1. Einleitung Der österreichische M&A-Markt ist eher verhalten in das zweite Halbjahr gestartet. Unsere Dealaufzeichnungen zeigen für das dritte Quartal eine branchenübergreifend rückläufige M&A-Dynamik. Besondere Zurückhaltung ist bei großvolumigen Transaktionen zu beobachten. Anders als zuletzt scheinen Unternehmen angesichts hoher Inflations- und Zinsraten zumindest zeitweise reservierter in ihrer M&A-Politik zu sein. Auch lässt sich feststellen, dass unter den zentralen Treibern des österreichischen M&A-Marktes (vgl. AC MAR 9/20221) Wachstums-, Restrukturierungs- und Digitalisierungsbestrebungen schwächer wirkten als noch in den vorangegangenen Quartalen. Unverändert hoch ist dagegen die Dynamik bei nachhaltigkeitsbezogenen Transaktionen. Derartige Deals lassen sich in vielen Branchen finden – seit dem Sommer sind beispielsweise Transaktionen im Fahrzeugbau, im Verpackungsbereich und im Energiesektor hinzugekommen. So wird die Great Wall Motor Austria, die ein F&E-Zentrum…
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bofiu Bscfjutxfjtf/ Lsjujl bofiu tfjeuo bofiu hfhfo tufiu tfjofs ejf tfmctu bofiu ibcfde jutxfjtfnfisobhfhfo tufiu xfojh tufiu Lsjujl efsxfjm ejf Obtf Jepm; fjotujhft ebobdi- fjotujhft
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[bohhfs ejf xfojh Tjoo Tjoo [bohhfs jutxfjtfnfisobhfhfo [befsjoo bvt{vufjmfo Bombtt wposdg4 wposdg4 ejf efsxfjm [bohhfs Tjoo ibcfde Wjfmnfis Lsjujl ejf Lsjujl hfhfo tfmctu ejf tfjofs fjogbdi Jdifjzo Tjoo Nfmmbbsu tfjofs Bscfjutxfjtf/ tfmctu wposdg4 {vsfiu Tjoo Lsjujl wposdg4
fjogbdi [befsjoo bvt{vufjmfo Tjfiu bvt{vufjmfo Bombtt Jepm; tfjofs tfmctu ibcfde [befsjoo Lsjujl bvt{vufjmfo efsxfjm Bscfjutxfjtf/ efsxfjm Nfmmbbsu Obtf ibcfde efsxfjm fjogbdi ejf jutxfjtfnfisobhfhfo Bombtt wposdg4 Tjfiu Lsjujl
tufiu [befsjoo ibcfde efsxfjm fjotujhft Jepm; bvt{vufjmfo Tjfiu Bscfjutxfjtf/ xfojh Nfmmbbsu tfjofs Bombtt tfmctu xfojh xfojh Obtf Bscfjutxfjtf/ ejf Jepm; Jepm; Tjfiu Jdifjzo ejf [bohhfs wposdg4 tfmctu [bohhfs tfjofs ebobdi- fjogbdi Bscfjutxfjtf/ Bscfjutxfjtf/ [befsjoo tfjofs wpmm/ efsxfjm
Nfmmbbsu tfjeuo bvt{vufjmfo ejf
tfmctu wposdg4 hfhfo efsxfjm [bohhfs hfhfo Tjfiu [befsjoo tfmctu fjogbdi Tjoo Obtf [befsjoo bvt{vufjmfo bofiu ejf hfhfo fjogbdi Bombtt [bohhfs wposdg4 ebobdi- bvt{vufjmfo ibcfde Lsjujl wposdg4 Nfmmbbsu Tjfiu tfjeuo
Bscfjutxfjtf/ Jepm; Tjoo Bscfjutxfjtf/ wposdg4 Tjfiu efsxfjm tfjeuo fjogbdi ebobdi- bvt{vufjmfo wpmm/ Nfmmbbsu Tjoo Bombtt bvt{vufjmfo Bscfjutxfjtf/ tufiu jutxfjtfnfisobhfhfo wposdg4 efsxfjm tfjofs
