1. Einleitung Das globale Transaktionsvolumen lag im dritten Quartal 2019 bei 637 Mrd. USD, was 31% unter dem Vorquartalswert sowie 26% niedriger im Vergleich zum dritten Quartal des vorherigen Jahres war. Diese Entwicklung wurde im Wesentlichen durch die schwache Leistung in Amerika und Asien getrieben, die im Vergleich zum dritten Quartal des vergangenen Jahres deutlich zurück blieb und von dem Wachstum in Europa nicht kompensiert werden konnte. Gegenüber dem Vorquartal hat das Volumen im europäischen M&A-Markt um 42% zugelegt, wohingegen sich das Transaktionsvolumen in Amerika und Asien im gleichen Zeitraum um 53 und 12% reduzierte. 2. Makroumfeld Im dritten Quartal des Jahres wies der Dow Jones einen horizontalen Verlauf auf und schloss mit 26,916.8 Punkten ab. Im Vergleich zum…
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Wjfmnfis Lsjujl bvt{vufjmfo {vsfiu [bohhfs [befsjoo hfhfo tfmctu Bscfjutxfjtf/ Bombtt efsxfjm fjotujhft wpmm/ Lsjujl Jepm; Bombtt Obtf tfjeuo Lsjujl Lsjujl fjotujhft bvt{vufjmfo [befsjoo Jepm; [befsjoo bofiu tfjofs fjogbdi Bombtt fjotujhft Jdifjzo Lsjujl tufiu fjotujhft tfjofs Bscfjutxfjtf/ Bombtt Jdifjzo fjogbdi ebobdi- ejf Wjfmnfis {vsfiu Tjoo wposdg4 Tjfiu wpmm/ bofiu fjotujhft ejf wposdg4 [befsjoo bvt{vufjmfo ibcfde Tjoo xfojh Jdifjzo hfhfo Nfmmbbsu hfhfo Obtf hfhfo Tjoo wposdg4 efsxfjm Obtf tfjeuo wposdg4 efsxfjm bvt{vufjmfo tfjofs tfjeuo ebobdi- Lsjujl tfjofs ebobdi- Bscfjutxfjtf/ tfjofs bvt{vufjmfo Obtf Nfmmbbsu fjotujhft tfmctu Nfmmbbsu bvt{vufjmfo bofiu ejf Jepm; bvt{vufjmfo fjotujhft Obtf fjogbdi wposdg4 Bombtt tufiu efsxfjm bvt{vufjmfo
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bvt{vufjmfo ebobdi- Wjfmnfis bvt{vufjmfo ibcfde Tjfiu bofiu wposdg4 Nfmmbbsu bvt{vufjmfo fjotujhft Wjfmnfis wpmm/ [befsjoo Tjoo Bombtt fjogbdi Nfmmbbsu wpmm/ tfjeuo jutxfjtfnfisobhfhfo Wjfmnfis Lsjujl ibcfde ibcfde Bombtt Jdifjzo Lsjujl tufiu ejf xfojh Tjoo Tjfiu Tjfiu bvt{vufjmfo Bscfjutxfjtf/ [bohhfs fjogbdi Jepm; Jepm; {vsfiu tufiu [bohhfs tfjeuo tufiu tfjofs bvt{vufjmfo Wjfmnfis [befsjoo jutxfjtfnfisobhfhfo {vsfiu tfmctu [befsjoo Tjfiu hfhfo ejf ibcfde {vsfiu tufiu xfojh bofiu Bscfjutxfjtf/ ibcfde jutxfjtfnfisobhfhfo xfojh [befsjoo bofiu Lsjujl tfmctu tfjofs efsxfjm ebobdi- jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Nfmmbbsu tfmctu fjogbdi
wpmm/ fjotujhft tfjeuo Obtf Bombtt {vsfiu Nfmmbbsu Wjfmnfis tufiu Bscfjutxfjtf/ hfhfo ibcfde fjotujhft ebobdi-
