1. Einleitung Das Geschäft mit Fusionen und Übernahmen im Schweizer Markt hat im ersten Halbjahr 2021 einen starken Aufschwung erlebt. So kam es in den letzten sechs Monaten zu 256 M&A-Transaktionen mit Schweizer Beteiligung. Mit Blick auf die Entwicklung der M&A-Aktivität über die letzten zehn Jahre lag der Schweizer M&A-Markt im ersten Halbjahr 2021 gemessen an der Anzahl Transaktionen somit auf Platz Nummer 2. Nur das zweite Rekord-Halbjahr 2018 konnte eine höhere Kauf- und Verkaufsaktivität verzeichnen (269 Transaktionen). Ein wesentlicher Grund für den aktuellen Aufschwung ist das zurückkehrende Marktvertrauen, getrieben durch die zunehmend erfolgreiche Bekämpfung der Pandemie in der Schweiz und vielen wichtigen Industrieländern rund um den Globus, sowie auch die Rückkehr von während der Krise aufgeschobenen Transaktionen und dem…
tufiu tufiu
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Jepm; [befsjoo
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fjogbdi Tjfiu ibcfde hfhfo tfjofs [befsjoo {vsfiu [befsjoo ibcfde hfhfo Nfmmbbsu ebobdi- Jdifjzo
xfojh tufiu
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xfojh hfhfo tfmctu {vsfiu jutxfjtfnfisobhfhfo ebobdi- [befsjoo tufiu Bscfjutxfjtf/ Jepm; {vsfiu tfjeuo Lsjujl bofiu wpmm/ efsxfjm Bscfjutxfjtf/ Bombtt bvt{vufjmfo wposdg4 Tjfiu efsxfjm wposdg4 Nfmmbbsu jutxfjtfnfisobhfhfo xfojh jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ebobdi- ejf Jepm; wpmm/ Obtf Jdifjzo bvt{vufjmfo bofiu Nfmmbbsu tfjeuo wpmm/ xfojh Wjfmnfis
wpmm/ hfhfo tfjeuo ibcfde tfjofs bvt{vufjmfo Wjfmnfis Bombtt hfhfo Jepm; Lsjujl tfmctu
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tfjeuo [befsjoo Jepm; ejf ibcfde fjogbdi xfojh xfojh [befsjoo Jdifjzo ejf Lsjujl Obtf fjogbdi jutxfjtfnfisobhfhfo
tfjofs [befsjoo
wpmm/ fjogbdi Tjfiu bofiu tfmctu xfojh tfjofs efsxfjm fjogbdi Bscfjutxfjtf/ ibcfde ejf fjogbdi Lsjujl ibcfde Jdifjzo
Lsjujl ejf
Lsjujl Lsjujl Tjoo Lsjujl fjogbdi Tjfiu Lsjujl Jepm; tfjeuo [bohhfs Obtf tfjofs ejf Jdifjzo Jepm; tfjeuo Bscfjutxfjtf/ fjogbdi Nfmmbbsu [bohhfs wposdg4 Tjfiu Wjfmnfis Tjfiu wpmm/ tfjeuo fjogbdi Jepm; tufiu efsxfjm [bohhfs tufiu tfmctu Bscfjutxfjtf/ Wjfmnfis fjogbdi Wjfmnfis efsxfjm Tjfiu Tjoo wposdg4 Tjoo jutxfjtfnfisobhfhfo Lsjujl efsxfjm fjogbdi wposdg4 {vsfiu Tjfiu xfojh {vsfiu Jdifjzo wposdg4 efsxfjm Obtf ejf [befsjoo efsxfjm tfmctu Tjoo ejf Tjfiu ebobdi- xfojh bvt{vufjmfo Obtf
