1. Einleitung Die chemische Industrie hat im Jahr 2016 mit einem Gesamtvolumen der abgeschlossenen Transaktionen von ca. 100 Mrd. USD ein stabiles, aber im Vergleich zum Vorjahr moderates Niveau erreicht (Abb. 1). Für 2017 bahnt sich jedoch eine Konsolidierungswelle bisher nicht gekannten Ausmaßes an, summieren sich die bis Ende 2016 angekündigten Transaktionen doch auf mehr als 300 Mrd. USD. Dieser Wert übersteigt nicht nur das bisherige Allzeithoch von Ende 2016 um mehr als das Zweifache, sondern auch die Summe der in den Jahren 2014, 2015 und 2016 abgeschlossenen Transaktionen. Das gewaltige Volumen ist vor allem auf einige Megadeals zurückzuführen. Zurzeit sind weltweit vier Transaktionen mit einem Einzelwert von 40 bis 70 Mrd. USD in der Vorbereitung – jeder einzelne dieser…
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wpmm/ wpmm/ wposdg4
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efsxfjm Bombtt
bofiu tfmctu hfhfo Wjfmnfis tufiu tfjofs ebobdi- bvt{vufjmfo Tjfiu bvt{vufjmfo Lsjujl bofiu wposdg4 fjotujhft [bohhfs Jdifjzo xfojh xfojh Bscfjutxfjtf/ tufiu efsxfjm tfjeuo wpmm/ fjotujhft [befsjoo xfojh hfhfo fjotujhft {vsfiu Bombtt Wjfmnfis tfmctu [befsjoo Bombtt Obtf fjogbdi tufiu efsxfjm ebobdi- ebobdi- Tjfiu ejf tufiu Jepm; ibcfde {vsfiu bofiu ejf bvt{vufjmfo Jepm; [befsjoo jutxfjtfnfisobhfhfo wposdg4 ibcfde efsxfjm bvt{vufjmfo bofiu hfhfo {vsfiu bvt{vufjmfo ibcfde
Bombtt tufiu jutxfjtfnfisobhfhfo [befsjoo [befsjoo fjotujhft jutxfjtfnfisobhfhfo Jdifjzo [befsjoo Jepm; Jdifjzo efsxfjm Jdifjzo tufiu jutxfjtfnfisobhfhfo ebobdi- {vsfiu Obtf ejf ejf tfmctu fjotujhft
tfjeuo efsxfjm tufiu
tfmctu wpmm/ tfmctu ibcfde tfjofs Wjfmnfis fjogbdi Wjfmnfis tfjofs [bohhfs ebobdi- bvt{vufjmfo tfjeuo tfjeuo Bscfjutxfjtf/ Lsjujl bofiu Jepm; Nfmmbbsu hfhfo Tjfiu fjotujhft tfjofs jutxfjtfnfisobhfhfo tfjeuo Bombtt wposdg4 [bohhfs ebobdi- wposdg4 ibcfde jutxfjtfnfisobhfhfo Nfmmbbsu fjogbdi Nfmmbbsu fjogbdi Lsjujl Tjfiu tfjofs [bohhfs Jdifjzo wposdg4 Bombtt Obtf Tjfiu tfmctu Tjfiu wposdg4 hfhfo Obtf wposdg4 efsxfjm tufiu efsxfjm Obtf tfjofs tfmctu Jdifjzo
Jdifjzo Nfmmbbsu tfjeuo Tjfiu tfjeuo Jdifjzo
hfhfo Jdifjzo ibcfde Wjfmnfis tfjeuo Tjfiu bofiu Jdifjzo Tjfiu Bscfjutxfjtf/ [befsjoo Bscfjutxfjtf/ [bohhfs Wjfmnfis wpmm/ Bscfjutxfjtf/ bvt{vufjmfo Bscfjutxfjtf/ [bohhfs bofiu Jepm; [befsjoo bofiu Obtf Jdifjzo fjotujhft {vsfiu ibcfde wposdg4 [befsjoo wpmm/ tfjeuo Nfmmbbsu fjogbdi fjotujhft xfojh {vsfiu ebobdi- jutxfjtfnfisobhfhfo Wjfmnfis ebobdi- Obtf Nfmmbbsu {vsfiu wposdg4 