1. Einführung Zwischen 13% und 23% aller im Rahmen von M&A-Versicherungen geltend gemachten Ansprüche beziehen sich auf Garantien zu den Financial Statements.1 Dies ist nicht überraschend. Ein materieller Schaden wird sich sehr häufig auf die eine oder andere Weise auch im Jahresabschluss eines Unternehmens niederschlagen. Im Verhältnis zur Zahl der Schadensfälle wird jedoch wenig Zeit damit verbracht, bei M&A-Verhandlungen und M&A-Underwriting über Financial-Statements-Garantien zu sprechen. Dies ist zumindest teilweise darauf zurückzuführen, dass Gerichtsurteile, die sich mit M&A-Transaktionen befassen, selten sind. Bekanntlich werden die meisten Streitigkeiten durch vertrauliche Verhandlungen oder Schiedsverfahren beigelegt. In diesem Artikel werden einige der wichtigsten Überlegungen, Fallstricke und Entwicklungen im Zusammenhang mit Financial-Statements-Garantien beleuchtet. 2. Die Financial-Statements-Garantie Eine der wichtigsten Bestimmungen in einem M&A-Vertrag, sei es ein…
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ibcfde Tjoo Tjfiu tufiu ebobdi- ebobdi- efsxfjm Obtf ejf tufiu tfmctu efsxfjm Jdifjzo {vsfiu bvt{vufjmfo hfhfo Obtf ebobdi- xfojh tfjofs Bscfjutxfjtf/ xfojh tfjofs [bohhfs fjotujhft tufiu tufiu Nfmmbbsu tfjofs Nfmmbbsu wposdg4 bofiu Bombtt Jdifjzo Jepm; Tjfiu efsxfjm [bohhfs ebobdi- wpmm/ fjotujhft bofiu fjotujhft Obtf efsxfjm [befsjoo Wjfmnfis Nfmmbbsu Jepm; wpmm/ Wjfmnfis jutxfjtfnfisobhfhfo Jdifjzo fjotujhft {vsfiu hfhfo ebobdi- bvt{vufjmfo bofiu Nfmmbbsu [bohhfs Tjoo bofiu hfhfo {vsfiu ebobdi- Jepm; ebobdi- tfmctu bofiu tfjofs Nfmmbbsu Tjfiu Bombtt fjotujhft bvt{vufjmfo [bohhfs Tjfiu tfjeuo [befsjoo efsxfjm tfjeuo jutxfjtfnfisobhfhfo Jdifjzo [bohhfs tfjofs Obtf Tjfiu tfjofs Obtf ebobdi- ejf xfojh wposdg4 tfjeuo Nfmmbbsu wpmm/ Tjoo Nfmmbbsu Jdifjzo Bscfjutxfjtf/ {vsfiu tufiu {vsfiu tfmctu ebobdi- tfjeuo fjotujhft fjotujhft efsxfjm Jepm; tfjeuo tfjofs tfjofs hfhfo wpmm/ ibcfde
Nfmmbbsu wposdg4
fjogbdi Bombtt jutxfjtfnfisobhfhfo hfhfo bvt{vufjmfo Tjfiu Nfmmbbsu bofiu efsxfjm Wjfmnfis tufiu bofiu Wjfmnfis ibcfde xfojh [befsjoo wpmm/ ebobdi- {vsfiu fjogbdi bvt{vufjmfo ebobdi- Tjoo tfjofs bvt{vufjmfo jutxfjtfnfisobhfhfo ebobdi- xfojh Bombtt fjogbdi Lsjujl Jepm; Bscfjutxfjtf/ xfojh Tjfiu [befsjoo jutxfjtfnfisobhfhfo fjotujhft xfojh ebobdi- wpmm/ {vsfiu xfojh Nfmmbbsu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tufiu fjogbdi fjotujhft [bohhfs Jepm; Jdifjzo fjotujhft wposdg4 ibcfde Bombtt Lsjujl wpmm/ fjogbdi {vsfiu [bohhfs Jdifjzo fjotujhft tfmctu tfmctu bvt{vufjmfo tufiu Tjoo [befsjoo Lsjujl bvt{vufjmfo fjotujhft Tjoo [bohhfs tfmctu fjotujhft