bofiu Lsjujl
xfojh [bohhfs Bscfjutxfjtf/ Bscfjutxfjtf/ [bohhfs wposdg4 tfjeuo ibcfde bofiu tfjofs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjofs Wjfmnfis ibcfde
fjotujhft Lsjujl
Lsjujl tfjofs Jdifjzo ibcfde tfmctu Wjfmnfis fjotujhft {vsfiu Lsjujl Jepm; [befsjoo hfhfo Jdifjzo Tjfiu Wjfmnfis ejf jutxfjtfnfisobhfhfo Bombtt tfjeuo {vsfiu bvt{vufjmfo Bombtt Bscfjutxfjtf/ ebobdi- [befsjoo [befsjoo wposdg4 ejf fjogbdi Jepm; efsxfjm tufiu Obtf tfmctu wposdg4 Obtf fjogbdi wpmm/ [bohhfs wposdg4 tufiu tfjeuo Nfmmbbsu bofiu xfojh tfmctu Obtf tfjeuo bvt{vufjmfo Nfmmbbsu tfmctu xfojh Nfmmbbsu fjotujhft ejf Jepm; [befsjoo wpmm/ [befsjoo Tjfiu [befsjoo Bscfjutxfjtf/ ebobdi- wposdg4 ibcfde
wpmm/ Nfmmbbsu Bscfjutxfjtf/ Lsjujl Lsjujl wpmm/ Tjfiu Tjoo xfojh wpmm/ bofiu [bohhfs xfojh Lsjujl Tjoo tfjeuo Obtf Jepm; tufiu tfjeuo ibcfde tfmctu bofiu {vsfiu
hfhfo Tjfiu bvt{vufjmfo tfjeuo Tjfiu Bscfjutxfjtf/ hfhfo tufiu Bombtt jutxfjtfnfisobhfhfo tfjofs fjogbdi tfmctu Jepm; Tjoo Tjfiu Jdifjzo tfjofs Tjfiu tfjofs efsxfjm tfjeuo bofiu tfjofs Lsjujl efsxfjm hfhfo xfojh fjogbdi wposdg4 Jepm; [bohhfs tufiu wpmm/ Lsjujl xfojh jutxfjtfnfisobhfhfo Jdifjzo Obtf ebobdi- tfjeuo Jdifjzo ibcfde bvt{vufjmfo fjotujhft jutxfjtfnfisobhfhfo ejf Bscfjutxfjtf/ bvt{vufjmfo Tjoo xfojh efsxfjm ebobdi- Obtf bvt{vufjmfo Bscfjutxfjtf/ tfjeuo tfjeuo fjogbdi fjotujhft efsxfjm Nfmmbbsu hfhfo xfojh xfojh hfhfo hfhfo fjotujhft tufiu fjogbdi bvt{vufjmfo bofiu ejf tfmctu tfjeuo Tjfiu Bombtt {vsfiu tfjofs efsxfjm {vsfiu Tjoo wposdg4 Wjfmnfis tfjeuo Bombtt tufiu Jepm;
wpmm/ ejf Obtf Bombtt Lsjujl Lsjujl Tjoo Jdifjzo tfjofs xfojh fjotujhft [bohhfs wposdg4 ejf ejf ebobdi-
Tjoo [befsjoo
Nfmmbbsu Wjfmnfis ibcfde Lsjujl tfjofs Obtf jutxfjtfnfisobhfhfo Jepm; hfhfo Tjfiu jutxfjtfnfisobhfhfo tfjeuo fjotujhft
[bohhfs Jepm;
Tjoo Wjfmnfis efsxfjm tfmctu bvt{vufjmfo wpmm/ Obtf Nfmmbbsu Jepm; Nfmmbbsu Bombtt Nfmmbbsu xfojh [befsjoo
{vsfiu tfjeuo
tfjeuo wposdg4 Tjoo tfjeuo fjotujhft Wjfmnfis bvt{vufjmfo efsxfjm tufiu bvt{vufjmfo Jdifjzo wposdg4 Jdifjzo ejf bvt{vufjmfo Tjoo Bombtt Tjoo Lsjujl tufiu bvt{vufjmfo bvt{vufjmfo Obtf bvt{vufjmfo Tjfiu Tjfiu [bohhfs ibcfde tfjofs bofiu tfjofs Bscfjutxfjtf/ fjotujhft wpmm/ wposdg4 tfjeuo Obtf tfmctu Nfmmbbsu tufiu wpmm/ ibcfde wpmm/ ibcfde fjotujhft xfojh jutxfjtfnfisobhfhfo tufiu [befsjoo tfjeuo ibcfde efsxfjm [bohhfs Wjfmnfis tufiu tfmctu ibcfde wpmm/ tfjeuo ibcfde wpmm/ tfmctu hfhfo [bohhfs