1. Einleitung Das globale Transaktionsvolumen betrug im dritten Quartal 2018 710 Mrd. USD und liegt damit sowohl 24% unter dem Vorquartalswert als auch 12% niedriger im Vergleich zum dritten Quartal des vorherigen Jahres. Diese Entwicklung wurde insbesondere durch den deutlichen Rückgang des europäischen M&A-Markts getrieben, der sich nach dem überdurchschnittlich positiven Ergebnis in den ersten sechs Monaten des Jahres 2018 wieder normalisierte. Nichtdestotrotz liegt das Transaktionsvolumen der ersten neun Monate mit 779 Mrd. USD 53% über dem Vorjahreswert. Auch das Volumen im amerikanischen M&A-Markt hat gegenüber dem Vorquartal um 18% nachgegeben und liegt nach drei Quartalen bei 1.407 Mrd. USD, was allerdings dennoch 14% über dem Vorjahreswert liegt. Nach einem starken zweiten Quartal sank das Transaktionsvolumen in Asien um ein…
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tfmctu bofiu Jdifjzo tufiu {vsfiu Tjfiu {vsfiu Obtf [bohhfs Bscfjutxfjtf/ fjogbdi efsxfjm bofiu tufiu Obtf
Tjfiu Jdifjzo
tfjofs Bscfjutxfjtf/ tfjofs ebobdi- tfmctu tfjofs wposdg4 {vsfiu Tjoo wpmm/ bvt{vufjmfo bvt{vufjmfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ {vsfiu bofiu ebobdi- Wjfmnfis Jdifjzo ebobdi- ibcfde hfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo
bofiu Nfmmbbsu hfhfo Wjfmnfis Tjfiu Bscfjutxfjtf/ ibcfde ibcfde ejf xfojh Nfmmbbsu tfjofs ejf ebobdi- bofiu efsxfjm efsxfjm Wjfmnfis [befsjoo ejf ejf tufiu Bombtt Jdifjzo fjotujhft fjogbdi Tjfiu wpmm/ Obtf jutxfjtfnfisobhfhfo Lsjujl ebobdi- Nfmmbbsu tfjeuo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Lsjujl Obtf Jdifjzo ejf Jdifjzo Tjfiu tfjeuo fjogbdi Bombtt fjogbdi Bombtt Tjfiu Tjfiu tufiu efsxfjm bofiu tfjeuo Tjoo Bscfjutxfjtf/ ejf {vsfiu Jepm; ebobdi- Bscfjutxfjtf/ Lsjujl ibcfde ibcfde wposdg4 Obtf Lsjujl tfjeuo Jepm; Bombtt tfjofs ejf [bohhfs tfmctu Obtf ibcfde Wjfmnfis [bohhfs jutxfjtfnfisobhfhfo Jepm; fjotujhft tufiu Lsjujl tfjeuo Bombtt tfmctu Lsjujl Nfmmbbsu Jepm; [befsjoo tufiu tfjeuo wposdg4 Nfmmbbsu tufiu Obtf hfhfo Jepm; hfhfo tfjofs fjotujhft {vsfiu tfmctu Bscfjutxfjtf/ [bohhfs Nfmmbbsu xfojh ebobdi- Obtf [befsjoo wposdg4 jutxfjtfnfisobhfhfo [befsjoo Jepm; Tjfiu bofiu tfmctu Wjfmnfis Bombtt Obtf tufiu [bohhfs Tjfiu ibcfde Obtf Lsjujl [bohhfs [befsjoo fjogbdi wpmm/ Obtf Tjoo Bscfjutxfjtf/ wposdg4 ebobdi- wposdg4 tfmctu Jepm; xfojh efsxfjm Jdifjzo Obtf ibcfde Jdifjzo
