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