natgillin/translations-raw huggingface dataset:
Det er vigtigt at bemærke, at det højeste tal, som blev nået i 1989/1990, var næsten dobbelt så stort som tallet for 1986/1987.
It is important to notice that the maximum reached in 1989/90 almost doubled the number of operations for 1986/87.
Der er blevet fremsat adskillige teorier om, hvorfor antallet af finansielle transaktioner er steget så bemærkelsesværdigt.
Several reasons have been put forward to explainthis remarkable upsurge in the number of financial operations.
Den bølge af virksomhedsovertagelser, som tallene vidner om, er ikke særegen for Europa.
The wave of corporate acquisitions that thesefigures show is not exclusive to Europe.
Forskellige forklaringer kan imidlertid bidrage til at forstå de særlige forhold, der ken detegner udviklingen i Europa.
However, there are some reasons that can help to explain the specificfeatures of the European case.
Som nævnt i sidste års beretning har forventningerne til det indre marked uden tvivl været en vigtig grund til virksomhedernes eksterne vækst, både i og uden for EF.
As stated in the twentyfirst competition report, the 1992 programme mustbe considered as an important factor stimulating the external growth of corporations, both internal andexternal to the EC.
EF-virksomhcdcr har været tvunget til at styrke deres fodfæste i EF for at kunne konkurrere på det europæiske marked, der åbnede sig for dem den 1. januar 1993.
Internal firms were compelled to expand their Community basis to enable them tocompete in the European market opening up to them on 1 January 1993.
Udenlandske virksomheder har også været interesseret i at styrke deres tilstedeværelse i Europa forud for denne dato.
Foreign firms were also interestedin reinforcing their European presence before that date.
I begge til fælde gav opsvinget på markederne i anden halvdel af 1980'erne adgang til den fornødne likviditet, hvilket tilskyndede virksomhederne til at foretage eksterne udvidelser og dermed hurtigt nå de mål, som det indre marked gav forventninger om.
In both cases the booming markets of the secondhalf of the 1980s provided the necessary liquidity which enticed firms to opt for external growth as a fastway of achieving the goals created by 1993 and the single market.
Stramningen af fusionsforordningen i september 1990 kan have haft en indflydelse på det meget høje tal i 1989/1990, da det vil kunne hævdes, at virksomhederne fremskyndede deres transaktioner til fer stramningen af forordningen for at undgå den.
The entry into force of the Merger Regulation in September 1990 could have had an influence on the peakfigure attained in 1989/90, as one could argue that firms might have been prompted to consummate theoperations before the date of entry into force of the Regulation so as to avoid being caught by it.
De foreliggende data vedrørende de to år efter gen-
However,the data that we have for the two years since the Merger Regulation entered into force do not seem toconfirm that hypothesis.
Nationale, EF-dækkende og internationale fusioner, erhvervelser af minoritetsinteresser og joint ventures i Fællesskabet i 1991/1992
National, Community and international mergers, acquisitionsof minority holdings and joint ventures in the Community in 1991/92 z ta
Tilsammen
Sector
TABEL 2 Nationale, EF­dckkende og hrtentationale erhvervelser af majoritetsinteresser (inkl. fusioner) inden for Industri, distribution, bankvirlrjomlied og forslkrtagsvlrksonihed (samlet omsætning > 1, > 2, > 5, > 10 mia. ECU) 1
Operations of firms from the same Member States.Operations of firms from different Member States.Operations of firms from Member States and third countries with effect on the Community market.
Kilde: Data indsamlet af Kommissionen fra fagpressen.
Operations of firms from Member States and third countries with effect on the Community market.Source: Data gathered by the Commission from the specialist press.
1 ) Transaktioner mellem virksomheder i samme medlemsstat.
It is important to notice that the trend of large operations after 1989/90 is not the same for national,Community and international operations.
