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