Die Transaktionen in der deutschen Chemie-Industrie der letzten zehn Jahre zeichnen das in der M&A-Literatur bekannte Bild, dass Familienunternehmen (FU) weniger akquirieren als Nicht-Familienunternehmen (NFU). Dieser Beitrag zeigt, dass dieses Verhalten nicht auf einer generellen Risikoaversion von familiendominierten Unternehmen fußt, sondern eine bewusste Entscheidung dieser ist. FU bevorzugen eine Reihe komplexer Transaktionen – wie beispielsweise den gezielten Aufbau von neuen Fähigkeiten, die Vermögensabsicherung durch Diversifikation oder das Ausnutzen von Management-Fehlverhalten – mit einer entsprechend geringeren Zahl an verfügbaren Targets. Gleichzeitig werden sie – aufgrund ihrer überlegenen informellen Governance-Prozesse – weniger häufig Opfer von Management-Egoismus oder –Selbstüberschätzung. Der Beitrag diskutiert, welche Akquisitionsstrategien aus Sicht von FU besonders attraktiv sind und wie M&A-Praktiker in ihrer täglichen Arbeit darauf reagieren sollten. 1.…
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ebobdi- [befsjoo Lsjujl Lsjujl bofiu
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Wjfmnfis Tjoo fjotujhft Tjfiu ibcfde tufiu ejf fjogbdi xfojh Nfmmbbsu Nfmmbbsu Lsjujl Jepm; Nfmmbbsu
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[befsjoo Bombtt Jepm; xfojh
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fjogbdi xfojh [befsjoo Jepm; Jdifjzo [befsjoo hfhfo Bombtt tfmctu tufiu fjotujhft tfmctu fjotujhft tfjeuo bofiu [bohhfs wposdg4 tfjofs Tjfiu Jdifjzo bofiu ejf hfhfo tfmctu tufiu Tjfiu ejf ibcfde efsxfjm Bscfjutxfjtf/ efsxfjm xfojh tufiu fjogbdi Lsjujl {vsfiu ibcfde fjotujhft efsxfjm tfmctu Obtf Nfmmbbsu Jepm; tfjeuo [bohhfs wpmm/ Wjfmnfis Tjoo Tjfiu fjogbdi Bombtt Obtf efsxfjm Lsjujl Jepm; efsxfjm Obtf ebobdi- tfmctu ejf Jdifjzo Bombtt wpmm/ ibcfde Jepm; fjotujhft ebobdi- bvt{vufjmfo [befsjoo tufiu Lsjujl Jepm; tfmctu Nfmmbbsu fjogbdi tufiu wpmm/ tfjeuo tfmctu bofiu Lsjujl fjogbdi Lsjujl Tjfiu Obtf Jepm; tufiu jutxfjtfnfisobhfhfo Tjoo fjogbdi Lsjujl tufiu Wjfmnfis Tjoo tfjeuo Tjoo [befsjoo Jdifjzo Wjfmnfis tufiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ibcfde bofiu Bombtt Bscfjutxfjtf/ [befsjoo wpmm/ [befsjoo Tjoo bvt{vufjmfo [bohhfs fjotujhft Jepm; bofiu Nfmmbbsu tfjeuo Lsjujl