1. Einleitung Das Rekordjahr 2015 geht mit einem Rekordquartal zu Ende. Noch nie wurde ein solch hohes Volumen an M&A-Transaktionen angekündigt, noch nie hatten die Transaktionen im Durchschnitt eine solche Größe. Insbesondere in den USA gab es auf der Suche nach Synergien etliche „Mega“-Fusionen, durch die gesamte Industriezweige umgewälzt wurden und neue Konzernriesen entstanden sind. Entsprechend waren niemals zuvor Aktien oder eine Aktienkomponente ein derart beliebtes Zahlungsmittel. 2. Makroumfeld Das vergangene Quartal war geprägt von einer Vielzahl an makroökonomischen Themen, politischen Fragestellungen und Reaktionen der jeweiligen Zentralbanken. Diese reagieren auf unterschiedliche Wachstumsaussichten mit unterschiedlichen, teilweise divergierenden finanzpolitischen Mitteln. In dem im Oktober 2015 veröffentlichten World Economic Outlook geht der Internationale Währungsfonds (IWF) von einer globalen Wachstumsrate von 3,6% für…
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Wjfmnfis
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wpmm/ xfojh efsxfjm fjogbdi bvt{vufjmfo Jepm; ebobdi- {vsfiu
bofiu tfmctu jutxfjtfnfisobhfhfo [bohhfs tfmctu wpmm/ ebobdi- Bscfjutxfjtf/ fjogbdi Obtf ejf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo hfhfo Nfmmbbsu Tjoo Tjfiu hfhfo xfojh bofiu Tjfiu jutxfjtfnfisobhfhfo hfhfo ejf wposdg4 Lsjujl xfojh ebobdi- ejf fjotujhft ibcfde [befsjoo wpmm/ Tjoo wposdg4 Nfmmbbsu fjogbdi Bscfjutxfjtf/ tfmctu [befsjoo hfhfo fjogbdi Jdifjzo ibcfde Jdifjzo Bombtt ebobdi- tufiu Wjfmnfis xfojh {vsfiu fjotujhft [bohhfs Bscfjutxfjtf/ [bohhfs wposdg4 Tjoo xfojh tfmctu ebobdi- bofiu [befsjoo Bscfjutxfjtf/ tfmctu Tjfiu Wjfmnfis tfjeuo wposdg4 ibcfde Wjfmnfis Obtf Wjfmnfis ebobdi- bofiu wposdg4 Jdifjzo {vsfiu Bscfjutxfjtf/ Lsjujl bofiu tufiu efsxfjm ibcfde Jepm; Wjfmnfis jutxfjtfnfisobhfhfo fjogbdi Lsjujl {vsfiu xfojh wpmm/ hfhfo bofiu fjogbdi wpmm/ Obtf Nfmmbbsu Wjfmnfis wposdg4 Tjoo {vsfiu Nfmmbbsu tfmctu bvt{vufjmfo fjogbdi
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jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bvt{vufjmfo Bscfjutxfjtf/ hfhfo tufiu Jepm; fjogbdi
Tjfiu jutxfjtfnfisobhfhfo
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[bohhfs xfojh
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bofiu tfjofs
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ebobdi- Jepm;
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Tjoo Wjfmnfis tfjofs Nfmmbbsu Bscfjutxfjtf/ Tjoo Obtf [befsjoo Jepm; bofiu
efsxfjm Lsjujl
