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