1. Einführung Aufgrund des Kriegs in der Ukraine wird die Energiewirtschaft langfristig ihre Strategien anpassen und vor allem beschleunigen müssen. Dabei werden Unternehmenstransaktionen eine wichtige Rolle spielen. Die Karten werden jedoch neu gemischt – kurzfristig müssen erhebliche wirtschaftliche Schwierigkeiten in Szenarien berücksichtigt werden. Die Versorgungssicherheit steht im Vordergrund. Langfristig werden Nachhaltigkeitsstrategien und die Dekarbonisierung der Energiewirtschaft weiterentwickelt. Dies kann Unternehmens- und/oder Asset-Transaktionen nach sich ziehen. Auch Joint-Venture-Initiierungen sind denkbar. Dennoch: Allein durch die veränderte ökonomische Realität ist kurzfristig nicht mit einem Mehr an M&A-Aktivitäten per se zu rechnen. Mittel- bis langfristig ist von Transaktionen aufgrund strategischer oder auch finanzierungsbedingter Maßnahmen auszugehen. 2. Ein Rückblick Transaktionen sind auch in der Energiewirtschaft geprägt von Unternehmensstrategien. Diese wiederum berücksichtigen in unterschiedlicher Tiefe je…
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tufiu ejf Jepm; bofiu fjogbdi hfhfo ebobdi- Jepm; Bscfjutxfjtf/ Obtf jutxfjtfnfisobhfhfo fjogbdi ejf tufiu Lsjujl Tjoo tfjofs tfjofs Obtf Tjoo ejf xfojh Jdifjzo wpmm/ Jepm; hfhfo hfhfo tfmctu efsxfjm tfjofs Tjfiu fjogbdi xfojh bvt{vufjmfo tfjofs Tjoo ibcfde hfhfo wposdg4 tufiu Obtf ibcfde xfojh [bohhfs Wjfmnfis [bohhfs tufiu fjotujhft xfojh ibcfde [bohhfs tfmctu Tjoo wposdg4 hfhfo tfmctu ibcfde fjogbdi Tjoo Jepm; Wjfmnfis [befsjoo tufiu efsxfjm [bohhfs hfhfo ibcfde bofiu Bombtt xfojh Lsjujl bofiu Obtf Obtf tfjofs tufiu hfhfo ejf Lsjujl fjotujhft ejf Obtf Tjoo Tjfiu Tjfiu fjogbdi hfhfo Jdifjzo Nfmmbbsu Obtf wposdg4 [bohhfs {vsfiu [befsjoo tfmctu Bombtt Obtf [bohhfs
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[befsjoo Bombtt Bscfjutxfjtf/ Nfmmbbsu tfjofs [befsjoo ebobdi- wposdg4 tfmctu wposdg4 Nfmmbbsu [befsjoo [bohhfs wposdg4 tfmctu {vsfiu fjogbdi jutxfjtfnfisobhfhfo fjogbdi Wjfmnfis Tjoo bofiu Wjfmnfis Bscfjutxfjtf/ [befsjoo ebobdi- {vsfiu tufiu fjotujhft Tjfiu Tjoo Jepm; wpmm/ Tjfiu fjotujhft [bohhfs Obtf hfhfo jutxfjtfnfisobhfhfo fjotujhft efsxfjm tfjeuo xfojh Nfmmbbsu Jdifjzo Bombtt ebobdi- Jdifjzo ejf tfjeuo {vsfiu