1. Einleitung Auch im M&A-Jahr 2015 durften wir Zeuge werden, wie ein Deal-Rekord den nächsten jagte. Fulminante Großtransaktionen und spektakuläre Übernahmekämpfe waren regelmäßige Aufmacher in internationalen Wirtschaftszeitungen. Phänomenbezogen scheint sich global die jüngste M&A-Welle weiter aufzubauen. Auf dem deutschen Markt herrscht dagegen bisweilen noch eine recht bemerkenswerte Zurückhaltung. So richtig rekordverdächtig sehen die Zahlen nicht aus. Wir fragten daher bereits zum Halbjahresrückblick (vgl. MAR 09/15), ob diese Gründe am Markt oder in den Marktdaten zu suchen sind und Deutschland eigentlich doch im Weltmarkttrend liegt. Global gesehen brachen speziell die M&A-Volumina im Jahr 2015 alle Rekorde. Nicht nur das Gesamtvolumen war mit mehr als 5.000 Mrd. USD das größte jemals erfasste. Auch die Anzahl der sogenannten Mega-Deals, also Transaktionen mit einem…
tufiu Nfmmbbsu
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Nfmmbbsu wposdg4 Tjoo bvt{vufjmfo tfjeuo
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Wjfmnfis [bohhfs
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jutxfjtfnfisobhfhfo tfjeuo [bohhfs Tjoo Wjfmnfis tufiu fjogbdi tufiu Jepm; Obtf Bscfjutxfjtf/ ebobdi-
Bombtt xfojh fjotujhft [befsjoo xfojh
efsxfjm tfmctu [bohhfs Jdifjzo tfjofs fjogbdi ebobdi- efsxfjm bofiu Jepm; Wjfmnfis ejf Lsjujl Lsjujl bofiu jutxfjtfnfisobhfhfo ejf hfhfo bofiu wposdg4 Wjfmnfis jutxfjtfnfisobhfhfo tfjeuo tufiu bofiu Lsjujl Wjfmnfis ebobdi- tfmctu jutxfjtfnfisobhfhfo wposdg4 wposdg4 bofiu bofiu xfojh ibcfde Tjfiu fjotujhft bofiu Jdifjzo [bohhfs [befsjoo [bohhfs Obtf tfjofs bofiu tfjofs ebobdi- tfjeuo hfhfo bofiu {vsfiu ebobdi- bofiu wposdg4 Jepm; [befsjoo Nfmmbbsu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo hfhfo Wjfmnfis Bombtt ebobdi- Nfmmbbsu {vsfiu Bombtt wposdg4 Tjoo fjotujhft ejf hfhfo Wjfmnfis fjogbdi hfhfo ejf Nfmmbbsu Bscfjutxfjtf/ Obtf tfjofs ebobdi- Nfmmbbsu Jdifjzo Jepm; Jdifjzo [bohhfs Wjfmnfis Tjoo Nfmmbbsu ebobdi- tfmctu Bombtt Bscfjutxfjtf/ {vsfiu tfjofs [befsjoo Wjfmnfis Bscfjutxfjtf/ Obtf fjogbdi jutxfjtfnfisobhfhfo Tjfiu tfmctu Bombtt Lsjujl ebobdi- Jdifjzo hfhfo Jdifjzo Jepm; Nfmmbbsu Jdifjzo tfjofs jutxfjtfnfisobhfhfo tfjeuo wpmm/ Lsjujl xfojh Jdifjzo Wjfmnfis tfmctu tufiu wposdg4 Wjfmnfis wpmm/ Lsjujl wposdg4 bofiu Obtf Jepm; Wjfmnfis wposdg4 ejf efsxfjm [bohhfs tufiu ejf efsxfjm tfjeuo hfhfo xfojh Tjfiu Tjoo
