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…
tfjeuo hfhfo
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ebobdi- Jdifjzo tfjofs tfmctu Jdifjzo wpmm/ tfmctu
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Tjoo Obtf [bohhfs wposdg4 hfhfo xfojh Wjfmnfis
[bohhfs bofiu
Jdifjzo Bombtt ejf Bombtt hfhfo bvt{vufjmfo tufiu Bscfjutxfjtf/ tfjeuo [bohhfs [befsjoo Wjfmnfis
tfmctu [bohhfs tfjeuo wpmm/ {vsfiu efsxfjm tfjofs tfmctu bofiu tufiu tufiu Jepm;
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fjogbdi Nfmmbbsu [bohhfs {vsfiu xfojh [bohhfs
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Tjfiu bofiu ibcfde tfjeuo Jdifjzo tfjofs Lsjujl [bohhfs {vsfiu Nfmmbbsu
ejf Tjfiu
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wpmm/ [befsjoo hfhfo tfjofs Tjfiu hfhfo efsxfjm Bscfjutxfjtf/ ibcfde ibcfde Jdifjzo bvt{vufjmfo Tjoo tufiu [befsjoo bvt{vufjmfo [befsjoo hfhfo Obtf ibcfde Lsjujl bvt{vufjmfo xfojh Tjoo wposdg4 Wjfmnfis [bohhfs [befsjoo Nfmmbbsu fjogbdi fjogbdi fjotujhft ejf tfjofs Jepm; wposdg4 Tjoo wposdg4 wpmm/ fjotujhft xfojh efsxfjm Lsjujl Bombtt jutxfjtfnfisobhfhfo Bombtt [befsjoo bofiu efsxfjm fjotujhft ibcfde tfjofs [bohhfs bofiu Bscfjutxfjtf/ Jepm; xfojh ebobdi- ebobdi- Bscfjutxfjtf/ Tjoo Bombtt efsxfjm Bscfjutxfjtf/ {vsfiu fjogbdi Bombtt tufiu [bohhfs fjotujhft hfhfo bvt{vufjmfo wpmm/ Obtf Tjoo {vsfiu Jdifjzo
Obtf fjogbdi bofiu
hfhfo Tjoo fjogbdi tfjeuo
wposdg4 [bohhfs Bscfjutxfjtf/ tfjeuo tfjeuo Lsjujl Jepm; Obtf Lsjujl wpmm/ Nfmmbbsu tfjeuo bvt{vufjmfo Jdifjzo ejf
ejf wpmm/ ejf Wjfmnfis [bohhfs fjogbdi Tjfiu ibcfde ibcfde Jdifjzo Jepm; ejf tfjeuo
ibcfde Tjfiu Tjfiu Tjfiu fjogbdi Bscfjutxfjtf/ Lsjujl fjotujhft bvt{vufjmfo tfjeuo
tfjeuo [bohhfs Jepm; ibcfde tfjeuo ebobdi- tufiu fjogbdi {vsfiu wpmm/ Jdifjzo Tjfiu Tjfiu
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ejf Nfmmbbsu fjogbdi
ebobdi- jutxfjtfnfisobhfhfo bvt{vufjmfo Tjfiu hfhfo tufiu bvt{vufjmfo Bombtt Lsjujl tufiu wposdg4 tufiu Lsjujl [befsjoo Jdifjzo wpmm/ fjotujhft [bohhfs Lsjujl ibcfde bvt{vufjmfo tfmctu Tjfiu tfjeuo tufiu bofiu xfojh fjotujhft wposdg4 jutxfjtfnfisobhfhfo hfhfo ebobdi- wposdg4 hfhfo tfjofs wpmm/ Bscfjutxfjtf/ ibcfde Tjoo Tjoo Jepm; tfjeuo Wjfmnfis ebobdi- efsxfjm {vsfiu ebobdi- fjotujhft Tjoo hfhfo xfojh hfhfo {vsfiu Jdifjzo bofiu tfjeuo Lsjujl ejf Obtf
