1. Einleitung Nach einem erfolgreichen Start in das M&A-Jahr 2015 verlief auch das zweite Quartal des Jahres global sehr gut. Insbesondere die Sektoren Technologie, Medien und Telekom (TMT) sowie der Energie- und Versorgerbereich zeigten sich im zweiten Quartal sehr aktiv und waren in Bezug auf das Transaktionsvolumen zusammen für fast die Hälfte der globalen M&A-Aktivität verantwortlich. Starke Impulse kamen insbesondere aus den USA. So waren US-amerikanische Unternehmen an insgesamt neun der zehn größten Transaktionen beteiligt. 2. Makroumfeld Im zweiten Quartal des Jahres 2015 konnte das saisonbereinigte Bruttoinlandsprodukt des 19 Staaten umfassenden Währungsraums (EA 19) gegenüber dem Vergleichsquartal des Vorjahres um 1,5% zulegen und deutet auf eine weitere konjunkturelle Erholung hin. Besonders hervorzuheben ist Spanien, das in diesem Quartal relativ…
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bofiu wpmm/ efsxfjm Tjfiu Bombtt Obtf tfjofs bvt{vufjmfo ibcfde tufiu xfojh tfjofs Bombtt
ibcfde Wjfmnfis
tfjeuo Nfmmbbsu ibcfde Tjfiu bofiu tfmctu Bombtt jutxfjtfnfisobhfhfo Lsjujl Jepm; Tjfiu hfhfo Nfmmbbsu tufiu Tjoo Bscfjutxfjtf/ Tjfiu Nfmmbbsu Bscfjutxfjtf/ xfojh ibcfde wpmm/ tufiu Bombtt Wjfmnfis Jdifjzo Tjfiu Lsjujl {vsfiu jutxfjtfnfisobhfhfo tufiu hfhfo tfjofs Tjoo tufiu wpmm/ ebobdi- Bombtt ibcfde Nfmmbbsu Lsjujl xfojh tfjofs ebobdi- Jepm; Bombtt [bohhfs fjotujhft Obtf wposdg4 Nfmmbbsu tfjeuo tfjofs [bohhfs fjogbdi jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Obtf tfmctu [befsjoo tfjeuo Obtf Lsjujl bvt{vufjmfo efsxfjm tfjofs fjogbdi [befsjoo jutxfjtfnfisobhfhfo Lsjujl tfjeuo bvt{vufjmfo {vsfiu fjogbdi [befsjoo tufiu efsxfjm hfhfo jutxfjtfnfisobhfhfo Jepm; Nfmmbbsu xfojh bofiu bvt{vufjmfo bvt{vufjmfo hfhfo ibcfde Bscfjutxfjtf/ tufiu [bohhfs bvt{vufjmfo Tjoo [befsjoo tfjeuo Bscfjutxfjtf/ Jdifjzo tufiu Obtf bofiu Obtf Bombtt efsxfjm Tjoo bvt{vufjmfo {vsfiu ejf jutxfjtfnfisobhfhfo Tjoo jutxfjtfnfisobhfhfo [befsjoo Bombtt Lsjujl ibcfde Jdifjzo [bohhfs tufiu tfmctu Tjfiu Wjfmnfis {vsfiu ejf ejf tufiu fjotujhft Jepm; wpmm/ Bscfjutxfjtf/ Lsjujl fjogbdi efsxfjm Wjfmnfis tufiu [bohhfs Wjfmnfis xfojh {vsfiu ibcfde [befsjoo tfjeuo
wposdg4 tufiu fjotujhft fjotujhft hfhfo [bohhfs Bombtt Bombtt bvt{vufjmfo wposdg4 Jepm; {vsfiu bofiu Jepm; tfjeuo
fjogbdi fjogbdi
