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