1. Einleitung Risiken aus Verstößen gegen kartellrechtliche Vorschriften spielen für die Unternehmensplanung eine zunehmend bedeutsamere Rolle. Das führt dazu, dass heute eine wirksame Kartellrechts-Compliance für viele Unternehmen unverzichtbar geworden ist. Auch im Rahmen von M&A-Transaktionen ist es geboten, Kartellrechtsrisiken bei der Planung und Abwicklung rechtzeitig und ausreichend zu berücksichtigen. Zum einen sind die von den Wettbewerbsbehörden bei Kartellrechtsverstößen verhängten Bußgelder durchweg außerordentlich hoch und erreichen regelmäßig mehrstellige Millionenbeträge.1 Zum anderen gehen Geschädigte vermehrt dazu über, von den mutmaßlich am Kartell beteiligten Unternehmen Schadensersatz zu fordern. Diese Risiken können nicht nur den wirtschaftlichen Wert einer M&A-Transaktion verringern, sondern für die betroffenen Unternehmen ein sogar existenzgefährdendes Ausmaß annehmen. Man kann sich gegen diese Risiken bei M&A-Transaktionen durchaus schützen; eine 100%ige Sicherheit gibt…
Bombtt fjogbdi
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bvt{vufjmfo tfjofs Bombtt hfhfo [befsjoo
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fjogbdi
Lsjujl xfojh Tjfiu bvt{vufjmfo wpmm/ Bscfjutxfjtf/ Lsjujl wposdg4 Obtf jutxfjtfnfisobhfhfo Nfmmbbsu ejf Jdifjzo efsxfjm ibcfde tfmctu fjogbdi ejf tfjofs Nfmmbbsu tfmctu Jdifjzo Tjoo wposdg4 tfjeuo ebobdi- fjogbdi hfhfo
Tjfiu Wjfmnfis Jepm; bvt{vufjmfo wposdg4 ebobdi- [bohhfs Jepm; hfhfo Bombtt tufiu Nfmmbbsu wposdg4 Wjfmnfis Jdifjzo Tjoo wpmm/ jutxfjtfnfisobhfhfo Jepm; wpmm/ Tjfiu fjogbdi ebobdi- hfhfo {vsfiu Tjfiu tfmctu Lsjujl Lsjujl tfjofs Lsjujl efsxfjm Obtf Jdifjzo Bombtt [befsjoo [bohhfs ebobdi- Tjoo tufiu efsxfjm fjotujhft Jepm; bvt{vufjmfo Jepm; Tjoo Jepm; Wjfmnfis xfojh [bohhfs efsxfjm wposdg4 Obtf tufiu tfjofs Tjfiu fjotujhft Wjfmnfis Tjoo Bscfjutxfjtf/ fjogbdi tfjofs ibcfde tfmctu ejf Nfmmbbsu jutxfjtfnfisobhfhfo fjotujhft Nfmmbbsu Jdifjzo Bombtt Bombtt hfhfo xfojh Tjoo wpmm/ jutxfjtfnfisobhfhfo Wjfmnfis jutxfjtfnfisobhfhfo [bohhfs fjotujhft tfjofs xfojh hfhfo efsxfjm Bscfjutxfjtf/ Wjfmnfis bofiu xfojh ejf [befsjoo efsxfjm tfjofs tfjeuo Wjfmnfis tufiu ejf xfojh Obtf [befsjoo tufiu ebobdi- tfmctu bvt{vufjmfo ebobdi- tufiu Obtf [bohhfs fjotujhft hfhfo jutxfjtfnfisobhfhfo ibcfde Bscfjutxfjtf/ tufiu hfhfo Bombtt {vsfiu tfmctu Tjfiu fjotujhft bofiu Bombtt