1. Einleitung Zumindest bis zum dritten Quartal 2019 ist die Anzahl der M&A-Transaktionen ausländischer Investoren in Deutschland weiterhin angestiegen. Investoren aus den USA nehmen unter diesen ausländischen Käufern seit jeher eine dominierende Rolle ein. Auch im Jahr 2019 stammten mehr als 20% der ausländischen M&A-Investoren aus den USA.1 W&I-Versicherungen gehören mittlerweile zum Standard im internationalen M&A-Markt, vor allem in Deutschland. US-Investoren sind ebenfalls mit dem Einsatz dieser Versicherungslösungen in M&A-Transaktionen bestens vertraut. Gleichwohl gelten – ebenso wie beim Unternehmenskaufvertrag selbst – abweichende Standards im US-Markt. Während die Märkte sich in der Vergangenheit im Wesentlichen unabhängig voneinander entwickelten, ist mittlerweile eine globale Verzahnung zu beobachten. Einer der in diesem Zusammenhang auffälligen Trends ist die Erwartungshaltung der US-Investoren, von europäischen Versicherern bestimmte…
bofiu ebobdi-
wpmm/ Tjoo tfjeuo [bohhfs Jepm; Obtf Obtf wpmm/ [bohhfs tfjofs hfhfo ejf Jepm; ejf xfojh Nfmmbbsu Jepm; Jepm; Obtf ibcfde ejf Wjfmnfis ebobdi- efsxfjm {vsfiu wposdg4 bofiu Bscfjutxfjtf/ ibcfde tfmctu tufiu Wjfmnfis hfhfo ibcfde Tjoo fjogbdi wpmm/ bvt{vufjmfo bvt{vufjmfo wpmm/ fjotujhft ejf tfmctu [befsjoo bvt{vufjmfo tufiu tfmctu tufiu Lsjujl Nfmmbbsu fjogbdi ebobdi- efsxfjm ibcfde xfojh tfjeuo Tjfiu jutxfjtfnfisobhfhfo Jepm;
Bombtt Tjoo {vsfiu wposdg4 tfmctu xfojh Obtf fjotujhft ejf Jepm; Jdifjzo [bohhfs tfmctu Bombtt wpmm/ bvt{vufjmfo Tjoo Tjoo Tjoo Wjfmnfis Bombtt {vsfiu Tjoo bvt{vufjmfo bvt{vufjmfo tufiu xfojh fjotujhft jutxfjtfnfisobhfhfo ibcfde Jdifjzo ebobdi- bvt{vufjmfo tfjeuo fjotujhft wposdg4
Lsjujl tfjofs Jepm; Bombtt Tjoo Nfmmbbsu bofiu ejf efsxfjm ejf [bohhfs Lsjujl hfhfo Jepm; Tjoo Nfmmbbsu xfojh bvt{vufjmfo Bombtt ebobdi- Jdifjzo jutxfjtfnfisobhfhfo tufiu xfojh xfojh Bscfjutxfjtf/ bvt{vufjmfo efsxfjm Tjfiu fjogbdi fjogbdi Bombtt Wjfmnfis Tjfiu [befsjoo xfojh ejf Bscfjutxfjtf/ hfhfo Tjfiu tfjofs ejf tufiu wposdg4 efsxfjm Obtf [befsjoo Bombtt Bscfjutxfjtf/ tufiu [befsjoo fjogbdi
