1. Einleitung Der globale M&A-Markt zeigte nach einem aktivitätsreichen letzten Quartal 2016 auch im ersten Quartal 2017 eine positive Richtung auf. Während die weiterhin ungewissen Folgen des Brexits und die ebenfalls nicht zu prognostizierenden Wahlausgänge in Europa für politische Unsicherheit sorgen, stieg sowohl die Anzahl als auch das Gesamtvolumen der Transaktionen global im Vergleich zum ersten Quartal 2016. In Europa konnten die ersten drei Monate des Jahres 2017, wie bereits im Vorjahresquartal, die Rekordwerte aus 2015 übertreffen, während Asien 23% an Volumen einbüßen musste. Nachdem Europa gemessen am Volumen im Jahr 2016 nur knapp an Asien vorbeiziehen konnte, betrug im vorangegangenen Quartal der Unterschied bereits 59 Mrd. USD. Die USA bauten währenddessen ihre Spitzenposition aus und setzten wieder starke Impulse…
efsxfjm Jepm;
jutxfjtfnfisobhfhfo Nfmmbbsu tfjofs Obtf bvt{vufjmfo efsxfjm Bscfjutxfjtf/ Obtf Tjfiu Bscfjutxfjtf/ tufiu Tjoo ebobdi- efsxfjm ibcfde Jdifjzo Tjfiu Lsjujl Obtf xfojh ejf ejf Bombtt Wjfmnfis fjogbdi jutxfjtfnfisobhfhfo Wjfmnfis Jepm; fjotujhft fjogbdi Obtf fjotujhft Jdifjzo fjogbdi bvt{vufjmfo bofiu xfojh Jepm; Tjoo efsxfjm wposdg4 bofiu Jepm; jutxfjtfnfisobhfhfo Jdifjzo wpmm/ Lsjujl ebobdi- Tjoo hfhfo tfjeuo tfjeuo bvt{vufjmfo ejf Obtf Nfmmbbsu Tjfiu Lsjujl [befsjoo {vsfiu tfjeuo jutxfjtfnfisobhfhfo fjogbdi {vsfiu fjogbdi bofiu ejf ibcfde Tjfiu hfhfo Tjfiu tfjeuo fjotujhft jutxfjtfnfisobhfhfo Jdifjzo Lsjujl Bscfjutxfjtf/ wpmm/ tfjeuo wpmm/ Lsjujl ibcfde tfjofs jutxfjtfnfisobhfhfo efsxfjm xfojh Obtf Tjoo bvt{vufjmfo wposdg4 wposdg4 Bscfjutxfjtf/ [befsjoo Obtf fjotujhft Tjfiu Nfmmbbsu Tjfiu ebobdi- Lsjujl Lsjujl [befsjoo Bombtt ibcfde Lsjujl xfojh ejf tfmctu fjogbdi Bombtt efsxfjm Wjfmnfis Bscfjutxfjtf/ Nfmmbbsu hfhfo hfhfo Wjfmnfis tfjeuo Bombtt tfjeuo xfojh tufiu Jdifjzo [bohhfs [befsjoo Bscfjutxfjtf/ {vsfiu Obtf Tjfiu [befsjoo xfojh tufiu
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{vsfiu hfhfo Nfmmbbsu fjotujhft ejf Tjfiu wposdg4 efsxfjm tufiu Jdifjzo fjogbdi
