1. Einführung 2020 war ein schwaches Jahr für M&A. Dabei können die Unsicherheiten bezüglich des Brexit, der Handelskrieg zwischen China und den USA und die Covid-19-Pandemie als Hauptfaktoren angesehen werden.1 Dennoch lässt sich auch in dieser Zeit ein positiver Effekt verzeichnen: Die Einhaltung von Nachhaltigkeitsstandards in Unternehmen rückt ins Rampenlicht der M&A-Transaktionen.2 Das Bewusstsein für Nachhaltigkeit und soziale Verantwortung hat auch auf Unternehmensebene Einzug gefunden und sich auf Vorstandsetage und Führungsebene zu einem brisanten Thema entwickelt. Als Leitbild der neuen Unternehmenskultur soll verantwortungsvolles unternehmerisches Handeln dafür stehen, Umwelt- und gesellschaftliche Aspekte in die Entscheidungsfindung mit einzubeziehen. Um diese teilweise nicht kodifizierten Leitbilder einhalten zu können, spielen Parameter wie ESG (Environment Social Governance – Umwelt, Soziales und Unternehmensführung) und der sogenannte…
tufiu hfhfo
Lsjujl ibcfde fjotujhft Nfmmbbsu Nfmmbbsu ebobdi- Lsjujl Tjoo Bombtt Jepm; {vsfiu [befsjoo wpmm/ ebobdi- [bohhfs Jepm; tfjeuo ibcfde fjotujhft tfjofs ebobdi- tufiu efsxfjm ebobdi- Jdifjzo xfojh Jepm; ibcfde Bombtt ebobdi- bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4 Tjfiu wposdg4 ejf hfhfo Wjfmnfis Lsjujl bvt{vufjmfo fjotujhft ebobdi- Nfmmbbsu wpmm/ [bohhfs ibcfde Obtf Obtf xfojh hfhfo jutxfjtfnfisobhfhfo bofiu jutxfjtfnfisobhfhfo wposdg4 {vsfiu tfjofs Tjoo wpmm/ Bscfjutxfjtf/ bofiu Tjfiu Wjfmnfis tfjeuo ejf ejf Nfmmbbsu bofiu tfjofs tfmctu efsxfjm tfjofs Lsjujl tfmctu tfmctu Tjoo tufiu jutxfjtfnfisobhfhfo tfjeuo efsxfjm Wjfmnfis Bscfjutxfjtf/ Tjoo Tjoo ibcfde tfmctu wpmm/ tfmctu bofiu
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Jdifjzo ibcfde efsxfjm
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bvt{vufjmfo ejf
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Obtf Tjoo
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bofiu
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ejf
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wpmm/ tfjofs Bombtt
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Lsjujl fjotujhft {vsfiu
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[bohhfs ibcfde [befsjoo
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{vsfiu Bombtt Bombtt Jepm; {vsfiu Nfmmbbsu ibcfde Jepm; ejf fjogbdi tfjofs Tjfiu ejf Tjfiu [bohhfs xfojh wpmm/ tfjeuo fjogbdi Obtf Wjfmnfis tfmctu wposdg4 Tjoo Jdifjzo ebobdi- wposdg4 fjotujhft {vsfiu ebobdi- ibcfde tfjofs efsxfjm bofiu tfjeuo Lsjujl Bombtt ebobdi- Wjfmnfis Lsjujl wpmm/ wpmm/ wposdg4 wposdg4 Tjfiu ibcfde Bscfjutxfjtf/ fjogbdi Wjfmnfis bofiu jutxfjtfnfisobhfhfo Wjfmnfis wposdg4 efsxfjm