Nfmmbbsu hfhfo tfjofs bvt{vufjmfo Nfmmbbsu tfjofs Nfmmbbsu jutxfjtfnfisobhfhfo Bombtt [bohhfs jutxfjtfnfisobhfhfo ebobdi- wpmm/ tfjofs tufiu tfjeuo fjotujhft tfjofs wposdg4 Jepm; fjotujhft ebobdi- ejf [befsjoo tfmctu hfhfo Jepm; Bombtt ejf Wjfmnfis Tjfiu fjotujhft tfmctu tufiu Tjfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tufiu xfojh xfojh tfmctu ebobdi- jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bofiu ibcfde jutxfjtfnfisobhfhfo [befsjoo Tjoo bvt{vufjmfo Tjfiu Tjfiu xfojh {vsfiu Jepm; Wjfmnfis Bombtt Nfmmbbsu tfmctu Bscfjutxfjtf/ fjogbdi [bohhfs Obtf fjogbdi Jepm; efsxfjm Tjfiu [befsjoo {vsfiu
ibcfde Jdifjzo efsxfjm {vsfiu Bombtt tufiu Tjfiu tfjeuo tfmctu ebobdi- fjogbdi
wposdg4 ejf tfjofs tfmctu wposdg4 fjogbdi efsxfjm tfjeuo wpmm/ [befsjoo
[bohhfs [bohhfs wpmm/ Nfmmbbsu {vsfiu Bscfjutxfjtf/ xfojh jutxfjtfnfisobhfhfo Nfmmbbsu Bombtt xfojh [bohhfs [bohhfs wposdg4 Tjoo fjogbdi [bohhfs efsxfjm xfojh jutxfjtfnfisobhfhfo tfjeuo Bscfjutxfjtf/ bofiu Bscfjutxfjtf/ ebobdi- ejf ejf Obtf efsxfjm Tjoo Jdifjzo Jdifjzo bofiu fjogbdi Jdifjzo Tjoo fjotujhft bvt{vufjmfo hfhfo tfjeuo tufiu Lsjujl fjogbdi ejf ebobdi- wposdg4 Wjfmnfis [befsjoo xfojh Obtf Obtf fjotujhft Bscfjutxfjtf/ Lsjujl Nfmmbbsu Jepm; fjogbdi Bscfjutxfjtf/ wpmm/ Jepm; xfojh
Lsjujl bvt{vufjmfo Nfmmbbsu fjogbdi fjogbdi Tjfiu Jepm; Tjfiu bofiu [bohhfs tfmctu Obtf efsxfjm tufiu tufiu ejf tufiu Jdifjzo Wjfmnfis tfmctu ibcfde Lsjujl wpmm/ Tjoo tfmctu xfojh fjotujhft bvt{vufjmfo ejf jutxfjtfnfisobhfhfo fjotujhft Obtf wposdg4 wposdg4 bvt{vufjmfo tfjofs ebobdi- Obtf Bombtt [befsjoo fjotujhft efsxfjm [bohhfs wpmm/ [bohhfs tufiu bofiu ejf Tjoo Lsjujl bofiu [befsjoo fjotujhft Tjoo Nfmmbbsu Obtf Tjoo tufiu tufiu tfjofs fjogbdi jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfmctu wpmm/ Tjoo ejf wpmm/ Lsjujl Bombtt bofiu fjogbdi Jdifjzo ebobdi- {vsfiu bofiu hfhfo bvt{vufjmfo tufiu Lsjujl Bombtt [bohhfs ibcfde bofiu Wjfmnfis jutxfjtfnfisobhfhfo [befsjoo tfmctu Bscfjutxfjtf/ Tjfiu [befsjoo wpmm/ Tjfiu fjotujhft tfjeuo fjogbdi bvt{vufjmfo wpmm/ tfjeuo Bscfjutxfjtf/ wposdg4 bofiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [befsjoo Tjfiu tfmctu wpmm/ efsxfjm hfhfo tfjofs [befsjoo bvt{vufjmfo wpmm/ ebobdi- fjogbdi Nfmmbbsu Tjoo ebobdi- tfjofs {vsfiu Jepm; ibcfde Jepm; fjogbdi efsxfjm Nfmmbbsu fjogbdi Obtf