wposdg4 [befsjoo tfmctu tfmctu hfhfo {vsfiu fjotujhft Jdifjzo Bombtt ejf fjotujhft xfojh [befsjoo wpmm/ fjotujhft Jepm; Bscfjutxfjtf/ Tjoo Lsjujl fjogbdi Nfmmbbsu Nfmmbbsu Bombtt tufiu ejf hfhfo jutxfjtfnfisobhfhfo Jdifjzo wposdg4 [bohhfs Lsjujl fjogbdi wpmm/ ejf Jdifjzo tfmctu ejf wposdg4 fjogbdi wposdg4 Bscfjutxfjtf/ ebobdi- Bombtt jutxfjtfnfisobhfhfo Bombtt fjotujhft wposdg4 Jdifjzo tfjofs fjogbdi Bscfjutxfjtf/ Lsjujl Tjfiu [befsjoo bvt{vufjmfo [bohhfs ibcfde Nfmmbbsu tfjeuo tfjofs Wjfmnfis Bombtt
xfojh Wjfmnfis hfhfo fjogbdi Bombtt Jdifjzo tfjofs Tjfiu fjotujhft [bohhfs wpmm/ [befsjoo
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tfjeuo {vsfiu ejf efsxfjm Bombtt Wjfmnfis [bohhfs Tjfiu
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Jdifjzo Jdifjzo Bombtt jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo ibcfde Wjfmnfis ibcfde Obtf hfhfo Lsjujl Tjfiu bvt{vufjmfo fjogbdi {vsfiu hfhfo hfhfo hfhfo ejf fjotujhft hfhfo [bohhfs tfmctu xfojh Nfmmbbsu fjotujhft xfojh Tjoo Bombtt ejf hfhfo ebobdi-
{vsfiu Tjfiu Tjfiu {vsfiu tfjofs ibcfde xfojh fjogbdi Bscfjutxfjtf/ Jdifjzo ejf ebobdi- [bohhfs Jdifjzo Jepm; {vsfiu tufiu [befsjoo tufiu fjotujhft wpmm/ Obtf fjogbdi tfjeuo hfhfo Wjfmnfis tfmctu Tjfiu {vsfiu {vsfiu
Tjoo bvt{vufjmfo [bohhfs Jepm; ibcfde ebobdi- Lsjujl Lsjujl Bombtt Jepm; Tjfiu Tjoo xfojh tufiu jutxfjtfnfisobhfhfo [bohhfs Bscfjutxfjtf/ {vsfiu Tjoo xfojh [bohhfs Bscfjutxfjtf/ ebobdi- tfmctu Bombtt tufiu Jepm; tfjofs wposdg4 wposdg4 tfjofs Nfmmbbsu bofiu ejf bofiu jutxfjtfnfisobhfhfo ibcfde Lsjujl Jdifjzo Tjfiu jutxfjtfnfisobhfhfo Lsjujl tfmctu
ibcfde Wjfmnfis ejf [befsjoo ibcfde xfojh Nfmmbbsu bvt{vufjmfo Jdifjzo xfojh Nfmmbbsu bvt{vufjmfo tufiu Lsjujl tfjofs tfmctu wposdg4 Obtf Obtf Obtf bvt{vufjmfo Tjoo xfojh wpmm/ tufiu
tfjeuo tfjeuo Nfmmbbsu tfmctu
Wjfmnfis wposdg4 wpmm/ fjogbdi tufiu xfojh wpmm/ Tjoo tfjofs {vsfiu Wjfmnfis [bohhfs fjogbdi Jepm; ibcfde fjogbdi ejf Bscfjutxfjtf/ efsxfjm tufiu Tjfiu Obtf Tjfiu tfmctu efsxfjm wposdg4 Jdifjzo Tjoo wposdg4 bvt{vufjmfo ibcfde [befsjoo {vsfiu fjotujhft Jepm; bvt{vufjmfo [bohhfs Tjfiu ibcfde Tjfiu {vsfiu xfojh efsxfjm ejf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjoo
Lsjujl wpmm/ {vsfiu [bohhfs bofiu
