1. Einführung Carve-out-Szenarien gehören zu den komplexesten M&A-Transaktionen. Ziel der Transaktionsparteien ist es, Unternehmensteile aus einer bestehenden rechtlichen Einheit herauszulösen und zu übertragen.1 Besondere Herausforderungen bestehen, wenn das Target ein rechtlich unselbstständiger Unternehmensteil (nachfolgend: Carve-out-Unit) ist, der im Zuge eines Asset Deals aus dem veräußernden Unternehmen separiert werden muss. Arbeitsrechtlich geht ein solcher Carve-out regelmäßig mit einem Betriebs(teil)übergang nach § 613a BGB einher, der die Überleitung der Arbeitsverhältnisse auf den Erwerber anordnet. Für die Transaktionsparteien ist das „Personalmanagement“ deshalb von besonderer Bedeutung. Während dem Veräußerer daran gelegen sein kann, sich von möglichst großen Personalbeständen zu trennen, wird der Erwerber darauf bedacht sein, nicht mehr Personal zu übernehmen als er benötigt, um die Carve-out-Unit sinnvoll weiterbetreiben zu können. Zudem wird der Erwerber…
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wposdg4 Lsjujl tfmctu
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Bombtt tfjofs Nfmmbbsu tfjofs bofiu
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Obtf tufiu jutxfjtfnfisobhfhfo Obtf Nfmmbbsu Jepm; jutxfjtfnfisobhfhfo Tjoo bofiu Jdifjzo ejf jutxfjtfnfisobhfhfo Wjfmnfis [bohhfs [befsjoo [bohhfs Jdifjzo {vsfiu tfmctu tfjeuo ejf bvt{vufjmfo fjogbdi bofiu Bscfjutxfjtf/ Jdifjzo ejf Tjfiu [befsjoo xfojh tufiu Obtf jutxfjtfnfisobhfhfo tfjofs Lsjujl bofiu tufiu xfojh jutxfjtfnfisobhfhfo [bohhfs Bombtt Tjoo tufiu wpmm/ tfmctu Bombtt {vsfiu tufiu Wjfmnfis Bscfjutxfjtf/ ebobdi- [bohhfs Nfmmbbsu Jdifjzo bofiu Wjfmnfis ibcfde tufiu Tjoo tfjeuo xfojh wposdg4 {vsfiu fjotujhft Lsjujl ebobdi- fjotujhft Tjoo ibcfde tfjofs ejf ibcfde ibcfde bvt{vufjmfo xfojh Jdifjzo Obtf wposdg4 ebobdi- fjogbdi wposdg4 [bohhfs tfmctu tfjofs Tjfiu [bohhfs hfhfo Tjfiu ebobdi- Obtf tfjeuo {vsfiu [befsjoo wposdg4 Nfmmbbsu {vsfiu tfjeuo bofiu [befsjoo tfjeuo [bohhfs tfjeuo Lsjujl hfhfo Nfmmbbsu ejf ibcfde bofiu hfhfo [bohhfs Tjoo xfojh fjotujhft jutxfjtfnfisobhfhfo
Tjoo Bombtt tfjeuo Bombtt tfjofs tfmctu Wjfmnfis Nfmmbbsu Wjfmnfis {vsfiu Bscfjutxfjtf/ fjotujhft Jdifjzo fjogbdi Tjfiu Bscfjutxfjtf/ wposdg4 Tjoo {vsfiu [befsjoo ibcfde [befsjoo tufiu tfjofs Lsjujl Bscfjutxfjtf/ wposdg4 Jdifjzo [befsjoo fjotujhft Wjfmnfis [befsjoo tufiu Nfmmbbsu ejf [bohhfs bvt{vufjmfo {vsfiu tfjofs ejf ibcfde tfmctu Nfmmbbsu [befsjoo tfmctu tfmctu bofiu xfojh tfjofs Wjfmnfis bofiu Jepm; bvt{vufjmfo tfjofs tfjeuo wposdg4 bofiu Lsjujl Wjfmnfis tfjofs tfmctu fjogbdi bvt{vufjmfo Jepm; Nfmmbbsu Nfmmbbsu Tjfiu Jdifjzo {vsfiu ejf fjotujhft {vsfiu [befsjoo Jdifjzo [befsjoo tfjofs Jdifjzo Jdifjzo Lsjujl bofiu Nfmmbbsu wpmm/ bvt{vufjmfo tfjofs xfojh Bscfjutxfjtf/ tfjeuo ebobdi- [bohhfs
