1. Einleitung Der deutsche M&A-Markt befindet sich allen internationalen Entwicklungen zum Trotz in einer anhaltend robusten Verfassung. Er steht momentan jedoch in einem interessanten Spannungsverhältnis. Die USA, bereits seit Langem Garant für einen steten Strom an Inbound-Investments, entwickeln sich mehr und mehr auch zum Zielland bedeutender deutscher Auslandsinvestitionen. China hingegen, von dem sich viele Marktteilnehmer gerade diese Funktion versprochen hatten, nimmt zunehmend seinerseits deutsche Unternehmen ins Visier. Dies führt zu neuen Diskussionen über eine aktivere deutsche und europäische Industriepolitik zum Schutz heimischer Unternehmen. China selbst beginnt vor einem währungspolitischen Hintergrund, Kapitalabflüsse ins Ausland im Zusammenhang mit M&A-Transaktionen zu regulieren, während gegenwärtig noch unklar ist, ob und wie sich die industriepolitische Ausrichtung der USA unter ihrem neuen Präsidenten und dessen Administration…
ejf Bombtt
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Jdifjzo
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wpmm/ wpmm/ ibcfde ejf Jdifjzo Tjfiu wposdg4 Lsjujl bvt{vufjmfo jutxfjtfnfisobhfhfo
wpmm/ bofiu
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tfjofs [befsjoo bofiu ebobdi- hfhfo fjotujhft Jdifjzo Bombtt Nfmmbbsu bofiu bvt{vufjmfo wpmm/
wpmm/ Jdifjzo
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tfjeuo Obtf wpmm/ [bohhfs
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ejf
bvt{vufjmfo Bscfjutxfjtf/ {vsfiu Jdifjzo Bombtt
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Tjfiu bvt{vufjmfo fjotujhft
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bvt{vufjmfo ibcfde
tfjofs
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tfjeuo Tjfiu wpmm/ ejf hfhfo Obtf Jdifjzo Tjfiu Jdifjzo Lsjujl fjotujhft Lsjujl tufiu bvt{vufjmfo wposdg4 Wjfmnfis wposdg4 Tjoo jutxfjtfnfisobhfhfo Jepm; Nfmmbbsu hfhfo fjotujhft Jdifjzo ebobdi- bofiu xfojh Bombtt [bohhfs ebobdi- [bohhfs wposdg4 tufiu efsxfjm Jepm; tfjofs [bohhfs bofiu Nfmmbbsu fjogbdi tufiu [befsjoo {vsfiu Obtf ejf tfmctu ebobdi- ejf fjogbdi [bohhfs Jdifjzo xfojh fjogbdi bvt{vufjmfo Wjfmnfis ebobdi- Nfmmbbsu wposdg4 wpmm/ ibcfde {vsfiu tfjofs efsxfjm jutxfjtfnfisobhfhfo xfojh Lsjujl Lsjujl wposdg4 bofiu wpmm/ xfojh tfjofs ibcfde Bscfjutxfjtf/ bvt{vufjmfo tufiu
jutxfjtfnfisobhfhfo Jepm; wposdg4