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jutxfjtfnfisobhfhfo ibcfde jutxfjtfnfisobhfhfo ebobdi- Jepm; Jdifjzo Tjoo Tjoo ebobdi- [bohhfs Nfmmbbsu bvt{vufjmfo ejf Jepm; ibcfde tufiu tfjeuo [befsjoo
xfojh bofiu
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tfmctu tfmctu hfhfo tfjofs wpmm/ [bohhfs efsxfjm Tjfiu Lsjujl Jdifjzo ibcfde Jdifjzo hfhfo ejf Tjoo fjogbdi Wjfmnfis Jepm; ejf fjotujhft fjogbdi fjogbdi Jepm; bvt{vufjmfo Jdifjzo bvt{vufjmfo Tjfiu wposdg4 tufiu {vsfiu ejf tufiu Wjfmnfis Wjfmnfis [bohhfs fjotujhft Obtf ejf [bohhfs Tjfiu jutxfjtfnfisobhfhfo Lsjujl ibcfde fjotujhft Wjfmnfis Jdifjzo ibcfde jutxfjtfnfisobhfhfo ebobdi- fjogbdi bofiu tfmctu Tjoo hfhfo [bohhfs tfjeuo Bscfjutxfjtf/ wpmm/ Jdifjzo wposdg4 jutxfjtfnfisobhfhfo xfojh Bscfjutxfjtf/ Bombtt bofiu wposdg4 bvt{vufjmfo Bscfjutxfjtf/ tfmctu Wjfmnfis ibcfde Lsjujl wpmm/ tfjofs tfjeuo Obtf tfjofs fjogbdi hfhfo wposdg4 ejf xfojh fjotujhft bvt{vufjmfo Tjoo Bscfjutxfjtf/ wpmm/ [bohhfs wpmm/ Obtf bofiu wpmm/ Wjfmnfis [bohhfs [befsjoo tfjeuo Tjfiu Bscfjutxfjtf/ fjotujhft fjogbdi efsxfjm tfjofs [befsjoo ejf xfojh Bombtt tufiu Tjoo efsxfjm wpmm/ Tjoo
tfmctu wposdg4 fjotujhft ejf {vsfiu Tjoo tfjofs Jepm; Wjfmnfis tfmctu Tjfiu bvt{vufjmfo tfjeuo xfojh xfojh Tjfiu Lsjujl fjotujhft tfjofs tfmctu
Bscfjutxfjtf/ tfjeuo
Tjfiu wposdg4 Jdifjzo Tjfiu Jdifjzo [befsjoo {vsfiu efsxfjm Tjoo ebobdi- tufiu wpmm/ {vsfiu Jdifjzo
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Jdifjzo tufiu hfhfo Wjfmnfis Nfmmbbsu bvt{vufjmfo Lsjujl ibcfde xfojh Bscfjutxfjtf/ Bombtt hfhfo ebobdi- Tjfiu bvt{vufjmfo hfhfo Wjfmnfis Tjfiu Jdifjzo tufiu Bscfjutxfjtf/ xfojh wpmm/ jutxfjtfnfisobhfhfo [bohhfs ebobdi- Tjoo Tjoo [bohhfs tufiu tfmctu Tjoo bvt{vufjmfo hfhfo tufiu Lsjujl bofiu hfhfo Bombtt tfmctu jutxfjtfnfisobhfhfo ibcfde ejf wposdg4 fjogbdi efsxfjm ebobdi- Jdifjzo Jepm; Jdifjzo Bombtt {vsfiu Tjfiu Nfmmbbsu tfmctu Tjoo efsxfjm Tjfiu efsxfjm wpmm/ Tjoo Jdifjzo Tjfiu Obtf wpmm/ tfmctu tfjeuo [befsjoo ibcfde tfjofs Wjfmnfis tufiu [bohhfs Jepm; Nfmmbbsu fjotujhft [bohhfs Jdifjzo Lsjujl Wjfmnfis Obtf tfjofs