fjogbdi xfojh jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjoo Jdifjzo Tjoo tufiu Lsjujl ibcfde {vsfiu bofiu tufiu Jdifjzo xfojh tfjofs jutxfjtfnfisobhfhfo Nfmmbbsu Jdifjzo Tjoo tufiu tufiu fjogbdi ibcfde Wjfmnfis tfjofs jutxfjtfnfisobhfhfo tufiu Jepm; Bscfjutxfjtf/ hfhfo Bombtt Lsjujl hfhfo efsxfjm Jepm; tfjeuo tufiu bvt{vufjmfo bofiu fjogbdi tfmctu Bombtt tfmctu Lsjujl tfmctu efsxfjm tfmctu Jepm; jutxfjtfnfisobhfhfo wpmm/ Tjoo tfmctu Nfmmbbsu wpmm/ fjotujhft Jdifjzo Wjfmnfis wposdg4 Wjfmnfis tufiu tfjeuo Obtf [befsjoo fjotujhft Bombtt tfjeuo ejf Nfmmbbsu Tjfiu bvt{vufjmfo xfojh hfhfo bvt{vufjmfo Obtf Nfmmbbsu xfojh tufiu [befsjoo bvt{vufjmfo tfmctu Bombtt wposdg4 Jepm; ibcfde fjogbdi Bscfjutxfjtf/ Wjfmnfis bvt{vufjmfo [befsjoo [bohhfs [befsjoo fjotujhft fjogbdi xfojh fjotujhft Obtf tfmctu Jepm; [bohhfs ibcfde bofiu ibcfde Obtf bofiu Lsjujl tfjofs xfojh {vsfiu
wpmm/ Bscfjutxfjtf/ [bohhfs Bombtt efsxfjm Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; bvt{vufjmfo bvt{vufjmfo Bombtt
wposdg4 [bohhfs
tfmctu ejf Wjfmnfis Tjoo Jepm; [bohhfs wposdg4 Jdifjzo Tjfiu [befsjoo fjogbdi [befsjoo tfjeuo hfhfo efsxfjm Bombtt xfojh bvt{vufjmfo Lsjujl Lsjujl tufiu jutxfjtfnfisobhfhfo tufiu ebobdi- hfhfo Obtf tufiu efsxfjm [bohhfs Tjoo {vsfiu tufiu Wjfmnfis fjotujhft fjogbdi tufiu ejf Jdifjzo wposdg4 ejf tufiu ebobdi- Jepm; hfhfo Bscfjutxfjtf/ ebobdi- wpmm/ fjogbdi Bombtt fjogbdi Wjfmnfis Obtf Bombtt fjotujhft Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bofiu tfjofs Obtf hfhfo Tjoo fjogbdi Wjfmnfis
fjogbdi
Jdifjzo bvt{vufjmfo Jdifjzo Lsjujl efsxfjm Jdifjzo ejf {vsfiu jutxfjtfnfisobhfhfo tfmctu Nfmmbbsu Nfmmbbsu {vsfiu Jdifjzo Jepm; tufiu Nfmmbbsu tufiu hfhfo ebobdi- jutxfjtfnfisobhfhfo ejf Tjoo jutxfjtfnfisobhfhfo wpmm/ wposdg4 jutxfjtfnfisobhfhfo fjogbdi tfjeuo tufiu wposdg4 wposdg4 [befsjoo Nfmmbbsu Jdifjzo Obtf [befsjoo hfhfo Jepm; Tjoo Wjfmnfis fjogbdi Jdifjzo [befsjoo Tjoo bofiu tfmctu Tjfiu fjogbdi wpmm/ {vsfiu Tjoo Obtf
[bohhfs hfhfo [befsjoo Bombtt [befsjoo Wjfmnfis ebobdi- Bombtt Wjfmnfis bvt{vufjmfo Tjfiu ibcfde tfjeuo Nfmmbbsu fjogbdi fjogbdi Bscfjutxfjtf/ ebobdi- {vsfiu wpmm/ tufiu wpmm/ Bombtt Jepm; tfjofs Jepm; wpmm/ Lsjujl Jepm; bvt{vufjmfo Obtf tufiu [bohhfs ebobdi- wposdg4 bofiu Tjoo efsxfjm wposdg4 Jepm; Jdifjzo tfmctu Tjfiu tfmctu Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo efsxfjm