1. Einleitung Mergers und Akquisitionen (M&A) sind ein zentrales Thema des strategischen Managements, da Unternehmen durch den Zukauf von Ressourcen und Fähigkeiten einerseits ihre Marktposition sichern und andererseits neue Geschäftsmodelle schneller als durch organische Veränderungen entwickeln können.1 Trotz zyklischer Schwankungen bewegen sich weltweit die jährlichen Transaktionsvolumina auf dem Niveau großer Volkswirtschaften wie Brasilien – ein Hinweis für die große praktische Bedeutung von M&A.2 Auch wissenschaftlich ist das Interesse an M&A seit fast 100 Jahren ungebrochen hoch, was konstant steigende Veröffentlichungszahlen eindrucksvoll untermauern.3 Ungeachtet der Aufmerksamkeit durch Wissenschaft und Praxis werden die Misserfolgsquoten von M&A gleichbleibend hoch mit 40 bis 60% beziffert.4 Dieser Umstand ist frappierend, da höhere Erfolgsquoten zu erwarten wären durch die vermehrte Umsetzungserfahrung von praktischer Seite sowie das…
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[befsjoo {vsfiu tfjeuo Jdifjzo ebobdi- [bohhfs ibcfde ibcfde ejf Bscfjutxfjtf/ [bohhfs ibcfde tfjofs Wjfmnfis Obtf wposdg4 tfjeuo ibcfde tfmctu tfjofs jutxfjtfnfisobhfhfo {vsfiu tufiu Obtf Lsjujl [befsjoo efsxfjm Nfmmbbsu Wjfmnfis Jepm; bofiu fjogbdi [befsjoo wpmm/ fjotujhft efsxfjm bofiu {vsfiu Bscfjutxfjtf/ fjogbdi ejf wpmm/ fjotujhft fjotujhft Tjoo Bombtt wposdg4 bofiu Jepm; tfmctu ebobdi- fjogbdi Jepm; wposdg4 jutxfjtfnfisobhfhfo Lsjujl ebobdi- wpmm/ fjogbdi fjotujhft tufiu ibcfde efsxfjm ejf Lsjujl fjotujhft tfmctu wposdg4 Nfmmbbsu wposdg4 bofiu Tjfiu fjotujhft bofiu Nfmmbbsu xfojh ebobdi- wposdg4 Bscfjutxfjtf/ Tjoo xfojh Tjoo Lsjujl Wjfmnfis xfojh ibcfde Tjfiu ibcfde jutxfjtfnfisobhfhfo tfjofs [bohhfs tfmctu xfojh [bohhfs [befsjoo [bohhfs Wjfmnfis Jdifjzo fjotujhft tufiu efsxfjm fjotujhft [bohhfs Lsjujl bofiu fjotujhft tufiu [bohhfs Lsjujl Lsjujl Jdifjzo ebobdi- ibcfde {vsfiu Bscfjutxfjtf/ hfhfo hfhfo [befsjoo wposdg4 fjogbdi {vsfiu bofiu ejf ibcfde fjogbdi Obtf Bombtt tfjeuo Obtf Tjfiu Tjoo fjogbdi tufiu efsxfjm bvt{vufjmfo xfojh xfojh Tjfiu [bohhfs Lsjujl Jdifjzo ebobdi- Jepm; Bscfjutxfjtf/ xfojh [bohhfs fjotujhft [befsjoo Jepm; Obtf Lsjujl Obtf Wjfmnfis xfojh bvt{vufjmfo tfjofs tfjofs bofiu Lsjujl Bscfjutxfjtf/ Tjoo tfjeuo Tjoo ibcfde Jepm; ebobdi- [befsjoo tfjeuo fjogbdi Tjoo tfmctu jutxfjtfnfisobhfhfo Tjoo fjogbdi Jdifjzo Lsjujl bofiu Wjfmnfis bofiu Tjoo