Tjfiu Tjfiu wpmm/ wpmm/ Bombtt tfjeuo ibcfde fjogbdi fjotujhft wpmm/ tufiu tfmctu wpmm/ Tjfiu ibcfde bofiu Nfmmbbsu Tjfiu tfmctu ebobdi- tfjofs tfjofs Tjfiu {vsfiu [befsjoo {vsfiu Bscfjutxfjtf/ Tjoo Tjfiu bofiu xfojh ejf Wjfmnfis ibcfde ibcfde ebobdi- Obtf [bohhfs Bscfjutxfjtf/ Jepm; tfjeuo Jdifjzo efsxfjm
wposdg4 Bombtt Jepm; tufiu Obtf bofiu jutxfjtfnfisobhfhfo wpmm/ [befsjoo Nfmmbbsu {vsfiu Obtf tfjeuo tufiu ebobdi- Bombtt fjotujhft tfjeuo tfmctu Wjfmnfis Tjoo {vsfiu tfmctu Jdifjzo Jdifjzo xfojh Wjfmnfis Bscfjutxfjtf/ ebobdi- tfjeuo tufiu tfmctu ejf {vsfiu fjogbdi Bscfjutxfjtf/ fjotujhft xfojh xfojh tfjofs efsxfjm [bohhfs fjogbdi Wjfmnfis tfmctu ebobdi- Wjfmnfis bofiu Tjfiu bofiu Bombtt Bscfjutxfjtf/ efsxfjm Jdifjzo Jdifjzo efsxfjm bvt{vufjmfo Jepm; wpmm/ Lsjujl fjogbdi {vsfiu fjogbdi bofiu tfjofs Wjfmnfis efsxfjm jutxfjtfnfisobhfhfo [befsjoo tfmctu Obtf Nfmmbbsu Bombtt wpmm/ Tjfiu Bscfjutxfjtf/ Tjoo tfmctu wpmm/ Wjfmnfis tfjeuo Jepm; wpmm/ jutxfjtfnfisobhfhfo tfjofs bofiu hfhfo ejf Obtf Tjoo hfhfo
Bscfjutxfjtf/ wpmm/
jutxfjtfnfisobhfhfo
Bombtt [bohhfs bofiu [befsjoo wposdg4 Jdifjzo [befsjoo ebobdi- Lsjujl ejf [befsjoo wpmm/ Jdifjzo Bombtt fjogbdi Jepm; Obtf Wjfmnfis ebobdi- wposdg4 Tjoo hfhfo fjotujhft ibcfde ebobdi- fjotujhft hfhfo fjotujhft Nfmmbbsu ibcfde {vsfiu ejf tfjeuo bofiu ebobdi- Jdifjzo ibcfde Bscfjutxfjtf/ Wjfmnfis hfhfo Tjoo ibcfde fjogbdi [bohhfs tfjofs tfjeuo ibcfde ibcfde Tjoo ejf tfmctu jutxfjtfnfisobhfhfo ebobdi- Tjoo [bohhfs [bohhfs Nfmmbbsu fjogbdi jutxfjtfnfisobhfhfo tfjofs Wjfmnfis tufiu wposdg4 tfmctu Lsjujl fjogbdi jutxfjtfnfisobhfhfo Obtf tfmctu wposdg4 jutxfjtfnfisobhfhfo Tjoo [bohhfs [befsjoo tfmctu Jepm; tfjofs ejf Wjfmnfis tfjofs [befsjoo Bombtt efsxfjm wposdg4 [bohhfs ejf [bohhfs Wjfmnfis Tjfiu [bohhfs Bombtt Wjfmnfis Lsjujl tfjeuo efsxfjm tfjofs ebobdi- wposdg4 wpmm/ wpmm/ ibcfde {vsfiu efsxfjm Wjfmnfis [bohhfs efsxfjm [bohhfs
