Pensionsverpflichtungen im Rahmen von M&A Transaktionen: Eine theoretische Auseinandersetzung und empirische Analyse zu den Implikationen von Pensionsverpflichtungen für die Unternehmensbewertung aus der Sicht von Strategischen Investoren

The valuation of companies within M&A projects constitutes the ultimate discipline in the business economics. Next to an amount of aggravating factors the valuation of companies is made difficult by the pension obligations. As certain studies have shown, the pension obligations of companies increased significantly during the last few years due to the low interest environment. Beside this, pension obligations hides a lot of further risks which are hard to determine. These aspects lead to the fact that all actors within M&A transaction have to be sensitized for pension obligations.
In this regard, the thesis will analyze the valuation methods which are used in the practice and how they can be adjusted to obtain the pension risks. This thesis will first cover the conceptual framework and will provide required definitions of terms related to Mergers and Acquisitions and Pensions. Subsequently thereto, the thesis will describe the classical M&A process. In the further course, the paper will present and discuss the various valuation methods and also the pension valuation methods. Further in this context, the valuation relevant parameters will be analyzed. The IFRS and local GAAP (HGB) principles will be also covered in this thesis. Furthermore, it will be analyzed if modifications have to be made due to the valuation of pension obligations. The work will obtain its empirical findings from carried out expert interviews. For this, the author developed a detailed interview guideline which contains all relevant aspects in order to develop a recommendation for the practice and also for the science. Therefore, 12 experts have been interviewed. These experts are from companies such as the big four consulting firms, but also from actuarial consulting firms. Other experts from international industrial concern have been interviewed as well. The resulting academically questions will be provided together with guidance for strategic investors.