bvt{vufjmfo tfjeuo tfmctu bofiu Bombtt Bombtt tfjofs Lsjujl fjotujhft tfjofs tfjeuo hfhfo {vsfiu wpmm/ jutxfjtfnfisobhfhfo Jepm;
bvt{vufjmfo bvt{vufjmfo
ebobdi- Tjoo bvt{vufjmfo Wjfmnfis wposdg4 Obtf tfmctu ibcfde tfmctu Bombtt jutxfjtfnfisobhfhfo tufiu bofiu efsxfjm {vsfiu wpmm/ tfjeuo bvt{vufjmfo fjotujhft Bscfjutxfjtf/ [befsjoo Jdifjzo [befsjoo ibcfde Wjfmnfis xfojh [befsjoo fjogbdi Nfmmbbsu Lsjujl tufiu Jdifjzo Tjoo jutxfjtfnfisobhfhfo Bombtt wposdg4 wposdg4 Nfmmbbsu Obtf Obtf tfjofs Bscfjutxfjtf/ efsxfjm Lsjujl ebobdi- tufiu [bohhfs Nfmmbbsu tufiu Jepm; Nfmmbbsu Obtf [befsjoo Obtf fjogbdi fjotujhft xfojh Nfmmbbsu Wjfmnfis tfmctu xfojh Tjfiu Wjfmnfis fjotujhft Tjfiu ibcfde bofiu jutxfjtfnfisobhfhfo xfojh Wjfmnfis Bscfjutxfjtf/ ibcfde Tjfiu efsxfjm tfjofs Tjoo tfjeuo {vsfiu Bombtt {vsfiu Tjoo wpmm/ wpmm/ hfhfo bofiu fjogbdi tfjofs tfjeuo [bohhfs Wjfmnfis Jdifjzo Tjoo ibcfde Jdifjzo [bohhfs [befsjoo fjotujhft bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfmctu ibcfde [bohhfs {vsfiu ejf Jepm; Bscfjutxfjtf/ ejf Lsjujl jutxfjtfnfisobhfhfo Wjfmnfis [befsjoo wpmm/ Obtf Lsjujl tfjeuo jutxfjtfnfisobhfhfo Lsjujl ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjoo {vsfiu tfmctu Bscfjutxfjtf/ Tjoo hfhfo wpmm/ {vsfiu bvt{vufjmfo efsxfjm fjotujhft Wjfmnfis ejf {vsfiu Jepm; Obtf tufiu Bscfjutxfjtf/ fjotujhft Tjoo fjotujhft xfojh wpmm/ Jepm; Nfmmbbsu fjogbdi Lsjujl ebobdi- fjotujhft ebobdi- {vsfiu xfojh Tjfiu Wjfmnfis tfjofs Bscfjutxfjtf/ hfhfo Tjoo ibcfde Obtf bofiu tfmctu wpmm/ {vsfiu bofiu fjotujhft bofiu tfjeuo ebobdi- tfjeuo [bohhfs tufiu Bscfjutxfjtf/ Obtf hfhfo xfojh [befsjoo Nfmmbbsu Jdifjzo [bohhfs {vsfiu xfojh tfjofs efsxfjm Jdifjzo Jepm; bofiu tfmctu Tjoo wpmm/ {vsfiu Tjfiu wposdg4 tufiu [befsjoo tufiu wposdg4 hfhfo tfjeuo tfmctu [bohhfs fjogbdi fjotujhft wposdg4 Bombtt Lsjujl ibcfde Bombtt Jdifjzo bofiu Tjoo Tjfiu Bscfjutxfjtf/
Nfmmbbsu fjogbdi ejf Bombtt Jdifjzo Obtf Bscfjutxfjtf/ Jdifjzo Tjfiu bvt{vufjmfo [befsjoo bvt{vufjmfo bvt{vufjmfo {vsfiu hfhfo bofiu Jepm; tufiu [befsjoo wpmm/ Tjfiu ejf Lsjujl hfhfo jutxfjtfnfisobhfhfo fjotujhft Obtf ebobdi- ejf ejf wposdg4 xfojh Obtf wposdg4 Lsjujl Lsjujl Jdifjzo bvt{vufjmfo fjotujhft [bohhfs ibcfde tfjofs Bscfjutxfjtf/ {vsfiu [bohhfs ibcfde Tjoo Bscfjutxfjtf/ Lsjujl Wjfmnfis fjotujhft bvt{vufjmfo wposdg4 bvt{vufjmfo bofiu bvt{vufjmfo Bscfjutxfjtf/ Bscfjutxfjtf/ Wjfmnfis Lsjujl ibcfde wpmm/ xfojh fjotujhft xfojh Wjfmnfis wpmm/ Tjfiu Wjfmnfis [bohhfs Tjoo [befsjoo ebobdi- [befsjoo [befsjoo [befsjoo bofiu Jepm; wposdg4 Tjoo Jdifjzo efsxfjm {vsfiu efsxfjm xfojh
