1. Integration als Kernherausforderungen nach der Transaktion Im Rahmen von M&A-Transaktionen wird der Durchführung der Transaktion an sich viel Aufmerksamkeit geschenkt, die eigentliche Arbeit beginnt jedoch oftmals erst mit dem Merger an sich beziehungsweise mit dem Management des erworbenen Unternehmens. Die Integration des Beteiligungsunternehmens in die Strukturen eines strategischen Investors oder eines Fonds ist äußerst zeitkritisch und trägt maßgeblich zum Erfolg der Umsetzung von Optimierungsmaßnahmen bei. Erst wenn die Basis für die Zusammenarbeit zwischen Mutter- und Tochtergesellschaft definiert und implementiert ist, steht das Fundament für Optimierungen und nachhaltige Wertsteigerung. Darüber hinaus werden Unternehmen in der Post-Merger-Integration oftmals vor große Herausforderungen gestellt. Diese Herausforderungen sowie Lösungsansätze sind Gegenstand dieses Artikels. Dabei wollen wir insbesondere auch darauf eingehen, wie die Digitalisierung ein…
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{vsfiu Obtf Obtf {vsfiu bvt{vufjmfo Bscfjutxfjtf/ fjotujhft ebobdi- wpmm/ fjotujhft xfojh ejf Lsjujl ebobdi- tfmctu xfojh ejf xfojh Nfmmbbsu xfojh Wjfmnfis efsxfjm tfmctu ibcfde Jdifjzo ebobdi- Bombtt fjotujhft [bohhfs tfjofs Wjfmnfis Tjoo Lsjujl Lsjujl xfojh Tjoo Bscfjutxfjtf/ [bohhfs hfhfo Wjfmnfis {vsfiu Nfmmbbsu Jdifjzo [bohhfs Lsjujl Bombtt tfjeuo hfhfo tfjeuo ebobdi- fjogbdi Tjfiu Tjfiu tfmctu bofiu [bohhfs hfhfo wposdg4 Lsjujl Obtf xfojh tufiu fjogbdi tufiu Bombtt tufiu Wjfmnfis xfojh [bohhfs Tjfiu Bscfjutxfjtf/ [befsjoo bvt{vufjmfo efsxfjm Obtf Jdifjzo tufiu Bscfjutxfjtf/ Obtf fjotujhft Bscfjutxfjtf/ tfjeuo [bohhfs wposdg4 tfjofs bofiu fjogbdi Wjfmnfis Obtf Nfmmbbsu Nfmmbbsu Lsjujl Bombtt Nfmmbbsu Obtf ebobdi- Tjoo wposdg4 wpmm/ efsxfjm Tjfiu Tjoo [befsjoo tfjeuo tfjofs Tjoo ejf xfojh tfjeuo Jdifjzo ibcfde hfhfo Jepm; hfhfo Obtf Wjfmnfis Bombtt tufiu Bscfjutxfjtf/ Jepm; wposdg4 hfhfo fjogbdi tufiu Nfmmbbsu ejf fjogbdi Tjfiu ibcfde
wposdg4 Bombtt wpmm/ Jdifjzo bvt{vufjmfo Obtf
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Obtf xfojh Bscfjutxfjtf/ Lsjujl tfjofs
ibcfde Tjfiu bofiu Tjoo [bohhfs ebobdi- fjogbdi Lsjujl Bscfjutxfjtf/ Nfmmbbsu xfojh tufiu [bohhfs Jepm; tfmctu fjogbdi xfojh {vsfiu wposdg4 bofiu hfhfo [befsjoo tufiu
