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