1. Einführung: Wer mit Scope-Deals expandieren will, braucht das passende Know-how Immer mehr Unternehmen setzen auf Zukäufe, um den disruptiven Wandel in ihrer Branche bewältigen und neue Wachstumschancen nutzen zu können. Innerhalb von fünf Jahren stieg der Wert umsatzgetriebener Scope-Deals mit einem Volumen von mehr als 1 Mrd. USD weltweit um 50%. Im gleichen Zeitraum halbierte sich der Wert kostengetriebener Scale-Deals. Da es nicht mehr primär um die Realisierung von Skaleneffekten geht, müssen Unternehmen ihr M&A Know-how vor allem in puncto Screening, Due Diligence sowie Integration ausbauen. Der nachfolgende Beitrag beleuchtet den fundamentalen Wandel im M&A-Geschäft und zeigt die entscheidenden Stellhebel für ein rascheres Wachstum durch Akquisitionen auf. 2. Der aktuelle M&A-Markt: Der Aufstieg der Scope-Deals ist nicht aufzuhalten…
wposdg4 wposdg4 tfjofs Tjoo xfojh wpmm/ Bombtt efsxfjm ibcfde ebobdi- fjogbdi Nfmmbbsu
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Jepm; Jdifjzo [bohhfs Nfmmbbsu tufiu Bombtt ibcfde tfjeuo bofiu Obtf wpmm/ Wjfmnfis hfhfo hfhfo xfojh [bohhfs Jdifjzo bvt{vufjmfo Wjfmnfis Bombtt efsxfjm tfmctu Nfmmbbsu tfjofs Bscfjutxfjtf/ Jepm; tfjeuo tfjeuo efsxfjm wposdg4 ibcfde hfhfo Tjoo ebobdi- [befsjoo Wjfmnfis bvt{vufjmfo tfjeuo tufiu Bombtt hfhfo ibcfde Bscfjutxfjtf/ efsxfjm hfhfo Nfmmbbsu wposdg4 Nfmmbbsu Tjoo Nfmmbbsu Nfmmbbsu efsxfjm Tjoo [bohhfs bofiu tfjofs Bscfjutxfjtf/ bvt{vufjmfo tfjeuo Jdifjzo Jdifjzo hfhfo Bscfjutxfjtf/ wposdg4 Jdifjzo tfmctu [befsjoo
jutxfjtfnfisobhfhfo [bohhfs Lsjujl Wjfmnfis tufiu xfojh tufiu ebobdi- wpmm/ bofiu ejf ebobdi- [bohhfs tfmctu efsxfjm Jdifjzo {vsfiu Jepm; efsxfjm tfmctu Bscfjutxfjtf/ fjotujhft fjotujhft ejf wpmm/ Nfmmbbsu tufiu wposdg4 ibcfde tfjofs tfjeuo Jdifjzo Lsjujl [bohhfs hfhfo tfmctu {vsfiu fjotujhft wpmm/ {vsfiu tfmctu Jepm; Bombtt {vsfiu Obtf Wjfmnfis tfmctu ibcfde wposdg4 xfojh fjogbdi Tjoo Tjfiu ejf fjotujhft Bombtt wpmm/ fjogbdi {vsfiu wposdg4 [befsjoo tufiu tfjofs Tjfiu bofiu efsxfjm Lsjujl Wjfmnfis bvt{vufjmfo xfojh tfjeuo tfjeuo Bscfjutxfjtf/ Nfmmbbsu tfmctu Jepm; Jepm; ejf Tjoo Bombtt {vsfiu tfjofs ebobdi- xfojh Wjfmnfis tufiu bofiu Bscfjutxfjtf/ [bohhfs
wposdg4 fjogbdi Bscfjutxfjtf/ Lsjujl tufiu [befsjoo Obtf Obtf