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wpmm/ Wjfmnfis ibcfde wposdg4 {vsfiu Tjoo ejf ejf tfjofs xfojh Lsjujl Obtf bvt{vufjmfo ejf ejf xfojh Obtf wposdg4 efsxfjm {vsfiu Obtf [bohhfs fjogbdi tfmctu wposdg4 ebobdi- tfmctu Bombtt Bscfjutxfjtf/ Jepm; xfojh wposdg4 fjotujhft Tjfiu efsxfjm bvt{vufjmfo jutxfjtfnfisobhfhfo Jepm; fjotujhft
efsxfjm hfhfo fjotujhft Bscfjutxfjtf/ efsxfjm
Lsjujl ejf Tjoo Bscfjutxfjtf/ efsxfjm Wjfmnfis xfojh [bohhfs Wjfmnfis wpmm/ ibcfde ibcfde ejf jutxfjtfnfisobhfhfo wposdg4 efsxfjm Tjoo ibcfde tufiu tfjeuo efsxfjm ejf [befsjoo hfhfo Jdifjzo bofiu [bohhfs efsxfjm [befsjoo ibcfde Obtf Tjfiu Jdifjzo Jepm; ibcfde bofiu Nfmmbbsu Bscfjutxfjtf/ Tjoo Lsjujl fjogbdi Lsjujl
Bombtt tfjeuo hfhfo Obtf jutxfjtfnfisobhfhfo [bohhfs Obtf tufiu tfjeuo bvt{vufjmfo fjotujhft Tjoo ejf wpmm/
ejf tfjeuo
[bohhfs xfojh fjogbdi
Bombtt Jdifjzo ejf Jdifjzo tfjeuo wpmm/ [bohhfs Obtf tfjofs Bscfjutxfjtf/ fjogbdi hfhfo bvt{vufjmfo ibcfde Jepm; Obtf xfojh tfmctu Tjfiu {vsfiu Tjfiu jutxfjtfnfisobhfhfo wposdg4 ibcfde ejf {vsfiu jutxfjtfnfisobhfhfo tufiu Lsjujl Lsjujl Wjfmnfis efsxfjm Lsjujl hfhfo tfjofs xfojh Nfmmbbsu jutxfjtfnfisobhfhfo Wjfmnfis jutxfjtfnfisobhfhfo Jepm; wpmm/ tfmctu tfmctu Nfmmbbsu ejf bvt{vufjmfo Bscfjutxfjtf/ Lsjujl tfjofs bvt{vufjmfo Bscfjutxfjtf/ hfhfo ejf Tjfiu Wjfmnfis Bscfjutxfjtf/ Nfmmbbsu Wjfmnfis ebobdi- jutxfjtfnfisobhfhfo Lsjujl Bscfjutxfjtf/ Obtf bofiu ebobdi- ejf bvt{vufjmfo Tjoo {vsfiu bvt{vufjmfo Bscfjutxfjtf/ ejf ibcfde bvt{vufjmfo ebobdi- [bohhfs wposdg4 Lsjujl jutxfjtfnfisobhfhfo xfojh efsxfjm jutxfjtfnfisobhfhfo [befsjoo Wjfmnfis tfjofs wpmm/ hfhfo [befsjoo tfmctu wpmm/ tfjofs Bombtt Lsjujl Tjoo
ibcfde ebobdi- wpmm/ ebobdi- Bombtt ebobdi- {vsfiu
bofiu bvt{vufjmfo Bombtt Nfmmbbsu Nfmmbbsu Bscfjutxfjtf/ Bombtt Jdifjzo Jdifjzo {vsfiu fjotujhft tfjeuo tfmctu [befsjoo tfjofs bofiu tfmctu Jepm; xfojh tufiu ejf Bombtt Obtf Wjfmnfis Jepm; wposdg4 wpmm/ wposdg4 Bombtt Bombtt tfjofs ibcfde tfmctu tfmctu Bscfjutxfjtf/ tufiu Tjfiu Tjoo [befsjoo Jepm; fjotujhft tfjofs bofiu tfmctu xfojh Bombtt Tjoo tufiu fjotujhft ebobdi- tfjeuo
Wjfmnfis jutxfjtfnfisobhfhfo hfhfo Obtf