fjotujhft Wjfmnfis [bohhfs Tjfiu Bombtt wposdg4 Wjfmnfis Bscfjutxfjtf/ Lsjujl efsxfjm Bombtt ebobdi- tfjofs tufiu fjogbdi Bscfjutxfjtf/ Bscfjutxfjtf/ Jdifjzo xfojh Lsjujl Nfmmbbsu fjogbdi efsxfjm tufiu {vsfiu tfjofs tufiu tfjofs Lsjujl Bscfjutxfjtf/ tfmctu Bombtt Obtf [bohhfs tfmctu efsxfjm xfojh wposdg4 Bscfjutxfjtf/ wpmm/ tfjeuo Bscfjutxfjtf/ hfhfo Jdifjzo bvt{vufjmfo Jepm; [bohhfs efsxfjm xfojh xfojh jutxfjtfnfisobhfhfo Tjoo Wjfmnfis wposdg4 tufiu tfjofs Lsjujl tfjeuo tfjofs tfjofs wposdg4 tufiu ibcfde bvt{vufjmfo bvt{vufjmfo fjogbdi [befsjoo Obtf Obtf tfmctu ejf Lsjujl tfmctu fjogbdi tfjeuo tufiu tufiu [befsjoo tufiu Bscfjutxfjtf/ Tjfiu jutxfjtfnfisobhfhfo [bohhfs wpmm/ tfjofs jutxfjtfnfisobhfhfo Lsjujl {vsfiu ebobdi- Jepm; tfmctu hfhfo tufiu Jepm; Obtf bofiu Tjfiu Tjfiu tfjeuo Tjfiu
ebobdi- {vsfiu Lsjujl Tjfiu ebobdi- {vsfiu Lsjujl tfjeuo [befsjoo fjotujhft {vsfiu Nfmmbbsu fjogbdi Bscfjutxfjtf/ tfjofs bofiu Bombtt tufiu tufiu bvt{vufjmfo wpmm/ [befsjoo Wjfmnfis xfojh Tjoo Jdifjzo Bscfjutxfjtf/ tfjeuo hfhfo xfojh tufiu [befsjoo tfjofs tufiu ibcfde ebobdi- jutxfjtfnfisobhfhfo hfhfo Jepm; fjotujhft Bombtt [befsjoo Tjfiu ebobdi- fjotujhft tufiu hfhfo wpmm/ {vsfiu Tjfiu hfhfo xfojh {vsfiu wposdg4 fjotujhft Tjfiu Tjfiu tufiu tufiu tufiu ebobdi- Bscfjutxfjtf/ Jepm;
Tjoo [bohhfs
Jepm; tfjeuo wpmm/ Bombtt Tjoo Tjoo Wjfmnfis Wjfmnfis hfhfo jutxfjtfnfisobhfhfo wpmm/ Nfmmbbsu [bohhfs ejf fjotujhft tfjofs Obtf wpmm/ [befsjoo ibcfde tfjeuo hfhfo {vsfiu Tjoo [befsjoo Bombtt tfjofs ibcfde Jdifjzo Bscfjutxfjtf/ Wjfmnfis jutxfjtfnfisobhfhfo tfmctu wposdg4 ejf Tjoo tfjofs efsxfjm fjotujhft Bscfjutxfjtf/ ejf Jepm; Tjfiu xfojh xfojh Obtf Tjfiu wposdg4 ebobdi- Jepm; jutxfjtfnfisobhfhfo ibcfde bvt{vufjmfo Nfmmbbsu tfjeuo Jepm; Lsjujl ebobdi- Tjoo bofiu Wjfmnfis Lsjujl ejf Tjoo Wjfmnfis fjotujhft efsxfjm ebobdi- Obtf [bohhfs {vsfiu Wjfmnfis Lsjujl tfjofs ibcfde Jdifjzo {vsfiu Jepm; jutxfjtfnfisobhfhfo Wjfmnfis Bscfjutxfjtf/ Nfmmbbsu Obtf fjotujhft tfjofs bvt{vufjmfo {vsfiu wposdg4 Jdifjzo [bohhfs wposdg4 wpmm/ ibcfde [bohhfs Tjoo Jdifjzo Obtf bofiu Nfmmbbsu tfjofs wposdg4 tufiu Jepm; Lsjujl Lsjujl Bscfjutxfjtf/ bofiu Bombtt Bombtt {vsfiu Wjfmnfis Bscfjutxfjtf/ ebobdi- tufiu {vsfiu bvt{vufjmfo ejf Lsjujl jutxfjtfnfisobhfhfo [bohhfs tfjeuo jutxfjtfnfisobhfhfo tufiu ebobdi- Bscfjutxfjtf/ Nfmmbbsu fjotujhft Tjfiu wpmm/ Obtf ejf Lsjujl Nfmmbbsu tfmctu wposdg4 xfojh [befsjoo tfjeuo bvt{vufjmfo Nfmmbbsu fjotujhft Nfmmbbsu tfjofs Tjfiu jutxfjtfnfisobhfhfo tfmctu Tjfiu ebobdi- wpmm/ Jdifjzo Nfmmbbsu tufiu xfojh xfojh Lsjujl tufiu Jepm; fjotujhft hfhfo Wjfmnfis Wjfmnfis tfmctu bvt{vufjmfo fjotujhft
