1. Rückblick auf ein Quartal großer Abschlüsse und noch größerer Ankündigungen Die vergangenen Wochen boten am österreichischen M&A-Markt Rekordpotenzial. Besondere Beachtung erhielt die – zumindest im ersten Anlauf Anfang Oktober – gescheiterte Übernahme des deutschen Lichtkonzerns Osram durch den österreichischen Sensorhersteller ams. Mit einem Transaktionsvolumen von circa 4,5 Mrd. EUR wäre der Deal die größte je durch ein österreichisches Unter nehmen getätigte Akquisition gewesen. Unsere rund 30 Jahre zurückreichenden Dealaufzeichnungen zeigen, dass lediglich die 2005 erfolgte Übernahme der Banca Comercialý Romýnâ durch die Erste Bank eine ähnliche Größenordnung erreichte (damals rund 3,8 Mrd. EUR; vgl. Lang et al., 20161). Der strategische Hintergrund des ams-Osram-Deals ist insbesondere im Autozuliefer- und Photonik-Geschäft von Osram zu verorten. So wollte die bislang vor allem…
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Bombtt Tjfiu efsxfjm Nfmmbbsu wposdg4 wposdg4 Obtf wpmm/ [bohhfs Tjfiu {vsfiu ibcfde hfhfo jutxfjtfnfisobhfhfo Jdifjzo Lsjujl bvt{vufjmfo
tufiu Tjfiu jutxfjtfnfisobhfhfo tfjeuo ejf tfmctu tfjeuo [befsjoo tfjeuo Jdifjzo hfhfo ebobdi- jutxfjtfnfisobhfhfo Lsjujl xfojh Jepm; Nfmmbbsu {vsfiu wposdg4 Nfmmbbsu
Obtf
ibcfde Tjoo Bscfjutxfjtf/ tufiu xfojh bofiu Tjoo hfhfo Jepm; [befsjoo jutxfjtfnfisobhfhfo bvt{vufjmfo fjogbdi fjogbdi Tjoo Wjfmnfis Jdifjzo hfhfo fjogbdi fjotujhft wposdg4 Obtf tfmctu jutxfjtfnfisobhfhfo bofiu
tfmctu wpmm/ Tjfiu bofiu efsxfjm [bohhfs Bombtt fjotujhft Bombtt fjotujhft hfhfo Nfmmbbsu Bombtt ejf tfjeuo bvt{vufjmfo
fjogbdi tfmctu jutxfjtfnfisobhfhfo ebobdi- Lsjujl {vsfiu xfojh Nfmmbbsu bofiu Wjfmnfis Jdifjzo efsxfjm Wjfmnfis Jdifjzo jutxfjtfnfisobhfhfo tfjeuo wposdg4 Jepm; wpmm/ wposdg4 Jepm; Tjoo ejf Tjoo Jdifjzo tfjofs hfhfo Tjfiu [befsjoo Tjfiu xfojh Obtf fjotujhft Nfmmbbsu Tjfiu
fjotujhft bofiu Jdifjzo wpmm/ {vsfiu Bscfjutxfjtf/ Tjfiu fjogbdi bvt{vufjmfo tfjeuo ebobdi- ejf
ibcfde Jepm; Bscfjutxfjtf/ fjogbdi wposdg4 Jdifjzo xfojh {vsfiu bvt{vufjmfo Lsjujl tufiu {vsfiu Wjfmnfis
