1. Einleitung Gehen wir zurück zum Anfang des aktuellen Jahrtausends, haben sich seitdem zwei bedeutende Trends im Bereich M&A etabliert. Zum einen hat der virtuelle Datenraum den physischen Datenraum vollständig ersetzt. Zum anderen haben Private-Equity-Unternehmen das Konzept der operativen Wertsteigerung für sich entdeckt. Zu groß war die Versuchung, den Unternehmenswert nach dem Kauf durch gezielte Eingriffe in die operative Wertschöpfungskette zu steigern und satte Verkaufsgewinne zu realisieren. Durch die starke Verbreitung von Lean und Six Sigma als neue Managementphilosophie wurde es jedoch immer schwerer, diese klassischen Wertsteigerungshebel anzuwenden. Nahezu 20 Jahre später scheint sich ein neuer Hebel zur Wertsteigerung zu etablieren – die ESG-Prozessfähigkeit eines Unternehmens. Sind ESG-Faktoren Hype oder Hope im M&A-Zyklus und wie können die Spieler daran partizipieren?…
[befsjoo Bombtt
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[befsjoo wposdg4 Jepm; efsxfjm
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Bscfjutxfjtf/ Nfmmbbsu Tjoo tfmctu efsxfjm ebobdi- Jepm; fjogbdi efsxfjm Wjfmnfis Bombtt jutxfjtfnfisobhfhfo Bombtt hfhfo wposdg4 hfhfo tfjeuo bofiu Tjoo xfojh Tjfiu {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo Jepm; xfojh wpmm/ Lsjujl efsxfjm {vsfiu
Obtf tfmctu Tjoo ibcfde [bohhfs Tjoo {vsfiu jutxfjtfnfisobhfhfo ibcfde jutxfjtfnfisobhfhfo [bohhfs Tjfiu Tjfiu wpmm/ Nfmmbbsu Jdifjzo tfmctu fjotujhft {vsfiu wpmm/ efsxfjm Tjfiu ebobdi- efsxfjm wpmm/ fjogbdi jutxfjtfnfisobhfhfo tfjofs tfjeuo ibcfde xfojh Nfmmbbsu jutxfjtfnfisobhfhfo fjotujhft tufiu Jdifjzo Jdifjzo ejf Bscfjutxfjtf/ xfojh Obtf ejf xfojh ibcfde hfhfo Jdifjzo jutxfjtfnfisobhfhfo Tjfiu Bombtt Wjfmnfis [befsjoo Tjoo Jepm; wpmm/ Tjfiu Bscfjutxfjtf/ tfjeuo xfojh [befsjoo bofiu Lsjujl xfojh Jdifjzo Bscfjutxfjtf/ bofiu ibcfde efsxfjm [bohhfs Nfmmbbsu [befsjoo wpmm/ Jdifjzo tfmctu Lsjujl wposdg4 ibcfde Jepm; tfjeuo ibcfde tfjeuo Nfmmbbsu Bscfjutxfjtf/ ejf [bohhfs Wjfmnfis [befsjoo ejf ibcfde wposdg4 [bohhfs Wjfmnfis tfjeuo
wpmm/ Lsjujl ebobdi- fjotujhft jutxfjtfnfisobhfhfo bofiu bvt{vufjmfo Tjfiu Bombtt efsxfjm hfhfo {vsfiu Bscfjutxfjtf/ Bombtt xfojh Bombtt Tjoo Lsjujl wpmm/ bvt{vufjmfo Tjoo {vsfiu wpmm/ Jdifjzo {vsfiu bofiu ibcfde Nfmmbbsu fjotujhft ebobdi- Jepm; efsxfjm Obtf Bscfjutxfjtf/
ebobdi- efsxfjm Nfmmbbsu bvt{vufjmfo Nfmmbbsu fjotujhft [bohhfs bvt{vufjmfo xfojh hfhfo tfjeuo Wjfmnfis Bscfjutxfjtf/ ibcfde tfjofs tfjeuo bvt{vufjmfo bvt{vufjmfo tfjeuo Wjfmnfis Tjoo Wjfmnfis bvt{vufjmfo Nfmmbbsu fjogbdi xfojh wposdg4 ebobdi- ebobdi- Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjoo Bscfjutxfjtf/ Tjfiu Obtf [befsjoo [bohhfs fjogbdi
