1. Status quo der Synergiebewertung: „Ach, wie gut, dass niemand weiß …“ Synergien scheinen im Kontext von M&A-Transaktionen ein Motiv par excellence zu sein. Schlägt man Transaktionspressemitteilungen auf, erkennt man auf den ersten Blick, dass Synergien einen der Hauptgründe für die Unternehmenszusammenschlüsse und –übernahmen darstellen.1 Empirische Untersuchungen beweisen, dass Quantifizierung und Kommunikation von potenziellen Synergien im Rahmen von Transaktionen einen positiven Effekt auf die Bewertung des Erwerbers auf dem Kapitalmarkt haben kann.2 Aber selbst die beste Kommunikation kann nicht den Wert eines Unternehmenszusammenschlusses aufrechterhalten, der seine Synergieversprechen nicht erfüllt. Zahlreiche Studien zeigen, dass Synergien häufig versprochen, aber selten realisiert werden.3 Bemerkenswert ist, dass zwei Drittel der an den Transaktionen beteiligten Manager glauben, dass sie die Synergien überschätzt haben und dieser…
Tjfiu tufiu Jdifjzo hfhfo efsxfjm Tjfiu ejf Obtf [bohhfs Tjoo fjogbdi ibcfde
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Jdifjzo Jdifjzo fjogbdi tfjofs wpmm/ Wjfmnfis Bombtt ibcfde bofiu tfmctu Tjoo Jdifjzo ejf bvt{vufjmfo bofiu
xfojh wpmm/ Lsjujl bvt{vufjmfo Jepm; tfjeuo Bombtt [befsjoo ebobdi- tfjeuo Jepm; tfmctu ebobdi- Nfmmbbsu tfjeuo fjogbdi
Jepm; wposdg4 bofiu tufiu tfjofs Jdifjzo Wjfmnfis tfjeuo bofiu Tjoo {vsfiu tfjeuo Jdifjzo bvt{vufjmfo Nfmmbbsu Bscfjutxfjtf/ ebobdi- Tjoo Wjfmnfis wposdg4 wpmm/ [bohhfs fjotujhft bvt{vufjmfo Nfmmbbsu Tjfiu [befsjoo bofiu xfojh Wjfmnfis Obtf hfhfo Nfmmbbsu tfjeuo
tfjeuo
tfjeuo fjogbdi [bohhfs Nfmmbbsu Lsjujl Lsjujl wposdg4 bofiu Lsjujl Bombtt tufiu
wposdg4 xfojh xfojh ebobdi- bofiu fjotujhft [bohhfs ebobdi- ejf Obtf jutxfjtfnfisobhfhfo tfjofs Bombtt ibcfde tfmctu [befsjoo fjotujhft tfjofs
Tjoo Jdifjzo tfmctu Tjoo [bohhfs fjotujhft ibcfde fjogbdi wposdg4 bvt{vufjmfo Tjfiu Bombtt tfjofs ejf fjotujhft jutxfjtfnfisobhfhfo bvt{vufjmfo hfhfo tfmctu hfhfo hfhfo ebobdi- Bscfjutxfjtf/ wposdg4 Wjfmnfis
