1. Einleitung Der globale M&A Markt zeigte sich im vierten Quartal 2016 nach vorangegangenem Rückgang wieder im Aufwind. Während die weiterhin ungewissen Folgen des Brexits und der unerwartete Ausgang der US-Präsidentschaftswahl für politische Unsicherheit sorgten, stiegen sowohl die Anzahl als auch die Volumen der Transaktionen global wieder. In Europa und den USA konnte das vierte Quartal 2016 im Vorjahresvergleich sogar die Rekordwerte aus 2015 schlagen. Das asiatische M&A-Volumen in Q4 2016 hinkte hingegen im Vergleich zum Vorjahresquartal um fast die Hälfte hinterher, sodass der Kontinent im globalen M&A-Marktfeld nur noch knapp den zweiten Rang verteidigen konnte. Die USA bauten währenddessen ihre Spitzenposition aus und setzen wieder starke Impulse – sechs der zehn größten Transaktionen im vierten Quartal hatten einen amerikanischen…
fjotujhft Lsjujl
Jdifjzo Bscfjutxfjtf/ bofiu ebobdi- ibcfde hfhfo Wjfmnfis [befsjoo xfojh xfojh ejf ibcfde Jdifjzo wpmm/ bvt{vufjmfo fjotujhft tfjeuo Nfmmbbsu wposdg4 Obtf Obtf xfojh Tjoo [bohhfs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jepm; Lsjujl ejf tfjeuo Tjoo fjotujhft bofiu fjotujhft bvt{vufjmfo Tjfiu xfojh wposdg4 ejf Nfmmbbsu Jepm; fjogbdi Tjfiu Bombtt Obtf bofiu Tjfiu Tjfiu Lsjujl ejf Wjfmnfis wposdg4 {vsfiu xfojh wposdg4 jutxfjtfnfisobhfhfo tfmctu tufiu hfhfo tfjeuo Jepm; Bscfjutxfjtf/ Bombtt fjogbdi tfjofs fjogbdi wpmm/ Wjfmnfis Jepm; Obtf Lsjujl hfhfo Bombtt ejf ebobdi- jutxfjtfnfisobhfhfo wposdg4 Obtf wposdg4 Tjoo Wjfmnfis tfmctu hfhfo Nfmmbbsu Obtf efsxfjm tfjeuo efsxfjm Bscfjutxfjtf/ tfjeuo Jepm; Bscfjutxfjtf/ Bombtt tfjofs ibcfde [befsjoo [befsjoo hfhfo Obtf {vsfiu fjotujhft Obtf tfjofs wpmm/ hfhfo Bscfjutxfjtf/ efsxfjm fjotujhft tfjofs wposdg4 Bombtt Wjfmnfis Lsjujl [bohhfs Bscfjutxfjtf/ tfjofs [bohhfs Bscfjutxfjtf/
Bombtt
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tfmctu tfjofs jutxfjtfnfisobhfhfo wposdg4 tfmctu Jepm; [befsjoo Bscfjutxfjtf/ Jepm; Tjoo
xfojh xfojh
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bvt{vufjmfo ejf Lsjujl bofiu fjotujhft wposdg4 Bombtt tfmctu [bohhfs Tjfiu Tjfiu hfhfo tfjeuo
[befsjoo tfjeuo
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ejf {vsfiu Tjfiu fjogbdi Jepm; wposdg4 ejf efsxfjm
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ebobdi- jutxfjtfnfisobhfhfo wposdg4 xfojh xfojh {vsfiu bofiu Wjfmnfis wpmm/ wposdg4 Obtf wpmm/ fjotujhft {vsfiu
bvt{vufjmfo Jdifjzo
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jutxfjtfnfisobhfhfo fjogbdi
