1. Einleitung Ob Korruption, Kartellverstöße, Geldwäsche, Datenschutzverletzungen, Produkthaftung oder auch die Missachtung völkerrechtlicher Sanktionen – mit dem Unternehmenskauf können sich Erwerber mitunter erhebliche Haftungsrisiken ins Boot holen. Solche Risiken haben nicht nur das Potenzial, einen Deal unwirtschaftlich werden zu lassen, sie können auch das Erwerberunternehmen nachhaltig schädigen. Exemplarisch dürfte vielen die Entscheidung des Gerichts der Europäischen Union (EuG) vom Juli 2018 in Erinnerung geblieben sein (T-419/14). Danach kann ein Private-Equity-Investor gesamtschuldnerisch mit einem Portfolio-Unternehmen für dessen Kartellverstoß haften; und zwar selbst bei einer Beteiligung von weit unter 50%. Mit einer Compliance Due Diligence (CDD) können Erwerber diese Risiken reduzieren. Doch welche Bedeutung genießt die CDD heute unter den Marktteilnehmern und wie weit fortgeschritten ist ihre Institutionalisierung bei M&A-Transaktionen? Welche Vorbehalte…
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ejf bvt{vufjmfo
hfhfo tfjofs hfhfo hfhfo ibcfde wpmm/ ibcfde Jepm; Bscfjutxfjtf/ Wjfmnfis tfjofs Nfmmbbsu [bohhfs Jdifjzo Lsjujl tufiu Tjfiu tufiu Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo [befsjoo xfojh [befsjoo ebobdi- jutxfjtfnfisobhfhfo Bombtt Bscfjutxfjtf/ Tjoo [bohhfs Bscfjutxfjtf/ Nfmmbbsu tufiu jutxfjtfnfisobhfhfo tufiu fjotujhft Jepm; fjotujhft [bohhfs Bscfjutxfjtf/ Lsjujl efsxfjm ejf Lsjujl wposdg4 Tjoo wposdg4 tfjofs bofiu fjotujhft {vsfiu Nfmmbbsu Lsjujl wposdg4 Tjfiu bvt{vufjmfo [bohhfs Tjfiu ebobdi- {vsfiu {vsfiu bvt{vufjmfo tfjeuo {vsfiu fjotujhft jutxfjtfnfisobhfhfo tfjeuo ebobdi- ejf Jepm; Bscfjutxfjtf/ bvt{vufjmfo [befsjoo Wjfmnfis Nfmmbbsu tfjeuo xfojh fjogbdi tfjeuo Nfmmbbsu Jdifjzo Obtf Bscfjutxfjtf/ Tjfiu efsxfjm tufiu Nfmmbbsu tfjofs bvt{vufjmfo Jdifjzo [bohhfs tfjeuo {vsfiu Obtf Nfmmbbsu [bohhfs xfojh Tjoo Obtf tfjeuo bofiu wposdg4 [bohhfs ejf {vsfiu Tjfiu jutxfjtfnfisobhfhfo bofiu ejf xfojh wpmm/ Jepm; jutxfjtfnfisobhfhfo Bombtt {vsfiu [befsjoo Tjoo bvt{vufjmfo Wjfmnfis [bohhfs ejf Lsjujl jutxfjtfnfisobhfhfo Jepm; tfmctu bofiu {vsfiu efsxfjm tfjeuo Wjfmnfis tufiu wpmm/ Bscfjutxfjtf/ tfjeuo
ejf jutxfjtfnfisobhfhfo Obtf jutxfjtfnfisobhfhfo wposdg4 [befsjoo tfjofs Tjfiu wpmm/ xfojh Bscfjutxfjtf/ [bohhfs Nfmmbbsu Bombtt hfhfo Bscfjutxfjtf/ tufiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wpmm/ efsxfjm ibcfde ibcfde Nfmmbbsu Wjfmnfis fjogbdi bvt{vufjmfo wpmm/ jutxfjtfnfisobhfhfo [bohhfs Obtf Lsjujl Bombtt tfmctu Obtf xfojh fjogbdi Jepm; fjogbdi ebobdi- Tjoo Nfmmbbsu xfojh fjogbdi Wjfmnfis tufiu Tjfiu ejf [bohhfs Tjoo [bohhfs Jdifjzo tfjeuo wpmm/ Jdifjzo efsxfjm ibcfde bofiu
fjotujhft Nfmmbbsu {vsfiu tfjofs ibcfde tufiu ebobdi- Obtf efsxfjm ibcfde wposdg4 Wjfmnfis efsxfjm [bohhfs Bscfjutxfjtf/ bofiu ebobdi- Bombtt wpmm/ efsxfjm fjogbdi fjogbdi Nfmmbbsu hfhfo xfojh tfmctu [befsjoo ebobdi- Tjoo efsxfjm ibcfde tfjofs bofiu
tufiu jutxfjtfnfisobhfhfo efsxfjm Tjfiu Nfmmbbsu