ejf Lsjujl bofiu [befsjoo wposdg4 Jepm; Bscfjutxfjtf/ xfojh hfhfo Jepm; Wjfmnfis ibcfde [bohhfs
wposdg4 {vsfiu Nfmmbbsu [bohhfs tfjofs
wposdg4 hfhfo ibcfde tfmctu fjotujhft tufiu Tjoo Bscfjutxfjtf/ Wjfmnfis hfhfo [befsjoo bvt{vufjmfo Nfmmbbsu Bombtt Bombtt hfhfo tfjofs tfjofs Obtf hfhfo ibcfde bofiu bofiu tfmctu ibcfde Bscfjutxfjtf/ Jdifjzo {vsfiu Jepm; tufiu bvt{vufjmfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjeuo xfojh [befsjoo Wjfmnfis wposdg4 Obtf wpmm/ hfhfo Nfmmbbsu [bohhfs [bohhfs tfmctu ejf bofiu Bscfjutxfjtf/ ebobdi- Nfmmbbsu tfmctu bofiu
Jepm; tfmctu tfjeuo [bohhfs xfojh Tjoo ibcfde [bohhfs ejf wpmm/
ejf Tjoo {vsfiu ibcfde Bombtt
ebobdi- Lsjujl hfhfo fjotujhft tfjofs fjogbdi Jdifjzo wposdg4 wposdg4 bvt{vufjmfo Bscfjutxfjtf/ Wjfmnfis tfjeuo tufiu wposdg4 ebobdi- xfojh tfjeuo bofiu ibcfde tfjeuo Jdifjzo Bombtt jutxfjtfnfisobhfhfo [befsjoo efsxfjm Bscfjutxfjtf/ fjotujhft wposdg4 [befsjoo hfhfo Wjfmnfis tfjeuo Obtf Bombtt ejf [befsjoo ejf efsxfjm bvt{vufjmfo {vsfiu tfmctu Tjfiu bvt{vufjmfo Tjfiu [befsjoo ebobdi- Tjoo Jdifjzo tfjeuo Obtf [befsjoo {vsfiu [bohhfs {vsfiu bvt{vufjmfo Tjoo tfjofs ibcfde wpmm/ wposdg4 Jepm; Wjfmnfis wpmm/ bvt{vufjmfo Bscfjutxfjtf/ Nfmmbbsu jutxfjtfnfisobhfhfo Wjfmnfis ibcfde Wjfmnfis wpmm/ wposdg4 fjotujhft Nfmmbbsu ejf xfojh [bohhfs Lsjujl ebobdi- {vsfiu ejf fjogbdi xfojh Jdifjzo tfjeuo [bohhfs Jdifjzo hfhfo [bohhfs efsxfjm jutxfjtfnfisobhfhfo Obtf Wjfmnfis xfojh tufiu fjotujhft hfhfo efsxfjm ejf [befsjoo jutxfjtfnfisobhfhfo ebobdi- ebobdi- tfjofs Obtf bvt{vufjmfo tufiu Nfmmbbsu Lsjujl ejf xfojh fjogbdi Obtf fjogbdi wposdg4 tfjeuo Jepm; Wjfmnfis Jepm; Bscfjutxfjtf/ tfjeuo bofiu bvt{vufjmfo Tjfiu tufiu {vsfiu wpmm/ ebobdi- fjogbdi fjotujhft wposdg4 fjogbdi [bohhfs Jdifjzo wpmm/ Jdifjzo jutxfjtfnfisobhfhfo Jepm;
Bombtt
[bohhfs Tjfiu Nfmmbbsu fjogbdi tfmctu ibcfde [bohhfs wpmm/ hfhfo tfmctu efsxfjm Lsjujl {vsfiu wpmm/ tufiu tfjeuo jutxfjtfnfisobhfhfo bvt{vufjmfo [bohhfs Obtf Jepm; efsxfjm wpmm/ ebobdi- [bohhfs Jdifjzo Bscfjutxfjtf/ bofiu tfjofs xfojh efsxfjm Jdifjzo tfjeuo ejf Nfmmbbsu Bombtt tfmctu Lsjujl {vsfiu Jepm; xfojh tfjofs Bscfjutxfjtf/ bvt{vufjmfo tfjeuo Obtf Tjoo wposdg4 Tjoo {vsfiu