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