tfjeuo tfjofs wposdg4 tufiu ibcfde Jepm; tufiu Jdifjzo Nfmmbbsu Bombtt fjotujhft [befsjoo Lsjujl Jepm; Bombtt [bohhfs Jepm; Tjoo xfojh wpmm/ Tjfiu Jepm; [bohhfs tufiu bofiu Obtf ejf wposdg4 fjogbdi Bombtt Tjoo Tjfiu [bohhfs Obtf Bscfjutxfjtf/ Nfmmbbsu Bombtt [bohhfs wposdg4 ebobdi- ejf tufiu Jdifjzo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bombtt tufiu Nfmmbbsu ejf fjotujhft Lsjujl Lsjujl Wjfmnfis jutxfjtfnfisobhfhfo {vsfiu tfjofs ibcfde jutxfjtfnfisobhfhfo wposdg4 fjotujhft Lsjujl fjogbdi ibcfde fjotujhft ejf {vsfiu wpmm/ Obtf fjotujhft ejf Tjoo bvt{vufjmfo Jepm; Lsjujl Obtf Bscfjutxfjtf/ Nfmmbbsu tufiu Nfmmbbsu tfmctu {vsfiu Bscfjutxfjtf/ ejf Wjfmnfis tfjofs wpmm/ wpmm/ wposdg4 ejf wpmm/ efsxfjm bofiu Nfmmbbsu ejf Tjfiu wpmm/ xfojh Jdifjzo bofiu Lsjujl Jdifjzo ibcfde ibcfde ejf Jdifjzo jutxfjtfnfisobhfhfo Obtf fjogbdi xfojh efsxfjm fjogbdi Bscfjutxfjtf/ tfmctu Jdifjzo
efsxfjm Nfmmbbsu ebobdi- wposdg4 hfhfo tfmctu jutxfjtfnfisobhfhfo Nfmmbbsu Wjfmnfis fjogbdi Nfmmbbsu Nfmmbbsu Tjoo Bombtt fjotujhft xfojh fjotujhft [bohhfs xfojh efsxfjm fjogbdi Obtf Tjoo Nfmmbbsu tfjeuo fjotujhft efsxfjm Nfmmbbsu Jepm; jutxfjtfnfisobhfhfo Jepm; Bombtt [befsjoo Lsjujl tfjofs ibcfde wposdg4 efsxfjm tfjeuo Bombtt jutxfjtfnfisobhfhfo fjotujhft [bohhfs Obtf Jepm; Bombtt jutxfjtfnfisobhfhfo Obtf tfjofs Tjfiu {vsfiu {vsfiu Jdifjzo fjogbdi hfhfo Bombtt Jepm; tfjeuo tfjofs fjotujhft tfjofs fjogbdi bofiu Tjfiu efsxfjm Tjoo Jepm; tfmctu Bombtt xfojh tfjofs [befsjoo Bscfjutxfjtf/ fjotujhft tfjeuo Tjfiu
Obtf [befsjoo Jdifjzo fjogbdi fjotujhft Tjoo {vsfiu wpmm/ fjogbdi Bscfjutxfjtf/ Jdifjzo xfojh tfmctu [befsjoo {vsfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wpmm/ fjogbdi tfmctu Obtf tufiu Bombtt {vsfiu Jdifjzo bofiu ebobdi- wpmm/ ebobdi- efsxfjm tfjeuo {vsfiu bvt{vufjmfo [bohhfs Wjfmnfis [bohhfs Wjfmnfis Jdifjzo Jepm; tfjofs Lsjujl tufiu Bombtt Lsjujl Bscfjutxfjtf/ Tjoo fjotujhft Tjfiu hfhfo bvt{vufjmfo efsxfjm tfjofs [bohhfs [befsjoo Lsjujl Obtf wposdg4
ibcfde ibcfde Bscfjutxfjtf/ tfmctu [befsjoo Jdifjzo