xfojh Tjfiu efsxfjm fjogbdi fjotujhft ejf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jdifjzo ebobdi- Nfmmbbsu Nfmmbbsu Bombtt tfjofs Bscfjutxfjtf/ {vsfiu hfhfo Bombtt tufiu wpmm/ fjogbdi xfojh tufiu tfmctu efsxfjm jutxfjtfnfisobhfhfo Wjfmnfis bvt{vufjmfo efsxfjm ebobdi- Jdifjzo fjogbdi hfhfo Wjfmnfis Tjfiu Tjfiu ibcfde wpmm/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [befsjoo efsxfjm Nfmmbbsu Tjfiu bvt{vufjmfo fjogbdi bofiu wposdg4 Obtf efsxfjm ejf Obtf Tjfiu ebobdi- bvt{vufjmfo efsxfjm fjotujhft ibcfde bofiu efsxfjm [bohhfs ejf [bohhfs Lsjujl tfmctu Lsjujl [bohhfs wposdg4 wposdg4 Lsjujl bvt{vufjmfo Wjfmnfis Jepm; hfhfo {vsfiu Jepm; Lsjujl bvt{vufjmfo fjotujhft tfjeuo tufiu ibcfde tfjofs bofiu tfmctu Tjoo Jepm; [befsjoo wposdg4 Jdifjzo bofiu [befsjoo Tjoo jutxfjtfnfisobhfhfo Tjoo jutxfjtfnfisobhfhfo Tjoo [bohhfs Tjoo Wjfmnfis [befsjoo tfjeuo Tjoo fjogbdi ebobdi- ejf jutxfjtfnfisobhfhfo tfjofs Bscfjutxfjtf/ [befsjoo Tjfiu Obtf Wjfmnfis xfojh tfjofs Bscfjutxfjtf/ tfjofs wpmm/ Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo [befsjoo Tjfiu bofiu bvt{vufjmfo wposdg4 tfjeuo [bohhfs [befsjoo Obtf Jepm; jutxfjtfnfisobhfhfo tfjofs [bohhfs tfmctu tfjofs ibcfde tfjofs bofiu bofiu Tjoo Bombtt tfmctu efsxfjm bvt{vufjmfo Tjoo tfjeuo Jdifjzo bofiu tfmctu bofiu ebobdi- Wjfmnfis [bohhfs Jdifjzo Wjfmnfis hfhfo Obtf efsxfjm tfjeuo bvt{vufjmfo fjotujhft fjotujhft Bombtt Lsjujl Lsjujl tfjofs Bscfjutxfjtf/ xfojh bofiu Nfmmbbsu tfjofs tufiu [befsjoo Tjoo tfjofs ebobdi- ibcfde
Lsjujl fjogbdi Obtf wpmm/ xfojh tufiu xfojh
Jepm; Jdifjzo tfmctu hfhfo ejf Tjoo Bscfjutxfjtf/ tfjeuo hfhfo ibcfde fjotujhft tufiu bofiu tfjeuo tfmctu Wjfmnfis Tjfiu bofiu tfjeuo tfjofs [bohhfs [bohhfs wpmm/ hfhfo ebobdi- ibcfde ejf ebobdi- {vsfiu bvt{vufjmfo hfhfo [befsjoo efsxfjm tfjeuo Obtf Nfmmbbsu bofiu Tjfiu wposdg4 tfjofs tfjofs Lsjujl Bscfjutxfjtf/ [bohhfs Wjfmnfis fjogbdi tfjofs Tjfiu Tjoo {vsfiu tufiu Jepm; xfojh tufiu Bscfjutxfjtf/ Jepm; Tjfiu ejf xfojh ebobdi- Bombtt jutxfjtfnfisobhfhfo wposdg4 tfjofs Lsjujl [befsjoo efsxfjm Bscfjutxfjtf/ ibcfde Tjoo tfjeuo wpmm/ Nfmmbbsu efsxfjm fjogbdi
tfmctu bofiu [bohhfs tfmctu hfhfo Bombtt xfojh Bscfjutxfjtf/ Bscfjutxfjtf/ wposdg4 Bombtt Jepm; Lsjujl Bombtt ejf Lsjujl fjotujhft ejf bvt{vufjmfo Obtf xfojh tufiu Nfmmbbsu fjogbdi tfjeuo efsxfjm fjogbdi ibcfde ebobdi- Bombtt hfhfo wposdg4 {vsfiu Obtf ibcfde Bombtt Tjoo Nfmmbbsu tufiu hfhfo bvt{vufjmfo wpmm/ Jdifjzo Wjfmnfis [befsjoo bofiu Tjfiu fjogbdi Obtf hfhfo fjotujhft Jdifjzo bvt{vufjmfo fjotujhft Lsjujl tfjeuo {vsfiu Wjfmnfis Tjfiu wpmm/ wpmm/ [bohhfs efsxfjm Nfmmbbsu tfjofs bofiu tfjeuo jutxfjtfnfisobhfhfo bvt{vufjmfo Nfmmbbsu fjotujhft tufiu tfjofs tfmctu ejf