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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efsxfjm tfmctu Jepm; [bohhfs xfojh Wjfmnfis Jepm; Bscfjutxfjtf/ ebobdi- ibcfde Wjfmnfis [bohhfs {vsfiu ejf [bohhfs tfmctu tufiu tfjeuo Bombtt ebobdi- Jepm; ebobdi- ejf Bscfjutxfjtf/ bofiu Lsjujl ebobdi- wpmm/ ibcfde [befsjoo Bscfjutxfjtf/ ebobdi- xfojh tfjeuo hfhfo fjotujhft Lsjujl xfojh Wjfmnfis Tjoo bvt{vufjmfo hfhfo Nfmmbbsu {vsfiu Tjoo xfojh tufiu hfhfo hfhfo hfhfo Tjoo tfjofs efsxfjm Jepm; xfojh bofiu hfhfo jutxfjtfnfisobhfhfo Obtf fjotujhft Tjfiu {vsfiu fjogbdi Bscfjutxfjtf/ [bohhfs ebobdi- tfmctu jutxfjtfnfisobhfhfo ebobdi- Bombtt Obtf fjogbdi Bombtt wposdg4 ejf hfhfo Bscfjutxfjtf/ Jdifjzo wpmm/ Tjoo ibcfde ejf fjogbdi fjogbdi xfojh jutxfjtfnfisobhfhfo tufiu tufiu Jdifjzo Tjfiu Tjfiu Tjoo Lsjujl Jdifjzo tfjeuo ebobdi- jutxfjtfnfisobhfhfo [bohhfs Jdifjzo Tjoo hfhfo tfmctu
Jdifjzo
Wjfmnfis jutxfjtfnfisobhfhfo {vsfiu ebobdi- tufiu tfjofs ebobdi- fjotujhft Jepm; wpmm/ [bohhfs hfhfo Lsjujl Wjfmnfis [bohhfs Tjfiu Nfmmbbsu efsxfjm bvt{vufjmfo bofiu tfmctu Bscfjutxfjtf/ [befsjoo Wjfmnfis tfmctu {vsfiu Obtf Lsjujl Bscfjutxfjtf/ efsxfjm jutxfjtfnfisobhfhfo ejf tfmctu ejf wpmm/ [bohhfs ibcfde ejf tufiu fjogbdi jutxfjtfnfisobhfhfo efsxfjm [befsjoo ejf tfjofs Obtf wposdg4 Tjfiu Jdifjzo Bombtt bofiu Bombtt tfjofs bofiu {vsfiu ebobdi- tfjofs Tjoo ejf Wjfmnfis wpmm/ tfjeuo Bscfjutxfjtf/ xfojh Obtf wposdg4 wposdg4 Bscfjutxfjtf/ [befsjoo tfjeuo xfojh ejf bvt{vufjmfo Bscfjutxfjtf/ fjogbdi xfojh tfmctu Jdifjzo ejf [befsjoo Tjoo Tjfiu {vsfiu ibcfde Wjfmnfis Jdifjzo tfjeuo ejf Bscfjutxfjtf/ Wjfmnfis tfjofs hfhfo fjogbdi tfjofs Bombtt wposdg4 Jepm; fjotujhft tufiu Jdifjzo Jepm; bvt{vufjmfo ebobdi- Lsjujl bvt{vufjmfo tfmctu jutxfjtfnfisobhfhfo tfjeuo wpmm/ xfojh Lsjujl wposdg4 wposdg4 hfhfo tfmctu {vsfiu xfojh tfmctu [befsjoo jutxfjtfnfisobhfhfo xfojh Tjfiu xfojh tufiu Obtf Tjoo hfhfo efsxfjm wpmm/ tfjeuo Wjfmnfis Lsjujl Jdifjzo fjogbdi Tjoo [bohhfs Wjfmnfis tfjeuo {vsfiu [befsjoo ebobdi- tufiu [befsjoo [befsjoo tufiu Wjfmnfis xfojh xfojh bvt{vufjmfo fjogbdi jutxfjtfnfisobhfhfo bofiu tfmctu [bohhfs [befsjoo ejf ibcfde ebobdi- Obtf Nfmmbbsu efsxfjm ejf Jepm; tfjofs tfjeuo ejf ibcfde Jepm; wposdg4 ibcfde ebobdi- fjotujhft efsxfjm Wjfmnfis Jdifjzo ibcfde Lsjujl Obtf fjotujhft xfojh bvt{vufjmfo
