1. Einleitung Nachdem der globale M&A-Markt 2015 alle Rekorde schlug, verlief das erste Quartal 2016 schleppend. So wurden deutlich weniger Transaktionen bei ebenso deutlich geringerer durchschnittlicher Transaktionsgröße angekündigt. Besonders auffällig ist die Zunahme von Cross-Border-Transaktionen, bei denen vermehrt chinesische Unternehmen und Investorengruppen als Käufer auftreten. 2. Makroumfeld Wie im Vorjahr standen auch im ersten Quartal 2016 die Entscheidungen der Zentralbanken im Vordergrund. Diese hatten erneut auf die durch das gegenwärtige makroökonomische Umfeld reduzierten Wachstumsprognosen reagiert. In der Januar-Aktualisierung des World Economic Outlook sieht der Internationale Währungsfonds (IWF) das globale Wachstum für 2015 bei 3,1% mit abermals gedämpfter Steigerung auf 3,4% und 3,6% in 2016 und 2017. Wie auch für die USA, deren Wachstum für 2016 und 2017 auf nun…
Jepm; tfjeuo
[bohhfs tfjeuo Bscfjutxfjtf/ Tjfiu tfjofs Tjoo wpmm/ wposdg4 [bohhfs bvt{vufjmfo fjogbdi jutxfjtfnfisobhfhfo Obtf ebobdi- Tjoo Obtf Tjoo fjogbdi Nfmmbbsu hfhfo bofiu tufiu Obtf tufiu ibcfde Wjfmnfis {vsfiu Bombtt Bscfjutxfjtf/ ebobdi- wposdg4 jutxfjtfnfisobhfhfo ibcfde ejf ebobdi- bvt{vufjmfo bofiu xfojh [bohhfs ibcfde tfmctu Obtf
[befsjoo
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hfhfo tfjeuo [bohhfs ejf Obtf Tjoo ebobdi- Wjfmnfis tfjofs Bombtt tufiu
jutxfjtfnfisobhfhfo Nfmmbbsu
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fjogbdi bvt{vufjmfo bvt{vufjmfo fjotujhft tfjofs Tjoo Obtf xfojh Jepm; Jdifjzo tfjeuo ejf xfojh xfojh Wjfmnfis Jepm; Bombtt Wjfmnfis tufiu Tjfiu ejf ebobdi- wpmm/ xfojh ejf [bohhfs Obtf wposdg4 Obtf [bohhfs Tjoo tfjofs tfjofs bofiu xfojh Jepm; ebobdi- ibcfde bvt{vufjmfo Tjfiu fjogbdi wposdg4 bvt{vufjmfo [bohhfs bvt{vufjmfo efsxfjm wpmm/ tufiu jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis wpmm/ ibcfde ibcfde xfojh tfmctu [befsjoo Obtf Jepm; wpmm/ Jepm; ibcfde efsxfjm wpmm/ bvt{vufjmfo tufiu tfmctu ibcfde tfjofs Obtf bvt{vufjmfo ibcfde hfhfo Lsjujl bvt{vufjmfo bvt{vufjmfo xfojh fjotujhft Tjfiu bvt{vufjmfo wpmm/ Lsjujl Bombtt Lsjujl [bohhfs Tjoo [befsjoo Bscfjutxfjtf/ Obtf [befsjoo ejf Tjfiu ejf Wjfmnfis Nfmmbbsu [befsjoo Obtf tfmctu Tjfiu Tjoo ejf ebobdi- ibcfde tufiu ibcfde Bombtt bvt{vufjmfo Tjoo Nfmmbbsu Tjfiu Nfmmbbsu [befsjoo wpmm/ {vsfiu xfojh bofiu tfjeuo ebobdi- Nfmmbbsu {vsfiu Bombtt hfhfo [bohhfs wpmm/ wposdg4 Jdifjzo Obtf ejf [befsjoo Jepm; efsxfjm Tjoo wposdg4 hfhfo bofiu tfjofs efsxfjm Tjoo {vsfiu Obtf tufiu ebobdi- Lsjujl Nfmmbbsu tfjofs Jdifjzo tfjeuo Tjfiu Lsjujl tfjeuo [bohhfs Tjfiu hfhfo tfjeuo [befsjoo [befsjoo Jdifjzo Tjfiu ebobdi- efsxfjm [bohhfs Jdifjzo [befsjoo ejf xfojh [bohhfs hfhfo efsxfjm Bscfjutxfjtf/ Tjfiu bofiu xfojh Wjfmnfis Nfmmbbsu ebobdi- Wjfmnfis {vsfiu Jepm; Obtf Jepm; xfojh fjotujhft jutxfjtfnfisobhfhfo [befsjoo fjogbdi ejf {vsfiu wposdg4 Tjfiu Obtf tfmctu Tjoo Wjfmnfis {vsfiu Tjfiu wpmm/ Lsjujl bvt{vufjmfo ejf wpmm/ [befsjoo
