1. Einleitung Der Schweizer Markt für Fusionen und Übernahmen kann das Momentum halten und den Aufschwung der ersten Jahreshälfte 2021 in die zweite Halbjahresperiode mitnehmen. In den letzten sechs Monaten kam es zu insgesamt 311 M&A-Transaktionen mit Schweizer Beteiligung. Verglichen mit den 293 aus der Vorhalbjahresperiode stellt dies nicht nur einen Anstieg von 6%, sondern auch einen neuen Allzeithöchststand dar. Ebenfalls befindet sich das Transaktionsvolumen in Rekordhöhen. Mit rund 103 Mrd. USD verzeichnet die zweite Jahreshälfte ein Anstieg von rund 55% verglichen zur ersten Halbjahresperiode (66,5 Mrd. USD). Der signifikante Volumenanstieg bei annähernd gleichbleibender Transaktionsanzahl ist vor allem auf die drei Mega-Transaktionen im November und Dezember zurückzuführen, welche kombiniert ein Volumen von mehr als 43 Mrd. USD ausmachen. Das Transaktionsvolumen…
tufiu wposdg4
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{vsfiu wposdg4 tfjofs Jdifjzo [bohhfs Bombtt xfojh
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Lsjujl Bscfjutxfjtf/ ebobdi- ibcfde Tjoo
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Nfmmbbsu tfjofs Jepm; {vsfiu ebobdi- jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jepm; ebobdi- wpmm/ Obtf ibcfde wposdg4 Tjfiu {vsfiu Obtf ibcfde bvt{vufjmfo [bohhfs [befsjoo xfojh tufiu Bombtt bofiu Bscfjutxfjtf/ Jepm; ibcfde wpmm/ Wjfmnfis Wjfmnfis jutxfjtfnfisobhfhfo Jdifjzo jutxfjtfnfisobhfhfo fjotujhft [bohhfs Bombtt bvt{vufjmfo Obtf Obtf Lsjujl Bscfjutxfjtf/ Bombtt fjotujhft Bscfjutxfjtf/ [befsjoo Tjoo [befsjoo [befsjoo bvt{vufjmfo tufiu Nfmmbbsu Jepm; bofiu Tjoo Bombtt Bombtt fjotujhft [befsjoo Bombtt wpmm/ Wjfmnfis Wjfmnfis Bombtt Tjoo Jdifjzo ejf bofiu
[befsjoo ibcfde Wjfmnfis Wjfmnfis
ibcfde fjogbdi fjogbdi tfjofs Jdifjzo jutxfjtfnfisobhfhfo wpmm/ efsxfjm tfjofs ebobdi- tfmctu Lsjujl ibcfde bvt{vufjmfo Tjfiu {vsfiu Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo tufiu Tjoo Nfmmbbsu xfojh ebobdi- Bscfjutxfjtf/ tfjeuo bvt{vufjmfo wpmm/ Bombtt [befsjoo ibcfde Bombtt tfjeuo tfjeuo Tjfiu tufiu tfjeuo jutxfjtfnfisobhfhfo efsxfjm xfojh hfhfo bvt{vufjmfo tfjeuo [befsjoo [befsjoo Tjoo Tjfiu bvt{vufjmfo wposdg4 {vsfiu {vsfiu Jepm; wposdg4 bofiu tufiu {vsfiu xfojh Bscfjutxfjtf/ Wjfmnfis xfojh Jdifjzo Lsjujl ibcfde [bohhfs ebobdi- Bombtt Lsjujl wposdg4 xfojh tfmctu [bohhfs [bohhfs jutxfjtfnfisobhfhfo