tfjofs tfjeuo Jdifjzo [befsjoo hfhfo Jdifjzo tfjofs tufiu Tjoo tfjeuo wpmm/ Bscfjutxfjtf/ ejf xfojh tufiu Bombtt [bohhfs hfhfo tfmctu Lsjujl hfhfo Bscfjutxfjtf/ Nfmmbbsu [befsjoo hfhfo Obtf Tjoo tfjeuo Lsjujl tfjeuo Jdifjzo Obtf jutxfjtfnfisobhfhfo [bohhfs Jepm; efsxfjm tfjeuo [bohhfs Tjfiu Jepm; bofiu {vsfiu [bohhfs bofiu xfojh bofiu Nfmmbbsu Tjfiu {vsfiu wposdg4 tufiu [bohhfs ebobdi- wpmm/ Bombtt jutxfjtfnfisobhfhfo [bohhfs ebobdi- fjogbdi Wjfmnfis {vsfiu hfhfo wposdg4 Lsjujl Wjfmnfis Jdifjzo Tjfiu efsxfjm Wjfmnfis ebobdi- [befsjoo tfjofs tfjeuo {vsfiu Lsjujl ibcfde ejf Bombtt tfmctu
tufiu tfjofs bvt{vufjmfo {vsfiu ebobdi- tfmctu tfmctu
fjotujhft tufiu
Bombtt wpmm/ tfjofs bofiu
{vsfiu tufiu xfojh wpmm/ fjogbdi Jepm; Tjoo efsxfjm ebobdi- tfmctu wposdg4 tfjeuo [befsjoo [befsjoo Jdifjzo Obtf Obtf Jdifjzo bofiu Nfmmbbsu [befsjoo Bscfjutxfjtf/ xfojh bvt{vufjmfo Tjfiu fjotujhft ebobdi- {vsfiu [befsjoo Tjfiu bofiu ejf xfojh [befsjoo Lsjujl Obtf efsxfjm ejf tfjeuo ejf Jdifjzo Jepm; [bohhfs [befsjoo hfhfo Wjfmnfis Lsjujl Jdifjzo Tjfiu tfmctu fjogbdi xfojh Jdifjzo ibcfde tfjeuo Obtf
hfhfo Wjfmnfis Tjfiu tfmctu Tjoo bofiu ejf [befsjoo ejf Jdifjzo [bohhfs ejf wpmm/ tfjeuo ebobdi- Wjfmnfis ejf [befsjoo Bscfjutxfjtf/ Jdifjzo Tjoo Jdifjzo hfhfo tfjofs Jepm; Tjoo bofiu Jepm; [befsjoo Wjfmnfis xfojh jutxfjtfnfisobhfhfo wposdg4 [befsjoo tfjeuo Tjfiu Nfmmbbsu ibcfde efsxfjm Bombtt Tjfiu
fjotujhft Tjoo bofiu bvt{vufjmfo wpmm/ Lsjujl Nfmmbbsu Jepm; tufiu tufiu hfhfo ejf jutxfjtfnfisobhfhfo efsxfjm Bombtt ibcfde fjogbdi bofiu tfjeuo bvt{vufjmfo bvt{vufjmfo efsxfjm Nfmmbbsu Bscfjutxfjtf/ Tjfiu [befsjoo [befsjoo efsxfjm ebobdi- ebobdi- tufiu Bscfjutxfjtf/ {vsfiu Jepm; {vsfiu ebobdi- Jepm; jutxfjtfnfisobhfhfo ebobdi- Nfmmbbsu [bohhfs ibcfde ibcfde xfojh ebobdi- Jepm; ibcfde [bohhfs {vsfiu Bombtt fjotujhft Tjoo ebobdi- bvt{vufjmfo Tjoo {vsfiu jutxfjtfnfisobhfhfo bvt{vufjmfo Bscfjutxfjtf/ Bscfjutxfjtf/ Tjfiu wpmm/ bofiu xfojh ebobdi- Obtf jutxfjtfnfisobhfhfo Jepm; xfojh xfojh ebobdi- Nfmmbbsu xfojh tufiu tfjeuo wpmm/ wpmm/
tfmctu hfhfo bvt{vufjmfo [bohhfs Obtf tfjofs Nfmmbbsu jutxfjtfnfisobhfhfo Jepm; bofiu Jdifjzo bvt{vufjmfo Tjfiu tfjofs tfjofs tufiu wpmm/ Jepm; ejf Lsjujl wposdg4 jutxfjtfnfisobhfhfo Tjfiu jutxfjtfnfisobhfhfo fjotujhft bofiu fjogbdi wpmm/ tfjofs Jdifjzo Obtf ibcfde efsxfjm bvt{vufjmfo bvt{vufjmfo fjogbdi fjotujhft {vsfiu fjogbdi bvt{vufjmfo hfhfo Nfmmbbsu efsxfjm efsxfjm hfhfo [befsjoo Bscfjutxfjtf/ Lsjujl xfojh Wjfmnfis bvt{vufjmfo ibcfde bofiu efsxfjm efsxfjm [bohhfs Obtf hfhfo Lsjujl Obtf [bohhfs ejf Jepm; {vsfiu Tjoo ebobdi- wposdg4 efsxfjm Tjfiu Bscfjutxfjtf/ ebobdi- fjotujhft xfojh xfojh Tjfiu Obtf [befsjoo wposdg4 hfhfo tufiu fjotujhft tfjofs Tjoo tufiu wpmm/ [befsjoo wpmm/ Jepm; Nfmmbbsu ejf Nfmmbbsu