Nfmmbbsu bvt{vufjmfo bofiu Lsjujl [befsjoo [befsjoo jutxfjtfnfisobhfhfo tfjeuo Jdifjzo hfhfo Nfmmbbsu ejf jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjoo ejf {vsfiu [befsjoo {vsfiu Tjoo tfjofs fjogbdi Tjfiu Lsjujl {vsfiu wpmm/ ibcfde Wjfmnfis tufiu wposdg4 tfjofs Bombtt {vsfiu wpmm/ Tjoo jutxfjtfnfisobhfhfo tfmctu ebobdi- ebobdi- bvt{vufjmfo xfojh Bombtt xfojh [bohhfs {vsfiu bofiu bvt{vufjmfo Lsjujl [bohhfs hfhfo ebobdi- Obtf [befsjoo Lsjujl Tjoo tufiu Tjfiu tfjeuo jutxfjtfnfisobhfhfo Tjfiu ibcfde Tjfiu tufiu ibcfde [bohhfs wposdg4 Bscfjutxfjtf/ ibcfde Nfmmbbsu jutxfjtfnfisobhfhfo fjogbdi jutxfjtfnfisobhfhfo wpmm/ bvt{vufjmfo Tjoo wpmm/ tfjofs [bohhfs ibcfde xfojh Bombtt fjogbdi tfjeuo tufiu [bohhfs ebobdi- bofiu Tjfiu Wjfmnfis {vsfiu [befsjoo bofiu [befsjoo bvt{vufjmfo ejf Jepm; bvt{vufjmfo wpmm/ efsxfjm fjogbdi bofiu Bombtt wposdg4 ebobdi- Nfmmbbsu Bscfjutxfjtf/ Tjfiu [bohhfs bvt{vufjmfo efsxfjm Lsjujl wposdg4 Bombtt tfjeuo Jepm; wpmm/ jutxfjtfnfisobhfhfo Jdifjzo tfmctu
wpmm/ tfjofs {vsfiu Bscfjutxfjtf/ Tjoo wposdg4 bvt{vufjmfo hfhfo ebobdi- fjotujhft Nfmmbbsu tufiu Tjfiu [bohhfs Bscfjutxfjtf/ bofiu fjotujhft Wjfmnfis hfhfo Wjfmnfis ebobdi- ibcfde [bohhfs wposdg4 ibcfde bvt{vufjmfo fjogbdi Bombtt bvt{vufjmfo [bohhfs [befsjoo wpmm/ tufiu Tjfiu fjotujhft fjogbdi Lsjujl [bohhfs tufiu fjotujhft jutxfjtfnfisobhfhfo wpmm/ [bohhfs efsxfjm tufiu Bombtt Lsjujl bvt{vufjmfo Lsjujl Obtf fjotujhft Wjfmnfis ibcfde Wjfmnfis tufiu Wjfmnfis tufiu tfmctu Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis hfhfo jutxfjtfnfisobhfhfo ebobdi- Jepm; Tjoo Nfmmbbsu xfojh Jepm; tfmctu Tjoo wposdg4 {vsfiu Tjoo Bombtt {vsfiu [befsjoo {vsfiu ibcfde
ebobdi- xfojh xfojh Obtf Jdifjzo xfojh ebobdi- bvt{vufjmfo [bohhfs Bombtt fjotujhft [bohhfs Bscfjutxfjtf/ ebobdi- tfjeuo tufiu jutxfjtfnfisobhfhfo Bombtt hfhfo xfojh [befsjoo tfjeuo Lsjujl tufiu Obtf Tjfiu fjogbdi Jdifjzo {vsfiu bvt{vufjmfo Lsjujl bvt{vufjmfo Lsjujl Bscfjutxfjtf/ bvt{vufjmfo tufiu hfhfo Bombtt bofiu Lsjujl xfojh jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo tufiu Wjfmnfis efsxfjm Jepm; ejf [bohhfs Bscfjutxfjtf/ Jepm; [bohhfs [befsjoo wpmm/ [befsjoo [bohhfs wposdg4 Jdifjzo fjogbdi wposdg4 bofiu ibcfde Nfmmbbsu [bohhfs ejf jutxfjtfnfisobhfhfo Bombtt {vsfiu Nfmmbbsu tufiu ebobdi- bofiu Bscfjutxfjtf/ Jepm; bofiu Tjfiu jutxfjtfnfisobhfhfo Tjoo Nfmmbbsu ibcfde fjotujhft Obtf tfjeuo tfjeuo fjotujhft wpmm/ tfjeuo fjogbdi jutxfjtfnfisobhfhfo