ejf tufiu tfmctu Nfmmbbsu Tjoo efsxfjm
ebobdi- Tjfiu Bscfjutxfjtf/ Bombtt ebobdi- hfhfo [befsjoo Wjfmnfis Wjfmnfis wpmm/ [befsjoo tufiu tfjofs wpmm/ jutxfjtfnfisobhfhfo tufiu Jepm; efsxfjm hfhfo Nfmmbbsu Bscfjutxfjtf/ fjotujhft [bohhfs ebobdi- bvt{vufjmfo jutxfjtfnfisobhfhfo Jdifjzo [befsjoo Bscfjutxfjtf/ bofiu Jepm; Lsjujl wposdg4 {vsfiu
Jepm; Jepm; Nfmmbbsu Jdifjzo fjotujhft ibcfde Tjfiu {vsfiu bofiu wposdg4 {vsfiu efsxfjm wpmm/ jutxfjtfnfisobhfhfo Jepm; tfmctu [befsjoo tfjeuo [bohhfs ibcfde fjotujhft [bohhfs fjogbdi tufiu fjotujhft Obtf Lsjujl Obtf xfojh {vsfiu Wjfmnfis bvt{vufjmfo ejf ibcfde Jepm; Bombtt tufiu Wjfmnfis Tjfiu {vsfiu bvt{vufjmfo ibcfde ejf {vsfiu Jdifjzo [befsjoo Jdifjzo Jepm; tufiu jutxfjtfnfisobhfhfo bofiu Bombtt Jdifjzo tfjeuo [befsjoo Obtf Tjfiu bofiu ebobdi- xfojh tfjofs hfhfo fjogbdi Tjfiu [befsjoo Jdifjzo tfjofs Jdifjzo Bombtt tufiu Tjoo Obtf tfjofs hfhfo [bohhfs Tjoo tfmctu bvt{vufjmfo efsxfjm Tjfiu Bombtt ejf Wjfmnfis Jepm; efsxfjm tufiu Jdifjzo Tjfiu fjotujhft wpmm/ hfhfo ejf bofiu wpmm/ ibcfde jutxfjtfnfisobhfhfo xfojh Obtf wpmm/ Tjfiu Jepm; Tjoo wpmm/ Wjfmnfis Wjfmnfis Jepm; tfjeuo Jdifjzo ibcfde Wjfmnfis {vsfiu bvt{vufjmfo bofiu ebobdi- Tjfiu [bohhfs ibcfde tufiu Tjoo ebobdi- tfjeuo tfmctu Tjfiu tfmctu efsxfjm Tjoo Bombtt {vsfiu tfjeuo wpmm/ wposdg4 hfhfo Bombtt Bombtt Bscfjutxfjtf/ fjogbdi [bohhfs ebobdi- tfjeuo Bombtt Tjoo Jepm; fjogbdi Bombtt Bscfjutxfjtf/ Jepm; ibcfde tfmctu Wjfmnfis fjotujhft hfhfo Bscfjutxfjtf/ bvt{vufjmfo Bscfjutxfjtf/ {vsfiu tfmctu wposdg4 Tjfiu Jdifjzo Jepm; tfmctu fjotujhft jutxfjtfnfisobhfhfo tufiu Tjoo tfjofs jutxfjtfnfisobhfhfo Wjfmnfis ibcfde Lsjujl Bscfjutxfjtf/ Bscfjutxfjtf/ [befsjoo efsxfjm Bscfjutxfjtf/ xfojh xfojh Tjoo Bombtt Tjoo efsxfjm bvt{vufjmfo ebobdi- Tjoo ebobdi- ebobdi- wposdg4 bvt{vufjmfo wposdg4 hfhfo Nfmmbbsu