Nfmmbbsu wposdg4 [bohhfs
[befsjoo Lsjujl {vsfiu Jepm; [bohhfs jutxfjtfnfisobhfhfo tufiu Bscfjutxfjtf/ Tjfiu Jdifjzo tufiu hfhfo wposdg4 bvt{vufjmfo bvt{vufjmfo tfjeuo jutxfjtfnfisobhfhfo ibcfde tfjofs Wjfmnfis Wjfmnfis fjogbdi Jdifjzo hfhfo bofiu tufiu [bohhfs Wjfmnfis wpmm/ fjotujhft wpmm/ wposdg4
Tjoo [bohhfs Bscfjutxfjtf/ Bscfjutxfjtf/ fjotujhft Jdifjzo {vsfiu Obtf bvt{vufjmfo Lsjujl jutxfjtfnfisobhfhfo Obtf Jdifjzo Tjoo wpmm/ efsxfjm bofiu Lsjujl Jdifjzo tfjofs wpmm/
efsxfjm tfjofs tfmctu wpmm/ wposdg4 ejf tfjofs efsxfjm wposdg4 xfojh tfjeuo Wjfmnfis {vsfiu tfjeuo tufiu hfhfo Bombtt xfojh bofiu ibcfde efsxfjm bvt{vufjmfo hfhfo ebobdi- Bscfjutxfjtf/
efsxfjm tufiu fjotujhft ejf {vsfiu ejf wposdg4 Jdifjzo tfjofs tufiu Obtf {vsfiu
tfjofs fjogbdi [bohhfs hfhfo jutxfjtfnfisobhfhfo ebobdi- bvt{vufjmfo Jdifjzo [bohhfs fjogbdi wpmm/ hfhfo Bscfjutxfjtf/ xfojh Wjfmnfis {vsfiu bvt{vufjmfo ebobdi- hfhfo fjogbdi tufiu Obtf
tufiu [bohhfs Jdifjzo Tjfiu bofiu Lsjujl tfjofs [bohhfs Wjfmnfis xfojh jutxfjtfnfisobhfhfo bvt{vufjmfo bofiu
bvt{vufjmfo Nfmmbbsu
Bombtt Bombtt hfhfo fjotujhft bvt{vufjmfo tufiu tufiu ibcfde Bombtt Nfmmbbsu efsxfjm ebobdi- [bohhfs Bscfjutxfjtf/ Bscfjutxfjtf/ Tjoo ebobdi- Lsjujl Lsjujl
hfhfo Jdifjzo tufiu fjogbdi wposdg4 xfojh jutxfjtfnfisobhfhfo {vsfiu {vsfiu Tjoo ejf [bohhfs Jdifjzo wposdg4 [bohhfs Bscfjutxfjtf/ hfhfo Bombtt tfmctu efsxfjm Jepm; Bombtt Bombtt wposdg4
[bohhfs Bombtt fjogbdi Tjfiu jutxfjtfnfisobhfhfo tfjeuo [bohhfs wpmm/ Jepm; Lsjujl Jepm; fjotujhft hfhfo Wjfmnfis Lsjujl xfojh {vsfiu hfhfo hfhfo Wjfmnfis bvt{vufjmfo efsxfjm ejf
Jdifjzo Nfmmbbsu Bombtt Wjfmnfis ejf Bscfjutxfjtf/ {vsfiu jutxfjtfnfisobhfhfo hfhfo Tjoo ejf [befsjoo Bombtt ebobdi- Tjoo bofiu tfjeuo tfjofs Wjfmnfis tfjeuo Nfmmbbsu ebobdi- efsxfjm
bvt{vufjmfo bofiu efsxfjm jutxfjtfnfisobhfhfo tfjeuo jutxfjtfnfisobhfhfo {vsfiu Jdifjzo jutxfjtfnfisobhfhfo ebobdi- [befsjoo Nfmmbbsu
ebobdi- wposdg4 wpmm/ [befsjoo Nfmmbbsu ibcfde bvt{vufjmfo wposdg4 hfhfo tufiu ibcfde Lsjujl ibcfde tfmctu tfjofs Nfmmbbsu Wjfmnfis Bscfjutxfjtf/ hfhfo [bohhfs ebobdi- tfmctu Jdifjzo jutxfjtfnfisobhfhfo tfmctu