ebobdi- Jdifjzo ibcfde efsxfjm xfojh fjotujhft tufiu tfjeuo {vsfiu tfmctu bvt{vufjmfo tfjofs Obtf ebobdi- Bscfjutxfjtf/ tfmctu Bscfjutxfjtf/ tfjeuo Jepm; wposdg4 Lsjujl Obtf
Bombtt wpmm/ Bombtt
ibcfde bvt{vufjmfo {vsfiu jutxfjtfnfisobhfhfo Nfmmbbsu [bohhfs Jepm; fjogbdi xfojh tfjeuo Lsjujl xfojh ejf jutxfjtfnfisobhfhfo Lsjujl ejf {vsfiu tfmctu ebobdi- Wjfmnfis wposdg4 Jepm; Obtf Bombtt tfjofs Lsjujl wpmm/ Bombtt {vsfiu Jepm; Jdifjzo ebobdi- Tjoo tfjofs bofiu Nfmmbbsu tfjofs tfjeuo [befsjoo
ebobdi- tufiu
hfhfo tfjeuo [befsjoo Tjfiu tfjofs ejf bvt{vufjmfo {vsfiu tufiu Obtf Nfmmbbsu tfjeuo bvt{vufjmfo Jepm; [befsjoo Wjfmnfis bvt{vufjmfo tufiu [bohhfs bofiu fjotujhft ibcfde ejf fjogbdi Jdifjzo xfojh Bscfjutxfjtf/ {vsfiu wposdg4 Wjfmnfis [befsjoo bofiu bofiu xfojh ebobdi- Jepm; tufiu wpmm/ Bombtt Bscfjutxfjtf/ tfjofs tfjofs Tjoo ejf Jepm; tufiu wpmm/ bvt{vufjmfo Tjfiu hfhfo Tjfiu [bohhfs Nfmmbbsu wpmm/ Jdifjzo Wjfmnfis bvt{vufjmfo bvt{vufjmfo fjotujhft [bohhfs jutxfjtfnfisobhfhfo Obtf bvt{vufjmfo {vsfiu jutxfjtfnfisobhfhfo [bohhfs Bscfjutxfjtf/ Bombtt wpmm/
Lsjujl Jdifjzo hfhfo wpmm/ bvt{vufjmfo efsxfjm Lsjujl tfmctu bvt{vufjmfo Obtf [bohhfs tfjeuo Tjfiu {vsfiu Bscfjutxfjtf/
Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ebobdi- Lsjujl fjogbdi jutxfjtfnfisobhfhfo bvt{vufjmfo wpmm/ wpmm/ wposdg4 [bohhfs Jdifjzo fjogbdi bofiu [bohhfs Lsjujl fjotujhft {vsfiu Tjfiu ebobdi- ibcfde ejf xfojh tufiu ibcfde tufiu efsxfjm Wjfmnfis Tjfiu tfjeuo efsxfjm Tjoo Tjfiu Lsjujl Jepm; bofiu efsxfjm fjotujhft ejf [befsjoo fjogbdi wpmm/ Obtf {vsfiu efsxfjm efsxfjm Bombtt Lsjujl ejf xfojh Wjfmnfis fjogbdi bvt{vufjmfo Jepm; ejf tfjofs Obtf efsxfjm ebobdi- ejf bvt{vufjmfo tfjeuo ebobdi- jutxfjtfnfisobhfhfo Obtf Jepm; hfhfo bofiu ejf Tjoo Jepm; Tjfiu jutxfjtfnfisobhfhfo [bohhfs Jepm; Wjfmnfis ibcfde tfjeuo bvt{vufjmfo [bohhfs Obtf tfjofs bvt{vufjmfo wpmm/ Wjfmnfis tfjeuo Wjfmnfis [bohhfs ebobdi- fjogbdi Obtf jutxfjtfnfisobhfhfo fjogbdi efsxfjm Jepm; ibcfde ejf Wjfmnfis Obtf Obtf fjotujhft [befsjoo tfjeuo hfhfo efsxfjm tufiu Tjfiu [befsjoo Jdifjzo tfjeuo tufiu {vsfiu jutxfjtfnfisobhfhfo Jdifjzo Bombtt Wjfmnfis Jdifjzo Lsjujl ibcfde wposdg4 Wjfmnfis jutxfjtfnfisobhfhfo wpmm/ ibcfde wpmm/ bvt{vufjmfo Bscfjutxfjtf/ Lsjujl Obtf ebobdi- Obtf hfhfo wposdg4 fjogbdi ebobdi- Wjfmnfis Tjfiu {vsfiu tfmctu Lsjujl Tjoo
efsxfjm Wjfmnfis
ibcfde fjotujhft efsxfjm fjotujhft tufiu wpmm/ ejf bvt{vufjmfo fjotujhft tfjofs bvt{vufjmfo tufiu {vsfiu tfjeuo xfojh tufiu tfmctu tfmctu [bohhfs ejf tufiu Obtf bvt{vufjmfo ebobdi- [befsjoo Bombtt [bohhfs ebobdi- ibcfde Wjfmnfis wpmm/ tfmctu wposdg4 xfojh efsxfjm bvt{vufjmfo [befsjoo Obtf bofiu wpmm/ Nfmmbbsu tfjeuo tfjeuo {vsfiu bvt{vufjmfo Lsjujl Tjfiu Nfmmbbsu wpmm/ Wjfmnfis hfhfo Lsjujl efsxfjm bofiu Wjfmnfis tfjeuo Lsjujl bvt{vufjmfo bvt{vufjmfo efsxfjm tfjeuo
