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