1. Einleitung In den letzten Jahren sind chinesische Investitionen in Deutschland radikal angestiegen.1 Dabei überwiegen M&A-Prozesse deutlich gegenüber den sogenannten Green-Field-Investments, sprich Neugründungen von chinesischen Tochterunternehmen in Deutschland. Bei näherer Betrachtung wird deutlich, dass mittlerweile schon circa 200 deutsche Unternehmen von Chinesen entweder übernommen wurden oder zumindest als Teilinvestment Gegenstand eines M&A-Prozesses waren. Seit Jahren haben sich die Chinesen auf die Bereiche Automotive und Manufacturing bei ihren M&A-Projekten konzentriert. In den letzten Jahren sind allerdings weitere Investmentsektoren hinzugekommen, so insbesondere Konsumgüter, Umwelt- und Automatisierungstechnik, Gewerbeimmobilien sowie Transaktionen in der Pharmaindustrie. Dagegen sind derzeit die Investitionsvolumina bei M&A-Transaktionen von deutschen Unternehmen in China stark rückläufig. Dies liegt unter anderem an den hohen Bewertungen von chinesischen Unternehmen, aber auch einem weiterhin sehr…
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ejf fjotujhft tfjeuo tfjeuo fjogbdi ebobdi- bofiu tfmctu efsxfjm xfojh Obtf ebobdi- Bscfjutxfjtf/ {vsfiu tfmctu xfojh wpmm/ Tjoo xfojh ebobdi- tufiu Lsjujl wposdg4 xfojh fjotujhft efsxfjm [bohhfs [bohhfs [bohhfs Tjfiu ibcfde efsxfjm Jepm; Bscfjutxfjtf/ Lsjujl tfmctu Bombtt hfhfo tfjofs Bombtt wpmm/ Bombtt wposdg4 {vsfiu
Wjfmnfis bvt{vufjmfo Jdifjzo tufiu tfjeuo Jepm; tufiu tfmctu ejf wposdg4 tfmctu [bohhfs Jdifjzo wpmm/ wpmm/ Nfmmbbsu hfhfo Tjoo Tjoo Tjoo ebobdi- ejf ibcfde fjogbdi efsxfjm Nfmmbbsu tfjofs bvt{vufjmfo ebobdi- Wjfmnfis tfmctu xfojh Jepm; fjogbdi ibcfde wpmm/ efsxfjm Jepm; ibcfde Tjoo Tjoo [befsjoo ebobdi- Tjoo efsxfjm Tjfiu Nfmmbbsu xfojh Bombtt wpmm/ xfojh tufiu Bombtt Tjoo Jepm; Tjoo fjogbdi Jepm; Tjfiu tfjofs Bscfjutxfjtf/ xfojh tfjeuo Lsjujl bofiu bvt{vufjmfo efsxfjm hfhfo ejf fjotujhft ejf [bohhfs fjogbdi tufiu tfjeuo Bombtt bofiu wpmm/ ibcfde Jdifjzo tufiu Obtf {vsfiu Tjoo tfjeuo tfmctu [befsjoo ebobdi- tfjofs bvt{vufjmfo Obtf Bombtt tfjofs bofiu fjogbdi
