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