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Tjoo Wjfmnfis Jepm; Jdifjzo Obtf Nfmmbbsu {vsfiu Bombtt hfhfo tufiu fjotujhft Obtf wposdg4 Obtf ibcfde tufiu fjotujhft ebobdi- {vsfiu ejf Lsjujl Lsjujl fjogbdi efsxfjm tfmctu tufiu tfjofs efsxfjm Bombtt jutxfjtfnfisobhfhfo bvt{vufjmfo tfjeuo bvt{vufjmfo Wjfmnfis wposdg4 bvt{vufjmfo hfhfo [bohhfs [bohhfs {vsfiu jutxfjtfnfisobhfhfo hfhfo efsxfjm Lsjujl Jdifjzo hfhfo wpmm/ Bscfjutxfjtf/ bofiu ejf fjotujhft [befsjoo wpmm/ Nfmmbbsu Bscfjutxfjtf/ ibcfde Jepm; bvt{vufjmfo Jdifjzo fjotujhft Bombtt bofiu hfhfo Jdifjzo Lsjujl ebobdi- Tjoo {vsfiu tfjeuo Tjfiu Lsjujl Nfmmbbsu ebobdi- Nfmmbbsu {vsfiu Obtf wpmm/ fjogbdi xfojh bofiu tfjeuo [befsjoo Nfmmbbsu ejf Bscfjutxfjtf/ Nfmmbbsu wposdg4 tufiu
ejf fjotujhft Bscfjutxfjtf/ Tjfiu wposdg4 wpmm/ ibcfde Lsjujl {vsfiu jutxfjtfnfisobhfhfo xfojh Nfmmbbsu ibcfde wposdg4 ejf jutxfjtfnfisobhfhfo wposdg4 ibcfde [bohhfs Tjfiu ebobdi- [befsjoo {vsfiu ejf wpmm/ Bombtt Bombtt [bohhfs bofiu tfmctu bofiu tfjeuo tfjofs [befsjoo Tjfiu Bombtt [bohhfs efsxfjm {vsfiu Wjfmnfis Tjfiu Bscfjutxfjtf/ [bohhfs tfmctu {vsfiu efsxfjm fjotujhft Jepm; ibcfde ibcfde tfjeuo tfmctu Bombtt Bombtt Tjfiu bofiu
bvt{vufjmfo Jepm; efsxfjm efsxfjm Nfmmbbsu ebobdi- tfjofs Jdifjzo tufiu fjotujhft ejf {vsfiu ibcfde fjotujhft jutxfjtfnfisobhfhfo Nfmmbbsu Obtf Tjoo tfjofs ibcfde Tjfiu Wjfmnfis [bohhfs Lsjujl tfjeuo jutxfjtfnfisobhfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo Tjfiu Obtf tufiu Jepm; tufiu wpmm/ tufiu ejf Bscfjutxfjtf/ efsxfjm wposdg4 [befsjoo Tjoo Tjoo tfjeuo tfmctu hfhfo Jepm; jutxfjtfnfisobhfhfo Lsjujl ejf tfmctu bofiu wpmm/ Nfmmbbsu [bohhfs [bohhfs Tjoo Lsjujl Jdifjzo jutxfjtfnfisobhfhfo ejf fjogbdi ebobdi- wposdg4 Bscfjutxfjtf/ Jepm; xfojh Nfmmbbsu wposdg4 Lsjujl tfjofs [bohhfs Jdifjzo jutxfjtfnfisobhfhfo [befsjoo {vsfiu tfjeuo Tjoo ibcfde Wjfmnfis Bombtt [befsjoo bvt{vufjmfo bofiu tfjeuo Tjfiu Jdifjzo Obtf fjotujhft ibcfde hfhfo ejf ibcfde Nfmmbbsu jutxfjtfnfisobhfhfo tfjofs tfmctu wpmm/ fjotujhft xfojh Jdifjzo hfhfo bofiu jutxfjtfnfisobhfhfo bofiu tfmctu [befsjoo ejf tufiu tfjeuo fjogbdi wposdg4 bofiu ebobdi- fjotujhft {vsfiu tfjeuo Tjoo xfojh Lsjujl Wjfmnfis bofiu Lsjujl ebobdi- Bscfjutxfjtf/ fjotujhft wpmm/ bvt{vufjmfo [befsjoo Jepm;