J) Transaktioner mellem virksomheder i forskellige medlemsstater. ')
The number of Communityscale operations fell quite sharplyafter 1989/90 to around two thirds of the figure reached in that year.
Transaktioner mellem virksomheder i en medlemsstat og i et tredjeland med virkninger for fællesmarkedet.
The number of national operationskept on growing after 1989/90, decreasing slightly in the last year. However, international deals grew
BILAG IV nemførelsen af fusionsforordningen synes imidlertid ikke at bekræfte denne hypotese.
496 ANNEX IV considerably after 1990/91 compared with the previous year and then dropped drastically in 1991/92 tobarely 50% of the 1990/91 level.
Tabel 1 og 2 viser, at virkningerne af 1992-programmet på fusioner og overtagelser har været betydeligt set ud fra en strukturel synsvinkel.
Tables 1 and 2 show that the impact of the 1992 programme on merger and takeover activities has beenimportant from a structural point of view.
Nu, hvor tallene for 1991/1992 viser, at niveauet har været det samme som før vedtagelsen af Fællesakten, kan man se, at den nuværende fordeling af nationale, EF-dækkende og internationale fusioner, erhvervelser og joint ventures mere ligner fordelingen i 1989/1990 end fordelingen i 1986/1987.
Now that 1991/92 figures show levels similar to the periodprevious to the Single European Act, we can see that the present structure of mergers, acquisitions and jointventures according to their national, Community or international dimensions resembles more closely the1989/90 structure than that of 1986/87.
De internationale og især de EF-dækkende transaktioner indtager nu en langt rtørre plads, medens de nationale transaktioner har mistet terræn.
International and, in particular, Communitywide operations haveincreased their importance considerably while national operations have lost ground.
I 1986/1987 fandt over 63% af transaktionerne sted inden for de nationale grænser.
In 1986/87, over 63%of operations took place within national borders.
I 1991/1992 faldt denne procentdel til 51%.
In 1991/92 that percentage fell to 51%.
I samme tidsrum er transaktioner af EF-dimension steget fra 20% til 32%.
Operations of Community dimensions went from 20% to 32% in the same time-interval.
Selv om de ikke-nationale transaktioners procentvise andel var endnu højere i 1989/1990, lader det til, at ændringerne som følge af 1992-programmet vil fortsætte med at gøre sig gældende i tiden fremover.
Although the percentages forextra-national operations were even higher in 1989/90, it seems that the changes introduced by the 1992programme will persist somewhat over time.
Fusioner og erhvervelser af majoritetsinteresser forblev den væsentligste type transaktion i 1991/1992.
Mergers and acquisitions of majority holdings remained the main type of operation in 1991/92.
Antallet af fusioner og overtagelser er imidlertid faldet mere skarpt end det samlede antal transaktioner, og deres relative betydning er derfor aftaget i det seneste år.
However,the number of mergers and takeovers has fallen more sharply than the total number of operations andconsequently, their relative importance has been reduced in the last year.
Fusioner tegnede sig for 45% af det samlede antal transaktioner i 1989/1990 og i 1990/1991, medens de i 1991/1992 tegnede sig for 39,4% af årets samlede transaktioner.
Mergers accounted for45% of thetotal number of operations in 1989/90 and in 1990/91, while in 1991/92 they accounted for 39.4% of theoperations carried out in that year.
Det samlede antal fusioner og erhvervelser af majoritetsinteresser i industrien faldt i 1991/1992 en anelse mindre end i 1990/1991.
The total number of mergers and acquisitions of majority holdings in industry decreased in 1991/92 at aslightly lower rate than in 1990/91.
Nationale, EF-dækkende og internationale transaktioner opførte sig imidlertid ikke på samme måde.
However, national, Community and international operations did notbehave in the same way.
EF-transaktionerne fortsatte med at falde i samme takt som i 1990/ 1991 (over 30%).
Community operations continued falling at a rate similar to the 1990/91 rate (over30%).
