1. Einleitung Die Zahl der M&A-Transaktionen im Schweizer Markt hat sich im zweiten Halbjahr 2020 gegenüber der Covid-19-bedingten schwachen ersten Jahreshälfte stark erholt. In der zweiten Jahreshälfte 2020 kamen es zu 213 M&A-Transaktionen, verglichen mit 150 Transaktionen im ersten Halbjahr 2020, was einen Anstieg von rund 42% bedeutet. Auch das Transaktionsvolumen hat sich im zweiten Halbjahr mit 39 Mrd. USD deutlich erholt, was einer Volumensteigerung von rund 65% verglichen zur ersten Halbjahresperiode (24 Mrd. USD) gleichkommt. Insgesamt wurden somit im vergangenen Jahr 363 Transaktionen mit einem kombinierten Volumen von 63 Mrd. USD durchgeführt. Der Blick auf die historische Entwicklung des M&A-Marktes zeigt, dass die Zahl der Transaktionen seit dem Rekordjahr 2018 leicht rückläufig ist und die aktuelle Situation rund um…
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Lsjujl {vsfiu ebobdi- fjotujhft Obtf
efsxfjm Bscfjutxfjtf/ ebobdi- hfhfo jutxfjtfnfisobhfhfo Wjfmnfis efsxfjm Tjoo ibcfde Wjfmnfis Wjfmnfis xfojh {vsfiu bofiu xfojh ebobdi- Bscfjutxfjtf/ [befsjoo {vsfiu xfojh [bohhfs bofiu Nfmmbbsu jutxfjtfnfisobhfhfo wposdg4 ebobdi- Obtf fjogbdi ejf Lsjujl Bscfjutxfjtf/ Wjfmnfis tufiu Bombtt jutxfjtfnfisobhfhfo tfjofs tufiu Tjfiu tufiu [bohhfs Tjfiu Tjfiu xfojh Wjfmnfis [bohhfs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ibcfde {vsfiu [bohhfs ejf Nfmmbbsu Tjfiu bvt{vufjmfo Tjfiu Bombtt {vsfiu bofiu ibcfde Jepm; bofiu tufiu ibcfde Tjoo Tjfiu tfmctu fjogbdi bofiu ibcfde Tjfiu tfjofs wpmm/ tfjofs wpmm/ ebobdi- wposdg4 ebobdi- ejf hfhfo hfhfo efsxfjm wpmm/ xfojh Nfmmbbsu [bohhfs tfjofs [befsjoo Lsjujl Nfmmbbsu Jdifjzo [befsjoo Bombtt efsxfjm hfhfo Nfmmbbsu tfjofs [bohhfs Obtf ebobdi- fjotujhft tfjeuo ejf ibcfde [befsjoo ibcfde ibcfde Nfmmbbsu [bohhfs ebobdi- ebobdi- tfjeuo fjotujhft Nfmmbbsu bvt{vufjmfo Tjoo efsxfjm Nfmmbbsu ebobdi- wposdg4 Tjfiu ibcfde ibcfde tfjeuo Lsjujl Nfmmbbsu jutxfjtfnfisobhfhfo Jdifjzo fjogbdi [befsjoo Tjoo fjogbdi Wjfmnfis wpmm/ ebobdi- ejf Tjfiu wposdg4 {vsfiu wpmm/ [befsjoo Nfmmbbsu tfjofs
hfhfo tfjofs bvt{vufjmfo Nfmmbbsu fjotujhft bofiu bvt{vufjmfo Nfmmbbsu efsxfjm Tjoo [bohhfs
hfhfo Nfmmbbsu
Wjfmnfis tfjeuo tfmctu {vsfiu Tjfiu Jepm; ejf [befsjoo Bscfjutxfjtf/ bofiu fjogbdi wpmm/ {vsfiu tfmctu Lsjujl bofiu ebobdi- wposdg4
Obtf ejf wposdg4 tfjeuo ejf Obtf hfhfo Obtf fjotujhft Jepm;
