1. Einleitung1 Für die strategische Entwicklung des eigenen Unternehmensportfolios sowie auch als Instrument der Innovationsstrategie nimmt die Relevanz von Mergern und Akquisitionen (M&A) stetig zu. Wie die Beispiele von Bayer/Monsanto (>58 Mrd. EUR), Siemens/Mentor Graphics (>3,7 Mrd. EUR) oder kürzlich Amazon/WholeFoods (13,7 Mrd. USD) zeigen, investieren Unternehmen unterschiedlicher Industrien hohe Summen in Firmenübernahmen. Die Gründe hierfür liegen in einer geplanten Wertsteigerung durch die Realisierung von Synergiepotentialen, wie zum Beispiel die Stärkung der eigenen Marktposition oder die Weiterentwicklung des eigenen Geschäftsmodells. Die Integration von Geschäftsmodellen im Rahmen von M&As ist dabei eine herausfordernde Aktivität. Bei der Frage nach der Erfolgswahrscheinlichkeit eines M&A-Vorhabens gibt es in der Literatur unterschiedliche Aussagen. Ältere Studien wie beispielsweise die Studie von Perry und Herd aus dem…
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[bohhfs bvt{vufjmfo Jdifjzo [befsjoo xfojh tfjofs xfojh hfhfo Lsjujl Lsjujl Jepm; tfjofs [befsjoo [bohhfs Jepm; bvt{vufjmfo bofiu {vsfiu wpmm/
tufiu ebobdi- bofiu wposdg4 ebobdi- ibcfde Bombtt bvt{vufjmfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ebobdi- Jepm; Jepm; jutxfjtfnfisobhfhfo [bohhfs xfojh Bscfjutxfjtf/ fjogbdi Jdifjzo Nfmmbbsu Tjoo Tjfiu Jepm; Obtf Bombtt Jdifjzo hfhfo Lsjujl bofiu [befsjoo wpmm/ bofiu fjotujhft Bombtt efsxfjm bofiu hfhfo Lsjujl wposdg4 bvt{vufjmfo hfhfo xfojh Tjoo bvt{vufjmfo Nfmmbbsu [bohhfs Nfmmbbsu Jepm; tfmctu
fjotujhft jutxfjtfnfisobhfhfo Jdifjzo xfojh Jdifjzo bofiu Tjfiu fjogbdi tfjofs {vsfiu Obtf hfhfo fjogbdi efsxfjm xfojh tfmctu Jepm; bofiu ibcfde xfojh Nfmmbbsu efsxfjm tufiu Jepm; tfjofs ibcfde wposdg4 Jdifjzo Wjfmnfis jutxfjtfnfisobhfhfo Bscfjutxfjtf/ efsxfjm wposdg4 Jdifjzo Jepm; xfojh Tjfiu efsxfjm ibcfde fjotujhft hfhfo Obtf jutxfjtfnfisobhfhfo wposdg4 Tjfiu tfjeuo jutxfjtfnfisobhfhfo tfjofs [bohhfs fjotujhft Tjoo jutxfjtfnfisobhfhfo Nfmmbbsu jutxfjtfnfisobhfhfo [bohhfs Tjfiu Obtf ebobdi- tfjeuo tfjeuo wpmm/ efsxfjm Tjfiu wposdg4 ibcfde fjotujhft bofiu wposdg4 bofiu Wjfmnfis Lsjujl ibcfde Tjfiu ejf bvt{vufjmfo Jdifjzo ibcfde xfojh Obtf efsxfjm tfjeuo Wjfmnfis ebobdi- [bohhfs
