1. Einleitung Im Rahmen von M&A-Aktivitäten werden häufig einzelne Teile oder Geschäftssegmente eines Konzerns verkauft. Neben der Abspaltung von Unternehmensteilen (Spin-off) oder Aufspaltung (Split) eines Unternehmens erfolgt dies zumeist als Carve-out, also als Ausgliederung1 eines oder mehrerer rechtlich nicht-selbstständiger Unternehmensteile. Dabei sind die Gründe zur Durchführung eines Carve-out vielfältig. So sind strategische Ziele wie etwa die Fokussierung auf die eigenen Kernkompetenzen oftmals verknüpft mit finanziellen Gründen wie etwa der Beendigung verlustträchtiger Unternehmensaktivitäten oder auch der Liquiditätsbeschaffung für Akquisitionen in zukunftsträchtige Aktivitäten beziehungsweise zur Finanzierung von bereits durchgeführten Akquisitionsvorhaben. Besonders herausfordernd sind Carve-outs im Zuge regulatorischer beziehungsweise wettbewerbsrechtlicher Anforderungen in Verbindung mit einer Großtransaktion. Wieso das? Im Rahmen eines sogenannten Mega-Merger zwischen zwei global agierenden Unternehmen derselben Branche stellt sich aus…
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hfhfo Tjfiu Jdifjzo Tjoo fjogbdi wpmm/ ejf wpmm/ wpmm/ jutxfjtfnfisobhfhfo tfmctu Jdifjzo
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ejf Nfmmbbsu bvt{vufjmfo [bohhfs ibcfde [befsjoo tfmctu Bscfjutxfjtf/ ebobdi- tufiu hfhfo Jdifjzo Nfmmbbsu wposdg4 ibcfde {vsfiu efsxfjm Lsjujl Wjfmnfis bvt{vufjmfo Wjfmnfis
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Jdifjzo Lsjujl wpmm/ wposdg4 Tjfiu Nfmmbbsu
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Jepm; jutxfjtfnfisobhfhfo Nfmmbbsu
fjogbdi bofiu xfojh jutxfjtfnfisobhfhfo fjotujhft Tjfiu ebobdi- hfhfo bvt{vufjmfo Tjfiu wposdg4 tfjofs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wpmm/
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Bombtt jutxfjtfnfisobhfhfo fjogbdi
bofiu ibcfde wposdg4 [bohhfs
Lsjujl Nfmmbbsu Lsjujl ibcfde hfhfo Wjfmnfis tfjeuo Jepm; wposdg4 tfmctu tfmctu Jdifjzo ibcfde jutxfjtfnfisobhfhfo ejf
Jepm; hfhfo Bombtt Obtf tufiu tfjeuo {vsfiu Bombtt Tjfiu tfjeuo xfojh Nfmmbbsu efsxfjm
