Europe bulletin: BBC's legal setback in Trump case, Nuveen-Schroders deal

Europe’s corporate and legal landscape saw a sharp turn on Thursday, with Nuveen agreeing to buy Schroders in a landmark deal ending centuries of family control.

Thames Water is scrambling for fresh funding to stave off nationalization, and the BBC is facing a legal setback in a high-stakes US lawsuit.

Meanwhile, Amazon was hit with a fresh Italian tax probe, underscoring intensifying regulatory scrutiny across the region.

Nuveen to acquire Britain's Schroders

Nuveen, the investment arm of TIAA, has agreed to acquire Britain's Schroders for $13.5 billion (£9.9 billion), ending over 220 years of family control at the London-based firm.

The deal creates a global asset management powerhouse with nearly $2.5 trillion in combined assets under management, positioning it among the world's top 10 largest managers.

Schroders shareholders will receive 590 pence per share in cash, plus a final dividend of up to 22 pence, totaling 612 pence and representing a 34% premium.

The Schroder family, which has maintained a controlling interest for generations, has backed the transaction.

London will remain the combined group's non-US headquarters, reinforcing the city's post-Brexit status as a financial hub.

Britain's largest water supplier pushes back against nationalization

Thames Water, Britain's largest water supplier serving 16 million customers, has started a process to unlock £823 million ($1.12 billion) in additional funding as it fights to avoid nationalization.

Creditors agreed to review the allocation of this second tranche, even though a long-term debt write-off deal hasn't been finalized, a condition originally required for further lending.

The company has already drawn £1.43 billion from its initial £1.5 billion super-senior liquidity facility.

Thames Water is wrestling with nearly £20 billion in debt while facing criticism over sewage pollution and service failures.

A proposal from senior creditors to write off £7.5 billion of debt remains on the table, but talks with regulators are taking longer than expected.

Legal setback for BBC in Trump defamation case

A US judge has rejected the BBC's request to pause the discovery process in President Donald Trump's $10 billion defamation lawsuit, pushing the case forward to trial.

District Judge Roy Altman ruled on February 11 that the broadcaster's motion was "premature" and failed to show it would be prejudiced if the stay wasn't granted.

The judge also set a two-week trial date for February 2027 in Miami.

Trump sued the BBC in December 2025, claiming it defamed him by editing his January 6, 2021, speech to make it appear he encouraged supporters to storm the Capitol, omitting his call for peaceful protest.

The BBC plans to file a dismissal motion by March 17, arguing the Florida court lacks jurisdiction since the Panorama documentary never aired in the US.

Italian tax authorities raid Amazon

Italian financial police raided Amazon’s Milan headquarters as prosecutors opened a fresh tax-evasion strand targeting Amazon EU Sarl, the Luxembourg-based unit that runs much of the group’s European business.

The Guardia di Finanza also searched the homes of seven Amazon managers and the offices of auditor KPMG, according to people familiar with the matter.

Investigators are examining whether Amazon had an undeclared “permanent establishment” in Italy from 2019 to 2024, which could mean higher taxable income locally.

A search warrant cited personnel moves in 2024 and said Amazon began paying taxes in Italy after joining a cooperative-compliance program in August 2024.