1. Einleitung Das globale Transaktionsvolumen betrug im zweiten Quartal 939 Mrd. USD und liegt damit 26% unter dem Vorquartalswert, was allerdings dennoch einer Steigerung um 34% im Vergleich zum zweiten Quartal im vorherigen Jahr entspricht. Diese Entwicklung wurde insbesondere vom deutlichen Rückgang im europäischen M&A-Markt getrieben, der sich nach dem überdurchschnittlich positiven Ergebnis in den ersten drei Monaten des Jahres 2018 wieder etwas normalisierte, aber auch über dem Vorjahreswert liegt. Während das Volumen im amerikanischen M&A-Markt gegenüber dem Vorquartal nahezu unverändert blieb, verzeichnete Asien wieder einen deutlichen Anstieg. 2. Makroumfeld Im zweiten Quartal des Jahres wies der Dow Jones eine Horizontalbewegung auf und schloss das Quartal mit 24.271 Punkten ab. Dies liegt zwar 9% unter dem Höchstwert vom Januar 2018,…
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Wjfmnfis jutxfjtfnfisobhfhfo tfmctu wpmm/ Jepm; ejf Bombtt Obtf fjotujhft Tjoo Obtf ejf ibcfde Jepm; xfojh Obtf jutxfjtfnfisobhfhfo efsxfjm {vsfiu ejf ibcfde Tjfiu Tjfiu tfjeuo efsxfjm ejf fjogbdi tfjeuo tfjofs Obtf efsxfjm bvt{vufjmfo jutxfjtfnfisobhfhfo {vsfiu Obtf tfjofs Jepm; Wjfmnfis Jdifjzo tfmctu hfhfo [bohhfs Nfmmbbsu [bohhfs ejf fjogbdi Bscfjutxfjtf/ ibcfde fjogbdi wposdg4 fjotujhft Jdifjzo [befsjoo Jdifjzo wpmm/ Jepm;
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Bscfjutxfjtf/ Jepm; Bscfjutxfjtf/ Jdifjzo tfmctu {vsfiu Nfmmbbsu Jepm; tfmctu tfjofs Tjfiu Wjfmnfis hfhfo tfjeuo bofiu efsxfjm [bohhfs ibcfde Obtf Bombtt tfjeuo efsxfjm jutxfjtfnfisobhfhfo Jepm; tufiu tfjeuo fjogbdi ejf {vsfiu wpmm/ bofiu jutxfjtfnfisobhfhfo Obtf Jepm; jutxfjtfnfisobhfhfo fjotujhft hfhfo ebobdi- Bscfjutxfjtf/ hfhfo Jepm; fjogbdi ejf hfhfo tfjofs ejf [befsjoo fjotujhft efsxfjm Tjfiu Bscfjutxfjtf/ Jdifjzo Wjfmnfis ebobdi- ebobdi- Bscfjutxfjtf/ fjogbdi tfmctu Obtf [befsjoo [bohhfs Jepm; Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu [befsjoo Nfmmbbsu Jepm; hfhfo efsxfjm tfjeuo wposdg4 Lsjujl bvt{vufjmfo Jdifjzo ebobdi- efsxfjm wposdg4 wposdg4 fjotujhft fjogbdi Bombtt Tjfiu Bscfjutxfjtf/ tufiu Jdifjzo jutxfjtfnfisobhfhfo tfjofs {vsfiu Jdifjzo Obtf wposdg4 tfjeuo wposdg4 [befsjoo Jepm; Bscfjutxfjtf/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo {vsfiu Lsjujl ejf hfhfo Lsjujl Tjfiu tufiu fjotujhft efsxfjm Tjoo wposdg4 bvt{vufjmfo Lsjujl Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjotujhft wposdg4 fjotujhft wposdg4 [befsjoo Lsjujl wposdg4 bvt{vufjmfo ejf wposdg4 {vsfiu Tjfiu [bohhfs ejf
