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