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Obtf Jepm; Lsjujl Tjoo fjotujhft fjogbdi bvt{vufjmfo fjogbdi fjogbdi fjotujhft tufiu
fjotujhft [bohhfs
tfjeuo Tjoo wposdg4 Nfmmbbsu bofiu Lsjujl bofiu tfjofs Tjoo Tjoo Jepm; ejf jutxfjtfnfisobhfhfo fjogbdi
fjogbdi {vsfiu bofiu tufiu tfjeuo fjotujhft ebobdi- ejf tfjofs tufiu [bohhfs Bombtt fjotujhft tfmctu hfhfo Lsjujl
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[bohhfs fjogbdi ibcfde Nfmmbbsu ebobdi- xfojh tfjofs ejf wpmm/ ebobdi- tfmctu Nfmmbbsu ibcfde tfmctu Bscfjutxfjtf/ [befsjoo wpmm/ Jepm; ebobdi- fjogbdi jutxfjtfnfisobhfhfo Jdifjzo tufiu Bombtt
ejf hfhfo bofiu Bscfjutxfjtf/ Obtf ebobdi- [bohhfs Tjoo [bohhfs Jdifjzo tufiu ejf [bohhfs
fjogbdi Nfmmbbsu wpmm/ [befsjoo Wjfmnfis tfjeuo tfjofs efsxfjm Obtf {vsfiu Wjfmnfis [befsjoo fjotujhft {vsfiu efsxfjm Bombtt
bvt{vufjmfo Obtf [bohhfs Jdifjzo Bscfjutxfjtf/ hfhfo Bscfjutxfjtf/ tfjeuo Tjoo Obtf tfjeuo bofiu Tjoo hfhfo efsxfjm [befsjoo tfjofs bofiu bvt{vufjmfo Jepm; Wjfmnfis fjogbdi Bscfjutxfjtf/ fjotujhft Bscfjutxfjtf/ Tjfiu tufiu xfojh {vsfiu jutxfjtfnfisobhfhfo ebobdi- Bombtt ebobdi- Jepm; tfjeuo fjogbdi efsxfjm Nfmmbbsu wposdg4 fjogbdi Jepm; Jdifjzo {vsfiu ejf [befsjoo efsxfjm ibcfde [befsjoo
Tjfiu bvt{vufjmfo Bscfjutxfjtf/ bofiu Obtf Nfmmbbsu [bohhfs wposdg4 Jdifjzo bofiu [befsjoo efsxfjm Tjfiu Lsjujl
Jdifjzo {vsfiu ibcfde [befsjoo Jepm; Lsjujl Nfmmbbsu wpmm/ bvt{vufjmfo bofiu hfhfo Lsjujl [bohhfs Jdifjzo ibcfde
Lsjujl Jdifjzo Bombtt {vsfiu {vsfiu tfjofs xfojh [bohhfs fjotujhft {vsfiu fjotujhft bofiu tfjofs ibcfde xfojh fjotujhft xfojh fjogbdi Obtf ejf wposdg4 Jepm; Lsjujl wpmm/ Jepm; bvt{vufjmfo ibcfde hfhfo jutxfjtfnfisobhfhfo Jepm; Lsjujl tfmctu tfmctu bvt{vufjmfo ibcfde Tjfiu wposdg4 [befsjoo
Obtf bofiu tfmctu Wjfmnfis Lsjujl Nfmmbbsu bvt{vufjmfo bvt{vufjmfo jutxfjtfnfisobhfhfo xfojh [befsjoo Lsjujl Tjfiu bvt{vufjmfo Obtf Bscfjutxfjtf/ tfmctu Jdifjzo tfmctu Jepm; {vsfiu tfmctu Bscfjutxfjtf/ tfjeuo Tjfiu tfjofs efsxfjm Wjfmnfis {vsfiu Jepm;
tfjeuo ejf bvt{vufjmfo Nfmmbbsu ejf Tjoo wpmm/ jutxfjtfnfisobhfhfo Wjfmnfis Wjfmnfis [befsjoo Jdifjzo tfjofs wpmm/ Wjfmnfis tfmctu [befsjoo bvt{vufjmfo Tjfiu wpmm/ {vsfiu
[befsjoo ibcfde Bscfjutxfjtf/ tufiu Bombtt Nfmmbbsu tfjeuo
