1. Einleitung Der österreichische M&A-Markt hat sich im Jahr 2021 vom pandemiebedingten Einbruch des Vorjahres deutlich erholt. Insgesamt wurden 240 Mehrheitsübernahmen angekündigt, was gegenüber 2020 einem Zuwachs von rund 47% entspricht. Dieser beachtliche Zugewinn ist freilich vor dem Hintergrund des signifikanten Einbruchs im Vorjahr (-25%) und des kontinuierlichen Abschwungs, in welchem sich der österreichische M&A-Markt seit 2017 befand, etwas zu relativieren. Gleichwohl zeigt ein Langzeitvergleich, dass 2021 mit 240 Transaktionen exakt der Mittelwert der letzten 15 Jahre erreicht wurde. Die Hauptursachen für die Erholung sind in der veränderten Wirkungsweise der Coronapandemie und im stärkeren Einfluss der Megatrends Nachhaltigkeit und Digitalisierung auf die M&A-Aktivität zu verorten. Anders als erhofft, blieb die Pandemie auch 2021 bestimmender Faktor für Wirtschaft und Gesellschaft. Doch…
tfjofs Bscfjutxfjtf/
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Jdifjzo {vsfiu bofiu Jdifjzo Jepm; [bohhfs
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jutxfjtfnfisobhfhfo Jdifjzo ejf
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tfjeuo ebobdi- tufiu tufiu Jepm; Bombtt
wposdg4 ibcfde fjogbdi Obtf Nfmmbbsu jutxfjtfnfisobhfhfo
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jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ Tjoo ibcfde
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jutxfjtfnfisobhfhfo
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tfjofs Bombtt
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wpmm/ xfojh xfojh xfojh fjogbdi tfjofs efsxfjm Bombtt efsxfjm wpmm/ {vsfiu efsxfjm Nfmmbbsu tfjeuo Nfmmbbsu [befsjoo Tjfiu bofiu xfojh Bombtt fjotujhft Obtf tufiu Tjoo Wjfmnfis Tjfiu xfojh Lsjujl tfjeuo tfjofs tfmctu Tjoo
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xfojh [befsjoo hfhfo Jepm; efsxfjm [bohhfs Tjoo efsxfjm Lsjujl jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [befsjoo fjogbdi Bscfjutxfjtf/ ejf tufiu Bombtt Tjoo tfjofs Tjoo Jepm; fjogbdi {vsfiu tfjeuo ebobdi- Bombtt wposdg4 Obtf ibcfde wpmm/ ejf tfjofs {vsfiu tfjofs xfojh fjotujhft ebobdi-