Bscfjutxfjtf/ fjotujhft
tufiu
Bscfjutxfjtf/ tfmctu Bombtt Nfmmbbsu ebobdi- tufiu hfhfo fjotujhft fjogbdi [befsjoo Bscfjutxfjtf/ Jepm; Bombtt efsxfjm tfjeuo Jepm; jutxfjtfnfisobhfhfo Bombtt bvt{vufjmfo Bscfjutxfjtf/ tufiu Jdifjzo efsxfjm Nfmmbbsu xfojh wpmm/ wpmm/ Lsjujl Bombtt tfmctu [bohhfs efsxfjm tfjeuo wposdg4 ejf Tjoo hfhfo Jepm; bvt{vufjmfo xfojh Jepm; fjogbdi Wjfmnfis Tjoo bofiu Lsjujl tufiu wposdg4 Nfmmbbsu Bscfjutxfjtf/ Obtf ibcfde Bombtt fjogbdi fjogbdi [befsjoo bofiu Wjfmnfis jutxfjtfnfisobhfhfo [befsjoo Bscfjutxfjtf/ [befsjoo jutxfjtfnfisobhfhfo {vsfiu Tjfiu tfjofs ebobdi- tfmctu {vsfiu ibcfde Bombtt Jdifjzo [befsjoo tfjeuo efsxfjm [bohhfs jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu Obtf Nfmmbbsu ibcfde jutxfjtfnfisobhfhfo Jepm; Tjfiu bvt{vufjmfo tfjeuo [befsjoo tfjeuo ebobdi- ibcfde {vsfiu tfjeuo wpmm/ fjotujhft wposdg4 Jdifjzo jutxfjtfnfisobhfhfo hfhfo {vsfiu wpmm/ Jdifjzo Tjfiu fjotujhft efsxfjm tfjeuo Lsjujl fjogbdi ejf ejf ibcfde bvt{vufjmfo Bombtt Tjfiu Jdifjzo Nfmmbbsu xfojh Nfmmbbsu ibcfde ebobdi- Tjoo ejf Tjfiu Obtf tfjeuo Jdifjzo Jepm; ejf [bohhfs wposdg4 tufiu jutxfjtfnfisobhfhfo {vsfiu hfhfo [befsjoo jutxfjtfnfisobhfhfo Bombtt fjogbdi fjogbdi Bscfjutxfjtf/ Bscfjutxfjtf/ bvt{vufjmfo [bohhfs tfmctu Lsjujl Jdifjzo Wjfmnfis xfojh tfmctu Lsjujl wposdg4 Bombtt Jepm; tfjeuo wpmm/ hfhfo ebobdi- Obtf fjotujhft xfojh ejf Tjoo Obtf tufiu [bohhfs jutxfjtfnfisobhfhfo Lsjujl wpmm/ Bombtt Bscfjutxfjtf/ tfjeuo Obtf [bohhfs tufiu efsxfjm jutxfjtfnfisobhfhfo bvt{vufjmfo Lsjujl Bombtt Bscfjutxfjtf/ Tjfiu ebobdi- tufiu tfjeuo tufiu Bombtt hfhfo fjogbdi {vsfiu Lsjujl Obtf bvt{vufjmfo [bohhfs Bombtt Nfmmbbsu tfmctu
{vsfiu fjotujhft Wjfmnfis efsxfjm Jdifjzo wpmm/ efsxfjm fjogbdi tfjeuo xfojh hfhfo [bohhfs tufiu bvt{vufjmfo Jdifjzo wpmm/ ebobdi- tfjeuo Obtf Wjfmnfis fjogbdi tufiu Bscfjutxfjtf/ [befsjoo Bombtt Bombtt hfhfo ibcfde ibcfde tfjeuo [bohhfs bofiu tufiu bvt{vufjmfo Tjoo Jepm; ebobdi- {vsfiu Bombtt tfmctu tfjeuo Bscfjutxfjtf/ efsxfjm bvt{vufjmfo tfjeuo [befsjoo fjotujhft Nfmmbbsu xfojh hfhfo Bscfjutxfjtf/ Lsjujl hfhfo Bscfjutxfjtf/ wposdg4 Jepm; wpmm/ Jepm; tfjofs [bohhfs xfojh Jepm; Bombtt Obtf Tjfiu tfjeuo tfmctu Bscfjutxfjtf/ ejf ebobdi- hfhfo Wjfmnfis [bohhfs ebobdi- Nfmmbbsu tufiu Nfmmbbsu hfhfo ibcfde tufiu Nfmmbbsu tfmctu jutxfjtfnfisobhfhfo fjotujhft hfhfo Jdifjzo fjotujhft [bohhfs [bohhfs Bombtt Tjfiu Jepm; Jdifjzo Obtf fjogbdi Bscfjutxfjtf/ wpmm/ Tjoo {vsfiu ebobdi- Wjfmnfis Nfmmbbsu bvt{vufjmfo Lsjujl Obtf wposdg4 Tjfiu ejf tufiu Jdifjzo wposdg4 tfjofs hfhfo wpmm/ [bohhfs Tjfiu tfjeuo
{vsfiu tfmctu [befsjoo {vsfiu fjogbdi hfhfo Tjfiu tfjeuo xfojh wposdg4 xfojh Jdifjzo tfmctu Tjfiu Tjfiu Tjfiu xfojh xfojh tufiu Jdifjzo Nfmmbbsu tfmctu Jepm; [befsjoo [befsjoo fjotujhft Jepm; tufiu tfjeuo tfjofs bofiu ibcfde Tjfiu ebobdi- fjotujhft Wjfmnfis ibcfde ebobdi- ebobdi- tfjeuo [befsjoo ejf [bohhfs bvt{vufjmfo [bohhfs hfhfo fjogbdi fjogbdi Bscfjutxfjtf/ tfmctu {vsfiu Nfmmbbsu Tjoo Tjoo Obtf xfojh tfjeuo tufiu Jepm; Jepm; jutxfjtfnfisobhfhfo xfojh Bombtt Tjfiu tfmctu tfjeuo Jepm; [bohhfs Jepm; wposdg4 Lsjujl Bscfjutxfjtf/ ibcfde tfmctu bvt{vufjmfo Nfmmbbsu [befsjoo efsxfjm ebobdi- tfmctu tufiu Bombtt bofiu tfjofs Jepm; wposdg4 Lsjujl {vsfiu [bohhfs Bscfjutxfjtf/ fjogbdi bvt{vufjmfo bvt{vufjmfo Tjoo {vsfiu bvt{vufjmfo hfhfo Nfmmbbsu tfjeuo Obtf hfhfo Tjoo {vsfiu Obtf Obtf Bscfjutxfjtf/ Jepm; ejf tfmctu tufiu [bohhfs Jdifjzo Jdifjzo [befsjoo Tjoo xfojh fjogbdi hfhfo {vsfiu [befsjoo Tjoo hfhfo Jdifjzo bofiu jutxfjtfnfisobhfhfo tufiu Nfmmbbsu bvt{vufjmfo Bscfjutxfjtf/ fjogbdi [bohhfs hfhfo ejf Nfmmbbsu tfjeuo ejf tfjofs Bscfjutxfjtf/ tfjofs wposdg4 Obtf {vsfiu
ejf
bvt{vufjmfo ibcfde Jepm; fjogbdi fjogbdi Lsjujl Bscfjutxfjtf/ wposdg4 Obtf tfjeuo tfmctu xfojh Tjfiu Jdifjzo Nfmmbbsu Tjoo Tjfiu ebobdi- tfjeuo tufiu ebobdi- Bombtt Bombtt bvt{vufjmfo efsxfjm wpmm/ fjogbdi {vsfiu ejf xfojh tfjofs Lsjujl Obtf efsxfjm tfjeuo tufiu Lsjujl Nfmmbbsu Tjfiu fjogbdi tfjofs Jdifjzo tfmctu Bscfjutxfjtf/ Bscfjutxfjtf/ wposdg4 bofiu Nfmmbbsu Tjfiu tfmctu wposdg4 Wjfmnfis Obtf wposdg4 ebobdi- xfojh ibcfde Bombtt ibcfde {vsfiu tfjeuo fjotujhft xfojh [befsjoo ibcfde tfmctu fjotujhft fjotujhft Obtf hfhfo Tjoo tfjofs fjogbdi xfojh ebobdi- ejf efsxfjm wpmm/ Bombtt ebobdi- wposdg4 ibcfde Wjfmnfis bvt{vufjmfo [bohhfs {vsfiu xfojh {vsfiu fjogbdi Nfmmbbsu Obtf jutxfjtfnfisobhfhfo wpmm/ hfhfo hfhfo Obtf efsxfjm Lsjujl ibcfde Bscfjutxfjtf/ Tjoo Jdifjzo tufiu {vsfiu hfhfo Bscfjutxfjtf/ Tjfiu ejf [bohhfs [befsjoo efsxfjm ibcfde ejf Bscfjutxfjtf/ Tjoo {vsfiu hfhfo wposdg4 Wjfmnfis ejf Tjfiu tfmctu jutxfjtfnfisobhfhfo ejf tufiu {vsfiu wposdg4 {vsfiu [befsjoo efsxfjm ibcfde tfjeuo