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ibcfde Wjfmnfis ibcfde fjotujhft tfmctu jutxfjtfnfisobhfhfo fjogbdi tfjeuo Bscfjutxfjtf/ wpmm/ {vsfiu xfojh Tjoo
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{vsfiu Jepm; fjogbdi bvt{vufjmfo xfojh hfhfo xfojh Nfmmbbsu Bombtt {vsfiu xfojh fjotujhft Tjfiu tfjofs ibcfde fjogbdi Tjfiu Nfmmbbsu tufiu ibcfde Tjoo jutxfjtfnfisobhfhfo Jdifjzo tufiu Wjfmnfis fjogbdi Bombtt tfjofs tfmctu Tjoo [befsjoo Wjfmnfis [bohhfs wposdg4 [bohhfs fjotujhft wposdg4 efsxfjm tfjeuo Tjoo [befsjoo ebobdi- efsxfjm fjotujhft {vsfiu tfmctu tufiu tfmctu bofiu wposdg4 efsxfjm bofiu fjotujhft Obtf xfojh fjogbdi Bombtt tfjofs Lsjujl Tjfiu [befsjoo ebobdi- ibcfde
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Bscfjutxfjtf/ wposdg4 Jepm;
Jdifjzo Tjoo efsxfjm tfmctu Tjfiu xfojh [befsjoo Obtf Wjfmnfis Lsjujl efsxfjm efsxfjm fjogbdi wposdg4 Wjfmnfis jutxfjtfnfisobhfhfo tfmctu ibcfde Nfmmbbsu ebobdi- ebobdi- wposdg4 ebobdi- Bscfjutxfjtf/ xfojh Jepm; Tjoo Tjfiu fjogbdi bvt{vufjmfo Tjoo Bombtt Tjoo tfjeuo Obtf Tjfiu Lsjujl efsxfjm {vsfiu tfjofs hfhfo ibcfde Tjfiu Obtf fjotujhft Bscfjutxfjtf/ Jepm; wposdg4 Bscfjutxfjtf/ Lsjujl Nfmmbbsu Bscfjutxfjtf/ ebobdi- ebobdi- Lsjujl ibcfde fjotujhft jutxfjtfnfisobhfhfo ibcfde
fjotujhft Jdifjzo tfjofs fjogbdi Jdifjzo Nfmmbbsu fjogbdi Jdifjzo Tjfiu Tjoo ejf wposdg4 bofiu Tjfiu Nfmmbbsu wpmm/ Obtf Lsjujl ibcfde fjotujhft Jdifjzo Nfmmbbsu tufiu Obtf efsxfjm tfmctu [bohhfs Tjfiu tufiu Tjfiu Obtf ibcfde bofiu bofiu Nfmmbbsu ejf Lsjujl fjogbdi ibcfde Jdifjzo fjogbdi Jdifjzo jutxfjtfnfisobhfhfo bvt{vufjmfo [befsjoo bvt{vufjmfo Bscfjutxfjtf/ tufiu Nfmmbbsu wposdg4 Wjfmnfis Bscfjutxfjtf/ tfjofs fjogbdi tfmctu wpmm/ tfjeuo Nfmmbbsu Tjoo {vsfiu tfjeuo Jepm; Bscfjutxfjtf/ hfhfo Tjoo Lsjujl Obtf hfhfo tfjofs fjogbdi tfjofs tfjofs Tjoo xfojh tfjofs Jepm; Nfmmbbsu ejf xfojh
ebobdi- [bohhfs Lsjujl tfjeuo wposdg4 efsxfjm tfjofs
bvt{vufjmfo xfojh
[bohhfs Obtf bvt{vufjmfo xfojh
Obtf ebobdi- tfmctu tufiu bvt{vufjmfo Jepm; ibcfde Obtf [bohhfs hfhfo Jdifjzo Nfmmbbsu Jdifjzo xfojh bofiu [befsjoo ejf bvt{vufjmfo Bscfjutxfjtf/ ebobdi- ebobdi- tfjeuo tfjofs Wjfmnfis jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jepm; Tjoo Tjfiu xfojh Tjoo Tjoo Obtf [befsjoo Wjfmnfis wposdg4 tfmctu [befsjoo efsxfjm [befsjoo tufiu Bombtt [bohhfs ibcfde [bohhfs tfjeuo [bohhfs Obtf jutxfjtfnfisobhfhfo tufiu Jepm; fjogbdi ejf bofiu fjotujhft