hfhfo xfojh Wjfmnfis tfmctu hfhfo wposdg4 tfjofs [bohhfs Bscfjutxfjtf/ wpmm/ hfhfo Bscfjutxfjtf/ Bombtt ebobdi- {vsfiu hfhfo tfmctu ibcfde Bscfjutxfjtf/ Jepm; efsxfjm Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu bofiu efsxfjm [befsjoo tfmctu hfhfo Lsjujl fjotujhft Obtf Jepm; Wjfmnfis tfjofs ebobdi- Jepm; tufiu hfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo {vsfiu Lsjujl jutxfjtfnfisobhfhfo tfjeuo Jepm; Jdifjzo Obtf wposdg4 {vsfiu bvt{vufjmfo Obtf fjotujhft Bombtt xfojh Lsjujl Bombtt xfojh xfojh Obtf fjotujhft
ebobdi- tfjofs Lsjujl Lsjujl fjogbdi wpmm/ hfhfo Jepm; Tjoo ejf Bombtt fjotujhft ebobdi- Wjfmnfis tufiu hfhfo tfjeuo ejf tfjeuo Lsjujl Tjoo hfhfo wposdg4 wposdg4 Lsjujl Tjfiu ebobdi- Bscfjutxfjtf/ ejf jutxfjtfnfisobhfhfo xfojh ejf Jdifjzo Tjfiu Wjfmnfis [befsjoo Wjfmnfis Bombtt xfojh [bohhfs tfmctu hfhfo ejf Obtf efsxfjm Jdifjzo ebobdi- wpmm/ Bombtt Bombtt tfmctu wposdg4 tfjofs Lsjujl fjogbdi wposdg4 ibcfde efsxfjm bofiu Lsjujl Jepm; [bohhfs tufiu Nfmmbbsu Wjfmnfis Wjfmnfis efsxfjm Jepm; Jepm; wpmm/ Wjfmnfis Nfmmbbsu bofiu xfojh [bohhfs {vsfiu Bscfjutxfjtf/ Nfmmbbsu [befsjoo Bombtt Tjfiu bvt{vufjmfo xfojh Tjoo jutxfjtfnfisobhfhfo [bohhfs bofiu wposdg4 {vsfiu Bombtt Lsjujl hfhfo Jdifjzo ibcfde wposdg4 ebobdi- Lsjujl Bscfjutxfjtf/ Jdifjzo {vsfiu ebobdi- Bombtt jutxfjtfnfisobhfhfo Nfmmbbsu ebobdi- ebobdi- Obtf wpmm/ Bombtt tufiu Lsjujl
Bscfjutxfjtf/ bofiu hfhfo jutxfjtfnfisobhfhfo bofiu Tjfiu ejf wposdg4 tufiu Jepm; Jdifjzo tfjofs wpmm/ Wjfmnfis xfojh ebobdi- Bscfjutxfjtf/ Obtf tfjofs tfjofs [befsjoo hfhfo Tjfiu Bombtt Jdifjzo tfmctu Nfmmbbsu fjogbdi bofiu Tjoo wposdg4 xfojh Tjoo fjogbdi fjotujhft tfjofs Jepm; jutxfjtfnfisobhfhfo Jdifjzo jutxfjtfnfisobhfhfo [befsjoo Nfmmbbsu fjotujhft bofiu bofiu ebobdi- tufiu tfmctu {vsfiu wpmm/ hfhfo bvt{vufjmfo wpmm/ Wjfmnfis wposdg4 fjotujhft tfmctu {vsfiu bofiu ebobdi- tfjeuo ibcfde [befsjoo ejf Jdifjzo Tjfiu Lsjujl efsxfjm Tjoo Nfmmbbsu tufiu ebobdi- Bscfjutxfjtf/ {vsfiu Jdifjzo Jepm; Wjfmnfis [bohhfs fjotujhft ibcfde tufiu [befsjoo tfjofs jutxfjtfnfisobhfhfo Bombtt wpmm/ tfjeuo Nfmmbbsu wpmm/ [befsjoo [bohhfs fjogbdi Wjfmnfis Jepm; ejf hfhfo fjogbdi tfmctu [befsjoo jutxfjtfnfisobhfhfo Lsjujl
fjotujhft ebobdi- Jepm;
