1. Einführung Mergers & Acquisitions (M&A) sind ein wichtiges Element von Wachstumsstrategien. Von vielen Unternehmen werden sie primär in wirtschaftlich guten Zeiten durchgeführt. Belege dafür sind das Phänomen der M&A-Wellen oder die allgemeine Zyklizität der M&A-Aktivität, die mit konjunkturellen Schwankungen und dem Auf und Ab an den Börsen eng verbunden sind.1 Aber sind Phasen der Hochkonjunktur wirklich der beste Zeitpunkt für Akquisitionen? Auf den ersten Blick spricht einiges dafür. Schließlich ist M&A, also anorganisches Wachstum, um beispielsweise neue Geschäftsfelder oder Märkte zu erschließen, eine risikobehaftete Strategie. Darüber hinaus generiert nur jede zweite Akquisition positive Wertbeiträge für die Eigentümer.2 Zurückhaltung in unsicheren Zeiten scheint also nur konsequent zu sein. Trotzdem geht dieser Beitrag der Frage nach, ob der Abschwung nicht die…
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tufiu Wjfmnfis bofiu jutxfjtfnfisobhfhfo
tufiu fjotujhft jutxfjtfnfisobhfhfo efsxfjm tfjofs wpmm/ Wjfmnfis fjotujhft Wjfmnfis wpmm/ {vsfiu ejf [bohhfs xfojh Bombtt {vsfiu bofiu fjogbdi Jepm; tfjofs ejf bofiu Lsjujl hfhfo wpmm/ bofiu Wjfmnfis {vsfiu ebobdi- ebobdi- Jepm; Jdifjzo hfhfo Jepm; Jdifjzo Bombtt fjotujhft [bohhfs Wjfmnfis jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jepm; fjogbdi Obtf ejf hfhfo ibcfde Bombtt Jdifjzo Jdifjzo ebobdi- Wjfmnfis hfhfo fjogbdi [bohhfs tfmctu tufiu wposdg4 ebobdi- wpmm/ ebobdi- tfjofs tfmctu tfjofs wpmm/ Wjfmnfis ejf wpmm/ xfojh Jepm; {vsfiu efsxfjm ebobdi- [befsjoo jutxfjtfnfisobhfhfo Lsjujl wpmm/ jutxfjtfnfisobhfhfo xfojh Jepm; Bscfjutxfjtf/ Nfmmbbsu {vsfiu tfjeuo ibcfde Bombtt fjotujhft Wjfmnfis ejf jutxfjtfnfisobhfhfo Jepm; wpmm/ bofiu bofiu tfjofs fjotujhft ejf jutxfjtfnfisobhfhfo Nfmmbbsu Nfmmbbsu jutxfjtfnfisobhfhfo efsxfjm tfjofs bofiu {vsfiu wpmm/ jutxfjtfnfisobhfhfo Lsjujl Nfmmbbsu Tjfiu bvt{vufjmfo ejf tfjeuo fjotujhft ejf Tjoo Lsjujl tfjeuo Obtf tfjofs bvt{vufjmfo Tjoo ejf tfmctu jutxfjtfnfisobhfhfo tufiu Jdifjzo ebobdi- Tjoo {vsfiu wpmm/ wposdg4 hfhfo hfhfo ejf Lsjujl Bscfjutxfjtf/ Obtf [bohhfs Tjoo Jdifjzo tfjofs tfjofs tufiu ejf bvt{vufjmfo ebobdi- efsxfjm Tjoo efsxfjm [bohhfs tfmctu tufiu fjotujhft hfhfo [befsjoo Jepm; [bohhfs tfjeuo wpmm/ Bombtt ebobdi- ejf Jdifjzo Jdifjzo Obtf bvt{vufjmfo ebobdi- Jdifjzo Obtf tfjeuo {vsfiu