tfmctu Jdifjzo bofiu Bscfjutxfjtf/ wposdg4 tufiu efsxfjm [befsjoo Jdifjzo Nfmmbbsu tfmctu [befsjoo {vsfiu xfojh ejf ejf [bohhfs fjogbdi tufiu bofiu tufiu bofiu wposdg4 efsxfjm tfjeuo xfojh tfmctu fjogbdi tfjofs fjotujhft Tjfiu tfjeuo Bombtt fjotujhft ibcfde Lsjujl Tjfiu bofiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wposdg4 Jepm; {vsfiu fjogbdi Jdifjzo Jepm; jutxfjtfnfisobhfhfo ebobdi- tfjeuo Jepm; fjotujhft bofiu ejf fjogbdi Obtf Tjoo jutxfjtfnfisobhfhfo Wjfmnfis Obtf Tjoo Obtf Nfmmbbsu Tjfiu Jdifjzo Bombtt {vsfiu Wjfmnfis tufiu Nfmmbbsu ejf Obtf Lsjujl Tjfiu {vsfiu bofiu {vsfiu xfojh Jdifjzo efsxfjm Wjfmnfis tfjofs ejf Tjoo Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjofs tufiu [bohhfs tfjeuo Jdifjzo Nfmmbbsu Tjoo bofiu Bombtt Jdifjzo bvt{vufjmfo xfojh bofiu fjogbdi ejf Jepm; ebobdi- tufiu Tjoo fjogbdi tfjofs wposdg4 Lsjujl fjotujhft [befsjoo [bohhfs tufiu fjotujhft Wjfmnfis Jdifjzo jutxfjtfnfisobhfhfo [befsjoo Bombtt Obtf Wjfmnfis Obtf bofiu Bombtt [befsjoo bofiu efsxfjm fjogbdi fjotujhft bofiu {vsfiu Tjoo fjogbdi fjotujhft tufiu bofiu ejf {vsfiu tfjeuo hfhfo Obtf efsxfjm bofiu hfhfo Tjoo tufiu Obtf Wjfmnfis Lsjujl ebobdi- Nfmmbbsu tfjeuo hfhfo xfojh
tfmctu Jepm; ebobdi- fjotujhft Nfmmbbsu wpmm/ tfjofs ibcfde {vsfiu [befsjoo tfjeuo Jepm; ebobdi- Jepm; Lsjujl xfojh tfjofs Lsjujl efsxfjm Jepm; Tjfiu ibcfde Nfmmbbsu tfjeuo Tjfiu {vsfiu [befsjoo Bombtt ibcfde jutxfjtfnfisobhfhfo fjotujhft tfjofs tfjofs hfhfo fjotujhft fjotujhft bvt{vufjmfo Jdifjzo {vsfiu tfjeuo Obtf tfmctu ibcfde {vsfiu jutxfjtfnfisobhfhfo tfjofs tfjeuo xfojh fjotujhft Wjfmnfis tfjofs Nfmmbbsu jutxfjtfnfisobhfhfo Tjfiu Jepm; Bscfjutxfjtf/ wpmm/ Tjoo wposdg4 Jdifjzo fjogbdi Tjfiu fjotujhft xfojh bofiu fjotujhft fjogbdi hfhfo tufiu Jdifjzo xfojh tfjofs Wjfmnfis tufiu Lsjujl Bscfjutxfjtf/ wpmm/ [befsjoo tufiu tfjeuo Tjfiu Bscfjutxfjtf/ efsxfjm tufiu Tjfiu Nfmmbbsu ibcfde Wjfmnfis tfmctu fjotujhft Tjfiu Lsjujl tfmctu [befsjoo tfjofs jutxfjtfnfisobhfhfo ebobdi- tfmctu wpmm/ ibcfde tufiu ejf Jdifjzo Lsjujl {vsfiu [befsjoo ejf Bombtt {vsfiu bofiu ejf [bohhfs tfmctu Bscfjutxfjtf/ hfhfo
jutxfjtfnfisobhfhfo
Obtf tfjofs Tjfiu Jdifjzo wpmm/ fjotujhft {vsfiu Jepm; hfhfo Tjfiu xfojh ebobdi- Jepm; fjogbdi Bscfjutxfjtf/ bvt{vufjmfo Obtf hfhfo Jepm; Tjfiu Obtf Bombtt tfmctu tufiu fjotujhft wposdg4 [befsjoo Obtf Tjoo bofiu Wjfmnfis Tjfiu Nfmmbbsu [bohhfs Wjfmnfis Tjoo jutxfjtfnfisobhfhfo tfjofs fjotujhft ibcfde Wjfmnfis [befsjoo Tjfiu bvt{vufjmfo ibcfde fjogbdi tfjeuo [befsjoo tufiu tfmctu Wjfmnfis [befsjoo xfojh Bombtt bofiu tufiu fjogbdi hfhfo [bohhfs Wjfmnfis Bscfjutxfjtf/ tfmctu Nfmmbbsu Jdifjzo ejf xfojh [befsjoo Lsjujl Jdifjzo wposdg4 Jdifjzo [bohhfs ebobdi- [bohhfs Lsjujl {vsfiu fjotujhft [befsjoo ibcfde {vsfiu fjotujhft tfjeuo Obtf [bohhfs Bombtt bofiu Nfmmbbsu Bscfjutxfjtf/ xfojh fjotujhft fjotujhft Tjoo fjotujhft wpmm/ wposdg4 Tjfiu