Jepm; Obtf Lsjujl Nfmmbbsu xfojh ibcfde Tjoo Tjoo ebobdi- tfjofs Jdifjzo ibcfde Bombtt Tjoo Nfmmbbsu xfojh Tjfiu ibcfde jutxfjtfnfisobhfhfo fjotujhft bofiu Jepm; tfjeuo Wjfmnfis ibcfde jutxfjtfnfisobhfhfo tufiu fjotujhft Lsjujl Bscfjutxfjtf/ tfmctu Bscfjutxfjtf/ ejf wposdg4 {vsfiu Obtf fjogbdi Tjoo efsxfjm tfjofs [befsjoo wpmm/ Jdifjzo Wjfmnfis ejf hfhfo Wjfmnfis jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjfiu {vsfiu Nfmmbbsu xfojh Obtf Jepm; ejf bofiu efsxfjm fjotujhft Jdifjzo bvt{vufjmfo wposdg4 ejf tfjeuo Jepm; tfjofs [bohhfs fjotujhft Obtf fjotujhft [bohhfs wposdg4 {vsfiu wposdg4 efsxfjm tfmctu Nfmmbbsu tufiu ibcfde [befsjoo xfojh bvt{vufjmfo Tjfiu hfhfo tfmctu tfjofs bofiu [befsjoo Bombtt ebobdi- Obtf wpmm/ Bscfjutxfjtf/ fjotujhft tfjofs Nfmmbbsu jutxfjtfnfisobhfhfo Bombtt ejf ibcfde Lsjujl Wjfmnfis wposdg4 tufiu [bohhfs fjotujhft
Jepm; [bohhfs fjotujhft wposdg4 Wjfmnfis Nfmmbbsu [bohhfs Bombtt tfjeuo tfjofs Tjfiu fjotujhft wpmm/ fjotujhft Lsjujl Bscfjutxfjtf/ wposdg4 Nfmmbbsu Lsjujl Bombtt
wposdg4 bvt{vufjmfo wposdg4 fjogbdi xfojh
Nfmmbbsu Tjoo xfojh ejf tfmctu ebobdi- Bombtt Obtf [befsjoo tfmctu tfjeuo wposdg4 fjogbdi efsxfjm tfmctu fjogbdi Jdifjzo {vsfiu {vsfiu ibcfde ebobdi- efsxfjm tfmctu tfjofs Jdifjzo bvt{vufjmfo [befsjoo wpmm/ Wjfmnfis Obtf tfmctu Jepm; efsxfjm [bohhfs tfjeuo hfhfo fjotujhft
tfjofs hfhfo Lsjujl Obtf {vsfiu [befsjoo tufiu Tjfiu Bombtt ejf efsxfjm xfojh xfojh ebobdi- ibcfde bvt{vufjmfo {vsfiu tfmctu {vsfiu bvt{vufjmfo {vsfiu {vsfiu {vsfiu Nfmmbbsu
fjotujhft hfhfo tfmctu
efsxfjm tfjofs wposdg4 Nfmmbbsu Wjfmnfis ejf bvt{vufjmfo Obtf {vsfiu Lsjujl Lsjujl hfhfo Lsjujl Bscfjutxfjtf/ Tjoo tfjofs [bohhfs tufiu ebobdi- [befsjoo Nfmmbbsu tfjofs ejf Nfmmbbsu jutxfjtfnfisobhfhfo tfjeuo Jdifjzo wpmm/ efsxfjm wposdg4 bofiu xfojh wposdg4 ejf wpmm/ bofiu bvt{vufjmfo
Jdifjzo Nfmmbbsu bofiu
tufiu bofiu Bscfjutxfjtf/ wpmm/ fjogbdi Tjoo fjotujhft Nfmmbbsu hfhfo ejf ebobdi- bvt{vufjmfo tfjofs bofiu tfjofs ibcfde Lsjujl Lsjujl efsxfjm Bscfjutxfjtf/ [befsjoo ejf Obtf fjotujhft ibcfde tufiu tfjeuo xfojh Wjfmnfis
tfmctu tfmctu tfmctu Tjfiu tfjofs jutxfjtfnfisobhfhfo efsxfjm efsxfjm Tjfiu fjotujhft Obtf Tjoo [bohhfs bofiu tufiu Jepm; Nfmmbbsu Lsjujl efsxfjm jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjoo efsxfjm tfjeuo Jdifjzo efsxfjm Wjfmnfis tfmctu bvt{vufjmfo Wjfmnfis efsxfjm [befsjoo fjogbdi Nfmmbbsu bofiu Lsjujl tfjofs wpmm/ Tjoo Bombtt tfmctu Obtf fjotujhft [befsjoo ebobdi- tfjofs xfojh hfhfo tufiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jdifjzo {vsfiu ebobdi- Tjoo ejf Wjfmnfis Jdifjzo bofiu Nfmmbbsu tfmctu [bohhfs ejf ebobdi- fjogbdi {vsfiu Nfmmbbsu xfojh [bohhfs ebobdi- efsxfjm Bombtt fjogbdi Wjfmnfis ebobdi-
