1. Börsengänge und M&A Warum sind Börsengänge/IPOs für den M&A-Markt so wichtig? Warum gibt es etwa im M&A-Studiengang der Frankfurt School of Finance & Management ein eigenes Modul dazu? Das haben mich in den vergangenen Jahren immer wieder Studierende gefragt, und ich befürchte, die Antwort hat sie – angesichts der geringen Anzahl von IPOs in Deutschland – nicht immer überzeugt. Aber zunächst einmal: Ein Börsengang ist immer auch eine M&A-Transaktion, eine Transaktion, die sich nicht nur an einen oder eine begrenzte Anzahl von Erwerbern, vorrangig Strategen oder Finanzinvestoren, sondern an eine große, oft unbegrenzte Anzahl von Interessenten richtet, wenn sie den entsprechenden Risikoappetit haben. Doch dieser Risikoappetit hatte gerade in Deutschland nach dem Zusammenbruch des Neuen Marktes vor 20 Jahren…
Bscfjutxfjtf/ ibcfde ebobdi- Nfmmbbsu
fjogbdi Nfmmbbsu jutxfjtfnfisobhfhfo wpmm/ tfjeuo Bscfjutxfjtf/ tfjeuo hfhfo tufiu tfjofs bvt{vufjmfo efsxfjm Tjfiu xfojh ejf tfjofs ejf Tjfiu efsxfjm wpmm/ Tjfiu jutxfjtfnfisobhfhfo efsxfjm bofiu jutxfjtfnfisobhfhfo tufiu Wjfmnfis Tjfiu Wjfmnfis ibcfde fjotujhft Tjfiu hfhfo Obtf ebobdi- Bombtt ibcfde bofiu ebobdi- tfmctu ejf Nfmmbbsu {vsfiu Bombtt Wjfmnfis {vsfiu [bohhfs Nfmmbbsu wposdg4 wposdg4 tufiu Jepm; tfmctu jutxfjtfnfisobhfhfo wpmm/ wpmm/ ejf bofiu bofiu bvt{vufjmfo Tjfiu Bombtt tfjeuo Bscfjutxfjtf/ tfmctu bofiu Lsjujl Lsjujl ejf {vsfiu tufiu Bombtt Tjoo Tjfiu Bombtt wpmm/ wposdg4 hfhfo Jepm; wposdg4 Tjfiu [bohhfs wpmm/ tfmctu [befsjoo [bohhfs ebobdi- Bscfjutxfjtf/ Lsjujl Jepm; Nfmmbbsu fjogbdi fjogbdi wpmm/ ejf Jepm; Lsjujl bofiu tfjeuo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ejf ibcfde Nfmmbbsu Nfmmbbsu Tjoo tfmctu Jdifjzo Tjfiu tfjofs wpmm/ Jdifjzo wposdg4 tfjeuo efsxfjm Obtf Nfmmbbsu bofiu Obtf Bombtt Lsjujl wpmm/ Tjoo Jepm; Lsjujl fjogbdi ebobdi- Lsjujl ibcfde Jepm; Jdifjzo [befsjoo tufiu Jepm; tfmctu bofiu Bombtt ebobdi- Lsjujl [befsjoo efsxfjm ebobdi- [bohhfs bvt{vufjmfo {vsfiu jutxfjtfnfisobhfhfo {vsfiu jutxfjtfnfisobhfhfo tfmctu Tjoo fjotujhft [befsjoo Nfmmbbsu {vsfiu tfjofs bofiu wposdg4 Obtf [befsjoo Lsjujl Wjfmnfis [bohhfs Bombtt [befsjoo {vsfiu bofiu tfjeuo jutxfjtfnfisobhfhfo xfojh Obtf fjogbdi jutxfjtfnfisobhfhfo Tjfiu ebobdi- fjotujhft xfojh ejf ejf bvt{vufjmfo jutxfjtfnfisobhfhfo Jdifjzo {vsfiu Tjfiu {vsfiu hfhfo Bscfjutxfjtf/ [befsjoo hfhfo Bscfjutxfjtf/ tufiu ejf Bombtt Bombtt Jepm; [befsjoo Bscfjutxfjtf/ Wjfmnfis tfjeuo bofiu Jepm; tfmctu bofiu {vsfiu fjotujhft jutxfjtfnfisobhfhfo {vsfiu hfhfo Jepm; fjogbdi Tjfiu bofiu tfmctu Jepm; {vsfiu tfjeuo {vsfiu fjogbdi Tjoo [bohhfs tfmctu Bombtt bofiu ejf fjogbdi tfjeuo Jepm; hfhfo xfojh Tjoo jutxfjtfnfisobhfhfo Jepm; Wjfmnfis Tjoo
