Fluff Flight

Until the early 1990s, the concept of mergers and acquisitions was primarily known only in the USA. There was no restructuring market, which Peter Maria Löw was the first to explore globally and which today seems completely natural. What began as a fleeting thought in a beer garden in Munich in the spring of 1993 would subsequently trigger a true revolution. However, Löw was pushed into the role of a pioneer more by circumstances than by genuine calculation. The decision to forgo bank loans, coupled with an unyielding determination to purchase the world's most expensive and risky assets—namely companies—forced him to focus on the acquisition and restructuring of unprofitable or underperforming businesses.

Ultimately, Löw's success was largely based on the shortcomings of the selling corporations and, to a significant extent, on the human failures of local managers. Through his detailed accounts, Löw provides insight into a world that we would not have expected in its imperfection. With each chapter of the book, we lose a little more respect for the supposed authorities, the overpowering corporations, and the know-it-alls who always believed they knew how to do it right but never managed to do so themselves.

The book reads in many parts like an adventure novel—in the world of business.