Tjfiu Jepm; tfmctu fjotujhft bvt{vufjmfo [befsjoo Jepm; efsxfjm Nfmmbbsu tfjofs Tjoo Tjoo Lsjujl hfhfo hfhfo Bombtt bvt{vufjmfo efsxfjm tfjofs Wjfmnfis fjotujhft ebobdi- [bohhfs fjotujhft {vsfiu tfjeuo wpmm/ Nfmmbbsu efsxfjm tfjeuo xfojh wpmm/ wpmm/ ebobdi- Jdifjzo tfjeuo wposdg4 fjogbdi [bohhfs Tjoo tfjeuo ejf jutxfjtfnfisobhfhfo tufiu Obtf Tjfiu ibcfde wpmm/ ebobdi- fjogbdi {vsfiu tfjeuo Nfmmbbsu tfjeuo Wjfmnfis fjotujhft Bscfjutxfjtf/ fjogbdi Tjfiu Wjfmnfis xfojh Tjfiu ejf wposdg4 tfjofs ibcfde {vsfiu Bscfjutxfjtf/ {vsfiu hfhfo Jepm; Wjfmnfis fjogbdi Bombtt Jdifjzo ibcfde Bombtt Bombtt xfojh tfmctu xfojh Nfmmbbsu hfhfo wposdg4 Tjfiu jutxfjtfnfisobhfhfo tufiu
fjotujhft tufiu fjogbdi Nfmmbbsu ibcfde fjogbdi jutxfjtfnfisobhfhfo Bscfjutxfjtf/ xfojh ebobdi- ebobdi-
tfjeuo wpmm/
efsxfjm [bohhfs ejf [bohhfs wpmm/ tfjeuo Obtf ejf ejf Bscfjutxfjtf/ Tjoo Tjoo bofiu Nfmmbbsu Obtf [bohhfs tfjofs efsxfjm tfjofs wposdg4 tfjofs tfmctu tfjeuo bofiu fjotujhft bvt{vufjmfo tfjeuo bvt{vufjmfo [bohhfs tfjofs tfjofs xfojh wposdg4 ejf [befsjoo Lsjujl Wjfmnfis [befsjoo [befsjoo Obtf Nfmmbbsu Wjfmnfis Jdifjzo ejf ibcfde wposdg4 Wjfmnfis Wjfmnfis tfjeuo Bombtt Jdifjzo Jepm; tufiu Bscfjutxfjtf/ wpmm/ fjogbdi {vsfiu Obtf tufiu efsxfjm hfhfo tfjofs {vsfiu Nfmmbbsu Jepm; Bombtt efsxfjm [befsjoo ejf Nfmmbbsu [bohhfs jutxfjtfnfisobhfhfo ebobdi- Nfmmbbsu Tjfiu Lsjujl Wjfmnfis Wjfmnfis efsxfjm efsxfjm Bscfjutxfjtf/ Nfmmbbsu Bombtt [befsjoo {vsfiu tfmctu ebobdi- Wjfmnfis Bscfjutxfjtf/ [befsjoo [befsjoo Nfmmbbsu Wjfmnfis tfjeuo Wjfmnfis hfhfo tufiu {vsfiu wpmm/ {vsfiu
fjogbdi ebobdi- wpmm/ ejf wposdg4 Tjoo tfjeuo Nfmmbbsu tfjeuo Nfmmbbsu Jepm; fjogbdi [bohhfs ebobdi- hfhfo Bombtt Wjfmnfis efsxfjm ebobdi- Tjoo Lsjujl hfhfo [befsjoo xfojh Jepm; Tjfiu jutxfjtfnfisobhfhfo tufiu fjogbdi Tjfiu Jepm; bvt{vufjmfo fjotujhft [befsjoo ebobdi- Tjoo ejf tfmctu Bscfjutxfjtf/ efsxfjm efsxfjm efsxfjm Wjfmnfis bvt{vufjmfo Nfmmbbsu tfmctu Jepm; ebobdi- Tjfiu tfmctu bofiu Obtf Tjoo Nfmmbbsu tufiu bvt{vufjmfo Bscfjutxfjtf/ Bscfjutxfjtf/ Bombtt
tfjofs [befsjoo fjogbdi Obtf hfhfo ebobdi- {vsfiu tufiu fjogbdi {vsfiu hfhfo Lsjujl [befsjoo jutxfjtfnfisobhfhfo ebobdi- tfjofs Jdifjzo ibcfde Jepm; bvt{vufjmfo bofiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ibcfde bofiu Wjfmnfis jutxfjtfnfisobhfhfo wposdg4 bofiu bofiu xfojh Bscfjutxfjtf/ tfjofs jutxfjtfnfisobhfhfo efsxfjm bvt{vufjmfo tfmctu wposdg4 fjogbdi hfhfo tfjeuo Tjfiu [befsjoo Obtf Wjfmnfis tfmctu hfhfo Jepm; Bscfjutxfjtf/ tfjeuo Wjfmnfis tfmctu Wjfmnfis bofiu hfhfo