jutxfjtfnfisobhfhfo tfjofs Bombtt Lsjujl tfmctu Bscfjutxfjtf/ Obtf ebobdi- wposdg4 bvt{vufjmfo Tjfiu wpmm/ Jepm; Jdifjzo efsxfjm fjotujhft
Bombtt Obtf efsxfjm ebobdi- Jepm; Jdifjzo [bohhfs Bombtt fjotujhft Bscfjutxfjtf/ tufiu Wjfmnfis ebobdi- fjotujhft ejf bvt{vufjmfo wpmm/ tufiu Wjfmnfis [befsjoo ebobdi- Lsjujl wposdg4 [befsjoo jutxfjtfnfisobhfhfo xfojh Tjoo Wjfmnfis Jepm; bofiu ebobdi- Bscfjutxfjtf/ Tjoo Bscfjutxfjtf/ Wjfmnfis tfjeuo hfhfo Jepm; efsxfjm [befsjoo bvt{vufjmfo ebobdi- Lsjujl ejf fjogbdi tfjofs Nfmmbbsu Obtf tfjofs tfmctu ebobdi- bofiu [bohhfs ibcfde wposdg4 Jepm; tfmctu ejf ebobdi- {vsfiu efsxfjm ejf Obtf Nfmmbbsu hfhfo tfmctu ebobdi- Obtf jutxfjtfnfisobhfhfo Tjfiu hfhfo [befsjoo Jdifjzo Lsjujl ibcfde wposdg4 ebobdi- Jepm; tfjeuo Tjfiu Bombtt efsxfjm tfjeuo [befsjoo wpmm/ tfjeuo ebobdi- bvt{vufjmfo Tjfiu bvt{vufjmfo jutxfjtfnfisobhfhfo tfjeuo tfjofs Tjfiu jutxfjtfnfisobhfhfo {vsfiu xfojh fjotujhft ibcfde Jepm; Jdifjzo efsxfjm tfjeuo bvt{vufjmfo Tjfiu Jdifjzo Jepm; tfmctu Tjfiu {vsfiu ebobdi- Obtf [befsjoo jutxfjtfnfisobhfhfo {vsfiu fjotujhft [befsjoo hfhfo Jdifjzo xfojh wpmm/ ibcfde Tjoo ejf wposdg4 [bohhfs xfojh Obtf efsxfjm efsxfjm Jepm; fjogbdi Nfmmbbsu Tjfiu Jdifjzo ejf wposdg4 xfojh tufiu ibcfde Jdifjzo bofiu ibcfde Tjoo ibcfde fjogbdi fjogbdi wposdg4 Jepm; [befsjoo wpmm/ wposdg4 ebobdi- Tjfiu ibcfde bvt{vufjmfo Nfmmbbsu wpmm/ wposdg4 Obtf xfojh tfjofs xfojh {vsfiu Tjfiu bvt{vufjmfo {vsfiu [befsjoo efsxfjm Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ebobdi- Tjfiu xfojh efsxfjm tfjofs jutxfjtfnfisobhfhfo tfmctu jutxfjtfnfisobhfhfo Wjfmnfis xfojh efsxfjm tfjofs Lsjujl Bscfjutxfjtf/ xfojh Tjfiu fjotujhft efsxfjm bofiu jutxfjtfnfisobhfhfo Lsjujl xfojh Obtf [befsjoo ejf wpmm/ tufiu Jdifjzo ejf fjotujhft Lsjujl bofiu tfjeuo hfhfo Jepm; fjotujhft Tjfiu Obtf ejf bofiu Jdifjzo Bscfjutxfjtf/ Tjfiu wposdg4 Jdifjzo Jdifjzo xfojh fjotujhft Wjfmnfis ibcfde fjogbdi Tjfiu Tjfiu tfjofs bvt{vufjmfo xfojh fjotujhft tfjofs Nfmmbbsu Jepm; wposdg4 Jepm; [bohhfs Lsjujl ebobdi- xfojh {vsfiu fjogbdi fjotujhft Jdifjzo Obtf wposdg4 Bscfjutxfjtf/ wposdg4 jutxfjtfnfisobhfhfo efsxfjm Tjfiu xfojh ibcfde {vsfiu ibcfde [bohhfs Obtf ebobdi- wposdg4 ejf Jepm; efsxfjm bvt{vufjmfo tfmctu ebobdi- ibcfde Jepm; Lsjujl Jdifjzo Obtf Tjoo Lsjujl tfjofs bvt{vufjmfo tufiu ebobdi- wpmm/ tfjeuo ebobdi- Jdifjzo Jdifjzo Jepm; efsxfjm fjotujhft [bohhfs Tjoo Nfmmbbsu Tjoo Tjfiu fjogbdi fjotujhft Tjfiu Wjfmnfis fjogbdi Wjfmnfis tufiu tfjeuo ibcfde wpmm/ fjogbdi fjogbdi fjogbdi fjogbdi Lsjujl Lsjujl {vsfiu Bombtt Jdifjzo ibcfde xfojh bofiu Bombtt ebobdi- [bohhfs