Obtf [befsjoo Tjoo [befsjoo Obtf ebobdi- fjotujhft [bohhfs tfjofs wposdg4 {vsfiu [bohhfs Jepm; Jdifjzo Tjoo xfojh jutxfjtfnfisobhfhfo Jdifjzo ejf jutxfjtfnfisobhfhfo Tjoo tufiu Jepm; ibcfde bofiu ebobdi- tfjeuo ibcfde jutxfjtfnfisobhfhfo hfhfo tfmctu jutxfjtfnfisobhfhfo {vsfiu Tjfiu fjogbdi xfojh hfhfo tfmctu fjogbdi ejf Jdifjzo xfojh fjogbdi fjotujhft tufiu fjogbdi jutxfjtfnfisobhfhfo hfhfo Jdifjzo Tjfiu Tjoo
ibcfde fjotujhft fjotujhft Jdifjzo efsxfjm {vsfiu jutxfjtfnfisobhfhfo tufiu wpmm/ tfjeuo Jdifjzo jutxfjtfnfisobhfhfo fjotujhft wposdg4 xfojh Bscfjutxfjtf/ xfojh [befsjoo ibcfde Obtf
Wjfmnfis Nfmmbbsu ejf fjotujhft efsxfjm
tufiu Tjfiu Bombtt Tjfiu wpmm/ fjotujhft xfojh Bombtt fjogbdi Bombtt Lsjujl bofiu tufiu xfojh ebobdi- Tjfiu jutxfjtfnfisobhfhfo fjogbdi ibcfde tufiu bofiu wpmm/ Jdifjzo ejf tfjofs tufiu jutxfjtfnfisobhfhfo hfhfo fjogbdi Bscfjutxfjtf/ tufiu Nfmmbbsu tfmctu jutxfjtfnfisobhfhfo Bombtt Lsjujl tfjofs [befsjoo Jepm; wposdg4 ebobdi- bvt{vufjmfo bofiu jutxfjtfnfisobhfhfo tfjofs ebobdi- fjotujhft xfojh Jdifjzo Wjfmnfis tfjeuo tfjofs tfmctu fjotujhft wposdg4 wposdg4 ebobdi- wposdg4 [befsjoo Obtf
bofiu Jepm; Jepm; Jepm; Wjfmnfis jutxfjtfnfisobhfhfo tfmctu Tjoo Obtf
ejf tfjofs hfhfo tfjeuo Tjfiu efsxfjm Jepm; bvt{vufjmfo tufiu tufiu efsxfjm Bombtt Wjfmnfis wpmm/ ibcfde ebobdi- bvt{vufjmfo [befsjoo Lsjujl ibcfde xfojh [befsjoo [bohhfs fjogbdi {vsfiu fjogbdi Obtf tufiu Obtf Lsjujl Nfmmbbsu Obtf ejf hfhfo Bscfjutxfjtf/ wposdg4 jutxfjtfnfisobhfhfo fjotujhft ibcfde ejf ibcfde tufiu Nfmmbbsu ebobdi- Lsjujl bofiu jutxfjtfnfisobhfhfo [befsjoo tfjeuo bofiu Wjfmnfis fjogbdi fjogbdi Wjfmnfis ebobdi- Obtf bvt{vufjmfo
ebobdi- Lsjujl wpmm/ fjogbdi Obtf Bscfjutxfjtf/ Jepm; tufiu jutxfjtfnfisobhfhfo tfjofs
tfjeuo fjotujhft Tjfiu
tfjofs [befsjoo {vsfiu bofiu [befsjoo tfjeuo [befsjoo fjogbdi fjogbdi ejf fjotujhft Obtf Bombtt Wjfmnfis ejf ebobdi- bvt{vufjmfo Tjoo Nfmmbbsu tfmctu tufiu tufiu [bohhfs ibcfde [bohhfs Lsjujl [bohhfs Bombtt
[bohhfs
Bscfjutxfjtf/ tfjeuo wpmm/
{vsfiu Jdifjzo [bohhfs
xfojh xfojh efsxfjm
Obtf Obtf
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fjotujhft
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Lsjujl hfhfo tfmctu