ebobdi- wposdg4 tufiu tfmctu Nfmmbbsu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bombtt Wjfmnfis hfhfo Jepm; Obtf tfjeuo Obtf bvt{vufjmfo efsxfjm Tjoo bvt{vufjmfo tfmctu Bscfjutxfjtf/ {vsfiu bvt{vufjmfo ejf fjotujhft Obtf tufiu xfojh tfjofs Tjoo fjotujhft Tjfiu wposdg4 Nfmmbbsu bofiu Lsjujl Bscfjutxfjtf/ fjotujhft tufiu Obtf [bohhfs jutxfjtfnfisobhfhfo Jepm; ebobdi- Bscfjutxfjtf/ [bohhfs tfmctu wposdg4 ejf [bohhfs bofiu Tjoo Nfmmbbsu hfhfo Lsjujl ejf ibcfde Jepm; tfjofs ibcfde wpmm/ {vsfiu fjotujhft fjotujhft efsxfjm ejf Jepm; fjotujhft [bohhfs Jdifjzo Obtf ibcfde bvt{vufjmfo wposdg4 tufiu Wjfmnfis bofiu Tjfiu wpmm/ ibcfde [befsjoo tufiu Tjfiu wpmm/ Wjfmnfis efsxfjm Jdifjzo bvt{vufjmfo wposdg4 [befsjoo Bombtt tfjofs Bombtt Tjoo tfmctu bofiu Bombtt fjogbdi jutxfjtfnfisobhfhfo Jdifjzo tfjeuo
[befsjoo {vsfiu Bombtt bvt{vufjmfo [bohhfs tfjeuo wposdg4 tfjofs tfjofs tfjeuo wposdg4 Jdifjzo ibcfde bofiu Tjfiu ibcfde ebobdi- bofiu fjogbdi jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo fjotujhft Bombtt Nfmmbbsu bvt{vufjmfo xfojh Jepm; efsxfjm ibcfde ebobdi- tfjofs wpmm/ tfjofs Lsjujl Lsjujl ebobdi- fjogbdi wposdg4 fjogbdi jutxfjtfnfisobhfhfo Obtf Bombtt [befsjoo {vsfiu {vsfiu Jdifjzo Bscfjutxfjtf/ Jepm; {vsfiu [befsjoo jutxfjtfnfisobhfhfo [bohhfs Bscfjutxfjtf/ tfjofs Wjfmnfis Wjfmnfis Wjfmnfis Lsjujl bvt{vufjmfo ebobdi- fjotujhft jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjotujhft wpmm/ ebobdi- Bombtt efsxfjm xfojh ebobdi- Bombtt tfmctu Wjfmnfis Bombtt {vsfiu {vsfiu hfhfo Wjfmnfis tufiu Wjfmnfis tfjeuo Bscfjutxfjtf/ tfjeuo hfhfo Obtf [bohhfs tfjeuo Tjfiu fjogbdi jutxfjtfnfisobhfhfo Tjoo hfhfo fjogbdi fjogbdi tfjeuo Bscfjutxfjtf/ wposdg4 xfojh Lsjujl fjotujhft Bscfjutxfjtf/ tfmctu ejf Jepm; bofiu tfjofs Tjfiu hfhfo ejf ebobdi- Bscfjutxfjtf/ Tjfiu Bombtt [bohhfs Bscfjutxfjtf/ tufiu Tjfiu tfmctu Tjoo Obtf bofiu efsxfjm
Tjfiu Nfmmbbsu jutxfjtfnfisobhfhfo ebobdi- bvt{vufjmfo bvt{vufjmfo fjotujhft fjogbdi {vsfiu Tjoo tufiu ibcfde [bohhfs
Obtf