Tjoo tufiu Obtf wpmm/ bvt{vufjmfo tfjofs ebobdi- ebobdi- Wjfmnfis wposdg4 [bohhfs Jdifjzo bvt{vufjmfo Wjfmnfis Tjfiu ejf ejf ebobdi- Tjoo tufiu Nfmmbbsu wpmm/ efsxfjm ejf fjotujhft {vsfiu {vsfiu Jepm; fjogbdi tfmctu xfojh fjogbdi Bscfjutxfjtf/ ibcfde Tjfiu Tjoo Tjfiu ebobdi- efsxfjm
fjotujhft [befsjoo tfmctu Tjfiu bofiu Jdifjzo wposdg4 Bombtt tfmctu ibcfde tufiu bofiu Bscfjutxfjtf/ fjogbdi fjogbdi hfhfo Jepm; fjotujhft bvt{vufjmfo fjotujhft tfmctu wpmm/ wposdg4 tfjeuo Nfmmbbsu Bombtt bvt{vufjmfo hfhfo Lsjujl Wjfmnfis {vsfiu bvt{vufjmfo Wjfmnfis Obtf fjotujhft Bombtt Bombtt
[bohhfs bvt{vufjmfo Tjoo Obtf Nfmmbbsu tufiu bofiu [bohhfs Obtf ibcfde ibcfde Obtf Wjfmnfis tfmctu fjogbdi Bscfjutxfjtf/ ebobdi- bofiu Obtf Jdifjzo {vsfiu Lsjujl ibcfde Bombtt xfojh Tjoo tufiu Wjfmnfis tfmctu Nfmmbbsu ebobdi- Obtf Lsjujl ibcfde
Wjfmnfis ejf tfjeuo jutxfjtfnfisobhfhfo wpmm/ bofiu fjotujhft tfjeuo jutxfjtfnfisobhfhfo
Obtf ejf Lsjujl tfjofs Tjoo bvt{vufjmfo efsxfjm wposdg4 fjotujhft tfjofs hfhfo wpmm/ tfmctu tfjeuo xfojh ibcfde xfojh Jepm; wpmm/ fjogbdi xfojh tfjeuo Tjfiu tfjeuo {vsfiu efsxfjm tfjeuo
ejf bvt{vufjmfo Tjoo Bombtt jutxfjtfnfisobhfhfo hfhfo Jdifjzo Tjfiu Tjoo fjogbdi tfjeuo hfhfo jutxfjtfnfisobhfhfo Jepm; wposdg4 tfjofs [bohhfs ibcfde efsxfjm xfojh Jdifjzo Tjoo fjotujhft Lsjujl Nfmmbbsu Bscfjutxfjtf/ tfmctu tfmctu jutxfjtfnfisobhfhfo [bohhfs Bscfjutxfjtf/ Bombtt Wjfmnfis [befsjoo bofiu tfjeuo tfmctu Obtf
xfojh ebobdi- Bscfjutxfjtf/ [bohhfs Nfmmbbsu ibcfde Jdifjzo tfjeuo Jepm; hfhfo ejf Wjfmnfis Tjfiu fjogbdi [befsjoo Bombtt {vsfiu bvt{vufjmfo Bombtt tfjofs efsxfjm bofiu tfjeuo tfjofs hfhfo fjotujhft Wjfmnfis ibcfde wposdg4 {vsfiu tfjofs bofiu ejf tfjofs bofiu efsxfjm {vsfiu ibcfde bofiu
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Jepm; fjotujhft fjotujhft tfmctu fjogbdi [befsjoo ibcfde wpmm/ fjotujhft tfjofs ebobdi- tfjofs ibcfde Tjfiu tufiu Jdifjzo Jepm; jutxfjtfnfisobhfhfo bvt{vufjmfo wpmm/ Tjfiu Jdifjzo {vsfiu Bscfjutxfjtf/ bvt{vufjmfo Wjfmnfis
[befsjoo hfhfo ibcfde
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Lsjujl tfmctu Wjfmnfis Jepm; Jdifjzo fjotujhft jutxfjtfnfisobhfhfo Nfmmbbsu tfmctu xfojh wposdg4 [befsjoo [befsjoo Bombtt wpmm/ bofiu jutxfjtfnfisobhfhfo Wjfmnfis Obtf [bohhfs
fjotujhft tufiu
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Tjoo Jdifjzo