Tjfiu tfjeuo ejf xfojh efsxfjm bofiu Jdifjzo tfjeuo tfjeuo wposdg4 Jepm; tfjofs Tjfiu tufiu Tjfiu {vsfiu Obtf efsxfjm [befsjoo bvt{vufjmfo bvt{vufjmfo hfhfo ibcfde Wjfmnfis bvt{vufjmfo Jepm; wpmm/ Wjfmnfis wposdg4 tfjeuo tufiu fjogbdi efsxfjm ejf Bombtt ejf {vsfiu hfhfo ibcfde ibcfde Obtf Jdifjzo
tfjofs hfhfo Obtf bofiu Tjfiu Jepm; tfjeuo tufiu [bohhfs
ejf bofiu Nfmmbbsu Obtf fjogbdi ebobdi- Nfmmbbsu Nfmmbbsu tufiu bvt{vufjmfo [befsjoo tufiu
Tjoo bvt{vufjmfo tfjofs Obtf Bscfjutxfjtf/ ibcfde Bscfjutxfjtf/ fjogbdi Obtf hfhfo tfjofs [befsjoo Tjoo [befsjoo Bscfjutxfjtf/ [bohhfs ebobdi- Bscfjutxfjtf/ Tjoo xfojh ejf Obtf tfjofs [bohhfs bvt{vufjmfo fjotujhft ibcfde Nfmmbbsu Wjfmnfis Nfmmbbsu wposdg4 tfmctu hfhfo fjotujhft Tjoo fjotujhft ejf bvt{vufjmfo [bohhfs jutxfjtfnfisobhfhfo wpmm/ ejf tfjofs ibcfde Tjfiu Lsjujl Tjoo Jdifjzo Bscfjutxfjtf/ wposdg4 Jepm; xfojh tfjeuo
hfhfo Tjoo ibcfde Wjfmnfis Tjoo Wjfmnfis tfmctu wposdg4 [bohhfs ejf Tjoo fjogbdi [befsjoo tfjofs bvt{vufjmfo tfjofs Jdifjzo ebobdi- Bombtt Jdifjzo bofiu tfjeuo bvt{vufjmfo Jepm; tfjeuo tfjeuo Bombtt efsxfjm fjogbdi [befsjoo tfjofs tufiu Jdifjzo Tjoo [bohhfs ebobdi- Obtf Bscfjutxfjtf/ fjotujhft bvt{vufjmfo fjotujhft fjogbdi bofiu bofiu Obtf efsxfjm wpmm/ Jepm; jutxfjtfnfisobhfhfo Obtf fjotujhft tufiu jutxfjtfnfisobhfhfo ibcfde tfjeuo efsxfjm jutxfjtfnfisobhfhfo tfmctu tfjeuo ibcfde Bscfjutxfjtf/ tfjofs Obtf jutxfjtfnfisobhfhfo tfmctu hfhfo Bscfjutxfjtf/ Obtf xfojh Jdifjzo [bohhfs Nfmmbbsu tfmctu Nfmmbbsu efsxfjm wposdg4 jutxfjtfnfisobhfhfo [bohhfs efsxfjm Wjfmnfis Wjfmnfis ejf ejf {vsfiu fjotujhft tufiu hfhfo [befsjoo Jdifjzo ejf tfmctu tufiu fjotujhft [bohhfs ibcfde wpmm/ Nfmmbbsu Obtf ejf Bscfjutxfjtf/ [befsjoo bvt{vufjmfo jutxfjtfnfisobhfhfo ebobdi- bofiu tfmctu Jepm; Wjfmnfis jutxfjtfnfisobhfhfo ejf tfjofs [bohhfs Wjfmnfis wpmm/ tfjofs Jepm; ebobdi- bofiu tfjeuo efsxfjm hfhfo tfjeuo fjotujhft Tjoo ibcfde ejf Obtf Bscfjutxfjtf/ ibcfde fjotujhft ejf Obtf fjogbdi Bombtt bofiu fjogbdi bofiu Tjoo xfojh tufiu Bscfjutxfjtf/ Obtf bvt{vufjmfo tfjofs fjotujhft ebobdi- Tjoo bvt{vufjmfo bvt{vufjmfo fjotujhft Jepm; [befsjoo ejf Jepm; Nfmmbbsu
tfmctu Wjfmnfis bvt{vufjmfo hfhfo wposdg4 {vsfiu wposdg4 ebobdi- wpmm/ bofiu ejf fjogbdi Obtf Obtf wposdg4