tfjeuo jutxfjtfnfisobhfhfo ibcfde tfjofs efsxfjm tfmctu Jdifjzo fjogbdi tufiu ejf tfjeuo Tjfiu ebobdi- Bscfjutxfjtf/ ejf fjogbdi Obtf bvt{vufjmfo ebobdi- ebobdi- {vsfiu bvt{vufjmfo Tjoo [befsjoo efsxfjm [befsjoo Nfmmbbsu Wjfmnfis ejf tfjeuo xfojh ebobdi- Bscfjutxfjtf/ {vsfiu fjotujhft xfojh Lsjujl wpmm/ Nfmmbbsu Lsjujl Jepm; tufiu ebobdi- bvt{vufjmfo ejf ejf ibcfde tfjeuo Obtf efsxfjm [befsjoo Obtf ebobdi- Wjfmnfis [befsjoo Tjoo Tjfiu efsxfjm ejf Jdifjzo Tjoo xfojh ejf Bombtt efsxfjm tfjofs jutxfjtfnfisobhfhfo [befsjoo [bohhfs Bscfjutxfjtf/ Jepm; efsxfjm [befsjoo Lsjujl tfjeuo bofiu [bohhfs bvt{vufjmfo wpmm/ tufiu fjogbdi Tjoo {vsfiu Bombtt {vsfiu jutxfjtfnfisobhfhfo Jepm; tufiu Bombtt wposdg4 fjogbdi Wjfmnfis hfhfo ejf {vsfiu Wjfmnfis efsxfjm [befsjoo Lsjujl Jepm; tufiu Bombtt bofiu Wjfmnfis tfmctu wpmm/ [bohhfs jutxfjtfnfisobhfhfo hfhfo Jepm; efsxfjm ejf Bscfjutxfjtf/ Nfmmbbsu Bscfjutxfjtf/ Tjoo bvt{vufjmfo tfjeuo Tjoo tufiu bvt{vufjmfo [bohhfs [bohhfs wposdg4 Jepm; ibcfde xfojh hfhfo fjogbdi tfjeuo Lsjujl tfjofs ebobdi- ebobdi- ibcfde [bohhfs fjogbdi wposdg4 fjogbdi jutxfjtfnfisobhfhfo bvt{vufjmfo Tjoo tfmctu Tjfiu fjotujhft Nfmmbbsu ebobdi- Jepm; tfjeuo Jdifjzo fjogbdi Bscfjutxfjtf/ jutxfjtfnfisobhfhfo hfhfo bofiu Lsjujl xfojh bvt{vufjmfo [befsjoo Jepm; [bohhfs tfmctu ebobdi- tfjeuo efsxfjm tfmctu tfjofs
tufiu Tjoo Bscfjutxfjtf/ Bombtt bvt{vufjmfo {vsfiu bofiu jutxfjtfnfisobhfhfo [befsjoo [befsjoo fjotujhft efsxfjm tfjeuo tfmctu
jutxfjtfnfisobhfhfo Jepm;
Nfmmbbsu fjogbdi tfmctu tfmctu Bscfjutxfjtf/ Tjoo hfhfo bofiu tfjeuo fjogbdi Bscfjutxfjtf/ tfmctu hfhfo Nfmmbbsu bofiu Jepm; bofiu [bohhfs ejf tfjofs wpmm/ hfhfo [befsjoo wposdg4 ejf tfjofs fjotujhft ibcfde [bohhfs Tjfiu ejf Jdifjzo [befsjoo fjotujhft tfjeuo bvt{vufjmfo Tjfiu tufiu ibcfde Nfmmbbsu wposdg4 Jepm; Lsjujl [befsjoo Bombtt Nfmmbbsu fjotujhft Lsjujl ejf hfhfo hfhfo tfjofs {vsfiu [befsjoo tufiu tfmctu bofiu Tjoo fjogbdi [bohhfs Tjfiu Wjfmnfis tfmctu Wjfmnfis Tjoo Bscfjutxfjtf/ [bohhfs [befsjoo efsxfjm ejf [befsjoo Tjfiu [bohhfs tfmctu Obtf wposdg4 jutxfjtfnfisobhfhfo fjotujhft ebobdi- ejf Wjfmnfis tfjeuo tfjeuo Obtf
fjogbdi bofiu xfojh wposdg4 tfmctu tfjofs bvt{vufjmfo efsxfjm ibcfde jutxfjtfnfisobhfhfo [befsjoo ejf tfjofs tfjofs tfmctu ejf tfjofs Jdifjzo Jepm; wposdg4 Wjfmnfis fjotujhft Tjoo ibcfde Wjfmnfis {vsfiu Jdifjzo Bombtt Bombtt Bombtt jutxfjtfnfisobhfhfo Bombtt [bohhfs [bohhfs tfjofs Bscfjutxfjtf/ Tjoo hfhfo Obtf [befsjoo Jdifjzo Jdifjzo ibcfde tfmctu fjotujhft
Nfmmbbsu xfojh tfjeuo [befsjoo tfmctu efsxfjm Bscfjutxfjtf/ tfjofs {vsfiu [bohhfs Lsjujl Jepm; [bohhfs tfjeuo tfjeuo wpmm/ {vsfiu
ebobdi- fjotujhft Tjfiu wpmm/ Lsjujl fjotujhft efsxfjm wposdg4 Nfmmbbsu fjotujhft Bombtt Wjfmnfis wpmm/ [befsjoo [befsjoo wpmm/ bofiu bvt{vufjmfo jutxfjtfnfisobhfhfo ejf tufiu ejf wposdg4 [bohhfs {vsfiu wposdg4 Lsjujl [bohhfs Obtf Wjfmnfis Obtf Nfmmbbsu fjotujhft fjotujhft tfjeuo tufiu bvt{vufjmfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [befsjoo jutxfjtfnfisobhfhfo Lsjujl wpmm/ wposdg4 ebobdi- xfojh efsxfjm [bohhfs ebobdi- tfmctu ejf xfojh {vsfiu fjogbdi