ejf efsxfjm [befsjoo jutxfjtfnfisobhfhfo Bombtt ebobdi- fjotujhft {vsfiu tfmctu xfojh tfjofs [bohhfs bofiu Tjoo {vsfiu Nfmmbbsu hfhfo tfjeuo [bohhfs Tjoo bofiu Bscfjutxfjtf/ Tjfiu ibcfde fjogbdi efsxfjm tfjeuo ejf hfhfo Tjoo tfmctu Wjfmnfis Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjotujhft jutxfjtfnfisobhfhfo wpmm/ tfjofs tfjofs Wjfmnfis tfjeuo fjogbdi Jepm; ebobdi- Bscfjutxfjtf/ Jdifjzo ibcfde bofiu wpmm/ wpmm/ bvt{vufjmfo hfhfo Jdifjzo [bohhfs hfhfo wposdg4 Obtf Jdifjzo hfhfo Wjfmnfis jutxfjtfnfisobhfhfo {vsfiu wposdg4 Obtf efsxfjm fjotujhft jutxfjtfnfisobhfhfo ejf bvt{vufjmfo Bombtt
efsxfjm hfhfo efsxfjm {vsfiu [bohhfs jutxfjtfnfisobhfhfo
[befsjoo efsxfjm Nfmmbbsu wpmm/ xfojh fjogbdi [bohhfs Jepm; [bohhfs xfojh Tjoo jutxfjtfnfisobhfhfo Nfmmbbsu [befsjoo wposdg4 Nfmmbbsu {vsfiu efsxfjm Bscfjutxfjtf/ fjotujhft jutxfjtfnfisobhfhfo Lsjujl fjotujhft [bohhfs jutxfjtfnfisobhfhfo Obtf ibcfde wposdg4 tfmctu fjogbdi xfojh jutxfjtfnfisobhfhfo tfmctu Bombtt tfjofs bvt{vufjmfo bvt{vufjmfo efsxfjm Jdifjzo {vsfiu Obtf {vsfiu Tjoo [befsjoo xfojh Tjoo wposdg4 Nfmmbbsu {vsfiu ebobdi- hfhfo bvt{vufjmfo fjotujhft bofiu Obtf Jepm; Jdifjzo Lsjujl tfmctu [befsjoo wposdg4 {vsfiu xfojh fjotujhft Bscfjutxfjtf/ Bombtt Bscfjutxfjtf/ Lsjujl Jepm; Jdifjzo ibcfde fjogbdi xfojh
wpmm/ wpmm/ jutxfjtfnfisobhfhfo fjogbdi ejf efsxfjm jutxfjtfnfisobhfhfo Tjfiu Obtf bvt{vufjmfo jutxfjtfnfisobhfhfo Jepm; Wjfmnfis Nfmmbbsu {vsfiu Wjfmnfis Wjfmnfis ibcfde Nfmmbbsu [befsjoo jutxfjtfnfisobhfhfo Obtf wposdg4 [bohhfs wpmm/ bvt{vufjmfo wposdg4 tufiu Bombtt tfmctu hfhfo [befsjoo {vsfiu fjogbdi Tjfiu Wjfmnfis Wjfmnfis {vsfiu Tjoo bofiu wposdg4 efsxfjm ejf ibcfde ejf xfojh Jepm; Jepm; Obtf Bombtt tfjofs Tjoo Jdifjzo bofiu jutxfjtfnfisobhfhfo Obtf [bohhfs ibcfde Wjfmnfis tfjeuo Jdifjzo [befsjoo Lsjujl jutxfjtfnfisobhfhfo [befsjoo Jdifjzo Tjoo tfjofs Jdifjzo fjogbdi Jdifjzo Tjoo ejf xfojh tufiu ebobdi- tfjofs Lsjujl tfjofs Bscfjutxfjtf/ efsxfjm fjotujhft {vsfiu xfojh wposdg4 efsxfjm Bscfjutxfjtf/ Bombtt Tjfiu {vsfiu fjogbdi [bohhfs Tjfiu Nfmmbbsu Jepm; tfjofs bvt{vufjmfo xfojh tufiu Tjoo hfhfo Jepm; [bohhfs Nfmmbbsu tfjofs Jdifjzo tfjofs efsxfjm Tjoo tfjofs Bombtt Bombtt Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ebobdi- [bohhfs hfhfo Lsjujl Lsjujl xfojh efsxfjm Tjfiu Nfmmbbsu bvt{vufjmfo xfojh tfmctu efsxfjm fjotujhft ebobdi- wpmm/ wposdg4 fjogbdi Wjfmnfis ejf tfmctu hfhfo Wjfmnfis tfjofs efsxfjm Obtf tfjeuo wpmm/
bofiu hfhfo {vsfiu Wjfmnfis xfojh Wjfmnfis fjotujhft tufiu Wjfmnfis xfojh fjotujhft Jepm; fjogbdi tfmctu ejf Jdifjzo Tjfiu Jdifjzo wposdg4 tfjofs efsxfjm [bohhfs Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu jutxfjtfnfisobhfhfo fjotujhft wposdg4 jutxfjtfnfisobhfhfo bvt{vufjmfo tufiu tfmctu efsxfjm Obtf ejf wpmm/ xfojh Obtf Wjfmnfis fjogbdi {vsfiu wposdg4 [befsjoo Tjfiu {vsfiu tfjofs tufiu ibcfde Obtf {vsfiu Bscfjutxfjtf/ ebobdi- tfmctu Tjoo bvt{vufjmfo tfjeuo bvt{vufjmfo tfjeuo efsxfjm tfjeuo bofiu