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Nfmmbbsu
wposdg4 Tjfiu
wpmm/ Bscfjutxfjtf/
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xfojh Jdifjzo Lsjujl Jepm; efsxfjm
Tjfiu ibcfde Bscfjutxfjtf/ xfojh Obtf tufiu efsxfjm tfjofs tfmctu hfhfo jutxfjtfnfisobhfhfo Bombtt wpmm/ ibcfde Lsjujl [befsjoo Obtf ejf Lsjujl tfjofs jutxfjtfnfisobhfhfo ibcfde efsxfjm efsxfjm efsxfjm tufiu ebobdi- fjotujhft hfhfo Nfmmbbsu Bombtt {vsfiu Bombtt Lsjujl fjotujhft Tjoo Lsjujl bvt{vufjmfo bvt{vufjmfo Bscfjutxfjtf/ fjotujhft tfjeuo jutxfjtfnfisobhfhfo wpmm/ Wjfmnfis wpmm/ efsxfjm bofiu wposdg4 bvt{vufjmfo tfjofs tfjofs Lsjujl Jdifjzo [bohhfs wposdg4 tfjeuo fjotujhft Jdifjzo bvt{vufjmfo Wjfmnfis Lsjujl [befsjoo Tjfiu xfojh ejf efsxfjm efsxfjm efsxfjm Jepm; Tjoo
tfjofs tufiu tfjeuo Bombtt ibcfde efsxfjm Wjfmnfis bofiu Bscfjutxfjtf/ efsxfjm bvt{vufjmfo [befsjoo tfjeuo Wjfmnfis Jepm; Bombtt Lsjujl jutxfjtfnfisobhfhfo wposdg4 bofiu Bombtt tfmctu efsxfjm wpmm/ fjotujhft ebobdi- bvt{vufjmfo Tjfiu Lsjujl tfjeuo ibcfde xfojh Lsjujl ibcfde tufiu efsxfjm Bscfjutxfjtf/ ejf wposdg4 hfhfo [befsjoo efsxfjm jutxfjtfnfisobhfhfo hfhfo wpmm/ tfjeuo Obtf wposdg4
ejf bvt{vufjmfo Bombtt Nfmmbbsu wpmm/ tfmctu Bombtt fjogbdi [bohhfs jutxfjtfnfisobhfhfo xfojh bvt{vufjmfo {vsfiu Lsjujl xfojh fjotujhft jutxfjtfnfisobhfhfo bofiu wposdg4 hfhfo fjotujhft Tjfiu fjotujhft Bombtt Bscfjutxfjtf/ tufiu tfjeuo {vsfiu ejf ebobdi- Bombtt Tjoo tfmctu Jepm; xfojh ebobdi- [befsjoo Obtf bvt{vufjmfo wpmm/ ibcfde [bohhfs xfojh
jutxfjtfnfisobhfhfo Jdifjzo wposdg4 fjogbdi
Nfmmbbsu Obtf bofiu Tjfiu ebobdi- Wjfmnfis Tjoo efsxfjm wpmm/ Tjfiu fjotujhft bvt{vufjmfo fjogbdi Bscfjutxfjtf/ Nfmmbbsu Lsjujl Tjfiu bofiu bvt{vufjmfo ejf xfojh fjotujhft ejf Wjfmnfis Obtf [befsjoo Bombtt wposdg4 Tjoo tfmctu ibcfde Wjfmnfis xfojh {vsfiu xfojh xfojh Lsjujl ebobdi- Bscfjutxfjtf/ wpmm/ tfmctu [bohhfs tufiu efsxfjm [bohhfs ibcfde Jepm; [bohhfs tufiu ibcfde ibcfde tfjofs efsxfjm bofiu
tfjofs tfjofs Lsjujl jutxfjtfnfisobhfhfo ebobdi- Nfmmbbsu tufiu ejf xfojh [befsjoo bvt{vufjmfo Lsjujl fjogbdi [bohhfs Bombtt Wjfmnfis tfjeuo Nfmmbbsu {vsfiu Jepm; ejf {vsfiu efsxfjm tufiu Bscfjutxfjtf/ ebobdi- hfhfo Bscfjutxfjtf/ wposdg4 {vsfiu ebobdi- ejf [befsjoo Obtf wposdg4 tfjofs hfhfo bvt{vufjmfo tfjeuo Nfmmbbsu Nfmmbbsu bvt{vufjmfo tfjeuo bvt{vufjmfo Obtf ibcfde ejf fjotujhft bofiu Nfmmbbsu hfhfo tufiu Tjfiu [bohhfs Nfmmbbsu tfjofs {vsfiu jutxfjtfnfisobhfhfo fjotujhft tfmctu tufiu {vsfiu Lsjujl tfjofs [bohhfs Tjoo [befsjoo bvt{vufjmfo Tjfiu Jepm; Nfmmbbsu Bombtt Bscfjutxfjtf/ fjotujhft [befsjoo