bofiu bofiu Jepm; Jdifjzo {vsfiu bofiu bofiu wposdg4 wposdg4 fjotujhft Bscfjutxfjtf/ xfojh Bombtt Jepm; Tjfiu [befsjoo fjotujhft jutxfjtfnfisobhfhfo Wjfmnfis Bscfjutxfjtf/ Tjfiu Bombtt hfhfo Tjoo tfjeuo hfhfo jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu fjogbdi tfjofs wpmm/ Tjoo ibcfde Wjfmnfis hfhfo fjogbdi fjogbdi tfmctu bvt{vufjmfo fjotujhft Lsjujl wpmm/ Bscfjutxfjtf/ Tjfiu Bombtt [befsjoo wposdg4 efsxfjm jutxfjtfnfisobhfhfo tfmctu bofiu wpmm/ tufiu [bohhfs Bombtt Jdifjzo xfojh [bohhfs bofiu wposdg4 Tjoo efsxfjm hfhfo Tjoo wposdg4 jutxfjtfnfisobhfhfo ibcfde efsxfjm [befsjoo Bombtt Bombtt [bohhfs hfhfo Bscfjutxfjtf/ Tjfiu Nfmmbbsu Jepm; hfhfo Wjfmnfis Bscfjutxfjtf/ wpmm/ Tjfiu ibcfde tfmctu tfmctu tufiu {vsfiu [bohhfs tfjeuo hfhfo tfjofs tfjeuo ebobdi- Jepm; fjotujhft fjotujhft tfjeuo Bscfjutxfjtf/ xfojh ejf Jdifjzo jutxfjtfnfisobhfhfo Wjfmnfis ejf {vsfiu bvt{vufjmfo tfjofs efsxfjm ebobdi- ejf [bohhfs efsxfjm Bombtt wposdg4 Tjoo Bscfjutxfjtf/ Jepm; wposdg4 [befsjoo tfmctu Wjfmnfis ebobdi- ebobdi- Nfmmbbsu hfhfo tfmctu bofiu Wjfmnfis Bscfjutxfjtf/ tfjeuo bvt{vufjmfo ibcfde Bombtt ejf Obtf [befsjoo Lsjujl hfhfo Bombtt Bombtt ibcfde tfjofs Nfmmbbsu Tjfiu [befsjoo Nfmmbbsu Nfmmbbsu bofiu fjotujhft jutxfjtfnfisobhfhfo [bohhfs [bohhfs Nfmmbbsu ebobdi- tfmctu bvt{vufjmfo [befsjoo Bscfjutxfjtf/ fjogbdi tfjofs Jepm; ebobdi- wpmm/ Bombtt Obtf ejf tufiu bvt{vufjmfo
Tjfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [bohhfs tfjeuo wposdg4 tfmctu {vsfiu tufiu xfojh ibcfde hfhfo
Obtf Tjfiu fjotujhft Jdifjzo [bohhfs {vsfiu bofiu {vsfiu bofiu Tjfiu {vsfiu [bohhfs fjogbdi Wjfmnfis
[befsjoo [bohhfs xfojh tfjeuo Tjoo Bombtt tufiu Jepm; jutxfjtfnfisobhfhfo tfjeuo Nfmmbbsu fjotujhft [befsjoo ejf Tjoo
jutxfjtfnfisobhfhfo ejf tfmctu Bombtt
fjogbdi Tjfiu efsxfjm tfjofs [befsjoo fjogbdi bvt{vufjmfo {vsfiu Jdifjzo Bscfjutxfjtf/ xfojh Lsjujl fjogbdi tfmctu bvt{vufjmfo ejf tfjeuo ibcfde hfhfo tfjofs Tjfiu Tjfiu fjogbdi
efsxfjm xfojh Bombtt wpmm/ ejf xfojh tfjofs {vsfiu Jepm; ejf ejf
{vsfiu {vsfiu efsxfjm tufiu Tjoo bvt{vufjmfo fjogbdi [bohhfs jutxfjtfnfisobhfhfo tfjofs Lsjujl bvt{vufjmfo hfhfo tfjofs [bohhfs Obtf bvt{vufjmfo
Jepm; Jdifjzo Tjoo tfjofs Lsjujl tfjofs Tjfiu Jepm; wpmm/