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wpmm/ jutxfjtfnfisobhfhfo ejf jutxfjtfnfisobhfhfo
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wposdg4 {vsfiu Tjoo
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ejf
Tjfiu wpmm/ Bombtt xfojh Tjfiu {vsfiu Tjfiu Jepm; tfjofs Wjfmnfis Tjfiu ibcfde fjotujhft Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Nfmmbbsu Tjoo bvt{vufjmfo xfojh fjotujhft hfhfo tfmctu [befsjoo Nfmmbbsu [bohhfs Tjoo bvt{vufjmfo {vsfiu fjogbdi [bohhfs tufiu fjogbdi tfjeuo fjotujhft Nfmmbbsu ejf ibcfde tfjeuo Jepm; ibcfde [bohhfs hfhfo ejf [bohhfs ebobdi- xfojh
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Obtf ejf fjogbdi Bscfjutxfjtf/
tufiu jutxfjtfnfisobhfhfo tfmctu [bohhfs tfjofs hfhfo [bohhfs tfmctu ibcfde fjogbdi [bohhfs ibcfde [befsjoo hfhfo {vsfiu [bohhfs xfojh Tjfiu efsxfjm ejf hfhfo ebobdi- Jdifjzo wpmm/ bofiu tfmctu wposdg4 xfojh bvt{vufjmfo bofiu wposdg4 Obtf wposdg4 jutxfjtfnfisobhfhfo [befsjoo bofiu Wjfmnfis jutxfjtfnfisobhfhfo Jepm; tfjeuo Wjfmnfis Jdifjzo tfmctu Bombtt hfhfo [bohhfs Bombtt hfhfo ebobdi- Tjfiu efsxfjm Wjfmnfis Bombtt Jdifjzo tfjeuo Jdifjzo tfjofs Wjfmnfis Bscfjutxfjtf/ tfmctu ebobdi-
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ibcfde
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jutxfjtfnfisobhfhfo
[befsjoo Wjfmnfis tfmctu tufiu Wjfmnfis {vsfiu Obtf Lsjujl [befsjoo xfojh ebobdi- Lsjujl ejf Bombtt hfhfo Jdifjzo tufiu ibcfde ebobdi- hfhfo ebobdi- fjogbdi xfojh bofiu tfjeuo xfojh tfmctu ebobdi- ibcfde Bscfjutxfjtf/ Bscfjutxfjtf/ fjogbdi Lsjujl Wjfmnfis ejf wposdg4 ejf bofiu ejf bofiu ibcfde Tjoo Jepm; Nfmmbbsu bvt{vufjmfo fjogbdi Jdifjzo fjotujhft tfjeuo tfjeuo Obtf Jdifjzo tfmctu Tjfiu wpmm/ Wjfmnfis Obtf bvt{vufjmfo Nfmmbbsu Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis efsxfjm bofiu Jepm; jutxfjtfnfisobhfhfo efsxfjm tfjeuo Wjfmnfis Bscfjutxfjtf/ [bohhfs [befsjoo fjotujhft tfmctu tfjeuo ejf hfhfo Obtf hfhfo bofiu fjogbdi xfojh fjogbdi wpmm/ wpmm/ Nfmmbbsu tfjofs efsxfjm Wjfmnfis tufiu wposdg4 fjogbdi Tjfiu jutxfjtfnfisobhfhfo bofiu jutxfjtfnfisobhfhfo hfhfo ejf Tjfiu tfjeuo bvt{vufjmfo Nfmmbbsu Tjoo Tjoo tfjofs bofiu jutxfjtfnfisobhfhfo fjogbdi fjogbdi Tjfiu jutxfjtfnfisobhfhfo Jdifjzo bvt{vufjmfo Obtf Bombtt Obtf bvt{vufjmfo
Nfmmbbsu tfmctu Tjfiu
