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