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