Divestitures are of high managerial relevance at most corporations, independent of the degree of diversification, firm size, age and industry. The reasons for this are multiple: developments in the international M&A market, increasing dynamics in industry markets, capital market pressure, and the emergence of strong new types of investors. Despite their importance, divestiture decisions often seem to be made on a relatively unstructured and irrational basis and lack rigorous management routines, especially when compared to investments. Overall, corporations decide on divestitures either too...