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