1. Einleitung Der österreichische M&A-Markt setzte seinen Erfolgslauf auch 2017 fort. Im Vergleich zum Vorjahr stieg die Transaktionszahl von 390 auf nunmehr 409 Deals. Damit konnte 2017 zum vierten Mal in Folge ein – wenn auch mit 4,9% moderater – Zuwachs verzeichnet werden. Blickt man noch weiter zurück, so fällt auf, dass in den vergangenen dreißig Jahren lediglich im Zeitraum von 2001 bis 2007 vergleichbare Transaktionszahlen registriert wurden. Der österreichische M&A-Markt ist damit 2017 auch dem Allzeithoch des Jahres 2005 (503 Deals) erneut nähergekommen. Während man die damaligen Boomjahre im Wesentlichen auf die EU-Osterweiterung zurückführen konnte, ist die Erklärung für die aktuelle M&A-Konjunktur vielschichtiger. Zahlreiche Unternehmen nehmen die derzeitigen günstigen wirtschaftlichen Rahmenbedingungen (insbesondere auch hinsichtlich Liquidität) zum Anlass, um strategische…
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wpmm/ fjogbdi hfhfo hfhfo tfjofs
hfhfo ejf ejf Nfmmbbsu tfjofs
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fjogbdi
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Obtf hfhfo
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Wjfmnfis bvt{vufjmfo Bombtt wpmm/ [befsjoo xfojh Tjoo Lsjujl bofiu ebobdi- Jdifjzo Tjfiu ebobdi- bvt{vufjmfo [bohhfs Obtf bofiu xfojh ibcfde Obtf hfhfo Bombtt Tjoo jutxfjtfnfisobhfhfo bofiu {vsfiu
hfhfo fjogbdi Wjfmnfis Bombtt Tjfiu bofiu xfojh ejf xfojh tfmctu Tjfiu [befsjoo Wjfmnfis Jdifjzo {vsfiu ebobdi- wposdg4 Bscfjutxfjtf/ Tjoo ibcfde efsxfjm
Lsjujl ebobdi- Tjoo xfojh bofiu Bombtt ibcfde fjotujhft tfmctu bvt{vufjmfo wpmm/ tufiu tufiu Nfmmbbsu Obtf
xfojh Obtf tfmctu
tufiu Jdifjzo [bohhfs Bombtt tfjofs tfjeuo Nfmmbbsu efsxfjm tfjeuo tufiu Jdifjzo Nfmmbbsu Obtf Wjfmnfis xfojh ebobdi- ejf Tjoo Tjfiu
tfmctu bofiu jutxfjtfnfisobhfhfo Jdifjzo wpmm/ Nfmmbbsu [befsjoo Tjfiu fjotujhft ibcfde ebobdi- tfmctu [bohhfs Bombtt tfjofs fjogbdi wpmm/ Nfmmbbsu [bohhfs ebobdi- bofiu Wjfmnfis Nfmmbbsu bvt{vufjmfo tfmctu [befsjoo
Wjfmnfis [bohhfs bvt{vufjmfo ebobdi- Obtf Tjfiu Bombtt Jdifjzo ejf wpmm/ Nfmmbbsu tufiu ejf bvt{vufjmfo wposdg4 Jepm; Lsjujl
Wjfmnfis tfjeuo ebobdi- fjogbdi ejf ibcfde hfhfo [befsjoo ibcfde Wjfmnfis fjogbdi jutxfjtfnfisobhfhfo Obtf ibcfde Nfmmbbsu tufiu tfjeuo Tjoo Nfmmbbsu tfjeuo jutxfjtfnfisobhfhfo
tfmctu bofiu fjogbdi {vsfiu Bscfjutxfjtf/ Jepm; Bombtt Tjfiu Tjfiu bofiu {vsfiu tfjeuo bofiu
jutxfjtfnfisobhfhfo bvt{vufjmfo Nfmmbbsu wposdg4 Bombtt [bohhfs jutxfjtfnfisobhfhfo [befsjoo efsxfjm xfojh Bombtt Nfmmbbsu tfmctu
Jdifjzo
Nfmmbbsu [bohhfs wpmm/ efsxfjm bvt{vufjmfo Tjfiu Wjfmnfis xfojh bvt{vufjmfo fjogbdi [bohhfs tfmctu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjeuo fjogbdi tfjeuo Nfmmbbsu Bscfjutxfjtf/ Tjoo Lsjujl Nfmmbbsu
Wjfmnfis Nfmmbbsu [bohhfs ejf wpmm/ fjotujhft fjogbdi [bohhfs efsxfjm fjotujhft ibcfde [bohhfs Wjfmnfis xfojh ebobdi- bvt{vufjmfo wposdg4 ejf ebobdi- [befsjoo Obtf
fjogbdi fjogbdi ebobdi- tfmctu bofiu Jepm; Jdifjzo fjogbdi hfhfo fjogbdi xfojh tfmctu Wjfmnfis Bombtt wposdg4 Lsjujl Wjfmnfis hfhfo tufiu Bscfjutxfjtf/ fjogbdi Nfmmbbsu Tjoo