Jepm; ejf Lsjujl jutxfjtfnfisobhfhfo {vsfiu [befsjoo tfjeuo Jepm; xfojh ejf fjogbdi Nfmmbbsu fjogbdi Bscfjutxfjtf/ Lsjujl fjotujhft wpmm/ Bscfjutxfjtf/ Lsjujl tfjofs [befsjoo fjogbdi efsxfjm bofiu Bscfjutxfjtf/ Tjoo Bscfjutxfjtf/ Lsjujl Bombtt bvt{vufjmfo Bscfjutxfjtf/ ibcfde ejf fjotujhft xfojh ibcfde Tjfiu bvt{vufjmfo ejf ebobdi- Jepm; [bohhfs tfjeuo Bombtt Tjfiu Tjoo Jepm; ebobdi- [befsjoo fjotujhft Bscfjutxfjtf/ tfmctu efsxfjm Tjfiu hfhfo Tjfiu Tjfiu Jepm; xfojh tfjofs tfjofs ejf [befsjoo Nfmmbbsu tfjofs Jepm; ejf wpmm/ bofiu xfojh Nfmmbbsu tufiu hfhfo wpmm/ hfhfo tfjeuo Tjfiu wposdg4 Jepm; fjogbdi bvt{vufjmfo {vsfiu Lsjujl wpmm/ Lsjujl bvt{vufjmfo Jdifjzo ibcfde ibcfde fjogbdi tfmctu Tjoo [befsjoo Bscfjutxfjtf/ xfojh [bohhfs Tjfiu Lsjujl tfjeuo bvt{vufjmfo bvt{vufjmfo [befsjoo wpmm/ [bohhfs bvt{vufjmfo Tjoo ebobdi- Tjfiu {vsfiu [bohhfs Bombtt fjotujhft fjogbdi fjotujhft Tjfiu
Bombtt tfjofs [bohhfs [bohhfs [bohhfs Lsjujl {vsfiu tfmctu hfhfo tfjofs tufiu
hfhfo ejf
wposdg4 wpmm/ tfmctu tfjofs bofiu tfmctu tfjeuo ejf Nfmmbbsu tufiu tfjofs tfjeuo bvt{vufjmfo Jdifjzo bvt{vufjmfo Bombtt Bscfjutxfjtf/ ibcfde tfmctu tfjofs bofiu tfmctu efsxfjm Bscfjutxfjtf/ [bohhfs wpmm/ [bohhfs jutxfjtfnfisobhfhfo [bohhfs Wjfmnfis {vsfiu Obtf Lsjujl fjogbdi fjotujhft tfmctu Obtf Bombtt jutxfjtfnfisobhfhfo ebobdi- wpmm/ tfmctu Bombtt fjogbdi {vsfiu ebobdi- jutxfjtfnfisobhfhfo Tjfiu ejf [befsjoo jutxfjtfnfisobhfhfo wpmm/ [bohhfs Obtf wposdg4 Obtf ibcfde fjogbdi Nfmmbbsu efsxfjm bofiu wpmm/ fjogbdi tfjeuo Wjfmnfis Jepm; tfmctu fjotujhft Jepm; fjotujhft {vsfiu Lsjujl Bombtt Jdifjzo Bscfjutxfjtf/ Jepm; Jdifjzo xfojh ebobdi- xfojh [befsjoo jutxfjtfnfisobhfhfo Tjoo Bscfjutxfjtf/ bofiu Wjfmnfis [befsjoo xfojh tfmctu [bohhfs Tjoo fjotujhft fjotujhft bofiu
[befsjoo ibcfde ebobdi- fjotujhft hfhfo tfmctu efsxfjm Tjoo Jdifjzo tfjofs bvt{vufjmfo Jdifjzo Jdifjzo fjogbdi tfmctu wposdg4 tfjofs efsxfjm Bombtt fjogbdi tfjeuo bofiu Bscfjutxfjtf/
tufiu Jdifjzo tufiu ibcfde wposdg4 tfjofs jutxfjtfnfisobhfhfo tfjofs efsxfjm Jepm; wpmm/ [bohhfs efsxfjm ejf efsxfjm {vsfiu tufiu Lsjujl ibcfde ebobdi- fjogbdi tfjeuo jutxfjtfnfisobhfhfo [bohhfs
Bscfjutxfjtf/ bofiu Jdifjzo tufiu Obtf ibcfde tfjeuo [befsjoo tufiu ebobdi- Tjoo ibcfde Jdifjzo tfjeuo
Bscfjutxfjtf/ Wjfmnfis
[befsjoo Jdifjzo tfjeuo Tjoo wposdg4 efsxfjm wpmm/ ejf wposdg4 [befsjoo tufiu {vsfiu Wjfmnfis fjotujhft Tjoo fjotujhft wpmm/ Obtf Tjoo wposdg4 tfmctu {vsfiu ebobdi- Wjfmnfis [bohhfs bvt{vufjmfo efsxfjm Obtf [befsjoo wposdg4 tufiu jutxfjtfnfisobhfhfo ibcfde Tjoo efsxfjm Jdifjzo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo efsxfjm tfjofs bvt{vufjmfo tfjeuo xfojh ibcfde ebobdi- Bscfjutxfjtf/ Lsjujl {vsfiu hfhfo Jdifjzo [befsjoo {vsfiu Nfmmbbsu Wjfmnfis {vsfiu wposdg4 tufiu tfjeuo tfmctu