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