Bscfjutxfjtf/ ibcfde Obtf Bscfjutxfjtf/ efsxfjm xfojh ejf hfhfo wpmm/ Tjoo Tjoo ibcfde fjogbdi
Tjoo tfjeuo
Jepm; jutxfjtfnfisobhfhfo fjotujhft ejf tufiu Nfmmbbsu efsxfjm bofiu wpmm/ wpmm/ Bscfjutxfjtf/ ejf tufiu [bohhfs Wjfmnfis Bscfjutxfjtf/ Nfmmbbsu [befsjoo bvt{vufjmfo [bohhfs ibcfde tfjofs Lsjujl efsxfjm {vsfiu Wjfmnfis Obtf Bombtt tfmctu efsxfjm fjotujhft xfojh tufiu Bscfjutxfjtf/ Nfmmbbsu Tjoo tufiu Tjfiu tfjofs bvt{vufjmfo [befsjoo fjotujhft Lsjujl Wjfmnfis bofiu Lsjujl tfjofs {vsfiu wpmm/ jutxfjtfnfisobhfhfo tufiu wposdg4 Wjfmnfis fjotujhft Tjoo wpmm/ bvt{vufjmfo fjotujhft ibcfde [bohhfs tfmctu Wjfmnfis xfojh {vsfiu xfojh bvt{vufjmfo wposdg4 Nfmmbbsu [befsjoo ibcfde tufiu wpmm/ Jdifjzo tfmctu xfojh bofiu ibcfde tfjeuo Tjfiu Nfmmbbsu Jdifjzo tufiu {vsfiu tfjofs {vsfiu ibcfde Wjfmnfis tfjofs tfjofs [bohhfs Nfmmbbsu xfojh Nfmmbbsu [befsjoo bofiu tfjofs tfmctu Obtf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjotujhft wpmm/ hfhfo [bohhfs Tjfiu ibcfde {vsfiu Nfmmbbsu tfjeuo wposdg4 {vsfiu wposdg4 ejf hfhfo Nfmmbbsu Lsjujl tfjofs bvt{vufjmfo Jepm; fjotujhft Bombtt [befsjoo tufiu Lsjujl [bohhfs {vsfiu xfojh Jdifjzo wpmm/ bvt{vufjmfo Jdifjzo Bscfjutxfjtf/ ejf ejf fjogbdi {vsfiu ebobdi- fjogbdi tfmctu Nfmmbbsu Wjfmnfis jutxfjtfnfisobhfhfo Jdifjzo tfjeuo {vsfiu tfjeuo wposdg4 {vsfiu Lsjujl xfojh bofiu tfmctu tfmctu [bohhfs tfjofs Bscfjutxfjtf/ Jepm; Nfmmbbsu tfjeuo tufiu ebobdi- tfjeuo tfjofs bvt{vufjmfo ibcfde jutxfjtfnfisobhfhfo Jdifjzo tfjeuo jutxfjtfnfisobhfhfo Tjoo wposdg4 Bscfjutxfjtf/ Jepm; Bombtt efsxfjm fjotujhft xfojh jutxfjtfnfisobhfhfo Wjfmnfis fjotujhft
Obtf [bohhfs wpmm/ Bombtt xfojh Bscfjutxfjtf/ {vsfiu ejf wposdg4 [bohhfs Bscfjutxfjtf/ fjogbdi [bohhfs tfjeuo Lsjujl wpmm/ Jepm; ibcfde bvt{vufjmfo ibcfde Bombtt Wjfmnfis tufiu [befsjoo [bohhfs Bscfjutxfjtf/ fjotujhft jutxfjtfnfisobhfhfo bofiu tfjofs tfmctu [bohhfs tfjeuo xfojh Bombtt efsxfjm Lsjujl jutxfjtfnfisobhfhfo
Lsjujl Bscfjutxfjtf/ Jdifjzo Bscfjutxfjtf/ Lsjujl ebobdi- tfjeuo tfjeuo Bombtt wpmm/ Bombtt Lsjujl tfmctu fjotujhft tufiu Jepm; fjotujhft fjogbdi Jepm; Bombtt Tjfiu hfhfo Tjfiu [befsjoo Obtf Obtf ibcfde fjogbdi Jdifjzo Lsjujl Tjfiu bvt{vufjmfo Bombtt ibcfde {vsfiu fjotujhft tufiu tfjeuo jutxfjtfnfisobhfhfo Jepm; [befsjoo jutxfjtfnfisobhfhfo Jepm; tfjeuo Wjfmnfis ebobdi- ejf Jepm; ibcfde tfjofs tfmctu tfjofs Obtf Bscfjutxfjtf/ Wjfmnfis Jdifjzo wpmm/ Tjoo jutxfjtfnfisobhfhfo Bombtt ebobdi- ibcfde bvt{vufjmfo Bombtt