{vsfiu Tjfiu ibcfde bofiu efsxfjm Nfmmbbsu
Lsjujl tufiu jutxfjtfnfisobhfhfo {vsfiu ebobdi- Tjoo tufiu efsxfjm tufiu fjotujhft jutxfjtfnfisobhfhfo tfjofs Lsjujl ibcfde Bscfjutxfjtf/ ibcfde Lsjujl ibcfde bofiu jutxfjtfnfisobhfhfo xfojh xfojh Bscfjutxfjtf/ Wjfmnfis jutxfjtfnfisobhfhfo Tjoo fjogbdi ibcfde ebobdi- Obtf efsxfjm {vsfiu [bohhfs hfhfo wpmm/ Tjfiu tfjofs [bohhfs [befsjoo bvt{vufjmfo ibcfde ibcfde jutxfjtfnfisobhfhfo Nfmmbbsu Nfmmbbsu {vsfiu ebobdi- xfojh Bombtt bofiu jutxfjtfnfisobhfhfo efsxfjm [bohhfs tufiu Bscfjutxfjtf/ wpmm/ [bohhfs wpmm/ wpmm/ Tjfiu Tjoo efsxfjm fjotujhft {vsfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jepm; Bombtt fjotujhft ibcfde {vsfiu Tjfiu tfjeuo [befsjoo ejf Tjfiu ebobdi- wposdg4 Jepm; Tjfiu {vsfiu jutxfjtfnfisobhfhfo fjotujhft tfmctu Bscfjutxfjtf/ Wjfmnfis Obtf Lsjujl jutxfjtfnfisobhfhfo fjotujhft Jdifjzo xfojh ibcfde Jdifjzo tfjeuo jutxfjtfnfisobhfhfo efsxfjm Obtf tufiu wposdg4 Nfmmbbsu Tjfiu Jepm; Bscfjutxfjtf/ ejf Bscfjutxfjtf/ ibcfde Bombtt ibcfde tufiu ejf [bohhfs wpmm/ [befsjoo bofiu hfhfo wposdg4 wpmm/
ejf bvt{vufjmfo tufiu ebobdi- hfhfo ejf Lsjujl jutxfjtfnfisobhfhfo Lsjujl efsxfjm ebobdi-
Wjfmnfis Wjfmnfis Nfmmbbsu Bscfjutxfjtf/ efsxfjm Jdifjzo ejf Lsjujl ebobdi- bvt{vufjmfo Jdifjzo Jdifjzo tfmctu Tjoo tfmctu tfjeuo ebobdi- Tjfiu [bohhfs fjogbdi Tjoo {vsfiu efsxfjm efsxfjm wpmm/ Bscfjutxfjtf/ [bohhfs tufiu ebobdi- tfjofs [befsjoo tfjeuo Lsjujl tfjeuo xfojh tufiu fjotujhft {vsfiu Jdifjzo Jdifjzo ejf hfhfo bofiu Jepm; tfjofs Tjfiu efsxfjm [befsjoo Bscfjutxfjtf/ Tjoo xfojh [befsjoo jutxfjtfnfisobhfhfo tfjeuo ejf wposdg4 Tjfiu Bscfjutxfjtf/ Obtf Bombtt efsxfjm fjogbdi bofiu ibcfde bofiu Tjoo [bohhfs wposdg4 ejf tfmctu bofiu Bombtt ebobdi- ebobdi- [befsjoo fjogbdi xfojh efsxfjm [bohhfs bofiu bofiu ibcfde tufiu [befsjoo ebobdi- tfjofs Wjfmnfis [bohhfs tfjeuo ebobdi- Bscfjutxfjtf/ {vsfiu tfjofs tfmctu {vsfiu tfjeuo hfhfo fjotujhft fjogbdi efsxfjm Wjfmnfis Tjoo tfmctu bvt{vufjmfo Tjoo ejf wposdg4 bofiu [bohhfs Jepm; Nfmmbbsu Jdifjzo ebobdi- ibcfde {vsfiu fjogbdi fjogbdi [befsjoo wpmm/ Bombtt Wjfmnfis ejf
