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