Monitoring Trustee

The Monitoring Trustee oversees the implementation of commitments to a competition authority.

The Monitoring Trustee’s independence is key for a successful execution of its assignment, specifically for bringing together the often diverging stakeholder interests. Beyond that the Trustee requires a broad range of know-how and experience for performing the monitoring function in the best commercial interest of the Divestment Business.

Monsalvat meets those prerequisites and provides its clients with:

"For our clients we are
a regulatory signpost
and an entrepreneurial partner."

Independence

"We can confirm our independence immediately and reliably."  
  • Monsalvat is legally and commercially independent
  • Pursues no other business activities (e.g. commercial/investment banking, auditing, consultancy)
  • Does not compete with its clients‘ advisors and business partners

Expertise in Corporate Investment Management

"We are convinced that the Monitoring Trustee must act like a Corporate Investment Manager."  
  • Monsalvat understands the key drivers of the economic viability and competitiveness of the Divestment Business
  • Enhances the entrepreneurial reach of the Hold Separate Manager and the Key Personnel
  • Implements effective Corporate Governance structures reflecting best sector practice
  • Supports motivational incentive and retention schemes
  • Drives carve-out and business separation processes
  • Leads processes to protect business secrets, especially with regard to IT networks

M&A competency

"We believe that a Monitoring Trustee needs significant experience as M&A advisor."  
  • Monsalvat is familiar with overseeing and managing M&A processes
  • Acts as a sparring partner for the seller
  • Actively leads bidders through the specifics of a monitored divestiture process
  • Enhances process discipline with respect to meeting the divestiture timeline and to avoiding the perception of a fire sale
  • Mediates between the information requirements of the bidders and the need to protect the Divestment Business
  • Meets the „most likely buyers“ early on to understand their suitability as purchaser
  • Provides a timely and balanced Reasoned Opinion on the compliance of the purchaser with the Purchaser Requirements

Coordination of Stakeholders

"From our perspective the core competence of a Monitoring Trustee is to achieve efficient compliance solutions by coordinating all stakeholder interests."  
  • Competition authority: Monsalvat acts as „eyes and ears“ and eventually as „hand“ of the competition authority subject to its instructions. Delivers timely and high-quality reports
  • Seller and its advisors: Monsalvat uses scope of discretion to support optimal commercial solutions
  • Hold Separate Manager: Monsalvat ensures his/her independence of the seller and stands by decisions taken with the Hold Separate Manager
  • All stakeholders: Monsalvat establishes trusting and constructive working relationships while protecting its independence of the merging parties. Moderates in cases of conflict .