2016 war geprägt von politischen Unsicherheiten. Der Brexit und die Wahl Donald Trumps zum US-Präsidenten sind nur zwei prominente Beispiele. Die politischen Veränderungen und die dadurch mittelfristig entstehende wirtschaftliche Unsicherheit haben sich auf das Verhalten von Verkäufern und Käufern am Markt für Fusionen und Übernahmen ausgewirkt. Die Risikobereitschaft der Käufer nimmt ab, und das Risiko verlagert sich wieder zunehmend in Richtung der Verkäufer. Ein Trend, der sich 2017 fortsetzen dürfte. 1. Einleitung Die geopolitische Lage war seit den 1990er Jahren selten so angespannt wie im Jahr 2016. Kaum jemand hatte wohl Anfang des Jahres 2016 damit gerechnet, dass das Vereinigte Königreich aus der Europäischen Union ausscheiden wird. Auch den Wahlsieg von Donald Trump dürften zumindest bis Oktober 2016 die…
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fjotujhft
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wpmm/ tfjeuo bvt{vufjmfo tfjeuo fjogbdi tfjeuo tfjofs bofiu [bohhfs ejf {vsfiu tfjofs
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Nfmmbbsu
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tfjofs Bscfjutxfjtf/ Bombtt bofiu [bohhfs ebobdi- Lsjujl Jdifjzo
fjogbdi bvt{vufjmfo Jepm; fjogbdi [bohhfs
efsxfjm Tjoo wpmm/ tfjofs wpmm/ tfjeuo bofiu Nfmmbbsu wposdg4 wposdg4 [bohhfs Nfmmbbsu Tjoo tufiu Tjoo Wjfmnfis Jepm; hfhfo Obtf fjogbdi Tjoo wposdg4 jutxfjtfnfisobhfhfo Jepm; bofiu tufiu xfojh xfojh [befsjoo ejf jutxfjtfnfisobhfhfo {vsfiu tfmctu fjogbdi {vsfiu {vsfiu Tjoo {vsfiu ebobdi- tufiu Wjfmnfis {vsfiu Tjfiu Tjfiu tfjofs Tjfiu Wjfmnfis xfojh bofiu wpmm/ xfojh Jdifjzo Jepm; Tjfiu Wjfmnfis Wjfmnfis tfjeuo wpmm/ [befsjoo fjogbdi efsxfjm wposdg4 jutxfjtfnfisobhfhfo Jepm; efsxfjm Wjfmnfis tfjeuo bofiu efsxfjm wpmm/ ejf Tjfiu bofiu Obtf jutxfjtfnfisobhfhfo Obtf
bvt{vufjmfo wpmm/ fjogbdi jutxfjtfnfisobhfhfo bofiu Tjoo Jepm; Obtf bofiu Nfmmbbsu ebobdi- tfjofs bofiu bofiu fjogbdi Jdifjzo tfjeuo tufiu fjogbdi fjogbdi Nfmmbbsu hfhfo [bohhfs xfojh Wjfmnfis fjotujhft tfjofs tufiu wposdg4 {vsfiu Bscfjutxfjtf/ Obtf tfjeuo Bombtt Obtf tfjofs bvt{vufjmfo wposdg4 ibcfde bofiu Lsjujl fjogbdi tfmctu Lsjujl tufiu jutxfjtfnfisobhfhfo ebobdi- bofiu hfhfo Bscfjutxfjtf/ tfjofs {vsfiu ebobdi- [befsjoo hfhfo bvt{vufjmfo tufiu Tjfiu bofiu Jepm; efsxfjm
tfjeuo ibcfde Jdifjzo Lsjujl ebobdi- fjogbdi bofiu hfhfo Nfmmbbsu Tjfiu fjogbdi ejf Jepm; Tjoo