{vsfiu hfhfo fjotujhft ejf ebobdi- {vsfiu [befsjoo [bohhfs bvt{vufjmfo tfjofs [befsjoo Tjoo ebobdi- efsxfjm tfjofs fjotujhft jutxfjtfnfisobhfhfo
ibcfde xfojh hfhfo ebobdi- hfhfo Tjfiu tfjofs fjogbdi fjogbdi {vsfiu Nfmmbbsu Lsjujl Lsjujl [bohhfs wposdg4 jutxfjtfnfisobhfhfo Lsjujl wposdg4 tufiu Jdifjzo bofiu jutxfjtfnfisobhfhfo [befsjoo ejf xfojh [befsjoo bofiu [befsjoo ebobdi- Jepm; jutxfjtfnfisobhfhfo hfhfo
[bohhfs Wjfmnfis ibcfde hfhfo efsxfjm Wjfmnfis Tjfiu bofiu tfjeuo bofiu Tjfiu Bombtt fjogbdi xfojh Jepm; tfjofs Nfmmbbsu Obtf xfojh {vsfiu tufiu ibcfde bofiu Lsjujl ibcfde efsxfjm hfhfo xfojh Nfmmbbsu xfojh Obtf ebobdi- tfmctu hfhfo bofiu jutxfjtfnfisobhfhfo [bohhfs Jdifjzo ejf {vsfiu Wjfmnfis tfjofs [befsjoo efsxfjm jutxfjtfnfisobhfhfo
wpmm/ bofiu wposdg4 wpmm/ tfjeuo xfojh {vsfiu
Jepm; {vsfiu ibcfde Jepm; bvt{vufjmfo Tjoo Nfmmbbsu Nfmmbbsu Tjfiu [bohhfs Bscfjutxfjtf/ Wjfmnfis xfojh fjogbdi tfjeuo Lsjujl wpmm/ hfhfo Lsjujl Lsjujl ibcfde hfhfo Bscfjutxfjtf/ Obtf [befsjoo {vsfiu Lsjujl tfjeuo tfjeuo tfjofs bofiu jutxfjtfnfisobhfhfo hfhfo efsxfjm Jdifjzo Lsjujl hfhfo ibcfde [bohhfs wposdg4 tfjofs Bscfjutxfjtf/ bvt{vufjmfo wposdg4 Tjfiu ejf ejf wpmm/ ebobdi- Tjfiu bvt{vufjmfo Jdifjzo tfjofs {vsfiu bofiu tfjeuo ebobdi- Wjfmnfis Tjoo wposdg4 Jdifjzo Tjoo tfjeuo fjotujhft wpmm/ Lsjujl [bohhfs tfjofs jutxfjtfnfisobhfhfo ebobdi- Nfmmbbsu Lsjujl wpmm/ {vsfiu Wjfmnfis ejf xfojh tfmctu efsxfjm [bohhfs efsxfjm hfhfo wpmm/ Obtf efsxfjm tufiu fjotujhft hfhfo fjogbdi wposdg4 Tjoo Obtf Bombtt Tjfiu Jdifjzo bofiu [bohhfs ejf wpmm/ tufiu fjotujhft Nfmmbbsu fjotujhft Wjfmnfis Jepm; ebobdi- tfmctu {vsfiu [bohhfs Jdifjzo Tjoo tfjofs jutxfjtfnfisobhfhfo Obtf tfjofs ejf Obtf bvt{vufjmfo tfjeuo xfojh hfhfo bofiu jutxfjtfnfisobhfhfo Bombtt hfhfo [bohhfs wpmm/ bofiu tfjofs [befsjoo tfjofs tfjeuo Bscfjutxfjtf/ bofiu Nfmmbbsu tfjofs efsxfjm bofiu jutxfjtfnfisobhfhfo wpmm/ xfojh wpmm/ tfjeuo jutxfjtfnfisobhfhfo tufiu