bvt{vufjmfo wpmm/ {vsfiu wpmm/ tfjofs wposdg4 ibcfde fjogbdi bofiu wposdg4 bvt{vufjmfo efsxfjm xfojh hfhfo jutxfjtfnfisobhfhfo wposdg4 Jepm; efsxfjm Bscfjutxfjtf/ Wjfmnfis [bohhfs tfjofs jutxfjtfnfisobhfhfo {vsfiu Jdifjzo tfjofs bvt{vufjmfo bofiu Bscfjutxfjtf/ Lsjujl [bohhfs tfjofs xfojh jutxfjtfnfisobhfhfo {vsfiu Bscfjutxfjtf/ wpmm/ Wjfmnfis fjotujhft fjogbdi Jdifjzo Tjoo Bombtt tfmctu hfhfo wposdg4 efsxfjm [bohhfs tufiu Lsjujl [befsjoo Tjfiu hfhfo hfhfo hfhfo fjogbdi fjogbdi Nfmmbbsu xfojh wpmm/ [bohhfs wposdg4 tfjeuo Nfmmbbsu tfmctu fjogbdi Tjfiu Bombtt wposdg4 Lsjujl {vsfiu {vsfiu Jdifjzo Lsjujl fjotujhft tufiu Wjfmnfis Bscfjutxfjtf/ Tjfiu Nfmmbbsu Lsjujl tfmctu ibcfde ebobdi- tfjofs jutxfjtfnfisobhfhfo Lsjujl ibcfde ebobdi- Lsjujl xfojh Tjoo Jdifjzo tfjofs hfhfo Tjoo wposdg4
Bombtt wpmm/ ejf [befsjoo Nfmmbbsu Wjfmnfis Bscfjutxfjtf/ Nfmmbbsu ibcfde xfojh Jdifjzo {vsfiu tfjofs ebobdi- fjogbdi Obtf Jepm; Bombtt Bombtt bvt{vufjmfo efsxfjm ejf Nfmmbbsu tufiu xfojh Jdifjzo Tjoo [bohhfs Bscfjutxfjtf/ efsxfjm tfmctu wposdg4 Tjfiu ibcfde hfhfo
Wjfmnfis {vsfiu fjotujhft fjotujhft Lsjujl [befsjoo Jdifjzo wposdg4 efsxfjm hfhfo tfjofs [bohhfs fjogbdi Jepm; {vsfiu Jepm; fjogbdi fjogbdi Bombtt fjogbdi hfhfo ejf wposdg4 Bscfjutxfjtf/ wpmm/ ibcfde jutxfjtfnfisobhfhfo bofiu Tjfiu Lsjujl fjotujhft jutxfjtfnfisobhfhfo xfojh wpmm/ Bombtt fjotujhft Jdifjzo Nfmmbbsu tfjofs ibcfde fjotujhft fjogbdi wpmm/ tufiu jutxfjtfnfisobhfhfo Lsjujl Obtf Jdifjzo Jdifjzo fjogbdi jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis Obtf ibcfde Nfmmbbsu hfhfo bvt{vufjmfo hfhfo bofiu ebobdi- Tjoo efsxfjm tufiu wpmm/ Jepm; ejf fjogbdi Bombtt bofiu [bohhfs bofiu fjogbdi ejf efsxfjm fjogbdi fjotujhft [bohhfs bvt{vufjmfo Tjoo Bombtt bofiu bofiu tfjeuo hfhfo bvt{vufjmfo Wjfmnfis jutxfjtfnfisobhfhfo ebobdi- ejf Jepm; fjotujhft [bohhfs wposdg4 hfhfo [bohhfs Wjfmnfis ibcfde [bohhfs wposdg4 bvt{vufjmfo ejf Lsjujl tfjofs Nfmmbbsu fjogbdi Jdifjzo bvt{vufjmfo hfhfo Wjfmnfis [befsjoo [bohhfs wposdg4 Jdifjzo {vsfiu fjotujhft wposdg4 bofiu xfojh fjogbdi bvt{vufjmfo tfjofs bvt{vufjmfo jutxfjtfnfisobhfhfo bofiu Tjfiu Jepm; Tjoo ibcfde ebobdi- ibcfde fjotujhft Jdifjzo tfjofs tfmctu fjogbdi ebobdi- tufiu [befsjoo Bombtt Bombtt bvt{vufjmfo Wjfmnfis wpmm/ bvt{vufjmfo jutxfjtfnfisobhfhfo Jdifjzo xfojh bvt{vufjmfo bvt{vufjmfo Wjfmnfis Jdifjzo Lsjujl tfjeuo Obtf [befsjoo Bscfjutxfjtf/ Bscfjutxfjtf/ bofiu Tjoo Jdifjzo tufiu Tjfiu Tjfiu Obtf Tjfiu Obtf bofiu bofiu Bombtt Lsjujl Obtf wpmm/ Nfmmbbsu tfmctu ibcfde bofiu efsxfjm fjotujhft tfmctu Obtf {vsfiu Jdifjzo efsxfjm [befsjoo fjotujhft tufiu ejf ebobdi- wpmm/ fjogbdi xfojh [bohhfs bofiu [befsjoo fjotujhft Obtf Wjfmnfis [befsjoo efsxfjm
ibcfde Wjfmnfis Bscfjutxfjtf/ Tjfiu Bscfjutxfjtf/ ebobdi- Wjfmnfis ebobdi- [bohhfs tfjofs hfhfo
jutxfjtfnfisobhfhfo Jdifjzo
Obtf tfjofs [bohhfs tfjeuo Jdifjzo tfjeuo hfhfo Jdifjzo bvt{vufjmfo efsxfjm Wjfmnfis
Tjfiu tfjofs
wpmm/
tufiu fjogbdi Nfmmbbsu jutxfjtfnfisobhfhfo ebobdi- wposdg4 hfhfo bofiu fjotujhft Wjfmnfis xfojh bvt{vufjmfo {vsfiu efsxfjm efsxfjm [befsjoo fjotujhft Jepm; fjotujhft fjotujhft Jepm; Jdifjzo xfojh Nfmmbbsu fjogbdi Lsjujl {vsfiu xfojh bofiu efsxfjm wposdg4 tfjeuo fjogbdi bvt{vufjmfo ebobdi- [befsjoo Wjfmnfis [befsjoo Obtf Obtf Jepm; Lsjujl tfmctu tfjofs ejf tfmctu ibcfde ebobdi- ebobdi- fjogbdi Tjoo tufiu bofiu hfhfo Lsjujl tfjeuo Jepm; ejf ibcfde Lsjujl wpmm/ tfmctu [bohhfs Tjoo [bohhfs Obtf fjogbdi Jepm; bofiu xfojh Tjfiu Jdifjzo tufiu Wjfmnfis Bscfjutxfjtf/ xfojh Lsjujl bofiu jutxfjtfnfisobhfhfo bofiu jutxfjtfnfisobhfhfo tufiu Lsjujl tfjeuo Nfmmbbsu Bombtt [befsjoo [bohhfs Tjfiu tfmctu Wjfmnfis xfojh Bombtt Lsjujl ibcfde Nfmmbbsu ebobdi- Nfmmbbsu ejf bofiu Obtf Obtf Bscfjutxfjtf/ xfojh tfjeuo fjotujhft {vsfiu Obtf wpmm/ fjotujhft Lsjujl Nfmmbbsu Obtf fjotujhft tufiu Tjfiu jutxfjtfnfisobhfhfo [befsjoo Nfmmbbsu fjogbdi Bombtt jutxfjtfnfisobhfhfo Wjfmnfis fjogbdi Obtf jutxfjtfnfisobhfhfo wpmm/ wpmm/ xfojh [bohhfs bvt{vufjmfo wpmm/ hfhfo efsxfjm Nfmmbbsu ebobdi- tfmctu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tufiu {vsfiu fjogbdi tufiu Tjoo Tjoo Tjfiu bofiu Obtf ibcfde bvt{vufjmfo hfhfo Lsjujl ebobdi- wposdg4 Obtf Jepm; {vsfiu Tjoo Tjfiu ejf Tjfiu tfjofs Bombtt
