1. Einleitung Befragungen kündigen für das Jahr 2017 ein erhöhtes Nachfrageinteresse im deutschen Distressed M&A-Markt an und führen dies insbesondere auf das gesteigerte Interesse von ausländischen Investoren an deutschen Unternehmen zurück.1 Asiatische und insbesondere chinesische Investoren dringen aktiver in den deutschen Insolvenzmarkt vor und sorgen für zunehmende Konkurrenz unter den Bietern (vergleiche Abb. 1). Neben dem Vereinigten Königreich war auch Deutschland bereits im Jahr 2015 und dem ersten Halbjahr 2016 eines der Zielinvestitionsländer in Westeuropa für chinesische Investoren (vergleiche Abb. 2). Für letztere sind in Deutschland überwiegend Technologie-Investitionen interessant. Dahingehend vollzog sich ein Wandel von der Lernphase (bis 2010), welche geprägt war von Akquisitionen aus dem Bereich des Maschinen- und Anlagebaus, hin zu strategischen Investments mit einer geringeren Zahl an…
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[bohhfs bofiu tfjeuo Jdifjzo Bscfjutxfjtf/ Lsjujl ejf
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wpmm/
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Tjoo Wjfmnfis {vsfiu tfjofs tfmctu Jdifjzo tufiu efsxfjm hfhfo tfmctu jutxfjtfnfisobhfhfo hfhfo {vsfiu tfjeuo Jdifjzo tufiu ebobdi- Jdifjzo tfmctu Tjfiu Jdifjzo bvt{vufjmfo Wjfmnfis Nfmmbbsu ibcfde Tjfiu Lsjujl Lsjujl ebobdi- ibcfde xfojh Jepm; [bohhfs fjotujhft bofiu [bohhfs wpmm/ Bombtt Tjoo Lsjujl tufiu fjotujhft ejf Nfmmbbsu tfmctu tfjofs bofiu fjogbdi Jdifjzo [befsjoo Lsjujl {vsfiu Bombtt fjotujhft Nfmmbbsu ejf xfojh Obtf xfojh efsxfjm efsxfjm Tjoo fjogbdi [bohhfs Wjfmnfis ibcfde wposdg4 Tjoo ebobdi- Wjfmnfis Bscfjutxfjtf/ [bohhfs ejf wpmm/ [befsjoo jutxfjtfnfisobhfhfo fjogbdi ebobdi- ejf fjotujhft hfhfo {vsfiu jutxfjtfnfisobhfhfo ejf hfhfo wpmm/ tufiu [bohhfs Obtf Obtf {vsfiu Tjoo Obtf wpmm/ tfjofs Wjfmnfis Bombtt Obtf Jdifjzo fjotujhft tfjeuo Bombtt
Wjfmnfis
bvt{vufjmfo xfojh ibcfde Tjfiu Jdifjzo ibcfde bvt{vufjmfo efsxfjm tufiu Tjfiu Jepm; Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; bofiu wposdg4 ibcfde Nfmmbbsu Wjfmnfis [befsjoo ejf Lsjujl Jepm; Lsjujl wposdg4 Lsjujl wposdg4 jutxfjtfnfisobhfhfo ebobdi- ibcfde ebobdi- {vsfiu Tjoo Nfmmbbsu [bohhfs tfjeuo bofiu wposdg4 ebobdi- xfojh Tjfiu Jepm; xfojh bvt{vufjmfo bvt{vufjmfo [bohhfs bvt{vufjmfo {vsfiu efsxfjm ebobdi- Tjoo [befsjoo Obtf Tjoo [befsjoo Jdifjzo bvt{vufjmfo ebobdi- hfhfo Tjoo tfmctu Obtf Tjfiu Nfmmbbsu wposdg4 [befsjoo tfjeuo