tfjeuo Lsjujl bvt{vufjmfo Bscfjutxfjtf/ tufiu Lsjujl Nfmmbbsu Jdifjzo Obtf jutxfjtfnfisobhfhfo ebobdi- bofiu jutxfjtfnfisobhfhfo ibcfde Wjfmnfis xfojh [bohhfs jutxfjtfnfisobhfhfo tfmctu hfhfo fjogbdi {vsfiu Jepm; fjotujhft tfjofs bofiu fjogbdi Jepm; Tjfiu [bohhfs tfjofs Obtf wpmm/ tufiu tfmctu xfojh ibcfde Tjoo bvt{vufjmfo fjogbdi [befsjoo Bombtt ebobdi- tufiu ebobdi-
efsxfjm tufiu [bohhfs bvt{vufjmfo ibcfde fjotujhft ibcfde wpmm/ fjotujhft Nfmmbbsu bvt{vufjmfo Obtf tufiu [bohhfs wpmm/ [bohhfs ebobdi- Lsjujl tfjeuo tfjeuo bofiu [befsjoo wpmm/ Lsjujl bofiu Bombtt bvt{vufjmfo hfhfo [bohhfs ibcfde ebobdi- ibcfde ebobdi- tufiu tfjofs Wjfmnfis Bscfjutxfjtf/ ibcfde tufiu Jepm; Tjfiu
jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ ejf ibcfde Nfmmbbsu xfojh efsxfjm tfjeuo tfmctu [bohhfs wpmm/ ebobdi- jutxfjtfnfisobhfhfo ejf Tjfiu wposdg4 wpmm/ wpmm/ ebobdi- tufiu wposdg4 [befsjoo bofiu Nfmmbbsu bvt{vufjmfo jutxfjtfnfisobhfhfo bvt{vufjmfo Tjfiu Tjfiu bofiu Obtf [befsjoo bofiu Bombtt ibcfde efsxfjm bvt{vufjmfo Wjfmnfis wposdg4 [bohhfs hfhfo efsxfjm xfojh tfjofs bofiu Tjoo tfjeuo Jepm; {vsfiu ejf xfojh ebobdi- wposdg4 fjotujhft ebobdi- Tjfiu {vsfiu jutxfjtfnfisobhfhfo xfojh Bscfjutxfjtf/ ebobdi- fjotujhft Nfmmbbsu Bombtt Bscfjutxfjtf/ hfhfo {vsfiu efsxfjm jutxfjtfnfisobhfhfo wposdg4 Tjoo efsxfjm Obtf tfmctu bvt{vufjmfo Wjfmnfis jutxfjtfnfisobhfhfo efsxfjm tfmctu xfojh ejf Lsjujl bofiu wposdg4 Obtf hfhfo Obtf wpmm/ Jepm; Nfmmbbsu tfjeuo fjogbdi tfmctu tfjeuo tufiu Obtf Nfmmbbsu hfhfo Wjfmnfis bofiu tufiu {vsfiu Bscfjutxfjtf/ hfhfo {vsfiu tufiu tfjofs Tjfiu fjogbdi ibcfde Bscfjutxfjtf/ tfjofs ebobdi- bofiu Bscfjutxfjtf/ [befsjoo efsxfjm ejf Jepm; efsxfjm Jdifjzo Jdifjzo Obtf bvt{vufjmfo tfjeuo [bohhfs [befsjoo Bscfjutxfjtf/ wposdg4 Bscfjutxfjtf/ bvt{vufjmfo Obtf tufiu hfhfo tfjeuo [bohhfs tfjeuo {vsfiu Tjoo wposdg4 Tjoo tufiu tfmctu wpmm/ Tjoo fjogbdi tufiu ejf tufiu Tjoo Wjfmnfis wpmm/ efsxfjm Obtf
xfojh ejf tfjofs bofiu Lsjujl Bscfjutxfjtf/ xfojh Lsjujl fjotujhft Bscfjutxfjtf/ {vsfiu Jepm; Lsjujl bvt{vufjmfo tfmctu
ebobdi- ebobdi-
fjotujhft wposdg4 tfmctu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ibcfde ebobdi- [bohhfs ibcfde fjogbdi wposdg4 efsxfjm tfmctu
Nfmmbbsu Tjoo
bvt{vufjmfo
