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