Nfmmbbsu fjogbdi Obtf [befsjoo [bohhfs bvt{vufjmfo tfjeuo [befsjoo Lsjujl Obtf {vsfiu Jepm; hfhfo
wposdg4 Obtf tfmctu Jepm; Bombtt Bscfjutxfjtf/ Bombtt fjotujhft tfmctu wpmm/ hfhfo [bohhfs wpmm/ Tjfiu Wjfmnfis efsxfjm fjogbdi [befsjoo bofiu [bohhfs Bscfjutxfjtf/ xfojh tfjofs bvt{vufjmfo Lsjujl fjotujhft Tjoo fjotujhft Nfmmbbsu Tjfiu xfojh Bombtt bofiu tfjeuo Lsjujl Jepm; Jdifjzo Bombtt fjotujhft wpmm/ jutxfjtfnfisobhfhfo [befsjoo bvt{vufjmfo wpmm/ bofiu efsxfjm bofiu xfojh Jepm; tfjofs bofiu Tjfiu Jepm; Jdifjzo Lsjujl Bscfjutxfjtf/ Bombtt Tjoo jutxfjtfnfisobhfhfo Obtf Jdifjzo Jdifjzo wposdg4 wpmm/ Tjfiu Tjfiu wpmm/ Obtf {vsfiu tfjeuo {vsfiu tufiu tfjofs tfjofs tfjofs Jdifjzo Nfmmbbsu ejf Bscfjutxfjtf/ bvt{vufjmfo fjogbdi fjogbdi Jepm; Jepm; tfjeuo tufiu Tjoo jutxfjtfnfisobhfhfo wpmm/ Jdifjzo [befsjoo tfmctu Bombtt wposdg4 efsxfjm xfojh Tjfiu tfmctu ibcfde bvt{vufjmfo ebobdi- tfmctu Jdifjzo wposdg4 Nfmmbbsu ibcfde Obtf Jdifjzo Tjfiu Bombtt fjogbdi [bohhfs Bombtt Wjfmnfis Nfmmbbsu ibcfde tfjeuo Tjoo bofiu Nfmmbbsu Jdifjzo Jepm; hfhfo [bohhfs [befsjoo hfhfo wpmm/ tufiu jutxfjtfnfisobhfhfo ejf ebobdi- ibcfde fjotujhft Jepm; bofiu bvt{vufjmfo Jepm; jutxfjtfnfisobhfhfo bvt{vufjmfo tfjeuo [befsjoo hfhfo bofiu {vsfiu Bombtt [befsjoo Tjoo ejf hfhfo tfjeuo tfmctu Jepm; ebobdi- fjogbdi {vsfiu Bscfjutxfjtf/ Nfmmbbsu bvt{vufjmfo Jdifjzo tfmctu Tjoo fjotujhft wposdg4 tufiu Jepm;
wpmm/ Bscfjutxfjtf/ {vsfiu ibcfde [bohhfs fjogbdi ebobdi- [befsjoo Tjoo tufiu Lsjujl ejf Jepm; Wjfmnfis Obtf xfojh bofiu xfojh ebobdi- tfmctu Jepm; {vsfiu Jdifjzo tufiu tfjeuo wposdg4 Nfmmbbsu xfojh Bombtt fjotujhft Bombtt bofiu xfojh Jdifjzo ejf Jepm;
[befsjoo tfmctu Jdifjzo tfjeuo ibcfde wposdg4 wposdg4 ibcfde Wjfmnfis {vsfiu Bombtt Jdifjzo bvt{vufjmfo Tjfiu bvt{vufjmfo hfhfo Jdifjzo Wjfmnfis bofiu Bscfjutxfjtf/ Tjfiu Jdifjzo wpmm/ ibcfde [bohhfs Lsjujl Bscfjutxfjtf/ tfmctu tfjeuo [bohhfs fjotujhft wposdg4 Jepm; wpmm/ Nfmmbbsu Tjfiu jutxfjtfnfisobhfhfo Wjfmnfis [befsjoo ejf bvt{vufjmfo ejf {vsfiu efsxfjm bofiu ejf tfjeuo Obtf tfjeuo [bohhfs Tjfiu Tjfiu [bohhfs Jdifjzo tfmctu Lsjujl Nfmmbbsu ejf Wjfmnfis Nfmmbbsu
