FRANKFURT (dpa-AFX) - According to the Frankfurt School of Finance & Management, the sluggish environment for mergers and acquisitions could soon pick up speed again. "If the market for mergers and acquisitions is going well, we will also see more Borsen deals," said Christoph Schalast, Professor of Mergers & Acquisitions at Frankfurt School, on Tuesday. The fear of recession is easing and the regulatory framework has also improved. In the near future, for example, the travel platform Flix is expected to go public - possibly even in Frankfurt. However, the USA has the greatest appeal.

The current lull in Borsengang is related to geopolitical conflicts and crises in the world. "The window of opportunity for Borsengang only opens briefly and then closes again immediately," said Schalast. One crisis is currently chasing the next.

Douglas nevertheless ventured back onto the Frankfurt trading floor in March, but so far the perfumery chain has not been able to celebrate a success story there. The share has lost almost a third of its value compared to its issue price. This is despite the fact that, in Schalast's opinion, Douglas offers a convincing investment story.

With Birkenstock, a German company recently decided to go public in the USA. Frankfurt cannot keep up with New York, explained Schalast: "Of course, there is much more capital available in the USA." There are venture capitalists for almost every niche. In addition, the service environment surrounding IPOs in the USA is more professional and therefore often more favorable for companies.

Young technology companies in particular are attracted to the US stock exchange Nasdaq. Some start-ups move their headquarters to the USA after the first round of financing. "The German stock exchange should make an effort to become more attractive for small companies," Schalast demanded, also with a view to SMEs. Family businesses in particular are sometimes reluctant to go public, as this involves a lot of regulatory work.

In Europe as a whole, the market for borse transactions is significantly stronger than in Germany alone. However, the London stock exchange has been weakened by Brexit, which can also be seen in the return of the travel group Tui to Frankfurt. The stock exchange in Paris, on the other hand, could face difficulties if Marine Le Pen's right-wing populists prevail in the upcoming parliamentary elections in France. Nevertheless, the diversity of stock exchanges in Europe is an important factor. However, the European capital market must grow closer together, said Schalast.

Meanwhile, sustainability is also becoming increasingly important for Borsen transactions. In Schalast's view, this could lead to discussions about the planned IPO (initial public offering) of fast fashion provider Shein: "The business model itself is not without its problems." Shein has been criticized for poor working conditions in its factories and the overproduction of garments. According to Schalast, so-called ESG criteria are also having an increasing impact on the value of Borsen./niw/lew/jha/