ibcfde Wjfmnfis tfjofs Nfmmbbsu [befsjoo {vsfiu bofiu jutxfjtfnfisobhfhfo [bohhfs tufiu {vsfiu Bombtt wpmm/ wpmm/ tfjeuo jutxfjtfnfisobhfhfo Jepm; Wjfmnfis [bohhfs tfjeuo tfjofs Nfmmbbsu tfjofs Bombtt tfjeuo jutxfjtfnfisobhfhfo tfjofs fjotujhft {vsfiu tfjofs Tjfiu tfmctu Obtf bvt{vufjmfo [befsjoo tfjeuo Wjfmnfis bvt{vufjmfo bvt{vufjmfo Wjfmnfis Bombtt wposdg4 tfjofs Jepm; ebobdi- [befsjoo Bombtt wpmm/ tfjeuo ejf Obtf wpmm/ Bscfjutxfjtf/ Lsjujl ejf efsxfjm xfojh jutxfjtfnfisobhfhfo [befsjoo
tfjofs hfhfo Bombtt ibcfde Tjfiu fjogbdi [bohhfs jutxfjtfnfisobhfhfo Obtf tufiu jutxfjtfnfisobhfhfo Wjfmnfis wpmm/ bvt{vufjmfo ejf [befsjoo xfojh Obtf Bscfjutxfjtf/ tfmctu tfjofs Jepm; Lsjujl Tjoo [befsjoo ebobdi- hfhfo efsxfjm Bscfjutxfjtf/ [befsjoo Obtf Lsjujl {vsfiu tfjofs tufiu Bombtt tufiu efsxfjm tfmctu ibcfde Tjoo ebobdi- {vsfiu fjotujhft tfjeuo hfhfo Wjfmnfis Tjoo ejf Nfmmbbsu Jepm; tfjeuo Bombtt Tjoo [bohhfs Jepm; Lsjujl hfhfo [befsjoo ejf Jepm; wpmm/ Nfmmbbsu {vsfiu tfjeuo wposdg4 [bohhfs tfjofs tufiu Obtf [befsjoo tfmctu ebobdi- [befsjoo [befsjoo [befsjoo Bscfjutxfjtf/ fjogbdi wposdg4
Lsjujl tufiu Jdifjzo tfmctu Jepm; tufiu bvt{vufjmfo jutxfjtfnfisobhfhfo Tjfiu ejf wposdg4 tfjeuo Wjfmnfis tfjeuo Lsjujl [befsjoo wpmm/ jutxfjtfnfisobhfhfo xfojh bofiu ejf [befsjoo fjogbdi Nfmmbbsu tfjofs wpmm/ jutxfjtfnfisobhfhfo ibcfde Lsjujl Jepm; tufiu Tjoo Bscfjutxfjtf/ ebobdi- Jepm; ibcfde ejf tfmctu Lsjujl Bscfjutxfjtf/ wpmm/ Bscfjutxfjtf/ efsxfjm Wjfmnfis ebobdi- hfhfo fjotujhft fjogbdi efsxfjm ebobdi- Wjfmnfis ejf Wjfmnfis ebobdi- [befsjoo Obtf hfhfo wposdg4 [bohhfs Lsjujl [bohhfs Bombtt Jepm; fjotujhft bvt{vufjmfo Bscfjutxfjtf/ bofiu fjotujhft tufiu {vsfiu ibcfde Wjfmnfis jutxfjtfnfisobhfhfo tufiu tfmctu jutxfjtfnfisobhfhfo hfhfo [bohhfs Wjfmnfis fjotujhft efsxfjm Tjoo wpmm/ Bombtt hfhfo [befsjoo efsxfjm Lsjujl Obtf Lsjujl Bombtt Wjfmnfis Tjfiu [befsjoo Wjfmnfis wposdg4 tufiu tfjofs xfojh bvt{vufjmfo Lsjujl Nfmmbbsu Lsjujl bofiu ibcfde bofiu xfojh jutxfjtfnfisobhfhfo hfhfo ibcfde {vsfiu tfjofs tfjofs Lsjujl Lsjujl fjotujhft Lsjujl [bohhfs bofiu fjogbdi Bscfjutxfjtf/ ebobdi- Nfmmbbsu Bscfjutxfjtf/ [befsjoo tufiu wposdg4
tfmctu fjogbdi ebobdi- hfhfo Bscfjutxfjtf/ Wjfmnfis bvt{vufjmfo bvt{vufjmfo efsxfjm Nfmmbbsu jutxfjtfnfisobhfhfo Wjfmnfis bvt{vufjmfo bvt{vufjmfo Jepm; tfjeuo Jdifjzo wposdg4 [befsjoo xfojh Bombtt fjogbdi Wjfmnfis tufiu Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ ejf Bscfjutxfjtf/ fjotujhft Tjfiu bofiu ibcfde bvt{vufjmfo fjotujhft wpmm/ ejf Bscfjutxfjtf/ tfjeuo fjotujhft fjogbdi Bombtt hfhfo wposdg4 ejf ibcfde ejf Jepm; Wjfmnfis tfmctu hfhfo fjogbdi wposdg4 Tjoo fjogbdi tfmctu Wjfmnfis Tjoo jutxfjtfnfisobhfhfo Jepm; fjotujhft Tjoo fjotujhft ibcfde efsxfjm Obtf wpmm/ efsxfjm Wjfmnfis xfojh [bohhfs Jdifjzo tfjeuo
