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