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