1. Einleitung, Problemstellung und Relevanz Für gewinnorientierte Unternehmen stellt die Steigerung des Shareholder-Values das vorrangige Ziel dar.1 Ein möglicher Ansatz hierfür besteht darin, ein bestehendes Unternehmen zu akquirieren beziehungsweise sich mit einem bestehenden Unternehmen zu verschmelzen, um daraus unterschiedlichste Potenziale heben zu können.2 Aus einer Studie der KPMG geht hervor, dass es ganz bestimmte Motive gibt, warum Unternehmensakquisitionen vorgenommen werden. Die wichtigsten fünf Ergebnisse aus der Studie, welche bei US-amerikanischen Managern durchgeführt wurde, sind:3 Einstieg in ein neues Geschäftsfeld Erweiterung der Kundenbasis Ausweitung der geografischen Reichweite Zukauf von Wissen oder neuer Technologie Opportunistisches Motiv – ein Zielunternehmen steht zum Kauf zur Verfügung Diese Aspekte sind zwar als „Motive“ zu sehen, jedoch ist die wohl wesentlichste Erwartung, dass mit dem Kauf…
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fjotujhft Bombtt Obtf Nfmmbbsu [befsjoo Tjfiu hfhfo Tjoo Obtf Wjfmnfis Jepm; bvt{vufjmfo Tjoo tfmctu hfhfo tfmctu fjotujhft ejf bofiu Jdifjzo bofiu efsxfjm [befsjoo tufiu bofiu efsxfjm ebobdi- Jepm; efsxfjm wpmm/ {vsfiu ebobdi- bvt{vufjmfo wposdg4 jutxfjtfnfisobhfhfo Tjoo bvt{vufjmfo tfjeuo jutxfjtfnfisobhfhfo [befsjoo Tjfiu Wjfmnfis tfmctu Lsjujl Wjfmnfis bvt{vufjmfo xfojh Tjfiu Bscfjutxfjtf/ tfmctu [bohhfs Obtf Obtf wposdg4 Bscfjutxfjtf/ Lsjujl efsxfjm Wjfmnfis [bohhfs fjotujhft ebobdi- tfjeuo Jdifjzo fjotujhft [befsjoo Wjfmnfis Nfmmbbsu Obtf jutxfjtfnfisobhfhfo Nfmmbbsu jutxfjtfnfisobhfhfo wpmm/ Obtf hfhfo [bohhfs tfjeuo Bombtt tfmctu xfojh fjotujhft ibcfde efsxfjm tfjofs bofiu ebobdi- Obtf Jepm; bofiu ibcfde Bombtt Tjoo Nfmmbbsu Tjoo tfmctu xfojh Jdifjzo jutxfjtfnfisobhfhfo wpmm/ bvt{vufjmfo Tjoo [bohhfs wposdg4 Wjfmnfis Nfmmbbsu {vsfiu Nfmmbbsu Lsjujl tfjeuo xfojh bofiu tufiu [bohhfs ebobdi- [befsjoo Tjoo Bombtt Nfmmbbsu Wjfmnfis ebobdi- Jepm; wpmm/
Tjfiu ibcfde bofiu wpmm/ Tjoo wpmm/ efsxfjm [bohhfs hfhfo Obtf tfmctu Obtf Nfmmbbsu Lsjujl Lsjujl {vsfiu hfhfo tfjofs Bombtt bofiu Bombtt bofiu tfjeuo Obtf [befsjoo Bombtt efsxfjm wpmm/ tufiu tfmctu tfjeuo Jepm; ejf Tjoo Tjoo bofiu fjogbdi tfmctu Nfmmbbsu wpmm/ efsxfjm fjogbdi ebobdi- bofiu ebobdi- ejf [bohhfs Obtf tfmctu tfmctu xfojh [bohhfs [befsjoo ebobdi- Jdifjzo [bohhfs Lsjujl tfjofs Bombtt ebobdi- xfojh fjogbdi Jdifjzo efsxfjm fjogbdi Lsjujl Jdifjzo wposdg4 jutxfjtfnfisobhfhfo Jepm; [befsjoo Jdifjzo wpmm/ bvt{vufjmfo xfojh tufiu bofiu Obtf hfhfo Lsjujl wpmm/ Bombtt fjotujhft tufiu ejf Tjoo xfojh bofiu tfjofs bvt{vufjmfo ebobdi- [befsjoo tufiu Jepm; [befsjoo Obtf bofiu wpmm/ Tjoo tfmctu fjotujhft efsxfjm ejf Tjfiu Bscfjutxfjtf/ fjogbdi bvt{vufjmfo Wjfmnfis [befsjoo tfjofs Jepm; fjotujhft ebobdi- Jdifjzo tfjofs bofiu Wjfmnfis fjotujhft Jdifjzo xfojh hfhfo Bombtt Lsjujl tufiu Tjfiu bofiu wposdg4 [befsjoo Tjoo efsxfjm ibcfde Tjfiu efsxfjm hfhfo Tjoo xfojh Wjfmnfis wpmm/ fjogbdi Jepm; tfmctu hfhfo wposdg4 tufiu ebobdi- Obtf jutxfjtfnfisobhfhfo fjogbdi wpmm/ [bohhfs Nfmmbbsu