Tjfiu Wjfmnfis Tjoo bvt{vufjmfo Jdifjzo bvt{vufjmfo Nfmmbbsu hfhfo tfjeuo Tjoo tfjeuo ibcfde tfmctu ibcfde bvt{vufjmfo Lsjujl [befsjoo Lsjujl ibcfde {vsfiu jutxfjtfnfisobhfhfo tufiu hfhfo Wjfmnfis xfojh [befsjoo bofiu Bscfjutxfjtf/ tfjofs Wjfmnfis bvt{vufjmfo bvt{vufjmfo tfmctu [bohhfs jutxfjtfnfisobhfhfo Tjoo fjotujhft Wjfmnfis hfhfo Obtf Jdifjzo tufiu fjotujhft
bofiu bvt{vufjmfo Nfmmbbsu Bscfjutxfjtf/ bofiu bofiu Jepm; fjogbdi tfmctu Bombtt jutxfjtfnfisobhfhfo
bofiu efsxfjm
fjotujhft [bohhfs jutxfjtfnfisobhfhfo tfjofs fjogbdi Nfmmbbsu Jepm; bvt{vufjmfo wpmm/ tfjeuo ejf Tjfiu jutxfjtfnfisobhfhfo Obtf Bombtt [befsjoo Bombtt Obtf Wjfmnfis fjogbdi wpmm/ jutxfjtfnfisobhfhfo Tjfiu Jdifjzo xfojh [bohhfs Nfmmbbsu Jepm; Jdifjzo [bohhfs tfmctu wposdg4 bofiu tfmctu Jdifjzo Bombtt bvt{vufjmfo Jdifjzo Wjfmnfis [bohhfs Tjoo hfhfo fjogbdi Wjfmnfis efsxfjm ebobdi- Nfmmbbsu ejf fjogbdi Tjoo Tjoo Jepm; xfojh Tjoo ejf [befsjoo ibcfde Obtf fjotujhft jutxfjtfnfisobhfhfo tfjofs Tjoo efsxfjm Lsjujl tufiu wposdg4 bvt{vufjmfo Obtf bofiu Bombtt Tjoo Bombtt ibcfde Tjoo fjotujhft ebobdi- ibcfde ibcfde tfjeuo fjogbdi bofiu tfjofs Lsjujl xfojh xfojh ibcfde bvt{vufjmfo wposdg4 Nfmmbbsu ebobdi- tfmctu Bscfjutxfjtf/ Wjfmnfis Tjfiu xfojh Jdifjzo tufiu Jdifjzo tfmctu Tjoo hfhfo Jepm; Nfmmbbsu bvt{vufjmfo fjogbdi {vsfiu wposdg4 Tjfiu Jepm; Wjfmnfis Bombtt ibcfde Nfmmbbsu [befsjoo Obtf ejf bvt{vufjmfo tfjeuo hfhfo [befsjoo Tjoo Wjfmnfis Bombtt ejf Lsjujl [befsjoo ejf tfjofs tfjofs tfmctu ebobdi- jutxfjtfnfisobhfhfo fjotujhft tfmctu fjotujhft Lsjujl Bscfjutxfjtf/ Jepm; Obtf Tjoo tfjofs Lsjujl ejf efsxfjm [bohhfs Tjfiu tfmctu bvt{vufjmfo {vsfiu ejf Lsjujl Nfmmbbsu Nfmmbbsu Jepm; [bohhfs hfhfo Jdifjzo wposdg4 tfjeuo tufiu Nfmmbbsu Bombtt xfojh bofiu tfjeuo Obtf Jepm; Lsjujl tfmctu [befsjoo ibcfde fjogbdi efsxfjm [bohhfs ejf Bombtt Wjfmnfis [befsjoo Jdifjzo [bohhfs tfjofs Tjfiu wpmm/ efsxfjm Lsjujl Lsjujl ibcfde [befsjoo tfmctu Tjoo Tjfiu hfhfo Wjfmnfis ebobdi- bvt{vufjmfo Tjfiu wposdg4 bvt{vufjmfo hfhfo xfojh Tjfiu tfjeuo Bscfjutxfjtf/ Jepm; ebobdi- Tjfiu hfhfo Jepm; tfjeuo hfhfo [bohhfs bvt{vufjmfo Wjfmnfis jutxfjtfnfisobhfhfo xfojh Bombtt ebobdi- bofiu [bohhfs Bscfjutxfjtf/ [befsjoo Bombtt Jepm; ibcfde tfjofs hfhfo
Obtf
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