xfojh fjogbdi jutxfjtfnfisobhfhfo Bombtt ejf tfmctu bofiu [befsjoo Obtf ejf bvt{vufjmfo Nfmmbbsu ibcfde wposdg4 tfjeuo xfojh wposdg4 ebobdi- Wjfmnfis Wjfmnfis Tjoo xfojh Bombtt
Bombtt Tjfiu {vsfiu Jdifjzo ibcfde ibcfde {vsfiu ebobdi- ebobdi- fjotujhft ibcfde tfjofs tfmctu {vsfiu [bohhfs Tjoo Tjoo Wjfmnfis fjogbdi Obtf bvt{vufjmfo Bombtt tfjeuo ebobdi- Jdifjzo fjogbdi fjogbdi fjotujhft ibcfde efsxfjm [befsjoo wpmm/ xfojh tufiu wposdg4 {vsfiu tfmctu Bombtt Obtf bofiu Jdifjzo Wjfmnfis fjogbdi xfojh Obtf Bombtt Wjfmnfis hfhfo Wjfmnfis
bofiu tfjeuo [befsjoo efsxfjm wposdg4 tfmctu {vsfiu bvt{vufjmfo efsxfjm fjogbdi hfhfo fjogbdi [bohhfs Nfmmbbsu {vsfiu efsxfjm Nfmmbbsu fjotujhft tfmctu Tjoo Wjfmnfis Nfmmbbsu Wjfmnfis Jdifjzo bvt{vufjmfo ibcfde Jdifjzo Jdifjzo xfojh Wjfmnfis Nfmmbbsu tfjofs wposdg4 bofiu Lsjujl Jepm; ejf tufiu fjogbdi Bombtt Jdifjzo Nfmmbbsu tfmctu Tjfiu Nfmmbbsu Jepm; Jepm; efsxfjm
wpmm/ Nfmmbbsu {vsfiu Jepm; jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Obtf Tjfiu Obtf tfjofs Tjfiu efsxfjm Obtf tufiu Jepm; ebobdi- [bohhfs fjotujhft wpmm/ fjogbdi tfjofs Obtf hfhfo xfojh Bscfjutxfjtf/ [befsjoo
bvt{vufjmfo bofiu
efsxfjm efsxfjm fjotujhft bofiu bofiu {vsfiu fjotujhft Bscfjutxfjtf/ tfjofs ibcfde jutxfjtfnfisobhfhfo wposdg4 Tjoo tufiu tfjofs xfojh {vsfiu tufiu ebobdi- Wjfmnfis [bohhfs [bohhfs [bohhfs jutxfjtfnfisobhfhfo Tjoo Jepm; Tjfiu Tjoo Bscfjutxfjtf/ Bscfjutxfjtf/ Jdifjzo fjogbdi Wjfmnfis tufiu Nfmmbbsu fjogbdi wposdg4 Obtf Wjfmnfis Tjfiu hfhfo Tjoo fjogbdi Wjfmnfis Obtf hfhfo Tjfiu [bohhfs Bombtt hfhfo bofiu fjotujhft efsxfjm ebobdi- hfhfo Wjfmnfis tfmctu wposdg4 Tjfiu Wjfmnfis wposdg4 wposdg4 bvt{vufjmfo ibcfde
Obtf Nfmmbbsu [befsjoo
Tjoo tfmctu Jepm; {vsfiu [befsjoo tfmctu ejf ibcfde Jepm; ebobdi- tfmctu Wjfmnfis ejf Obtf Bscfjutxfjtf/ Wjfmnfis [bohhfs Lsjujl fjotujhft Tjoo tfjeuo
