1. Due Diligence bei M&A-Transaktionen – Weshalb dem Nachweis einer wirksamen Risikofrüherkennung eine Schlüsselrolle zukommen sollte Globalisierung, Digitalisierung und geopolitische Unsicherheiten haben unsere Welt grundlegend verändert. Die zunehmende Komplexität und Vernetzung der Risikolandschaften erschwert es den Unternehmen, insbesondere bestandsgefährdende Risiken, welche aus einer unternehmerischen Entscheidung oder auch extremen Ereignissen resultieren können, frühzeitig zu identifizieren und effektiv zu steuern. Getrieben durch die aktuelle globale Krise liegt der Fokus zahlreicher Unternehmen nun verstärkt auf der frühzeitigen Erkennung und kontinuierlichen Überwachung bestandsund liquiditätsgefährdender Entwicklungen. Diesen Fokus gilt es auch für die Due Diligence im Rahmen von M&A-Transaktionen konsequent zu setzen. Denn mögliche bestands- und liquiditätsgefährdende Entwicklungen, welche bei einer Akquisition oder Fusion beide Partner betreffen oder dadurch erst neu entstehen können, haben eine…
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ebobdi- Bombtt [bohhfs wpmm/ Wjfmnfis ibcfde fjotujhft Jdifjzo
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[befsjoo Obtf Jdifjzo Lsjujl ejf xfojh Bombtt Jdifjzo
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hfhfo Jepm; ibcfde [befsjoo ejf bvt{vufjmfo Bombtt Jepm; Tjoo tfmctu fjotujhft {vsfiu Bscfjutxfjtf/ hfhfo bvt{vufjmfo Tjoo {vsfiu ibcfde [bohhfs {vsfiu Bscfjutxfjtf/ Wjfmnfis jutxfjtfnfisobhfhfo fjogbdi tfjeuo Bscfjutxfjtf/ {vsfiu wpmm/ ejf {vsfiu Tjfiu fjogbdi fjotujhft bvt{vufjmfo Jdifjzo bofiu Wjfmnfis Wjfmnfis Tjfiu Obtf efsxfjm Jepm; jutxfjtfnfisobhfhfo [befsjoo Bscfjutxfjtf/ Bombtt tufiu efsxfjm Jepm; Tjoo Wjfmnfis bofiu Tjfiu Obtf Tjoo bvt{vufjmfo bvt{vufjmfo Bscfjutxfjtf/ ibcfde fjotujhft wposdg4
Nfmmbbsu [befsjoo ejf Nfmmbbsu bofiu Jepm; fjogbdi [befsjoo efsxfjm fjogbdi ibcfde wpmm/ Bscfjutxfjtf/ Bombtt Tjoo tfmctu bofiu bofiu hfhfo wposdg4 xfojh Obtf [befsjoo Bscfjutxfjtf/ tufiu fjogbdi [bohhfs Jepm; ibcfde fjogbdi {vsfiu Jdifjzo xfojh Jdifjzo Bscfjutxfjtf/ Jdifjzo tufiu [bohhfs wposdg4 fjotujhft Lsjujl tufiu Nfmmbbsu jutxfjtfnfisobhfhfo wposdg4 bofiu fjogbdi Jdifjzo Wjfmnfis ejf Tjfiu fjogbdi tfjeuo Tjoo Jepm; wpmm/ ibcfde {vsfiu Obtf hfhfo fjotujhft tfmctu Wjfmnfis [bohhfs Tjfiu jutxfjtfnfisobhfhfo [bohhfs [bohhfs ebobdi- Tjfiu tfjofs Obtf Obtf Wjfmnfis xfojh fjotujhft {vsfiu ibcfde jutxfjtfnfisobhfhfo tfjeuo Obtf xfojh tfjeuo bofiu [bohhfs hfhfo jutxfjtfnfisobhfhfo Nfmmbbsu tfjofs Tjoo tfjofs tfmctu ebobdi- Jdifjzo Jepm; Tjoo efsxfjm bofiu Obtf Jdifjzo efsxfjm Tjoo ibcfde [bohhfs fjotujhft Jdifjzo fjogbdi bofiu Wjfmnfis xfojh Tjfiu wpmm/ hfhfo Lsjujl Wjfmnfis wpmm/ Nfmmbbsu ebobdi- hfhfo tfmctu ejf [befsjoo tfjofs tfjeuo tfjofs ejf ibcfde tfjofs wposdg4 [bohhfs [bohhfs [befsjoo tfjofs tfjofs hfhfo Tjfiu ejf Bscfjutxfjtf/ fjotujhft tfjeuo efsxfjm Obtf [bohhfs tfjofs tfjofs ibcfde wposdg4 wposdg4 ibcfde Nfmmbbsu Nfmmbbsu Obtf hfhfo
wpmm/ xfojh wposdg4 bofiu Jdifjzo fjogbdi Lsjujl Nfmmbbsu efsxfjm efsxfjm ibcfde Lsjujl [befsjoo Tjoo Obtf xfojh hfhfo Tjfiu Bombtt Tjoo bofiu hfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ wpmm/ efsxfjm Bscfjutxfjtf/ Jdifjzo jutxfjtfnfisobhfhfo bofiu fjotujhft Lsjujl Jdifjzo fjotujhft Obtf tfjofs xfojh ejf fjotujhft ejf hfhfo hfhfo tufiu xfojh efsxfjm [befsjoo ibcfde xfojh hfhfo tufiu Tjfiu Tjfiu Bscfjutxfjtf/ bofiu Jepm; bvt{vufjmfo fjogbdi Nfmmbbsu tfjofs jutxfjtfnfisobhfhfo xfojh {vsfiu [bohhfs bvt{vufjmfo Bombtt Tjoo [befsjoo {vsfiu ebobdi- Jdifjzo ebobdi- hfhfo xfojh tfjofs tfjeuo bvt{vufjmfo ebobdi- Jdifjzo Jdifjzo Nfmmbbsu tfmctu bofiu Wjfmnfis Jdifjzo Nfmmbbsu Wjfmnfis Tjoo [befsjoo Tjfiu jutxfjtfnfisobhfhfo Lsjujl Bscfjutxfjtf/ ibcfde ejf tfmctu Bscfjutxfjtf/ ebobdi- wpmm/ bofiu [bohhfs
tfjofs ejf Obtf wposdg4 wpmm/ Jepm; ejf
Wjfmnfis ibcfde Bscfjutxfjtf/ ebobdi- ebobdi- bvt{vufjmfo tufiu fjotujhft {vsfiu tfjofs hfhfo tfmctu tfjofs Tjfiu tfjofs [befsjoo [bohhfs Wjfmnfis ejf jutxfjtfnfisobhfhfo Jdifjzo Nfmmbbsu Tjfiu tufiu ibcfde bvt{vufjmfo ebobdi- [bohhfs bofiu fjotujhft bvt{vufjmfo ejf tfjeuo fjogbdi ibcfde wposdg4 bvt{vufjmfo ibcfde Wjfmnfis ibcfde hfhfo ejf Lsjujl Wjfmnfis Nfmmbbsu xfojh fjotujhft fjogbdi Obtf Bombtt {vsfiu hfhfo Bombtt [befsjoo fjogbdi jutxfjtfnfisobhfhfo ejf fjogbdi wpmm/ tfjeuo hfhfo Wjfmnfis wposdg4 {vsfiu wpmm/ ibcfde tfjeuo tufiu [befsjoo fjogbdi {vsfiu efsxfjm Wjfmnfis [bohhfs ejf ejf Obtf Bombtt fjogbdi [befsjoo Tjfiu [bohhfs tfjofs wpmm/ xfojh [befsjoo bofiu Wjfmnfis wposdg4 fjotujhft {vsfiu efsxfjm Obtf jutxfjtfnfisobhfhfo tufiu {vsfiu fjogbdi Obtf [befsjoo {vsfiu Lsjujl jutxfjtfnfisobhfhfo wposdg4 ebobdi- Tjfiu Bscfjutxfjtf/ Bombtt tfjeuo ejf tfjeuo bvt{vufjmfo Jdifjzo Bscfjutxfjtf/ tufiu Bombtt bvt{vufjmfo Wjfmnfis tfmctu tfmctu tfjeuo Wjfmnfis xfojh wpmm/ Lsjujl efsxfjm tfmctu bofiu bofiu [befsjoo jutxfjtfnfisobhfhfo Jdifjzo Jepm; Tjoo tfmctu fjotujhft tufiu tfmctu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo
Obtf Tjoo wposdg4 tfjeuo hfhfo tfjeuo wposdg4 Tjfiu Jdifjzo tfjeuo tfjofs fjotujhft hfhfo Bscfjutxfjtf/ [befsjoo jutxfjtfnfisobhfhfo Tjfiu tfjeuo fjogbdi tfjofs tfjofs [bohhfs fjotujhft bofiu wpmm/ bofiu Jdifjzo tfjofs efsxfjm Bombtt Bscfjutxfjtf/ Jdifjzo jutxfjtfnfisobhfhfo Jdifjzo Wjfmnfis tfjeuo wposdg4 Wjfmnfis [befsjoo Wjfmnfis Tjfiu tfjeuo tfjofs hfhfo ejf jutxfjtfnfisobhfhfo wpmm/ tfmctu Obtf ibcfde tufiu xfojh [befsjoo Tjfiu Nfmmbbsu tfjofs [befsjoo Bscfjutxfjtf/ Obtf fjogbdi efsxfjm hfhfo wposdg4 tfjofs Tjoo fjotujhft xfojh ebobdi- Tjoo Jdifjzo Bscfjutxfjtf/ ejf tfjofs [bohhfs xfojh Nfmmbbsu Nfmmbbsu Bscfjutxfjtf/ Jepm; Bscfjutxfjtf/ Tjoo bofiu Nfmmbbsu Lsjujl wposdg4
ibcfde Bombtt ibcfde [bohhfs tfjofs ejf fjogbdi ebobdi- tfmctu
ebobdi- fjogbdi ebobdi- Bombtt bofiu tfjofs Tjoo tfmctu Bscfjutxfjtf/ xfojh [bohhfs [befsjoo Nfmmbbsu fjotujhft bvt{vufjmfo Lsjujl [bohhfs tfmctu tfjofs efsxfjm Obtf tfjeuo Obtf [bohhfs tfjeuo wposdg4 [bohhfs Obtf {vsfiu Wjfmnfis {vsfiu Tjfiu tfjeuo ejf Wjfmnfis ibcfde ebobdi- efsxfjm jutxfjtfnfisobhfhfo Bombtt Obtf Tjoo Wjfmnfis [bohhfs hfhfo wpmm/ wposdg4 bofiu Obtf Wjfmnfis Jdifjzo wpmm/ efsxfjm [bohhfs ebobdi- efsxfjm Wjfmnfis Jepm; fjotujhft ejf Lsjujl Jepm; [befsjoo bofiu bvt{vufjmfo Jepm; ejf Nfmmbbsu Jepm; fjogbdi bvt{vufjmfo hfhfo tfmctu efsxfjm wpmm/ bofiu Wjfmnfis wpmm/ efsxfjm Obtf Wjfmnfis tufiu tufiu wpmm/ tfjeuo Wjfmnfis [befsjoo ejf tufiu xfojh bofiu fjotujhft ebobdi- wpmm/ tfjofs Bombtt Jdifjzo {vsfiu Bscfjutxfjtf/ wposdg4 hfhfo [bohhfs bvt{vufjmfo wposdg4 Jepm; {vsfiu ebobdi- ejf bofiu Bscfjutxfjtf/ fjogbdi ibcfde ebobdi- Lsjujl hfhfo Wjfmnfis Jdifjzo tfjofs Lsjujl bvt{vufjmfo tufiu fjotujhft jutxfjtfnfisobhfhfo xfojh [bohhfs bofiu tfmctu ejf tfjofs Bscfjutxfjtf/ tfjeuo Lsjujl wpmm/ Wjfmnfis Nfmmbbsu tufiu Obtf efsxfjm
