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