1. Einleitung Nach dem Rekordjahr 2018 hat sich der M&A-Markt in der Schweiz im ersten Halbjahr 2019 auf hohem Niveau leicht abgekühlt. So kam es in den vergangenen sechs Monaten zu 153 M&A-Transaktionen, was unter den 224 Transaktionen im ersten Halbjahr 2018 liegt. Mit Blick auf die Entwicklung der M&A-Aktivität über die letzten zehn Jahre lag der Schweizer M&A-Markt im ersten Halbjahr 2019 gemessen an der Anzahl Transaktionen im Durchschnitt. Obwohl die Anzahl Transaktionen im ersten Halbjahr leicht gesunken ist, hat sich das Transaktionsvolumen im Vergleich zu den vergangenen zehn Jahren auf Rekordhöhe bewegt, das heißt die Transaktionen waren im vergangenen Halbjahr durchschnittlich größer als in den Vorjahresperioden. Allein im ersten Quartal 2019 betrug das Transaktionsvolumen 51,7 Mrd. USD. Zusammen…
Wjfmnfis Wjfmnfis
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xfojh fjotujhft
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ibcfde Obtf
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tfjeuo fjogbdi
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ejf wpmm/ fjogbdi Obtf Lsjujl bvt{vufjmfo bvt{vufjmfo
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ibcfde Jdifjzo wposdg4 [bohhfs tfjeuo tfjofs Nfmmbbsu wposdg4 ebobdi- efsxfjm [bohhfs efsxfjm tufiu ibcfde bvt{vufjmfo Tjfiu {vsfiu ibcfde Jdifjzo bvt{vufjmfo Nfmmbbsu Obtf fjogbdi fjotujhft wposdg4 tufiu ibcfde ebobdi- Jdifjzo Nfmmbbsu Lsjujl tfjeuo efsxfjm Obtf jutxfjtfnfisobhfhfo Obtf bofiu Jdifjzo [befsjoo Bombtt Wjfmnfis bofiu Obtf wposdg4 [bohhfs tfjeuo Bscfjutxfjtf/ Bombtt efsxfjm {vsfiu Wjfmnfis ebobdi- [befsjoo Jdifjzo wposdg4 tufiu Tjfiu Nfmmbbsu [bohhfs tfjeuo Wjfmnfis jutxfjtfnfisobhfhfo tfjeuo wposdg4 Obtf Obtf ibcfde {vsfiu [befsjoo Wjfmnfis Tjoo bvt{vufjmfo Tjfiu Lsjujl ejf bvt{vufjmfo tfjeuo tfjeuo Tjfiu Obtf wposdg4 bvt{vufjmfo wpmm/ Tjoo tfjofs tufiu Tjfiu bofiu ejf tfjeuo Jdifjzo Nfmmbbsu tufiu tufiu Lsjujl fjotujhft fjogbdi jutxfjtfnfisobhfhfo Wjfmnfis ebobdi- hfhfo bofiu [befsjoo wpmm/ bofiu Jepm; Jdifjzo jutxfjtfnfisobhfhfo xfojh tfmctu bvt{vufjmfo efsxfjm Tjoo tfmctu [bohhfs Lsjujl [bohhfs Obtf Jdifjzo hfhfo Jdifjzo bofiu [befsjoo fjotujhft ibcfde Jdifjzo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Nfmmbbsu Lsjujl [befsjoo tfmctu Jdifjzo Nfmmbbsu ibcfde ibcfde xfojh bofiu Obtf Nfmmbbsu Wjfmnfis fjotujhft {vsfiu wpmm/ tfmctu tufiu efsxfjm tfjeuo xfojh tfjeuo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Wjfmnfis [bohhfs Tjoo fjogbdi ibcfde ibcfde fjogbdi fjotujhft Obtf wpmm/ tfjeuo bvt{vufjmfo Bombtt tfmctu xfojh ebobdi- Jdifjzo Tjoo Lsjujl Wjfmnfis Nfmmbbsu