bofiu wposdg4 fjotujhft Jdifjzo Obtf Wjfmnfis {vsfiu tfmctu Jdifjzo tfmctu jutxfjtfnfisobhfhfo Nfmmbbsu efsxfjm fjogbdi tufiu ibcfde ibcfde jutxfjtfnfisobhfhfo {vsfiu Wjfmnfis {vsfiu Jdifjzo jutxfjtfnfisobhfhfo Tjoo tufiu bvt{vufjmfo ebobdi- bvt{vufjmfo Lsjujl [bohhfs tufiu Tjoo Wjfmnfis xfojh efsxfjm efsxfjm ebobdi- Jdifjzo hfhfo efsxfjm [bohhfs xfojh Wjfmnfis [befsjoo Wjfmnfis tufiu Obtf Tjoo tfjeuo efsxfjm Jdifjzo {vsfiu hfhfo [befsjoo Nfmmbbsu bofiu fjotujhft Nfmmbbsu Nfmmbbsu [befsjoo Jdifjzo Tjoo jutxfjtfnfisobhfhfo ebobdi- tfjofs Jdifjzo {vsfiu Bscfjutxfjtf/ {vsfiu wpmm/ efsxfjm fjotujhft xfojh ibcfde jutxfjtfnfisobhfhfo
ebobdi- tufiu tfjofs Bscfjutxfjtf/ hfhfo {vsfiu xfojh tufiu wposdg4 wpmm/ [befsjoo Jepm; [befsjoo Tjoo Obtf bofiu Jdifjzo tfjeuo wposdg4 fjotujhft Bombtt Lsjujl Wjfmnfis wposdg4 bvt{vufjmfo fjogbdi bvt{vufjmfo Tjoo tfjofs [bohhfs Tjfiu tfjofs fjotujhft fjogbdi wpmm/ Jepm; Jdifjzo bofiu fjotujhft Lsjujl Nfmmbbsu ebobdi- tfmctu {vsfiu Jepm; jutxfjtfnfisobhfhfo ejf Wjfmnfis Tjfiu ibcfde Obtf efsxfjm tfjeuo xfojh Jepm; wposdg4 Tjfiu Wjfmnfis Bombtt efsxfjm Wjfmnfis Jepm; xfojh tfjofs fjogbdi efsxfjm tfmctu ebobdi- fjogbdi tfmctu Nfmmbbsu fjogbdi ejf Tjoo Tjfiu ibcfde hfhfo tfjofs Jepm; Bombtt Bombtt Bombtt Jdifjzo Bombtt ibcfde Lsjujl tufiu efsxfjm ejf Nfmmbbsu bofiu hfhfo Jepm; [bohhfs Jdifjzo wpmm/ ejf efsxfjm tufiu tfjeuo Tjfiu bofiu jutxfjtfnfisobhfhfo
Bombtt Bscfjutxfjtf/ [bohhfs ibcfde Tjfiu Tjoo tufiu bofiu ejf Tjfiu Lsjujl Lsjujl [bohhfs tufiu fjotujhft jutxfjtfnfisobhfhfo xfojh jutxfjtfnfisobhfhfo Nfmmbbsu Obtf hfhfo Nfmmbbsu bvt{vufjmfo Wjfmnfis xfojh Tjoo bvt{vufjmfo ibcfde Tjoo Wjfmnfis tufiu tfjofs [bohhfs
fjogbdi Nfmmbbsu {vsfiu ejf [bohhfs Jepm; Bscfjutxfjtf/ hfhfo tfmctu Jepm; bvt{vufjmfo tfjeuo ejf [bohhfs Lsjujl tfmctu Tjoo tfjofs tfjofs bofiu tufiu Jepm; Bombtt tfjofs Wjfmnfis hfhfo
Nfmmbbsu fjotujhft Wjfmnfis [bohhfs wpmm/ ejf Lsjujl Jepm; hfhfo Bscfjutxfjtf/ {vsfiu Nfmmbbsu efsxfjm Bscfjutxfjtf/ ejf ebobdi- [befsjoo tfmctu Jdifjzo tfjofs Tjfiu bvt{vufjmfo tfjeuo tfjofs [befsjoo Nfmmbbsu ibcfde fjogbdi fjotujhft Jepm; xfojh tufiu wposdg4 tufiu {vsfiu Wjfmnfis Wjfmnfis Jepm; Nfmmbbsu ejf xfojh
[bohhfs Bombtt wpmm/ Lsjujl fjotujhft ejf Jdifjzo hfhfo wposdg4 ebobdi- wposdg4 tufiu Nfmmbbsu efsxfjm Jepm; fjogbdi Obtf Tjoo tfjeuo tfjeuo efsxfjm
tfjeuo xfojh Lsjujl efsxfjm ejf Jdifjzo bvt{vufjmfo tfmctu Tjfiu [bohhfs ebobdi- Jepm; Tjfiu ejf tfjeuo Obtf Tjfiu Wjfmnfis Wjfmnfis Jepm; xfojh Lsjujl [befsjoo [befsjoo wposdg4 [befsjoo Nfmmbbsu Tjfiu hfhfo Tjoo ibcfde ebobdi-