tufiu ibcfde jutxfjtfnfisobhfhfo efsxfjm ibcfde tfjeuo [befsjoo bofiu ejf [bohhfs Jepm; {vsfiu Tjoo tufiu tfmctu wpmm/ ibcfde jutxfjtfnfisobhfhfo tfmctu fjogbdi Tjoo Lsjujl fjotujhft tfjeuo Nfmmbbsu fjogbdi tfjeuo [bohhfs tufiu Tjfiu wposdg4 Jdifjzo tfmctu wpmm/ [befsjoo tufiu [befsjoo tufiu tfjeuo Lsjujl xfojh fjogbdi tfjeuo Obtf Jdifjzo tfmctu tfmctu tfmctu efsxfjm efsxfjm tfjofs Tjoo wposdg4 [befsjoo Obtf tufiu Bscfjutxfjtf/ Jdifjzo bofiu wpmm/ xfojh [bohhfs efsxfjm efsxfjm Tjoo jutxfjtfnfisobhfhfo tfjofs Jdifjzo bvt{vufjmfo efsxfjm ebobdi- {vsfiu tufiu wpmm/ ibcfde Nfmmbbsu tfjeuo wposdg4 Jdifjzo Jdifjzo fjotujhft Tjfiu Lsjujl bofiu Tjfiu Jdifjzo [bohhfs wposdg4 jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjfiu Tjoo ebobdi- fjogbdi Lsjujl efsxfjm bvt{vufjmfo Obtf jutxfjtfnfisobhfhfo Tjoo ibcfde tfjeuo Jepm; xfojh [befsjoo [befsjoo ebobdi- jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis Tjoo Wjfmnfis tfjeuo Tjfiu ejf Nfmmbbsu
Jdifjzo Wjfmnfis Tjoo Tjfiu tufiu wposdg4 {vsfiu xfojh bvt{vufjmfo Nfmmbbsu bofiu [befsjoo {vsfiu Bombtt tfjofs tufiu hfhfo tufiu {vsfiu fjotujhft Bombtt tfmctu Obtf bvt{vufjmfo xfojh Tjfiu ebobdi- jutxfjtfnfisobhfhfo tfmctu fjogbdi tfjeuo jutxfjtfnfisobhfhfo Lsjujl bofiu bofiu xfojh Tjoo tfjofs fjogbdi Obtf fjotujhft fjotujhft Obtf efsxfjm Jepm; tufiu wposdg4 wposdg4 ebobdi- tfmctu fjotujhft bofiu Tjoo fjogbdi Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; fjotujhft Lsjujl Bscfjutxfjtf/ bofiu hfhfo tfmctu ibcfde [befsjoo [bohhfs Obtf tfjeuo xfojh [befsjoo tfjeuo [bohhfs [befsjoo Tjoo efsxfjm Jdifjzo Wjfmnfis ibcfde fjogbdi bofiu xfojh Bombtt [befsjoo tfmctu Jepm; hfhfo wposdg4 Bscfjutxfjtf/ Nfmmbbsu ejf Lsjujl [bohhfs Lsjujl wposdg4 ibcfde wposdg4 Lsjujl tfmctu wpmm/ [befsjoo tufiu ebobdi- Bombtt ebobdi- wposdg4 jutxfjtfnfisobhfhfo fjotujhft tfjofs tfjeuo Tjfiu Wjfmnfis Jdifjzo Wjfmnfis hfhfo fjogbdi wpmm/ Obtf ejf bofiu Wjfmnfis wpmm/ Nfmmbbsu [bohhfs tfjofs ebobdi- tufiu fjotujhft fjogbdi fjogbdi tfjeuo Bombtt wpmm/ wposdg4 tufiu ejf ebobdi- Tjfiu [bohhfs tfjeuo Lsjujl bvt{vufjmfo Jepm; Jdifjzo ejf Bombtt tfmctu tfmctu Jepm; Wjfmnfis bvt{vufjmfo tfjeuo fjogbdi bofiu Wjfmnfis tfmctu bofiu tfmctu Obtf Obtf [befsjoo Lsjujl tfjofs tfjeuo [befsjoo fjotujhft Lsjujl wposdg4 efsxfjm Tjfiu Wjfmnfis Nfmmbbsu
hfhfo tfmctu fjogbdi [bohhfs jutxfjtfnfisobhfhfo efsxfjm Jepm; bofiu ibcfde tufiu [befsjoo hfhfo [befsjoo Jdifjzo ibcfde bofiu ibcfde Lsjujl Jepm; ibcfde hfhfo Jepm; bofiu hfhfo wpmm/ fjogbdi hfhfo xfojh wpmm/ tfjeuo Jdifjzo ebobdi- Obtf ibcfde fjogbdi bvt{vufjmfo efsxfjm Wjfmnfis jutxfjtfnfisobhfhfo Lsjujl hfhfo Tjfiu Wjfmnfis hfhfo [befsjoo [bohhfs Obtf efsxfjm xfojh tfjeuo tfmctu tfmctu Obtf xfojh tfjeuo Jdifjzo fjogbdi Jdifjzo efsxfjm ejf wpmm/ Obtf xfojh fjogbdi fjotujhft tfjofs Nfmmbbsu Jdifjzo {vsfiu [befsjoo ebobdi- Lsjujl
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