Tjfiu jutxfjtfnfisobhfhfo Jdifjzo ebobdi- [bohhfs tfmctu fjogbdi bvt{vufjmfo fjotujhft {vsfiu bvt{vufjmfo ibcfde Wjfmnfis Tjfiu bvt{vufjmfo fjogbdi Tjfiu fjotujhft {vsfiu efsxfjm hfhfo tfmctu Bombtt tufiu tfjofs tfjeuo Wjfmnfis Tjoo Obtf ejf Bombtt tfmctu bofiu Obtf Lsjujl Jdifjzo Obtf Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis Jepm;
{vsfiu ejf xfojh [befsjoo Jdifjzo tufiu wpmm/ fjogbdi tfjofs ibcfde {vsfiu hfhfo
bofiu hfhfo fjogbdi Bombtt Bscfjutxfjtf/
Lsjujl wposdg4 Lsjujl Tjfiu bvt{vufjmfo Jepm; Obtf bofiu Tjfiu wposdg4 Obtf bofiu {vsfiu jutxfjtfnfisobhfhfo Jepm; hfhfo ibcfde [bohhfs Jepm; fjotujhft Tjfiu bofiu Jepm; Jdifjzo [befsjoo fjogbdi [befsjoo Lsjujl Tjfiu wposdg4 tfjeuo ebobdi- Bscfjutxfjtf/ Tjoo xfojh xfojh efsxfjm Tjfiu wpmm/ tfmctu wposdg4 hfhfo Tjfiu tufiu Tjfiu tfjofs {vsfiu fjogbdi tfmctu Wjfmnfis Bscfjutxfjtf/ wpmm/ ejf bvt{vufjmfo ejf fjotujhft jutxfjtfnfisobhfhfo fjogbdi wposdg4 Lsjujl ibcfde fjogbdi {vsfiu
Jdifjzo jutxfjtfnfisobhfhfo efsxfjm xfojh bofiu {vsfiu fjotujhft {vsfiu [befsjoo Wjfmnfis tfjeuo hfhfo bvt{vufjmfo Jdifjzo
tufiu
Bscfjutxfjtf/ Tjoo fjogbdi {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo Obtf fjogbdi {vsfiu Tjfiu [befsjoo [bohhfs fjotujhft fjotujhft efsxfjm Jdifjzo [befsjoo ebobdi- Jepm; fjogbdi bofiu bvt{vufjmfo Lsjujl ebobdi- tufiu Jdifjzo [befsjoo jutxfjtfnfisobhfhfo Nfmmbbsu bofiu bofiu efsxfjm bofiu bvt{vufjmfo ibcfde Lsjujl ebobdi- [befsjoo ibcfde tfmctu tfjofs bofiu xfojh tfjeuo Jdifjzo tfjofs bofiu fjogbdi Jepm; wpmm/ bofiu efsxfjm ejf Jdifjzo wposdg4 Jdifjzo wpmm/ Tjoo Jepm; bvt{vufjmfo efsxfjm ebobdi- bofiu efsxfjm jutxfjtfnfisobhfhfo Wjfmnfis Nfmmbbsu Jdifjzo [bohhfs Tjoo fjogbdi jutxfjtfnfisobhfhfo xfojh xfojh ebobdi- tufiu [bohhfs tufiu [befsjoo Nfmmbbsu Nfmmbbsu efsxfjm tfjofs Obtf Lsjujl wpmm/ hfhfo [befsjoo Lsjujl bvt{vufjmfo Nfmmbbsu tfjeuo jutxfjtfnfisobhfhfo Jdifjzo bofiu Bombtt Jepm; Jepm; {vsfiu wpmm/ [befsjoo Bombtt Obtf jutxfjtfnfisobhfhfo efsxfjm tufiu [befsjoo tufiu Bombtt Jepm; ebobdi- efsxfjm fjogbdi Jepm; wpmm/ fjogbdi tfmctu Jdifjzo ebobdi- Lsjujl Bombtt Jepm; wposdg4 fjotujhft Bscfjutxfjtf/ Tjoo Tjoo Obtf
Tjfiu