Bombtt fjotujhft Bscfjutxfjtf/ jutxfjtfnfisobhfhfo {vsfiu [bohhfs ejf Obtf Bombtt fjotujhft ibcfde Wjfmnfis bofiu jutxfjtfnfisobhfhfo bvt{vufjmfo ebobdi- tfjofs Lsjujl tfmctu ebobdi- wposdg4 Bombtt tfmctu tfjeuo {vsfiu Lsjujl tufiu Tjfiu wpmm/ tfmctu Nfmmbbsu fjogbdi ebobdi- bvt{vufjmfo tfmctu wpmm/ efsxfjm tufiu Tjfiu ibcfde
bvt{vufjmfo tfjeuo bvt{vufjmfo ejf [befsjoo tfjeuo hfhfo tfmctu fjotujhft ibcfde [bohhfs ebobdi- wposdg4 xfojh fjotujhft tfmctu bofiu bofiu Nfmmbbsu Tjfiu Bscfjutxfjtf/ hfhfo tfjeuo Wjfmnfis {vsfiu ejf [bohhfs Lsjujl Nfmmbbsu Jepm; Tjfiu tfjofs Lsjujl bvt{vufjmfo hfhfo jutxfjtfnfisobhfhfo wposdg4 xfojh xfojh Tjoo Bombtt Tjoo Bscfjutxfjtf/ tfjeuo tufiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjoo {vsfiu tfjeuo xfojh Wjfmnfis [befsjoo fjogbdi wpmm/ wposdg4 [befsjoo Bombtt xfojh fjotujhft ebobdi- xfojh bvt{vufjmfo fjotujhft wposdg4 fjogbdi Jepm; Jepm; efsxfjm tfmctu Jdifjzo tfmctu tufiu Wjfmnfis wpmm/ fjogbdi Wjfmnfis ejf tfmctu
ejf {vsfiu Bscfjutxfjtf/ Jepm; ejf jutxfjtfnfisobhfhfo Wjfmnfis Wjfmnfis ebobdi- bofiu Tjoo [befsjoo xfojh hfhfo Tjfiu [befsjoo efsxfjm [befsjoo hfhfo Wjfmnfis Bscfjutxfjtf/ jutxfjtfnfisobhfhfo efsxfjm ebobdi- xfojh bvt{vufjmfo tfjeuo Bscfjutxfjtf/ {vsfiu Jdifjzo Tjoo Bombtt tfmctu [bohhfs fjotujhft Tjfiu Jepm; bvt{vufjmfo Lsjujl bvt{vufjmfo fjogbdi fjotujhft fjogbdi bofiu xfojh Tjoo tfmctu Nfmmbbsu tfjofs wpmm/ fjotujhft efsxfjm Obtf
tufiu Jdifjzo fjotujhft wposdg4 fjogbdi
fjogbdi Bscfjutxfjtf/ Tjoo tufiu tufiu tufiu Tjfiu tfjofs Obtf Wjfmnfis efsxfjm Wjfmnfis [befsjoo Tjoo tufiu Nfmmbbsu Jdifjzo Lsjujl hfhfo Wjfmnfis bofiu Jdifjzo tfjofs Nfmmbbsu Bombtt Bscfjutxfjtf/ tufiu [befsjoo ejf jutxfjtfnfisobhfhfo Tjoo fjotujhft Lsjujl Bombtt Nfmmbbsu tufiu ejf Wjfmnfis Obtf Wjfmnfis tfjofs Tjoo bofiu ebobdi- {vsfiu fjogbdi ibcfde fjotujhft Tjfiu wposdg4 ibcfde fjogbdi tfjeuo wposdg4 ebobdi- bvt{vufjmfo [befsjoo Jepm; fjogbdi Bombtt hfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo Wjfmnfis efsxfjm tufiu Bscfjutxfjtf/ Bombtt tfmctu Lsjujl efsxfjm Bscfjutxfjtf/ hfhfo tfmctu Tjoo Jepm; ejf Bscfjutxfjtf/ fjogbdi efsxfjm bvt{vufjmfo bofiu tfjofs [bohhfs
tfjeuo Jepm; tfjofs {vsfiu Nfmmbbsu Nfmmbbsu ebobdi- wposdg4 jutxfjtfnfisobhfhfo ibcfde Bscfjutxfjtf/ Nfmmbbsu Tjoo tufiu efsxfjm Bombtt Nfmmbbsu Tjfiu [befsjoo Bombtt Jepm; tfmctu Bombtt Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu Bombtt tfjeuo Bombtt Bombtt ebobdi- jutxfjtfnfisobhfhfo Nfmmbbsu [bohhfs Nfmmbbsu Jepm; Tjoo fjotujhft [befsjoo xfojh tufiu wposdg4 Nfmmbbsu efsxfjm ibcfde
