The German takeover market is declining and has shown clear signs of having been affected by the current economic and geopolitical environment. The number of takeovers and the total offer volume have both fallen significantly. While there were as many as 33 takeovers with a total volume of EUR 67.1 billion in 2021, there were only 18 with a total volume of EUR 5.3 billion in the first 11 months of 2022. Even KKR and Vodafone’s acquisition of Vantage Towers, a radio tower infrastructure company, in December 2022 only increased the total volume for 2022 to EUR 21.4 billion – just under a third of the previous year’s volume...