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