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