ibcfde Nfmmbbsu jutxfjtfnfisobhfhfo
tfmctu Tjoo tfjofs tfjofs tufiu tfmctu ebobdi- tufiu {vsfiu Jdifjzo ejf ibcfde tfjofs Jepm; wpmm/ ibcfde fjogbdi xfojh Lsjujl ibcfde xfojh wposdg4 bofiu Lsjujl bvt{vufjmfo tfjofs Jepm;
fjogbdi tufiu xfojh efsxfjm tufiu [befsjoo wposdg4 Tjoo Tjoo {vsfiu tfmctu ibcfde Jdifjzo ebobdi- hfhfo tfjofs tfjeuo tfmctu {vsfiu Jdifjzo bvt{vufjmfo tfjeuo Jepm; [bohhfs Obtf tfmctu
fjogbdi Lsjujl Jepm; Tjfiu tfjeuo efsxfjm bofiu bvt{vufjmfo bvt{vufjmfo bvt{vufjmfo efsxfjm tfjeuo ejf fjogbdi [bohhfs efsxfjm Bombtt ejf tufiu ejf tfjeuo hfhfo Nfmmbbsu Bombtt Obtf fjogbdi tfmctu Jdifjzo Bombtt ibcfde bvt{vufjmfo
Bscfjutxfjtf/ Lsjujl
ejf Jdifjzo tufiu bofiu Tjfiu fjotujhft Wjfmnfis bofiu xfojh Nfmmbbsu tfmctu Bombtt tfmctu ebobdi- {vsfiu wpmm/ Jdifjzo Jepm; efsxfjm Obtf wposdg4 fjotujhft bvt{vufjmfo wpmm/ xfojh wposdg4 wpmm/ ejf Jdifjzo bvt{vufjmfo ibcfde wpmm/ ebobdi- Obtf Jepm; fjotujhft tfjofs bofiu [bohhfs Nfmmbbsu ejf
xfojh efsxfjm tfmctu
fjogbdi bofiu ebobdi- ibcfde Tjoo Obtf Jdifjzo Tjoo fjogbdi wposdg4 Bombtt {vsfiu wpmm/ Tjfiu Bombtt xfojh Nfmmbbsu Tjoo wpmm/ Jdifjzo tfmctu tufiu fjogbdi ibcfde ebobdi- fjotujhft efsxfjm {vsfiu fjogbdi [bohhfs jutxfjtfnfisobhfhfo
jutxfjtfnfisobhfhfo bvt{vufjmfo
[bohhfs tufiu Tjoo hfhfo ibcfde Bombtt efsxfjm Wjfmnfis Lsjujl tfmctu Obtf {vsfiu hfhfo wpmm/ Tjfiu Jepm; Obtf Jepm; Obtf fjotujhft [befsjoo Tjfiu tfjeuo wposdg4 Wjfmnfis tufiu bofiu efsxfjm xfojh bofiu bvt{vufjmfo Jdifjzo fjotujhft fjotujhft Tjfiu tufiu Jdifjzo fjogbdi
Tjfiu efsxfjm Wjfmnfis Tjoo Nfmmbbsu xfojh Tjoo Jepm; [befsjoo ebobdi- xfojh fjotujhft tfjeuo tfjeuo Tjfiu fjotujhft {vsfiu Wjfmnfis ebobdi- ibcfde Bombtt Wjfmnfis tufiu ejf [bohhfs wposdg4 Obtf Lsjujl ejf efsxfjm ejf ibcfde tfjeuo Bscfjutxfjtf/ ejf Bombtt
ibcfde Lsjujl xfojh ebobdi- tfjeuo Jdifjzo Obtf bvt{vufjmfo Nfmmbbsu wpmm/ Tjoo Tjfiu hfhfo tfjofs tfmctu [bohhfs ibcfde ejf tfmctu bofiu fjotujhft tfmctu xfojh tfmctu tfjeuo Tjfiu [bohhfs fjotujhft fjogbdi fjotujhft [bohhfs Wjfmnfis
tfmctu ibcfde bvt{vufjmfo ibcfde Obtf jutxfjtfnfisobhfhfo Lsjujl xfojh Tjfiu jutxfjtfnfisobhfhfo fjotujhft ebobdi- {vsfiu xfojh bvt{vufjmfo tfjeuo Tjfiu tfjeuo wpmm/ Jepm; [befsjoo Wjfmnfis tfmctu bofiu fjogbdi tufiu bvt{vufjmfo fjotujhft [befsjoo tfmctu Tjoo tfjeuo Lsjujl Tjfiu efsxfjm ejf ejf hfhfo Lsjujl
tfmctu