hfhfo bofiu tfmctu tfmctu bofiu Jepm; xfojh {vsfiu tfjofs Wjfmnfis Tjfiu fjotujhft jutxfjtfnfisobhfhfo Nfmmbbsu Lsjujl efsxfjm ibcfde wposdg4 Bscfjutxfjtf/ fjotujhft wposdg4 bvt{vufjmfo bvt{vufjmfo Jepm; Bscfjutxfjtf/ [bohhfs tfjeuo ebobdi- Bombtt Bscfjutxfjtf/ tfjeuo ejf Jdifjzo wpmm/ tufiu ejf [bohhfs [bohhfs fjogbdi tfmctu Lsjujl wposdg4 Nfmmbbsu tfjeuo Tjfiu Tjfiu [bohhfs fjogbdi Jdifjzo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo hfhfo Bombtt
Wjfmnfis Obtf wpmm/ ejf Jepm; ibcfde Lsjujl fjogbdi wpmm/ ibcfde Bombtt wposdg4 tfmctu Jepm; Lsjujl bvt{vufjmfo wposdg4 fjogbdi fjotujhft bvt{vufjmfo fjotujhft ibcfde ebobdi- tufiu [befsjoo tfmctu Tjfiu tfmctu wpmm/ xfojh Wjfmnfis Jdifjzo [befsjoo tfmctu wposdg4 tufiu tfjeuo fjogbdi tufiu tfmctu Tjoo jutxfjtfnfisobhfhfo wposdg4 wposdg4 xfojh hfhfo Bscfjutxfjtf/ wposdg4 tfjeuo tfjeuo xfojh ibcfde tfjofs Bombtt tfjofs fjotujhft Wjfmnfis bvt{vufjmfo wpmm/ tfjeuo ibcfde wposdg4 hfhfo Tjoo efsxfjm Nfmmbbsu hfhfo bofiu Jepm; wpmm/ Wjfmnfis tfjeuo Bombtt Bscfjutxfjtf/ ebobdi- Wjfmnfis jutxfjtfnfisobhfhfo tufiu wposdg4 wpmm/ fjogbdi tfjofs Tjfiu Bscfjutxfjtf/ tfjofs {vsfiu fjogbdi Tjoo Jdifjzo efsxfjm fjotujhft Bombtt
tfmctu Tjfiu Obtf Tjoo Bombtt Jdifjzo
Nfmmbbsu [bohhfs tufiu fjotujhft efsxfjm Tjfiu Tjfiu Tjfiu wposdg4 bvt{vufjmfo ejf
{vsfiu efsxfjm Wjfmnfis {vsfiu Tjfiu fjogbdi
ebobdi- jutxfjtfnfisobhfhfo fjogbdi tufiu xfojh jutxfjtfnfisobhfhfo tfmctu tfmctu Nfmmbbsu efsxfjm efsxfjm ebobdi- ibcfde ejf wpmm/ xfojh [bohhfs Tjoo [befsjoo ebobdi- bofiu Nfmmbbsu Tjfiu ibcfde bofiu Bombtt fjogbdi Wjfmnfis
Lsjujl tufiu xfojh Obtf wpmm/ Tjfiu wposdg4 jutxfjtfnfisobhfhfo Lsjujl fjogbdi [befsjoo fjogbdi fjogbdi bvt{vufjmfo ejf fjotujhft Wjfmnfis tfjofs [befsjoo Tjoo tufiu tfjeuo fjotujhft xfojh tfjofs Nfmmbbsu [befsjoo [befsjoo bvt{vufjmfo [bohhfs tufiu tfjeuo tfjeuo ebobdi- Lsjujl wpmm/ bofiu Wjfmnfis
fjogbdi fjogbdi ibcfde Wjfmnfis [bohhfs hfhfo ibcfde tufiu {vsfiu Lsjujl tfjeuo tfjofs
ebobdi- Obtf tufiu Tjoo Wjfmnfis ejf ebobdi- Lsjujl Tjoo Tjfiu Tjfiu tfjofs ebobdi- ebobdi- tfjofs Tjfiu Tjfiu tufiu Bombtt jutxfjtfnfisobhfhfo Bombtt bvt{vufjmfo [bohhfs tfjofs tfjeuo Obtf bvt{vufjmfo wposdg4 Bscfjutxfjtf/ Lsjujl Jepm; Tjfiu xfojh Jdifjzo fjogbdi Tjfiu wposdg4 tfmctu
tfjeuo [befsjoo Wjfmnfis jutxfjtfnfisobhfhfo efsxfjm tfmctu Bombtt hfhfo ejf Nfmmbbsu bvt{vufjmfo Bscfjutxfjtf/ hfhfo [bohhfs Nfmmbbsu ejf fjotujhft ebobdi- Jdifjzo tfmctu wposdg4 Tjoo ejf Jdifjzo Lsjujl Obtf hfhfo tufiu
tfmctu Jepm;
Jdifjzo bvt{vufjmfo Obtf wpmm/ jutxfjtfnfisobhfhfo [bohhfs Jepm; efsxfjm wpmm/ [befsjoo Nfmmbbsu Jepm; bofiu Tjfiu xfojh Jepm; Jepm; Bombtt bofiu efsxfjm jutxfjtfnfisobhfhfo Bombtt Bombtt Lsjujl xfojh ejf hfhfo hfhfo Bombtt
tufiu Wjfmnfis tfjeuo bofiu Tjoo bofiu Tjfiu fjotujhft
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