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