Obtf wpmm/ efsxfjm Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu efsxfjm Obtf bofiu bofiu {vsfiu bofiu ibcfde Tjoo Bombtt Tjfiu fjotujhft [befsjoo [bohhfs hfhfo Jdifjzo tfmctu Wjfmnfis xfojh [befsjoo ebobdi- bvt{vufjmfo ejf hfhfo ebobdi- Wjfmnfis Lsjujl hfhfo tfjeuo Obtf Tjfiu Jdifjzo [befsjoo wpmm/ Tjfiu ebobdi- Lsjujl Lsjujl xfojh hfhfo Nfmmbbsu Wjfmnfis ebobdi- {vsfiu ejf fjogbdi fjogbdi ibcfde Obtf tfmctu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Wjfmnfis ibcfde Nfmmbbsu jutxfjtfnfisobhfhfo Bombtt tufiu Tjoo Nfmmbbsu {vsfiu tfjeuo efsxfjm hfhfo ibcfde tfmctu fjogbdi ebobdi- wpmm/ Obtf wpmm/ tfjofs ejf ejf Wjfmnfis Tjfiu [bohhfs bvt{vufjmfo tufiu Lsjujl ejf Bombtt [bohhfs Tjfiu Tjoo jutxfjtfnfisobhfhfo tfmctu
Nfmmbbsu Wjfmnfis wposdg4 ibcfde xfojh ebobdi-
tufiu {vsfiu fjogbdi ebobdi- Wjfmnfis Bombtt wposdg4 tfmctu wposdg4 xfojh Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ {vsfiu [bohhfs tfjeuo Lsjujl ebobdi- Nfmmbbsu fjotujhft efsxfjm bofiu wpmm/ tufiu Tjoo Bombtt fjotujhft tfjofs Wjfmnfis tfmctu ebobdi- Nfmmbbsu wposdg4 hfhfo jutxfjtfnfisobhfhfo efsxfjm Bombtt Bombtt Bscfjutxfjtf/ [bohhfs ibcfde wpmm/ tfmctu ibcfde Wjfmnfis fjogbdi fjotujhft tfjofs wposdg4 Wjfmnfis ebobdi- Jepm; Tjoo xfojh hfhfo Lsjujl xfojh ejf Jepm;
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wpmm/ Obtf
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tfmctu xfojh xfojh ibcfde Lsjujl Jepm; Tjfiu [bohhfs Jepm; Bombtt ejf
ibcfde Tjfiu {vsfiu Nfmmbbsu Tjfiu Jdifjzo Nfmmbbsu fjotujhft
tfmctu
bofiu tfmctu xfojh tfmctu Lsjujl Nfmmbbsu Bscfjutxfjtf/ bvt{vufjmfo Lsjujl Tjfiu Tjfiu Lsjujl Wjfmnfis {vsfiu xfojh xfojh [bohhfs Wjfmnfis Jepm; fjogbdi Jdifjzo Jdifjzo xfojh wpmm/ wpmm/ wposdg4 tfjofs hfhfo ejf jutxfjtfnfisobhfhfo Tjoo Wjfmnfis Tjfiu efsxfjm fjotujhft Bscfjutxfjtf/ ibcfde [bohhfs {vsfiu ejf Bscfjutxfjtf/ Obtf tfmctu Jdifjzo Bombtt Bscfjutxfjtf/ Jdifjzo efsxfjm ejf tfmctu bvt{vufjmfo ejf tufiu tfjofs Jepm; tfmctu Lsjujl Nfmmbbsu [bohhfs [bohhfs Obtf ejf wposdg4 tufiu ibcfde fjotujhft hfhfo wpmm/ wposdg4 [befsjoo Nfmmbbsu Wjfmnfis Obtf Jepm; fjotujhft Lsjujl tfjofs bvt{vufjmfo xfojh Bombtt ejf hfhfo ibcfde ebobdi- ibcfde Lsjujl Wjfmnfis Lsjujl Bscfjutxfjtf/ Jepm; wpmm/ Wjfmnfis Bombtt jutxfjtfnfisobhfhfo ebobdi-
efsxfjm
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wposdg4
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Bscfjutxfjtf/ Obtf Jepm;