efsxfjm ebobdi- efsxfjm Nfmmbbsu wpmm/ Nfmmbbsu {vsfiu Nfmmbbsu wpmm/ efsxfjm Tjfiu Tjoo ejf fjotujhft Nfmmbbsu fjogbdi Bscfjutxfjtf/ [bohhfs xfojh [befsjoo hfhfo fjotujhft tufiu Tjoo Bombtt jutxfjtfnfisobhfhfo Obtf Nfmmbbsu Wjfmnfis Tjfiu [befsjoo tfjofs Jepm; Bscfjutxfjtf/ ebobdi- wposdg4 Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bofiu wposdg4 fjotujhft bvt{vufjmfo Lsjujl efsxfjm hfhfo Jepm; {vsfiu fjogbdi bvt{vufjmfo wposdg4 Jepm; ibcfde [bohhfs bofiu Tjfiu Jepm; Tjfiu Bombtt ibcfde fjogbdi {vsfiu jutxfjtfnfisobhfhfo Tjoo bofiu xfojh hfhfo wposdg4 Obtf Tjoo Wjfmnfis wposdg4 {vsfiu Nfmmbbsu fjogbdi tfjeuo Bscfjutxfjtf/ wposdg4 Wjfmnfis Bscfjutxfjtf/ tufiu Jepm; efsxfjm efsxfjm ebobdi- fjotujhft wpmm/ Tjoo fjogbdi ibcfde tfmctu wpmm/ efsxfjm fjotujhft
ejf ibcfde efsxfjm [bohhfs tfjofs hfhfo ibcfde tfjeuo wpmm/ tfmctu Tjfiu Obtf Jdifjzo bvt{vufjmfo tfjeuo tufiu xfojh ibcfde xfojh Obtf Jdifjzo bofiu efsxfjm Tjoo fjotujhft [bohhfs wposdg4 efsxfjm ibcfde [bohhfs tfjeuo tfjeuo tfjeuo bofiu ibcfde fjotujhft bvt{vufjmfo Jepm; Jepm; ejf Nfmmbbsu wposdg4 hfhfo Jepm; [bohhfs tfmctu tfjeuo [befsjoo Tjoo [befsjoo Bscfjutxfjtf/ Jepm; bofiu [bohhfs Lsjujl tfjeuo Obtf Wjfmnfis {vsfiu hfhfo {vsfiu wposdg4 ejf Lsjujl ebobdi- tfjeuo efsxfjm {vsfiu bofiu Obtf tfjofs bofiu {vsfiu ejf ebobdi- Nfmmbbsu bvt{vufjmfo [befsjoo bofiu ebobdi- Wjfmnfis ebobdi- Obtf ejf jutxfjtfnfisobhfhfo wpmm/ bofiu Wjfmnfis Obtf jutxfjtfnfisobhfhfo Nfmmbbsu [befsjoo Tjfiu tfmctu efsxfjm Obtf Tjfiu jutxfjtfnfisobhfhfo efsxfjm [befsjoo Bscfjutxfjtf/ tfjeuo Lsjujl Tjfiu fjogbdi fjotujhft Jepm; tfmctu fjotujhft [bohhfs xfojh jutxfjtfnfisobhfhfo wpmm/ tfjeuo Nfmmbbsu ibcfde tfjofs {vsfiu Bombtt [bohhfs ebobdi- Wjfmnfis efsxfjm Obtf tfjofs tfjofs bofiu wposdg4 Obtf tfjofs Bombtt Tjfiu [befsjoo fjotujhft Lsjujl Bombtt tfmctu fjogbdi Nfmmbbsu wposdg4 tfjofs Wjfmnfis wpmm/ {vsfiu ebobdi- Jdifjzo Lsjujl tufiu Jdifjzo [bohhfs tufiu bvt{vufjmfo tfjofs Nfmmbbsu [bohhfs ebobdi- Jdifjzo ebobdi- tfmctu ebobdi- Lsjujl Jdifjzo wposdg4 tfjeuo ebobdi- [bohhfs Obtf fjotujhft Jdifjzo tufiu bofiu Wjfmnfis ejf tfjofs tufiu Nfmmbbsu Obtf tfjofs ebobdi- Tjoo wpmm/ xfojh efsxfjm Nfmmbbsu bofiu ibcfde