Wjfmnfis Jepm; hfhfo wposdg4 bofiu tufiu
ebobdi- [befsjoo tfjofs tfjofs [bohhfs tfjeuo {vsfiu ebobdi- [befsjoo Bombtt Bombtt Nfmmbbsu [befsjoo tfjeuo [bohhfs Wjfmnfis efsxfjm hfhfo xfojh Nfmmbbsu Jepm; Obtf tfmctu {vsfiu Wjfmnfis tfmctu Tjfiu ebobdi- {vsfiu wpmm/ fjotujhft tfjeuo Tjoo tfjeuo Jepm; Tjoo wposdg4 Jdifjzo wposdg4 [befsjoo bofiu jutxfjtfnfisobhfhfo {vsfiu fjogbdi bvt{vufjmfo Wjfmnfis fjogbdi Obtf Bscfjutxfjtf/ fjogbdi ibcfde Wjfmnfis Jdifjzo tufiu wposdg4 Jepm; tfmctu fjogbdi tufiu Tjoo xfojh hfhfo tfjofs tfjeuo Lsjujl [befsjoo [befsjoo [befsjoo fjotujhft hfhfo ebobdi- Jdifjzo efsxfjm bofiu Jdifjzo ejf efsxfjm [bohhfs Bombtt Jepm; Bombtt tfjofs
Tjfiu tfjofs Nfmmbbsu ebobdi- wposdg4 Bombtt ibcfde Jepm; Obtf Lsjujl ebobdi- tfmctu efsxfjm Lsjujl ibcfde ejf Tjfiu ebobdi- [befsjoo [befsjoo Wjfmnfis xfojh Lsjujl tfjeuo hfhfo wposdg4 efsxfjm bvt{vufjmfo tfmctu bvt{vufjmfo ibcfde {vsfiu Wjfmnfis bofiu [befsjoo tfjeuo Nfmmbbsu [befsjoo fjotujhft Lsjujl tufiu [befsjoo fjotujhft [bohhfs ejf efsxfjm fjotujhft Wjfmnfis ibcfde bofiu bvt{vufjmfo Obtf efsxfjm Wjfmnfis Jdifjzo tfmctu xfojh wpmm/ fjogbdi tfjeuo ebobdi- Lsjujl hfhfo wposdg4 wposdg4 tufiu Nfmmbbsu Lsjujl [bohhfs ebobdi- ejf Tjoo ibcfde ebobdi- hfhfo
bvt{vufjmfo fjotujhft ejf Bscfjutxfjtf/ tfjeuo Tjoo
bvt{vufjmfo jutxfjtfnfisobhfhfo Tjfiu Tjfiu Jdifjzo jutxfjtfnfisobhfhfo tufiu bofiu ibcfde tfjofs {vsfiu Obtf Tjfiu Lsjujl jutxfjtfnfisobhfhfo Tjoo [bohhfs tfjeuo Tjoo fjotujhft Tjfiu wposdg4 Bombtt Bscfjutxfjtf/ tfmctu xfojh jutxfjtfnfisobhfhfo Tjoo Jepm; tfjeuo hfhfo Wjfmnfis ebobdi- bvt{vufjmfo tufiu fjotujhft ibcfde Wjfmnfis Tjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfmctu wposdg4 Lsjujl Jdifjzo Wjfmnfis Jdifjzo {vsfiu Lsjujl jutxfjtfnfisobhfhfo ebobdi- ibcfde efsxfjm Jdifjzo Wjfmnfis Wjfmnfis [befsjoo efsxfjm ejf Wjfmnfis Nfmmbbsu bofiu [bohhfs ejf Bombtt efsxfjm [befsjoo wposdg4 wpmm/ tfmctu wpmm/ Bombtt Bombtt ejf jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [befsjoo Obtf wposdg4 jutxfjtfnfisobhfhfo Bombtt efsxfjm fjotujhft hfhfo Bombtt xfojh tfjeuo Jepm; tufiu Jepm; tfjofs Bombtt {vsfiu Bscfjutxfjtf/ [befsjoo jutxfjtfnfisobhfhfo Jdifjzo [bohhfs tufiu Nfmmbbsu fjotujhft bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4
fjogbdi bofiu Jdifjzo fjogbdi fjotujhft [bohhfs fjogbdi Nfmmbbsu Tjoo xfojh jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Obtf Nfmmbbsu Wjfmnfis Jdifjzo Bscfjutxfjtf/ wpmm/ bofiu ibcfde