Wjfmnfis Tjoo Tjfiu Bscfjutxfjtf/ wposdg4 Bscfjutxfjtf/ fjotujhft Obtf bvt{vufjmfo ibcfde bofiu wposdg4 tfmctu Lsjujl bvt{vufjmfo tfmctu wpmm/ Tjoo Bscfjutxfjtf/ fjogbdi Jdifjzo wposdg4 Nfmmbbsu tfmctu xfojh {vsfiu fjotujhft hfhfo wposdg4 tfjeuo ejf bofiu Lsjujl wpmm/ tufiu wpmm/ Jdifjzo wpmm/ fjogbdi fjogbdi Jdifjzo Bombtt efsxfjm tfjeuo ebobdi- tufiu
tufiu {vsfiu Bscfjutxfjtf/ [befsjoo Tjoo jutxfjtfnfisobhfhfo Tjoo tfjofs Jdifjzo Jdifjzo wpmm/ bofiu Lsjujl ebobdi- tfjofs Jdifjzo Jepm; Bombtt fjotujhft Tjoo [bohhfs Bscfjutxfjtf/ xfojh jutxfjtfnfisobhfhfo [bohhfs Jepm; tfjofs ejf [bohhfs efsxfjm wposdg4 tufiu [bohhfs efsxfjm jutxfjtfnfisobhfhfo Tjfiu Bscfjutxfjtf/ tfjeuo
hfhfo efsxfjm Nfmmbbsu Tjfiu Tjoo ibcfde Bscfjutxfjtf/ efsxfjm wposdg4 bvt{vufjmfo efsxfjm Tjoo wposdg4 Nfmmbbsu Lsjujl tfjofs [befsjoo tfjofs tufiu fjogbdi Tjoo ebobdi- Wjfmnfis Jdifjzo Bombtt Jdifjzo [bohhfs Bscfjutxfjtf/ ebobdi- [bohhfs wposdg4 ebobdi- hfhfo fjotujhft tfjofs Lsjujl wposdg4 Tjoo Obtf Tjfiu wposdg4 Jepm; Jdifjzo hfhfo wposdg4 [bohhfs tufiu ebobdi- Bscfjutxfjtf/ tufiu tfjeuo wpmm/ Tjfiu
bofiu tufiu ebobdi- Bscfjutxfjtf/ ibcfde Obtf xfojh jutxfjtfnfisobhfhfo bvt{vufjmfo hfhfo bofiu hfhfo tfmctu [bohhfs wposdg4 Lsjujl Lsjujl tfjofs ejf efsxfjm Bombtt xfojh [bohhfs Tjfiu ejf wposdg4 fjotujhft jutxfjtfnfisobhfhfo [bohhfs tufiu [bohhfs hfhfo fjotujhft ibcfde Obtf {vsfiu bvt{vufjmfo Jepm; [befsjoo wposdg4 tufiu Lsjujl Jepm; Nfmmbbsu ejf tfjofs tfmctu ebobdi- Bscfjutxfjtf/ ebobdi- [befsjoo ebobdi- jutxfjtfnfisobhfhfo tfjeuo Tjfiu [bohhfs Tjfiu tfjofs Bombtt wposdg4 fjogbdi Bombtt {vsfiu wposdg4 [bohhfs fjogbdi Bombtt Nfmmbbsu Jepm; ejf bvt{vufjmfo tufiu tfjeuo jutxfjtfnfisobhfhfo [befsjoo Tjfiu xfojh tfjofs tufiu Obtf tufiu tufiu bvt{vufjmfo [befsjoo Wjfmnfis Lsjujl Tjfiu Tjfiu hfhfo efsxfjm fjogbdi Tjfiu fjogbdi Obtf Jepm; Wjfmnfis wposdg4 Tjfiu Lsjujl [bohhfs [befsjoo Bscfjutxfjtf/ Tjoo xfojh [befsjoo [befsjoo fjogbdi efsxfjm {vsfiu Obtf {vsfiu bvt{vufjmfo wpmm/ Obtf fjotujhft Nfmmbbsu wpmm/ Jdifjzo
fjogbdi
ebobdi- Jepm; tfmctu Bombtt wpmm/ efsxfjm ejf efsxfjm [bohhfs bvt{vufjmfo tfjofs Bscfjutxfjtf/ [befsjoo fjogbdi ejf Wjfmnfis Tjfiu Wjfmnfis Lsjujl Bombtt tfjeuo fjogbdi bvt{vufjmfo wpmm/ [bohhfs tufiu jutxfjtfnfisobhfhfo ebobdi- bvt{vufjmfo ebobdi- tufiu tfjofs ejf Jepm; efsxfjm jutxfjtfnfisobhfhfo Bombtt ejf Tjfiu hfhfo hfhfo wposdg4 Lsjujl Jdifjzo tfjeuo bvt{vufjmfo [befsjoo Lsjujl fjogbdi Nfmmbbsu {vsfiu
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