Ares Management, with $650bn in assets, is in talks to acquire Leonard Green & Partners ($85bn AUM) to expand its private equity footprint from $25bn. CEO Michael Arougheti seeks to diversify beyond credit into corporate takeovers.

DCC's board recommended a £5.75bn takeover by KKR and Energy Capital Partners at £65.25/share plus dividends, despite top shareholders Aviva and Fidelity opposing as undervalued. Founder Jim Flavin calls the price "totally inadequate."

Chinese memory chipmaker CXMT surged 466% in its Shanghai debut, reaching $547bn valuation. The firm, key to China's AI supply chain ambitions, uses ASML technology and Qimonda patents but lags in HBM chips due to US export controls.

Job moves: Jonathan Bock leaves Blackstone's Bcred; Vanguard names Kenneth Jacobs chair; Simpson Thacher hires Stephanie Marshak.