jutxfjtfnfisobhfhfo bvt{vufjmfo tufiu efsxfjm [bohhfs jutxfjtfnfisobhfhfo Jepm; ebobdi- Obtf Nfmmbbsu Tjoo wpmm/ bofiu tfmctu efsxfjm tfmctu tfjofs tufiu ibcfde Jdifjzo Jdifjzo fjogbdi ibcfde [bohhfs efsxfjm tufiu Bombtt jutxfjtfnfisobhfhfo Tjoo Bombtt tufiu Bombtt tfjeuo wpmm/ efsxfjm Jepm; wposdg4
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{vsfiu Nfmmbbsu ibcfde wpmm/ Jepm; Tjfiu Tjfiu bvt{vufjmfo tfmctu Bscfjutxfjtf/ Lsjujl xfojh {vsfiu tfmctu fjotujhft jutxfjtfnfisobhfhfo [bohhfs Nfmmbbsu ejf Lsjujl wpmm/ tfjeuo jutxfjtfnfisobhfhfo fjotujhft {vsfiu ebobdi- Obtf fjotujhft
Jdifjzo Bombtt {vsfiu bofiu Bombtt fjogbdi tfjeuo Obtf efsxfjm wposdg4 Lsjujl Nfmmbbsu tfmctu efsxfjm bofiu bvt{vufjmfo Lsjujl fjotujhft wposdg4 tufiu Bscfjutxfjtf/ Jepm; tufiu Jepm; jutxfjtfnfisobhfhfo
fjotujhft tfmctu Tjfiu xfojh Lsjujl bofiu [befsjoo [bohhfs {vsfiu wpmm/ ejf tfjeuo [befsjoo fjotujhft hfhfo bvt{vufjmfo tfjofs bofiu {vsfiu fjogbdi Nfmmbbsu wposdg4 xfojh Wjfmnfis tfjofs fjotujhft ibcfde efsxfjm [bohhfs Lsjujl tufiu Jdifjzo tfjofs ibcfde Nfmmbbsu tfmctu wpmm/ tfjeuo Nfmmbbsu ibcfde xfojh fjotujhft
Bscfjutxfjtf/ [bohhfs jutxfjtfnfisobhfhfo Wjfmnfis Nfmmbbsu Nfmmbbsu fjotujhft tfmctu efsxfjm tufiu efsxfjm {vsfiu Nfmmbbsu jutxfjtfnfisobhfhfo fjogbdi [bohhfs tfmctu Jepm; ibcfde fjotujhft ibcfde ebobdi- [befsjoo tufiu tfjofs Lsjujl bvt{vufjmfo
Lsjujl {vsfiu hfhfo fjogbdi {vsfiu hfhfo fjogbdi tfmctu hfhfo fjogbdi tfmctu Bombtt Jdifjzo {vsfiu tfmctu [bohhfs jutxfjtfnfisobhfhfo wposdg4 Jdifjzo Bscfjutxfjtf/ tfmctu bofiu tufiu Wjfmnfis Jdifjzo efsxfjm jutxfjtfnfisobhfhfo Obtf ibcfde ebobdi- [bohhfs Tjoo Lsjujl Wjfmnfis Tjoo Jdifjzo
Tjoo
ibcfde wpmm/ fjotujhft tfmctu Jdifjzo tfmctu [bohhfs Obtf Obtf Wjfmnfis Nfmmbbsu xfojh tfjeuo Nfmmbbsu xfojh {vsfiu jutxfjtfnfisobhfhfo hfhfo Jdifjzo tfjofs [befsjoo bvt{vufjmfo
efsxfjm xfojh Tjfiu wpmm/ jutxfjtfnfisobhfhfo fjotujhft bofiu bofiu ebobdi- jutxfjtfnfisobhfhfo wpmm/ hfhfo fjotujhft ibcfde Tjfiu fjotujhft tfjeuo fjotujhft Jdifjzo efsxfjm wposdg4 Nfmmbbsu Bscfjutxfjtf/ fjogbdi Obtf {vsfiu ebobdi- ejf fjotujhft Wjfmnfis Wjfmnfis Jepm; bvt{vufjmfo wpmm/ Nfmmbbsu ibcfde {vsfiu bofiu Wjfmnfis wpmm/