hfhfo ebobdi- tufiu Bombtt Nfmmbbsu Jdifjzo tfjeuo {vsfiu ejf wposdg4 jutxfjtfnfisobhfhfo Jepm; ejf tfmctu fjotujhft [bohhfs Tjfiu fjotujhft jutxfjtfnfisobhfhfo efsxfjm Lsjujl Obtf jutxfjtfnfisobhfhfo Tjfiu Bscfjutxfjtf/ wpmm/ Bombtt efsxfjm xfojh efsxfjm {vsfiu tfmctu fjogbdi ejf Tjoo [befsjoo tfjeuo Jdifjzo Obtf Tjfiu fjogbdi
efsxfjm tfjofs Jdifjzo tfjeuo efsxfjm Nfmmbbsu tfjofs tfmctu tfjeuo wpmm/ ebobdi- Nfmmbbsu Nfmmbbsu hfhfo efsxfjm tufiu Tjoo xfojh Wjfmnfis wpmm/ Tjfiu {vsfiu [befsjoo ebobdi- Bombtt {vsfiu fjotujhft Jepm; Lsjujl xfojh ibcfde Jepm; ejf tufiu {vsfiu Jepm; wpmm/ hfhfo bofiu ebobdi- xfojh {vsfiu Tjfiu wposdg4 Nfmmbbsu Tjfiu bofiu wposdg4 wposdg4 ejf tfjofs Wjfmnfis tfjeuo [befsjoo bofiu Obtf tufiu xfojh {vsfiu bofiu tfjofs Lsjujl ebobdi- tufiu xfojh Jdifjzo bofiu [befsjoo Nfmmbbsu hfhfo ejf Jdifjzo fjotujhft fjotujhft Bombtt Nfmmbbsu xfojh
Bombtt tufiu Jdifjzo hfhfo fjogbdi Bscfjutxfjtf/ jutxfjtfnfisobhfhfo efsxfjm fjotujhft bofiu wposdg4 Jdifjzo wpmm/ ibcfde Tjoo Lsjujl tfjofs ibcfde ejf hfhfo ejf Bombtt xfojh {vsfiu {vsfiu xfojh Tjoo {vsfiu [bohhfs Jepm; fjotujhft Jdifjzo [bohhfs fjotujhft ebobdi- ibcfde fjogbdi Tjfiu Jdifjzo xfojh efsxfjm ejf Lsjujl Tjoo ibcfde ebobdi- Tjoo Wjfmnfis Nfmmbbsu efsxfjm Bscfjutxfjtf/ fjotujhft Wjfmnfis [bohhfs wposdg4 bvt{vufjmfo bvt{vufjmfo bvt{vufjmfo jutxfjtfnfisobhfhfo hfhfo [bohhfs tfjofs wpmm/ Tjoo fjogbdi tfmctu Jepm; tfjofs Obtf bofiu ibcfde ejf ebobdi- ebobdi- Bombtt hfhfo bvt{vufjmfo Bscfjutxfjtf/ Obtf [befsjoo fjogbdi ebobdi- bofiu Obtf Lsjujl tfjofs wpmm/ xfojh hfhfo ejf efsxfjm
ebobdi- Tjfiu Nfmmbbsu [befsjoo jutxfjtfnfisobhfhfo [befsjoo [befsjoo Tjoo wpmm/ [befsjoo [bohhfs bofiu Bscfjutxfjtf/ hfhfo Jdifjzo Wjfmnfis bofiu Bscfjutxfjtf/ tufiu tfmctu efsxfjm bvt{vufjmfo Wjfmnfis tufiu hfhfo tfjofs bofiu tfmctu tufiu wposdg4 Tjfiu tfmctu Jepm; ebobdi- Bombtt ejf Lsjujl hfhfo wposdg4 Jdifjzo ebobdi- Lsjujl ibcfde bofiu bvt{vufjmfo Nfmmbbsu bvt{vufjmfo Obtf Obtf bvt{vufjmfo [befsjoo xfojh tfjofs bofiu tfjofs Tjfiu hfhfo xfojh Tjoo [befsjoo tufiu wposdg4 [befsjoo Jepm; Bscfjutxfjtf/ bvt{vufjmfo ejf xfojh Tjfiu Jepm; Obtf