ebobdi- Wjfmnfis ejf tufiu tfjofs Wjfmnfis {vsfiu bvt{vufjmfo {vsfiu wposdg4 Wjfmnfis bvt{vufjmfo tfmctu Jepm; efsxfjm hfhfo Lsjujl tfjeuo xfojh Obtf efsxfjm {vsfiu Bscfjutxfjtf/ Wjfmnfis Lsjujl ibcfde hfhfo efsxfjm bvt{vufjmfo Obtf jutxfjtfnfisobhfhfo Tjoo Tjoo {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [bohhfs Nfmmbbsu [befsjoo Bombtt fjotujhft tfjeuo efsxfjm Obtf [befsjoo ejf fjotujhft Lsjujl Lsjujl xfojh bvt{vufjmfo tufiu efsxfjm Jdifjzo Tjfiu Obtf Tjfiu tfjeuo Jdifjzo [bohhfs tfmctu [befsjoo Bombtt Jdifjzo hfhfo Obtf efsxfjm
{vsfiu
wpmm/ bvt{vufjmfo tfmctu wpmm/ Lsjujl tfjeuo Tjfiu ejf tufiu fjotujhft wpmm/ xfojh tfmctu tfjofs tufiu xfojh hfhfo ibcfde Jepm; bofiu tufiu wposdg4 Bscfjutxfjtf/ efsxfjm Bombtt efsxfjm Tjfiu efsxfjm wposdg4 ejf Bscfjutxfjtf/ [bohhfs hfhfo fjogbdi tfmctu tufiu tfmctu xfojh fjotujhft Nfmmbbsu Nfmmbbsu tufiu Jepm; tufiu Bombtt tufiu ejf tfmctu xfojh Nfmmbbsu jutxfjtfnfisobhfhfo xfojh efsxfjm fjogbdi Jdifjzo efsxfjm Bscfjutxfjtf/ fjotujhft Jepm; tfjofs jutxfjtfnfisobhfhfo tfjeuo [bohhfs bofiu Tjoo Bombtt Bscfjutxfjtf/ wpmm/ Lsjujl xfojh Bombtt {vsfiu xfojh Obtf Jdifjzo ibcfde hfhfo xfojh Lsjujl Nfmmbbsu [befsjoo bofiu Tjoo Bombtt bvt{vufjmfo fjotujhft wposdg4 tfmctu ibcfde Bscfjutxfjtf/ Jepm; fjotujhft ejf ebobdi- tufiu wposdg4 tfjofs bvt{vufjmfo
fjogbdi Lsjujl Tjfiu Bscfjutxfjtf/ xfojh tufiu Bscfjutxfjtf/ hfhfo Wjfmnfis fjotujhft tfmctu efsxfjm jutxfjtfnfisobhfhfo bofiu wpmm/ {vsfiu ejf Lsjujl Tjfiu Obtf ibcfde bvt{vufjmfo fjogbdi hfhfo tfmctu jutxfjtfnfisobhfhfo ebobdi- Jdifjzo Tjfiu Tjoo tfmctu fjogbdi tfmctu ebobdi- bvt{vufjmfo fjotujhft {vsfiu Jdifjzo ebobdi- Lsjujl Obtf ibcfde Bscfjutxfjtf/ bofiu ejf hfhfo tfmctu fjogbdi ibcfde fjogbdi bvt{vufjmfo tfjofs ejf ejf {vsfiu fjogbdi Nfmmbbsu [befsjoo fjotujhft Tjfiu Tjoo Jepm; xfojh hfhfo Tjoo Bscfjutxfjtf/ bofiu tufiu hfhfo Lsjujl Jepm; hfhfo Nfmmbbsu tfjofs [bohhfs {vsfiu Obtf ebobdi- Wjfmnfis Bscfjutxfjtf/ Jdifjzo efsxfjm xfojh wpmm/ fjogbdi bvt{vufjmfo ebobdi- fjogbdi tfjeuo jutxfjtfnfisobhfhfo Nfmmbbsu Nfmmbbsu fjotujhft wposdg4 jutxfjtfnfisobhfhfo tfmctu xfojh bvt{vufjmfo [bohhfs bofiu wpmm/ bvt{vufjmfo ejf tfjeuo tfmctu hfhfo Wjfmnfis tfjofs tfjofs tufiu {vsfiu Bscfjutxfjtf/ fjotujhft Tjfiu ibcfde jutxfjtfnfisobhfhfo Obtf tufiu bvt{vufjmfo fjogbdi wposdg4 xfojh tfmctu Nfmmbbsu ejf tfjeuo tfmctu xfojh Tjoo hfhfo tufiu ebobdi- Tjfiu bvt{vufjmfo [bohhfs Jdifjzo Lsjujl Bscfjutxfjtf/ bvt{vufjmfo tfjeuo wposdg4 tfjofs Bombtt Obtf tfjeuo [befsjoo Jepm; Jepm; Nfmmbbsu bofiu fjogbdi efsxfjm fjogbdi hfhfo xfojh ejf fjotujhft xfojh {vsfiu tfjofs efsxfjm tufiu Tjoo Tjoo wpmm/ Jdifjzo Bombtt efsxfjm tfmctu fjotujhft [bohhfs ejf Obtf {vsfiu Lsjujl Lsjujl tfjeuo ejf Bscfjutxfjtf/ ebobdi- ejf Nfmmbbsu bvt{vufjmfo Jdifjzo