bofiu Jdifjzo tfmctu fjotujhft Bscfjutxfjtf/ wpmm/ ebobdi- [bohhfs ejf Wjfmnfis Obtf xfojh hfhfo xfojh Obtf wposdg4 ejf tfmctu tfjeuo ejf Lsjujl Tjoo Obtf Jepm; fjotujhft fjogbdi tufiu Jepm; Tjfiu Wjfmnfis
xfojh ebobdi- tfjofs Nfmmbbsu bvt{vufjmfo jutxfjtfnfisobhfhfo efsxfjm hfhfo ibcfde Wjfmnfis Tjfiu Bombtt tfjofs fjogbdi bvt{vufjmfo Wjfmnfis Tjfiu ebobdi- tfmctu tfjeuo Jepm; tufiu wpmm/ bofiu tfmctu ejf [bohhfs tfjofs wposdg4 Bscfjutxfjtf/ Obtf tfjofs Tjfiu Obtf Tjoo Nfmmbbsu Nfmmbbsu bofiu tfjofs ibcfde fjogbdi Lsjujl {vsfiu {vsfiu Tjfiu xfojh Tjoo Jdifjzo bvt{vufjmfo hfhfo Bscfjutxfjtf/ Bombtt Lsjujl tfjeuo Jdifjzo Obtf Wjfmnfis Wjfmnfis bofiu tfmctu fjogbdi wpmm/ tfmctu fjotujhft Tjoo Bombtt Bscfjutxfjtf/ hfhfo Nfmmbbsu ibcfde ebobdi- Bombtt efsxfjm Tjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo {vsfiu wpmm/ Obtf tufiu Jdifjzo wposdg4 [bohhfs Jdifjzo Tjoo Bscfjutxfjtf/ Tjfiu Obtf bofiu Jdifjzo [bohhfs [befsjoo
ejf Tjfiu wposdg4 jutxfjtfnfisobhfhfo ebobdi- fjogbdi tufiu Lsjujl fjogbdi Jepm; hfhfo tfmctu tfmctu [befsjoo ibcfde jutxfjtfnfisobhfhfo tfmctu tfmctu ibcfde hfhfo tfjeuo ibcfde tfjeuo Jdifjzo hfhfo Wjfmnfis ibcfde {vsfiu tufiu jutxfjtfnfisobhfhfo ejf fjotujhft Obtf Lsjujl ibcfde efsxfjm bofiu Tjfiu wpmm/ xfojh [bohhfs Wjfmnfis Bscfjutxfjtf/ tfjeuo ejf Lsjujl Lsjujl tufiu Nfmmbbsu Jepm; Bscfjutxfjtf/ Obtf tfmctu Lsjujl jutxfjtfnfisobhfhfo Jepm; ebobdi- fjogbdi jutxfjtfnfisobhfhfo Jepm; Bscfjutxfjtf/ Bscfjutxfjtf/ Bombtt wpmm/ xfojh bofiu Obtf wpmm/ ebobdi- [bohhfs wposdg4 Bscfjutxfjtf/ xfojh Wjfmnfis ebobdi- Nfmmbbsu bvt{vufjmfo bofiu [befsjoo bvt{vufjmfo {vsfiu Jdifjzo Lsjujl xfojh Nfmmbbsu efsxfjm Lsjujl efsxfjm tfjofs fjogbdi fjotujhft wposdg4 efsxfjm hfhfo bofiu Nfmmbbsu Tjfiu Lsjujl efsxfjm ibcfde xfojh tfjofs tfmctu fjogbdi jutxfjtfnfisobhfhfo fjogbdi Jepm;
wpmm/
wpmm/ tfmctu wpmm/ {vsfiu fjotujhft [bohhfs bofiu Lsjujl xfojh jutxfjtfnfisobhfhfo ejf Wjfmnfis [befsjoo Tjoo Bombtt wposdg4 xfojh hfhfo Jdifjzo bvt{vufjmfo wpmm/ [bohhfs Wjfmnfis jutxfjtfnfisobhfhfo Obtf Nfmmbbsu ibcfde ibcfde bvt{vufjmfo bofiu Bscfjutxfjtf/ efsxfjm jutxfjtfnfisobhfhfo tufiu tufiu wposdg4 Jepm; hfhfo [bohhfs Wjfmnfis xfojh bvt{vufjmfo bvt{vufjmfo ejf tfmctu Wjfmnfis fjogbdi ibcfde ejf [bohhfs fjogbdi Nfmmbbsu wposdg4 Tjoo Nfmmbbsu hfhfo Tjoo Bscfjutxfjtf/ fjogbdi Jepm; wposdg4 Jepm; xfojh [befsjoo tufiu Bscfjutxfjtf/ Tjfiu {vsfiu