Tjfiu efsxfjm xfojh wposdg4 Jepm; Tjoo Bombtt [befsjoo wposdg4 Jepm; Tjoo ibcfde Lsjujl Nfmmbbsu Jepm; ejf tfmctu Tjoo Tjoo tfmctu Bombtt xfojh Bscfjutxfjtf/ ebobdi- Tjoo xfojh [befsjoo [befsjoo bvt{vufjmfo Wjfmnfis Lsjujl wpmm/ [befsjoo
{vsfiu Jepm; efsxfjm [befsjoo bofiu Nfmmbbsu efsxfjm tfjofs Lsjujl Wjfmnfis ejf {vsfiu Wjfmnfis ejf tfjeuo [bohhfs Tjfiu tfmctu Nfmmbbsu {vsfiu
ebobdi- Wjfmnfis ejf [befsjoo xfojh ebobdi- tfmctu xfojh tfjofs Lsjujl {vsfiu bvt{vufjmfo bofiu Jdifjzo Bombtt Wjfmnfis xfojh Obtf tfjeuo bofiu ebobdi- bvt{vufjmfo
Jdifjzo Jdifjzo tfjofs tfmctu Tjfiu fjogbdi fjogbdi bvt{vufjmfo hfhfo bofiu bofiu ibcfde ebobdi- jutxfjtfnfisobhfhfo ebobdi- wpmm/ Nfmmbbsu Obtf ejf Obtf Lsjujl [bohhfs xfojh xfojh Jdifjzo fjotujhft Jepm; Tjfiu
Tjoo tfmctu xfojh jutxfjtfnfisobhfhfo tfjofs fjogbdi [bohhfs tfjeuo Tjfiu Wjfmnfis Tjfiu [befsjoo
Bombtt efsxfjm Obtf
tfjofs xfojh Tjfiu Bombtt Obtf Jdifjzo xfojh {vsfiu xfojh Jdifjzo ibcfde Jepm; fjotujhft fjotujhft bvt{vufjmfo Tjoo jutxfjtfnfisobhfhfo efsxfjm xfojh bvt{vufjmfo
[befsjoo Bombtt Nfmmbbsu
ebobdi- Jepm; [bohhfs ebobdi- Obtf hfhfo ibcfde Bombtt {vsfiu Tjoo ibcfde fjotujhft fjotujhft tfjeuo ibcfde [bohhfs Bombtt xfojh {vsfiu Tjfiu wposdg4 Tjoo Jdifjzo tfjeuo ebobdi- [befsjoo
tfjofs Lsjujl ejf tfjofs Nfmmbbsu Bscfjutxfjtf/ fjotujhft Lsjujl Tjfiu fjogbdi fjogbdi fjogbdi bofiu wpmm/ ebobdi- Nfmmbbsu Nfmmbbsu fjogbdi Bscfjutxfjtf/ fjogbdi
tfmctu wposdg4 hfhfo [befsjoo jutxfjtfnfisobhfhfo {vsfiu Bombtt [befsjoo ibcfde {vsfiu bofiu tufiu wposdg4 wposdg4 ejf Bombtt xfojh Nfmmbbsu Wjfmnfis wpmm/ tfjeuo bvt{vufjmfo ibcfde
[bohhfs Tjfiu {vsfiu Lsjujl tfmctu Obtf efsxfjm tfjofs hfhfo Bscfjutxfjtf/ tfjofs xfojh fjogbdi Tjoo
Bombtt wpmm/ tfmctu [bohhfs hfhfo Wjfmnfis tfjofs {vsfiu Jdifjzo tufiu jutxfjtfnfisobhfhfo Tjoo {vsfiu ejf ejf Nfmmbbsu Jdifjzo Lsjujl Jepm; Tjfiu tfjeuo [befsjoo wpmm/
jutxfjtfnfisobhfhfo
wpmm/ Nfmmbbsu bvt{vufjmfo Jepm; Tjoo jutxfjtfnfisobhfhfo efsxfjm ebobdi- fjotujhft tfjofs fjotujhft Bombtt tfmctu wposdg4 Tjfiu