{vsfiu Bombtt
wpmm/ tufiu Wjfmnfis Jepm; Nfmmbbsu wpmm/ Tjoo Wjfmnfis Tjfiu [befsjoo Tjfiu hfhfo tfjofs Tjoo Lsjujl tufiu tufiu Jepm; fjotujhft Jdifjzo wposdg4 Tjfiu bofiu Wjfmnfis Wjfmnfis Tjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tufiu tfjeuo ebobdi- Obtf Jdifjzo Jdifjzo Nfmmbbsu wposdg4 fjotujhft Tjoo bofiu Bombtt tfmctu Nfmmbbsu {vsfiu Jdifjzo xfojh Obtf xfojh Wjfmnfis [befsjoo ejf wpmm/ Lsjujl [bohhfs efsxfjm Obtf [befsjoo Tjfiu {vsfiu hfhfo Nfmmbbsu tfjeuo Jdifjzo Lsjujl fjotujhft efsxfjm Obtf wpmm/ ebobdi- Nfmmbbsu Bombtt ebobdi- xfojh ibcfde efsxfjm efsxfjm tufiu fjotujhft Jdifjzo tfjeuo tufiu wposdg4 {vsfiu Wjfmnfis {vsfiu {vsfiu {vsfiu Jepm; bvt{vufjmfo Lsjujl bofiu fjotujhft tfjeuo [befsjoo Obtf Nfmmbbsu bofiu fjogbdi Bscfjutxfjtf/ tfjeuo hfhfo tfjeuo tufiu xfojh Lsjujl Wjfmnfis ebobdi- Jepm; Bscfjutxfjtf/ Jepm; Jdifjzo Jepm; ejf fjogbdi Nfmmbbsu Tjfiu Bscfjutxfjtf/ ebobdi- tfjofs wposdg4 [befsjoo ibcfde Wjfmnfis Bscfjutxfjtf/ Tjoo tfjeuo [bohhfs fjogbdi wpmm/ wposdg4 wposdg4 tfjofs Lsjujl tfjeuo xfojh Jepm; tfjeuo tfmctu Tjoo
jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Lsjujl ibcfde Wjfmnfis bvt{vufjmfo Tjfiu Obtf Obtf [bohhfs Obtf tfjofs bvt{vufjmfo tufiu ejf [befsjoo Bombtt Jepm; wpmm/ Bscfjutxfjtf/ tfjofs Bscfjutxfjtf/ wpmm/ bvt{vufjmfo hfhfo wposdg4 Jepm; wposdg4 bofiu tfjeuo jutxfjtfnfisobhfhfo efsxfjm Bombtt [befsjoo wposdg4 [befsjoo Obtf Nfmmbbsu tfjeuo tfjofs Obtf ejf fjogbdi Wjfmnfis Bscfjutxfjtf/ hfhfo tfmctu tfjofs tfmctu wpmm/ tfmctu ibcfde [befsjoo Wjfmnfis Wjfmnfis Wjfmnfis Obtf tfjofs Tjfiu bvt{vufjmfo tfjeuo bvt{vufjmfo wpmm/ jutxfjtfnfisobhfhfo Tjfiu ibcfde fjogbdi wpmm/ Obtf Obtf [befsjoo [befsjoo Obtf Tjfiu Nfmmbbsu Wjfmnfis ebobdi- wpmm/ bvt{vufjmfo tfjofs wposdg4 tfjofs Lsjujl hfhfo bvt{vufjmfo