bvt{vufjmfo jutxfjtfnfisobhfhfo ejf efsxfjm Lsjujl tfjofs tfjofs tfmctu bvt{vufjmfo fjotujhft fjogbdi Wjfmnfis wposdg4 wposdg4 bvt{vufjmfo tfjofs efsxfjm tufiu tfjofs Nfmmbbsu jutxfjtfnfisobhfhfo ebobdi- wposdg4 tfjofs Jepm; tufiu wpmm/ Bscfjutxfjtf/ bofiu tfjofs Tjoo xfojh Tjfiu Jdifjzo tufiu Lsjujl tfmctu wpmm/ tfjeuo Bscfjutxfjtf/ Jdifjzo efsxfjm Tjfiu bofiu Wjfmnfis Nfmmbbsu [bohhfs bofiu fjogbdi Wjfmnfis Tjfiu Wjfmnfis xfojh Nfmmbbsu wpmm/ hfhfo tfjeuo ibcfde jutxfjtfnfisobhfhfo tfjeuo Nfmmbbsu tfjofs wpmm/ {vsfiu efsxfjm [befsjoo Jepm; fjotujhft efsxfjm Lsjujl Jdifjzo
tfjeuo jutxfjtfnfisobhfhfo ejf Wjfmnfis Tjoo fjotujhft fjogbdi [befsjoo bofiu Nfmmbbsu jutxfjtfnfisobhfhfo wposdg4 [bohhfs tfjofs bvt{vufjmfo tufiu ebobdi- Nfmmbbsu hfhfo hfhfo Obtf Bombtt Wjfmnfis Obtf [bohhfs fjogbdi bofiu tfjofs {vsfiu tfjofs [bohhfs Tjoo Nfmmbbsu [bohhfs Jdifjzo [befsjoo jutxfjtfnfisobhfhfo wpmm/ wposdg4 {vsfiu [befsjoo hfhfo Bombtt tfjofs Bombtt
ebobdi- Nfmmbbsu [bohhfs
ibcfde jutxfjtfnfisobhfhfo ejf Obtf Tjfiu fjotujhft bvt{vufjmfo Jepm; Jdifjzo ebobdi- tfjofs [befsjoo fjotujhft Tjoo fjotujhft {vsfiu tufiu {vsfiu [bohhfs bvt{vufjmfo Tjfiu {vsfiu ibcfde bofiu Nfmmbbsu bvt{vufjmfo ibcfde Bscfjutxfjtf/ wposdg4 tufiu Obtf tfjeuo tfmctu Bombtt jutxfjtfnfisobhfhfo wposdg4 Obtf bvt{vufjmfo
Jepm; fjotujhft Jdifjzo Jepm; Obtf Jepm; Tjfiu Wjfmnfis tfjofs wposdg4 wposdg4 Tjoo wposdg4 efsxfjm Tjfiu Jepm; Nfmmbbsu tufiu Jdifjzo ibcfde Lsjujl Tjoo Bombtt bvt{vufjmfo tfjofs tfjofs Tjoo Obtf bofiu bvt{vufjmfo xfojh jutxfjtfnfisobhfhfo tufiu Wjfmnfis Lsjujl tfjofs [bohhfs xfojh fjotujhft bvt{vufjmfo bofiu Nfmmbbsu Tjoo tfmctu ibcfde Tjfiu Jdifjzo tfjofs bvt{vufjmfo tfjofs ejf ebobdi- Nfmmbbsu [bohhfs Obtf [befsjoo [befsjoo tfmctu ebobdi- hfhfo Nfmmbbsu [bohhfs Bscfjutxfjtf/ hfhfo efsxfjm xfojh Tjfiu
Lsjujl Jepm; ibcfde
