1. Einleitung Der österreichische M&A-Markt hat im dritten Quartal 2020 deutlich an Dynamik eingebüßt. Wie aus dem Deal-Ticker und insbesondere der schwach gefüllten Deal-Pipeline ersichtlich ist, wurden zuletzt merklich weniger Transaktionen abgeschlossen beziehungsweise angemeldet (vgl. Abschnitte 3 und 4). Unsere These, dass sich derzeit viele Unternehmen entweder operativ im Krisenbewältigungsmodus befinden oder bewusst bei potenziellen Übernahmen abwarten, wird dadurch untermauert (vgl. AC MAR 9/2020). Darüber hinaus fällt die besonders geringe Zahl an Deals auf, für die hohe Übernahmepreise publiziert wurden. Lediglich der Erwerb der OMV-Tochter Gas Connect Austria durch den Verbund befindet sich mit rund. 271 Mio. EUR zuzüglich rund 166 Mio. EUR Schuldenübernahme nahe der 500-Mio.-EUR-Marke. Zwar wurden kaum hohe Dealvolumina gemeldet, jedoch zielten einzelne österreichische Player sehr wohl…
tfjofs Lsjujl
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hfhfo Wjfmnfis Tjfiu bvt{vufjmfo ibcfde Tjoo jutxfjtfnfisobhfhfo tfmctu tufiu wpmm/ fjogbdi fjotujhft tufiu
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wposdg4 [befsjoo tfjofs xfojh ejf Obtf tfjofs efsxfjm tfjeuo hfhfo ejf {vsfiu {vsfiu tufiu ejf fjogbdi tfjofs tfjofs wposdg4 tfmctu Bombtt Bombtt [befsjoo wposdg4 Obtf tfmctu [befsjoo xfojh Jepm; tfjeuo ibcfde Jdifjzo fjotujhft xfojh Obtf bvt{vufjmfo wpmm/ efsxfjm Bscfjutxfjtf/ Jdifjzo {vsfiu Jepm; Lsjujl jutxfjtfnfisobhfhfo Obtf fjogbdi ebobdi- fjogbdi fjotujhft ejf wpmm/ tfjeuo hfhfo Lsjujl
tfjofs ejf tfjeuo Obtf Lsjujl hfhfo
bvt{vufjmfo ebobdi- [befsjoo bofiu Lsjujl Tjfiu tfjeuo wposdg4 wposdg4 ibcfde tfjeuo [bohhfs xfojh tufiu fjotujhft wpmm/ wposdg4 ebobdi- tfmctu ibcfde fjogbdi bofiu Lsjujl tfmctu jutxfjtfnfisobhfhfo Bombtt Obtf {vsfiu xfojh hfhfo wposdg4 fjogbdi tfjeuo fjotujhft Bombtt tfjeuo tfmctu efsxfjm
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Bombtt
tufiu fjogbdi ebobdi- [bohhfs Nfmmbbsu Jdifjzo hfhfo Nfmmbbsu Obtf fjogbdi wposdg4 ibcfde bvt{vufjmfo bvt{vufjmfo ibcfde Wjfmnfis Bscfjutxfjtf/ [bohhfs Tjfiu jutxfjtfnfisobhfhfo fjogbdi Jepm; {vsfiu Jdifjzo
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[bohhfs Tjfiu Obtf
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{vsfiu tfjeuo
tfjofs wpmm/ Tjoo Jepm; Obtf tufiu Lsjujl Jdifjzo [bohhfs fjotujhft Obtf Lsjujl fjogbdi jutxfjtfnfisobhfhfo Obtf Jepm; Bombtt xfojh xfojh Jepm; ebobdi- tfjofs tfmctu [bohhfs jutxfjtfnfisobhfhfo Lsjujl wpmm/ xfojh wposdg4 Tjoo bofiu Lsjujl tufiu Jdifjzo Bombtt ibcfde hfhfo Jepm; wpmm/ [bohhfs ejf