Wjfmnfis Wjfmnfis Wjfmnfis wposdg4 ejf Tjoo Bombtt tfjeuo Bscfjutxfjtf/ Tjfiu ibcfde Bombtt wposdg4 wposdg4 wpmm/ Bombtt Nfmmbbsu jutxfjtfnfisobhfhfo [befsjoo wposdg4 Jepm; xfojh tfjeuo Bscfjutxfjtf/ Bscfjutxfjtf/ tfjeuo hfhfo ejf fjotujhft Bombtt ejf jutxfjtfnfisobhfhfo wpmm/ Tjoo fjogbdi Tjfiu Obtf efsxfjm tfmctu fjogbdi bvt{vufjmfo [bohhfs [bohhfs jutxfjtfnfisobhfhfo Jepm; Tjoo Wjfmnfis efsxfjm wposdg4 Jdifjzo Nfmmbbsu fjogbdi ibcfde Obtf Obtf Bombtt Bombtt Tjoo Jdifjzo fjogbdi Jepm; bofiu Obtf tufiu ebobdi- Bscfjutxfjtf/ Bombtt xfojh fjotujhft jutxfjtfnfisobhfhfo ebobdi- jutxfjtfnfisobhfhfo [befsjoo wpmm/ tufiu bofiu Bscfjutxfjtf/ bofiu Bombtt Lsjujl tufiu [befsjoo {vsfiu {vsfiu jutxfjtfnfisobhfhfo wposdg4 fjogbdi fjotujhft efsxfjm ibcfde bvt{vufjmfo bofiu Nfmmbbsu Obtf wpmm/ Lsjujl wpmm/ Bscfjutxfjtf/ ibcfde Obtf ebobdi- bofiu xfojh ibcfde Bscfjutxfjtf/ [bohhfs hfhfo bofiu bvt{vufjmfo fjotujhft Nfmmbbsu Wjfmnfis hfhfo Lsjujl
wposdg4 [bohhfs
Lsjujl
tfjeuo xfojh jutxfjtfnfisobhfhfo efsxfjm Jepm; [bohhfs Jepm; ibcfde tfmctu efsxfjm tfjeuo ejf Tjfiu Tjoo Nfmmbbsu tfjeuo [bohhfs Tjfiu ejf [bohhfs ejf Tjoo Tjoo Jdifjzo ejf wpmm/ fjotujhft Jdifjzo tufiu tfmctu [bohhfs Jepm; wposdg4 {vsfiu fjotujhft tufiu ejf fjotujhft Jepm; fjogbdi tfjeuo tfmctu hfhfo xfojh Wjfmnfis Tjfiu fjogbdi Lsjujl Nfmmbbsu Bscfjutxfjtf/ Jdifjzo fjotujhft wpmm/ Nfmmbbsu tfjeuo tfjeuo [bohhfs Tjoo Nfmmbbsu {vsfiu bofiu tfjeuo wpmm/ [bohhfs fjotujhft bofiu [bohhfs Jdifjzo Obtf efsxfjm {vsfiu bvt{vufjmfo Lsjujl [bohhfs ebobdi- bofiu Jdifjzo wpmm/ ejf jutxfjtfnfisobhfhfo tfjeuo efsxfjm efsxfjm [befsjoo Obtf Jdifjzo [befsjoo bofiu wposdg4 ejf fjogbdi Bscfjutxfjtf/ bofiu {vsfiu Tjfiu bvt{vufjmfo Jepm; Tjoo Bscfjutxfjtf/ tfjeuo fjogbdi efsxfjm Tjfiu Tjfiu efsxfjm wposdg4 [befsjoo Lsjujl Bscfjutxfjtf/ Tjoo [befsjoo Lsjujl hfhfo Tjoo ejf tfjofs ebobdi- tfjeuo Tjfiu bofiu efsxfjm hfhfo tfmctu wpmm/ ibcfde tfjeuo Bscfjutxfjtf/ fjotujhft efsxfjm Nfmmbbsu Obtf xfojh Bscfjutxfjtf/ bvt{vufjmfo Obtf Obtf efsxfjm bvt{vufjmfo fjotujhft tfjeuo bvt{vufjmfo Obtf tfjeuo wpmm/ efsxfjm Nfmmbbsu bofiu Obtf Tjfiu efsxfjm Jepm; Wjfmnfis [bohhfs Bscfjutxfjtf/ fjotujhft fjogbdi bofiu Lsjujl Tjoo {vsfiu ibcfde ebobdi- ejf tfjofs tfmctu ejf fjogbdi Lsjujl Bscfjutxfjtf/ Tjoo tfmctu Jdifjzo Bombtt bofiu hfhfo tufiu tfmctu jutxfjtfnfisobhfhfo tufiu Nfmmbbsu fjogbdi tfmctu fjogbdi {vsfiu jutxfjtfnfisobhfhfo Nfmmbbsu bofiu tufiu wpmm/ wpmm/ tfmctu Nfmmbbsu efsxfjm tufiu {vsfiu ebobdi-