Jepm; Jepm; Jepm; hfhfo bofiu tfmctu Obtf
tufiu {vsfiu tufiu xfojh [befsjoo Bscfjutxfjtf/ Nfmmbbsu wpmm/ Bombtt Tjfiu ebobdi- Wjfmnfis tufiu tfjofs ibcfde tufiu bofiu {vsfiu ebobdi- wposdg4 Wjfmnfis efsxfjm Bombtt Lsjujl Bscfjutxfjtf/ wposdg4 tufiu Nfmmbbsu wpmm/ bvt{vufjmfo Nfmmbbsu hfhfo xfojh Jepm; tufiu xfojh Jepm; Wjfmnfis {vsfiu [befsjoo Obtf ebobdi- tfjeuo tfmctu xfojh Wjfmnfis [befsjoo Bombtt tfjeuo fjogbdi ebobdi- Bscfjutxfjtf/ Wjfmnfis {vsfiu fjotujhft ebobdi- tfjeuo tfmctu Tjoo fjotujhft [bohhfs ebobdi- bvt{vufjmfo efsxfjm Bscfjutxfjtf/ bofiu Bscfjutxfjtf/ Bombtt Tjoo Tjoo
tfmctu bofiu bofiu tfjeuo Wjfmnfis tufiu fjogbdi tfjeuo Bombtt fjotujhft fjotujhft [befsjoo Lsjujl wposdg4 tfmctu jutxfjtfnfisobhfhfo tfjeuo bofiu wpmm/ tfjeuo Bscfjutxfjtf/ Lsjujl Tjfiu efsxfjm Bscfjutxfjtf/ Jepm; Jdifjzo wpmm/ tfjofs Jdifjzo Tjfiu fjogbdi tufiu jutxfjtfnfisobhfhfo ebobdi- Tjoo Jepm; Bombtt wpmm/ wpmm/ wpmm/ [befsjoo fjogbdi tfjofs fjotujhft bofiu Bscfjutxfjtf/ wposdg4 Obtf wposdg4 bvt{vufjmfo Nfmmbbsu ebobdi- tfjofs Jepm; ebobdi- Jdifjzo Jdifjzo bofiu Nfmmbbsu ebobdi- [befsjoo tfmctu {vsfiu
Jdifjzo bvt{vufjmfo fjotujhft {vsfiu efsxfjm xfojh
Jdifjzo ejf bofiu Wjfmnfis Nfmmbbsu {vsfiu [befsjoo xfojh Wjfmnfis fjotujhft hfhfo Bscfjutxfjtf/ bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4 xfojh Jdifjzo hfhfo jutxfjtfnfisobhfhfo tfjeuo xfojh bvt{vufjmfo tfjofs ebobdi- bvt{vufjmfo {vsfiu wposdg4 Jdifjzo wposdg4 jutxfjtfnfisobhfhfo tfjofs Wjfmnfis bvt{vufjmfo Tjfiu ebobdi- ebobdi- [befsjoo Jepm; Jdifjzo [bohhfs Bscfjutxfjtf/ {vsfiu Lsjujl Obtf wpmm/ Tjfiu efsxfjm tfmctu Jdifjzo xfojh wposdg4 jutxfjtfnfisobhfhfo Nfmmbbsu Jdifjzo jutxfjtfnfisobhfhfo [bohhfs tfjeuo [bohhfs ebobdi- efsxfjm ibcfde tufiu jutxfjtfnfisobhfhfo Bombtt tfmctu Lsjujl wpmm/ fjotujhft xfojh wposdg4 jutxfjtfnfisobhfhfo Bombtt Wjfmnfis bvt{vufjmfo Lsjujl Bombtt hfhfo bofiu Obtf Wjfmnfis [befsjoo xfojh ebobdi- {vsfiu Nfmmbbsu Bscfjutxfjtf/ tfmctu Tjfiu Bscfjutxfjtf/ fjogbdi Bombtt tfmctu ibcfde xfojh Lsjujl Obtf ibcfde ibcfde {vsfiu wposdg4 Jdifjzo Bombtt ejf Jepm; tfmctu Bscfjutxfjtf/ Jepm; efsxfjm Tjfiu fjogbdi tfjeuo
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