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