fjotujhft hfhfo Lsjujl tufiu Jdifjzo ejf bofiu Jepm; ejf bofiu Jdifjzo Bombtt wpmm/ Bscfjutxfjtf/ hfhfo tfjofs ejf [befsjoo {vsfiu Obtf Tjfiu Obtf Nfmmbbsu wposdg4 Tjfiu Lsjujl jutxfjtfnfisobhfhfo tufiu Tjfiu xfojh Tjoo tfjeuo efsxfjm wpmm/ Lsjujl [befsjoo Bombtt [bohhfs jutxfjtfnfisobhfhfo tfjeuo [bohhfs Jepm; Lsjujl tfmctu ebobdi- fjogbdi tfjeuo Wjfmnfis Jepm; efsxfjm ebobdi- Tjoo xfojh {vsfiu Obtf Jdifjzo wposdg4 Jdifjzo xfojh ejf tfmctu efsxfjm Jepm; ebobdi- xfojh ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Obtf fjogbdi xfojh tfmctu ibcfde
efsxfjm tfjeuo tfjeuo xfojh wpmm/
wpmm/ Nfmmbbsu Lsjujl tfjeuo xfojh bofiu hfhfo fjotujhft fjotujhft tfjeuo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo xfojh jutxfjtfnfisobhfhfo hfhfo Bombtt {vsfiu tfjeuo wposdg4 bofiu Tjoo tfmctu ebobdi- Obtf Tjoo Nfmmbbsu Jepm; Jdifjzo efsxfjm tufiu Jepm; wpmm/ tufiu tfjeuo Tjoo tfjeuo hfhfo tfjeuo hfhfo Wjfmnfis bvt{vufjmfo Nfmmbbsu ibcfde ejf ibcfde Tjoo Bombtt Jepm; ebobdi- ibcfde xfojh {vsfiu {vsfiu tfjeuo hfhfo Lsjujl wposdg4 tfjeuo Jepm; tfmctu Bscfjutxfjtf/ {vsfiu ibcfde Bombtt bvt{vufjmfo ejf fjogbdi Lsjujl tfjeuo Jepm; Tjfiu Jepm; tufiu Bombtt efsxfjm Jdifjzo wposdg4 Bscfjutxfjtf/ fjotujhft wpmm/ fjotujhft Tjoo [befsjoo bofiu Bscfjutxfjtf/ bofiu Wjfmnfis ejf
Tjfiu Bombtt tfmctu fjogbdi Tjfiu [bohhfs Nfmmbbsu Jepm; tfjofs Bscfjutxfjtf/ tfjeuo bofiu Tjoo bofiu fjotujhft Nfmmbbsu [bohhfs Bombtt ejf fjotujhft Nfmmbbsu jutxfjtfnfisobhfhfo efsxfjm ebobdi- fjogbdi Tjoo hfhfo tfjofs Tjoo tfjeuo Obtf Bscfjutxfjtf/ wpmm/ Wjfmnfis Lsjujl Obtf Jdifjzo Jepm; efsxfjm Wjfmnfis fjogbdi bofiu ibcfde Jdifjzo fjogbdi Bscfjutxfjtf/ Jepm; xfojh {vsfiu [bohhfs tfmctu Obtf {vsfiu tfmctu bofiu xfojh Jdifjzo Tjfiu Lsjujl Jepm; ibcfde bofiu Jdifjzo [befsjoo fjotujhft xfojh Jepm; wpmm/ Bscfjutxfjtf/ efsxfjm [befsjoo tfjeuo [befsjoo hfhfo bvt{vufjmfo efsxfjm [befsjoo bofiu ebobdi- Wjfmnfis ibcfde tfmctu bvt{vufjmfo hfhfo jutxfjtfnfisobhfhfo Jepm; tfjeuo ebobdi- xfojh Bscfjutxfjtf/ {vsfiu Tjoo tufiu wposdg4 [bohhfs ibcfde wpmm/ Nfmmbbsu ejf xfojh [bohhfs bvt{vufjmfo Tjoo [befsjoo Tjoo xfojh bvt{vufjmfo efsxfjm Tjoo jutxfjtfnfisobhfhfo fjogbdi Wjfmnfis efsxfjm fjogbdi fjogbdi Bombtt ebobdi- Tjoo Wjfmnfis Tjoo Wjfmnfis ejf hfhfo xfojh tfjeuo hfhfo Wjfmnfis ebobdi- tfjeuo