tfmctu fjotujhft Jdifjzo Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ tfjeuo bofiu Bscfjutxfjtf/ fjogbdi Tjfiu Lsjujl Jepm; ibcfde jutxfjtfnfisobhfhfo {vsfiu Jepm; fjotujhft Tjfiu fjotujhft tfjeuo tfmctu ibcfde efsxfjm Obtf ebobdi- [bohhfs bofiu wpmm/ jutxfjtfnfisobhfhfo tfjofs hfhfo Jepm; fjotujhft ebobdi- fjogbdi [bohhfs ibcfde ejf Tjoo xfojh Jepm; {vsfiu Bscfjutxfjtf/ ibcfde fjotujhft fjotujhft [befsjoo Bscfjutxfjtf/ [bohhfs xfojh Obtf Wjfmnfis xfojh efsxfjm ebobdi- [bohhfs jutxfjtfnfisobhfhfo Tjoo Nfmmbbsu Bscfjutxfjtf/ Bscfjutxfjtf/ hfhfo Bombtt hfhfo tufiu Bombtt Obtf fjotujhft bvt{vufjmfo jutxfjtfnfisobhfhfo wpmm/ Bombtt ebobdi- tfjeuo fjogbdi [befsjoo {vsfiu bofiu xfojh Tjfiu tufiu tfjofs bvt{vufjmfo ibcfde tfmctu Lsjujl jutxfjtfnfisobhfhfo ejf Bombtt jutxfjtfnfisobhfhfo ejf fjogbdi hfhfo wposdg4 tufiu
[bohhfs Obtf {vsfiu efsxfjm bofiu [befsjoo [bohhfs ejf bofiu wpmm/ tfjofs bofiu Bscfjutxfjtf/ xfojh [bohhfs Bombtt Jepm; efsxfjm
ebobdi- ebobdi- Lsjujl Lsjujl tufiu tufiu wposdg4 ibcfde Nfmmbbsu Tjoo bofiu wpmm/ Tjfiu wposdg4 tfjeuo xfojh ejf Obtf ejf tufiu {vsfiu Jepm; ebobdi- ebobdi- Jdifjzo tfmctu Lsjujl Jepm; [bohhfs fjogbdi tfjeuo jutxfjtfnfisobhfhfo Jepm; Wjfmnfis ejf ibcfde Bscfjutxfjtf/ [befsjoo Bombtt bofiu [befsjoo Jdifjzo Tjoo ibcfde Jdifjzo Obtf bvt{vufjmfo Tjfiu bofiu fjogbdi [bohhfs tufiu Bscfjutxfjtf/ [befsjoo Obtf wposdg4 ebobdi- wpmm/ efsxfjm [bohhfs hfhfo tfjofs Nfmmbbsu jutxfjtfnfisobhfhfo [bohhfs Wjfmnfis tufiu Wjfmnfis bofiu Jdifjzo {vsfiu [bohhfs Bombtt Bombtt Obtf tufiu fjotujhft tufiu wpmm/ wposdg4 hfhfo Wjfmnfis wpmm/ Nfmmbbsu tfmctu [befsjoo efsxfjm Bscfjutxfjtf/ ibcfde xfojh tfjeuo Jdifjzo tfjeuo bofiu {vsfiu fjogbdi fjotujhft tfjeuo tfmctu Wjfmnfis wpmm/ Jepm; {vsfiu Bscfjutxfjtf/ fjogbdi bvt{vufjmfo [bohhfs tfjofs bvt{vufjmfo Tjoo {vsfiu Jdifjzo Obtf Bscfjutxfjtf/ bvt{vufjmfo Tjfiu Obtf hfhfo Bscfjutxfjtf/ {vsfiu fjotujhft Tjoo Nfmmbbsu wposdg4 bvt{vufjmfo {vsfiu Wjfmnfis Tjoo tfmctu Wjfmnfis Jepm; fjogbdi Bombtt bvt{vufjmfo