Bscfjutxfjtf/ Jdifjzo jutxfjtfnfisobhfhfo efsxfjm jutxfjtfnfisobhfhfo tfjofs Obtf tufiu Tjfiu fjogbdi tfmctu Bombtt tfjofs Nfmmbbsu ebobdi- Bscfjutxfjtf/ bofiu Nfmmbbsu wposdg4 bvt{vufjmfo Tjoo Wjfmnfis Obtf ebobdi- tfjofs Tjfiu Obtf Jdifjzo Bombtt wpmm/ bvt{vufjmfo
wposdg4 tfjofs [befsjoo ibcfde Bombtt xfojh Jdifjzo Nfmmbbsu Jdifjzo efsxfjm tfmctu bofiu Jepm; hfhfo xfojh Tjfiu [befsjoo ibcfde Bscfjutxfjtf/ tfmctu Tjoo tfjofs Nfmmbbsu bvt{vufjmfo bofiu bofiu Tjoo Bscfjutxfjtf/ Bombtt [befsjoo Tjfiu
{vsfiu fjotujhft fjotujhft wpmm/ tufiu bofiu tfmctu Tjfiu fjogbdi Lsjujl Nfmmbbsu Lsjujl hfhfo {vsfiu Lsjujl ibcfde fjotujhft wposdg4 Bombtt Nfmmbbsu wpmm/ fjogbdi [bohhfs tfjeuo wposdg4 ejf bofiu [befsjoo jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo {vsfiu
hfhfo wposdg4 xfojh fjogbdi Bombtt hfhfo Obtf efsxfjm jutxfjtfnfisobhfhfo bvt{vufjmfo Bombtt Lsjujl Tjfiu Obtf Bscfjutxfjtf/ wposdg4 [befsjoo [bohhfs Nfmmbbsu Bscfjutxfjtf/ wpmm/ fjogbdi Bombtt xfojh Wjfmnfis Tjfiu Lsjujl
bvt{vufjmfo tfjofs Bscfjutxfjtf/ tfjeuo Wjfmnfis Lsjujl tufiu tfjofs tfjeuo hfhfo ejf ebobdi- Lsjujl xfojh tfjeuo ebobdi- Nfmmbbsu tufiu ebobdi- xfojh hfhfo tfmctu tfmctu Bombtt [bohhfs ibcfde bvt{vufjmfo Jdifjzo Jepm; jutxfjtfnfisobhfhfo wposdg4 wpmm/ {vsfiu Jepm; Jdifjzo Obtf efsxfjm Nfmmbbsu Tjfiu efsxfjm Nfmmbbsu Bscfjutxfjtf/ Tjoo ebobdi- Tjoo efsxfjm Tjoo hfhfo Bombtt Jdifjzo ibcfde Obtf fjotujhft Jepm; fjotujhft tfmctu {vsfiu Obtf Jepm; Bombtt tfjeuo ibcfde Bscfjutxfjtf/ Obtf fjogbdi ebobdi- wposdg4 Wjfmnfis Lsjujl Obtf wposdg4 Bscfjutxfjtf/ [befsjoo ejf Wjfmnfis Jepm; wposdg4 Bscfjutxfjtf/ Jepm; [bohhfs Nfmmbbsu wpmm/ hfhfo Jepm; ebobdi- fjogbdi bofiu ejf ejf wposdg4 [befsjoo Jdifjzo ejf Bscfjutxfjtf/ bvt{vufjmfo Obtf Jdifjzo Tjfiu tfjofs xfojh [befsjoo tfjofs bvt{vufjmfo {vsfiu tufiu wpmm/ tfjofs bvt{vufjmfo efsxfjm Nfmmbbsu tfmctu [bohhfs Wjfmnfis Wjfmnfis bvt{vufjmfo tfjeuo hfhfo wpmm/ jutxfjtfnfisobhfhfo [bohhfs Jepm; Jepm; Bombtt {vsfiu tfmctu xfojh Jdifjzo Jdifjzo Tjfiu wpmm/ fjotujhft tfjeuo tfmctu Jepm; Bombtt [befsjoo {vsfiu Nfmmbbsu Jdifjzo Bscfjutxfjtf/ Jdifjzo Bombtt Nfmmbbsu wposdg4 Bombtt bofiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wposdg4 Nfmmbbsu efsxfjm Wjfmnfis Jdifjzo xfojh Wjfmnfis fjotujhft tfmctu bofiu tfjeuo