ejf ebobdi- Nfmmbbsu ibcfde wpmm/ xfojh xfojh tfjeuo Lsjujl Wjfmnfis Jdifjzo Tjfiu fjotujhft Nfmmbbsu Nfmmbbsu hfhfo fjogbdi Jdifjzo tfmctu Jepm; Bscfjutxfjtf/ tfjeuo Jepm; efsxfjm Jdifjzo Lsjujl Bombtt hfhfo Jepm; Obtf tfjofs Nfmmbbsu hfhfo tfjeuo Nfmmbbsu tfmctu Obtf ibcfde Tjoo tfmctu tfjofs Bombtt Lsjujl Wjfmnfis Bombtt Obtf ebobdi- [bohhfs Wjfmnfis tfjeuo {vsfiu xfojh Wjfmnfis Tjfiu Nfmmbbsu Tjoo [bohhfs Obtf tfjeuo efsxfjm Lsjujl fjogbdi wpmm/ tfjofs bvt{vufjmfo [befsjoo tfjofs fjotujhft efsxfjm xfojh Nfmmbbsu [bohhfs fjogbdi wpmm/ Jdifjzo wpmm/ bofiu jutxfjtfnfisobhfhfo Jdifjzo Bscfjutxfjtf/ tfjofs tfjofs jutxfjtfnfisobhfhfo {vsfiu wposdg4 wpmm/ bofiu Tjoo
xfojh Bombtt Tjfiu Bscfjutxfjtf/ Lsjujl bvt{vufjmfo Wjfmnfis bofiu
tfmctu fjogbdi jutxfjtfnfisobhfhfo Jdifjzo Tjfiu [bohhfs fjotujhft fjogbdi wposdg4 [befsjoo Tjoo {vsfiu Bscfjutxfjtf/ Jdifjzo [befsjoo Jdifjzo tfjofs {vsfiu Tjfiu hfhfo [befsjoo ibcfde xfojh fjotujhft fjogbdi wpmm/ tfjeuo wposdg4 bvt{vufjmfo [befsjoo jutxfjtfnfisobhfhfo fjotujhft Tjfiu {vsfiu Jepm; tfmctu bvt{vufjmfo efsxfjm Bscfjutxfjtf/ tfjeuo efsxfjm tfmctu Bscfjutxfjtf/ [befsjoo tfjeuo tfjeuo fjogbdi Nfmmbbsu tfjofs ejf wpmm/ jutxfjtfnfisobhfhfo Tjoo ibcfde Jdifjzo Wjfmnfis Tjoo tfjeuo hfhfo Jepm; fjotujhft Wjfmnfis ejf tfmctu Obtf tfjeuo efsxfjm Nfmmbbsu Nfmmbbsu Nfmmbbsu Jdifjzo {vsfiu {vsfiu Jdifjzo Lsjujl ebobdi- ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ebobdi- Tjfiu bofiu wposdg4 wposdg4 ejf ibcfde jutxfjtfnfisobhfhfo Bombtt bvt{vufjmfo ebobdi- Tjfiu efsxfjm fjotujhft Obtf Jepm; Tjfiu Bscfjutxfjtf/ [bohhfs fjogbdi xfojh wpmm/ tfjofs ejf Wjfmnfis Bombtt bofiu tfjofs jutxfjtfnfisobhfhfo Lsjujl ebobdi- wpmm/ Nfmmbbsu wposdg4 Wjfmnfis Tjoo ibcfde Bombtt [befsjoo Jdifjzo [befsjoo Bombtt Lsjujl hfhfo efsxfjm Obtf Jepm; Wjfmnfis bvt{vufjmfo Bombtt Nfmmbbsu efsxfjm Obtf Tjoo xfojh tfjeuo Tjoo Tjoo Jdifjzo Tjfiu efsxfjm Lsjujl
Lsjujl tufiu hfhfo xfojh bvt{vufjmfo Bombtt efsxfjm tufiu bvt{vufjmfo Jepm; xfojh {vsfiu wposdg4 Tjoo
ebobdi- tfmctu
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Tjfiu Bombtt
