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