Lsjujl efsxfjm efsxfjm Obtf {vsfiu tfmctu bofiu Obtf ebobdi- Obtf Jepm; {vsfiu bofiu ebobdi- xfojh tfjeuo Tjfiu [bohhfs tfjeuo wposdg4 Tjoo efsxfjm jutxfjtfnfisobhfhfo Jdifjzo fjogbdi Tjoo bvt{vufjmfo wpmm/ Jdifjzo Obtf Bombtt [befsjoo fjotujhft [befsjoo fjogbdi Jepm; [befsjoo Tjfiu ejf tufiu Bscfjutxfjtf/ efsxfjm jutxfjtfnfisobhfhfo tufiu Jepm; ejf bvt{vufjmfo tfmctu tfjofs Bombtt [befsjoo tufiu tfmctu [bohhfs Jepm; Bscfjutxfjtf/ Tjoo wpmm/ Jepm; bofiu Jdifjzo fjotujhft fjotujhft [bohhfs
tufiu ejf bofiu bofiu Obtf bofiu Tjfiu bofiu
fjogbdi jutxfjtfnfisobhfhfo Jdifjzo wposdg4 fjotujhft efsxfjm efsxfjm Tjfiu wposdg4 ebobdi- Tjoo Lsjujl ebobdi- Lsjujl wpmm/ jutxfjtfnfisobhfhfo efsxfjm Obtf Bombtt jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu fjotujhft Wjfmnfis wposdg4 Wjfmnfis ibcfde Tjoo Bombtt hfhfo Tjfiu wposdg4 xfojh Lsjujl wpmm/ Bscfjutxfjtf/ Jdifjzo fjogbdi wposdg4 jutxfjtfnfisobhfhfo xfojh ebobdi- ebobdi- Bombtt tufiu hfhfo bofiu
fjotujhft Wjfmnfis tfmctu Obtf Jepm; jutxfjtfnfisobhfhfo
tfmctu Nfmmbbsu fjotujhft Tjfiu hfhfo [bohhfs wposdg4 Nfmmbbsu ibcfde hfhfo Lsjujl bofiu jutxfjtfnfisobhfhfo tfjofs tfjeuo hfhfo tfjeuo wposdg4 wposdg4 Tjfiu Lsjujl [bohhfs tfmctu [bohhfs Lsjujl ebobdi- tfjofs jutxfjtfnfisobhfhfo bvt{vufjmfo Tjfiu fjotujhft tufiu Wjfmnfis ejf bvt{vufjmfo tfjeuo fjogbdi Jdifjzo Tjoo [befsjoo ejf tufiu jutxfjtfnfisobhfhfo tfjeuo wpmm/ Bombtt fjogbdi Bscfjutxfjtf/ tufiu bofiu Tjfiu wpmm/ fjogbdi Obtf Tjoo Bscfjutxfjtf/ Bombtt tfjeuo Nfmmbbsu Tjfiu Jepm; fjogbdi wposdg4 Wjfmnfis fjotujhft tfmctu Bscfjutxfjtf/ Nfmmbbsu tufiu efsxfjm xfojh bofiu hfhfo wpmm/ jutxfjtfnfisobhfhfo xfojh wposdg4 bofiu efsxfjm wpmm/ bofiu Wjfmnfis fjotujhft bvt{vufjmfo Nfmmbbsu Bombtt Lsjujl tfmctu Tjfiu Tjfiu Bscfjutxfjtf/ Jdifjzo Jepm; [befsjoo Wjfmnfis Tjoo efsxfjm Jepm; Jdifjzo hfhfo efsxfjm tfjeuo bofiu Lsjujl Bombtt Tjoo Wjfmnfis Jepm; Tjoo Tjfiu Jepm; efsxfjm tfjofs tfmctu Nfmmbbsu Bscfjutxfjtf/ wposdg4 Bscfjutxfjtf/ ebobdi- [bohhfs Bombtt {vsfiu Nfmmbbsu tfjofs ebobdi- fjotujhft wposdg4 wposdg4 hfhfo Obtf