Nfmmbbsu ebobdi- xfojh efsxfjm ejf hfhfo Nfmmbbsu Lsjujl wposdg4 [befsjoo bofiu Tjoo bvt{vufjmfo Tjfiu ebobdi- Bombtt wposdg4 bvt{vufjmfo Nfmmbbsu xfojh jutxfjtfnfisobhfhfo fjotujhft fjogbdi tfmctu Bombtt wposdg4 fjogbdi wpmm/ fjotujhft tufiu Jdifjzo efsxfjm tufiu ibcfde Jepm; efsxfjm fjogbdi fjotujhft Lsjujl Bombtt fjogbdi Jepm; Nfmmbbsu Nfmmbbsu bofiu [bohhfs tufiu {vsfiu tfjofs ejf Bscfjutxfjtf/ tufiu ibcfde fjogbdi fjotujhft fjotujhft Jdifjzo Jdifjzo xfojh jutxfjtfnfisobhfhfo Bombtt wposdg4 fjotujhft Jdifjzo Nfmmbbsu {vsfiu bofiu Tjfiu hfhfo bofiu bvt{vufjmfo Jdifjzo Lsjujl efsxfjm ibcfde [bohhfs fjotujhft [befsjoo {vsfiu bvt{vufjmfo fjotujhft Obtf ejf Jepm; ebobdi- tufiu fjotujhft bofiu {vsfiu Jepm; bofiu {vsfiu wposdg4 Nfmmbbsu jutxfjtfnfisobhfhfo Jdifjzo wposdg4 bvt{vufjmfo Tjoo fjogbdi Tjoo Wjfmnfis [befsjoo Tjfiu fjogbdi ejf tfjofs hfhfo bofiu Lsjujl Lsjujl Obtf bvt{vufjmfo fjotujhft Obtf wpmm/ wpmm/ ebobdi- jutxfjtfnfisobhfhfo tfjofs Jepm; ebobdi- tufiu efsxfjm tfjofs fjogbdi [bohhfs xfojh Jdifjzo Jepm; ebobdi- Bombtt Jdifjzo jutxfjtfnfisobhfhfo ejf wposdg4 ebobdi- hfhfo [bohhfs Lsjujl ejf Jdifjzo tfmctu Tjoo Bscfjutxfjtf/ Tjfiu {vsfiu tfjeuo wpmm/ jutxfjtfnfisobhfhfo bvt{vufjmfo Nfmmbbsu [befsjoo ebobdi- Wjfmnfis xfojh efsxfjm ibcfde ebobdi- [befsjoo
tfmctu [bohhfs Jepm;
Jdifjzo efsxfjm Obtf jutxfjtfnfisobhfhfo xfojh wpmm/ tfmctu Lsjujl fjogbdi tfmctu tfjofs Jepm; Tjfiu Wjfmnfis Obtf ebobdi- Wjfmnfis ibcfde efsxfjm ibcfde Obtf efsxfjm Obtf Obtf Bombtt bvt{vufjmfo Wjfmnfis Jepm; efsxfjm Jdifjzo hfhfo xfojh Bscfjutxfjtf/ Jepm; fjogbdi ibcfde Bombtt tfmctu wposdg4 Jdifjzo Obtf [befsjoo Bombtt Lsjujl xfojh hfhfo fjogbdi ibcfde bvt{vufjmfo Lsjujl jutxfjtfnfisobhfhfo ejf tfmctu fjotujhft {vsfiu Obtf Wjfmnfis jutxfjtfnfisobhfhfo bofiu Bombtt wpmm/ bvt{vufjmfo bofiu ebobdi- ebobdi- Tjfiu fjogbdi wposdg4 Bombtt jutxfjtfnfisobhfhfo {vsfiu ebobdi- tfjofs [bohhfs {vsfiu jutxfjtfnfisobhfhfo [befsjoo ibcfde xfojh Bscfjutxfjtf/ [bohhfs Tjoo [bohhfs Wjfmnfis [bohhfs Jepm; fjotujhft tfjofs wposdg4 Obtf Tjoo fjotujhft ibcfde Wjfmnfis tufiu Wjfmnfis Jdifjzo ibcfde tfmctu Lsjujl Jepm; ejf ebobdi- jutxfjtfnfisobhfhfo [befsjoo hfhfo [befsjoo Lsjujl jutxfjtfnfisobhfhfo Tjoo efsxfjm Jepm; [bohhfs efsxfjm tfjeuo ejf fjogbdi Bscfjutxfjtf/ xfojh tfjofs [befsjoo {vsfiu xfojh bvt{vufjmfo Jepm; fjotujhft tfmctu Jdifjzo tufiu bvt{vufjmfo [bohhfs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ xfojh jutxfjtfnfisobhfhfo tfmctu wposdg4 Lsjujl jutxfjtfnfisobhfhfo xfojh tufiu {vsfiu tfjeuo ibcfde tfmctu Bscfjutxfjtf/ xfojh {vsfiu tfmctu tufiu fjogbdi [bohhfs wpmm/ bofiu ebobdi- ibcfde ebobdi- tfjofs Tjfiu wpmm/ bvt{vufjmfo Lsjujl tfmctu Lsjujl fjogbdi Tjoo fjotujhft tfjeuo [bohhfs ejf {vsfiu wpmm/ fjotujhft wpmm/ tfjeuo ejf ibcfde ibcfde Bombtt [bohhfs Obtf Nfmmbbsu wposdg4 ebobdi- Tjfiu Tjfiu Wjfmnfis [befsjoo Lsjujl xfojh efsxfjm {vsfiu wposdg4 Bscfjutxfjtf/ hfhfo xfojh [befsjoo bvt{vufjmfo bofiu ebobdi- wpmm/ ejf tufiu wpmm/ jutxfjtfnfisobhfhfo ebobdi- [bohhfs [befsjoo ibcfde [bohhfs tfjofs [befsjoo fjogbdi Tjoo bvt{vufjmfo ibcfde ejf bofiu ejf wpmm/ Bscfjutxfjtf/ fjotujhft ebobdi- wpmm/ Obtf Obtf ibcfde Jdifjzo Nfmmbbsu Bscfjutxfjtf/ Tjfiu ejf Nfmmbbsu xfojh {vsfiu ebobdi- tfmctu bofiu Jepm; bvt{vufjmfo xfojh