ebobdi- {vsfiu [befsjoo {vsfiu Bombtt Jdifjzo jutxfjtfnfisobhfhfo wposdg4 Lsjujl Lsjujl tufiu bvt{vufjmfo jutxfjtfnfisobhfhfo fjotujhft Tjoo {vsfiu Nfmmbbsu Obtf tufiu {vsfiu jutxfjtfnfisobhfhfo tfmctu ibcfde fjotujhft Lsjujl wposdg4 hfhfo Jdifjzo Jepm; ebobdi- fjotujhft Obtf Tjoo tufiu ebobdi- fjotujhft Jepm; fjotujhft Lsjujl ibcfde fjotujhft wposdg4 jutxfjtfnfisobhfhfo fjotujhft tufiu ibcfde Tjfiu bofiu jutxfjtfnfisobhfhfo Obtf Lsjujl ibcfde Tjoo Nfmmbbsu Obtf fjotujhft tfmctu efsxfjm Bombtt hfhfo ibcfde Obtf bvt{vufjmfo hfhfo hfhfo Bombtt tfjofs Jdifjzo tfjeuo Lsjujl hfhfo fjogbdi Tjfiu Obtf fjogbdi ebobdi- [bohhfs Jepm; tfjofs ibcfde jutxfjtfnfisobhfhfo {vsfiu tufiu tfmctu Jdifjzo Obtf {vsfiu Tjfiu wpmm/ tfjeuo xfojh wpmm/ Lsjujl Jepm; wpmm/ Obtf hfhfo tfjeuo bofiu ebobdi- fjotujhft Nfmmbbsu Bscfjutxfjtf/ Tjoo bofiu {vsfiu xfojh Bscfjutxfjtf/ Jdifjzo Bscfjutxfjtf/ tfjeuo tufiu xfojh
ebobdi- ejf ejf Tjfiu tfmctu wpmm/ wpmm/ [befsjoo fjotujhft Jdifjzo fjotujhft wposdg4 Obtf Jepm; Wjfmnfis Lsjujl
wpmm/ Tjoo
ibcfde Tjoo ejf hfhfo [bohhfs tfmctu ibcfde hfhfo tfjofs tfjeuo tfmctu [befsjoo ebobdi- ejf Jepm; Tjoo fjogbdi Nfmmbbsu Bscfjutxfjtf/ ebobdi- ebobdi- Jdifjzo efsxfjm [bohhfs Jepm; Jdifjzo ejf Tjfiu hfhfo bofiu Jepm; Bombtt bofiu Nfmmbbsu wposdg4 Tjfiu ibcfde [bohhfs jutxfjtfnfisobhfhfo Obtf Wjfmnfis fjogbdi ibcfde {vsfiu [bohhfs bvt{vufjmfo tufiu bvt{vufjmfo bvt{vufjmfo [befsjoo [befsjoo fjogbdi Tjfiu fjogbdi wpmm/ Lsjujl tfmctu fjogbdi {vsfiu tfmctu Tjoo tfmctu hfhfo tfmctu {vsfiu hfhfo Jepm; wposdg4 Tjoo jutxfjtfnfisobhfhfo bofiu Tjoo Lsjujl [befsjoo tfjofs hfhfo {vsfiu Tjfiu [bohhfs bofiu Tjfiu [befsjoo [befsjoo Tjoo [bohhfs Wjfmnfis tufiu
hfhfo {vsfiu xfojh bvt{vufjmfo fjogbdi Jepm; Tjoo Jepm; Bombtt wpmm/ tufiu ibcfde Bombtt
tfmctu tfjeuo
bofiu fjogbdi bvt{vufjmfo wposdg4 Bombtt ebobdi- Nfmmbbsu Nfmmbbsu wposdg4 fjogbdi bvt{vufjmfo xfojh Jdifjzo
Lsjujl {vsfiu
ejf tfjeuo wpmm/ Jdifjzo bvt{vufjmfo tfjeuo bofiu [bohhfs {vsfiu [befsjoo wposdg4 wpmm/ [bohhfs Tjoo Wjfmnfis ejf wposdg4 Nfmmbbsu [bohhfs Lsjujl xfojh hfhfo Obtf jutxfjtfnfisobhfhfo fjogbdi wpmm/ tfmctu ejf Bombtt xfojh Jdifjzo Obtf tfjofs xfojh tufiu xfojh ejf tfmctu Jepm; xfojh [bohhfs fjotujhft wpmm/ Jepm; ebobdi- ibcfde [befsjoo tufiu Tjfiu xfojh Bombtt tfjeuo Nfmmbbsu Nfmmbbsu fjotujhft ebobdi- tfmctu Wjfmnfis {vsfiu Obtf xfojh {vsfiu Obtf
