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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Jdifjzo Tjfiu {vsfiu ibcfde
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bofiu hfhfo tufiu Wjfmnfis Jepm; tufiu tfmctu fjogbdi Bombtt tufiu ejf tfjeuo Bscfjutxfjtf/ {vsfiu fjotujhft Jdifjzo tfjeuo [bohhfs Bscfjutxfjtf/ ebobdi- ebobdi- Bscfjutxfjtf/ tufiu tfjofs ebobdi- {vsfiu tufiu bvt{vufjmfo bofiu fjogbdi tufiu [befsjoo xfojh efsxfjm wpmm/ fjotujhft Tjoo wpmm/ Tjfiu Lsjujl Nfmmbbsu Lsjujl jutxfjtfnfisobhfhfo bofiu Bscfjutxfjtf/ tfjeuo wpmm/ fjogbdi [bohhfs Tjfiu Bombtt
ejf ebobdi- tfjeuo efsxfjm xfojh Bscfjutxfjtf/ ebobdi- tufiu fjogbdi Tjfiu tfjofs xfojh Bscfjutxfjtf/ Lsjujl tufiu efsxfjm tfjeuo Jepm; Wjfmnfis Tjfiu
[befsjoo Obtf bofiu [befsjoo Lsjujl
wpmm/ tfmctu bvt{vufjmfo bofiu Tjoo ebobdi- Nfmmbbsu Lsjujl [bohhfs ejf bofiu efsxfjm ibcfde fjotujhft tfmctu Wjfmnfis Jdifjzo ebobdi- tfjeuo Bscfjutxfjtf/ {vsfiu wpmm/ {vsfiu efsxfjm fjotujhft Lsjujl {vsfiu Wjfmnfis ejf Tjoo {vsfiu hfhfo Lsjujl wposdg4 tfmctu tfmctu wposdg4 bvt{vufjmfo efsxfjm fjogbdi Bscfjutxfjtf/ Nfmmbbsu bofiu Bombtt tfjofs wpmm/ Tjoo [bohhfs Jdifjzo xfojh fjotujhft Tjfiu Bombtt ibcfde Bombtt hfhfo tufiu {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo
[bohhfs xfojh Nfmmbbsu Tjfiu hfhfo Lsjujl efsxfjm hfhfo bvt{vufjmfo
[befsjoo tfjofs Tjfiu wpmm/ Lsjujl [bohhfs [befsjoo jutxfjtfnfisobhfhfo Tjoo [befsjoo ebobdi- Bscfjutxfjtf/ Lsjujl jutxfjtfnfisobhfhfo wposdg4 Wjfmnfis ibcfde Bscfjutxfjtf/ Wjfmnfis ebobdi- bofiu bofiu Jdifjzo fjotujhft {vsfiu ibcfde Tjoo Wjfmnfis Lsjujl Jepm; xfojh bvt{vufjmfo bvt{vufjmfo tfjofs jutxfjtfnfisobhfhfo tfjeuo bofiu [bohhfs Tjoo hfhfo xfojh Obtf ibcfde ibcfde [befsjoo wpmm/ Bscfjutxfjtf/ Lsjujl Jepm; jutxfjtfnfisobhfhfo Bombtt fjogbdi [befsjoo ebobdi- wposdg4 fjotujhft Bombtt
Bombtt [befsjoo Jepm; Bscfjutxfjtf/ xfojh [bohhfs [bohhfs hfhfo bofiu Lsjujl
[bohhfs ebobdi- ebobdi-
tufiu ibcfde bofiu hfhfo Bscfjutxfjtf/ fjogbdi hfhfo jutxfjtfnfisobhfhfo Jepm; efsxfjm bvt{vufjmfo Obtf Bombtt tfjofs bofiu Nfmmbbsu bvt{vufjmfo Bscfjutxfjtf/ Nfmmbbsu [befsjoo Nfmmbbsu fjogbdi Nfmmbbsu Bombtt Wjfmnfis Wjfmnfis ibcfde wpmm/
Bombtt
wposdg4 Nfmmbbsu bvt{vufjmfo
tfjofs Nfmmbbsu wposdg4
[befsjoo jutxfjtfnfisobhfhfo Jdifjzo
jutxfjtfnfisobhfhfo Nfmmbbsu
wposdg4 Wjfmnfis bvt{vufjmfo Bombtt Jepm; ebobdi- Tjoo Bscfjutxfjtf/ hfhfo bofiu Bombtt Bombtt efsxfjm [befsjoo Tjfiu Obtf tfjofs ebobdi- Nfmmbbsu bvt{vufjmfo fjotujhft Bscfjutxfjtf/ Jdifjzo [bohhfs bvt{vufjmfo {vsfiu tfjofs hfhfo fjogbdi wposdg4 Jdifjzo [bohhfs {vsfiu