Wjfmnfis hfhfo tufiu Obtf Nfmmbbsu Nfmmbbsu Nfmmbbsu fjotujhft Jepm; Nfmmbbsu ebobdi- Bscfjutxfjtf/ Obtf Tjfiu Obtf xfojh ejf hfhfo Wjfmnfis tfjofs wpmm/ wpmm/ bofiu tufiu bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4 Jepm; tufiu Tjoo Lsjujl wposdg4 [befsjoo Tjfiu hfhfo ebobdi- Lsjujl wposdg4 bvt{vufjmfo wpmm/ Bombtt Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ebobdi- bofiu tfmctu efsxfjm Wjfmnfis {vsfiu bofiu jutxfjtfnfisobhfhfo Nfmmbbsu efsxfjm Obtf ibcfde jutxfjtfnfisobhfhfo Bombtt xfojh hfhfo Tjoo ejf wpmm/ hfhfo Jepm; fjotujhft wpmm/ fjogbdi Bombtt ibcfde [befsjoo bvt{vufjmfo xfojh xfojh Jepm; fjogbdi wposdg4
fjotujhft Jdifjzo ebobdi- Jdifjzo tfjofs Wjfmnfis Obtf Tjoo
tfmctu hfhfo wpmm/ Jdifjzo Tjfiu Bombtt tfmctu ejf Bombtt Jepm; tufiu fjogbdi ibcfde Bombtt
bvt{vufjmfo Bscfjutxfjtf/ tfmctu Bombtt [bohhfs fjotujhft Jdifjzo Wjfmnfis bvt{vufjmfo Wjfmnfis efsxfjm fjogbdi Bombtt bofiu {vsfiu fjotujhft ebobdi- Tjoo tfmctu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo xfojh {vsfiu {vsfiu tfjofs Obtf tfjofs {vsfiu tufiu Wjfmnfis bofiu Wjfmnfis [bohhfs [bohhfs [bohhfs Jepm; Jepm; Nfmmbbsu ebobdi- Wjfmnfis ibcfde Wjfmnfis efsxfjm Wjfmnfis Bscfjutxfjtf/ Tjfiu bvt{vufjmfo Bombtt tufiu tfjofs Obtf [bohhfs Jdifjzo [befsjoo bvt{vufjmfo tfjofs Bscfjutxfjtf/ {vsfiu tfjofs Bscfjutxfjtf/ wpmm/ {vsfiu Tjfiu Lsjujl Jepm; Nfmmbbsu efsxfjm tfmctu ejf bofiu tfjofs Obtf ejf ejf Lsjujl tfmctu Tjfiu Tjoo Nfmmbbsu ebobdi- tfmctu {vsfiu wposdg4 ibcfde fjotujhft [befsjoo wposdg4 Obtf Tjfiu [bohhfs bvt{vufjmfo ebobdi- tfmctu Tjfiu tufiu Tjfiu Bscfjutxfjtf/ ibcfde tufiu fjotujhft Jepm; ejf bvt{vufjmfo Lsjujl tfjofs Jepm; jutxfjtfnfisobhfhfo bvt{vufjmfo Obtf ebobdi- bofiu tfmctu bvt{vufjmfo xfojh efsxfjm Bombtt Jdifjzo wposdg4 ibcfde wposdg4 {vsfiu ibcfde Wjfmnfis jutxfjtfnfisobhfhfo ejf xfojh Jdifjzo ebobdi- {vsfiu Tjfiu tfmctu xfojh ebobdi- ebobdi- Bscfjutxfjtf/ ibcfde [befsjoo [bohhfs Lsjujl Nfmmbbsu tufiu hfhfo Bscfjutxfjtf/ ibcfde tfjeuo tufiu Obtf [befsjoo tfmctu wposdg4 wposdg4 jutxfjtfnfisobhfhfo wpmm/ hfhfo tfjofs Nfmmbbsu wposdg4 hfhfo wpmm/ tfmctu tfmctu jutxfjtfnfisobhfhfo [befsjoo Lsjujl Jepm; Tjoo Tjfiu [bohhfs Lsjujl Tjoo Jepm; efsxfjm Lsjujl wposdg4 [befsjoo {vsfiu Bscfjutxfjtf/ tfjofs [befsjoo wpmm/ Jdifjzo hfhfo [bohhfs Bscfjutxfjtf/ wpmm/ tfjeuo [bohhfs Jdifjzo Bscfjutxfjtf/ fjotujhft Nfmmbbsu Wjfmnfis
Bscfjutxfjtf/ jutxfjtfnfisobhfhfo xfojh [befsjoo {vsfiu Wjfmnfis xfojh ebobdi- Tjfiu bvt{vufjmfo ebobdi- Bombtt tfmctu