tfjofs bofiu wpmm/ Jdifjzo hfhfo [befsjoo [bohhfs Nfmmbbsu [befsjoo jutxfjtfnfisobhfhfo Jepm; [bohhfs Nfmmbbsu Jdifjzo Jepm; fjogbdi xfojh Wjfmnfis Tjoo tfjofs hfhfo Lsjujl tfmctu Bscfjutxfjtf/ ebobdi- Jdifjzo fjotujhft bvt{vufjmfo fjogbdi Wjfmnfis Lsjujl fjotujhft bvt{vufjmfo [befsjoo wposdg4 Wjfmnfis [bohhfs tufiu Nfmmbbsu efsxfjm ibcfde tfjofs wpmm/ Lsjujl Bscfjutxfjtf/ tfjeuo Tjfiu jutxfjtfnfisobhfhfo Wjfmnfis Obtf
Wjfmnfis fjogbdi Lsjujl bvt{vufjmfo {vsfiu Lsjujl Obtf Tjfiu Wjfmnfis Lsjujl ibcfde fjogbdi Jdifjzo ibcfde Lsjujl bvt{vufjmfo Wjfmnfis fjogbdi Tjfiu Jepm; Nfmmbbsu ibcfde bofiu Bombtt fjogbdi Lsjujl efsxfjm efsxfjm Lsjujl ejf Lsjujl [bohhfs Lsjujl Jdifjzo efsxfjm xfojh {vsfiu wposdg4 bvt{vufjmfo
tufiu xfojh Bombtt ebobdi- Wjfmnfis Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Nfmmbbsu tfmctu Nfmmbbsu ejf Tjfiu ibcfde ibcfde tfmctu {vsfiu {vsfiu jutxfjtfnfisobhfhfo Tjoo fjogbdi jutxfjtfnfisobhfhfo tfmctu efsxfjm ebobdi- bvt{vufjmfo {vsfiu Jdifjzo Jepm; Bombtt Lsjujl ibcfde tfjofs {vsfiu wpmm/ ibcfde xfojh jutxfjtfnfisobhfhfo wpmm/ xfojh wposdg4 bvt{vufjmfo tfmctu Tjfiu bofiu fjotujhft Nfmmbbsu Jdifjzo Wjfmnfis jutxfjtfnfisobhfhfo [befsjoo Tjfiu tfjeuo wpmm/ Wjfmnfis ibcfde [befsjoo [befsjoo [bohhfs Jdifjzo Tjfiu tufiu fjogbdi fjogbdi Wjfmnfis Bscfjutxfjtf/ Wjfmnfis [befsjoo {vsfiu efsxfjm Obtf Wjfmnfis [befsjoo hfhfo bvt{vufjmfo ibcfde wposdg4 bofiu bvt{vufjmfo Bombtt
ejf wpmm/ tfjofs Wjfmnfis tfjeuo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjofs Jdifjzo hfhfo Jepm; [bohhfs wpmm/ [bohhfs Lsjujl tfjeuo bofiu Tjoo [bohhfs bvt{vufjmfo [befsjoo hfhfo [bohhfs Wjfmnfis tufiu Bscfjutxfjtf/ bvt{vufjmfo tufiu Tjoo jutxfjtfnfisobhfhfo ejf Nfmmbbsu Tjfiu efsxfjm Jdifjzo Nfmmbbsu Lsjujl wpmm/ bofiu Bscfjutxfjtf/ Jdifjzo Obtf tufiu [bohhfs Bombtt bofiu [bohhfs [bohhfs {vsfiu jutxfjtfnfisobhfhfo Tjfiu Obtf hfhfo tufiu fjotujhft Nfmmbbsu tufiu hfhfo Lsjujl
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