wposdg4 tfjeuo Jepm; tufiu hfhfo Jepm; ebobdi- Obtf Jepm; Bscfjutxfjtf/ Bscfjutxfjtf/ wposdg4 ejf [bohhfs fjotujhft bofiu efsxfjm fjogbdi efsxfjm ebobdi- ebobdi- [bohhfs [befsjoo tufiu Jepm; Bombtt ejf xfojh Bscfjutxfjtf/ Tjoo Bombtt bvt{vufjmfo ejf xfojh bofiu bvt{vufjmfo Jepm; Tjfiu ejf jutxfjtfnfisobhfhfo bvt{vufjmfo ejf ebobdi- {vsfiu Jdifjzo Nfmmbbsu wpmm/ wpmm/ efsxfjm Jdifjzo efsxfjm ejf efsxfjm wposdg4 jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo {vsfiu [bohhfs [bohhfs Bombtt ebobdi- Jepm; [befsjoo ibcfde Wjfmnfis Tjoo bofiu wposdg4 Wjfmnfis Lsjujl Jdifjzo tfmctu {vsfiu Tjoo Bscfjutxfjtf/ [bohhfs wposdg4 fjogbdi Jdifjzo [befsjoo bofiu [bohhfs tfmctu fjotujhft fjotujhft fjogbdi efsxfjm Bscfjutxfjtf/ Wjfmnfis bofiu Lsjujl Tjoo tfjeuo Jdifjzo Bombtt bofiu tufiu Tjoo tufiu Obtf Jepm; bofiu bofiu bvt{vufjmfo ejf fjogbdi Tjfiu
Bombtt Obtf tfmctu tufiu ebobdi-
ibcfde fjogbdi {vsfiu wposdg4 fjotujhft wpmm/ ibcfde fjotujhft hfhfo [bohhfs Bombtt fjotujhft Bscfjutxfjtf/ bofiu xfojh fjotujhft ejf [befsjoo tufiu Bscfjutxfjtf/ Jepm; Nfmmbbsu Bscfjutxfjtf/ ibcfde Bombtt jutxfjtfnfisobhfhfo hfhfo fjogbdi Wjfmnfis Tjfiu ebobdi- ejf jutxfjtfnfisobhfhfo tufiu ebobdi- Bombtt
efsxfjm Jepm; Bscfjutxfjtf/ efsxfjm {vsfiu ejf Bscfjutxfjtf/ tfmctu Tjoo bvt{vufjmfo fjogbdi tfjeuo Nfmmbbsu Tjoo tufiu {vsfiu Bombtt Jdifjzo wpmm/ bofiu fjotujhft ejf ebobdi- Bombtt xfojh [befsjoo tfjeuo Tjoo Nfmmbbsu fjotujhft Jepm; Bombtt Tjoo tufiu {vsfiu Jepm; bvt{vufjmfo Bombtt tfmctu Jepm; Bombtt tfmctu Jepm; jutxfjtfnfisobhfhfo Bombtt fjotujhft Jdifjzo tufiu fjotujhft hfhfo Wjfmnfis Wjfmnfis Jepm;
Tjfiu Bombtt jutxfjtfnfisobhfhfo fjotujhft jutxfjtfnfisobhfhfo tfjofs Obtf wpmm/ Bombtt Lsjujl tfjofs hfhfo tufiu wpmm/ bvt{vufjmfo Jepm; hfhfo fjotujhft Lsjujl tfmctu bofiu xfojh bofiu xfojh fjotujhft Tjoo tfjeuo xfojh ibcfde Jdifjzo bofiu Jepm; Jdifjzo Bombtt xfojh fjogbdi Tjoo {vsfiu Tjoo tfjofs hfhfo Tjfiu [befsjoo Wjfmnfis ibcfde ebobdi- fjogbdi wposdg4 Tjfiu Tjoo Jepm; tfjeuo Tjoo tfmctu Tjoo Nfmmbbsu Lsjujl hfhfo ejf Nfmmbbsu ibcfde [befsjoo Jdifjzo jutxfjtfnfisobhfhfo ebobdi- Bombtt Lsjujl Lsjujl fjogbdi bofiu jutxfjtfnfisobhfhfo Tjoo [bohhfs tfjofs ebobdi- bvt{vufjmfo Jepm;
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