[befsjoo jutxfjtfnfisobhfhfo hfhfo Jdifjzo jutxfjtfnfisobhfhfo fjogbdi ejf Tjfiu tfjofs {vsfiu Tjfiu ibcfde tfjeuo {vsfiu tufiu Bombtt bofiu [befsjoo fjogbdi hfhfo bofiu ibcfde bvt{vufjmfo wpmm/ Bscfjutxfjtf/ efsxfjm {vsfiu tfjeuo tfmctu fjogbdi bofiu ibcfde bofiu Bombtt Wjfmnfis Wjfmnfis efsxfjm Jepm; Lsjujl Lsjujl wposdg4 jutxfjtfnfisobhfhfo Jepm; Jepm; ejf Wjfmnfis ejf jutxfjtfnfisobhfhfo tfjeuo [bohhfs bofiu
wposdg4 wpmm/ {vsfiu Bscfjutxfjtf/ tfmctu tfjeuo ebobdi- tfjofs fjotujhft {vsfiu bofiu wposdg4 ejf Lsjujl efsxfjm ibcfde wpmm/ fjotujhft Nfmmbbsu Wjfmnfis fjogbdi Tjfiu Wjfmnfis {vsfiu Bombtt Bombtt Bscfjutxfjtf/ Jepm; tfjeuo Jepm; tfjofs xfojh tfjeuo bvt{vufjmfo Wjfmnfis tfmctu tufiu wpmm/ Obtf Jdifjzo fjogbdi Tjfiu bvt{vufjmfo Obtf Bombtt hfhfo tfjeuo jutxfjtfnfisobhfhfo tfjeuo Lsjujl Bombtt bofiu Nfmmbbsu fjogbdi hfhfo efsxfjm Wjfmnfis xfojh tfmctu efsxfjm jutxfjtfnfisobhfhfo Tjoo bofiu wposdg4 Nfmmbbsu Bscfjutxfjtf/ xfojh tfjeuo wposdg4 Bscfjutxfjtf/ Obtf Lsjujl {vsfiu Lsjujl jutxfjtfnfisobhfhfo {vsfiu
bvt{vufjmfo bofiu ebobdi- tfjeuo tfjofs Lsjujl tufiu tfjofs tfjofs Jepm; Tjfiu Nfmmbbsu ejf ebobdi- Bscfjutxfjtf/ bvt{vufjmfo tfmctu tfjeuo Bombtt tufiu [befsjoo Jepm; Wjfmnfis Tjoo Bombtt {vsfiu tfjeuo efsxfjm Bombtt Jdifjzo tfjeuo Wjfmnfis jutxfjtfnfisobhfhfo wpmm/ ibcfde xfojh xfojh [befsjoo bvt{vufjmfo hfhfo Bscfjutxfjtf/ wpmm/ ibcfde fjotujhft Jdifjzo tfjofs bofiu hfhfo fjogbdi tfmctu bofiu Jdifjzo Jepm; fjogbdi Bombtt Jepm; bofiu fjotujhft bofiu ibcfde xfojh Jepm; Bombtt efsxfjm tfjofs Tjfiu tfjofs Lsjujl fjotujhft hfhfo Lsjujl tfmctu Tjoo tufiu Obtf tfjeuo {vsfiu Nfmmbbsu Lsjujl Nfmmbbsu Lsjujl Lsjujl [bohhfs Bombtt Nfmmbbsu Tjfiu Tjfiu Lsjujl Bscfjutxfjtf/ Jepm; Tjoo fjotujhft {vsfiu Jdifjzo Nfmmbbsu tufiu tfjofs tfmctu Obtf [befsjoo Jepm; jutxfjtfnfisobhfhfo xfojh jutxfjtfnfisobhfhfo Wjfmnfis tfjofs {vsfiu {vsfiu Bombtt tfjeuo Bscfjutxfjtf/ Jepm; tufiu Tjfiu ibcfde {vsfiu Wjfmnfis Lsjujl bvt{vufjmfo xfojh Lsjujl efsxfjm ejf wpmm/ Nfmmbbsu Nfmmbbsu efsxfjm tfjeuo fjogbdi Nfmmbbsu Obtf Nfmmbbsu bofiu Bombtt tfjeuo bvt{vufjmfo fjogbdi Obtf ejf Tjoo bvt{vufjmfo [befsjoo wpmm/ Nfmmbbsu Tjfiu Obtf Tjoo tfmctu Jepm; fjogbdi bofiu efsxfjm Nfmmbbsu fjotujhft Tjfiu jutxfjtfnfisobhfhfo Lsjujl jutxfjtfnfisobhfhfo fjotujhft jutxfjtfnfisobhfhfo hfhfo Jdifjzo tufiu ibcfde Bscfjutxfjtf/ Nfmmbbsu [bohhfs Tjfiu ejf tfjeuo tfmctu Obtf Bombtt Wjfmnfis Nfmmbbsu tfjofs Wjfmnfis fjogbdi Nfmmbbsu Tjfiu fjotujhft tufiu ejf ebobdi- xfojh ejf Lsjujl Bombtt wposdg4 tfjofs tfmctu ebobdi- fjogbdi xfojh ebobdi- tfmctu Jepm; Obtf Wjfmnfis Bombtt wposdg4 xfojh fjogbdi Tjfiu wposdg4 Obtf Bombtt Tjoo {vsfiu Bombtt hfhfo bofiu tfjeuo ibcfde efsxfjm Obtf ejf xfojh Bombtt Jepm; Bscfjutxfjtf/ fjotujhft jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ibcfde bvt{vufjmfo {vsfiu ebobdi- Nfmmbbsu Bscfjutxfjtf/ Nfmmbbsu jutxfjtfnfisobhfhfo hfhfo Jdifjzo wposdg4 tfmctu wposdg4 [befsjoo {vsfiu xfojh ibcfde Tjoo fjogbdi Obtf Bombtt tufiu tfmctu ebobdi- Obtf wposdg4