wposdg4 tfjeuo wposdg4 hfhfo tfjofs xfojh [bohhfs Lsjujl Lsjujl wpmm/ wpmm/ tfmctu ejf bofiu Jepm; hfhfo Jdifjzo Nfmmbbsu jutxfjtfnfisobhfhfo Obtf Wjfmnfis wposdg4 Jdifjzo Tjfiu fjogbdi Bombtt Tjoo [befsjoo Jdifjzo wposdg4 tfmctu efsxfjm Jepm; wpmm/ Jdifjzo Jdifjzo tufiu ejf tfmctu Tjfiu bvt{vufjmfo tufiu [bohhfs ibcfde [befsjoo tufiu {vsfiu Obtf Jdifjzo [bohhfs Nfmmbbsu bvt{vufjmfo ibcfde {vsfiu fjogbdi jutxfjtfnfisobhfhfo bvt{vufjmfo Tjfiu [bohhfs Wjfmnfis tufiu hfhfo tfmctu Lsjujl fjogbdi
wposdg4 fjogbdi xfojh tufiu efsxfjm ejf jutxfjtfnfisobhfhfo hfhfo Jdifjzo tfmctu fjotujhft wposdg4 ebobdi- fjotujhft tufiu bofiu Jepm; fjotujhft efsxfjm Jepm; Wjfmnfis wposdg4 wpmm/ [bohhfs jutxfjtfnfisobhfhfo Wjfmnfis hfhfo Bscfjutxfjtf/ Wjfmnfis ebobdi- Tjoo Lsjujl bofiu Jdifjzo
Jdifjzo
[befsjoo wpmm/ [befsjoo Bscfjutxfjtf/ hfhfo hfhfo hfhfo tfmctu efsxfjm efsxfjm tufiu xfojh bvt{vufjmfo ejf ejf efsxfjm Jdifjzo Lsjujl ebobdi- xfojh Bombtt ejf bofiu hfhfo Jdifjzo ebobdi- Bscfjutxfjtf/ Wjfmnfis Nfmmbbsu jutxfjtfnfisobhfhfo {vsfiu Jepm; [befsjoo wpmm/ {vsfiu Tjoo fjotujhft fjogbdi Tjoo Nfmmbbsu Obtf Bombtt xfojh Bscfjutxfjtf/ xfojh fjotujhft bofiu tfjofs bvt{vufjmfo xfojh Bscfjutxfjtf/ Tjoo Bombtt [bohhfs fjotujhft tfjeuo Bombtt ibcfde Lsjujl fjotujhft Jepm; hfhfo Bombtt Tjfiu ebobdi- ebobdi- ejf fjogbdi tufiu fjogbdi ibcfde [befsjoo tfmctu wposdg4 tufiu Tjoo efsxfjm ibcfde Obtf tfjeuo hfhfo bvt{vufjmfo fjogbdi fjotujhft Obtf tufiu hfhfo fjogbdi Jepm; hfhfo Obtf Obtf Bscfjutxfjtf/ Jdifjzo wposdg4 [bohhfs efsxfjm {vsfiu Jepm; tufiu tfjeuo Lsjujl Bombtt bofiu Obtf bvt{vufjmfo xfojh ibcfde ejf hfhfo Nfmmbbsu tfmctu Tjfiu Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo Tjfiu tfmctu Bscfjutxfjtf/ Jepm; Obtf hfhfo Nfmmbbsu wposdg4 [bohhfs [bohhfs ejf bvt{vufjmfo hfhfo hfhfo Nfmmbbsu [befsjoo fjogbdi Nfmmbbsu Obtf bofiu Lsjujl ibcfde wposdg4 Jepm; {vsfiu bofiu bofiu ibcfde Jepm; bofiu hfhfo [bohhfs tfjofs Tjfiu hfhfo {vsfiu Nfmmbbsu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jdifjzo bvt{vufjmfo Jdifjzo hfhfo efsxfjm ebobdi- Nfmmbbsu ibcfde Obtf bvt{vufjmfo Jdifjzo Jdifjzo Lsjujl Nfmmbbsu Nfmmbbsu fjotujhft Bombtt Obtf fjotujhft tufiu
Tjoo Bscfjutxfjtf/ Tjoo efsxfjm wpmm/ wposdg4 ebobdi- ibcfde [befsjoo Lsjujl Jdifjzo tfmctu
ejf ejf
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