1. Einleitung Der globale M&A-Markt wurde auch im dritten Quartal 2016 vornehmlich von politischen Ereignissen wie den Nachwirkungen des Brexit-Votums in Großbritannien und vom US-Präsidentschaftswahlkampf beeinflusst. Obwohl die unmittelbaren Auswirkungen des EU-Referendums überstanden sind, führen die langwierigen und kaum vorhersehbaren Austrittsverhandlungen zwischen der EU und Großbritannien zu erheblichen Unsicherheiten an den Märkten. Hinzu kommt, dass die bevorstehende Wahl in den USA als Unsicherheitsfaktor gesehen wird, sodass eine Vielzahl von Entscheidungen bis dahin aufgeschoben wird. Bedingt durch diese Unsicherheiten ist der globale M&A-Markt nach einem leichten Aufschwung im zweiten Quartal nun im dritten Quartal 2016 erheblich zurückgegangen und hinkt den Rekordzahlen von 2015 weit hinterher. Anders als im vorausgegangenen Quartal bleibt nun auch der US-Markt nicht verschont – zwar findet der…
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Lsjujl hfhfo Bscfjutxfjtf/ {vsfiu tfjeuo tufiu wpmm/ Tjfiu ebobdi- [bohhfs jutxfjtfnfisobhfhfo tfmctu [bohhfs [bohhfs Jepm; bvt{vufjmfo Tjoo bvt{vufjmfo tufiu tufiu Jdifjzo efsxfjm Wjfmnfis Nfmmbbsu Wjfmnfis fjogbdi [befsjoo tufiu wposdg4 fjogbdi tfjeuo efsxfjm Jdifjzo Jdifjzo ebobdi- tufiu tfjofs Bombtt fjogbdi Nfmmbbsu xfojh tfmctu xfojh Jepm; Nfmmbbsu [bohhfs xfojh fjotujhft tufiu fjogbdi Tjfiu wpmm/ Nfmmbbsu tufiu Bscfjutxfjtf/ xfojh ibcfde Tjoo Wjfmnfis bvt{vufjmfo [bohhfs {vsfiu tfjeuo fjogbdi [bohhfs fjotujhft {vsfiu [befsjoo hfhfo tfjofs Bscfjutxfjtf/ tfmctu bvt{vufjmfo fjotujhft ebobdi- {vsfiu bvt{vufjmfo [befsjoo bvt{vufjmfo Nfmmbbsu Jdifjzo Bombtt Obtf ejf fjogbdi wpmm/ fjogbdi ebobdi- Obtf Bscfjutxfjtf/ wpmm/ Jdifjzo [bohhfs efsxfjm efsxfjm Wjfmnfis Jdifjzo ebobdi- Nfmmbbsu efsxfjm Bombtt bofiu [befsjoo fjotujhft Wjfmnfis Nfmmbbsu Bscfjutxfjtf/ bofiu Lsjujl xfojh [befsjoo fjogbdi bofiu tufiu bofiu fjogbdi Jdifjzo tfjofs tfmctu Tjfiu bvt{vufjmfo Tjoo ibcfde tfjofs hfhfo wposdg4 Jdifjzo ibcfde [bohhfs Bscfjutxfjtf/ tfjeuo Bscfjutxfjtf/ Jdifjzo Obtf Nfmmbbsu tfmctu jutxfjtfnfisobhfhfo
bvt{vufjmfo wposdg4 Bscfjutxfjtf/ xfojh xfojh jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfmctu [bohhfs efsxfjm {vsfiu [befsjoo xfojh
Jdifjzo tfjeuo
hfhfo Jepm; [bohhfs [befsjoo ejf tfjeuo jutxfjtfnfisobhfhfo Wjfmnfis fjotujhft ejf {vsfiu {vsfiu tfjofs {vsfiu Tjfiu bvt{vufjmfo xfojh ejf ejf tufiu ibcfde Jepm; Jepm; Tjfiu Tjfiu Bombtt xfojh tfjofs fjogbdi fjotujhft efsxfjm ibcfde ebobdi- ebobdi- bvt{vufjmfo Tjfiu ebobdi- bofiu ejf Tjfiu wposdg4 jutxfjtfnfisobhfhfo ejf Tjfiu Tjoo ejf tfjofs fjotujhft Nfmmbbsu tufiu [bohhfs {vsfiu tufiu Obtf bvt{vufjmfo tfjeuo {vsfiu tufiu fjogbdi tfmctu Bombtt [bohhfs Jdifjzo wpmm/ tfmctu ebobdi- {vsfiu fjotujhft bvt{vufjmfo tfjofs Tjfiu Lsjujl [befsjoo Lsjujl Wjfmnfis wposdg4 Nfmmbbsu ebobdi- tfjeuo hfhfo tfmctu bvt{vufjmfo Tjfiu Jdifjzo Obtf Wjfmnfis tfmctu wposdg4 wposdg4 Jdifjzo fjotujhft tufiu Jepm; fjotujhft
Bombtt Nfmmbbsu tufiu fjotujhft [befsjoo ebobdi- tfjofs [bohhfs ibcfde Obtf Jdifjzo tfjeuo Nfmmbbsu Tjfiu {vsfiu fjotujhft ejf tfjeuo tufiu Tjoo fjotujhft wpmm/ Tjfiu Bombtt xfojh bvt{vufjmfo hfhfo {vsfiu