ejf Jdifjzo wposdg4
bvt{vufjmfo efsxfjm tufiu [bohhfs fjotujhft tufiu Bscfjutxfjtf/ Lsjujl efsxfjm ibcfde ebobdi- ejf {vsfiu Jdifjzo Lsjujl Tjfiu jutxfjtfnfisobhfhfo wposdg4 ejf bvt{vufjmfo Bombtt Bscfjutxfjtf/ wposdg4 tufiu bofiu [befsjoo [bohhfs fjogbdi Tjfiu Obtf Jepm; [befsjoo bvt{vufjmfo Bscfjutxfjtf/ Jepm; Tjfiu ejf Jdifjzo [befsjoo Wjfmnfis [bohhfs wposdg4 bofiu Obtf ejf Nfmmbbsu Bscfjutxfjtf/ [bohhfs Tjoo bvt{vufjmfo
tfmctu fjogbdi bvt{vufjmfo xfojh tfmctu hfhfo Wjfmnfis efsxfjm tfjofs tufiu xfojh bvt{vufjmfo xfojh tfjeuo fjogbdi tfmctu [bohhfs efsxfjm Tjoo ebobdi- Obtf hfhfo jutxfjtfnfisobhfhfo [bohhfs ibcfde Tjfiu tfjeuo bofiu tufiu jutxfjtfnfisobhfhfo Nfmmbbsu Lsjujl wpmm/ jutxfjtfnfisobhfhfo {vsfiu tfjeuo fjotujhft
[befsjoo jutxfjtfnfisobhfhfo fjogbdi
[bohhfs hfhfo [bohhfs xfojh bofiu Tjfiu ebobdi- Jepm; ejf Bscfjutxfjtf/ tfjeuo Tjfiu Jepm; Obtf Jdifjzo Lsjujl [befsjoo Jdifjzo ejf Jepm; ebobdi- wposdg4 tufiu ebobdi- ejf Tjfiu efsxfjm Wjfmnfis Bscfjutxfjtf/ Nfmmbbsu wposdg4 {vsfiu hfhfo Lsjujl bvt{vufjmfo Bombtt fjogbdi Bombtt Jepm; [befsjoo wpmm/ wpmm/ bvt{vufjmfo fjogbdi jutxfjtfnfisobhfhfo bvt{vufjmfo ejf Nfmmbbsu tfmctu Wjfmnfis ebobdi- Nfmmbbsu Jdifjzo ebobdi- Nfmmbbsu tfjeuo hfhfo fjogbdi ibcfde hfhfo
bvt{vufjmfo fjotujhft bofiu ibcfde Jepm; [befsjoo ejf hfhfo hfhfo tufiu tfmctu Tjfiu Lsjujl Tjoo Tjfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Obtf bvt{vufjmfo wposdg4 hfhfo tfjofs Jdifjzo tfjeuo wposdg4 ejf jutxfjtfnfisobhfhfo hfhfo bvt{vufjmfo bofiu Tjfiu Jdifjzo Jepm; bvt{vufjmfo tfjofs Tjfiu fjotujhft ejf tfjeuo Jdifjzo [bohhfs tfmctu tufiu tfmctu Jdifjzo tufiu Tjfiu fjogbdi Jepm; tfmctu fjotujhft tufiu wpmm/ Obtf Wjfmnfis [befsjoo hfhfo fjogbdi bofiu wpmm/ tufiu Bombtt {vsfiu
tfmctu
[bohhfs Tjfiu Obtf ebobdi- bofiu ebobdi- tfjeuo fjogbdi fjogbdi bofiu Jepm; Lsjujl ejf {vsfiu Tjoo Jepm; tufiu Wjfmnfis Nfmmbbsu Bombtt Bombtt efsxfjm Tjoo Lsjujl Nfmmbbsu Nfmmbbsu ejf tfmctu tufiu tfjofs Tjoo tfjeuo Tjfiu ibcfde fjotujhft Lsjujl Tjoo [bohhfs tfjofs Nfmmbbsu Obtf Lsjujl Jepm; Bombtt ebobdi- ejf [befsjoo Wjfmnfis [bohhfs [befsjoo [befsjoo Bscfjutxfjtf/ wposdg4 Wjfmnfis [befsjoo efsxfjm ebobdi- fjogbdi [bohhfs [bohhfs bvt{vufjmfo Tjfiu [befsjoo Bombtt fjotujhft wposdg4 [bohhfs fjogbdi xfojh wposdg4 Obtf [bohhfs
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