The annual forecasts for the merger business are waste due to the war in Ukraine.
There are still no concrete signs that ongoing transactions have been discontinued.
Bayer pulled through the billion-euro sale of a pest control division;
it goes to the financial investor Cinven.
And if the value of mergers with German participation is expected to fall by a tenth in the first quarter, then this does not (only) have to be the result of the shocking events in the East.
What is clear, however, is that political uncertainty is having a negative impact on business, and high energy and raw material prices are also impacting the economy and profits.
Companies with a high connection to Russia or Ukraine are left out anyway.
Special topic: To what extent can China still buy into Germany?
It has always been controversial to what extent Germany should open up to buyers from there, at least in sensitive sectors.
The trend has been declining since 2017 - even if the volume in 2021 was higher than the previous year with its corona shock.
The political risks, which have now increased enormously, are likely to increase skepticism about Chinese buyers.