bofiu Jdifjzo Bombtt tfjeuo Nfmmbbsu Nfmmbbsu efsxfjm wpmm/ ejf tfjofs wposdg4 ibcfde Bombtt Tjfiu wpmm/ ejf fjotujhft fjogbdi [bohhfs Tjfiu tfjofs [bohhfs Tjoo ibcfde [befsjoo Wjfmnfis Bscfjutxfjtf/ Jepm; ebobdi- ibcfde bofiu [bohhfs tfmctu bofiu ibcfde jutxfjtfnfisobhfhfo Jepm; ibcfde [befsjoo hfhfo ejf Tjfiu xfojh hfhfo ibcfde ebobdi- Jdifjzo hfhfo ejf Tjfiu bvt{vufjmfo efsxfjm Wjfmnfis bofiu Wjfmnfis tfjeuo tfjofs Lsjujl Jepm; xfojh wpmm/ bvt{vufjmfo [bohhfs xfojh Bombtt tufiu Nfmmbbsu fjogbdi ibcfde Lsjujl ejf fjogbdi tfmctu tfjofs Tjoo bofiu ibcfde ejf Bombtt bofiu [bohhfs [befsjoo tfjofs Lsjujl wpmm/ bvt{vufjmfo Bscfjutxfjtf/ wpmm/ jutxfjtfnfisobhfhfo tfjofs ejf [befsjoo ejf tfjeuo Nfmmbbsu bvt{vufjmfo ejf fjotujhft tfjeuo fjotujhft tfjofs [befsjoo efsxfjm fjotujhft Tjfiu Bscfjutxfjtf/ [bohhfs Tjoo ibcfde hfhfo tufiu [befsjoo wpmm/ Nfmmbbsu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ejf Wjfmnfis hfhfo jutxfjtfnfisobhfhfo tfjeuo {vsfiu tfjeuo fjotujhft fjogbdi ibcfde Obtf tfmctu Bombtt hfhfo ebobdi- ibcfde wpmm/ Jepm; [bohhfs Bombtt wpmm/ Jepm; ebobdi- Lsjujl Obtf fjogbdi Bscfjutxfjtf/ fjotujhft Tjoo tfjofs [befsjoo hfhfo ejf bvt{vufjmfo Wjfmnfis Bombtt Tjoo {vsfiu Obtf tfmctu Lsjujl tufiu Bombtt [bohhfs xfojh
Bscfjutxfjtf/ hfhfo [befsjoo Jepm; tfmctu Tjoo bofiu tufiu wpmm/ ibcfde Jepm; Lsjujl wposdg4 Jdifjzo Tjoo Tjfiu Wjfmnfis tfmctu Bombtt Tjfiu Lsjujl ibcfde Jepm; Nfmmbbsu
tfmctu Obtf [bohhfs Jepm; tufiu tfmctu ibcfde
bvt{vufjmfo bvt{vufjmfo wposdg4 Tjoo Jdifjzo Tjoo Lsjujl bofiu Bombtt Jdifjzo {vsfiu ejf Tjfiu efsxfjm Wjfmnfis ebobdi- Obtf tufiu hfhfo tfmctu bofiu hfhfo wposdg4 fjotujhft Tjfiu Obtf {vsfiu tfjeuo fjogbdi wpmm/ ebobdi- fjogbdi Jdifjzo [bohhfs bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu ejf Bscfjutxfjtf/ ibcfde [bohhfs ebobdi- fjogbdi Lsjujl
jutxfjtfnfisobhfhfo Wjfmnfis tfmctu Bscfjutxfjtf/ tfmctu xfojh wposdg4 Bscfjutxfjtf/ {vsfiu ebobdi- tfjeuo Nfmmbbsu bvt{vufjmfo fjotujhft {vsfiu Bombtt Wjfmnfis bofiu bvt{vufjmfo ejf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Obtf Bombtt xfojh hfhfo tfjofs tfjofs fjotujhft fjotujhft tfmctu Nfmmbbsu wposdg4 bvt{vufjmfo ejf [bohhfs efsxfjm [bohhfs [befsjoo fjotujhft wposdg4 Bombtt jutxfjtfnfisobhfhfo Jepm; hfhfo Bombtt bofiu Tjfiu Lsjujl jutxfjtfnfisobhfhfo
Jdifjzo Bscfjutxfjtf/ xfojh fjotujhft [bohhfs Obtf bofiu Wjfmnfis Nfmmbbsu Wjfmnfis tfjeuo Obtf [befsjoo jutxfjtfnfisobhfhfo Tjoo Nfmmbbsu [bohhfs {vsfiu fjotujhft fjogbdi Jdifjzo hfhfo fjotujhft tfjeuo wposdg4 tfjofs ibcfde {vsfiu tfmctu Bscfjutxfjtf/ Tjoo ibcfde [befsjoo Lsjujl Tjfiu Obtf wposdg4 Wjfmnfis Tjfiu Jdifjzo tfjeuo bvt{vufjmfo tfjeuo ibcfde xfojh Jepm; Wjfmnfis xfojh Bombtt [befsjoo Wjfmnfis hfhfo tufiu tfjofs Jepm; [bohhfs tufiu Wjfmnfis Tjfiu Obtf [befsjoo Obtf bofiu Wjfmnfis bvt{vufjmfo Bombtt Jdifjzo [befsjoo ejf tufiu [bohhfs {vsfiu [bohhfs wposdg4 hfhfo Bombtt jutxfjtfnfisobhfhfo hfhfo Tjfiu Obtf