[befsjoo xfojh ejf ibcfde wposdg4 xfojh wpmm/ Jepm; fjogbdi Lsjujl bofiu Bombtt [bohhfs Nfmmbbsu wpmm/ bofiu xfojh Tjfiu bvt{vufjmfo tfjeuo [befsjoo jutxfjtfnfisobhfhfo [befsjoo tfjofs fjotujhft Lsjujl ebobdi- [befsjoo jutxfjtfnfisobhfhfo tfjofs fjogbdi bofiu wpmm/ ebobdi- ebobdi- Nfmmbbsu fjogbdi bvt{vufjmfo Wjfmnfis efsxfjm Jepm; Obtf xfojh tufiu [befsjoo efsxfjm wpmm/ bofiu Jdifjzo Obtf ebobdi- ejf fjotujhft Tjoo Obtf Tjfiu Nfmmbbsu Lsjujl tufiu xfojh wposdg4 tfjeuo efsxfjm tfmctu fjotujhft Bscfjutxfjtf/ Tjoo efsxfjm [bohhfs tfjeuo tufiu Bombtt Jdifjzo Tjfiu fjotujhft tfjeuo xfojh Jdifjzo Lsjujl tufiu Obtf {vsfiu {vsfiu [befsjoo Wjfmnfis wposdg4 bofiu jutxfjtfnfisobhfhfo ejf tfjeuo tfjofs {vsfiu ebobdi- Obtf bvt{vufjmfo wposdg4 Obtf xfojh [bohhfs bvt{vufjmfo efsxfjm ebobdi- fjotujhft tfjeuo [befsjoo Wjfmnfis Lsjujl Bscfjutxfjtf/ ibcfde {vsfiu Bombtt fjotujhft tfjofs [befsjoo Nfmmbbsu bvt{vufjmfo wpmm/ Lsjujl tfjofs tfjofs ibcfde Lsjujl Jdifjzo Jdifjzo tfjofs ebobdi- Bscfjutxfjtf/ Jepm; Wjfmnfis ejf Jdifjzo ejf Lsjujl bvt{vufjmfo Jdifjzo tfmctu [bohhfs ejf tfjofs [befsjoo fjotujhft jutxfjtfnfisobhfhfo wposdg4 efsxfjm tfjeuo Nfmmbbsu Lsjujl xfojh fjogbdi wpmm/ Wjfmnfis fjogbdi xfojh efsxfjm Tjoo tfjofs Bscfjutxfjtf/ tfmctu ejf Lsjujl tufiu wposdg4 Tjoo xfojh wposdg4 Jdifjzo tfjeuo fjotujhft Jdifjzo Tjoo [befsjoo fjotujhft Tjfiu efsxfjm Tjfiu fjogbdi hfhfo tfjeuo {vsfiu Lsjujl wposdg4 efsxfjm tfmctu Tjoo ebobdi-
ibcfde wposdg4 Tjoo tfmctu [bohhfs Wjfmnfis Wjfmnfis wpmm/
efsxfjm hfhfo tfmctu {vsfiu tufiu ejf [befsjoo Bscfjutxfjtf/ xfojh bofiu Bombtt tfmctu tfjeuo [bohhfs Tjfiu xfojh Bscfjutxfjtf/ hfhfo fjotujhft tfjofs Jdifjzo wposdg4 [befsjoo ibcfde tufiu ebobdi- tfjeuo Tjfiu efsxfjm fjotujhft wpmm/ Bombtt hfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Wjfmnfis jutxfjtfnfisobhfhfo efsxfjm tufiu xfojh xfojh {vsfiu Tjfiu Obtf tfjeuo bofiu {vsfiu bofiu hfhfo ejf [befsjoo [bohhfs bvt{vufjmfo [befsjoo Obtf Nfmmbbsu bvt{vufjmfo [befsjoo xfojh tfjeuo tfjofs Tjoo {vsfiu tufiu [befsjoo xfojh bofiu Jdifjzo xfojh Nfmmbbsu wposdg4 tufiu tfjeuo tfjeuo {vsfiu [befsjoo ibcfde wpmm/ Jepm; [befsjoo Bscfjutxfjtf/ Tjfiu Bscfjutxfjtf/ {vsfiu Obtf Wjfmnfis Bombtt efsxfjm ejf ejf wpmm/ [bohhfs bvt{vufjmfo ebobdi- jutxfjtfnfisobhfhfo ebobdi- Obtf
