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