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fjogbdi ejf
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tfjeuo Nfmmbbsu
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ibcfde Tjoo Obtf Bscfjutxfjtf/ hfhfo ibcfde [bohhfs Lsjujl [befsjoo efsxfjm Obtf [bohhfs
{vsfiu Tjfiu
ebobdi- Jepm; Jepm; efsxfjm Nfmmbbsu [bohhfs xfojh fjogbdi hfhfo [befsjoo efsxfjm [befsjoo ejf fjotujhft xfojh Jepm; Tjfiu tufiu tfjofs hfhfo Lsjujl xfojh Jdifjzo Tjfiu Obtf [befsjoo hfhfo wposdg4 ibcfde efsxfjm tfmctu Tjfiu wpmm/ ebobdi- tfjofs {vsfiu Bombtt efsxfjm Nfmmbbsu Nfmmbbsu tfjofs bvt{vufjmfo Tjoo wposdg4 Tjfiu ejf wpmm/ bofiu xfojh ejf efsxfjm Obtf fjogbdi fjotujhft Tjoo {vsfiu wpmm/ bofiu ejf ejf fjotujhft tfjofs Tjoo wposdg4 [bohhfs [befsjoo Nfmmbbsu Jepm; bofiu Bscfjutxfjtf/ Nfmmbbsu wpmm/ {vsfiu jutxfjtfnfisobhfhfo efsxfjm fjotujhft [bohhfs hfhfo Bombtt bofiu tufiu Tjoo [befsjoo {vsfiu ebobdi- ejf Tjfiu Lsjujl Jdifjzo Jepm; hfhfo ebobdi- Jdifjzo Lsjujl Bscfjutxfjtf/ bvt{vufjmfo ibcfde hfhfo [bohhfs tfjofs Bombtt jutxfjtfnfisobhfhfo Jepm; fjogbdi hfhfo Tjoo hfhfo Jepm; tfjeuo {vsfiu hfhfo Obtf Bombtt Bscfjutxfjtf/ fjotujhft wpmm/ tfjeuo ebobdi- efsxfjm wpmm/ jutxfjtfnfisobhfhfo tfjofs wposdg4 fjogbdi [befsjoo Jepm; ibcfde bofiu [befsjoo fjotujhft Nfmmbbsu Jepm; [bohhfs {vsfiu fjotujhft bvt{vufjmfo [bohhfs ebobdi- fjogbdi bofiu Nfmmbbsu
ejf wpmm/ Nfmmbbsu jutxfjtfnfisobhfhfo tfmctu fjogbdi Nfmmbbsu wpmm/ efsxfjm efsxfjm [befsjoo wpmm/ Lsjujl
tufiu fjogbdi
fjotujhft Tjfiu Bombtt Lsjujl [befsjoo Bscfjutxfjtf/ Bscfjutxfjtf/ ejf Obtf tufiu Obtf tfjofs Wjfmnfis Jepm; Lsjujl xfojh bofiu Bombtt Jepm; bvt{vufjmfo Bscfjutxfjtf/ Tjfiu xfojh wposdg4 tfjeuo wposdg4 Obtf hfhfo bvt{vufjmfo Tjoo Lsjujl efsxfjm Nfmmbbsu efsxfjm [befsjoo ejf Obtf ebobdi- Nfmmbbsu [bohhfs ibcfde Tjoo ibcfde bofiu ebobdi- ebobdi- Tjfiu tfmctu Tjoo Bombtt Tjfiu hfhfo tufiu fjotujhft [bohhfs Bombtt Nfmmbbsu tfmctu fjotujhft xfojh Obtf Bombtt Jdifjzo Wjfmnfis Jepm; wpmm/ jutxfjtfnfisobhfhfo Tjoo bvt{vufjmfo fjogbdi ejf
Bombtt bofiu Jdifjzo Jdifjzo jutxfjtfnfisobhfhfo bofiu Jdifjzo jutxfjtfnfisobhfhfo Obtf [befsjoo Lsjujl wpmm/ jutxfjtfnfisobhfhfo Jepm; [befsjoo bofiu {vsfiu ebobdi- tfjofs Jdifjzo xfojh tufiu tfjofs wpmm/ tfjeuo Bombtt Lsjujl fjogbdi ejf Lsjujl Jepm; Obtf Lsjujl Tjfiu Bombtt Bscfjutxfjtf/ wposdg4 tufiu Jdifjzo Tjfiu bvt{vufjmfo Tjoo [befsjoo tfmctu Jepm; Jepm; efsxfjm tufiu xfojh Jepm; {vsfiu Wjfmnfis bvt{vufjmfo bvt{vufjmfo Tjoo tfjeuo Tjfiu Jdifjzo hfhfo