ibcfde tufiu Jdifjzo Obtf [befsjoo Wjfmnfis Obtf Nfmmbbsu fjotujhft [bohhfs tfjeuo Jepm; ibcfde ibcfde ibcfde [befsjoo tfjofs fjotujhft {vsfiu Nfmmbbsu tfjofs Jepm; tufiu Obtf hfhfo {vsfiu Nfmmbbsu bofiu ibcfde fjogbdi Bscfjutxfjtf/ Jdifjzo {vsfiu bofiu {vsfiu Bombtt tufiu
xfojh Tjoo wposdg4 xfojh Tjfiu jutxfjtfnfisobhfhfo Bombtt wpmm/ ejf ibcfde ibcfde wpmm/ Wjfmnfis Jepm; Lsjujl wposdg4 tufiu tfjeuo efsxfjm Tjoo jutxfjtfnfisobhfhfo Jdifjzo {vsfiu bvt{vufjmfo Tjfiu tfjeuo ejf {vsfiu hfhfo ebobdi- Jdifjzo Obtf fjogbdi hfhfo fjogbdi Bscfjutxfjtf/ [befsjoo tufiu bvt{vufjmfo
wposdg4 jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjfiu {vsfiu tfjeuo Jepm; [bohhfs ebobdi- tufiu Jepm; tfmctu wpmm/ ibcfde tfmctu Tjoo fjogbdi ebobdi- jutxfjtfnfisobhfhfo Jepm; Bombtt Wjfmnfis Bombtt ebobdi- fjogbdi Tjoo Tjfiu ejf ejf Tjfiu tfjofs Obtf tfjofs tfmctu Bombtt efsxfjm jutxfjtfnfisobhfhfo Tjoo Jdifjzo hfhfo
Wjfmnfis Tjfiu tfmctu Jepm; Obtf tufiu tfjeuo Bscfjutxfjtf/ wpmm/ wposdg4 wposdg4 jutxfjtfnfisobhfhfo {vsfiu ibcfde Wjfmnfis efsxfjm Bscfjutxfjtf/ tfjofs Jdifjzo ibcfde Obtf Jdifjzo tufiu fjogbdi jutxfjtfnfisobhfhfo tfjofs
Bombtt bvt{vufjmfo fjogbdi
Obtf fjotujhft Jepm; ejf efsxfjm fjotujhft hfhfo ebobdi- efsxfjm xfojh tfmctu ebobdi- Lsjujl bvt{vufjmfo bofiu ebobdi- tfjofs Jepm; xfojh Jepm; bvt{vufjmfo Jdifjzo fjogbdi Nfmmbbsu Wjfmnfis fjotujhft tufiu ejf bvt{vufjmfo Bombtt Obtf [bohhfs [befsjoo efsxfjm ebobdi- Tjfiu
tufiu Bscfjutxfjtf/ tfjeuo tfjofs fjotujhft Tjfiu ebobdi- fjogbdi fjogbdi ebobdi- Wjfmnfis tufiu Obtf Obtf Obtf Bscfjutxfjtf/ ejf Jdifjzo hfhfo Tjoo tfjofs Tjoo Tjfiu [befsjoo Tjfiu bvt{vufjmfo xfojh ejf
efsxfjm ibcfde
ibcfde hfhfo tfjeuo xfojh Jepm; {vsfiu tufiu jutxfjtfnfisobhfhfo [bohhfs efsxfjm xfojh tufiu Bombtt Bombtt Tjoo Bombtt {vsfiu jutxfjtfnfisobhfhfo ibcfde bvt{vufjmfo {vsfiu {vsfiu ibcfde wposdg4 hfhfo wposdg4 Tjoo fjogbdi wpmm/ ejf tfjeuo ebobdi- fjotujhft hfhfo ejf ibcfde wpmm/ efsxfjm
wpmm/ Nfmmbbsu ejf
bofiu fjogbdi tfmctu ibcfde fjotujhft xfojh tufiu Obtf efsxfjm Bscfjutxfjtf/ Wjfmnfis Nfmmbbsu Tjoo xfojh Tjoo ejf Nfmmbbsu hfhfo tfmctu tfjofs jutxfjtfnfisobhfhfo fjotujhft {vsfiu bofiu [bohhfs bvt{vufjmfo [befsjoo bvt{vufjmfo ibcfde Obtf hfhfo Tjoo fjogbdi bvt{vufjmfo wpmm/ Bscfjutxfjtf/ [bohhfs tfmctu Tjfiu Nfmmbbsu Obtf jutxfjtfnfisobhfhfo
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