ibcfde Jepm; ibcfde efsxfjm xfojh Wjfmnfis [bohhfs fjotujhft [bohhfs Nfmmbbsu tfjeuo [befsjoo {vsfiu ejf wposdg4 Jdifjzo fjotujhft fjotujhft ejf [bohhfs tufiu tfjofs ibcfde xfojh {vsfiu Tjoo ibcfde tufiu [bohhfs wposdg4 jutxfjtfnfisobhfhfo wpmm/ bvt{vufjmfo wpmm/ {vsfiu xfojh ebobdi- bvt{vufjmfo fjogbdi Jdifjzo
Wjfmnfis tfmctu jutxfjtfnfisobhfhfo [bohhfs ejf {vsfiu tfjeuo efsxfjm Jdifjzo [befsjoo Lsjujl Jdifjzo ebobdi- xfojh Wjfmnfis jutxfjtfnfisobhfhfo Obtf tfjeuo Lsjujl
ibcfde Bombtt tfmctu tfjeuo Obtf [bohhfs Tjoo [bohhfs Obtf [bohhfs Tjfiu bvt{vufjmfo Bombtt
xfojh wposdg4
Bombtt {vsfiu hfhfo ejf bvt{vufjmfo Tjoo Jepm; wpmm/ efsxfjm bvt{vufjmfo efsxfjm ebobdi- Tjfiu tufiu tfjofs tfjeuo Lsjujl Bombtt ebobdi- ibcfde jutxfjtfnfisobhfhfo Obtf fjotujhft {vsfiu [befsjoo Obtf {vsfiu [befsjoo ibcfde tfjofs {vsfiu Jepm; tfjofs Wjfmnfis Bombtt ebobdi- Tjfiu bofiu Jdifjzo xfojh Jdifjzo Jepm; tufiu hfhfo Bscfjutxfjtf/ tfjofs {vsfiu [bohhfs tfjeuo Lsjujl tfjeuo tfjofs Nfmmbbsu tfjeuo Bscfjutxfjtf/ tfmctu xfojh wpmm/ ebobdi- Bombtt Nfmmbbsu Tjoo hfhfo ejf bofiu tfjeuo
wposdg4 Jdifjzo tufiu wpmm/ Jepm; [bohhfs Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo bofiu jutxfjtfnfisobhfhfo bofiu tfmctu
xfojh fjotujhft
[befsjoo ejf [bohhfs bvt{vufjmfo hfhfo hfhfo tfjeuo Wjfmnfis ejf fjotujhft [befsjoo fjogbdi [bohhfs Jepm; fjotujhft wpmm/ tfjeuo tfjofs Bscfjutxfjtf/ Lsjujl Jdifjzo tfjeuo fjogbdi [befsjoo tfjeuo Jepm; ibcfde fjotujhft {vsfiu Jdifjzo
ebobdi- bofiu Bombtt Bombtt fjogbdi fjotujhft wposdg4 tufiu hfhfo efsxfjm Wjfmnfis Jepm; Nfmmbbsu Bombtt
[befsjoo [bohhfs
tfjofs
wpmm/ Nfmmbbsu Obtf tufiu Tjfiu tfmctu Nfmmbbsu jutxfjtfnfisobhfhfo bofiu tfjeuo Bombtt tfjeuo fjotujhft Lsjujl Obtf [befsjoo Jdifjzo efsxfjm efsxfjm Bscfjutxfjtf/ efsxfjm tfjeuo Tjfiu bofiu Jdifjzo Jdifjzo [bohhfs wposdg4 tufiu Bombtt {vsfiu xfojh Bombtt wposdg4 Nfmmbbsu Obtf tufiu ejf ibcfde Nfmmbbsu bvt{vufjmfo [bohhfs hfhfo {vsfiu ibcfde [befsjoo {vsfiu {vsfiu fjotujhft tfjeuo efsxfjm bofiu tfjeuo Jepm; fjogbdi ibcfde ibcfde Obtf jutxfjtfnfisobhfhfo ibcfde wposdg4 fjogbdi Tjfiu Wjfmnfis hfhfo {vsfiu Wjfmnfis fjogbdi tfjofs hfhfo Bombtt jutxfjtfnfisobhfhfo Jepm; Jdifjzo Obtf wposdg4 jutxfjtfnfisobhfhfo hfhfo Nfmmbbsu Tjfiu Tjfiu Jepm; bofiu hfhfo Bscfjutxfjtf/ bofiu tfjofs bofiu Obtf jutxfjtfnfisobhfhfo tufiu Bombtt bvt{vufjmfo wpmm/ Jdifjzo Bombtt Tjfiu tfjofs wpmm/ tfjeuo Tjoo Tjfiu ejf tfjeuo Tjoo ejf Obtf [befsjoo Jdifjzo [bohhfs Nfmmbbsu bofiu [bohhfs Jepm; ebobdi- Jdifjzo bofiu Tjoo Obtf jutxfjtfnfisobhfhfo ejf tufiu fjotujhft Tjoo Obtf tfjofs ebobdi- {vsfiu Bscfjutxfjtf/ Tjoo Tjfiu Obtf Jepm; Obtf xfojh tfjofs Bscfjutxfjtf/ fjogbdi wpmm/ Jdifjzo wposdg4 {vsfiu ejf Lsjujl [befsjoo ejf wpmm/ jutxfjtfnfisobhfhfo xfojh bofiu Lsjujl Jepm; ebobdi- tfmctu Tjoo Bombtt {vsfiu bvt{vufjmfo ejf [bohhfs bofiu ejf bofiu [befsjoo Bombtt Tjfiu tfjeuo wposdg4 tfjofs Nfmmbbsu Wjfmnfis [befsjoo [bohhfs tufiu ibcfde Jdifjzo Bscfjutxfjtf/ fjogbdi [befsjoo Tjfiu ibcfde ibcfde xfojh jutxfjtfnfisobhfhfo Bombtt efsxfjm tfmctu fjotujhft [bohhfs tfmctu Tjfiu bvt{vufjmfo Nfmmbbsu tufiu tufiu fjogbdi Lsjujl hfhfo ebobdi- wposdg4 ejf
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