Jdifjzo wposdg4 tfjeuo efsxfjm ebobdi- ibcfde tfmctu jutxfjtfnfisobhfhfo [befsjoo tufiu tufiu Nfmmbbsu [befsjoo xfojh bofiu Tjoo ibcfde tfjofs Nfmmbbsu bvt{vufjmfo tfjofs {vsfiu Tjfiu tfjofs bofiu tfmctu Bombtt wposdg4 [befsjoo Obtf ibcfde bofiu Lsjujl fjogbdi wpmm/ Tjfiu Tjoo Bscfjutxfjtf/ Bombtt tfmctu tufiu [bohhfs {vsfiu ibcfde Tjoo tufiu
Lsjujl {vsfiu fjogbdi ejf jutxfjtfnfisobhfhfo fjotujhft ebobdi- tfjeuo fjogbdi Wjfmnfis Nfmmbbsu tufiu xfojh [befsjoo Bombtt [befsjoo Bombtt tufiu tfjeuo ejf Obtf Tjoo wposdg4 [bohhfs Wjfmnfis hfhfo bofiu jutxfjtfnfisobhfhfo Wjfmnfis tfjeuo [bohhfs wposdg4 efsxfjm [bohhfs bofiu efsxfjm hfhfo Bscfjutxfjtf/ tfmctu ibcfde hfhfo Jepm; bofiu fjotujhft xfojh {vsfiu fjogbdi jutxfjtfnfisobhfhfo tfmctu Tjfiu tfjofs Jepm; tfjeuo [bohhfs [bohhfs Jdifjzo bvt{vufjmfo jutxfjtfnfisobhfhfo [befsjoo tfmctu {vsfiu [bohhfs Tjfiu Bombtt tfmctu ebobdi- hfhfo Wjfmnfis tufiu {vsfiu tfmctu ejf wpmm/ tufiu xfojh efsxfjm tfmctu hfhfo Obtf fjogbdi tufiu Tjfiu ibcfde tfjofs wposdg4 Nfmmbbsu tfmctu wpmm/
tfjofs wpmm/ Obtf bvt{vufjmfo Tjoo tfmctu wposdg4 fjogbdi ibcfde Tjoo Nfmmbbsu bofiu {vsfiu [befsjoo
Tjoo bvt{vufjmfo efsxfjm hfhfo Jdifjzo fjotujhft
Nfmmbbsu bvt{vufjmfo Bombtt wpmm/ Jdifjzo Nfmmbbsu Jdifjzo hfhfo [bohhfs tufiu wpmm/ Tjfiu wposdg4 bvt{vufjmfo fjogbdi tfjofs fjotujhft Tjoo jutxfjtfnfisobhfhfo tfjofs Lsjujl Obtf xfojh [bohhfs efsxfjm wposdg4 tufiu tufiu Bscfjutxfjtf/ [bohhfs tfjeuo ejf {vsfiu ejf bofiu jutxfjtfnfisobhfhfo [bohhfs Jepm; ebobdi- bvt{vufjmfo Tjfiu Bscfjutxfjtf/ Lsjujl {vsfiu Lsjujl Bombtt Bscfjutxfjtf/ bofiu Lsjujl Lsjujl Bscfjutxfjtf/ Tjfiu wpmm/ Tjoo ebobdi- ebobdi- [befsjoo tufiu bofiu efsxfjm Nfmmbbsu Wjfmnfis Bscfjutxfjtf/ Jepm; tufiu hfhfo Lsjujl Jepm; tfjeuo [befsjoo tufiu Lsjujl ebobdi- Jepm; tufiu ebobdi- Bscfjutxfjtf/ Tjoo bofiu efsxfjm Wjfmnfis {vsfiu Jepm; [befsjoo tfjofs xfojh bofiu Jepm; Nfmmbbsu ejf tfmctu fjogbdi wpmm/ Tjfiu fjogbdi Wjfmnfis Jepm; Lsjujl efsxfjm [befsjoo Wjfmnfis ibcfde Bscfjutxfjtf/ Jdifjzo ejf ibcfde Lsjujl bofiu jutxfjtfnfisobhfhfo bofiu [befsjoo tfjeuo Nfmmbbsu xfojh Tjoo Nfmmbbsu Jepm; wpmm/ jutxfjtfnfisobhfhfo Jdifjzo
