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Zum Phänomen feindlicher Übernahmen

Zum Phänomen feindlicher Übernahmen


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About the Book

Inhaltsangabe: Einleitung: In den Vereinigten Staaten sind feindliche Übernahmen im Gegensatz zur Bundesrepublik Deutschland eine gängige Form des Erwerbs unternehmerischer Ressourcen. Dort entfällt zwar nur etwa 1% der gesamten Akquisitionstätigkeit auf feindliche Übernahmeversuche, doch ist deren Kapitaleinsatz im Vergleich zu den anderen Aktivitäten wesentlich höher. So entwickelten sich zum Beispiel 13 der 21 Transaktionen des Jahres 1987, deren Volumen eine Milliarde US Dollar überstieg, aus feindlichen Übernahmeangeboten. Das gilt auch für die bisher größte Unternehmensakquisition der Wirtschaftsgeschichte, den Leveraged Buyout der RJR Nabisco, Inc. durch Kohlberg Kravis Roberts & Co. für 24,7 Milliarden US Dollar. Außerdem wurden viele „Fortune 500 Unternehmen" Ziel feindlicher Übernahmen. Diese Form der Unternehmensakquisition ist aber auch deswegen so bedeutend, da eine große Anzahl freundlicher Unternehmenszusammenschlüsse, ebenso wie viele Entflechtungen von Unternehmenskonglomeraten, ohne die „Gefahr" feindlicher Übernahmen nicht zustande gekommen waren. Das stärkere Aufkommen feindlicher Übernahmeangebote in den USA zu Beginn der achtziger Jahre ist im Zusammenhang mit der breiten Streuung des Aktienbesitzes und der zunehmenden Bedeutung der eine volatile Anlagepolitik verfolgenden institutionellen Investoren zu sehen. Wichtiger dürfte jedoch das durch die Entwicklung neuartiger Finanzierungsinstrumente wie hochverzinsliche und ungesicherte Anleihen, sogenannten Junk Bonds, ermöglichte Auftreten von Übernahmespezialisten sein. Für sie stellte die Größe eines Unternehmens nunmehr ebensowenig ein Erwerbshindernis dar, wie für die von Kohlberg Kravis & Co. angeführten Leveraged Buyout Firmen. In der Bundesrepublik dagegen haben feindliche Übernahmen bisher eher Ausnahmecharakter. Dies liegt unter anderem daran, dass weniger als 0,15 % der deutschen Unternehmen börsennotiert sind und dass in Bankkreisen bis Ende der achtziger Jahre die Ansicht vorherrscht


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Product Details
  • ISBN-13: 9783838633848
  • Publisher: Diplom.de
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 5 mm
  • Weight: 172 gr
  • ISBN-10: 3838633849
  • Publisher Date: 02 May 2001
  • Height: 210 mm
  • No of Pages: 84
  • Series Title: German
  • Sub Title: Analyse von Motiven, Verhaltensweisen und Betroffenheit der beteiligten Parteien
  • Width: 148 mm


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