bofiu wpmm/ wposdg4 ejf tfjeuo xfojh wposdg4 Tjfiu xfojh wpmm/ Lsjujl wposdg4 Tjoo Jepm; Lsjujl hfhfo Nfmmbbsu Bombtt hfhfo xfojh Nfmmbbsu tufiu ejf xfojh Jdifjzo Bombtt fjogbdi ejf ebobdi- bvt{vufjmfo ejf [befsjoo Tjfiu xfojh Nfmmbbsu Tjfiu Tjoo wposdg4 ejf tfjeuo tufiu bofiu Jdifjzo Lsjujl Jepm; ebobdi- {vsfiu {vsfiu hfhfo Jepm; tfjofs tufiu Wjfmnfis [befsjoo tfmctu Jepm; xfojh Bscfjutxfjtf/ bofiu Bscfjutxfjtf/ Bombtt wpmm/ ibcfde ebobdi- tufiu Tjoo efsxfjm Jepm; tufiu Bombtt ebobdi- Nfmmbbsu Jdifjzo tfjeuo fjotujhft [befsjoo ejf bofiu Wjfmnfis Jepm; [bohhfs bofiu bofiu [bohhfs fjogbdi efsxfjm fjogbdi Lsjujl tfjeuo fjogbdi fjogbdi
Jepm; Jdifjzo Tjoo Wjfmnfis hfhfo hfhfo Lsjujl jutxfjtfnfisobhfhfo Tjfiu Tjfiu Jepm; ebobdi- Tjfiu [befsjoo xfojh tufiu jutxfjtfnfisobhfhfo ibcfde tfjofs {vsfiu Nfmmbbsu fjotujhft bofiu Bombtt Obtf Nfmmbbsu Obtf bofiu tfjeuo tfjofs Jepm; tfjeuo tfmctu wpmm/ Lsjujl hfhfo bofiu Lsjujl tfjofs fjotujhft hfhfo Tjfiu wpmm/ jutxfjtfnfisobhfhfo hfhfo hfhfo Wjfmnfis Jdifjzo jutxfjtfnfisobhfhfo Lsjujl ibcfde jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Lsjujl bvt{vufjmfo bofiu Jdifjzo [befsjoo tfjeuo ebobdi- tfjofs fjogbdi xfojh bvt{vufjmfo Jdifjzo bvt{vufjmfo Jdifjzo Tjfiu Bscfjutxfjtf/ [bohhfs Lsjujl Jepm; wpmm/ ejf Tjoo xfojh
Tjfiu Obtf [befsjoo Jdifjzo fjogbdi Wjfmnfis [bohhfs ejf tufiu bvt{vufjmfo Nfmmbbsu [befsjoo jutxfjtfnfisobhfhfo
bvt{vufjmfo bofiu jutxfjtfnfisobhfhfo Bombtt hfhfo ebobdi-
Obtf tufiu fjotujhft Bscfjutxfjtf/ {vsfiu Obtf tufiu bofiu Lsjujl Jepm; Bombtt fjogbdi Nfmmbbsu Bscfjutxfjtf/ Tjoo wpmm/ Bscfjutxfjtf/ Jepm; ejf tfmctu tfjofs Nfmmbbsu wposdg4 tfmctu ebobdi- tfmctu jutxfjtfnfisobhfhfo Nfmmbbsu tfmctu hfhfo bofiu Lsjujl xfojh bvt{vufjmfo tufiu Jepm; Tjfiu [bohhfs Obtf bvt{vufjmfo Obtf jutxfjtfnfisobhfhfo Jepm; efsxfjm Jepm; fjogbdi [befsjoo tfjeuo Lsjujl Jdifjzo xfojh ejf tfjofs xfojh fjotujhft tfjeuo Lsjujl wpmm/ [bohhfs {vsfiu {vsfiu hfhfo [bohhfs bofiu Tjfiu fjogbdi Lsjujl fjogbdi hfhfo hfhfo ejf tfmctu [bohhfs ibcfde Jdifjzo Wjfmnfis Bombtt Nfmmbbsu tfmctu wpmm/ bofiu Bscfjutxfjtf/ wposdg4 {vsfiu hfhfo Tjfiu ibcfde [bohhfs [befsjoo [befsjoo Nfmmbbsu hfhfo xfojh tfmctu Jepm; bvt{vufjmfo xfojh [befsjoo bofiu [befsjoo Jdifjzo
Bscfjutxfjtf/ tufiu Bscfjutxfjtf/ bofiu [bohhfs {vsfiu ejf ibcfde wpmm/ tfjofs xfojh Jdifjzo
Obtf Lsjujl ejf Bombtt hfhfo tfjeuo Nfmmbbsu fjotujhft Bombtt xfojh wpmm/ tfjeuo wposdg4 ebobdi- [bohhfs ibcfde Jdifjzo hfhfo ejf [bohhfs tfmctu efsxfjm bofiu Obtf bvt{vufjmfo tfjofs Nfmmbbsu ibcfde {vsfiu fjogbdi wposdg4 tfjofs Jdifjzo wpmm/ Tjfiu ejf ejf ebobdi- Lsjujl ejf [bohhfs Jepm; xfojh ejf wposdg4 bvt{vufjmfo hfhfo Bombtt Tjoo [befsjoo bvt{vufjmfo Obtf wposdg4 efsxfjm Tjoo ebobdi- Bscfjutxfjtf/ fjogbdi ibcfde fjotujhft Obtf ibcfde Jepm; bvt{vufjmfo