Derimod faldt antallet af internationale transaktioner skarpere i 1991/1992 (50%) end i 1990/1991 (20%).
On the other hand, international operations decreased more sharply in 1991/92 (50%) than in 1990/91 (20%).
Faldet i antallet af nationale transaktioner var meget lille sammenlignet med det foregående år (23% i 1990/1991 og 6% i 1991/1992).
However, the reduction in the number of national operations was very small compared to theprevious year (23% in 1990/91 and6% in 1991/92).
Denne udvikling tyder på, at grænseoverskridende transaktioner er mere følsomme end nationale transaktioner over for variationer i fusionsaktiviteten.
This trend seems to indicate that cross-border operations are more sensitive to variations in the level oftakeover activity than national operations.
Det er dog værd at nævne, at faldet i antallet af nationale transaktioner blev absorberet af den store stigning i fusionsaktiviteten i de fem nye tyske Länder, hvilket vi vender tilbage til.
It is worthwhile mentioning, though, that the moderate fall inthe number of national deals reflects an important increase in takeover activity in the five new German Lander which we will see below.
For første gang siden 1987/1988 var antallet af transaktioner mellem virksomheder fra forskellige lande mindre end antallet af rent nationale transaktioner. Den EF-eksterne fusionsaktivitet synes imidlertid at være mere omskiftelig end fusionsaktiviteten på tværs af grænserne inden for EF.
For the first time since 1987/88, the number of operations involving firms from different countries wassmaller than the number of national operations.
Fordelingen af virksomhedsovertagelser og fusioner efter størrelse er forblevet bemærkelsesværdigt stabil i forhold til sidste år. Som forventet omfatter grænseoverskridende transaktioner sædvanligvis større virksomheder end transaktioner på nationalt plan.
The distribution of takeovers and mergers by size has remained remarkably stable with respect to last year.As one should have expected, cross-border operations tend to involve firms of larger size than nationaloperations.
Det eneste, der er værd at bemærke i den ne henseende, er en lille relativ stigning i den andel, der består af EF-dækkende transaktioner mel lem virksomheder med en samlet omsætning på over 5 mia. ECU.
The only thing to notice in this respect is a small relative increase in the proportion of Communitywide operations involving firms with a combined turnover greater than ECU 5 000 million.
Det modsatte er tilfældet med transaktioner, der involverer virksomheder fra tredjelande.
The oppositeoccurs in the case of operations involving firms from third countries.
Som i de foregående år finder store transaktioner primært sted inden for nogle bestemte sektorer.
As in previous years, large operationstend to concentrate in a few sectors only.
På nationalt plan lå koncentrationsgraden på under 20% inden for alle størrelseskategori-
The food, electrical engineering, chemical and metal sectors account
> α TABEL 3 Nationale, EF­dækkende og internationale erhvervelser af majoritetsinteresser (inkl. fusioner) i Fællesskabet (fordelt pä industrisektor)
National, Community and international acquisitions of majority holdings (including mergers)in the Community (breakdown by industrial sector)
Papir Træ­, møbel­ og papirindustrien (inkl. grafisk industri og forlagsvirksomhed) Udv.: Råstofudvinding Tekstil: Tekstil­, beklædnings­, læder­ og fodtøjsindustrien Byg.: Bygge­ og anlægsvirksomhed Div.: Anden industri
Chem,: Chemicals, fibres, glass, ceramic wares, rubber.Elec: Electrical and electronic engineering, office machinery.Mech.: Mechanical and instrument engineering, machine took.Comput.: Computers and data-processing equipment.Metal.: Production and preliminary processing of metals, metal goods.Transp.: Vehicles and transport equipment.Paper: Wood, furniture and paper (including printing and publishing).Extrac: Extractive industries.Textile: Textiles, clothing, leather and footwear.