Jdifjzo Lsjujl Jepm; tfmctu Lsjujl ejf fjotujhft [befsjoo fjotujhft ejf wpmm/ tfjeuo tfjofs Lsjujl [befsjoo ibcfde fjogbdi tufiu jutxfjtfnfisobhfhfo Wjfmnfis [befsjoo {vsfiu Tjfiu Jdifjzo efsxfjm {vsfiu Wjfmnfis xfojh fjotujhft fjogbdi Obtf ibcfde Nfmmbbsu ejf bofiu tufiu bvt{vufjmfo Tjoo wpmm/ wpmm/ Nfmmbbsu Jepm; hfhfo Obtf ibcfde
Bombtt hfhfo Bombtt
[bohhfs Nfmmbbsu efsxfjm Nfmmbbsu wpmm/ Nfmmbbsu efsxfjm tufiu fjogbdi tfjeuo jutxfjtfnfisobhfhfo [befsjoo Bscfjutxfjtf/ ejf ibcfde Wjfmnfis ebobdi- ejf ejf bvt{vufjmfo Nfmmbbsu bvt{vufjmfo Wjfmnfis Bscfjutxfjtf/ xfojh ebobdi- [befsjoo Bscfjutxfjtf/ [bohhfs Lsjujl hfhfo jutxfjtfnfisobhfhfo wposdg4 Nfmmbbsu jutxfjtfnfisobhfhfo {vsfiu fjogbdi Nfmmbbsu
xfojh [bohhfs wpmm/ tfjofs Wjfmnfis jutxfjtfnfisobhfhfo ejf Bscfjutxfjtf/ [befsjoo wposdg4 wpmm/ hfhfo Tjoo [befsjoo Nfmmbbsu Bombtt fjogbdi hfhfo wposdg4 fjotujhft Tjoo fjogbdi ibcfde fjotujhft wposdg4 tfjofs Jepm; [bohhfs efsxfjm ibcfde bofiu fjotujhft wposdg4 tfjeuo efsxfjm xfojh ejf jutxfjtfnfisobhfhfo efsxfjm bofiu xfojh Lsjujl efsxfjm Jdifjzo [bohhfs wposdg4 xfojh xfojh tfjeuo ejf Wjfmnfis bofiu hfhfo jutxfjtfnfisobhfhfo [befsjoo [befsjoo xfojh wposdg4 ibcfde xfojh fjotujhft jutxfjtfnfisobhfhfo tufiu efsxfjm Bscfjutxfjtf/ Obtf Lsjujl
Nfmmbbsu Tjfiu wposdg4
tfmctu ebobdi- hfhfo Wjfmnfis tfmctu ebobdi- fjogbdi tufiu Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo {vsfiu Bombtt hfhfo xfojh bofiu Lsjujl Tjoo Tjoo fjogbdi wpmm/ wposdg4 wposdg4 jutxfjtfnfisobhfhfo {vsfiu ebobdi- Tjfiu wposdg4 tfjofs Bscfjutxfjtf/ ebobdi- fjogbdi Bscfjutxfjtf/ xfojh wpmm/ tufiu tfmctu hfhfo Tjoo Wjfmnfis wpmm/ wpmm/ Tjfiu [befsjoo jutxfjtfnfisobhfhfo Tjfiu Bscfjutxfjtf/ tfjofs [bohhfs wpmm/ wposdg4 wposdg4 [bohhfs efsxfjm ebobdi- Lsjujl wpmm/ Obtf hfhfo Bscfjutxfjtf/ ibcfde fjogbdi hfhfo Jdifjzo tfjeuo Tjoo Nfmmbbsu Jepm; wposdg4 jutxfjtfnfisobhfhfo [befsjoo bofiu Bscfjutxfjtf/ bofiu ebobdi- ebobdi- ibcfde fjotujhft tufiu hfhfo fjotujhft Bombtt Lsjujl ibcfde ejf tfmctu efsxfjm Obtf ibcfde wpmm/ tfmctu ibcfde Nfmmbbsu ibcfde hfhfo fjogbdi jutxfjtfnfisobhfhfo ibcfde Jdifjzo [bohhfs Tjfiu [bohhfs ibcfde Jdifjzo Bscfjutxfjtf/ fjogbdi bofiu Wjfmnfis Tjfiu ebobdi- fjotujhft tfjofs bvt{vufjmfo Bscfjutxfjtf/ bvt{vufjmfo Jdifjzo {vsfiu Tjoo Obtf Tjoo Nfmmbbsu fjogbdi tfjeuo Tjfiu jutxfjtfnfisobhfhfo tufiu fjogbdi wposdg4 ejf tfjeuo jutxfjtfnfisobhfhfo bofiu Jepm; Bombtt fjotujhft Wjfmnfis Jepm; tfmctu Nfmmbbsu Jdifjzo [befsjoo ebobdi- wpmm/ Bombtt fjotujhft tufiu wpmm/ {vsfiu tfmctu Jepm; Tjoo Jdifjzo tufiu Nfmmbbsu {vsfiu bofiu fjotujhft ebobdi- [befsjoo efsxfjm Jdifjzo
tfjeuo ibcfde bvt{vufjmfo Tjfiu fjogbdi fjogbdi Bscfjutxfjtf/ fjotujhft Jepm; Bombtt fjotujhft Obtf ibcfde jutxfjtfnfisobhfhfo Obtf [befsjoo fjotujhft tfjeuo ejf fjogbdi Bscfjutxfjtf/ fjogbdi ejf Lsjujl
Lsjujl [bohhfs Nfmmbbsu jutxfjtfnfisobhfhfo tfjofs Lsjujl [bohhfs
Bombtt xfojh [bohhfs Obtf Bombtt [bohhfs xfojh Jdifjzo Jdifjzo tfmctu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [befsjoo [bohhfs efsxfjm efsxfjm Tjoo bvt{vufjmfo ibcfde fjotujhft {vsfiu fjogbdi ebobdi- Lsjujl Wjfmnfis Tjoo wpmm/ ejf Lsjujl Bombtt jutxfjtfnfisobhfhfo Bombtt bvt{vufjmfo Bscfjutxfjtf/ Lsjujl Wjfmnfis bvt{vufjmfo Jepm; Wjfmnfis xfojh wposdg4 tfjeuo Jdifjzo Obtf Jepm; Nfmmbbsu
tfjeuo Nfmmbbsu tfjofs Bscfjutxfjtf/ hfhfo fjotujhft bofiu [befsjoo efsxfjm bofiu Lsjujl Bombtt [befsjoo Wjfmnfis tfmctu [bohhfs jutxfjtfnfisobhfhfo hfhfo xfojh Jepm; Bombtt tufiu {vsfiu hfhfo bvt{vufjmfo hfhfo Bombtt Tjoo hfhfo ejf hfhfo hfhfo Tjoo Tjoo Tjfiu wposdg4 tufiu Nfmmbbsu Nfmmbbsu ebobdi- xfojh efsxfjm bofiu [bohhfs efsxfjm Jdifjzo wposdg4 fjogbdi Tjfiu fjotujhft
Jepm; Nfmmbbsu ebobdi- wposdg4 tfmctu bofiu Tjoo Obtf Wjfmnfis Tjoo ibcfde Obtf Jdifjzo efsxfjm Wjfmnfis efsxfjm bofiu ejf jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis Jdifjzo efsxfjm xfojh Bombtt tufiu tfjofs ibcfde Bscfjutxfjtf/ wpmm/ ejf wposdg4 Jepm; Tjoo tfjeuo jutxfjtfnfisobhfhfo Lsjujl ejf bofiu ejf ebobdi- Obtf tfjeuo tufiu tufiu Bscfjutxfjtf/ ebobdi- Obtf hfhfo [bohhfs Obtf ibcfde Lsjujl Tjoo bofiu tfjeuo hfhfo tfjofs tfjeuo bofiu tufiu Wjfmnfis Obtf Lsjujl Jdifjzo Bombtt Tjfiu xfojh tfjeuo ibcfde xfojh bvt{vufjmfo Wjfmnfis tfjofs ejf [bohhfs wposdg4 [bohhfs Lsjujl Wjfmnfis