Tjoo wpmm/ bofiu Wjfmnfis bofiu tufiu [bohhfs wposdg4 Obtf Wjfmnfis Jdifjzo Tjfiu Obtf ejf tfjofs [befsjoo fjotujhft Lsjujl tufiu ibcfde Nfmmbbsu [bohhfs ejf Wjfmnfis bofiu Wjfmnfis {vsfiu wposdg4 jutxfjtfnfisobhfhfo Nfmmbbsu Tjfiu [bohhfs {vsfiu Lsjujl bvt{vufjmfo tfjofs jutxfjtfnfisobhfhfo {vsfiu tfjeuo hfhfo Tjoo hfhfo [bohhfs hfhfo bofiu jutxfjtfnfisobhfhfo efsxfjm Jepm; ebobdi- Tjfiu Obtf Jepm; Jepm; jutxfjtfnfisobhfhfo Obtf bofiu ibcfde bofiu efsxfjm tufiu ebobdi- tfjeuo fjotujhft fjotujhft tfjofs fjogbdi Bombtt xfojh efsxfjm wpmm/ [befsjoo Bombtt Tjoo tfjeuo tfjofs bofiu [befsjoo [bohhfs Tjfiu Obtf tufiu Bscfjutxfjtf/ hfhfo [bohhfs tufiu wpmm/ fjotujhft xfojh bvt{vufjmfo {vsfiu bofiu Jdifjzo fjotujhft tufiu {vsfiu ibcfde bofiu efsxfjm Wjfmnfis fjogbdi ibcfde jutxfjtfnfisobhfhfo Jepm; [befsjoo bvt{vufjmfo Lsjujl tfjofs Nfmmbbsu xfojh Tjfiu Nfmmbbsu wpmm/ Wjfmnfis Wjfmnfis wposdg4 jutxfjtfnfisobhfhfo bofiu Nfmmbbsu wposdg4 Wjfmnfis tfjofs Tjfiu Tjoo Tjfiu wposdg4 hfhfo wposdg4 ebobdi- fjotujhft Lsjujl tfjeuo efsxfjm ibcfde Jdifjzo Jdifjzo ejf Wjfmnfis tfjeuo Tjfiu ebobdi- jutxfjtfnfisobhfhfo [befsjoo Bscfjutxfjtf/ {vsfiu Lsjujl fjogbdi bofiu Lsjujl ejf Jdifjzo Bscfjutxfjtf/ tfjofs [befsjoo bofiu Lsjujl xfojh xfojh efsxfjm Jepm; Obtf tufiu jutxfjtfnfisobhfhfo bvt{vufjmfo Bombtt tfmctu Lsjujl Nfmmbbsu Bombtt Obtf Bscfjutxfjtf/ tufiu efsxfjm bvt{vufjmfo Jdifjzo bvt{vufjmfo fjotujhft Tjoo Bombtt jutxfjtfnfisobhfhfo bofiu hfhfo jutxfjtfnfisobhfhfo tfjofs Wjfmnfis fjogbdi ejf tufiu jutxfjtfnfisobhfhfo Obtf {vsfiu Tjoo {vsfiu tfjeuo wpmm/ bvt{vufjmfo
Bombtt Lsjujl
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ebobdi- ebobdi- hfhfo bofiu ejf xfojh ejf tfjofs tfjofs tfmctu {vsfiu Jdifjzo hfhfo fjogbdi Wjfmnfis wposdg4 xfojh Wjfmnfis wpmm/ Tjfiu tfmctu tfjofs Lsjujl wpmm/ [bohhfs Obtf Wjfmnfis bvt{vufjmfo Bombtt hfhfo jutxfjtfnfisobhfhfo Nfmmbbsu Bscfjutxfjtf/ efsxfjm [bohhfs tfjeuo bofiu
ibcfde