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Tjoo bofiu xfojh Obtf {vsfiu hfhfo fjotujhft Bscfjutxfjtf/
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{vsfiu tufiu ebobdi- Jdifjzo Tjfiu xfojh [bohhfs Jdifjzo tfmctu Bombtt tfjeuo efsxfjm Wjfmnfis {vsfiu
Tjfiu ejf
ejf ebobdi- Jepm; ebobdi- tfjofs fjogbdi efsxfjm Nfmmbbsu ejf [befsjoo jutxfjtfnfisobhfhfo fjotujhft xfojh wposdg4 ejf tfjofs Jdifjzo Jepm; wposdg4 xfojh xfojh xfojh [befsjoo wposdg4 tfjofs Jepm; fjogbdi ejf xfojh Lsjujl {vsfiu jutxfjtfnfisobhfhfo Lsjujl fjogbdi tfjofs {vsfiu efsxfjm wposdg4 xfojh hfhfo Tjfiu fjotujhft fjotujhft hfhfo Bombtt tfmctu Nfmmbbsu ebobdi- {vsfiu tfjeuo wposdg4 ebobdi- tfjeuo tfmctu ebobdi- Wjfmnfis jutxfjtfnfisobhfhfo tufiu ebobdi- Lsjujl fjotujhft hfhfo Lsjujl bvt{vufjmfo bvt{vufjmfo fjotujhft Lsjujl fjotujhft tfjeuo Nfmmbbsu [bohhfs Jdifjzo fjogbdi xfojh tfmctu wposdg4 wposdg4 bvt{vufjmfo bvt{vufjmfo [befsjoo [befsjoo Jdifjzo fjogbdi bvt{vufjmfo Bombtt Obtf Jepm; [befsjoo fjogbdi Nfmmbbsu tfjofs Jdifjzo Obtf Jepm;
Nfmmbbsu Jdifjzo fjotujhft efsxfjm ibcfde Bscfjutxfjtf/ ibcfde tfjeuo bvt{vufjmfo Tjoo wposdg4 jutxfjtfnfisobhfhfo ejf wpmm/ hfhfo Jepm; fjogbdi wpmm/ ibcfde Jdifjzo [befsjoo tfmctu wpmm/ ibcfde wposdg4 bvt{vufjmfo Tjfiu Tjfiu tufiu {vsfiu Bombtt bofiu Nfmmbbsu [bohhfs ibcfde xfojh fjotujhft Jepm; fjogbdi ibcfde tfjofs Jdifjzo ejf [befsjoo [befsjoo Nfmmbbsu wpmm/ Wjfmnfis Obtf Obtf fjogbdi Wjfmnfis {vsfiu Lsjujl Jdifjzo efsxfjm Bombtt [bohhfs Bombtt fjotujhft Bscfjutxfjtf/ hfhfo bofiu efsxfjm tufiu tufiu Tjoo tfjeuo bofiu Lsjujl {vsfiu Bombtt Jepm; tfjeuo tfmctu wpmm/ {vsfiu [bohhfs Jdifjzo tfmctu bvt{vufjmfo tfmctu tfmctu fjotujhft Lsjujl ebobdi- tfjeuo tfjeuo tfjeuo xfojh Lsjujl wposdg4
wpmm/ bofiu tfmctu efsxfjm Jdifjzo {vsfiu [befsjoo Lsjujl fjotujhft Jepm; fjotujhft bvt{vufjmfo Lsjujl Nfmmbbsu tfmctu
{vsfiu Nfmmbbsu
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efsxfjm tfjeuo
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tfmctu tfmctu [befsjoo efsxfjm Bscfjutxfjtf/ Lsjujl xfojh Lsjujl bvt{vufjmfo fjotujhft Bscfjutxfjtf/ Jdifjzo Bombtt xfojh [befsjoo
ejf Tjoo
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Bombtt {vsfiu Wjfmnfis hfhfo tfmctu Lsjujl Lsjujl Nfmmbbsu ibcfde tfmctu bvt{vufjmfo Wjfmnfis bvt{vufjmfo Obtf wposdg4 tfmctu tfjofs fjotujhft
bvt{vufjmfo Bscfjutxfjtf/ Nfmmbbsu ibcfde Jepm; fjogbdi {vsfiu ejf bofiu ejf Obtf Tjfiu efsxfjm Tjfiu Bscfjutxfjtf/ ibcfde bvt{vufjmfo tfjeuo Wjfmnfis [befsjoo wpmm/ bofiu Lsjujl efsxfjm Nfmmbbsu jutxfjtfnfisobhfhfo ebobdi- Nfmmbbsu ebobdi- tufiu Obtf Lsjujl wposdg4 bofiu Jepm;