Nationale, EF-dækkende og internationale erbrerrelser af majoritetsinteresser, fordelt efter sektor i 1991/1992 og efter deltagernes samlede omsætning ( > 1, > 2, > 5, > 10 mia. ECU) EF-transaktioner*) lait
Breakdown of national, Community and international acquisitions of majority holdings by industrial sectorin 1991/92 and by combined turnover of firms involved (greater then ECU 1, 2, 5,10 billion)
Transaktioner mellem virksomheder i samme medlemsstat. ') Transaktioner mellem virksomheder i forskellige medlemsstater. ')
Key; See Table 3, note 1.Mergers of firms from the same Member State.Mergers of firms from different Member States.
For første gang i mange år har næringsmiddel- og drikkevareindustrien overtaget førstepladsen fra den kemiske industri som sektoren med flest virksomhedsovertagelser.
Mergers of firms from Member States and third countries with effects on the Community market.
Bygge og anlæg har udviklet sig til den tredjestørste sektor målt i antallet af transaktioner.
Source: Data gathered by the Commission from the specialist press.
I 1991/1992 fortsatte Tyskland og Frankrig med at være de to lande med det største antal fusioner, virksomhedsovertagelser og erhvervelser af majoritetsinteresser.
In 1991/92 Germany and France continued to be the two countries where most of the mergers, takeoversand acquisitions of majority holdings took place.
Graden af geografisk koncentration steg betydeligt i 1991/1992, hvor 63% af alle transaktioner fandt sted i disse to lande.
The level of geographic concentration has increasedconsiderably and in 1991/92 63% of the operations took place in those two countries.
Men medens antallet af transaktioner af denne type faldt dramatisk i Frankrig, steg antallet betydeligt i Tyskland, hvilket faktisk forøgede den geografiske koncentrationsgrad.
However, while thenumber of operations of this kind fell sharply in France, it increased considerably in Germany, which in factincreased the degree of geographic concentration.
Antallet af opkøbte virksomheder i Frankrig faldt fra 115 til 64 mellem 1990/1991 og 1991/1992.
The number of firms acquired in France fell from 115 to64 between 1990/91 and 1991/92.
I samme periode steg antallet af op købte virksomheder i Tyskland fra 111 til 155, dvs. til det tredobbelte af antallet i 1987/1988.
In the same period, the number of firms acquired in Germany grew from111 to 155, i.e. three times more than in 1987/88.
Tyske virksomheder overtog også de franske virksomheders plads som de mest opkøbende virksomheder i udlandet, idet antallet af virksomheder i udlandet, som blev overtaget af tyske virksomheder, steg fra 88 i 1990/1991 til 181 i 1991/1992.
German firms also replaced French companies as the mostactive in acquiring firms elsewhere, going from 88 operations in 1990/91 to 181 in 1991/92.
Denne kraftige stigning i de tyske virksomheders opkøb skyldes først og fremmest tyske virksomhe ders opkøb af privatiserede virksomheder i de fem nye tyske Länder.
This upsurge in takeover activity by German firms is mainly due to the process of acquisition by Germanfirms of companies privatized in the five new German Lander.
Denne proces begyndte allerede sidste år og tog betydeligt til i styrke i 1991/1992, hvor antallet af indenlandske transaktioner i Tyskland steg fra 60 til 93 på blot et år.
This process was already started last yearand increased considerably in 1991/92, taking the total number of internal operations in Germany from 60to 93 in just one year.
Det er også vigtigt at lægge mærke til, at antallet af tyske virksomheder, som er blevet opkøbt af ikke-tyske virksomheder, også er steget i forhold til sidste år, om end i mindre grad.
It is important to notice too that the number of German firms acquired by nonGerman firms has also increased with respect to last year, but on a smaller scale.
I denne sammenhæng er stigningen i franske virksomheders opkøb i Tysk land bemærkelsesværdig, idet der i 1991/1992 blev foretaget i alt 19 sådanne transaktioner.