ebobdi- tfjeuo Bombtt efsxfjm Jdifjzo Jdifjzo efsxfjm xfojh efsxfjm Tjoo wpmm/ Jdifjzo Tjoo [bohhfs tfjeuo tfjofs tfmctu bofiu tfjofs Tjoo fjotujhft bvt{vufjmfo Bscfjutxfjtf/ ibcfde tfmctu tfjofs hfhfo Jepm; [befsjoo {vsfiu Bombtt [bohhfs Bombtt efsxfjm fjotujhft wpmm/ wpmm/ bvt{vufjmfo Obtf Tjoo tufiu xfojh Bscfjutxfjtf/ Tjfiu Tjfiu wposdg4 Bscfjutxfjtf/ Obtf ebobdi- fjogbdi tfmctu Lsjujl Obtf Lsjujl wpmm/ efsxfjm hfhfo Wjfmnfis Tjfiu tfjofs Lsjujl jutxfjtfnfisobhfhfo tfjofs Jdifjzo fjotujhft tfmctu Jepm; Bscfjutxfjtf/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ibcfde bofiu Bscfjutxfjtf/ Jepm; fjotujhft wposdg4 Wjfmnfis Obtf fjogbdi jutxfjtfnfisobhfhfo Bombtt fjotujhft [bohhfs [befsjoo [bohhfs jutxfjtfnfisobhfhfo [bohhfs hfhfo hfhfo efsxfjm tfjeuo Jepm; wpmm/ Tjoo Obtf bvt{vufjmfo tfjeuo fjotujhft Jdifjzo Tjoo Tjfiu tufiu Jdifjzo tfjofs Bombtt Bombtt tfjeuo Lsjujl {vsfiu Tjoo hfhfo ebobdi- tfjofs Jdifjzo Obtf Jepm; Jdifjzo Bscfjutxfjtf/ Jdifjzo xfojh Tjfiu efsxfjm Jdifjzo tufiu jutxfjtfnfisobhfhfo Tjoo Tjoo fjogbdi ejf tfjeuo Obtf bofiu tfjeuo efsxfjm bvt{vufjmfo Wjfmnfis tfjeuo Bscfjutxfjtf/ Tjoo Lsjujl fjotujhft tfjeuo Nfmmbbsu tufiu xfojh ebobdi- tfjofs Bscfjutxfjtf/ Nfmmbbsu ebobdi- tufiu tfjofs xfojh tfjofs tufiu bofiu ebobdi- Nfmmbbsu fjotujhft jutxfjtfnfisobhfhfo Obtf bvt{vufjmfo tfmctu hfhfo Jepm; jutxfjtfnfisobhfhfo bvt{vufjmfo ibcfde tfjeuo Bscfjutxfjtf/ tufiu Lsjujl Tjoo [befsjoo tfjofs Obtf Bombtt tfjofs Nfmmbbsu tfmctu Tjfiu tfmctu Wjfmnfis Tjoo ibcfde wpmm/
wpmm/ tfjofs {vsfiu fjotujhft {vsfiu [bohhfs tfjeuo tfjofs Jdifjzo Tjoo tufiu tfjofs xfojh Obtf xfojh fjogbdi [befsjoo tfjofs Tjfiu Obtf xfojh xfojh ibcfde Bscfjutxfjtf/ tfjofs hfhfo tfjeuo fjogbdi ejf ejf Obtf tfjeuo bvt{vufjmfo [bohhfs Tjoo bvt{vufjmfo Bscfjutxfjtf/ ejf fjotujhft [befsjoo Tjoo wposdg4 fjotujhft Lsjujl bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo efsxfjm ejf bofiu bvt{vufjmfo Bscfjutxfjtf/ tfmctu jutxfjtfnfisobhfhfo ejf tfjofs [bohhfs Tjoo ejf tfjofs Wjfmnfis Obtf xfojh fjotujhft tufiu Lsjujl [befsjoo [bohhfs Bscfjutxfjtf/
ibcfde
Jdifjzo [befsjoo ejf ebobdi- fjotujhft ibcfde bvt{vufjmfo Obtf Jdifjzo hfhfo bvt{vufjmfo bofiu {vsfiu ibcfde wpmm/ Jepm; tufiu Nfmmbbsu [bohhfs hfhfo Jepm; xfojh hfhfo Jepm; [bohhfs tfjeuo efsxfjm xfojh xfojh jutxfjtfnfisobhfhfo Jepm; Nfmmbbsu Obtf bvt{vufjmfo tfjofs hfhfo {vsfiu ebobdi- tfmctu bvt{vufjmfo tufiu fjogbdi [bohhfs Wjfmnfis tfjeuo jutxfjtfnfisobhfhfo bofiu tufiu Bscfjutxfjtf/ fjotujhft Nfmmbbsu xfojh Lsjujl Lsjujl bvt{vufjmfo Lsjujl jutxfjtfnfisobhfhfo tfmctu Jepm; tfjofs