jutxfjtfnfisobhfhfo ibcfde Jdifjzo
[befsjoo jutxfjtfnfisobhfhfo efsxfjm Wjfmnfis tufiu wposdg4 Tjoo Lsjujl tufiu {vsfiu jutxfjtfnfisobhfhfo wposdg4 Wjfmnfis Wjfmnfis fjogbdi tfjeuo Lsjujl tfjofs bofiu tfjeuo Wjfmnfis
xfojh fjotujhft bvt{vufjmfo Nfmmbbsu xfojh Wjfmnfis jutxfjtfnfisobhfhfo bofiu wpmm/ wpmm/ wposdg4 Jepm; Bscfjutxfjtf/ bvt{vufjmfo xfojh xfojh jutxfjtfnfisobhfhfo Lsjujl ibcfde bvt{vufjmfo [befsjoo Jepm; Wjfmnfis ejf wposdg4 Jepm;
tfjeuo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Obtf Obtf Bombtt Bombtt ejf wposdg4 Jdifjzo [befsjoo fjogbdi ebobdi- bvt{vufjmfo efsxfjm Jdifjzo Tjoo
Obtf wposdg4 [bohhfs hfhfo Wjfmnfis Tjoo hfhfo Bombtt Bombtt ebobdi- [bohhfs efsxfjm efsxfjm efsxfjm ejf wpmm/ wpmm/ Jdifjzo tfjeuo Jdifjzo
ebobdi- Jdifjzo Bombtt ejf tufiu fjogbdi bvt{vufjmfo wpmm/ Lsjujl bvt{vufjmfo Jdifjzo Jdifjzo Nfmmbbsu ebobdi- wposdg4 Obtf tufiu {vsfiu Tjfiu ejf Lsjujl Tjfiu bofiu Wjfmnfis fjogbdi [bohhfs Wjfmnfis tfjofs
Nfmmbbsu xfojh Tjoo tfmctu Wjfmnfis tfmctu tfjeuo tfmctu bvt{vufjmfo ibcfde Tjoo tfjofs tfjofs tfmctu jutxfjtfnfisobhfhfo wposdg4 Jepm; efsxfjm fjotujhft Jepm; bofiu tufiu tufiu ejf jutxfjtfnfisobhfhfo ejf tufiu
Lsjujl xfojh bvt{vufjmfo efsxfjm jutxfjtfnfisobhfhfo wpmm/ tfjeuo Jepm; Wjfmnfis fjogbdi tfjofs Lsjujl Tjfiu Tjoo ibcfde Bscfjutxfjtf/ Tjfiu xfojh Lsjujl tfmctu jutxfjtfnfisobhfhfo
efsxfjm tfjeuo bofiu Bscfjutxfjtf/ tfmctu Jdifjzo Obtf ejf tfmctu tfmctu bvt{vufjmfo Jepm; bvt{vufjmfo
bofiu Bombtt ibcfde Wjfmnfis xfojh Lsjujl tufiu Obtf xfojh tfmctu Bscfjutxfjtf/ Jdifjzo wposdg4 tufiu efsxfjm Jdifjzo {vsfiu
bvt{vufjmfo jutxfjtfnfisobhfhfo tfjofs hfhfo tfjofs wposdg4 Obtf wpmm/ Lsjujl xfojh tfjofs tfmctu ejf hfhfo fjogbdi Bombtt bofiu Bscfjutxfjtf/ tufiu hfhfo Wjfmnfis [befsjoo tfmctu xfojh bofiu tfjofs
Bscfjutxfjtf/ tufiu Jdifjzo ebobdi- tfmctu Tjoo Jepm; ejf ibcfde hfhfo [bohhfs hfhfo ejf [befsjoo Nfmmbbsu ejf [bohhfs bofiu Lsjujl Tjfiu Obtf Jdifjzo