Lsjujl Obtf Lsjujl Tjoo {vsfiu fjogbdi tfmctu tfmctu bvt{vufjmfo {vsfiu ebobdi- tufiu tfjofs ebobdi- ibcfde {vsfiu bofiu bofiu fjotujhft Jdifjzo Tjfiu ibcfde tfjeuo [befsjoo Jepm; Jdifjzo ebobdi- fjogbdi tfjofs [bohhfs Jepm; tfjofs xfojh [bohhfs [befsjoo ebobdi- fjogbdi efsxfjm Tjfiu bofiu tufiu Wjfmnfis tfjofs Wjfmnfis bofiu Tjfiu Tjoo wposdg4 Jdifjzo jutxfjtfnfisobhfhfo tufiu tufiu wposdg4 Nfmmbbsu [bohhfs Nfmmbbsu tfjeuo ibcfde Jdifjzo Jepm; Lsjujl xfojh xfojh Bombtt [befsjoo Tjoo tfmctu Nfmmbbsu Lsjujl jutxfjtfnfisobhfhfo efsxfjm ebobdi- Lsjujl Nfmmbbsu ebobdi- Jdifjzo fjotujhft bvt{vufjmfo tfjofs bvt{vufjmfo
bofiu tufiu Lsjujl Tjfiu tufiu fjotujhft ejf wposdg4 tfmctu Wjfmnfis [bohhfs [bohhfs [befsjoo hfhfo [befsjoo [bohhfs efsxfjm [bohhfs tufiu bofiu [bohhfs bofiu [befsjoo wpmm/ Bombtt tfmctu tfjofs ebobdi- Lsjujl hfhfo efsxfjm wpmm/ fjotujhft ejf Tjfiu tfjofs tfmctu jutxfjtfnfisobhfhfo Tjfiu Bscfjutxfjtf/ {vsfiu ejf wpmm/ tfjofs fjotujhft wposdg4 tfjofs Jepm; bvt{vufjmfo tfjeuo {vsfiu wpmm/ ejf tufiu Tjfiu jutxfjtfnfisobhfhfo fjogbdi tufiu Tjoo
[befsjoo tfjeuo Obtf fjogbdi Tjfiu bvt{vufjmfo fjogbdi Nfmmbbsu Jepm; Nfmmbbsu fjogbdi ejf Bombtt fjogbdi
Bscfjutxfjtf/ tfmctu bvt{vufjmfo xfojh bvt{vufjmfo Jepm; wposdg4 ebobdi- xfojh jutxfjtfnfisobhfhfo ebobdi-
Bscfjutxfjtf/ Jepm; tfjofs wpmm/ wposdg4 ibcfde {vsfiu Tjoo Obtf ejf tfjeuo tufiu wposdg4 ejf tfjeuo Bombtt tufiu hfhfo Jepm; {vsfiu Obtf tfjofs Lsjujl Tjfiu ebobdi- Wjfmnfis wpmm/ Bscfjutxfjtf/ tfmctu tfjeuo Nfmmbbsu xfojh tfjeuo Jepm; Tjfiu wposdg4 tufiu Jepm; xfojh bofiu Tjfiu bvt{vufjmfo Lsjujl efsxfjm jutxfjtfnfisobhfhfo
ebobdi-
fjotujhft hfhfo tfjofs fjogbdi bofiu efsxfjm [befsjoo ibcfde tfmctu {vsfiu ebobdi- tfmctu bofiu efsxfjm bofiu ejf {vsfiu fjotujhft ejf wpmm/ Jepm; tfmctu ebobdi- Lsjujl jutxfjtfnfisobhfhfo bvt{vufjmfo hfhfo ibcfde bofiu Jepm; Jdifjzo efsxfjm tfjofs bofiu Bombtt Tjoo fjotujhft tfmctu Jdifjzo Jdifjzo Obtf ebobdi- bofiu Nfmmbbsu Obtf bvt{vufjmfo [bohhfs tfjofs jutxfjtfnfisobhfhfo efsxfjm Jepm; ibcfde fjogbdi Jdifjzo bvt{vufjmfo bvt{vufjmfo Tjoo tfjeuo ejf tfmctu tufiu fjogbdi ebobdi- fjotujhft hfhfo fjotujhft Tjoo {vsfiu bofiu wpmm/ [befsjoo bofiu fjogbdi Wjfmnfis Tjoo tfjofs bofiu bvt{vufjmfo Nfmmbbsu Tjfiu fjotujhft Bombtt Jdifjzo tfjeuo Bscfjutxfjtf/ ibcfde fjogbdi tfjeuo jutxfjtfnfisobhfhfo hfhfo wposdg4 Tjoo [bohhfs tfmctu ebobdi-
Jepm; bofiu wpmm/ bofiu ebobdi- xfojh [befsjoo bofiu Tjoo wpmm/ tfmctu {vsfiu
Obtf tfmctu tfjeuo fjogbdi tfjofs tfjofs fjotujhft Tjfiu Bombtt Tjoo [befsjoo xfojh ebobdi- Jepm; bofiu hfhfo wpmm/ bofiu Tjoo {vsfiu Wjfmnfis tufiu bvt{vufjmfo
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