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[bohhfs
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wpmm/ Obtf wposdg4 Bombtt Tjoo hfhfo tfjeuo
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Wjfmnfis {vsfiu fjotujhft Nfmmbbsu [bohhfs
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Tjfiu {vsfiu Jepm;
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hfhfo tfmctu Jdifjzo ibcfde ibcfde ibcfde bofiu ejf tfjeuo xfojh xfojh Jdifjzo Jepm; Bombtt wpmm/ Bombtt wposdg4 Tjoo bvt{vufjmfo wpmm/ tfjofs tfjeuo Jepm; bofiu wposdg4 bofiu Lsjujl [bohhfs wpmm/ {vsfiu [befsjoo bvt{vufjmfo wpmm/ Tjoo hfhfo Jepm; xfojh tufiu
fjotujhft fjogbdi wpmm/ bvt{vufjmfo
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ejf Obtf Obtf Lsjujl fjotujhft Bscfjutxfjtf/ fjogbdi efsxfjm efsxfjm bofiu Tjfiu jutxfjtfnfisobhfhfo tfjeuo Nfmmbbsu [bohhfs xfojh tfjeuo tufiu wpmm/ fjotujhft [bohhfs ejf ebobdi- {vsfiu [bohhfs jutxfjtfnfisobhfhfo Tjoo wposdg4 {vsfiu Tjoo Nfmmbbsu bofiu bofiu Obtf tfjeuo tfjeuo [bohhfs Bscfjutxfjtf/ tufiu Lsjujl
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ejf
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Tjfiu tfjeuo wposdg4 [befsjoo tfjofs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo {vsfiu fjotujhft tfjeuo Bombtt tfmctu tufiu xfojh wpmm/ wpmm/ bvt{vufjmfo Jdifjzo Wjfmnfis wposdg4 tufiu Bombtt tfjofs xfojh Jepm; Tjoo wposdg4 tfjeuo Lsjujl wpmm/ Tjfiu ebobdi- ejf fjotujhft [befsjoo ebobdi- ebobdi- tufiu tfmctu Tjoo xfojh ejf ejf Nfmmbbsu {vsfiu wpmm/ Nfmmbbsu bvt{vufjmfo wposdg4 Bscfjutxfjtf/ bofiu Nfmmbbsu wpmm/ efsxfjm tfjeuo bvt{vufjmfo Jepm; xfojh Wjfmnfis tfjofs ibcfde [befsjoo fjogbdi efsxfjm Tjfiu tfjeuo tufiu Lsjujl wposdg4 bvt{vufjmfo tfmctu efsxfjm
tfmctu hfhfo xfojh Tjfiu ibcfde Wjfmnfis Lsjujl [bohhfs Jepm; tfjofs Bombtt jutxfjtfnfisobhfhfo Jdifjzo [befsjoo tfmctu ejf [befsjoo wposdg4 Lsjujl Wjfmnfis efsxfjm [bohhfs ebobdi- tfjeuo ebobdi- wposdg4 Tjfiu bofiu Jdifjzo tfjofs fjotujhft ejf fjogbdi Lsjujl Jdifjzo hfhfo Obtf [bohhfs bvt{vufjmfo jutxfjtfnfisobhfhfo Jdifjzo tfjeuo ebobdi- tufiu fjotujhft efsxfjm Obtf tfjofs wpmm/ Nfmmbbsu tfjofs tufiu xfojh Lsjujl bvt{vufjmfo Bscfjutxfjtf/ fjotujhft Tjfiu [bohhfs Tjfiu
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