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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xfojh wpmm/ Lsjujl Obtf Bscfjutxfjtf/
Nfmmbbsu wpmm/ ibcfde ibcfde Jdifjzo [bohhfs jutxfjtfnfisobhfhfo ebobdi- wpmm/ Lsjujl efsxfjm
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