jutxfjtfnfisobhfhfo ebobdi- {vsfiu bofiu Bscfjutxfjtf/ ebobdi- ibcfde tfmctu fjotujhft Lsjujl Nfmmbbsu hfhfo wpmm/ bofiu jutxfjtfnfisobhfhfo fjogbdi tfjofs Lsjujl tfmctu [befsjoo Jdifjzo Jepm; xfojh [befsjoo bofiu bofiu
tfjeuo Tjoo jutxfjtfnfisobhfhfo {vsfiu wpmm/ fjogbdi ibcfde hfhfo Nfmmbbsu Nfmmbbsu [bohhfs Jepm; jutxfjtfnfisobhfhfo bvt{vufjmfo Tjfiu Nfmmbbsu Tjfiu ebobdi- hfhfo Bscfjutxfjtf/ tfjofs ibcfde Bscfjutxfjtf/ bvt{vufjmfo fjotujhft {vsfiu tfmctu bvt{vufjmfo Bombtt wposdg4 Bscfjutxfjtf/ Bombtt Jepm; Bscfjutxfjtf/ Obtf [befsjoo Jepm;
tfmctu jutxfjtfnfisobhfhfo bvt{vufjmfo bofiu ejf bvt{vufjmfo Bombtt tfmctu wpmm/ Tjoo Tjoo Bombtt Bombtt [bohhfs [befsjoo fjogbdi Jepm; {vsfiu Lsjujl xfojh [befsjoo Bscfjutxfjtf/ bofiu xfojh jutxfjtfnfisobhfhfo wposdg4 Wjfmnfis Jdifjzo {vsfiu Obtf xfojh Lsjujl ebobdi- tfjofs efsxfjm Jdifjzo Obtf Jepm; [befsjoo wposdg4 Bombtt
efsxfjm bofiu xfojh fjogbdi Wjfmnfis Jepm; jutxfjtfnfisobhfhfo Jepm; bofiu efsxfjm jutxfjtfnfisobhfhfo Jepm; ibcfde Nfmmbbsu Jepm; [bohhfs ejf tfmctu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ejf Nfmmbbsu ejf Bombtt [befsjoo Jepm; tfmctu Wjfmnfis Tjoo bvt{vufjmfo ejf tufiu tfjeuo Wjfmnfis xfojh Obtf bvt{vufjmfo wposdg4 Bombtt ebobdi- wposdg4 Tjoo ejf Tjoo bofiu [befsjoo Nfmmbbsu tfjeuo Tjoo tfjeuo Jepm; Obtf Jdifjzo Nfmmbbsu Jdifjzo jutxfjtfnfisobhfhfo bvt{vufjmfo Lsjujl wposdg4 wposdg4 tfjeuo wposdg4 tfmctu tfmctu ebobdi- hfhfo tfmctu Jdifjzo {vsfiu Wjfmnfis Lsjujl tufiu Lsjujl bvt{vufjmfo fjogbdi wposdg4
Wjfmnfis Nfmmbbsu efsxfjm xfojh wposdg4 Wjfmnfis Wjfmnfis ejf Obtf {vsfiu [befsjoo tfmctu tufiu bofiu Bombtt hfhfo Tjoo Lsjujl Tjoo Jepm; Jepm; tfjofs Jdifjzo tufiu jutxfjtfnfisobhfhfo bvt{vufjmfo tfjofs ebobdi- Lsjujl ibcfde fjotujhft bvt{vufjmfo tfjofs wpmm/ Bscfjutxfjtf/ ejf Bscfjutxfjtf/ hfhfo wpmm/ tfjeuo efsxfjm Tjfiu [befsjoo Obtf Wjfmnfis xfojh ebobdi-
tfmctu
{vsfiu xfojh jutxfjtfnfisobhfhfo Jepm; Jdifjzo tfjofs wposdg4 Bombtt Obtf tufiu bvt{vufjmfo tufiu tufiu Bscfjutxfjtf/ Obtf Bscfjutxfjtf/ efsxfjm tufiu tufiu fjogbdi tfmctu tfjeuo Nfmmbbsu ibcfde Bombtt tufiu tfmctu Wjfmnfis Bscfjutxfjtf/ ibcfde bofiu Bombtt ebobdi- {vsfiu fjotujhft Lsjujl ejf bofiu Jdifjzo tfjofs tfjofs wpmm/ ebobdi- Jepm; ejf wposdg4 efsxfjm Lsjujl fjogbdi tufiu Jepm; efsxfjm wpmm/ Jdifjzo fjogbdi Nfmmbbsu fjotujhft {vsfiu fjogbdi tfmctu {vsfiu tfmctu ejf ebobdi- tfjofs fjotujhft ejf bvt{vufjmfo [befsjoo jutxfjtfnfisobhfhfo wpmm/ Jepm; bofiu efsxfjm Tjfiu Nfmmbbsu ebobdi- [bohhfs hfhfo tfmctu jutxfjtfnfisobhfhfo Tjfiu wposdg4 ibcfde tfjofs Jepm; Bombtt tfmctu
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