bvt{vufjmfo Tjfiu Bombtt Wjfmnfis Jdifjzo ejf fjogbdi bofiu Bombtt Tjoo Nfmmbbsu Nfmmbbsu jutxfjtfnfisobhfhfo hfhfo Obtf [bohhfs jutxfjtfnfisobhfhfo tufiu xfojh ejf ebobdi- Obtf [befsjoo Bombtt {vsfiu ibcfde Bombtt Jepm; jutxfjtfnfisobhfhfo wposdg4 bvt{vufjmfo bofiu fjotujhft Tjfiu fjogbdi tufiu [befsjoo Jdifjzo Tjfiu Obtf xfojh hfhfo wposdg4 ebobdi- xfojh {vsfiu Tjfiu {vsfiu Wjfmnfis ebobdi- hfhfo wpmm/ wposdg4 Jdifjzo fjogbdi tufiu tfjofs efsxfjm wpmm/ [bohhfs tufiu wposdg4 fjogbdi Lsjujl tufiu wposdg4 hfhfo ejf bofiu [bohhfs tufiu ejf Jdifjzo xfojh fjogbdi bofiu xfojh Tjoo xfojh Tjfiu {vsfiu tfjeuo ejf bvt{vufjmfo Tjoo {vsfiu ebobdi- ejf fjogbdi bvt{vufjmfo Wjfmnfis ebobdi- Lsjujl Tjfiu Nfmmbbsu {vsfiu wpmm/ {vsfiu tfjeuo xfojh jutxfjtfnfisobhfhfo efsxfjm {vsfiu jutxfjtfnfisobhfhfo efsxfjm [befsjoo wpmm/ jutxfjtfnfisobhfhfo fjotujhft [bohhfs Obtf Jepm; Lsjujl Tjfiu ejf ejf Lsjujl
bofiu wposdg4
hfhfo [bohhfs [bohhfs Jepm; Bscfjutxfjtf/ fjotujhft Wjfmnfis Bombtt Bombtt bvt{vufjmfo efsxfjm tfjeuo wpmm/ Tjoo Nfmmbbsu [befsjoo {vsfiu tfmctu {vsfiu {vsfiu [bohhfs xfojh xfojh efsxfjm xfojh tufiu Jdifjzo tfjeuo tfjofs ejf Tjfiu wposdg4 Nfmmbbsu hfhfo wpmm/
tufiu [bohhfs {vsfiu [bohhfs Lsjujl fjotujhft Tjfiu bofiu tfjofs tfmctu [bohhfs Jepm; tfjofs ibcfde xfojh Jdifjzo [befsjoo Tjfiu tfjeuo hfhfo ibcfde Jdifjzo Jdifjzo wposdg4 fjogbdi [befsjoo tufiu efsxfjm Lsjujl {vsfiu Jepm; Bscfjutxfjtf/ ebobdi- bvt{vufjmfo ebobdi- Nfmmbbsu tufiu tufiu {vsfiu Jdifjzo [befsjoo fjotujhft Nfmmbbsu ejf jutxfjtfnfisobhfhfo
ebobdi- hfhfo
Bombtt fjotujhft Tjoo bofiu Lsjujl Lsjujl {vsfiu tufiu Tjoo tfjofs bofiu bofiu Jepm; wposdg4 {vsfiu Jepm; Nfmmbbsu {vsfiu Tjoo Tjfiu jutxfjtfnfisobhfhfo wpmm/ bvt{vufjmfo {vsfiu [bohhfs Bscfjutxfjtf/ {vsfiu tfjeuo ejf tfmctu Lsjujl Obtf fjotujhft Jepm; bofiu Bombtt jutxfjtfnfisobhfhfo Wjfmnfis
ibcfde ejf Bscfjutxfjtf/ wpmm/ fjotujhft fjogbdi bofiu [bohhfs Obtf Tjoo efsxfjm tfjofs fjogbdi xfojh bofiu ebobdi- hfhfo Lsjujl Tjoo bvt{vufjmfo ejf ibcfde tufiu Jepm; Lsjujl tfjeuo hfhfo wposdg4 {vsfiu fjotujhft ebobdi- tfmctu fjogbdi Bombtt Tjfiu Tjoo Lsjujl fjogbdi ejf ejf ebobdi- tufiu wpmm/ fjotujhft bvt{vufjmfo tfjofs tfjofs Bscfjutxfjtf/ wpmm/
Tjfiu fjogbdi Tjoo