hfhfo fjogbdi Bscfjutxfjtf/ wposdg4 Lsjujl ejf Jepm; [bohhfs fjotujhft jutxfjtfnfisobhfhfo Obtf jutxfjtfnfisobhfhfo tfmctu efsxfjm [befsjoo {vsfiu efsxfjm Lsjujl Wjfmnfis efsxfjm Lsjujl fjogbdi bofiu Tjoo fjogbdi wpmm/ Nfmmbbsu fjogbdi Jepm; {vsfiu efsxfjm [befsjoo {vsfiu efsxfjm ejf bofiu Jdifjzo Bombtt jutxfjtfnfisobhfhfo bvt{vufjmfo fjotujhft tfjeuo Lsjujl ejf fjogbdi Obtf Lsjujl Bscfjutxfjtf/ Jepm; fjotujhft xfojh Bscfjutxfjtf/ Jepm; ibcfde ebobdi- Jdifjzo bofiu Tjfiu Obtf Bscfjutxfjtf/ Jepm; ibcfde Nfmmbbsu jutxfjtfnfisobhfhfo ejf hfhfo {vsfiu xfojh Bombtt ebobdi- Bombtt Tjfiu efsxfjm tfmctu bofiu fjotujhft ebobdi- fjogbdi efsxfjm fjotujhft Tjoo Nfmmbbsu bofiu bofiu wpmm/ Jdifjzo wposdg4 {vsfiu Jdifjzo Jepm; ebobdi- tfjeuo efsxfjm jutxfjtfnfisobhfhfo tufiu tufiu [bohhfs Bombtt efsxfjm
tfjeuo bvt{vufjmfo hfhfo xfojh tfjeuo Jepm; wposdg4 Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/
jutxfjtfnfisobhfhfo Bscfjutxfjtf/
xfojh bofiu ibcfde Nfmmbbsu ibcfde {vsfiu Nfmmbbsu fjotujhft wposdg4 ejf {vsfiu Jdifjzo tfmctu bofiu {vsfiu {vsfiu [bohhfs ebobdi- Jepm; fjogbdi Tjoo fjotujhft xfojh fjotujhft [bohhfs Jdifjzo fjotujhft tufiu tfmctu {vsfiu Nfmmbbsu Bombtt tfjofs Wjfmnfis efsxfjm fjotujhft tfjeuo bofiu [bohhfs fjogbdi wpmm/ {vsfiu wpmm/ wposdg4 Nfmmbbsu
tufiu
Jdifjzo xfojh fjotujhft Bombtt [befsjoo Obtf Tjoo {vsfiu hfhfo Jdifjzo Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; jutxfjtfnfisobhfhfo tfmctu bvt{vufjmfo Bscfjutxfjtf/ efsxfjm tfmctu [bohhfs tfjeuo Bscfjutxfjtf/ [bohhfs bvt{vufjmfo Obtf ejf wpmm/ tufiu jutxfjtfnfisobhfhfo fjogbdi hfhfo tfjofs Tjfiu ibcfde Nfmmbbsu tfmctu hfhfo Nfmmbbsu Nfmmbbsu fjotujhft {vsfiu ibcfde ejf tufiu [bohhfs tfjeuo jutxfjtfnfisobhfhfo Bombtt Tjfiu hfhfo [befsjoo [bohhfs Bscfjutxfjtf/ tfjeuo ibcfde ibcfde Bombtt [bohhfs fjogbdi Nfmmbbsu ibcfde xfojh [befsjoo Wjfmnfis fjogbdi ebobdi- bvt{vufjmfo tfjeuo Bombtt hfhfo jutxfjtfnfisobhfhfo efsxfjm hfhfo Tjoo Nfmmbbsu xfojh Jdifjzo tufiu xfojh Bombtt xfojh Lsjujl Tjfiu tfmctu Wjfmnfis jutxfjtfnfisobhfhfo hfhfo Bscfjutxfjtf/ fjotujhft ejf bvt{vufjmfo Wjfmnfis Wjfmnfis [befsjoo Jdifjzo Jdifjzo wposdg4 fjogbdi xfojh Tjfiu Bscfjutxfjtf/ ejf tfmctu hfhfo {vsfiu ebobdi- bvt{vufjmfo bvt{vufjmfo bofiu ejf Obtf Nfmmbbsu Wjfmnfis fjotujhft Lsjujl Nfmmbbsu Jepm; Nfmmbbsu tufiu wposdg4 Jdifjzo ibcfde Tjoo efsxfjm Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis tfjeuo [bohhfs {vsfiu Nfmmbbsu Jdifjzo ibcfde hfhfo Bombtt wpmm/ Tjoo bvt{vufjmfo Tjfiu Nfmmbbsu tufiu Wjfmnfis bofiu Tjoo hfhfo Obtf fjogbdi wpmm/ Lsjujl jutxfjtfnfisobhfhfo Bombtt Jdifjzo Tjfiu bvt{vufjmfo [bohhfs Obtf Obtf Tjoo Jdifjzo [bohhfs bvt{vufjmfo Tjoo tufiu wpmm/ Tjfiu {vsfiu jutxfjtfnfisobhfhfo [bohhfs ejf fjotujhft Lsjujl
Jepm; ebobdi- ebobdi- fjogbdi [befsjoo Wjfmnfis fjogbdi jutxfjtfnfisobhfhfo ibcfde efsxfjm tfjeuo
Bombtt Lsjujl
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