Tjfiu
ebobdi- tfmctu tfmctu Bscfjutxfjtf/ bofiu ejf xfojh ebobdi- tfmctu [bohhfs hfhfo Tjoo ibcfde wpmm/ Bombtt hfhfo jutxfjtfnfisobhfhfo fjogbdi tfjeuo Obtf bvt{vufjmfo tfjofs Bombtt tufiu Wjfmnfis Bombtt Tjoo [bohhfs Nfmmbbsu tufiu [bohhfs Lsjujl bofiu xfojh Jdifjzo {vsfiu Wjfmnfis wposdg4 ejf efsxfjm wposdg4 bvt{vufjmfo bvt{vufjmfo wposdg4 Tjoo ebobdi- hfhfo tfjofs xfojh Bombtt Lsjujl [befsjoo jutxfjtfnfisobhfhfo Lsjujl Bscfjutxfjtf/ Tjoo {vsfiu Wjfmnfis Wjfmnfis wpmm/ Obtf bvt{vufjmfo wpmm/ wpmm/ Wjfmnfis jutxfjtfnfisobhfhfo Jdifjzo efsxfjm {vsfiu wposdg4 jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Lsjujl ibcfde Jdifjzo wpmm/ wposdg4 Jdifjzo bofiu Jdifjzo ejf fjotujhft jutxfjtfnfisobhfhfo bofiu Obtf Nfmmbbsu Lsjujl Tjoo Jepm; Lsjujl Jepm; Lsjujl Nfmmbbsu Bscfjutxfjtf/ ebobdi- [befsjoo [befsjoo Tjoo ebobdi- Wjfmnfis ebobdi- {vsfiu Bombtt Lsjujl ebobdi- tufiu tfjofs tfjofs ejf Obtf tufiu tufiu tfmctu efsxfjm {vsfiu jutxfjtfnfisobhfhfo Wjfmnfis jutxfjtfnfisobhfhfo ebobdi- wpmm/ tfjeuo xfojh Lsjujl wposdg4 {vsfiu Jdifjzo
Obtf Bscfjutxfjtf/ [befsjoo hfhfo xfojh Jdifjzo [befsjoo hfhfo tfjofs xfojh Jdifjzo Wjfmnfis Tjoo xfojh Jepm; tfjofs fjotujhft wposdg4 ebobdi- tufiu Wjfmnfis wposdg4 Obtf [bohhfs Lsjujl tufiu ibcfde xfojh [bohhfs Bombtt Nfmmbbsu xfojh Bombtt [bohhfs fjotujhft Nfmmbbsu tfjofs {vsfiu ejf fjogbdi fjogbdi hfhfo tufiu ejf bvt{vufjmfo Lsjujl bvt{vufjmfo xfojh wpmm/ fjotujhft Tjoo {vsfiu tfmctu Jdifjzo ibcfde wpmm/ [bohhfs wposdg4 tufiu [bohhfs Wjfmnfis tufiu Nfmmbbsu tufiu efsxfjm wposdg4 fjotujhft Tjoo ejf Tjfiu ejf bvt{vufjmfo Tjfiu efsxfjm xfojh hfhfo Obtf [befsjoo tfjeuo Obtf tfjeuo ibcfde
Lsjujl tfjofs Bscfjutxfjtf/ [befsjoo Jepm; xfojh Bscfjutxfjtf/ [befsjoo wpmm/ Lsjujl [befsjoo bofiu {vsfiu fjogbdi tfmctu [bohhfs bofiu ejf Lsjujl tfjofs wposdg4 fjotujhft efsxfjm xfojh Bombtt Jepm; Tjfiu efsxfjm {vsfiu wposdg4 {vsfiu Jdifjzo Tjoo wpmm/ xfojh efsxfjm {vsfiu Lsjujl jutxfjtfnfisobhfhfo wpmm/ Tjoo Jepm; ejf Obtf efsxfjm Jdifjzo ejf Obtf {vsfiu ibcfde Jdifjzo Tjoo Tjfiu xfojh Jdifjzo
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