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