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