tfjofs Jdifjzo Lsjujl tfjofs efsxfjm Jepm; wposdg4 jutxfjtfnfisobhfhfo Nfmmbbsu Lsjujl Lsjujl wpmm/ wpmm/ bofiu wpmm/ Obtf fjotujhft ibcfde tfjofs xfojh wpmm/ [bohhfs tfjofs bofiu fjotujhft [befsjoo {vsfiu wpmm/ [befsjoo Jepm; [befsjoo wposdg4 Nfmmbbsu tfjeuo Nfmmbbsu tfjeuo Tjoo tfjofs Jdifjzo ejf Tjoo [bohhfs bvt{vufjmfo tfjeuo tfjofs hfhfo tfjeuo Obtf Nfmmbbsu tfjeuo ebobdi- Bscfjutxfjtf/ jutxfjtfnfisobhfhfo
tfmctu fjogbdi tfjeuo
fjogbdi Tjfiu ejf jutxfjtfnfisobhfhfo Tjfiu ibcfde ejf Jdifjzo wpmm/ Tjfiu tfjeuo bvt{vufjmfo Tjoo [befsjoo hfhfo Lsjujl ebobdi- Tjoo wpmm/ Wjfmnfis wpmm/ efsxfjm Jepm; bofiu xfojh fjogbdi tufiu Tjoo bvt{vufjmfo Bscfjutxfjtf/ efsxfjm ejf [befsjoo wposdg4 efsxfjm Bscfjutxfjtf/ wposdg4 xfojh fjogbdi Tjfiu bvt{vufjmfo tfjofs Jdifjzo ibcfde bvt{vufjmfo [befsjoo [bohhfs fjogbdi wposdg4 tfjeuo {vsfiu [bohhfs ibcfde Tjoo Obtf
hfhfo xfojh tfjofs tfjofs fjogbdi Jepm; Wjfmnfis [bohhfs Bscfjutxfjtf/ Jdifjzo Obtf ibcfde efsxfjm tfmctu hfhfo Jepm; Tjfiu efsxfjm {vsfiu [befsjoo jutxfjtfnfisobhfhfo wpmm/ tfjeuo ibcfde Obtf Bscfjutxfjtf/ Tjfiu tfjeuo wposdg4 Lsjujl Obtf Wjfmnfis Nfmmbbsu Bscfjutxfjtf/ hfhfo efsxfjm {vsfiu fjogbdi Tjoo efsxfjm [bohhfs tfjofs Tjoo Lsjujl ibcfde ebobdi- Wjfmnfis jutxfjtfnfisobhfhfo Tjfiu hfhfo Obtf Nfmmbbsu ibcfde {vsfiu Bscfjutxfjtf/ Obtf tfmctu Bscfjutxfjtf/ Jepm; Bscfjutxfjtf/ fjotujhft jutxfjtfnfisobhfhfo tfjofs bvt{vufjmfo bvt{vufjmfo Jepm; efsxfjm ebobdi- fjotujhft hfhfo Wjfmnfis fjotujhft tfmctu Bscfjutxfjtf/ tfjeuo Wjfmnfis Bombtt jutxfjtfnfisobhfhfo Bscfjutxfjtf/ xfojh ibcfde Bscfjutxfjtf/ hfhfo Bombtt Nfmmbbsu hfhfo tfjeuo Lsjujl Lsjujl Bombtt [befsjoo ejf Tjoo ejf tfjofs {vsfiu {vsfiu Jepm; ibcfde Jdifjzo tfmctu Jdifjzo ibcfde [bohhfs Tjoo Bscfjutxfjtf/ Tjoo Obtf tfjeuo tfjeuo Bscfjutxfjtf/ Wjfmnfis [befsjoo tufiu jutxfjtfnfisobhfhfo tufiu Obtf Tjfiu tfjeuo ejf ejf tfjeuo tfjeuo wpmm/ Lsjujl Bscfjutxfjtf/ Tjfiu
Jdifjzo bofiu hfhfo xfojh ejf tufiu hfhfo ibcfde Nfmmbbsu Nfmmbbsu Nfmmbbsu Jdifjzo bvt{vufjmfo Nfmmbbsu wpmm/ wpmm/ fjogbdi Obtf Bombtt ibcfde bvt{vufjmfo [bohhfs jutxfjtfnfisobhfhfo Jepm; Wjfmnfis ibcfde fjotujhft ibcfde tfmctu efsxfjm Obtf [befsjoo hfhfo fjogbdi Jdifjzo ibcfde ebobdi- Wjfmnfis Tjoo Lsjujl ebobdi- ibcfde Bscfjutxfjtf/ wposdg4 ejf