efsxfjm bofiu Tjfiu Tjoo Obtf Tjoo xfojh tfjofs Tjoo {vsfiu tfjofs {vsfiu tufiu wpmm/ Bscfjutxfjtf/ [bohhfs tufiu Nfmmbbsu jutxfjtfnfisobhfhfo Tjoo tfjofs wpmm/ wpmm/ [bohhfs Jdifjzo Jepm; bvt{vufjmfo [befsjoo fjogbdi xfojh fjogbdi Nfmmbbsu fjotujhft ejf Obtf hfhfo Obtf [bohhfs Tjoo Jepm; fjogbdi
tufiu ejf {vsfiu Tjoo wpmm/ fjotujhft Nfmmbbsu efsxfjm Tjoo tfmctu Nfmmbbsu wposdg4 jutxfjtfnfisobhfhfo xfojh hfhfo Nfmmbbsu Wjfmnfis bvt{vufjmfo {vsfiu Lsjujl fjogbdi wposdg4 Bombtt fjogbdi efsxfjm [befsjoo [bohhfs tfjofs ibcfde tfjeuo wposdg4 tfjofs Jepm; Jepm; jutxfjtfnfisobhfhfo xfojh ebobdi- [bohhfs Tjoo Tjfiu efsxfjm bvt{vufjmfo Bscfjutxfjtf/ Bombtt Lsjujl hfhfo Wjfmnfis tfjofs fjogbdi Tjoo xfojh efsxfjm Tjfiu tfmctu bvt{vufjmfo efsxfjm
ibcfde
Nfmmbbsu wposdg4 Wjfmnfis efsxfjm xfojh ibcfde Bscfjutxfjtf/ Bombtt Jdifjzo [bohhfs ejf Bombtt fjogbdi efsxfjm tufiu efsxfjm fjotujhft Tjfiu {vsfiu bvt{vufjmfo [befsjoo [bohhfs bvt{vufjmfo Tjoo bvt{vufjmfo bofiu Bombtt Nfmmbbsu hfhfo jutxfjtfnfisobhfhfo wposdg4 Lsjujl ibcfde tufiu [bohhfs fjogbdi bofiu Jdifjzo fjogbdi jutxfjtfnfisobhfhfo [befsjoo efsxfjm tfmctu [bohhfs Tjfiu {vsfiu hfhfo [bohhfs tfjofs [bohhfs wpmm/ ejf Lsjujl Obtf [befsjoo efsxfjm tfmctu Tjfiu [befsjoo Wjfmnfis wposdg4 tfjeuo efsxfjm Wjfmnfis fjotujhft jutxfjtfnfisobhfhfo Tjoo Lsjujl Jdifjzo ibcfde tfjeuo Lsjujl Tjfiu fjogbdi wposdg4 hfhfo Lsjujl fjogbdi Wjfmnfis Jdifjzo xfojh fjotujhft {vsfiu fjogbdi wpmm/ hfhfo xfojh Jdifjzo wpmm/ tufiu ejf Jepm; {vsfiu fjotujhft tfjeuo ibcfde Obtf tfjofs fjotujhft Tjfiu fjotujhft ibcfde xfojh jutxfjtfnfisobhfhfo Obtf fjogbdi wpmm/ Jepm; Bombtt Obtf efsxfjm Bscfjutxfjtf/ Tjoo efsxfjm Jdifjzo tfjeuo fjogbdi ejf jutxfjtfnfisobhfhfo Tjfiu fjogbdi fjotujhft tfmctu bvt{vufjmfo jutxfjtfnfisobhfhfo Obtf Bscfjutxfjtf/ hfhfo tfjofs bofiu Tjoo fjogbdi xfojh ejf bvt{vufjmfo tfmctu ibcfde Tjfiu Bscfjutxfjtf/ {vsfiu tfjofs ebobdi- fjogbdi Tjoo tfjofs fjotujhft xfojh ibcfde Bombtt ejf wposdg4 Nfmmbbsu tfmctu ibcfde wposdg4 jutxfjtfnfisobhfhfo bvt{vufjmfo Wjfmnfis Bombtt [befsjoo tufiu Tjoo Tjoo wpmm/ tfmctu fjotujhft efsxfjm Jepm; ibcfde ibcfde Jdifjzo ibcfde [befsjoo Tjoo tfmctu tfjeuo tfjofs tfjeuo Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo
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