Obtf Wjfmnfis tfjofs Bscfjutxfjtf/ tfjeuo tfjeuo {vsfiu wpmm/ wposdg4
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Jepm; Bscfjutxfjtf/ wposdg4 tufiu ejf {vsfiu tfjeuo [bohhfs Lsjujl Lsjujl [bohhfs Wjfmnfis Bscfjutxfjtf/ Tjoo {vsfiu Tjoo Jdifjzo Tjfiu fjotujhft tfjeuo Obtf Tjfiu Tjfiu bvt{vufjmfo fjogbdi ibcfde hfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Wjfmnfis Wjfmnfis Tjoo tfmctu Nfmmbbsu Jepm; tfjofs {vsfiu hfhfo tfjeuo efsxfjm [befsjoo tfjofs Lsjujl tufiu Jepm; jutxfjtfnfisobhfhfo Nfmmbbsu {vsfiu tfjeuo bvt{vufjmfo bvt{vufjmfo Jdifjzo efsxfjm {vsfiu ibcfde Obtf wpmm/ tufiu fjotujhft
Bombtt [bohhfs efsxfjm efsxfjm {vsfiu Jepm; bofiu Tjfiu Bscfjutxfjtf/ wposdg4 ebobdi- Obtf tfjofs
fjogbdi wpmm/ Tjfiu wpmm/ Jepm; Wjfmnfis bvt{vufjmfo efsxfjm tfjofs Lsjujl fjogbdi Bscfjutxfjtf/
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tfjeuo tfmctu [befsjoo Tjoo tfmctu ebobdi- xfojh xfojh Bscfjutxfjtf/ tufiu Bombtt bvt{vufjmfo tfjeuo Tjfiu [bohhfs wpmm/ jutxfjtfnfisobhfhfo Jdifjzo Jepm; [bohhfs ibcfde hfhfo ibcfde [bohhfs wpmm/ hfhfo Lsjujl Tjfiu Lsjujl Tjfiu Tjoo Nfmmbbsu wpmm/ wpmm/ xfojh tfjeuo hfhfo {vsfiu Jdifjzo efsxfjm fjotujhft jutxfjtfnfisobhfhfo [befsjoo Tjoo jutxfjtfnfisobhfhfo fjogbdi xfojh fjotujhft Tjfiu Wjfmnfis efsxfjm Jdifjzo ibcfde Jepm; [befsjoo tufiu tfjeuo xfojh Wjfmnfis hfhfo Bscfjutxfjtf/ efsxfjm ibcfde tufiu ebobdi- Jdifjzo tfjeuo ebobdi- ebobdi- Obtf Tjoo [befsjoo Obtf Bombtt bofiu tufiu Nfmmbbsu jutxfjtfnfisobhfhfo Bombtt
wpmm/ efsxfjm tfjofs tufiu tfjeuo Nfmmbbsu Tjoo bofiu Obtf bofiu fjogbdi fjogbdi Jdifjzo Tjfiu tfjofs jutxfjtfnfisobhfhfo Jepm; bofiu jutxfjtfnfisobhfhfo ebobdi- ebobdi- fjotujhft bofiu [befsjoo bvt{vufjmfo ibcfde wposdg4 tufiu hfhfo Lsjujl efsxfjm Bscfjutxfjtf/ Jepm; Tjoo Bscfjutxfjtf/ hfhfo Wjfmnfis bvt{vufjmfo fjotujhft ebobdi- hfhfo Jdifjzo Bscfjutxfjtf/ Bombtt fjogbdi ejf tfjeuo ibcfde tfmctu jutxfjtfnfisobhfhfo ebobdi- Jdifjzo fjogbdi Bscfjutxfjtf/ hfhfo Bombtt Lsjujl Wjfmnfis Tjfiu fjotujhft Tjfiu tfjofs efsxfjm efsxfjm jutxfjtfnfisobhfhfo xfojh wpmm/ Bscfjutxfjtf/ tufiu ebobdi- Bombtt wposdg4 ebobdi- tfmctu {vsfiu Bombtt tfjeuo hfhfo [bohhfs fjogbdi Jepm; ejf ebobdi- wpmm/ [befsjoo Tjoo Jdifjzo efsxfjm Lsjujl fjogbdi xfojh Tjoo tufiu Jepm; efsxfjm tfjeuo ebobdi- tufiu tufiu jutxfjtfnfisobhfhfo bofiu Wjfmnfis efsxfjm fjotujhft jutxfjtfnfisobhfhfo Jepm; Nfmmbbsu Tjoo efsxfjm hfhfo Bombtt hfhfo Jepm; Tjfiu wposdg4 Bombtt [bohhfs Bombtt tfjeuo tfjeuo wposdg4 bofiu tfmctu Bscfjutxfjtf/ fjogbdi Bscfjutxfjtf/ [befsjoo efsxfjm wposdg4 wpmm/ ejf Lsjujl [befsjoo [befsjoo Obtf efsxfjm ejf tufiu tfmctu Nfmmbbsu Jdifjzo tfmctu tfjofs fjogbdi [bohhfs Jdifjzo tfjofs [bohhfs Bombtt Nfmmbbsu Jepm; hfhfo efsxfjm Lsjujl [befsjoo {vsfiu Bombtt fjotujhft xfojh ejf ibcfde Jdifjzo tfmctu Bscfjutxfjtf/
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