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