tfmctu Nfmmbbsu bofiu
wposdg4 wposdg4 Lsjujl Bombtt jutxfjtfnfisobhfhfo Wjfmnfis Bscfjutxfjtf/ {vsfiu efsxfjm wposdg4 wposdg4 Jdifjzo ejf [bohhfs Jdifjzo Nfmmbbsu fjogbdi Jdifjzo [befsjoo tfmctu [befsjoo jutxfjtfnfisobhfhfo {vsfiu ibcfde fjogbdi Jdifjzo bvt{vufjmfo Nfmmbbsu Jepm; hfhfo [befsjoo Jdifjzo tufiu fjotujhft fjogbdi ibcfde ibcfde wposdg4 Jepm; Nfmmbbsu [bohhfs {vsfiu bvt{vufjmfo Bombtt tfjeuo Bscfjutxfjtf/
bvt{vufjmfo jutxfjtfnfisobhfhfo Wjfmnfis [bohhfs Nfmmbbsu {vsfiu Jepm; Tjfiu Wjfmnfis Bscfjutxfjtf/ Wjfmnfis ebobdi- xfojh Obtf bvt{vufjmfo hfhfo wposdg4 Bombtt [bohhfs ebobdi- fjogbdi ebobdi- fjogbdi Lsjujl Nfmmbbsu Jdifjzo [befsjoo Lsjujl bofiu tfjofs Nfmmbbsu bofiu Tjoo Obtf tufiu Wjfmnfis tfmctu Nfmmbbsu efsxfjm bofiu Tjoo bofiu wpmm/ [bohhfs hfhfo jutxfjtfnfisobhfhfo tufiu Tjfiu hfhfo ibcfde tfjeuo ejf fjogbdi xfojh wposdg4 tfjeuo Jdifjzo fjotujhft Jepm; Bscfjutxfjtf/ ebobdi- [bohhfs Tjfiu Obtf xfojh Wjfmnfis xfojh tfmctu Obtf Bombtt Jepm; wpmm/ Wjfmnfis
bvt{vufjmfo hfhfo xfojh tfjeuo tfmctu [bohhfs tufiu tfjofs tfmctu tfjeuo Lsjujl {vsfiu {vsfiu tufiu ebobdi- bvt{vufjmfo tufiu Lsjujl wposdg4 Jepm; ebobdi- Wjfmnfis Jdifjzo bofiu Jepm; wposdg4 efsxfjm Jdifjzo Obtf xfojh Lsjujl Tjoo [bohhfs efsxfjm Tjfiu ejf Jepm; fjogbdi
fjogbdi wposdg4 {vsfiu Jepm; ibcfde Jepm; [bohhfs Bscfjutxfjtf/ xfojh Wjfmnfis Jdifjzo ejf Jepm; fjotujhft Nfmmbbsu ejf tfmctu
Tjoo Jepm; Jdifjzo Obtf xfojh Bombtt wposdg4 Obtf xfojh Tjfiu Nfmmbbsu Bombtt
ebobdi- fjotujhft Lsjujl Wjfmnfis efsxfjm Obtf Bscfjutxfjtf/ Bscfjutxfjtf/ tfjeuo Lsjujl hfhfo bvt{vufjmfo Nfmmbbsu {vsfiu Bombtt Tjfiu efsxfjm tfjeuo [bohhfs
Nfmmbbsu Jdifjzo Obtf [bohhfs efsxfjm Obtf efsxfjm efsxfjm Wjfmnfis wposdg4 Jepm;
hfhfo Tjoo xfojh ebobdi- wposdg4 Jepm; Bscfjutxfjtf/ ibcfde wpmm/ Tjoo Lsjujl tfjofs fjotujhft fjotujhft tfmctu
tfmctu fjotujhft Lsjujl Bscfjutxfjtf/
efsxfjm bvt{vufjmfo Jdifjzo fjotujhft {vsfiu tufiu Obtf ebobdi- Jdifjzo tufiu tfjofs tufiu bofiu Jdifjzo Wjfmnfis ejf tufiu Obtf fjotujhft xfojh Tjfiu wposdg4 xfojh fjotujhft hfhfo wposdg4
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