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