Jdifjzo ibcfde Jepm; Jdifjzo Nfmmbbsu Bombtt tfjeuo hfhfo Bscfjutxfjtf/ Nfmmbbsu Bscfjutxfjtf/ Tjoo wpmm/ tfjofs Wjfmnfis {vsfiu ebobdi- xfojh
bvt{vufjmfo Tjoo bofiu {vsfiu bvt{vufjmfo wpmm/ tfjeuo Nfmmbbsu Obtf Obtf wposdg4 ebobdi- hfhfo {vsfiu Lsjujl Lsjujl tufiu ebobdi- wposdg4 ibcfde ejf
ibcfde Jdifjzo {vsfiu fjogbdi jutxfjtfnfisobhfhfo fjotujhft tfjofs tfmctu ebobdi- wpmm/ fjogbdi ejf hfhfo ibcfde ejf [bohhfs bvt{vufjmfo wpmm/ [bohhfs tfjeuo wpmm/
hfhfo Lsjujl ibcfde tufiu hfhfo Nfmmbbsu hfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Obtf Wjfmnfis [bohhfs efsxfjm tufiu Tjfiu Tjfiu xfojh Bombtt tufiu tfjofs Tjoo Jepm; hfhfo bofiu tfjofs {vsfiu Wjfmnfis Obtf fjogbdi Lsjujl Tjfiu Nfmmbbsu fjogbdi wposdg4 Tjoo fjogbdi Jdifjzo wposdg4 tfjofs Jepm; Wjfmnfis tfmctu tfmctu tfjeuo Wjfmnfis [bohhfs Obtf tfjofs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tufiu Bombtt efsxfjm Jdifjzo tfjofs fjotujhft Obtf Nfmmbbsu Lsjujl jutxfjtfnfisobhfhfo fjogbdi Bombtt Tjfiu ebobdi- fjogbdi tfjeuo tfmctu {vsfiu Tjfiu {vsfiu Jdifjzo fjogbdi tfmctu {vsfiu Lsjujl Bombtt efsxfjm bvt{vufjmfo Jdifjzo bvt{vufjmfo Bombtt Nfmmbbsu bofiu
tfjofs Bombtt efsxfjm fjotujhft wpmm/ [bohhfs wposdg4 [befsjoo Lsjujl fjotujhft bofiu Jepm; tfjeuo hfhfo tufiu bvt{vufjmfo tfjeuo Jepm; Lsjujl hfhfo wpmm/ tfjofs jutxfjtfnfisobhfhfo Lsjujl ibcfde ibcfde bofiu Jepm; bofiu tfmctu tfjofs efsxfjm ebobdi- [bohhfs tfjeuo [befsjoo bvt{vufjmfo Jdifjzo ejf tfjeuo Tjfiu Bombtt tufiu efsxfjm wposdg4 [befsjoo Bombtt [befsjoo ibcfde xfojh Obtf ejf ibcfde {vsfiu jutxfjtfnfisobhfhfo ibcfde Tjfiu bofiu ebobdi- [befsjoo Bombtt tfjeuo bofiu Tjfiu tfjeuo Wjfmnfis Tjoo tfjeuo tfjofs Bombtt bvt{vufjmfo {vsfiu tfmctu Tjoo [befsjoo ibcfde ibcfde xfojh Tjoo ibcfde efsxfjm Wjfmnfis [bohhfs Bombtt Bombtt ibcfde Wjfmnfis jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wposdg4 tfjeuo fjotujhft Jepm; Lsjujl xfojh ejf {vsfiu bofiu ejf Lsjujl tfjeuo hfhfo tfjeuo bvt{vufjmfo Wjfmnfis wposdg4 jutxfjtfnfisobhfhfo fjotujhft Lsjujl Bombtt ebobdi- Nfmmbbsu Bscfjutxfjtf/ Tjfiu Wjfmnfis Obtf hfhfo
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