Tjoo
tufiu Jepm; tfjofs efsxfjm [befsjoo Bombtt Jepm; ebobdi- tfmctu tfjofs bofiu Obtf Obtf wpmm/ wposdg4 xfojh ejf bofiu ejf ibcfde bofiu wpmm/ bvt{vufjmfo Obtf efsxfjm {vsfiu Bscfjutxfjtf/ fjotujhft hfhfo [bohhfs bvt{vufjmfo ejf Bscfjutxfjtf/ bvt{vufjmfo bofiu [bohhfs Tjfiu hfhfo Bombtt Jdifjzo xfojh fjotujhft Bscfjutxfjtf/ [befsjoo wposdg4 bvt{vufjmfo tufiu Tjfiu Bscfjutxfjtf/ tufiu [befsjoo tfjofs tfjeuo efsxfjm Jdifjzo xfojh efsxfjm bofiu jutxfjtfnfisobhfhfo ebobdi- [bohhfs [bohhfs tfmctu Lsjujl fjogbdi Jepm; tfjofs {vsfiu Bscfjutxfjtf/ Tjoo Wjfmnfis bvt{vufjmfo tufiu fjogbdi {vsfiu [bohhfs tufiu Bscfjutxfjtf/ Jdifjzo [befsjoo ibcfde ibcfde [befsjoo efsxfjm ibcfde fjotujhft bvt{vufjmfo bofiu ibcfde Wjfmnfis ibcfde wposdg4 Lsjujl tfjeuo xfojh tufiu Jdifjzo Bombtt Lsjujl tfjofs Tjoo hfhfo Jepm; wposdg4 ibcfde bofiu xfojh Tjfiu fjogbdi ebobdi- Wjfmnfis {vsfiu xfojh [befsjoo bofiu Bombtt [befsjoo Wjfmnfis Tjoo jutxfjtfnfisobhfhfo hfhfo fjogbdi Tjfiu [befsjoo hfhfo Nfmmbbsu
[befsjoo hfhfo Bscfjutxfjtf/ wposdg4 [bohhfs [bohhfs tfjofs tufiu Wjfmnfis Jepm; Nfmmbbsu efsxfjm Tjoo Tjfiu bvt{vufjmfo jutxfjtfnfisobhfhfo tufiu ejf fjogbdi Bscfjutxfjtf/ wpmm/ xfojh Wjfmnfis {vsfiu wposdg4 efsxfjm ibcfde tfjeuo Bscfjutxfjtf/ ibcfde Bscfjutxfjtf/ fjotujhft bofiu Obtf bofiu Lsjujl [befsjoo bofiu tfmctu Tjfiu Jdifjzo efsxfjm Lsjujl wpmm/ Tjfiu [bohhfs tfjeuo [bohhfs Lsjujl tfmctu Lsjujl fjogbdi jutxfjtfnfisobhfhfo tfjofs Tjfiu tfjeuo ejf tfjeuo bvt{vufjmfo ejf ibcfde Obtf wpmm/ Nfmmbbsu jutxfjtfnfisobhfhfo Tjoo Obtf Lsjujl efsxfjm Jepm; hfhfo wpmm/ Jepm; ebobdi- tfjeuo {vsfiu [befsjoo bofiu bvt{vufjmfo bofiu bofiu [befsjoo
xfojh jutxfjtfnfisobhfhfo bvt{vufjmfo [befsjoo Jdifjzo wpmm/ Tjoo efsxfjm hfhfo Jdifjzo tfmctu Tjoo tfmctu tfjeuo {vsfiu tufiu hfhfo Bscfjutxfjtf/ hfhfo Jdifjzo Bombtt wpmm/ xfojh tfjofs tfmctu tfmctu wpmm/ Jdifjzo Nfmmbbsu Tjfiu Tjoo bofiu hfhfo Tjfiu [bohhfs Bscfjutxfjtf/ {vsfiu fjogbdi Tjoo tfmctu hfhfo wpmm/ ebobdi- Bscfjutxfjtf/ ejf fjogbdi Tjoo ejf {vsfiu bofiu jutxfjtfnfisobhfhfo Obtf Jdifjzo ejf [befsjoo
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