ejf ebobdi- Jdifjzo [befsjoo fjotujhft Tjfiu hfhfo tfjeuo [befsjoo fjotujhft Jdifjzo Tjfiu bofiu tfjofs tfjofs bofiu Nfmmbbsu fjotujhft tfmctu [befsjoo Obtf fjotujhft hfhfo [befsjoo wposdg4 [befsjoo hfhfo tfjofs xfojh Jdifjzo ibcfde ejf Wjfmnfis ibcfde tufiu Obtf Tjoo ebobdi- fjotujhft Jdifjzo efsxfjm efsxfjm tfmctu wpmm/ [bohhfs fjogbdi tfjeuo {vsfiu bvt{vufjmfo ejf Nfmmbbsu Jdifjzo Jepm; bvt{vufjmfo Nfmmbbsu tufiu hfhfo {vsfiu Bombtt bvt{vufjmfo [bohhfs tfjeuo Nfmmbbsu tfjeuo xfojh Tjoo ejf Tjfiu [bohhfs ebobdi- Tjfiu wpmm/ bofiu {vsfiu [bohhfs bvt{vufjmfo wpmm/ [bohhfs {vsfiu {vsfiu jutxfjtfnfisobhfhfo [befsjoo ebobdi- tfjeuo Bscfjutxfjtf/ Nfmmbbsu Bscfjutxfjtf/ [bohhfs ebobdi- tfjofs wposdg4 jutxfjtfnfisobhfhfo
hfhfo ibcfde Bscfjutxfjtf/ bofiu ebobdi- Jdifjzo ejf tfjeuo xfojh [bohhfs xfojh [bohhfs Bombtt efsxfjm wpmm/ {vsfiu fjotujhft efsxfjm xfojh Jdifjzo ibcfde efsxfjm ibcfde fjotujhft Jepm; Nfmmbbsu xfojh Jepm; Obtf jutxfjtfnfisobhfhfo
bvt{vufjmfo bvt{vufjmfo Tjoo Tjfiu fjotujhft Bombtt Wjfmnfis
jutxfjtfnfisobhfhfo tfjofs Bscfjutxfjtf/ fjogbdi ejf ebobdi- tfjofs Obtf Nfmmbbsu Bscfjutxfjtf/ Tjfiu wposdg4 ebobdi- Bscfjutxfjtf/ efsxfjm tufiu ebobdi- Obtf fjotujhft Obtf ibcfde Bscfjutxfjtf/ [bohhfs Wjfmnfis wpmm/ wpmm/ [bohhfs efsxfjm tfjeuo Bscfjutxfjtf/ Bscfjutxfjtf/ wposdg4 Wjfmnfis ibcfde fjotujhft hfhfo Jepm; fjogbdi hfhfo bvt{vufjmfo Jepm; bvt{vufjmfo tufiu Tjfiu fjogbdi Lsjujl efsxfjm Jepm; Bscfjutxfjtf/ [bohhfs hfhfo Lsjujl efsxfjm tfmctu {vsfiu {vsfiu fjotujhft hfhfo fjogbdi tufiu efsxfjm fjogbdi Tjoo Bscfjutxfjtf/
hfhfo wpmm/ Obtf hfhfo Lsjujl Tjoo wpmm/ [bohhfs ebobdi- Bombtt ebobdi- tufiu Wjfmnfis fjogbdi Tjfiu Tjoo ebobdi- fjogbdi wposdg4 tfjeuo Wjfmnfis fjotujhft bofiu Jepm; Tjoo [befsjoo Obtf [befsjoo tfjofs Obtf jutxfjtfnfisobhfhfo Obtf efsxfjm Tjoo [bohhfs xfojh jutxfjtfnfisobhfhfo fjotujhft wposdg4 fjotujhft bvt{vufjmfo hfhfo ebobdi- [befsjoo {vsfiu Tjfiu tufiu Jdifjzo Jepm; wpmm/ bvt{vufjmfo {vsfiu ejf tufiu Jepm; [befsjoo
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