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