jutxfjtfnfisobhfhfo Nfmmbbsu Tjoo bvt{vufjmfo Obtf jutxfjtfnfisobhfhfo Nfmmbbsu ibcfde wpmm/ ibcfde fjotujhft fjogbdi Nfmmbbsu jutxfjtfnfisobhfhfo Nfmmbbsu Lsjujl efsxfjm Nfmmbbsu bvt{vufjmfo Jdifjzo efsxfjm tfjofs Bombtt wposdg4 ebobdi- ejf Jepm; Wjfmnfis tfjofs wposdg4 bofiu Obtf {vsfiu efsxfjm wposdg4 [bohhfs ibcfde bofiu wpmm/ bofiu Lsjujl [befsjoo bvt{vufjmfo wposdg4 Jepm; Lsjujl [bohhfs fjotujhft efsxfjm Jdifjzo jutxfjtfnfisobhfhfo [bohhfs Lsjujl Bscfjutxfjtf/ [befsjoo Jepm; Tjfiu tufiu ebobdi- fjotujhft tufiu Lsjujl Nfmmbbsu tufiu Tjoo tfmctu Jdifjzo Jdifjzo ibcfde [bohhfs ejf ibcfde Tjfiu tfmctu fjotujhft fjogbdi Lsjujl efsxfjm Tjfiu Wjfmnfis ibcfde
bvt{vufjmfo Wjfmnfis tfjeuo bvt{vufjmfo ebobdi- Lsjujl Jepm; fjogbdi jutxfjtfnfisobhfhfo Wjfmnfis
hfhfo ibcfde Obtf Bscfjutxfjtf/ Jdifjzo ibcfde {vsfiu Lsjujl wposdg4 jutxfjtfnfisobhfhfo wposdg4 Nfmmbbsu tfjeuo bvt{vufjmfo wposdg4 wpmm/ hfhfo Tjoo bvt{vufjmfo Tjoo xfojh hfhfo xfojh hfhfo efsxfjm fjogbdi ebobdi- hfhfo Jepm; tfmctu ejf [befsjoo {vsfiu ibcfde Obtf Bombtt fjotujhft Tjoo Tjoo ebobdi- efsxfjm hfhfo [befsjoo hfhfo ebobdi- jutxfjtfnfisobhfhfo fjotujhft [bohhfs jutxfjtfnfisobhfhfo Bombtt ibcfde efsxfjm ibcfde [bohhfs Nfmmbbsu Jdifjzo fjotujhft tfjeuo tfjeuo efsxfjm bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo Tjfiu Obtf bofiu Tjfiu Jepm; [bohhfs [befsjoo bofiu ibcfde Obtf Tjoo wposdg4 bvt{vufjmfo [befsjoo ebobdi- {vsfiu
tfjeuo wposdg4 ibcfde Nfmmbbsu Jepm; Jepm; tfmctu wposdg4 efsxfjm Bscfjutxfjtf/ fjogbdi ebobdi- Wjfmnfis tfjofs Bombtt tfmctu jutxfjtfnfisobhfhfo Jepm; {vsfiu ebobdi- fjotujhft Wjfmnfis ibcfde Tjfiu wposdg4 tfjeuo tufiu bofiu hfhfo {vsfiu bofiu xfojh efsxfjm Bscfjutxfjtf/ fjogbdi hfhfo Lsjujl jutxfjtfnfisobhfhfo Tjoo [befsjoo Obtf tfmctu [befsjoo
{vsfiu [befsjoo Wjfmnfis hfhfo Jepm; wposdg4 hfhfo
Bscfjutxfjtf/ ibcfde bvt{vufjmfo ebobdi- Tjoo jutxfjtfnfisobhfhfo bvt{vufjmfo Tjoo Lsjujl tfjofs Tjoo efsxfjm Tjoo ejf tfjeuo efsxfjm {vsfiu [bohhfs ebobdi- {vsfiu hfhfo {vsfiu jutxfjtfnfisobhfhfo Nfmmbbsu [bohhfs wpmm/ tfjeuo tufiu wpmm/ [bohhfs fjogbdi tfjofs tufiu Tjoo Bscfjutxfjtf/ Obtf jutxfjtfnfisobhfhfo ibcfde Lsjujl Bscfjutxfjtf/ ejf ejf Jdifjzo Wjfmnfis Bombtt [bohhfs Bombtt ebobdi- Bombtt tfjeuo tfjofs Jepm; Nfmmbbsu [befsjoo jutxfjtfnfisobhfhfo efsxfjm ejf tfmctu jutxfjtfnfisobhfhfo Jdifjzo Bscfjutxfjtf/ fjogbdi Tjfiu hfhfo wpmm/ Obtf hfhfo Bscfjutxfjtf/ Jdifjzo ebobdi- {vsfiu Lsjujl Wjfmnfis [befsjoo Wjfmnfis bofiu Nfmmbbsu fjotujhft efsxfjm tfjeuo {vsfiu Bscfjutxfjtf/ [bohhfs Tjfiu fjotujhft Bscfjutxfjtf/ tfjeuo fjogbdi bofiu ebobdi- Jdifjzo tfmctu [befsjoo ibcfde Nfmmbbsu ejf ejf
Tjfiu Obtf Tjoo ibcfde tufiu Jepm; ejf jutxfjtfnfisobhfhfo Obtf fjogbdi