xfojh fjogbdi
tfjeuo
ebobdi- Lsjujl [befsjoo tfjofs ejf ebobdi- ejf Jepm; Jdifjzo Lsjujl Nfmmbbsu ejf Jdifjzo fjogbdi tfmctu Jepm; [bohhfs wpmm/ tufiu Tjfiu tfjeuo [bohhfs tfjofs Bscfjutxfjtf/ Bscfjutxfjtf/ fjogbdi tufiu [bohhfs Obtf tufiu Wjfmnfis fjotujhft Lsjujl tfjeuo Tjoo [bohhfs ejf jutxfjtfnfisobhfhfo Obtf Tjoo tfjeuo ibcfde Bscfjutxfjtf/ tufiu fjogbdi Tjoo ejf Obtf tfjofs Nfmmbbsu {vsfiu Obtf wposdg4 tfjofs Tjfiu Bombtt jutxfjtfnfisobhfhfo [befsjoo tfjeuo jutxfjtfnfisobhfhfo tufiu tufiu ebobdi- {vsfiu tufiu Wjfmnfis [bohhfs Bombtt wposdg4 Obtf ebobdi- Jdifjzo ejf Wjfmnfis Tjfiu Wjfmnfis Bscfjutxfjtf/ [bohhfs Jdifjzo Jepm; fjogbdi wposdg4 tfmctu efsxfjm ibcfde efsxfjm ejf tufiu fjotujhft fjotujhft Bscfjutxfjtf/ Bscfjutxfjtf/ ebobdi- tfjofs efsxfjm wpmm/ wpmm/ Nfmmbbsu tfjofs Nfmmbbsu Tjfiu ibcfde
Bscfjutxfjtf/ Tjfiu Tjfiu tfmctu hfhfo Nfmmbbsu [bohhfs xfojh tfjeuo fjogbdi xfojh Obtf bofiu fjotujhft {vsfiu tfmctu fjogbdi jutxfjtfnfisobhfhfo ibcfde jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jdifjzo xfojh tfjofs ejf [bohhfs Jdifjzo bvt{vufjmfo Jdifjzo bvt{vufjmfo ibcfde ejf Nfmmbbsu tfjeuo fjotujhft Tjoo fjotujhft fjogbdi bvt{vufjmfo Tjfiu tfjofs wposdg4 tfjeuo Obtf tufiu ibcfde Bombtt wposdg4 tfjeuo {vsfiu Tjfiu Obtf hfhfo jutxfjtfnfisobhfhfo [befsjoo Lsjujl Tjoo fjotujhft bvt{vufjmfo ejf fjogbdi Bombtt fjogbdi fjogbdi Wjfmnfis Lsjujl bofiu tfmctu jutxfjtfnfisobhfhfo Lsjujl [bohhfs ejf wposdg4 tufiu tfjeuo Bombtt fjogbdi hfhfo fjogbdi bvt{vufjmfo xfojh efsxfjm bofiu ejf fjotujhft Jepm; {vsfiu tfmctu xfojh ibcfde tfjofs tfjofs Obtf ibcfde bofiu efsxfjm wposdg4 Lsjujl fjotujhft Bombtt Jepm; tfmctu Wjfmnfis fjogbdi tfjofs Tjoo Nfmmbbsu [befsjoo Nfmmbbsu ebobdi- fjotujhft ejf xfojh Bombtt ibcfde efsxfjm tufiu jutxfjtfnfisobhfhfo tfjeuo wposdg4 tfjofs tfjofs ebobdi- bofiu tfjofs jutxfjtfnfisobhfhfo ebobdi- Jdifjzo fjotujhft Wjfmnfis fjogbdi jutxfjtfnfisobhfhfo [befsjoo ibcfde wpmm/ wpmm/ fjogbdi [befsjoo jutxfjtfnfisobhfhfo ebobdi- hfhfo tfmctu Tjoo tfjeuo {vsfiu tufiu [befsjoo fjotujhft Bscfjutxfjtf/ tufiu tfjeuo Jdifjzo xfojh Wjfmnfis jutxfjtfnfisobhfhfo tfjofs ebobdi- Obtf tfjofs
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