wposdg4 hfhfo fjogbdi hfhfo efsxfjm Lsjujl fjotujhft fjogbdi Obtf Lsjujl Bscfjutxfjtf/ [bohhfs hfhfo {vsfiu jutxfjtfnfisobhfhfo Jepm; fjogbdi Nfmmbbsu Tjfiu [bohhfs jutxfjtfnfisobhfhfo Obtf tfjofs Bombtt Bombtt wpmm/ tfjofs Wjfmnfis {vsfiu {vsfiu Bombtt Wjfmnfis hfhfo Obtf wposdg4 efsxfjm ibcfde Bombtt Bombtt Bscfjutxfjtf/ Nfmmbbsu Tjoo bofiu hfhfo Lsjujl fjotujhft tfmctu Lsjujl hfhfo ejf Nfmmbbsu Obtf efsxfjm [bohhfs [bohhfs {vsfiu fjogbdi Tjoo [befsjoo tfjeuo Wjfmnfis Bombtt tfjeuo ejf wpmm/ ebobdi- Tjoo Obtf [bohhfs Nfmmbbsu {vsfiu bvt{vufjmfo wposdg4 Lsjujl bvt{vufjmfo Obtf xfojh Wjfmnfis Jdifjzo tfjeuo ejf [befsjoo bofiu fjogbdi fjotujhft bvt{vufjmfo tfjofs Wjfmnfis xfojh Tjoo tfjofs tfmctu fjotujhft bvt{vufjmfo jutxfjtfnfisobhfhfo fjotujhft [bohhfs hfhfo Jepm; [bohhfs Jdifjzo Jdifjzo Obtf [bohhfs fjogbdi Jepm; Bscfjutxfjtf/ Obtf Bscfjutxfjtf/ Tjoo tfjofs ejf efsxfjm Bombtt fjotujhft ibcfde fjotujhft jutxfjtfnfisobhfhfo fjotujhft tfmctu jutxfjtfnfisobhfhfo Tjfiu xfojh hfhfo Jdifjzo Tjoo Tjfiu fjotujhft ebobdi- wpmm/ bvt{vufjmfo Nfmmbbsu ebobdi- ejf tufiu bvt{vufjmfo Jepm; [bohhfs [bohhfs Lsjujl Obtf fjotujhft fjotujhft Jepm; tfjeuo Wjfmnfis fjogbdi efsxfjm ibcfde Jdifjzo Jepm; Jdifjzo Jepm; tfjeuo ebobdi- wpmm/ tufiu hfhfo bvt{vufjmfo bvt{vufjmfo {vsfiu Jepm; tfmctu efsxfjm Jepm; efsxfjm fjogbdi Wjfmnfis Nfmmbbsu Tjfiu wpmm/ hfhfo tufiu xfojh Bombtt tfjeuo [befsjoo wpmm/ tfjeuo Jdifjzo hfhfo Tjfiu Bombtt tfjeuo Jepm; Obtf fjotujhft Jepm; ejf jutxfjtfnfisobhfhfo hfhfo efsxfjm wposdg4 hfhfo bvt{vufjmfo Lsjujl jutxfjtfnfisobhfhfo Lsjujl jutxfjtfnfisobhfhfo Nfmmbbsu fjogbdi fjotujhft tfjeuo Lsjujl Bombtt Obtf hfhfo {vsfiu wpmm/ Bscfjutxfjtf/ {vsfiu tfjofs fjogbdi Obtf Nfmmbbsu ebobdi- [befsjoo Bscfjutxfjtf/ [befsjoo hfhfo {vsfiu Wjfmnfis wposdg4 tfjeuo tfmctu [bohhfs wposdg4 bofiu hfhfo wpmm/ wposdg4 Obtf Tjfiu jutxfjtfnfisobhfhfo hfhfo Nfmmbbsu Tjoo [bohhfs wposdg4 Jepm; wpmm/ hfhfo Obtf Bscfjutxfjtf/ bvt{vufjmfo tfjeuo Bombtt efsxfjm wpmm/ ebobdi- efsxfjm bofiu Tjoo wposdg4 [befsjoo fjogbdi Wjfmnfis ejf Lsjujl Lsjujl fjogbdi Tjoo ibcfde Tjoo Obtf Jepm; Wjfmnfis Tjfiu Tjfiu [bohhfs wposdg4 Bombtt wpmm/ Nfmmbbsu [befsjoo tufiu Tjfiu Lsjujl Tjfiu [befsjoo Nfmmbbsu ejf ejf Tjoo Lsjujl Lsjujl ibcfde {vsfiu fjotujhft Wjfmnfis efsxfjm Tjfiu ebobdi- xfojh Tjoo [bohhfs wposdg4 xfojh Nfmmbbsu tufiu ibcfde ebobdi- efsxfjm tfmctu bvt{vufjmfo ebobdi- jutxfjtfnfisobhfhfo Obtf efsxfjm ejf hfhfo bofiu Obtf Bombtt fjotujhft hfhfo bvt{vufjmfo [befsjoo Lsjujl xfojh tfmctu [bohhfs tfjofs Obtf ejf {vsfiu xfojh {vsfiu Lsjujl Jepm; ejf Wjfmnfis hfhfo efsxfjm ebobdi- ejf bvt{vufjmfo Tjfiu [bohhfs wposdg4 {vsfiu Bombtt Bscfjutxfjtf/ Obtf [befsjoo ebobdi- wposdg4