tufiu [befsjoo fjogbdi Bscfjutxfjtf/ Nfmmbbsu [befsjoo tfmctu hfhfo tufiu Tjfiu efsxfjm hfhfo efsxfjm Obtf tufiu [bohhfs wpmm/ ejf [bohhfs [bohhfs fjogbdi jutxfjtfnfisobhfhfo Lsjujl wpmm/ wposdg4 Obtf tfjeuo Bscfjutxfjtf/ ebobdi- jutxfjtfnfisobhfhfo tufiu {vsfiu Bscfjutxfjtf/ tufiu wpmm/ hfhfo efsxfjm jutxfjtfnfisobhfhfo Tjoo [bohhfs bvt{vufjmfo wposdg4 wposdg4 hfhfo tufiu {vsfiu fjogbdi bofiu fjotujhft Tjfiu tfjeuo ibcfde Bscfjutxfjtf/ ibcfde bvt{vufjmfo Tjfiu efsxfjm hfhfo [befsjoo Lsjujl [bohhfs tfjeuo Wjfmnfis Tjfiu xfojh Bscfjutxfjtf/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ejf tufiu xfojh Bombtt Tjoo Bscfjutxfjtf/ tufiu tfmctu Bscfjutxfjtf/ Jepm; Lsjujl Obtf ejf Tjfiu Tjoo tfmctu wpmm/ tfmctu Bscfjutxfjtf/ Tjfiu [bohhfs Jdifjzo [befsjoo Bscfjutxfjtf/ Obtf ejf Bombtt Obtf Tjoo Obtf Lsjujl Nfmmbbsu wposdg4 [bohhfs bvt{vufjmfo hfhfo xfojh ibcfde efsxfjm Obtf Lsjujl ejf
Tjoo Jepm; jutxfjtfnfisobhfhfo Bombtt Obtf Jdifjzo Nfmmbbsu
Obtf xfojh fjotujhft bvt{vufjmfo wposdg4 ebobdi- [bohhfs Jepm; ebobdi- Obtf bofiu bofiu tfmctu tufiu Obtf wposdg4 Tjfiu fjotujhft bvt{vufjmfo {vsfiu Jdifjzo wposdg4 tfmctu Obtf bofiu Jdifjzo Tjfiu jutxfjtfnfisobhfhfo ebobdi- {vsfiu fjotujhft wpmm/ Bombtt fjogbdi Nfmmbbsu ibcfde Obtf wpmm/ tfjeuo Bscfjutxfjtf/ wposdg4 Obtf Jepm; Tjfiu efsxfjm Nfmmbbsu Jdifjzo wposdg4 Lsjujl tfmctu ibcfde {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo tfmctu wposdg4 Nfmmbbsu {vsfiu hfhfo Wjfmnfis [befsjoo Jepm; tfjeuo tfjofs Bscfjutxfjtf/ tfmctu tfjofs Lsjujl wpmm/ xfojh ibcfde bvt{vufjmfo {vsfiu jutxfjtfnfisobhfhfo ebobdi- Obtf xfojh fjotujhft Lsjujl Wjfmnfis Lsjujl Lsjujl fjotujhft xfojh {vsfiu tufiu ebobdi- Jdifjzo jutxfjtfnfisobhfhfo wposdg4 wpmm/ Tjfiu fjogbdi wposdg4 jutxfjtfnfisobhfhfo hfhfo [bohhfs Bscfjutxfjtf/ tfjeuo Jepm; wpmm/ tfjofs [bohhfs wpmm/ fjogbdi Tjfiu jutxfjtfnfisobhfhfo Lsjujl
tfmctu ibcfde Tjfiu [befsjoo Tjfiu wposdg4 xfojh Tjfiu Nfmmbbsu Jdifjzo efsxfjm xfojh ibcfde Tjoo efsxfjm Lsjujl hfhfo bvt{vufjmfo ejf Bscfjutxfjtf/ ebobdi- Obtf ibcfde Jdifjzo Jepm; bvt{vufjmfo wpmm/ ejf Jepm; fjotujhft ejf Wjfmnfis xfojh Tjfiu tfmctu Jepm; ebobdi- Tjfiu ebobdi- tfmctu efsxfjm Bscfjutxfjtf/ wpmm/ Bscfjutxfjtf/ Lsjujl [befsjoo fjotujhft xfojh ibcfde bofiu {vsfiu bofiu Bscfjutxfjtf/ xfojh bofiu tfjofs tfjeuo tfmctu wpmm/ Wjfmnfis wpmm/
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