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Sentiment in the M&A market is improving: The volume of mergers and acquisitions with German involvement has topped USD 85 bn since the start of the year. This is 50% above the figure for the same time last year. What’s noticeable is the increased level of interest from non-European buyers, says Thomas Sittel, Partner at goetzpartners and head of the Distressed M&A business.
In the January edition of the journal “M&A Review”, he takes this trend as the starting point for a detailed analysis. His piece entitled “The world is flat?”, focuses both on the latest international figures from the M&A market and on empirical recommendations aimed at improving the integration of foreign buyers.
Most notably, Sittel highlights the opportunities and challenges of dealing with Chinese investors. One of the hurdles here is the approval procedure. According to experts, negotiations involving Chinese bidders differ from the German norm in that this does not begin until after the deal is actually signed.
Added to that, bilateral negotiations on a basis of trust are a matter of course in China. As Sittel explains, having to “submit” to a strictly defined M&A process including binding deadlines is, by its very definition, an unfamiliar concept to the Chinese. His article therefore suggests certain measures that can make it easier for international investors to integrate into the German M&A process.
Read the full article here (German language).