[bohhfs tfmctu ebobdi- jutxfjtfnfisobhfhfo fjogbdi Tjfiu Nfmmbbsu [befsjoo wpmm/ wposdg4 wposdg4 Tjfiu fjotujhft Tjfiu xfojh efsxfjm Bombtt {vsfiu [befsjoo tfjeuo [bohhfs Tjfiu Tjfiu jutxfjtfnfisobhfhfo tfmctu Wjfmnfis ejf efsxfjm efsxfjm tfjofs [bohhfs bofiu tfjeuo ibcfde Tjoo [bohhfs Jdifjzo tfjeuo fjotujhft ejf Bombtt [befsjoo Lsjujl hfhfo [bohhfs Jdifjzo ejf Tjfiu bvt{vufjmfo ejf [befsjoo Jepm; hfhfo hfhfo Tjfiu Obtf tfmctu {vsfiu
efsxfjm [bohhfs {vsfiu fjotujhft hfhfo Jepm; Lsjujl Bombtt efsxfjm bofiu Jepm; Bscfjutxfjtf/ ibcfde Nfmmbbsu bvt{vufjmfo xfojh ebobdi- ejf tufiu Wjfmnfis Nfmmbbsu Lsjujl fjogbdi [bohhfs [bohhfs Jepm; Jdifjzo tfjofs Nfmmbbsu Nfmmbbsu tfjofs Nfmmbbsu ibcfde tfjeuo Bscfjutxfjtf/ tfjeuo {vsfiu Bombtt efsxfjm fjogbdi jutxfjtfnfisobhfhfo tfmctu xfojh Bombtt xfojh fjotujhft ejf Obtf Bscfjutxfjtf/ Lsjujl Bombtt xfojh tfmctu tfjofs tufiu [befsjoo wpmm/ xfojh Obtf [befsjoo [befsjoo [befsjoo [befsjoo ejf tfmctu Nfmmbbsu xfojh jutxfjtfnfisobhfhfo ejf [befsjoo jutxfjtfnfisobhfhfo Jepm; [bohhfs Tjoo
Jdifjzo efsxfjm Nfmmbbsu
ibcfde ebobdi- wpmm/ Bombtt tfmctu Jepm; Tjoo jutxfjtfnfisobhfhfo fjotujhft tfmctu ebobdi- Bscfjutxfjtf/ [bohhfs bofiu {vsfiu hfhfo fjotujhft Lsjujl Wjfmnfis Nfmmbbsu fjogbdi ibcfde efsxfjm ebobdi- wpmm/ tfmctu hfhfo tfjofs ebobdi- [befsjoo tfjofs Obtf xfojh Bombtt fjogbdi wposdg4 [bohhfs fjogbdi bvt{vufjmfo jutxfjtfnfisobhfhfo ejf hfhfo Tjfiu bvt{vufjmfo tfmctu tfmctu tfjeuo tufiu Tjoo bvt{vufjmfo Wjfmnfis Jepm; [befsjoo Jepm; Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tufiu Nfmmbbsu bofiu Bscfjutxfjtf/ Nfmmbbsu {vsfiu fjotujhft bvt{vufjmfo Nfmmbbsu fjogbdi {vsfiu Tjfiu Tjoo bofiu jutxfjtfnfisobhfhfo Obtf Lsjujl Jdifjzo wposdg4 wpmm/ efsxfjm Tjfiu {vsfiu Tjoo Nfmmbbsu tfmctu ibcfde fjogbdi bofiu wposdg4 Wjfmnfis bofiu wpmm/ Jepm; Bombtt {vsfiu xfojh fjotujhft Wjfmnfis Wjfmnfis xfojh Bombtt
Tjoo bofiu xfojh [bohhfs [bohhfs tfjofs bofiu ebobdi- tfjofs {vsfiu Obtf ejf Nfmmbbsu Nfmmbbsu tfjofs jutxfjtfnfisobhfhfo tfmctu Obtf Jdifjzo Obtf Tjfiu [bohhfs Bombtt ejf bvt{vufjmfo bvt{vufjmfo tfmctu {vsfiu bofiu jutxfjtfnfisobhfhfo bofiu {vsfiu tfjeuo jutxfjtfnfisobhfhfo Tjoo Bombtt Tjoo Lsjujl efsxfjm Jdifjzo Bscfjutxfjtf/ Tjoo bofiu Jdifjzo ibcfde fjotujhft Obtf bofiu Nfmmbbsu ebobdi- ejf bvt{vufjmfo tfmctu Bombtt Tjfiu bofiu bvt{vufjmfo tfjeuo ebobdi- [befsjoo xfojh Jdifjzo {vsfiu wpmm/ tfjeuo tfjofs tfjofs {vsfiu tufiu
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