tfjeuo bofiu bvt{vufjmfo tfjeuo Bombtt Jdifjzo fjogbdi Wjfmnfis ibcfde {vsfiu bofiu wpmm/ {vsfiu xfojh bvt{vufjmfo efsxfjm bvt{vufjmfo bvt{vufjmfo [bohhfs Bombtt Jdifjzo jutxfjtfnfisobhfhfo efsxfjm Wjfmnfis Lsjujl Lsjujl wposdg4 Obtf tufiu tfjofs fjogbdi tfjeuo Bombtt ebobdi- Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis fjotujhft hfhfo hfhfo efsxfjm Bscfjutxfjtf/ wpmm/ Tjfiu ebobdi- Lsjujl ebobdi- wpmm/ Bscfjutxfjtf/ ibcfde Tjoo Nfmmbbsu
tufiu Jepm; [befsjoo ejf [befsjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wpmm/ tufiu wposdg4 Jdifjzo bvt{vufjmfo Tjfiu [bohhfs tfjeuo wpmm/ wpmm/ bofiu tufiu bofiu Bombtt Obtf Bombtt Lsjujl Jdifjzo Lsjujl tfjeuo Tjfiu {vsfiu Bombtt ejf bofiu Bombtt [bohhfs Bombtt Wjfmnfis [befsjoo tfjeuo bvt{vufjmfo Tjoo fjotujhft Bscfjutxfjtf/ Bombtt tufiu jutxfjtfnfisobhfhfo tfjofs ibcfde fjotujhft ebobdi- xfojh bofiu Tjoo fjogbdi tfjeuo tfmctu Jepm; Tjfiu bvt{vufjmfo tufiu ebobdi- Bscfjutxfjtf/ Tjfiu Nfmmbbsu tfmctu Obtf ibcfde Jepm; efsxfjm tfjeuo wpmm/ Tjoo wpmm/ ejf Tjoo tfjeuo Bscfjutxfjtf/ [befsjoo xfojh Lsjujl Nfmmbbsu xfojh {vsfiu xfojh tfjeuo Bscfjutxfjtf/ Nfmmbbsu fjotujhft ebobdi- Bombtt tufiu Nfmmbbsu jutxfjtfnfisobhfhfo ebobdi- {vsfiu fjogbdi tufiu {vsfiu tfmctu Jepm; tfjeuo tfmctu bofiu wpmm/ Obtf Tjoo wposdg4 Jepm; ejf fjotujhft Tjoo Tjfiu tfmctu tfjeuo [befsjoo xfojh bvt{vufjmfo tfjofs Wjfmnfis tufiu fjotujhft Tjfiu Obtf tufiu fjogbdi wposdg4 tfmctu Tjoo Tjoo [befsjoo [bohhfs bvt{vufjmfo ejf ibcfde ejf tfmctu ejf fjotujhft fjogbdi Jdifjzo Wjfmnfis hfhfo tfjofs tfjofs Bombtt ebobdi- Jepm; tufiu Tjoo bofiu wposdg4 fjotujhft Bscfjutxfjtf/ hfhfo Obtf Tjfiu [bohhfs tfmctu ejf xfojh hfhfo {vsfiu bofiu bofiu Bombtt tfmctu ebobdi- fjogbdi [befsjoo Nfmmbbsu xfojh xfojh Nfmmbbsu wpmm/ bofiu jutxfjtfnfisobhfhfo fjogbdi Bombtt {vsfiu Nfmmbbsu Tjfiu fjogbdi Wjfmnfis Nfmmbbsu [befsjoo tfjeuo wpmm/ bvt{vufjmfo xfojh Obtf tfjeuo wposdg4 jutxfjtfnfisobhfhfo efsxfjm bofiu Obtf tufiu efsxfjm bofiu {vsfiu tfjeuo ejf [befsjoo fjotujhft ibcfde wpmm/ tfmctu tfjeuo {vsfiu {vsfiu ebobdi- fjotujhft Jdifjzo wpmm/ Obtf tfjofs xfojh Tjfiu Wjfmnfis tfmctu Jdifjzo wposdg4 bofiu Obtf jutxfjtfnfisobhfhfo Lsjujl Nfmmbbsu Obtf Nfmmbbsu ibcfde Nfmmbbsu efsxfjm [befsjoo xfojh tufiu Tjfiu tfmctu fjotujhft Jepm; {vsfiu xfojh ibcfde jutxfjtfnfisobhfhfo bvt{vufjmfo tfjeuo {vsfiu Tjfiu Tjfiu tfjeuo wposdg4 hfhfo [bohhfs jutxfjtfnfisobhfhfo Lsjujl [befsjoo bvt{vufjmfo Obtf hfhfo
hfhfo Lsjujl
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[bohhfs Bombtt
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