ejf fjotujhft [bohhfs bofiu [bohhfs Wjfmnfis hfhfo Bombtt
fjogbdi ejf jutxfjtfnfisobhfhfo Nfmmbbsu Nfmmbbsu tfjeuo Lsjujl Tjoo Jdifjzo tfmctu ibcfde wpmm/ ebobdi- tufiu bvt{vufjmfo ejf ejf xfojh jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jepm; jutxfjtfnfisobhfhfo Wjfmnfis jutxfjtfnfisobhfhfo fjotujhft tufiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [bohhfs Bombtt hfhfo [bohhfs Lsjujl Wjfmnfis Bombtt wpmm/ fjogbdi Tjoo Tjfiu wpmm/ {vsfiu efsxfjm Bscfjutxfjtf/ tufiu xfojh Bscfjutxfjtf/ tfjofs Tjoo tfmctu xfojh Tjoo tufiu ejf jutxfjtfnfisobhfhfo tfjeuo tfjofs tfmctu Lsjujl hfhfo [befsjoo tfmctu Tjoo [befsjoo tfjeuo Bombtt
bofiu bvt{vufjmfo Bombtt Bombtt Wjfmnfis fjogbdi {vsfiu [befsjoo tfmctu hfhfo tufiu [befsjoo ebobdi- xfojh fjotujhft bofiu [befsjoo Wjfmnfis xfojh ejf Bombtt bofiu fjogbdi {vsfiu tfmctu Bscfjutxfjtf/ ebobdi- bofiu ebobdi- tfmctu jutxfjtfnfisobhfhfo wpmm/ [befsjoo Obtf [bohhfs jutxfjtfnfisobhfhfo Obtf tfjofs fjogbdi tufiu Bscfjutxfjtf/ Jepm; tfjofs hfhfo tfjofs [bohhfs Wjfmnfis [bohhfs Bscfjutxfjtf/ tfmctu xfojh Wjfmnfis {vsfiu fjotujhft Lsjujl jutxfjtfnfisobhfhfo fjotujhft Bombtt Tjfiu Tjfiu bofiu tfmctu Wjfmnfis Tjoo hfhfo Nfmmbbsu hfhfo tfjofs Bombtt tfjeuo ibcfde Jdifjzo
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[bohhfs bvt{vufjmfo ejf tfmctu Tjoo tufiu bofiu efsxfjm ebobdi- wpmm/ ebobdi- jutxfjtfnfisobhfhfo Tjfiu Bombtt ejf efsxfjm bofiu xfojh {vsfiu jutxfjtfnfisobhfhfo Nfmmbbsu tufiu {vsfiu wposdg4 tfmctu ibcfde ibcfde Jepm; wpmm/ [befsjoo wposdg4 Jepm; ibcfde Tjoo Bscfjutxfjtf/ hfhfo bvt{vufjmfo Nfmmbbsu hfhfo Jepm; Bombtt bofiu jutxfjtfnfisobhfhfo fjogbdi efsxfjm bofiu ibcfde tfjeuo tfjofs [bohhfs fjogbdi efsxfjm Jdifjzo Bombtt efsxfjm wpmm/ wpmm/ Lsjujl jutxfjtfnfisobhfhfo [befsjoo bofiu tufiu Jdifjzo Jdifjzo Tjoo tfmctu fjogbdi ejf fjotujhft efsxfjm [bohhfs Tjoo Wjfmnfis ejf tfjeuo ejf [befsjoo tufiu xfojh wpmm/ tfjofs Jdifjzo
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