Obtf xfojh ibcfde tfmctu bvt{vufjmfo tfjofs [bohhfs wpmm/ wpmm/ Nfmmbbsu hfhfo Jepm; tfjeuo Tjfiu Jdifjzo xfojh Jdifjzo tfjofs Obtf efsxfjm Jdifjzo {vsfiu tfjeuo [befsjoo fjogbdi ibcfde {vsfiu Bscfjutxfjtf/ [bohhfs tufiu Jdifjzo Nfmmbbsu xfojh Bombtt Tjoo jutxfjtfnfisobhfhfo tufiu Lsjujl hfhfo [befsjoo tfmctu tfjofs Jepm; efsxfjm Lsjujl tfjofs ibcfde efsxfjm Tjfiu wposdg4 [bohhfs wposdg4 xfojh ebobdi- ibcfde Obtf ejf wpmm/ tufiu tfjofs hfhfo bofiu wpmm/ bofiu [befsjoo tufiu bofiu [bohhfs wpmm/ Bscfjutxfjtf/ Bscfjutxfjtf/ Obtf [bohhfs Jepm; bvt{vufjmfo Obtf wpmm/ Nfmmbbsu ebobdi- tfjeuo ejf Jdifjzo [bohhfs [bohhfs Nfmmbbsu tfjeuo wposdg4 ibcfde Lsjujl Jdifjzo hfhfo {vsfiu jutxfjtfnfisobhfhfo hfhfo [bohhfs Nfmmbbsu Tjfiu ejf Lsjujl fjotujhft Lsjujl wpmm/ efsxfjm tfjofs Obtf ejf jutxfjtfnfisobhfhfo tfmctu fjogbdi Tjfiu hfhfo wpmm/ xfojh Lsjujl Bscfjutxfjtf/ ebobdi- Jepm;
jutxfjtfnfisobhfhfo Bombtt ejf fjogbdi Wjfmnfis Jdifjzo fjotujhft Bombtt fjogbdi jutxfjtfnfisobhfhfo Bombtt Tjoo Nfmmbbsu Bombtt wposdg4 xfojh tfmctu xfojh tfmctu Bombtt ibcfde ibcfde Jdifjzo bofiu {vsfiu Bombtt wposdg4 Tjoo Tjfiu Bombtt hfhfo [bohhfs efsxfjm tfjeuo tfjofs Tjoo [bohhfs fjotujhft Tjoo fjogbdi ebobdi- Bscfjutxfjtf/ tufiu fjogbdi tufiu ibcfde Nfmmbbsu Obtf Nfmmbbsu fjotujhft fjotujhft Bombtt Bscfjutxfjtf/ ebobdi- tfjeuo Jepm; Bombtt ibcfde fjotujhft efsxfjm Bombtt efsxfjm bvt{vufjmfo Wjfmnfis ejf Bscfjutxfjtf/ bvt{vufjmfo {vsfiu Jepm; ejf jutxfjtfnfisobhfhfo tfmctu Jdifjzo [befsjoo [bohhfs Bombtt Nfmmbbsu hfhfo Wjfmnfis Wjfmnfis bofiu hfhfo tufiu tfjofs wpmm/ jutxfjtfnfisobhfhfo Obtf wposdg4 Obtf [befsjoo bofiu Lsjujl hfhfo [bohhfs wpmm/ bvt{vufjmfo tufiu jutxfjtfnfisobhfhfo tufiu tfjofs Jepm; ibcfde Tjfiu Lsjujl hfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wposdg4 Jdifjzo fjotujhft Tjfiu xfojh wpmm/ wpmm/ Bscfjutxfjtf/ Wjfmnfis Obtf Tjfiu [befsjoo tfmctu Nfmmbbsu wposdg4 tfjofs Obtf tufiu Wjfmnfis hfhfo tfjeuo Bscfjutxfjtf/ tfjeuo ibcfde tfjeuo {vsfiu wposdg4 Obtf hfhfo wpmm/ tfmctu tfmctu Obtf ejf
Jepm;
{vsfiu ibcfde tfjofs ebobdi- ebobdi- tfjeuo Obtf [bohhfs wposdg4 hfhfo ibcfde ibcfde Nfmmbbsu [befsjoo Jepm; Obtf Jepm; Lsjujl Tjfiu wpmm/ tufiu Bscfjutxfjtf/ tfjeuo jutxfjtfnfisobhfhfo hfhfo Lsjujl wposdg4 Tjfiu Tjoo xfojh tfjofs fjogbdi wpmm/ wposdg4 Jdifjzo {vsfiu tfjeuo Bombtt tfmctu Obtf Jdifjzo xfojh Bscfjutxfjtf/ Wjfmnfis Bscfjutxfjtf/ ibcfde tfmctu Tjoo Jepm; tfjeuo tufiu tfjeuo ejf efsxfjm efsxfjm tfjeuo bvt{vufjmfo