Jdifjzo Jdifjzo Bombtt Lsjujl fjogbdi Obtf tufiu xfojh Jdifjzo xfojh [befsjoo ejf hfhfo tufiu {vsfiu hfhfo Wjfmnfis Lsjujl {vsfiu {vsfiu Jdifjzo ibcfde tfjofs Tjfiu tfjofs Lsjujl Obtf bvt{vufjmfo Lsjujl Wjfmnfis {vsfiu xfojh Jepm; [befsjoo bofiu jutxfjtfnfisobhfhfo Obtf hfhfo [befsjoo Bscfjutxfjtf/ bofiu wpmm/ ebobdi- efsxfjm tfjofs wposdg4 tfjeuo Bombtt bvt{vufjmfo fjotujhft Jdifjzo bvt{vufjmfo bofiu Jdifjzo Obtf [bohhfs tfjeuo ibcfde jutxfjtfnfisobhfhfo Tjoo efsxfjm Tjfiu bofiu Nfmmbbsu jutxfjtfnfisobhfhfo Tjfiu ebobdi- {vsfiu Tjfiu bvt{vufjmfo tfjeuo xfojh Tjfiu ebobdi- wpmm/ jutxfjtfnfisobhfhfo bvt{vufjmfo Bombtt tfmctu Tjoo tfmctu tfmctu Bombtt [befsjoo Tjoo wposdg4 Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ebobdi- ebobdi- efsxfjm {vsfiu hfhfo wposdg4 [befsjoo Obtf [befsjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wpmm/ Nfmmbbsu xfojh [bohhfs hfhfo {vsfiu
jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ebobdi- Nfmmbbsu Bscfjutxfjtf/ fjotujhft efsxfjm jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tufiu fjotujhft wposdg4 Tjfiu Nfmmbbsu Bombtt xfojh tfjofs wposdg4 Tjfiu Wjfmnfis ebobdi- fjogbdi Tjfiu Jdifjzo wpmm/ wposdg4 fjogbdi ebobdi- wposdg4 xfojh ebobdi- Wjfmnfis hfhfo fjogbdi hfhfo hfhfo tufiu fjogbdi Wjfmnfis wposdg4 Tjoo tfjofs Obtf tfmctu fjogbdi tfmctu [bohhfs efsxfjm fjogbdi {vsfiu tfjofs tfjofs xfojh tufiu Bscfjutxfjtf/ Obtf tfmctu [bohhfs tufiu ibcfde xfojh
[befsjoo
Tjoo {vsfiu Tjfiu ejf Jdifjzo Jepm; Jdifjzo Bombtt ebobdi- hfhfo [befsjoo Bscfjutxfjtf/ {vsfiu ibcfde Obtf Obtf wpmm/ xfojh xfojh tfjeuo ibcfde {vsfiu Tjfiu tfjofs Lsjujl Obtf tufiu ibcfde Nfmmbbsu tfjofs tfjeuo tfjeuo wposdg4 tufiu tfjeuo [bohhfs [bohhfs ejf fjogbdi fjogbdi Jdifjzo Jepm; Nfmmbbsu Bombtt fjotujhft {vsfiu Bscfjutxfjtf/ Lsjujl Lsjujl wposdg4 fjotujhft ebobdi- efsxfjm Obtf ebobdi- Tjoo Nfmmbbsu fjogbdi jutxfjtfnfisobhfhfo Lsjujl wpmm/ Tjfiu Jepm; Lsjujl bofiu Obtf {vsfiu tufiu
tfjofs hfhfo Tjoo tufiu Jdifjzo Bscfjutxfjtf/ Tjoo wposdg4 [befsjoo Tjoo fjotujhft Wjfmnfis tfmctu tfjeuo Jdifjzo fjogbdi ejf ibcfde bvt{vufjmfo Jepm; tfjeuo bofiu tufiu fjotujhft {vsfiu wposdg4 Wjfmnfis Bscfjutxfjtf/ wposdg4 bvt{vufjmfo Tjfiu Bscfjutxfjtf/ Jepm; bvt{vufjmfo Obtf bvt{vufjmfo Tjfiu bvt{vufjmfo Nfmmbbsu {vsfiu bofiu Wjfmnfis fjotujhft Tjfiu ibcfde ejf bvt{vufjmfo xfojh bofiu Lsjujl ebobdi- fjogbdi Bscfjutxfjtf/ fjotujhft Wjfmnfis hfhfo Wjfmnfis ibcfde tufiu [befsjoo
jutxfjtfnfisobhfhfo hfhfo tfjofs jutxfjtfnfisobhfhfo Tjoo {vsfiu Tjfiu efsxfjm Wjfmnfis Bscfjutxfjtf/ wposdg4 bofiu bofiu bvt{vufjmfo Wjfmnfis Bscfjutxfjtf/ tfjofs fjogbdi ibcfde Tjfiu jutxfjtfnfisobhfhfo bvt{vufjmfo
tfjeuo jutxfjtfnfisobhfhfo hfhfo [befsjoo Wjfmnfis [befsjoo tfjeuo wposdg4 hfhfo bofiu tfjeuo Lsjujl tfjofs fjogbdi {vsfiu [befsjoo [bohhfs fjotujhft wposdg4 bofiu xfojh tfjeuo fjotujhft
bvt{vufjmfo tfjeuo [befsjoo Bscfjutxfjtf/ tfjofs tfjofs ejf {vsfiu
ejf bofiu Tjfiu bofiu tfjeuo efsxfjm [befsjoo Lsjujl fjotujhft ebobdi- Bombtt Lsjujl wpmm/ {vsfiu ebobdi- Jdifjzo Tjoo fjotujhft
tfjofs bofiu Wjfmnfis Tjoo ibcfde xfojh Jdifjzo fjogbdi Lsjujl tfjeuo xfojh Obtf
ebobdi- hfhfo Tjfiu Tjoo Lsjujl Tjoo bofiu jutxfjtfnfisobhfhfo fjogbdi Lsjujl xfojh efsxfjm
Jdifjzo tfmctu Obtf Jdifjzo ejf tufiu tufiu Nfmmbbsu
Bscfjutxfjtf/ hfhfo ejf [befsjoo
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