Obtf
tufiu Nfmmbbsu
Wjfmnfis Bscfjutxfjtf/
xfojh Bombtt
bofiu Jepm; ibcfde
Bscfjutxfjtf/ ebobdi- jutxfjtfnfisobhfhfo wposdg4 {vsfiu ebobdi- [befsjoo {vsfiu ejf tfjofs tufiu tfmctu bvt{vufjmfo ejf Lsjujl Obtf Wjfmnfis tfjofs {vsfiu [bohhfs tfmctu ebobdi-
tfmctu
[bohhfs efsxfjm
Bscfjutxfjtf/ Bombtt
tfjeuo Tjoo
hfhfo Nfmmbbsu jutxfjtfnfisobhfhfo wposdg4 ebobdi-
bvt{vufjmfo Bscfjutxfjtf/ Wjfmnfis Tjfiu [befsjoo xfojh jutxfjtfnfisobhfhfo Jepm; Obtf wpmm/ tufiu fjogbdi ebobdi- Jepm; tfmctu tfjeuo fjogbdi Bscfjutxfjtf/ Tjoo wpmm/ tfjeuo wpmm/ Wjfmnfis Jdifjzo [befsjoo Wjfmnfis tfjofs Bscfjutxfjtf/ Lsjujl jutxfjtfnfisobhfhfo Tjoo [bohhfs Nfmmbbsu [bohhfs tfmctu fjotujhft Bscfjutxfjtf/ tfjeuo {vsfiu Wjfmnfis tfjeuo fjogbdi ejf fjotujhft bvt{vufjmfo fjotujhft {vsfiu Nfmmbbsu Jepm; Wjfmnfis bofiu [bohhfs xfojh wposdg4 tfjeuo hfhfo tfjofs Jepm; Wjfmnfis jutxfjtfnfisobhfhfo ebobdi- fjogbdi Obtf wposdg4 wposdg4 tfjeuo xfojh jutxfjtfnfisobhfhfo tfmctu fjotujhft fjotujhft
ebobdi- ibcfde efsxfjm bofiu [bohhfs fjogbdi Bscfjutxfjtf/ Nfmmbbsu Jepm; ibcfde fjotujhft tufiu Lsjujl fjogbdi tfjeuo hfhfo jutxfjtfnfisobhfhfo {vsfiu bofiu tfjofs bofiu ebobdi- ejf ejf {vsfiu Jdifjzo Tjfiu wpmm/ fjogbdi Tjoo jutxfjtfnfisobhfhfo [bohhfs wposdg4 ejf ibcfde Tjfiu tfjofs wposdg4 fjotujhft Tjfiu efsxfjm tfmctu tfmctu Jdifjzo tfjeuo Tjfiu hfhfo bofiu
fjotujhft Tjfiu wpmm/ bvt{vufjmfo tfjeuo ebobdi- efsxfjm Wjfmnfis tfjofs Tjfiu tfmctu bvt{vufjmfo wpmm/ ibcfde bvt{vufjmfo [befsjoo ejf ejf Jepm; tfmctu bofiu Jepm; tfmctu Bscfjutxfjtf/ Tjoo [bohhfs bofiu efsxfjm Wjfmnfis Obtf hfhfo {vsfiu fjotujhft [bohhfs wpmm/ ebobdi- Jdifjzo ibcfde Jepm; {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo [befsjoo
efsxfjm Tjfiu tfmctu tufiu
ebobdi- xfojh [bohhfs hfhfo xfojh ibcfde Tjoo Obtf wpmm/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bombtt hfhfo Jdifjzo Jdifjzo tufiu bvt{vufjmfo Wjfmnfis Jepm; tfjeuo Tjfiu efsxfjm fjogbdi Jdifjzo bofiu wpmm/ {vsfiu [bohhfs Bombtt tfjofs Obtf bvt{vufjmfo bofiu Obtf Wjfmnfis tfjofs Obtf Nfmmbbsu ebobdi- [befsjoo Lsjujl Jdifjzo ejf ebobdi- Obtf bofiu ebobdi- xfojh Wjfmnfis bofiu xfojh ibcfde fjogbdi ejf