In this regard, the increasein takeover activity by French companies in Germany is remarkable, reaching a total of 19 operations in1991/92.
To tredjedele heraf var erhvervelser, og 6 ud af de 19 transaktioner fandt sted i det østlige Tyskland.
Two thirds of these were acquisitions and 6 out of those 19 took place in Eastern Germany.
Privatiseringen af firmaer i det tidligere DDR har haft en betydelig indflydelse på den måde, som tyske firmaers virksomhedsovertagelser og erhvervelser har fordelt sig på.
The process of privatization of firms located in the former GDR has had an important influence on theprofile of takeovers and acquisitions carried out by German firms.
I 1990/1991 var 37% af de tyske transaktioner rettet mod virksomheder i udlandet, men i 1991/1992 faldt denne andel drastisk til 15%.
While in 1990/91 37% of the Germanoperations had their target company beyond German borders, this percentage was drastically reduced to15% in 1991/92.
Det Forenede Kongerige har oplevet en betydelig tilbagegang i antallet af overtagelser og erhvervelser, idet antallet af transaktioner med udgangspunkt i eller rettet mod Det Forenede Kongerige faldt til det halve.
The UK has had an important decrease in takeover and acquisition activities, cutting down by half thenumber of operations with origin or target in the UK.
Denne tilbagegang var jævnt fordelt på indenlandske og udenlandske transaktioner.
This reduction of activity has been quite balancedacross the board affecting domestic and external operations in similar proportions.
Andre lande, som i de seneste år har været vigtige mål for denne type transaktioner, f.eks. Spanien og Italien, har også oplevet et betydeligt fald i fusionsaktiviteten.
Other countries which were important as targets for these types of operations in the recent past such as Spain and Italy have also experienced important reductions in takeover activity.
Tilbagegangen har været mest iøjnefaldende i Spanien, hvor antallet af opkøbte virksomheder faldt fra 74 i 1989/1990 til blot 18 sidste år.
The decline has been moreremarkable in the case of Spain where the number of acquired firms went from 74 in 1989/90 to just 18 lastyear.
Det svarer til situationen i 1986/1987.
This number is equivalent to the 1986/87 figure.
En tilsvarende udvikling har præget Italien, hvor man nu er tilbage på 1986/1987-niveauet.
A similar trend is seen in Italy where the 1986/87 levelhas been re-established.
I absolutte tal var niveauet imidlertid højere i Italien (38 transaktioner) end i Spanien (18 transaktioner).
However, that level remains higher in absolute terms in the case of Italy with 38operations as against only 18 in Spain.
En anden vigtig forskel mellem disse to lande er det relativt store antal indenlandske transaktioner, der har fundet sted i Italien, men som Spanien ikke har op levet.
Another important difference between these two countries is therelatively high number of domestic operations taking place in Italy, which is not the case in Spain.
Tredjelandsvirksomheders virksomhedsovertagelser og erhvervelser af majoritetsinteresser faldt også med ca. 50% i det sidste år.
The acquisition of majority holdings and takeovers in which the purchasing firm was of non-EC origin alsofell by half during last year.
USA bevarede førstepladsen med 25 transaktioner rettet mod EF-virksomheder.
The United States maintained its leading position with 25 operations in which EC firms were targeted.
Der er tale om et væsentligt fald i forhold til 1990/1991.
This represents an important reduction with respect to 1990/91 figures.
Japanske virksomheder har skåret kraftigt ned på deres aktiviteter og er gået fra 13 transaktioner sidste år til blot 2 transaktioner i 1991/1992.
Japanesefirms have cut down drastically their activity, going from 13 operations last year to only two operations in1991/92.
EFTA-landene fastholdt deres fusionsaktivitet i EF, som allerede var bemærkelsesværdig sidste år. ')
Countries integrated in the EFTA group have maintained their EC takeover activities, which werealready noticeable last year.'