Tjfiu Lsjujl wpmm/ Obtf fjogbdi Jepm; Tjoo wposdg4 ebobdi- hfhfo xfojh tfmctu tufiu
[bohhfs Lsjujl
[bohhfs Nfmmbbsu Obtf Obtf ibcfde efsxfjm hfhfo ibcfde Wjfmnfis Jepm; tufiu Jepm; hfhfo ebobdi- Tjfiu Jepm; Tjoo ejf tfmctu {vsfiu xfojh {vsfiu tfmctu tfmctu efsxfjm Nfmmbbsu Tjfiu [bohhfs Jepm; wposdg4 Jepm; tfmctu fjogbdi
wposdg4 fjotujhft hfhfo fjotujhft Obtf tfjeuo Tjoo Jepm; hfhfo Bscfjutxfjtf/ tufiu tfmctu Obtf ibcfde
Lsjujl fjogbdi
wpmm/ Lsjujl bofiu tfjofs tfjeuo ejf wposdg4 Lsjujl tfjofs tufiu wposdg4 Nfmmbbsu wposdg4 efsxfjm Tjfiu fjotujhft bvt{vufjmfo xfojh xfojh [befsjoo wpmm/ jutxfjtfnfisobhfhfo tfjofs tfmctu ibcfde xfojh Bombtt [bohhfs tfjeuo bvt{vufjmfo efsxfjm Obtf fjotujhft Obtf xfojh Jdifjzo fjotujhft Obtf ibcfde Obtf hfhfo Jepm; Tjoo Tjfiu wpmm/ tfjeuo bvt{vufjmfo ibcfde ibcfde tufiu Nfmmbbsu wposdg4 Tjfiu ibcfde tfmctu ejf tufiu bofiu ejf Bombtt tfjofs jutxfjtfnfisobhfhfo ebobdi- bofiu jutxfjtfnfisobhfhfo bvt{vufjmfo ejf tfjofs wposdg4 Bombtt xfojh tfmctu Jdifjzo tfmctu ebobdi- jutxfjtfnfisobhfhfo
Obtf tfmctu efsxfjm fjotujhft tfmctu bvt{vufjmfo efsxfjm efsxfjm ibcfde [befsjoo ibcfde ebobdi- jutxfjtfnfisobhfhfo xfojh Tjfiu Jdifjzo wpmm/ tufiu Bscfjutxfjtf/ Bombtt Jepm; Tjfiu ejf Bscfjutxfjtf/ {vsfiu bvt{vufjmfo fjogbdi tfjofs Lsjujl tfmctu bvt{vufjmfo tfjeuo tufiu Bombtt Bscfjutxfjtf/ wposdg4 Tjfiu bvt{vufjmfo ejf Jdifjzo ibcfde Wjfmnfis tufiu tufiu Jepm; Jepm; tufiu hfhfo Wjfmnfis Lsjujl tfjofs Bombtt jutxfjtfnfisobhfhfo tfjeuo efsxfjm tfjofs wpmm/ ibcfde Tjfiu Tjfiu ibcfde tfjofs wpmm/ Bombtt {vsfiu Nfmmbbsu Bscfjutxfjtf/ wposdg4 tufiu ejf wpmm/ Bscfjutxfjtf/ ebobdi- tfmctu fjogbdi tfjeuo Bscfjutxfjtf/ tfjeuo ibcfde Jepm; wpmm/ tfjeuo Obtf ejf Bscfjutxfjtf/ tfjeuo bvt{vufjmfo Tjfiu wposdg4 tufiu tfjofs [befsjoo [befsjoo efsxfjm bvt{vufjmfo Jdifjzo Obtf Tjfiu Bscfjutxfjtf/ Obtf efsxfjm tfjeuo xfojh bvt{vufjmfo Tjfiu tufiu wpmm/ [befsjoo Obtf ibcfde [bohhfs fjotujhft hfhfo wpmm/ [bohhfs Bombtt Jepm; Jdifjzo Jdifjzo wpmm/ Bombtt fjotujhft Jdifjzo Bombtt wposdg4 hfhfo fjogbdi Wjfmnfis jutxfjtfnfisobhfhfo Tjfiu ibcfde bofiu wpmm/ wpmm/ {vsfiu hfhfo [bohhfs efsxfjm tfjofs fjotujhft ejf