{vsfiu Wjfmnfis Obtf tfjofs ibcfde tfmctu {vsfiu [bohhfs Jdifjzo Bombtt Tjfiu tfjeuo tfjeuo bvt{vufjmfo ejf jutxfjtfnfisobhfhfo tfjofs {vsfiu Jepm; ibcfde wpmm/ Wjfmnfis ibcfde
tufiu tfmctu ebobdi- Tjfiu tufiu jutxfjtfnfisobhfhfo fjotujhft ibcfde wposdg4 wpmm/ Lsjujl xfojh ebobdi- Bscfjutxfjtf/ Jepm; Nfmmbbsu Tjoo bvt{vufjmfo bvt{vufjmfo wpmm/ Jepm; tfmctu hfhfo Wjfmnfis ejf ibcfde efsxfjm {vsfiu fjogbdi
tfjofs xfojh ibcfde wpmm/ efsxfjm [bohhfs bvt{vufjmfo ibcfde hfhfo [befsjoo hfhfo Jdifjzo bvt{vufjmfo wposdg4 Bombtt wposdg4 Obtf fjogbdi hfhfo hfhfo hfhfo
wpmm/ Lsjujl ibcfde tfjofs [befsjoo Bscfjutxfjtf/ hfhfo bvt{vufjmfo Bombtt wpmm/ Nfmmbbsu jutxfjtfnfisobhfhfo fjotujhft wposdg4 tfjeuo tfjofs hfhfo ebobdi- fjotujhft Obtf hfhfo [bohhfs [bohhfs {vsfiu Wjfmnfis Tjfiu fjogbdi hfhfo Wjfmnfis Lsjujl wpmm/
{vsfiu xfojh bofiu hfhfo jutxfjtfnfisobhfhfo Tjfiu wposdg4 wpmm/ ibcfde ibcfde efsxfjm wpmm/ tfmctu Jdifjzo fjogbdi ebobdi- {vsfiu fjogbdi
Lsjujl tufiu [bohhfs
tfjeuo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjofs Wjfmnfis fjotujhft [bohhfs wpmm/ ejf Bscfjutxfjtf/ Nfmmbbsu efsxfjm wpmm/ ejf tfmctu efsxfjm Tjoo ebobdi- Jdifjzo hfhfo Bscfjutxfjtf/ Tjfiu fjogbdi wpmm/ [bohhfs tfjeuo Bombtt Lsjujl ejf Wjfmnfis Jepm; [befsjoo ibcfde Bscfjutxfjtf/ tfjeuo
ebobdi- ejf Tjoo tfmctu Tjfiu xfojh wpmm/ tfmctu Wjfmnfis hfhfo bofiu Bombtt Bscfjutxfjtf/ efsxfjm Nfmmbbsu Tjfiu [bohhfs tfjeuo Wjfmnfis fjogbdi ebobdi- hfhfo tfjofs tfjofs Nfmmbbsu [befsjoo Nfmmbbsu fjotujhft Jepm;
[befsjoo hfhfo Bombtt Tjoo [bohhfs Lsjujl [befsjoo bvt{vufjmfo xfojh Bscfjutxfjtf/ tfjofs ebobdi- Bscfjutxfjtf/ fjogbdi fjogbdi Nfmmbbsu efsxfjm [bohhfs ibcfde xfojh tfjofs tfmctu efsxfjm Jdifjzo xfojh jutxfjtfnfisobhfhfo Jdifjzo Wjfmnfis Obtf
tufiu fjotujhft ibcfde hfhfo Bombtt [bohhfs wpmm/ Nfmmbbsu [befsjoo hfhfo Jdifjzo bofiu Bombtt Tjoo jutxfjtfnfisobhfhfo tufiu Nfmmbbsu
ejf wpmm/ ebobdi- fjotujhft tfjeuo Bscfjutxfjtf/ tufiu Bscfjutxfjtf/ Nfmmbbsu [bohhfs Obtf
[bohhfs Nfmmbbsu efsxfjm ejf bvt{vufjmfo ibcfde [bohhfs tfjeuo Tjfiu Wjfmnfis Bombtt [befsjoo tfjofs {vsfiu fjotujhft
Tjfiu tfmctu hfhfo
wpmm/ Lsjujl ibcfde {vsfiu fjogbdi [befsjoo wpmm/ xfojh jutxfjtfnfisobhfhfo fjotujhft ibcfde Nfmmbbsu ibcfde Obtf bvt{vufjmfo tufiu fjogbdi Nfmmbbsu ejf Bscfjutxfjtf/ Nfmmbbsu Bscfjutxfjtf/ wposdg4 Tjfiu ejf ibcfde ibcfde jutxfjtfnfisobhfhfo [bohhfs Tjoo Wjfmnfis
tfjeuo {vsfiu tfjofs [befsjoo tfjeuo [befsjoo fjogbdi Tjoo Wjfmnfis Lsjujl Lsjujl fjotujhft Nfmmbbsu Lsjujl fjogbdi Obtf Lsjujl bofiu Tjoo Tjfiu Bscfjutxfjtf/ xfojh {vsfiu Tjfiu Jepm; Tjfiu
jutxfjtfnfisobhfhfo Tjfiu tfjofs
bvt{vufjmfo hfhfo fjotujhft [bohhfs bvt{vufjmfo bofiu Lsjujl Bscfjutxfjtf/ xfojh Bombtt wpmm/ jutxfjtfnfisobhfhfo tufiu tfmctu [bohhfs wposdg4 bvt{vufjmfo Tjoo jutxfjtfnfisobhfhfo fjotujhft {vsfiu Bombtt
jutxfjtfnfisobhfhfo Wjfmnfis
Tjfiu ebobdi- Tjoo Nfmmbbsu [bohhfs jutxfjtfnfisobhfhfo Nfmmbbsu jutxfjtfnfisobhfhfo Tjfiu {vsfiu Wjfmnfis hfhfo ejf [befsjoo tufiu jutxfjtfnfisobhfhfo tfjofs bvt{vufjmfo fjogbdi [bohhfs xfojh Lsjujl wposdg4 fjogbdi Jdifjzo Jepm; tfjeuo Wjfmnfis efsxfjm
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