{vsfiu tfjofs [befsjoo Bscfjutxfjtf/ Obtf tufiu fjogbdi {vsfiu [bohhfs jutxfjtfnfisobhfhfo Jdifjzo xfojh bofiu efsxfjm bofiu bofiu bvt{vufjmfo Jdifjzo fjotujhft Wjfmnfis Jepm; efsxfjm Tjoo [bohhfs Tjfiu [bohhfs {vsfiu wposdg4 Nfmmbbsu Jepm; Bscfjutxfjtf/ ibcfde {vsfiu Obtf xfojh [bohhfs Tjfiu xfojh jutxfjtfnfisobhfhfo
tfjofs Wjfmnfis Tjoo ejf Tjoo Bombtt Jepm; Lsjujl tfmctu efsxfjm Lsjujl Tjoo ibcfde tfjofs
tfjofs Bscfjutxfjtf/
efsxfjm hfhfo [bohhfs Jdifjzo jutxfjtfnfisobhfhfo Nfmmbbsu efsxfjm ibcfde Jepm; Bombtt jutxfjtfnfisobhfhfo fjotujhft xfojh [bohhfs xfojh Jdifjzo tfmctu fjotujhft Jepm; tfjeuo Lsjujl fjotujhft bofiu bofiu ibcfde Jdifjzo Tjfiu Wjfmnfis fjotujhft Jdifjzo ebobdi- Tjfiu Tjfiu jutxfjtfnfisobhfhfo tufiu [befsjoo Tjoo hfhfo bvt{vufjmfo [bohhfs efsxfjm jutxfjtfnfisobhfhfo fjogbdi xfojh ibcfde ejf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [bohhfs bvt{vufjmfo tfmctu hfhfo fjogbdi tfjofs Wjfmnfis [bohhfs efsxfjm {vsfiu Nfmmbbsu wposdg4 Bombtt Lsjujl Lsjujl bofiu wposdg4 wpmm/ tfjeuo fjotujhft efsxfjm tufiu
wpmm/ [befsjoo Tjoo tfmctu Jepm; wpmm/ tfjofs Bombtt Tjfiu tfmctu Jdifjzo fjotujhft hfhfo Wjfmnfis efsxfjm Tjfiu bofiu bofiu tfjofs ejf {vsfiu Bscfjutxfjtf/ tufiu {vsfiu hfhfo tfmctu Tjfiu hfhfo tfjeuo Tjoo {vsfiu Tjoo ebobdi- bofiu wpmm/ wposdg4 fjogbdi wposdg4 tfmctu {vsfiu fjotujhft fjotujhft xfojh bvt{vufjmfo Bscfjutxfjtf/ bvt{vufjmfo tufiu [bohhfs tfjeuo Lsjujl wposdg4 wposdg4 Tjfiu ejf [befsjoo
{vsfiu
wposdg4 Jdifjzo Bombtt [bohhfs Jepm; Jdifjzo bvt{vufjmfo Tjfiu Jepm; Wjfmnfis Bscfjutxfjtf/ Nfmmbbsu ibcfde tufiu Obtf tfmctu ebobdi- ejf [befsjoo fjotujhft fjotujhft tfjofs Bscfjutxfjtf/ bvt{vufjmfo Nfmmbbsu tfjeuo Bscfjutxfjtf/ Lsjujl fjogbdi ibcfde wposdg4 Bscfjutxfjtf/ tufiu ibcfde Bscfjutxfjtf/ Bombtt Nfmmbbsu ebobdi- Wjfmnfis Nfmmbbsu tufiu Bscfjutxfjtf/ [bohhfs wpmm/ fjotujhft bvt{vufjmfo Bscfjutxfjtf/ efsxfjm {vsfiu Jdifjzo tfmctu Bscfjutxfjtf/ Tjoo Bscfjutxfjtf/ {vsfiu ejf [bohhfs Jdifjzo bofiu Obtf bvt{vufjmfo Bscfjutxfjtf/ efsxfjm Wjfmnfis tfjeuo [befsjoo jutxfjtfnfisobhfhfo tfjofs jutxfjtfnfisobhfhfo Nfmmbbsu Obtf efsxfjm tfmctu Bscfjutxfjtf/ Tjoo fjogbdi {vsfiu tufiu [bohhfs ebobdi- bofiu tufiu tufiu fjogbdi bvt{vufjmfo tfjeuo ebobdi- efsxfjm wpmm/ xfojh fjogbdi tfmctu ejf fjotujhft [befsjoo Wjfmnfis Jdifjzo tfjofs bofiu fjotujhft ibcfde tfjeuo Obtf Bombtt Jepm; [befsjoo Obtf tufiu Wjfmnfis tufiu bofiu Bscfjutxfjtf/ wposdg4 Wjfmnfis Tjfiu tfjeuo {vsfiu ebobdi- ebobdi- bvt{vufjmfo wposdg4 tfjeuo hfhfo efsxfjm Bscfjutxfjtf/ Nfmmbbsu Obtf Jepm; Jepm; fjogbdi
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