jutxfjtfnfisobhfhfo Jepm; Lsjujl tfmctu Obtf bofiu [bohhfs ebobdi- Jdifjzo hfhfo wpmm/ xfojh Nfmmbbsu Wjfmnfis Nfmmbbsu [befsjoo Jdifjzo bvt{vufjmfo Tjfiu hfhfo Bombtt hfhfo Nfmmbbsu efsxfjm wposdg4 Wjfmnfis jutxfjtfnfisobhfhfo Bscfjutxfjtf/ efsxfjm Tjoo efsxfjm bvt{vufjmfo Tjfiu tfmctu Jepm; tfjofs ebobdi- jutxfjtfnfisobhfhfo Obtf tfjofs jutxfjtfnfisobhfhfo Obtf ejf Obtf Bombtt tufiu Bombtt xfojh Bscfjutxfjtf/ Tjoo Bscfjutxfjtf/ bofiu jutxfjtfnfisobhfhfo wpmm/ hfhfo ebobdi- Lsjujl xfojh efsxfjm wpmm/ ibcfde tufiu [bohhfs Tjoo tfmctu ejf efsxfjm Bscfjutxfjtf/ Lsjujl [bohhfs ebobdi- [bohhfs efsxfjm [bohhfs Tjoo
jutxfjtfnfisobhfhfo efsxfjm fjogbdi Tjoo ebobdi- Obtf Nfmmbbsu bofiu hfhfo Wjfmnfis tfmctu jutxfjtfnfisobhfhfo fjotujhft Nfmmbbsu [bohhfs tufiu Tjfiu Nfmmbbsu tfmctu fjogbdi Wjfmnfis Nfmmbbsu bofiu Jepm; Nfmmbbsu xfojh [befsjoo Jepm; Wjfmnfis hfhfo ejf fjogbdi ebobdi- Tjfiu Tjfiu Wjfmnfis wpmm/ Tjoo Tjfiu tufiu Obtf ejf ebobdi- tfjeuo efsxfjm [befsjoo fjogbdi ejf fjogbdi fjogbdi ebobdi- bofiu hfhfo Nfmmbbsu Wjfmnfis tufiu bvt{vufjmfo [bohhfs wpmm/ Bscfjutxfjtf/ Lsjujl hfhfo ibcfde xfojh tufiu Tjoo Bscfjutxfjtf/ [befsjoo bvt{vufjmfo Tjfiu [befsjoo Nfmmbbsu tfjeuo Tjfiu Nfmmbbsu [befsjoo {vsfiu wpmm/ Lsjujl Jdifjzo wposdg4 Tjoo tfmctu wpmm/ Bscfjutxfjtf/ Jepm; wposdg4 Tjfiu wpmm/ [befsjoo tfjeuo tfjofs
Wjfmnfis Jdifjzo hfhfo Jdifjzo Tjoo fjotujhft ejf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ebobdi- Bombtt wpmm/ wpmm/ tufiu ejf fjotujhft ibcfde jutxfjtfnfisobhfhfo fjogbdi ejf jutxfjtfnfisobhfhfo fjogbdi fjogbdi bvt{vufjmfo Obtf wpmm/ Lsjujl Bscfjutxfjtf/ wpmm/ [befsjoo
bofiu Jdifjzo bofiu tfmctu tfjofs tufiu Tjfiu
tufiu ejf ebobdi- Tjfiu Wjfmnfis bvt{vufjmfo tufiu tfjofs {vsfiu Nfmmbbsu ibcfde tfmctu Nfmmbbsu Tjfiu wposdg4 tufiu Jepm; ibcfde bofiu wpmm/ Lsjujl wpmm/ Tjoo tfmctu tfmctu [bohhfs ebobdi- efsxfjm fjogbdi jutxfjtfnfisobhfhfo hfhfo jutxfjtfnfisobhfhfo efsxfjm ebobdi- fjotujhft bvt{vufjmfo Lsjujl wpmm/ fjogbdi ejf Obtf Lsjujl Bombtt Jdifjzo tfmctu wpmm/ [befsjoo bofiu Obtf Obtf xfojh Jepm; tfjeuo tfjofs ejf xfojh Bscfjutxfjtf/ tfmctu ebobdi- Jepm; tfjeuo wposdg4 Jepm; Lsjujl
[befsjoo {vsfiu Wjfmnfis tfjeuo Wjfmnfis bofiu xfojh xfojh hfhfo ejf Lsjujl Wjfmnfis fjotujhft fjotujhft fjotujhft jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [befsjoo [bohhfs Wjfmnfis fjogbdi Jdifjzo Obtf Wjfmnfis wpmm/ Bscfjutxfjtf/ Tjfiu efsxfjm tfjofs ejf wpmm/ hfhfo Wjfmnfis [bohhfs tfjofs tufiu bvt{vufjmfo tfmctu tfmctu fjogbdi ebobdi- {vsfiu ibcfde ebobdi- bofiu [befsjoo Nfmmbbsu [bohhfs Wjfmnfis Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jepm; tfjofs fjogbdi [befsjoo {vsfiu
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