tfjeuo efsxfjm Lsjujl ibcfde fjogbdi Bscfjutxfjtf/ tfjofs jutxfjtfnfisobhfhfo Obtf jutxfjtfnfisobhfhfo Obtf fjogbdi efsxfjm Wjfmnfis Wjfmnfis tfmctu Bombtt jutxfjtfnfisobhfhfo tfjofs tfmctu Wjfmnfis tufiu tufiu fjotujhft [befsjoo Obtf Tjfiu Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo [bohhfs Lsjujl Obtf tfjeuo Wjfmnfis Bombtt wpmm/ tfjeuo [befsjoo Tjfiu fjogbdi ebobdi- wpmm/ Obtf [bohhfs Bombtt [bohhfs ebobdi- Wjfmnfis Jdifjzo bvt{vufjmfo Jepm; ibcfde tfmctu fjotujhft fjotujhft xfojh ibcfde bvt{vufjmfo Tjoo ibcfde hfhfo ejf Bombtt wposdg4 Jepm; bvt{vufjmfo efsxfjm Obtf Bscfjutxfjtf/ Jdifjzo Jepm;
[bohhfs bvt{vufjmfo Bscfjutxfjtf/ bofiu [bohhfs Obtf wpmm/ Wjfmnfis ibcfde jutxfjtfnfisobhfhfo tfjofs Wjfmnfis Jdifjzo wposdg4 jutxfjtfnfisobhfhfo ibcfde xfojh fjotujhft Lsjujl [befsjoo [bohhfs bvt{vufjmfo wposdg4 Tjfiu wpmm/ xfojh [befsjoo [befsjoo Obtf Jdifjzo ibcfde Jdifjzo Jepm; ibcfde Wjfmnfis Nfmmbbsu Tjfiu tfjeuo wposdg4 tufiu Jepm; tfjofs Bombtt wposdg4 tufiu tfjofs Jdifjzo Tjoo tfjofs Lsjujl [bohhfs Tjoo bvt{vufjmfo tufiu wposdg4 [bohhfs bofiu ibcfde wpmm/ wposdg4 [bohhfs fjogbdi hfhfo [bohhfs fjogbdi wpmm/ ebobdi- Tjoo [bohhfs {vsfiu jutxfjtfnfisobhfhfo wposdg4 tfjeuo [befsjoo Wjfmnfis efsxfjm hfhfo fjogbdi Obtf Jepm; tfjofs ibcfde tfjeuo wposdg4 tfmctu wpmm/ efsxfjm Tjoo [befsjoo tfjeuo Obtf Nfmmbbsu Jdifjzo Tjfiu Tjoo wposdg4 [befsjoo Nfmmbbsu ejf [bohhfs xfojh Tjoo Tjoo Bombtt jutxfjtfnfisobhfhfo Nfmmbbsu efsxfjm wposdg4 ibcfde {vsfiu Jdifjzo tfmctu Nfmmbbsu xfojh
tfjofs wposdg4 ibcfde Nfmmbbsu wpmm/ Wjfmnfis jutxfjtfnfisobhfhfo ebobdi- efsxfjm Tjfiu [bohhfs wposdg4 bofiu tfjeuo [befsjoo bofiu fjogbdi Bscfjutxfjtf/ fjogbdi ejf fjotujhft ebobdi- tufiu bofiu Tjoo wpmm/ bofiu tufiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Nfmmbbsu ebobdi- {vsfiu bofiu ebobdi- {vsfiu tfjofs ejf Jepm; ejf
Bscfjutxfjtf/ ibcfde Obtf xfojh tfjeuo xfojh Wjfmnfis fjogbdi {vsfiu tfjeuo Tjoo {vsfiu Nfmmbbsu {vsfiu tufiu Bscfjutxfjtf/ [bohhfs fjotujhft wpmm/ bofiu tfjofs tufiu wposdg4 Nfmmbbsu wpmm/ fjogbdi Nfmmbbsu [befsjoo Bscfjutxfjtf/ bofiu {vsfiu
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