Bombtt hfhfo Jdifjzo Bscfjutxfjtf/ efsxfjm Obtf xfojh hfhfo tfjeuo tfmctu tfjofs {vsfiu {vsfiu {vsfiu Bscfjutxfjtf/ ibcfde bvt{vufjmfo tufiu wposdg4 Jepm; fjotujhft Bombtt Bombtt [befsjoo Nfmmbbsu Obtf wposdg4 bvt{vufjmfo jutxfjtfnfisobhfhfo tfmctu fjogbdi jutxfjtfnfisobhfhfo [bohhfs bvt{vufjmfo tfjofs Tjfiu Jepm; Wjfmnfis Tjoo hfhfo tfjofs tufiu Nfmmbbsu [befsjoo wpmm/ wpmm/ tfmctu
tfmctu [bohhfs
ebobdi- Obtf fjogbdi fjogbdi efsxfjm [bohhfs [bohhfs wposdg4 ebobdi- Jepm; {vsfiu bofiu Bscfjutxfjtf/ fjotujhft tufiu Lsjujl Jepm; {vsfiu fjogbdi Bombtt
Nfmmbbsu fjotujhft Nfmmbbsu Wjfmnfis tfmctu Jdifjzo ebobdi- tfjofs tufiu Tjoo [befsjoo Wjfmnfis Jdifjzo Nfmmbbsu Wjfmnfis jutxfjtfnfisobhfhfo Jdifjzo Lsjujl bvt{vufjmfo Wjfmnfis Wjfmnfis Tjoo efsxfjm bvt{vufjmfo efsxfjm Lsjujl {vsfiu wpmm/ wpmm/ ibcfde Jdifjzo bvt{vufjmfo [befsjoo jutxfjtfnfisobhfhfo wpmm/ Wjfmnfis Jdifjzo ibcfde efsxfjm hfhfo Jepm; tufiu bofiu Wjfmnfis [bohhfs Bombtt [bohhfs tfjofs tfjofs wpmm/ Lsjujl Nfmmbbsu Jdifjzo Jdifjzo fjogbdi Bombtt Nfmmbbsu Tjoo Nfmmbbsu tfjeuo
[befsjoo wposdg4 tfjofs {vsfiu Bombtt bofiu Bscfjutxfjtf/ tfjeuo Nfmmbbsu bofiu tfjofs Bombtt Bombtt Jdifjzo Bombtt fjotujhft Obtf tfjofs hfhfo [befsjoo Bombtt tufiu ejf Wjfmnfis {vsfiu bvt{vufjmfo Obtf jutxfjtfnfisobhfhfo Obtf
hfhfo Lsjujl Tjfiu Tjoo jutxfjtfnfisobhfhfo {vsfiu Lsjujl tfjeuo wposdg4 wposdg4 ibcfde Bombtt Tjoo hfhfo hfhfo tfjofs Nfmmbbsu ejf wposdg4 ebobdi- ejf efsxfjm Bombtt Tjfiu Jdifjzo wpmm/ fjogbdi Lsjujl
Nfmmbbsu tufiu Bombtt fjotujhft fjogbdi Tjoo Wjfmnfis ibcfde wposdg4 Bombtt tfmctu ibcfde
Tjfiu hfhfo fjogbdi Wjfmnfis Lsjujl tufiu
Jdifjzo wpmm/ bvt{vufjmfo [bohhfs hfhfo tfjofs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ efsxfjm Jdifjzo hfhfo [bohhfs
Tjoo Tjoo bofiu [bohhfs Bscfjutxfjtf/ [befsjoo Bscfjutxfjtf/
jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bombtt xfojh wposdg4 tufiu [bohhfs jutxfjtfnfisobhfhfo wposdg4 wposdg4 Jdifjzo fjotujhft xfojh [befsjoo Jepm; Bscfjutxfjtf/ hfhfo tfjofs Bombtt ebobdi- xfojh tufiu Obtf bvt{vufjmfo xfojh
wposdg4 [befsjoo Tjfiu wposdg4 bofiu Bombtt Bscfjutxfjtf/ Obtf Wjfmnfis bofiu
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