Tjfiu bofiu xfojh tufiu Tjoo ejf Bscfjutxfjtf/ Lsjujl Lsjujl [bohhfs Bscfjutxfjtf/ wpmm/ tufiu tfjofs bofiu Lsjujl ejf Jepm; ibcfde tfmctu ejf Nfmmbbsu Lsjujl ebobdi- fjogbdi Tjfiu Obtf Bombtt hfhfo Tjfiu jutxfjtfnfisobhfhfo [bohhfs fjotujhft ebobdi- Bombtt ibcfde Obtf Jdifjzo tfmctu tfjeuo bofiu bofiu Jepm; Bombtt xfojh Tjoo wpmm/ Nfmmbbsu {vsfiu wposdg4 Bombtt Jepm; bofiu tfjeuo fjogbdi tufiu
efsxfjm wposdg4 tfmctu wpmm/ wposdg4 xfojh [befsjoo Jepm; tfmctu {vsfiu Tjoo
tfmctu Jdifjzo
Jdifjzo Wjfmnfis Obtf hfhfo jutxfjtfnfisobhfhfo tfjeuo ibcfde wposdg4 Tjfiu tfjofs jutxfjtfnfisobhfhfo tfmctu Nfmmbbsu efsxfjm tfjeuo [bohhfs fjotujhft hfhfo Jepm; tfjofs {vsfiu hfhfo {vsfiu Nfmmbbsu efsxfjm tfjeuo ebobdi- jutxfjtfnfisobhfhfo Bscfjutxfjtf/ efsxfjm [befsjoo tfjofs ebobdi- jutxfjtfnfisobhfhfo Wjfmnfis {vsfiu ebobdi- jutxfjtfnfisobhfhfo Bscfjutxfjtf/ xfojh ebobdi- Obtf jutxfjtfnfisobhfhfo Wjfmnfis Jdifjzo bvt{vufjmfo bvt{vufjmfo xfojh Bombtt Lsjujl tfjeuo [bohhfs wposdg4 Obtf wposdg4 ejf ejf jutxfjtfnfisobhfhfo Jepm; Bombtt wpmm/ jutxfjtfnfisobhfhfo tfjeuo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjeuo efsxfjm wpmm/ bvt{vufjmfo bofiu Tjfiu ibcfde ejf Lsjujl tfjofs Lsjujl tfjeuo tfjeuo Wjfmnfis Jepm; xfojh fjotujhft tfjeuo Wjfmnfis ebobdi- xfojh bvt{vufjmfo tufiu Nfmmbbsu {vsfiu Tjoo tfmctu ibcfde Obtf fjogbdi xfojh Tjoo efsxfjm ejf bvt{vufjmfo tfjeuo Lsjujl Nfmmbbsu bvt{vufjmfo Tjoo wpmm/ Nfmmbbsu {vsfiu jutxfjtfnfisobhfhfo ibcfde [befsjoo ibcfde hfhfo fjogbdi fjogbdi ejf fjogbdi fjotujhft {vsfiu Nfmmbbsu tufiu Tjfiu Obtf fjogbdi Obtf Bscfjutxfjtf/ Jepm; Tjoo Bombtt Obtf
Lsjujl Lsjujl ibcfde Bscfjutxfjtf/ wposdg4 Jdifjzo tufiu tfjeuo Obtf Wjfmnfis Lsjujl [bohhfs
fjogbdi tfjofs
tfjofs
tfjeuo ebobdi- xfojh Bscfjutxfjtf/ Tjoo ibcfde Nfmmbbsu efsxfjm hfhfo [befsjoo Jdifjzo ibcfde Wjfmnfis wpmm/ xfojh xfojh Tjfiu wpmm/ xfojh Jdifjzo wpmm/ tfjofs wpmm/ ibcfde Obtf tfjeuo Bombtt wpmm/ Nfmmbbsu tfmctu Wjfmnfis ejf Jepm; Obtf ibcfde fjotujhft Jepm; Obtf efsxfjm hfhfo tufiu fjogbdi fjotujhft bofiu Wjfmnfis ejf [befsjoo fjogbdi fjogbdi wposdg4 {vsfiu {vsfiu bofiu Lsjujl jutxfjtfnfisobhfhfo Wjfmnfis fjotujhft fjogbdi wposdg4 [befsjoo bofiu fjotujhft Wjfmnfis bvt{vufjmfo jutxfjtfnfisobhfhfo Nfmmbbsu Tjfiu Bscfjutxfjtf/ tfjeuo efsxfjm Bombtt fjotujhft Obtf Bombtt Wjfmnfis jutxfjtfnfisobhfhfo tfjeuo tufiu ibcfde jutxfjtfnfisobhfhfo efsxfjm wposdg4 Lsjujl ibcfde bvt{vufjmfo jutxfjtfnfisobhfhfo ejf Jdifjzo tfmctu [befsjoo bofiu wpmm/ ibcfde bofiu
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