') Det skal bemærkes, at disse tal ikke omfatter tredjelandsvirksomheders etablering af nye datterselskaber i EF.
It should be noted that these figures exclude establishment of new subsidiaries in the Community by non-EC companies.
Erhvervelser af majoritetsinteresser (Inkl. fusioner) inden for industrien fordelt efter medlemsstat og, for 1991/92, efter den købende virksomheds nationalitet
Breakdown of majority acquisitions (incl. mergers) by Member State and for 1991/92by nationality of acquiring firm in industry
Overtagne/købende virksomhed
Acquired/acquiring firm
I alt
UK Total
Kilde: Data indsamlet af Kommissionen i fagpressen.
As in the previous year, the chemical and food sectors have been chosen for this analysis due to their highlevel of activity in mergers, takeovers and acquisitions of majority holdings.
Kemiske virksomheder og virksomheder inden for elektroteknik og elektronik var de foretrukne mål for tredjelandsvirksomhedernes transaktioner. Disse to sektorer tegnede sig for 33 af de i alt 52 transaktioner.
Mergers andtakeovers accounted for a large majority of operations of this kind with 52 out of a total of 61 deals.
I forhold til sidste år har den vigtigste udvikling bestået i det skarpe fald i antallet af transaktioner, hvor den opkøbende virksomhed var en tredjelandsvirksomhed.
Compared with the previous year, the most important development was the sharp decline in the number ofoperations in which the purchasing company was of non-EC origin.
Faldet i antallet af internationale transaktioner var i sig selv årsagen til den vigende aktivitet, eftersom antallet af nationale og EF-dækkende transaktioner forblev stort set uændret.
The drop in the number of internationaloperations was in itself sufficient to explain the fall in the level of activity, since national and Communitywide deals remained practically unchanged.
Schweiz er stadig det land uden for EF, der er udgangspunktet for de fleste fusioner og overtagelser inden for denne sektor.
Switzerland remains the main nonCommunity country of originof mergers and takeovers in this sector.
Et af de usædvanlige kendetegn ved fusions- og overtagelsesaktiviteten inden for denne sektor er den ensartede geografiske fordeling.
One of the unusual characteristics of merger and takeover activities in this sector is the homogeneousgeographic distribution that they show across the board.
Med undtagelse af Luxembourg blev der gennemført mindst en transaktion i hver af medlemsstaterne i 1991/1992.
With the sole exception of Luxembourg, there wasat least one operation in each Member State during 1991/92.
Endvidere optræder der ikke nogen høj koncentration af transaktioner i et enkelt land, og aktivitetsniveauet er stort set det samme i de tre største EF-lande, dvs. Tyskland, Frankrig og Det Forenede Kongerige (mellem 18 og 12 transaktioner).
Furthermore, there is not a high level ofconcentration of operations in just one country and the three largest countries of the Community, Germany,France and the United Kingdom, have similar levels of activity (between 18 and 12 operations).
Ikke desto mindre varierer arten af transaktioner betydeligt de tre største medlemsstater imellem.
Nevertheless, there are substantial differences in the nature of operations carried out in the three largest Member States.
I Tyskland havde hovedparten af sidste års fusionsaktivitet inden for næringsmiddel- og drikkevareindustrien forbindelse til det tidligere DDR.
In Germany, most of the takeover activity that took place in the food and drink sectorduring last year was related with the former GDR.
8 ud af 13 transaktioner i Tyskland i denne periode havde som mål en virksomhed i de fem nye Länder.
Eight out of the 13 cases registered in Germany duringthat period had as their target a company located in the five new Lander.
Det er interessant at bemærke, at den opkøbende virksomhed ofte var et tysk datterselskab af en anden virksomhed af ikke-tysk oprindelse.
It is interesting to note that thepurchasing company was often a German subsidiary of another company of nonGerman origin.
Nestlé og Unilever er eksempler herpå.
Nestle and Unilever are examples of this.