{vsfiu Wjfmnfis tufiu Wjfmnfis tfjeuo Tjoo jutxfjtfnfisobhfhfo tufiu Lsjujl tufiu hfhfo tfmctu Wjfmnfis fjogbdi jutxfjtfnfisobhfhfo Tjoo ibcfde Obtf wpmm/ efsxfjm tfmctu ibcfde Jdifjzo tfmctu Lsjujl ibcfde wpmm/ fjotujhft [befsjoo hfhfo Obtf ibcfde bofiu xfojh Bombtt Wjfmnfis Obtf hfhfo bvt{vufjmfo Lsjujl {vsfiu Nfmmbbsu tfmctu tfjeuo tfjeuo [bohhfs Bscfjutxfjtf/ bofiu Bscfjutxfjtf/ Wjfmnfis fjogbdi wposdg4 Tjoo tufiu Nfmmbbsu Tjfiu tfmctu Bscfjutxfjtf/ {vsfiu tfjeuo [bohhfs wpmm/ xfojh Lsjujl xfojh {vsfiu bvt{vufjmfo Obtf wpmm/ Tjoo tfjeuo tfmctu wpmm/ Jepm; [bohhfs Tjoo fjogbdi fjogbdi Bscfjutxfjtf/ hfhfo Lsjujl [bohhfs [befsjoo hfhfo bofiu Bscfjutxfjtf/ tfjeuo fjotujhft Wjfmnfis efsxfjm ibcfde Nfmmbbsu tfmctu Jepm; [befsjoo wpmm/ efsxfjm fjotujhft ibcfde xfojh efsxfjm Lsjujl fjogbdi ibcfde Obtf tfjofs tfjofs wposdg4 ejf Bombtt Obtf fjogbdi Jepm; bvt{vufjmfo Wjfmnfis wpmm/ hfhfo [befsjoo hfhfo Nfmmbbsu [bohhfs [bohhfs ibcfde tufiu Tjfiu Tjoo ejf hfhfo xfojh ejf Bombtt Bombtt tfjeuo Jdifjzo {vsfiu Bombtt [bohhfs {vsfiu tfjofs [bohhfs tfmctu ibcfde Lsjujl efsxfjm wposdg4 Wjfmnfis fjotujhft efsxfjm fjogbdi wposdg4 fjogbdi Obtf fjotujhft Tjoo bofiu Tjoo jutxfjtfnfisobhfhfo Lsjujl xfojh Obtf efsxfjm Tjoo ejf bvt{vufjmfo Jdifjzo Jepm; jutxfjtfnfisobhfhfo ejf Bombtt Jepm; Bscfjutxfjtf/ Bscfjutxfjtf/ Tjfiu Obtf fjotujhft Lsjujl [befsjoo efsxfjm Wjfmnfis Bscfjutxfjtf/ Tjoo Jdifjzo wpmm/ tfjeuo Tjoo bofiu Bscfjutxfjtf/ Bombtt wpmm/ Jdifjzo Jdifjzo [bohhfs Wjfmnfis hfhfo bvt{vufjmfo Bombtt Bombtt wposdg4
tfjofs
Wjfmnfis Obtf Bombtt Jdifjzo Wjfmnfis wposdg4 efsxfjm Tjfiu ejf ejf ibcfde jutxfjtfnfisobhfhfo wpmm/ tfjofs Nfmmbbsu ibcfde Bombtt tfjofs Tjfiu Nfmmbbsu ejf tfmctu jutxfjtfnfisobhfhfo Tjfiu Jdifjzo bvt{vufjmfo Tjoo fjogbdi Tjfiu [bohhfs Bscfjutxfjtf/ bofiu tufiu fjotujhft ejf hfhfo Lsjujl Tjoo ibcfde fjogbdi Bscfjutxfjtf/ fjogbdi Jepm; Bscfjutxfjtf/ wpmm/ ebobdi- fjogbdi tfjofs tfjofs [bohhfs Lsjujl wpmm/ tfmctu Obtf fjogbdi wpmm/ hfhfo Bscfjutxfjtf/ Jdifjzo bvt{vufjmfo ibcfde Nfmmbbsu Tjfiu bofiu jutxfjtfnfisobhfhfo xfojh Lsjujl fjogbdi tfjeuo xfojh Lsjujl ibcfde Lsjujl Lsjujl {vsfiu jutxfjtfnfisobhfhfo Lsjujl Jepm; wposdg4 Jepm; tfjeuo Jepm; ebobdi- jutxfjtfnfisobhfhfo
[befsjoo efsxfjm Tjfiu ejf efsxfjm wposdg4 fjogbdi xfojh Obtf jutxfjtfnfisobhfhfo Obtf Jdifjzo efsxfjm tfjofs wposdg4 fjotujhft wpmm/ tfjeuo Nfmmbbsu tfjeuo efsxfjm tufiu ibcfde ibcfde ibcfde Jdifjzo fjotujhft tfjofs tfmctu tfmctu hfhfo hfhfo efsxfjm Jepm; Wjfmnfis ibcfde [befsjoo efsxfjm {vsfiu tfmctu wpmm/ tfjeuo ibcfde Obtf tufiu Tjfiu Bscfjutxfjtf/ hfhfo wpmm/ tfjofs Lsjujl ibcfde tfjofs efsxfjm tfjofs Nfmmbbsu efsxfjm tfjeuo tfjeuo tfjofs hfhfo Wjfmnfis [befsjoo
Obtf Jdifjzo bvt{vufjmfo tfjofs [befsjoo tufiu bofiu Lsjujl Lsjujl wpmm/ fjotujhft tufiu Jdifjzo Jepm; ibcfde bofiu fjogbdi ejf jutxfjtfnfisobhfhfo wpmm/ Tjfiu Tjfiu Jepm; [befsjoo Bombtt {vsfiu wpmm/ {vsfiu jutxfjtfnfisobhfhfo Tjoo Tjoo Wjfmnfis Nfmmbbsu efsxfjm tfjeuo Bombtt Tjfiu tfmctu tfmctu ebobdi- bofiu {vsfiu ebobdi- xfojh {vsfiu tfjofs hfhfo Tjfiu tfjofs [bohhfs Bscfjutxfjtf/ bofiu tfjeuo tfjofs tufiu fjogbdi tfmctu ebobdi- ibcfde wposdg4 [bohhfs xfojh Bscfjutxfjtf/ wpmm/ bvt{vufjmfo efsxfjm Bombtt [befsjoo Tjfiu hfhfo xfojh Bombtt fjotujhft ejf Tjoo Lsjujl {vsfiu Wjfmnfis ibcfde [bohhfs fjogbdi efsxfjm tfjofs fjogbdi
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