sector transactions face the most complexity and present the greatest completion risk. For example, if a company is perceived to be important to national security, governments may be loath to see it acquired by a foreign interest.
Communication opportunity: Frame national interest narratives before others do. Traditionally, M&A communications assumed that the regulatory review process would be unbiased and free from political influence. That assumption is obsolete. Audiences for national security and regulatory messages include national/local politicians, media, employees, potential-interlopers and even competitors who could make counterclaims. Early identification of reputational risks will be an essential element of due diligence and successfully closing deals. Just as important will be identifying which stakeholders hold protectionist views and developing proactive engagement strategies and targeted narratives that address their specific concerns. In this environment, government relations and public affairs teams also become even more important in the deal process and should be brought in early to surface where potential sensitivities and issues may be lurking. Acquirers may even consider selectively undertaking pre-deal diligence to surface potential political risks that could forestall successfully completion of a transaction.
2. Populism’s impact on scale
It’s a tale of two economies in many countries. Large, developed economies are experiencing K-shaped recoveries where opportunity grows for some, while most households face skyrocketing costs and narrowing paths to wealth. The rising cost of living now features prominently in the political and media dialogue, and “affordability” is rapidly becoming a political hotspot.
At the same time, a pervasive crisis of confidence among workers is fueling rising populism. Our research shows that public pessimism about the future is approaching crisis levels, priming voters to favor disruption. 74% of respondents agreed that “the political system in my country serves the interests of a rich and powerful elite, rather than the interests of ordinary working people.” Said differently, entrenched corporate powers are easy targets for criticism.
Against this backdrop, large corporations seeking to become even larger through M&A are easy scapegoats. And private equity buyers, who are perceived by the general public as purely economic actors, are easy punching bags, despite managing capital on behalf of both public and private pension funds.
This dynamic raises the stakes for acquirers – corporate or financial – for making the affirmative case for a large acquisition. In an increasingly populist world, where the default position is becoming “M&A is bad,” the burden of proof has fundamentally shifted. Acquirers must now argue and demonstrate that deals won't be detrimental to consumers or employees.
Communication opportunity: Test data-informed messages before announcements. First impressions are critical, and day-one messaging will continue shaping media, investor and public perception. Against a backdrop of growing skepticism, messages that include vague claims about "better service" or "innovation" without supporting data won't survive scrutiny. Acquirers should consider commissioning independent economic analysis that models specific and tangible consumer benefits e.g., price impacts, service improvements and product availability to substantiate claims and increase credibility. Then, armed with data-informed messages, FGS can use new technology powered by AI to test messaging before public announcements. These tools allow acquirers to understand how they will be received by stakeholders and then use those insights to inform the deal narrative. In almost every scenario, adaptable frameworks that anticipate potential outcomes will outperform static plans.
3. In the age of hostility, preparation is key
Whether from fear of missing out or the accelerating pace of AI-driven technological change, companies will feel the pressure to scale at increasing speed, elevating the appetite for M&A.
Companies that are perceived as slow to adapt, whether for structural or operational reasons, are particularly susceptible to activist pressure.
At the same time, companies that are ‘crown jewel’ assets may be exposed to unsolicited interest or unwanted advances. Handled incorrectly, these situations can become hostile.
Given these dynamics, the probability of M&A processes including interlopers, whether activists seeking opportunities for quick wins or hostile acquirers who fear missing out, materially increases.
Communication opportunity: Know the counter narrative. M&A communication should be activist-proof by design, and the increased probability of hostility increases the need for comprehensive defense preparedness. A strong and affirmative transaction rationale is the best offense. This should be coupled with clear, consistent messaging around long-term strategic value and a clear-eyed acknowledgement of identifiable challenges. Deal communications should also implicitly but proactively address key activist concerns like strategic alternatives, timing, capital allocation and regulatory certainty. Activists have more opportunities than ever before for challenging companies/deals or for seeding counternarratives. Acquirers should be prepared to counteract hostile actors by developing a stakeholder strategy that leverages both the acquirer’s voice or third-party advocates and opinion-formers.