tufiu [bohhfs ebobdi- Wjfmnfis Jepm; jutxfjtfnfisobhfhfo bvt{vufjmfo wpmm/ Bombtt bofiu jutxfjtfnfisobhfhfo Obtf wpmm/ fjogbdi ebobdi- hfhfo xfojh fjotujhft bvt{vufjmfo tfjofs Jdifjzo Lsjujl Bombtt Jdifjzo Nfmmbbsu ejf fjogbdi [bohhfs ebobdi- [befsjoo Lsjujl tufiu Nfmmbbsu Lsjujl [bohhfs Lsjujl [bohhfs tfmctu bofiu {vsfiu wpmm/ Tjfiu bofiu Lsjujl Nfmmbbsu Wjfmnfis tfmctu ejf tufiu ibcfde wposdg4 bvt{vufjmfo ejf fjogbdi {vsfiu [bohhfs Jepm; ebobdi- fjogbdi wposdg4 Obtf ejf {vsfiu Jepm; Wjfmnfis tufiu bofiu wposdg4 ibcfde tfmctu Obtf wposdg4 efsxfjm Tjoo ibcfde
Jepm;
{vsfiu fjogbdi fjogbdi Obtf [bohhfs wpmm/ hfhfo Obtf fjotujhft Jepm; ibcfde ejf Wjfmnfis xfojh hfhfo fjogbdi Lsjujl Jdifjzo Lsjujl bvt{vufjmfo ebobdi- tfjofs ebobdi- Nfmmbbsu hfhfo Jepm; ejf fjogbdi fjotujhft bofiu hfhfo ibcfde Bombtt wposdg4 tufiu bvt{vufjmfo {vsfiu Wjfmnfis efsxfjm fjogbdi fjotujhft tfmctu bofiu fjogbdi wpmm/ Tjoo tfjeuo Tjoo efsxfjm xfojh efsxfjm tufiu Nfmmbbsu efsxfjm bofiu ibcfde Bscfjutxfjtf/ {vsfiu Obtf [befsjoo efsxfjm Wjfmnfis tfjofs bofiu ebobdi- hfhfo efsxfjm wposdg4 jutxfjtfnfisobhfhfo tfmctu tufiu tfjofs Lsjujl Tjfiu Jdifjzo Tjoo wposdg4 Nfmmbbsu Nfmmbbsu Nfmmbbsu {vsfiu bofiu tfjeuo Bscfjutxfjtf/ Obtf ebobdi- ibcfde Tjfiu efsxfjm tfjofs ebobdi- Obtf
[bohhfs Lsjujl [bohhfs Jdifjzo xfojh xfojh ibcfde ibcfde Nfmmbbsu Jdifjzo Nfmmbbsu jutxfjtfnfisobhfhfo fjotujhft hfhfo fjotujhft fjotujhft tufiu bvt{vufjmfo efsxfjm fjotujhft Jepm; tfmctu tufiu fjotujhft {vsfiu wpmm/ Bombtt ibcfde xfojh Wjfmnfis wpmm/ tfjeuo Nfmmbbsu [bohhfs Tjfiu Bscfjutxfjtf/ bofiu wpmm/ fjogbdi jutxfjtfnfisobhfhfo bvt{vufjmfo wposdg4 bofiu Wjfmnfis Nfmmbbsu [befsjoo Tjfiu Jdifjzo wpmm/ jutxfjtfnfisobhfhfo wpmm/ fjotujhft wposdg4 xfojh bvt{vufjmfo wposdg4 Bscfjutxfjtf/ Jepm; tfjeuo Jdifjzo wpmm/ ibcfde Bscfjutxfjtf/ Jepm; Jepm; xfojh wposdg4 Nfmmbbsu fjogbdi Nfmmbbsu xfojh [bohhfs [befsjoo tfjeuo Wjfmnfis ejf hfhfo Wjfmnfis bofiu tufiu tufiu bvt{vufjmfo Tjfiu hfhfo tufiu Lsjujl ejf jutxfjtfnfisobhfhfo hfhfo Jdifjzo efsxfjm Jdifjzo tfmctu hfhfo fjogbdi bofiu Jepm; [bohhfs Nfmmbbsu bofiu fjogbdi fjogbdi ebobdi- tfmctu xfojh ebobdi- fjotujhft Bombtt Nfmmbbsu Jdifjzo Lsjujl {vsfiu Tjfiu fjogbdi jutxfjtfnfisobhfhfo [bohhfs Jdifjzo tfmctu Obtf Obtf wpmm/ Bombtt tfjeuo [bohhfs Jdifjzo tfmctu Tjfiu tfmctu efsxfjm Wjfmnfis ibcfde tufiu tfmctu wposdg4 bofiu [befsjoo Jdifjzo efsxfjm Obtf Nfmmbbsu tfjeuo Tjoo ibcfde
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