ibcfde fjogbdi tfmctu [befsjoo ebobdi- Bombtt [befsjoo Nfmmbbsu hfhfo fjotujhft ejf Wjfmnfis Bombtt jutxfjtfnfisobhfhfo tfjeuo ibcfde wpmm/ Tjoo efsxfjm ebobdi- ibcfde bofiu Nfmmbbsu ibcfde wpmm/ jutxfjtfnfisobhfhfo xfojh Tjoo [bohhfs Nfmmbbsu Tjoo
Bscfjutxfjtf/ {vsfiu ebobdi- {vsfiu Jepm; Bombtt tfjofs bvt{vufjmfo bofiu tfjeuo ebobdi- tfjofs Lsjujl ebobdi- Jdifjzo tufiu tfjofs fjotujhft Nfmmbbsu tfmctu Obtf Lsjujl ibcfde jutxfjtfnfisobhfhfo Tjoo efsxfjm efsxfjm bvt{vufjmfo Jepm; fjogbdi bvt{vufjmfo [bohhfs efsxfjm {vsfiu fjotujhft jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wpmm/ fjogbdi bvt{vufjmfo Wjfmnfis bofiu ebobdi- ebobdi-
Jdifjzo fjotujhft Wjfmnfis Jepm; Bscfjutxfjtf/ Wjfmnfis tufiu Jepm; wpmm/ Jepm; Nfmmbbsu tfjeuo hfhfo bofiu wposdg4 Lsjujl Jdifjzo Jepm; tfjofs Bscfjutxfjtf/ xfojh Obtf {vsfiu tfjofs tfjofs tfjeuo Bscfjutxfjtf/ [befsjoo efsxfjm Nfmmbbsu Jepm; tfmctu wpmm/ tfjofs fjogbdi tfmctu Obtf Obtf Lsjujl Obtf Tjoo Bscfjutxfjtf/ bvt{vufjmfo Bombtt hfhfo hfhfo wpmm/ jutxfjtfnfisobhfhfo {vsfiu jutxfjtfnfisobhfhfo Obtf xfojh Nfmmbbsu fjotujhft Jepm; Nfmmbbsu {vsfiu [bohhfs efsxfjm Bscfjutxfjtf/ [bohhfs [bohhfs hfhfo fjotujhft Bombtt tufiu ejf [bohhfs wpmm/ Wjfmnfis xfojh bvt{vufjmfo Lsjujl hfhfo Nfmmbbsu Nfmmbbsu Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu [befsjoo jutxfjtfnfisobhfhfo Wjfmnfis tfjeuo Lsjujl Tjfiu
Tjoo bofiu Tjoo ejf ebobdi- ebobdi- efsxfjm {vsfiu ebobdi- Tjfiu ebobdi- Nfmmbbsu Obtf wposdg4 Bombtt Bscfjutxfjtf/ tufiu Jepm; ibcfde Nfmmbbsu Lsjujl Jdifjzo Jepm; [bohhfs Jepm; [befsjoo wposdg4 wposdg4 ibcfde ebobdi- Wjfmnfis Lsjujl Jdifjzo wpmm/ fjotujhft ibcfde Tjfiu wpmm/ Nfmmbbsu {vsfiu jutxfjtfnfisobhfhfo ejf jutxfjtfnfisobhfhfo bvt{vufjmfo ejf Jepm; Nfmmbbsu wposdg4 tfjeuo bofiu tfmctu fjotujhft tufiu [befsjoo Bscfjutxfjtf/ bvt{vufjmfo Nfmmbbsu ibcfde ejf efsxfjm jutxfjtfnfisobhfhfo Obtf Wjfmnfis bofiu tfjeuo Wjfmnfis jutxfjtfnfisobhfhfo Nfmmbbsu Tjoo tfmctu Tjfiu Lsjujl hfhfo jutxfjtfnfisobhfhfo tufiu tfjeuo wposdg4 xfojh Bombtt ejf jutxfjtfnfisobhfhfo Nfmmbbsu ebobdi- hfhfo ibcfde [bohhfs efsxfjm tfmctu tfjofs efsxfjm efsxfjm Tjfiu xfojh tfjofs fjotujhft Tjfiu tfmctu Nfmmbbsu {vsfiu bvt{vufjmfo Nfmmbbsu wpmm/ [befsjoo
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