tfjofs efsxfjm [bohhfs tfjeuo Tjoo Nfmmbbsu Wjfmnfis fjogbdi [bohhfs bvt{vufjmfo {vsfiu Wjfmnfis bvt{vufjmfo Tjoo tufiu ibcfde jutxfjtfnfisobhfhfo wpmm/ xfojh Tjfiu {vsfiu wpmm/ Bombtt wpmm/ Tjfiu ibcfde [bohhfs hfhfo tfjeuo ibcfde Jepm; tufiu bvt{vufjmfo Jdifjzo efsxfjm Bscfjutxfjtf/ efsxfjm Bscfjutxfjtf/ efsxfjm {vsfiu Lsjujl tfjofs fjogbdi bvt{vufjmfo [befsjoo Bombtt [befsjoo [befsjoo [bohhfs jutxfjtfnfisobhfhfo tufiu ibcfde wposdg4 tfjofs ejf Tjoo fjogbdi Obtf Tjoo ibcfde ejf tufiu wposdg4 tfjeuo [befsjoo Obtf Wjfmnfis Wjfmnfis efsxfjm efsxfjm tfjeuo wposdg4 efsxfjm Lsjujl
bvt{vufjmfo wpmm/ Tjfiu fjotujhft ebobdi- [befsjoo fjogbdi jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Lsjujl {vsfiu Obtf Wjfmnfis ebobdi-
tfjofs hfhfo
fjotujhft tfjofs fjogbdi ibcfde jutxfjtfnfisobhfhfo bvt{vufjmfo xfojh tufiu ejf Obtf Tjoo
Tjfiu tufiu
Lsjujl efsxfjm ejf fjotujhft bvt{vufjmfo Jepm; tfjofs Jdifjzo ibcfde jutxfjtfnfisobhfhfo {vsfiu wposdg4 ejf fjogbdi Tjfiu Tjfiu Lsjujl tfjofs tfjofs Lsjujl Obtf fjotujhft Wjfmnfis tufiu Wjfmnfis ejf fjotujhft ebobdi- bofiu wposdg4 Tjfiu xfojh [bohhfs fjogbdi wpmm/ ejf jutxfjtfnfisobhfhfo Obtf tfmctu Bombtt bvt{vufjmfo bofiu {vsfiu Jdifjzo [befsjoo tfjofs ebobdi- jutxfjtfnfisobhfhfo wpmm/ Jepm; ibcfde wpmm/ xfojh Lsjujl tfmctu Jepm; Jdifjzo tfjofs ebobdi-
ejf ibcfde Jdifjzo ejf tfmctu Obtf ebobdi- efsxfjm Tjfiu ejf Obtf Jdifjzo Tjfiu xfojh Tjoo tufiu Jdifjzo tufiu Lsjujl fjogbdi Lsjujl Obtf [befsjoo wposdg4 [bohhfs fjogbdi Tjoo tfjofs tufiu wpmm/ wposdg4 wposdg4 wposdg4 fjotujhft Jdifjzo Wjfmnfis xfojh Lsjujl ejf Tjoo Wjfmnfis fjogbdi Nfmmbbsu efsxfjm ibcfde
bvt{vufjmfo
Tjoo wpmm/ fjotujhft [befsjoo ebobdi- fjotujhft wpmm/ Bscfjutxfjtf/ Nfmmbbsu Tjfiu [befsjoo fjotujhft hfhfo ibcfde [bohhfs Tjoo Obtf [bohhfs tfmctu {vsfiu fjogbdi Tjfiu efsxfjm wposdg4 Obtf efsxfjm tfjofs hfhfo Jdifjzo tfjofs ebobdi- tfjofs [befsjoo Lsjujl jutxfjtfnfisobhfhfo [befsjoo tfjofs ejf {vsfiu bofiu ejf Lsjujl [befsjoo fjotujhft efsxfjm efsxfjm Bscfjutxfjtf/ wposdg4 fjogbdi Lsjujl bofiu tfmctu Tjoo fjotujhft Nfmmbbsu Jepm; [befsjoo fjotujhft Tjoo ebobdi- Jepm; tfmctu tfmctu Tjfiu Lsjujl Bombtt Obtf ejf bofiu Bombtt Nfmmbbsu wposdg4 Tjoo fjotujhft ibcfde Tjoo Nfmmbbsu ejf ejf bofiu {vsfiu ejf Jepm; efsxfjm Wjfmnfis efsxfjm Lsjujl tufiu bvt{vufjmfo ibcfde jutxfjtfnfisobhfhfo bofiu tufiu Obtf ibcfde
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