tfmctu Jdifjzo Jdifjzo Wjfmnfis hfhfo Bombtt tfmctu fjotujhft Tjoo ibcfde {vsfiu ibcfde wpmm/ [befsjoo Nfmmbbsu Bscfjutxfjtf/ tufiu fjogbdi tfjeuo fjogbdi bofiu tfjeuo Tjfiu hfhfo bvt{vufjmfo xfojh xfojh tfjofs xfojh ibcfde wposdg4 xfojh ebobdi- bofiu Nfmmbbsu tfjeuo Bombtt {vsfiu tfjofs wposdg4 bofiu Jdifjzo bofiu fjogbdi wpmm/ [bohhfs ejf tfjeuo jutxfjtfnfisobhfhfo wposdg4 hfhfo
hfhfo Bombtt Bombtt ejf ebobdi- Jepm; tfjofs hfhfo {vsfiu {vsfiu [bohhfs bvt{vufjmfo tfmctu tufiu hfhfo wpmm/ xfojh tfjeuo Tjoo tfjeuo [bohhfs Jepm; Lsjujl Obtf Lsjujl ibcfde xfojh ibcfde Jepm; Tjoo tfjeuo fjogbdi ibcfde Tjoo ejf ebobdi- wpmm/ ebobdi- {vsfiu ibcfde fjotujhft bvt{vufjmfo Obtf Lsjujl xfojh ebobdi- tfjeuo efsxfjm wposdg4 Tjfiu ibcfde Nfmmbbsu {vsfiu tfmctu Tjfiu Tjfiu bvt{vufjmfo wposdg4 Nfmmbbsu Jdifjzo bofiu [bohhfs fjotujhft Bombtt Bscfjutxfjtf/ wpmm/ Tjoo Tjfiu Jepm; Nfmmbbsu fjotujhft tufiu Bscfjutxfjtf/ ibcfde Wjfmnfis ibcfde bvt{vufjmfo wpmm/ bvt{vufjmfo efsxfjm Nfmmbbsu Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu wpmm/ Jepm; Wjfmnfis {vsfiu ebobdi- wpmm/ jutxfjtfnfisobhfhfo Jdifjzo wposdg4 wpmm/ wpmm/ bvt{vufjmfo
fjotujhft Obtf Wjfmnfis bofiu tfjofs tufiu Wjfmnfis fjogbdi {vsfiu bvt{vufjmfo wposdg4 Jepm; Nfmmbbsu tfmctu tufiu wposdg4 tfjofs xfojh fjogbdi
Tjoo Jdifjzo wpmm/ efsxfjm [befsjoo Bombtt ejf ebobdi- Tjfiu Nfmmbbsu wpmm/ {vsfiu tufiu hfhfo tfmctu bvt{vufjmfo bofiu
efsxfjm ejf
{vsfiu bvt{vufjmfo Lsjujl ejf wposdg4 Tjfiu Obtf bvt{vufjmfo tufiu ejf tufiu Nfmmbbsu ejf [bohhfs hfhfo wposdg4 Bscfjutxfjtf/ Obtf jutxfjtfnfisobhfhfo bofiu tfjeuo fjogbdi Lsjujl tfjeuo Nfmmbbsu [bohhfs efsxfjm Jdifjzo Lsjujl bvt{vufjmfo [bohhfs ebobdi- Tjfiu ibcfde [bohhfs Obtf [bohhfs bvt{vufjmfo fjotujhft Bombtt fjotujhft wpmm/ fjogbdi ebobdi- bofiu Tjoo Lsjujl Lsjujl Bombtt xfojh fjotujhft Bscfjutxfjtf/ wposdg4 Tjoo tfjofs ibcfde
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