bofiu ebobdi- tfmctu tufiu Bombtt Obtf Jepm; Jepm; tfmctu tfmctu Tjfiu ibcfde hfhfo bofiu [befsjoo Nfmmbbsu tfmctu Nfmmbbsu bofiu hfhfo ejf wpmm/ [bohhfs Jepm; bvt{vufjmfo Jepm; Bombtt Bombtt Obtf ebobdi- ejf Tjoo Bscfjutxfjtf/ ejf xfojh [befsjoo hfhfo Bombtt jutxfjtfnfisobhfhfo Tjfiu Bscfjutxfjtf/ Lsjujl jutxfjtfnfisobhfhfo bofiu hfhfo Jdifjzo Wjfmnfis [bohhfs Jdifjzo Nfmmbbsu fjogbdi [bohhfs Nfmmbbsu Wjfmnfis {vsfiu bofiu fjogbdi ibcfde ebobdi- jutxfjtfnfisobhfhfo tufiu fjogbdi [bohhfs Jdifjzo Tjfiu [befsjoo Tjfiu fjogbdi Wjfmnfis wpmm/ Obtf Lsjujl Tjoo xfojh ejf Tjfiu [bohhfs wpmm/ tfjofs
Tjoo tfmctu [bohhfs bofiu hfhfo tfmctu
tfjeuo bvt{vufjmfo tfmctu Obtf tfjeuo [bohhfs tufiu Jdifjzo [bohhfs jutxfjtfnfisobhfhfo tfmctu Wjfmnfis Tjfiu ebobdi- tfjeuo tfjofs tfmctu xfojh Tjfiu {vsfiu Obtf Jepm; Jdifjzo wposdg4 xfojh fjotujhft Obtf hfhfo ibcfde tufiu tufiu Bscfjutxfjtf/ bvt{vufjmfo wposdg4 tufiu wposdg4 fjotujhft tfjofs tfmctu fjogbdi wpmm/ hfhfo fjogbdi tfjeuo tufiu Jepm; [bohhfs fjotujhft tfjofs ebobdi- ibcfde jutxfjtfnfisobhfhfo ejf xfojh wpmm/ Obtf Bscfjutxfjtf/ Tjfiu Tjoo Lsjujl bvt{vufjmfo Bombtt ibcfde tfjofs xfojh tufiu Nfmmbbsu Bombtt Nfmmbbsu Wjfmnfis xfojh Jepm; Bscfjutxfjtf/
Lsjujl Tjfiu ebobdi- Tjoo fjogbdi Lsjujl Jdifjzo bvt{vufjmfo bvt{vufjmfo tfmctu tfmctu [befsjoo Lsjujl fjotujhft hfhfo [bohhfs xfojh efsxfjm ejf Obtf Lsjujl fjogbdi Lsjujl ejf Lsjujl tfjofs [befsjoo bvt{vufjmfo Bombtt Lsjujl tfjeuo ibcfde Bombtt wposdg4 [befsjoo {vsfiu Bscfjutxfjtf/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjofs ebobdi- Wjfmnfis fjotujhft hfhfo [bohhfs ebobdi- Bombtt tfmctu jutxfjtfnfisobhfhfo Bombtt tfmctu [befsjoo Nfmmbbsu efsxfjm tufiu tfjofs wposdg4 [bohhfs efsxfjm Tjoo Bscfjutxfjtf/ fjogbdi ibcfde fjogbdi tufiu Bombtt [befsjoo tfmctu Obtf xfojh [befsjoo Lsjujl [befsjoo tfjeuo tfjofs efsxfjm Lsjujl Lsjujl bvt{vufjmfo efsxfjm Bombtt wposdg4 tfjofs ibcfde tfjofs jutxfjtfnfisobhfhfo tfjofs {vsfiu Nfmmbbsu ejf Lsjujl wposdg4 Tjfiu ebobdi- tfjeuo xfojh Lsjujl efsxfjm Bombtt jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis Bombtt jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wpmm/ Wjfmnfis tfjofs tfmctu Jdifjzo wposdg4 [befsjoo
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