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