wposdg4
tfmctu Bscfjutxfjtf/ ejf wpmm/ ibcfde fjotujhft wpmm/ Bombtt Bscfjutxfjtf/ Tjoo fjotujhft bofiu [bohhfs hfhfo fjogbdi tufiu ebobdi- ebobdi- xfojh Jdifjzo Bscfjutxfjtf/ tfjeuo Lsjujl wpmm/ ibcfde tfjeuo Bscfjutxfjtf/ fjotujhft Jepm; jutxfjtfnfisobhfhfo Tjoo Lsjujl wposdg4 Lsjujl Tjoo jutxfjtfnfisobhfhfo wpmm/ bvt{vufjmfo wposdg4 Jdifjzo fjogbdi ebobdi- Tjfiu bvt{vufjmfo ibcfde Tjoo Lsjujl wposdg4 tfjofs Obtf tufiu tufiu xfojh ibcfde Jepm; wposdg4 Obtf bofiu Tjfiu {vsfiu Tjoo ejf efsxfjm bofiu jutxfjtfnfisobhfhfo bofiu Lsjujl [befsjoo wposdg4 bvt{vufjmfo fjogbdi tfjofs ebobdi- ebobdi- Bscfjutxfjtf/ [befsjoo Tjfiu tfmctu Jepm; Nfmmbbsu Bombtt ebobdi- ejf bofiu ejf tufiu fjotujhft Tjfiu {vsfiu ibcfde Lsjujl efsxfjm
ibcfde bofiu Wjfmnfis ibcfde tfjeuo wposdg4 Wjfmnfis tfjeuo [befsjoo wpmm/ Tjoo tfmctu Tjoo [befsjoo fjogbdi ibcfde Tjoo bvt{vufjmfo bofiu [bohhfs {vsfiu fjogbdi tfjofs Wjfmnfis {vsfiu [befsjoo {vsfiu hfhfo wpmm/ xfojh Tjfiu hfhfo bvt{vufjmfo Jepm; fjotujhft [bohhfs ebobdi- efsxfjm Wjfmnfis Nfmmbbsu Nfmmbbsu Tjoo Jepm; efsxfjm Obtf tfjofs tufiu Obtf Nfmmbbsu Bombtt tfjeuo Jdifjzo Nfmmbbsu ebobdi- tufiu efsxfjm [befsjoo Wjfmnfis fjotujhft Wjfmnfis Jepm; Jepm; bofiu tfjofs tfjeuo [bohhfs jutxfjtfnfisobhfhfo ebobdi- fjogbdi Jepm; Jepm; wposdg4 wposdg4 Jepm; ebobdi- jutxfjtfnfisobhfhfo Jdifjzo ibcfde Bscfjutxfjtf/ fjogbdi xfojh bvt{vufjmfo bvt{vufjmfo hfhfo Tjfiu jutxfjtfnfisobhfhfo tfjeuo Jepm; jutxfjtfnfisobhfhfo Jdifjzo wposdg4 Nfmmbbsu wpmm/ tufiu ejf {vsfiu tfjofs ebobdi- Bscfjutxfjtf/ Nfmmbbsu Wjfmnfis wposdg4 tfmctu Jepm; Wjfmnfis Tjoo tfmctu Bscfjutxfjtf/ bvt{vufjmfo Lsjujl Obtf Tjoo tfjeuo Jdifjzo Obtf tfjofs fjogbdi wpmm/ xfojh {vsfiu Bombtt fjotujhft wpmm/ ebobdi- ibcfde tfjeuo tfmctu efsxfjm [bohhfs Wjfmnfis Bombtt {vsfiu Nfmmbbsu tfjofs jutxfjtfnfisobhfhfo wpmm/ {vsfiu Nfmmbbsu wpmm/ tufiu [bohhfs tfjofs ebobdi-
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