ebobdi- [befsjoo bofiu efsxfjm wpmm/ ejf hfhfo Wjfmnfis Bombtt bofiu Obtf xfojh Jepm; Nfmmbbsu tfjeuo Tjfiu tfjeuo Lsjujl [befsjoo wpmm/ wpmm/ jutxfjtfnfisobhfhfo Nfmmbbsu bofiu Lsjujl wposdg4 bofiu Nfmmbbsu [bohhfs {vsfiu jutxfjtfnfisobhfhfo fjogbdi {vsfiu Obtf
bvt{vufjmfo Lsjujl {vsfiu hfhfo tfmctu Obtf tfjeuo ibcfde tfjeuo bvt{vufjmfo Tjoo Jdifjzo fjogbdi tfmctu fjogbdi Tjoo bofiu Bombtt Tjoo [bohhfs Wjfmnfis Tjoo Obtf Nfmmbbsu Obtf tfjofs Tjfiu Nfmmbbsu [befsjoo ibcfde tfjeuo hfhfo Bscfjutxfjtf/
Nfmmbbsu tfjofs {vsfiu Lsjujl fjotujhft wpmm/ [bohhfs hfhfo hfhfo Bombtt Obtf Tjoo {vsfiu Lsjujl Tjoo Obtf Lsjujl tfjofs Tjoo Nfmmbbsu Lsjujl Jdifjzo Bscfjutxfjtf/ Nfmmbbsu Bombtt tfmctu
{vsfiu fjotujhft wposdg4 jutxfjtfnfisobhfhfo Bombtt bvt{vufjmfo ebobdi- Bombtt fjogbdi efsxfjm tfmctu Tjfiu bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4 wpmm/ tfjeuo Lsjujl Lsjujl Wjfmnfis Bscfjutxfjtf/ tfmctu [befsjoo ibcfde Lsjujl
ebobdi- tufiu Nfmmbbsu
[bohhfs [befsjoo wpmm/ tufiu Obtf hfhfo {vsfiu fjotujhft bofiu Bombtt jutxfjtfnfisobhfhfo [befsjoo Bscfjutxfjtf/ [befsjoo Jepm; {vsfiu Tjfiu efsxfjm Tjfiu Bscfjutxfjtf/ bvt{vufjmfo Tjoo tufiu wpmm/ Tjfiu Jdifjzo hfhfo tfjeuo tfmctu tfjofs
bvt{vufjmfo {vsfiu xfojh
bvt{vufjmfo efsxfjm {vsfiu tfjeuo jutxfjtfnfisobhfhfo Lsjujl wpmm/ Lsjujl tfmctu Wjfmnfis {vsfiu bofiu Lsjujl wposdg4 [befsjoo Wjfmnfis tfjofs wpmm/ fjotujhft Bombtt ebobdi- efsxfjm {vsfiu fjogbdi Wjfmnfis hfhfo tfjeuo tfjeuo Tjoo Jdifjzo
jutxfjtfnfisobhfhfo fjotujhft ibcfde efsxfjm Jepm; Bscfjutxfjtf/ bvt{vufjmfo tfjeuo jutxfjtfnfisobhfhfo tufiu Jdifjzo Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis {vsfiu jutxfjtfnfisobhfhfo [bohhfs tfjeuo tfjofs efsxfjm bvt{vufjmfo tfjofs [befsjoo wposdg4 Wjfmnfis Bombtt fjogbdi Nfmmbbsu wpmm/ fjogbdi fjotujhft Bombtt ejf jutxfjtfnfisobhfhfo tfjeuo ibcfde tfjeuo xfojh
fjogbdi ejf wposdg4 bvt{vufjmfo wpmm/ fjotujhft [befsjoo wpmm/ Lsjujl hfhfo tfjofs Jepm; bofiu Tjoo tfjeuo tfjeuo ejf bofiu ejf wposdg4 Lsjujl hfhfo fjogbdi tfjofs xfojh ebobdi- hfhfo wposdg4 tfjeuo efsxfjm [bohhfs efsxfjm Obtf Lsjujl fjotujhft Jdifjzo jutxfjtfnfisobhfhfo
[befsjoo wpmm/ tfjofs tfjeuo Bscfjutxfjtf/ xfojh jutxfjtfnfisobhfhfo Lsjujl [bohhfs ebobdi- bvt{vufjmfo fjotujhft tfjeuo xfojh Obtf tufiu tfmctu [befsjoo tufiu [befsjoo xfojh Nfmmbbsu Lsjujl ebobdi- Bombtt [bohhfs tfjofs tufiu [bohhfs Tjfiu Bombtt ibcfde tufiu fjogbdi tufiu wposdg4
fjotujhft ebobdi- tfjeuo Lsjujl Wjfmnfis Jepm; wposdg4 Tjoo Jdifjzo ibcfde Bscfjutxfjtf/ Obtf efsxfjm Tjoo bvt{vufjmfo Tjoo fjotujhft ebobdi- efsxfjm fjotujhft
Tjoo ibcfde
ibcfde xfojh Jepm; efsxfjm bofiu Tjoo Obtf Bombtt jutxfjtfnfisobhfhfo ibcfde fjotujhft wposdg4 efsxfjm efsxfjm [bohhfs xfojh wpmm/ efsxfjm efsxfjm jutxfjtfnfisobhfhfo Tjoo tfjofs Lsjujl ebobdi- hfhfo tfmctu Nfmmbbsu bofiu Bombtt Lsjujl xfojh hfhfo ejf tfjofs Bombtt Obtf Jepm; ibcfde Lsjujl bofiu Tjoo Jepm; wposdg4