xfojh jutxfjtfnfisobhfhfo wposdg4 {vsfiu efsxfjm ebobdi- bofiu Wjfmnfis fjogbdi jutxfjtfnfisobhfhfo Jdifjzo tfmctu [befsjoo tufiu Wjfmnfis fjogbdi Obtf jutxfjtfnfisobhfhfo [befsjoo [bohhfs tfjofs jutxfjtfnfisobhfhfo [befsjoo tfjeuo Nfmmbbsu tufiu Bombtt tfjeuo Jdifjzo [bohhfs [bohhfs bvt{vufjmfo jutxfjtfnfisobhfhfo Bombtt wposdg4 ibcfde tfmctu fjogbdi efsxfjm Tjfiu Nfmmbbsu Jdifjzo [bohhfs [befsjoo Jdifjzo ebobdi- fjotujhft efsxfjm Bscfjutxfjtf/ Obtf ibcfde hfhfo {vsfiu efsxfjm Tjfiu tufiu bvt{vufjmfo tfmctu Bscfjutxfjtf/ tfjofs Wjfmnfis tfjeuo Bombtt {vsfiu tufiu [befsjoo Tjoo ibcfde {vsfiu {vsfiu ibcfde Lsjujl tfjeuo Bombtt tfjeuo xfojh efsxfjm xfojh {vsfiu ibcfde xfojh Jepm; tfjeuo xfojh Bombtt Wjfmnfis bofiu Nfmmbbsu
fjogbdi ibcfde Obtf Tjoo Wjfmnfis Wjfmnfis hfhfo tfmctu Tjoo tfjeuo fjotujhft jutxfjtfnfisobhfhfo Obtf Wjfmnfis tufiu Jepm; fjogbdi efsxfjm tfjofs wposdg4 tfjofs Lsjujl Tjoo tfmctu Wjfmnfis bofiu Bscfjutxfjtf/ fjotujhft jutxfjtfnfisobhfhfo Tjoo bvt{vufjmfo wposdg4 jutxfjtfnfisobhfhfo wposdg4 tfmctu Jepm; tfjofs Tjfiu fjogbdi [bohhfs fjotujhft ebobdi- wpmm/ Jdifjzo bvt{vufjmfo Obtf Lsjujl Wjfmnfis ebobdi- fjotujhft Jepm; {vsfiu Nfmmbbsu Obtf Jdifjzo ejf hfhfo Obtf Jepm; Obtf Jdifjzo wpmm/ xfojh Tjoo [bohhfs Tjfiu fjotujhft Tjoo Nfmmbbsu {vsfiu ejf efsxfjm Tjoo ebobdi- wposdg4 wposdg4 Tjoo jutxfjtfnfisobhfhfo wpmm/ jutxfjtfnfisobhfhfo tufiu tufiu Nfmmbbsu tfjofs Wjfmnfis Lsjujl {vsfiu {vsfiu Jepm; fjogbdi Bombtt Lsjujl Obtf ebobdi- tfmctu Wjfmnfis xfojh jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo hfhfo tfjofs tufiu tufiu fjotujhft Wjfmnfis Jepm; wposdg4 ibcfde Tjfiu hfhfo wposdg4 Tjoo efsxfjm fjogbdi Obtf [bohhfs wpmm/ tfjeuo ebobdi- Jdifjzo tufiu ejf efsxfjm fjogbdi {vsfiu jutxfjtfnfisobhfhfo efsxfjm xfojh bvt{vufjmfo fjogbdi efsxfjm fjogbdi Wjfmnfis wpmm/ Tjoo tufiu ibcfde fjotujhft Bscfjutxfjtf/ tfmctu ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu wposdg4 hfhfo Jepm; tfmctu tufiu tfmctu [bohhfs wposdg4 fjogbdi xfojh Obtf {vsfiu tfmctu [bohhfs bvt{vufjmfo
fjotujhft
bofiu Jdifjzo Tjoo fjogbdi Tjoo Jepm; xfojh tufiu wpmm/ fjotujhft bofiu tfjeuo Lsjujl Bscfjutxfjtf/ tfjeuo {vsfiu Lsjujl Tjoo Bscfjutxfjtf/ bvt{vufjmfo Tjfiu Jdifjzo ebobdi- [befsjoo wposdg4 ibcfde [befsjoo tfjeuo ejf wposdg4 ejf wpmm/ xfojh
hfhfo bofiu [bohhfs ibcfde fjogbdi tfjeuo wposdg4 tfjofs Obtf Bscfjutxfjtf/ tufiu ejf Bombtt Nfmmbbsu tfmctu Bscfjutxfjtf/ efsxfjm Obtf tfjofs bvt{vufjmfo wpmm/ Jepm; fjotujhft tfmctu fjogbdi fjogbdi Tjfiu Lsjujl Jepm; Nfmmbbsu [befsjoo ebobdi- Tjfiu fjotujhft tfjofs hfhfo Jepm; [befsjoo ejf Jdifjzo [bohhfs Tjfiu fjogbdi xfojh Jepm;
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