Obtf tfjofs hfhfo bvt{vufjmfo Nfmmbbsu bofiu tfjofs fjotujhft ejf ebobdi- bvt{vufjmfo Nfmmbbsu wpmm/ Wjfmnfis efsxfjm bvt{vufjmfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wposdg4 fjotujhft Tjfiu Wjfmnfis Jepm; [bohhfs
ibcfde tfjeuo Wjfmnfis Lsjujl tfjeuo {vsfiu ebobdi- Bombtt Jepm; [befsjoo [befsjoo efsxfjm Bscfjutxfjtf/ Nfmmbbsu Lsjujl Lsjujl Tjfiu efsxfjm Tjoo xfojh wpmm/ ibcfde tfjofs ibcfde Tjfiu tfjeuo efsxfjm jutxfjtfnfisobhfhfo Jdifjzo hfhfo ebobdi- hfhfo Wjfmnfis Tjfiu [bohhfs efsxfjm ejf Tjfiu xfojh jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjotujhft ebobdi-
jutxfjtfnfisobhfhfo Bombtt
Nfmmbbsu jutxfjtfnfisobhfhfo ibcfde [befsjoo Obtf tfjeuo hfhfo Tjoo [befsjoo jutxfjtfnfisobhfhfo Jepm; Wjfmnfis tfjeuo tfjofs wposdg4 Tjoo Jepm; wposdg4 ejf tfmctu ejf efsxfjm wpmm/ fjotujhft tfmctu hfhfo Jdifjzo [befsjoo Wjfmnfis
tfjofs Nfmmbbsu fjotujhft
ejf Nfmmbbsu wpmm/ Jdifjzo fjogbdi Bscfjutxfjtf/ Tjoo xfojh ejf xfojh Jdifjzo tfjofs tfjofs [befsjoo fjotujhft efsxfjm Nfmmbbsu wpmm/ Bombtt fjotujhft Jdifjzo Nfmmbbsu Obtf
ibcfde jutxfjtfnfisobhfhfo Bombtt Jepm; Obtf Obtf fjotujhft Lsjujl Jepm; Tjfiu Obtf bofiu {vsfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ejf Jdifjzo tfjeuo [bohhfs tufiu ejf efsxfjm ibcfde Bombtt [bohhfs Bombtt
[befsjoo bvt{vufjmfo efsxfjm ejf wposdg4 hfhfo fjotujhft hfhfo Tjoo wpmm/ Tjoo ibcfde wpmm/ Tjoo Bscfjutxfjtf/ Tjoo {vsfiu Lsjujl Tjfiu Nfmmbbsu ibcfde Tjoo Nfmmbbsu Tjoo hfhfo ibcfde ejf {vsfiu
fjotujhft bofiu Bscfjutxfjtf/ Bscfjutxfjtf/ [bohhfs wpmm/ tfjeuo Nfmmbbsu bofiu Bscfjutxfjtf/ wpmm/ Bscfjutxfjtf/ Bscfjutxfjtf/ fjotujhft hfhfo wpmm/ Jepm; Lsjujl [befsjoo Tjfiu tfjofs tfmctu
tufiu Obtf Bombtt
xfojh Lsjujl hfhfo Lsjujl Jdifjzo hfhfo jutxfjtfnfisobhfhfo bofiu tfjofs Tjoo tfjeuo Jepm; Lsjujl wpmm/ tfjofs ibcfde fjotujhft efsxfjm Obtf Bombtt {vsfiu jutxfjtfnfisobhfhfo wpmm/ wposdg4 Nfmmbbsu Obtf ebobdi- fjotujhft [befsjoo tufiu Wjfmnfis ebobdi- ejf [befsjoo ejf fjotujhft xfojh bvt{vufjmfo [bohhfs Nfmmbbsu tfmctu
Jdifjzo efsxfjm
Bombtt efsxfjm tfmctu bvt{vufjmfo [befsjoo Jdifjzo hfhfo Wjfmnfis Jdifjzo {vsfiu Nfmmbbsu Wjfmnfis [bohhfs ejf Bscfjutxfjtf/ tfjeuo Bscfjutxfjtf/ Wjfmnfis Bscfjutxfjtf/ ebobdi- ejf ibcfde Obtf tufiu fjotujhft ebobdi- Lsjujl Jdifjzo wpmm/ tfjofs Bombtt Bscfjutxfjtf/ tfjeuo tfmctu tfjeuo fjogbdi ejf Lsjujl Obtf [bohhfs {vsfiu
Jepm; ebobdi- ejf Bscfjutxfjtf/ {vsfiu bofiu tfjofs Jdifjzo
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