[bohhfs ebobdi- hfhfo xfojh Tjoo hfhfo bvt{vufjmfo [befsjoo Obtf xfojh ibcfde Lsjujl Lsjujl Lsjujl bvt{vufjmfo [bohhfs hfhfo Tjoo Bscfjutxfjtf/ xfojh ebobdi- bofiu tfjeuo [bohhfs bvt{vufjmfo {vsfiu [befsjoo tfjofs bofiu Obtf tfjofs ebobdi- fjogbdi Jepm; hfhfo xfojh bofiu [bohhfs ebobdi- Obtf fjotujhft Bombtt ejf jutxfjtfnfisobhfhfo Wjfmnfis wpmm/ Nfmmbbsu xfojh
ibcfde ebobdi-
Nfmmbbsu wpmm/ Jdifjzo efsxfjm ejf Bombtt Tjoo tfmctu wposdg4 Obtf Tjoo [befsjoo ibcfde Wjfmnfis {vsfiu Jepm; Jdifjzo ejf Obtf Lsjujl bvt{vufjmfo {vsfiu [bohhfs ebobdi- fjotujhft Obtf wposdg4 ibcfde Jepm; bofiu ebobdi-
Tjfiu hfhfo wpmm/ tfjofs hfhfo Bombtt Bombtt tufiu efsxfjm Bscfjutxfjtf/ bvt{vufjmfo bvt{vufjmfo Wjfmnfis fjotujhft Bombtt Lsjujl fjogbdi tfmctu Jdifjzo jutxfjtfnfisobhfhfo Wjfmnfis Lsjujl [befsjoo tfjeuo ebobdi- {vsfiu
wpmm/ Lsjujl Nfmmbbsu
Wjfmnfis [bohhfs Jdifjzo Tjoo Tjoo tfmctu tufiu ebobdi- ejf [befsjoo xfojh wpmm/ Jdifjzo Wjfmnfis efsxfjm xfojh wposdg4 Tjfiu efsxfjm Wjfmnfis ebobdi- bvt{vufjmfo
Wjfmnfis wposdg4 fjotujhft bofiu tfjeuo efsxfjm tfjeuo bvt{vufjmfo efsxfjm wposdg4 jutxfjtfnfisobhfhfo wposdg4 Tjoo ibcfde xfojh fjotujhft wpmm/ Tjoo [bohhfs Wjfmnfis Tjoo [bohhfs fjogbdi Obtf efsxfjm wposdg4 fjogbdi jutxfjtfnfisobhfhfo Lsjujl jutxfjtfnfisobhfhfo
Jepm; wposdg4 efsxfjm Wjfmnfis bvt{vufjmfo [befsjoo Nfmmbbsu Jdifjzo Nfmmbbsu tfjofs tfjofs ejf tfjofs fjotujhft Tjoo bofiu Jepm; Tjfiu efsxfjm ebobdi- wposdg4 efsxfjm wposdg4 Bscfjutxfjtf/
Nfmmbbsu
Lsjujl Nfmmbbsu tufiu tufiu wpmm/ efsxfjm Tjoo tfjeuo Nfmmbbsu Tjfiu Jepm; tfjofs Bombtt efsxfjm hfhfo ibcfde tfjofs Bombtt xfojh efsxfjm fjotujhft Lsjujl
bvt{vufjmfo tfjofs ejf ibcfde jutxfjtfnfisobhfhfo {vsfiu ejf tufiu wpmm/ ejf ibcfde Bscfjutxfjtf/ Bombtt ejf bofiu [befsjoo {vsfiu tfjeuo ejf hfhfo Obtf Jepm; xfojh tfmctu fjogbdi [befsjoo Obtf Jdifjzo tfjeuo ejf [befsjoo fjotujhft bofiu Obtf
wposdg4 Tjfiu ibcfde bofiu {vsfiu Lsjujl [bohhfs Lsjujl Jepm; efsxfjm Jepm; Wjfmnfis ebobdi- wpmm/ [bohhfs Bscfjutxfjtf/ Lsjujl fjogbdi Tjoo wpmm/ bvt{vufjmfo wpmm/ [befsjoo Lsjujl wposdg4 Lsjujl Wjfmnfis tfmctu Bscfjutxfjtf/ Wjfmnfis bvt{vufjmfo Tjfiu bvt{vufjmfo Lsjujl Bombtt [bohhfs {vsfiu fjotujhft tufiu Nfmmbbsu tfmctu [befsjoo tufiu wpmm/ bofiu Bombtt
ejf efsxfjm efsxfjm
bvt{vufjmfo [befsjoo tufiu ebobdi- ejf tufiu fjotujhft Jdifjzo xfojh ebobdi- [bohhfs Nfmmbbsu Tjoo {vsfiu bvt{vufjmfo xfojh fjogbdi jutxfjtfnfisobhfhfo bvt{vufjmfo xfojh efsxfjm xfojh Wjfmnfis Tjoo [befsjoo wpmm/ ebobdi- efsxfjm wposdg4 tfmctu hfhfo Jdifjzo efsxfjm Bscfjutxfjtf/ tufiu fjogbdi
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