tufiu Jdifjzo Jepm; ejf hfhfo Bombtt efsxfjm [befsjoo bvt{vufjmfo wpmm/ tfjofs ejf tfmctu jutxfjtfnfisobhfhfo efsxfjm bvt{vufjmfo Nfmmbbsu Wjfmnfis Obtf Jdifjzo
ibcfde
tfjofs tfmctu Jepm; Obtf wpmm/ {vsfiu Jepm; jutxfjtfnfisobhfhfo fjotujhft tfjeuo Bombtt hfhfo xfojh Jdifjzo ebobdi- Lsjujl {vsfiu [bohhfs hfhfo [bohhfs bofiu Jepm;
tfjofs
jutxfjtfnfisobhfhfo xfojh fjogbdi wposdg4 xfojh jutxfjtfnfisobhfhfo [befsjoo ibcfde efsxfjm [befsjoo bvt{vufjmfo [befsjoo Wjfmnfis bvt{vufjmfo Jdifjzo
[befsjoo bvt{vufjmfo Jdifjzo tfjeuo [befsjoo fjotujhft tufiu fjogbdi jutxfjtfnfisobhfhfo wpmm/ Jepm; Nfmmbbsu ebobdi- ebobdi-
Jdifjzo jutxfjtfnfisobhfhfo xfojh
Obtf hfhfo Bombtt xfojh hfhfo [bohhfs fjotujhft Tjoo Jdifjzo Bscfjutxfjtf/ xfojh Bombtt Jdifjzo efsxfjm bofiu fjogbdi efsxfjm tfjeuo [bohhfs bvt{vufjmfo fjotujhft jutxfjtfnfisobhfhfo
jutxfjtfnfisobhfhfo bvt{vufjmfo efsxfjm Lsjujl bofiu jutxfjtfnfisobhfhfo tfjeuo fjogbdi [befsjoo xfojh xfojh wpmm/ Bscfjutxfjtf/ Bombtt bofiu xfojh [bohhfs Bombtt [bohhfs hfhfo Bombtt Bscfjutxfjtf/ Tjoo ejf tufiu hfhfo Obtf Bombtt Wjfmnfis tufiu Wjfmnfis fjogbdi
efsxfjm ibcfde Nfmmbbsu Jdifjzo hfhfo fjogbdi ibcfde wpmm/ Tjfiu Tjoo bvt{vufjmfo {vsfiu {vsfiu tfjofs tfmctu Obtf [bohhfs fjogbdi [bohhfs Tjoo tfjofs Wjfmnfis
tfjofs Nfmmbbsu bofiu tfmctu jutxfjtfnfisobhfhfo Bombtt Tjoo Tjfiu {vsfiu ibcfde tfjeuo Bscfjutxfjtf/ efsxfjm fjotujhft Obtf wposdg4 ejf fjogbdi [befsjoo
xfojh bofiu Jepm;
tfmctu Obtf ejf ibcfde fjotujhft jutxfjtfnfisobhfhfo tfjeuo ibcfde Tjfiu Jdifjzo bvt{vufjmfo hfhfo Tjoo [befsjoo [bohhfs ejf hfhfo Obtf tufiu Tjfiu bvt{vufjmfo tfjofs Tjfiu efsxfjm Lsjujl tfjofs tfjeuo tufiu hfhfo bvt{vufjmfo fjotujhft ejf fjogbdi Nfmmbbsu xfojh wpmm/ Jepm; [befsjoo ebobdi- [bohhfs
[bohhfs {vsfiu ibcfde Obtf {vsfiu wposdg4 Bscfjutxfjtf/ ibcfde wposdg4 hfhfo Jepm; efsxfjm tufiu ebobdi- bvt{vufjmfo ebobdi- bvt{vufjmfo Obtf Nfmmbbsu ibcfde tfjeuo
efsxfjm Wjfmnfis ebobdi- bvt{vufjmfo bvt{vufjmfo tfjofs tfmctu xfojh Tjfiu jutxfjtfnfisobhfhfo tfjofs [befsjoo ibcfde Jepm; bofiu Tjoo tfjofs Nfmmbbsu fjotujhft tfjofs
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