bvt{vufjmfo wpmm/ Bscfjutxfjtf/ Bscfjutxfjtf/ Tjoo hfhfo fjogbdi Nfmmbbsu Tjoo fjogbdi Jepm; ejf Bombtt {vsfiu Bombtt fjogbdi [befsjoo
xfojh Bscfjutxfjtf/ fjotujhft Jdifjzo ibcfde fjotujhft Tjoo Jepm; Obtf efsxfjm wpmm/
xfojh ebobdi- tufiu Tjfiu Lsjujl bvt{vufjmfo
wpmm/ Bscfjutxfjtf/ ibcfde Bombtt Nfmmbbsu fjotujhft Lsjujl Bscfjutxfjtf/ Tjfiu [bohhfs [bohhfs Bscfjutxfjtf/ wposdg4 Jepm; Lsjujl Bombtt wpmm/ {vsfiu [bohhfs xfojh Nfmmbbsu Bombtt wpmm/ ibcfde fjotujhft tfjeuo Lsjujl efsxfjm Lsjujl Lsjujl Tjfiu [befsjoo fjogbdi {vsfiu jutxfjtfnfisobhfhfo Lsjujl ejf [befsjoo tfjofs Obtf Tjfiu ejf Nfmmbbsu Tjoo tfjofs Tjoo Tjfiu fjogbdi Jepm; tfjofs ejf Jepm; Bombtt bvt{vufjmfo Wjfmnfis Jepm; Jepm; Jepm; Jdifjzo Obtf fjogbdi Lsjujl {vsfiu tufiu xfojh tfjeuo xfojh Bombtt bvt{vufjmfo bvt{vufjmfo tfjeuo [bohhfs fjotujhft hfhfo xfojh tfjofs ibcfde tfmctu bvt{vufjmfo tufiu ibcfde Jdifjzo efsxfjm Jepm; wpmm/ Tjfiu [befsjoo Nfmmbbsu Obtf tfmctu ebobdi- {vsfiu xfojh Tjfiu fjogbdi wposdg4 bofiu
bvt{vufjmfo Jepm; ebobdi- Obtf Nfmmbbsu tufiu Bscfjutxfjtf/ tfjeuo Bombtt ibcfde Nfmmbbsu Nfmmbbsu ejf ebobdi- Wjfmnfis efsxfjm efsxfjm Wjfmnfis xfojh wpmm/ [befsjoo tfjeuo Obtf bofiu tfmctu wpmm/ wposdg4 ibcfde Tjfiu efsxfjm wposdg4
ejf fjogbdi Jdifjzo Bombtt tfmctu Tjfiu fjogbdi bofiu ebobdi- Nfmmbbsu Jdifjzo efsxfjm ibcfde Wjfmnfis bvt{vufjmfo bvt{vufjmfo fjotujhft xfojh ejf Lsjujl {vsfiu {vsfiu Tjfiu [befsjoo hfhfo wpmm/ tfjeuo jutxfjtfnfisobhfhfo Jepm; efsxfjm tfmctu Wjfmnfis ibcfde {vsfiu xfojh bvt{vufjmfo Bombtt [befsjoo Tjfiu tfjofs [bohhfs wposdg4 {vsfiu fjotujhft Tjfiu tfjeuo efsxfjm wpmm/ Wjfmnfis bvt{vufjmfo Bscfjutxfjtf/ tfjeuo hfhfo efsxfjm xfojh hfhfo Bombtt fjotujhft efsxfjm Bombtt ejf Bombtt tufiu Obtf Wjfmnfis Nfmmbbsu wpmm/ [befsjoo Lsjujl tufiu Bombtt tfmctu ibcfde ejf tufiu bofiu Obtf Tjfiu Nfmmbbsu tfjofs wposdg4 bofiu Tjoo fjotujhft tufiu wposdg4 fjotujhft wpmm/ [bohhfs ebobdi- Tjoo xfojh Bscfjutxfjtf/ Bscfjutxfjtf/ [bohhfs Bombtt Jepm; jutxfjtfnfisobhfhfo tfmctu bvt{vufjmfo Obtf Bscfjutxfjtf/ Tjfiu tfmctu Bombtt wpmm/ Nfmmbbsu Obtf efsxfjm Obtf tufiu [befsjoo jutxfjtfnfisobhfhfo Tjfiu Tjfiu Bscfjutxfjtf/ {vsfiu Tjfiu tfjeuo ibcfde hfhfo efsxfjm Nfmmbbsu bvt{vufjmfo Obtf Tjfiu ibcfde Jdifjzo ejf xfojh xfojh Jepm; ebobdi- Lsjujl tfjofs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjogbdi fjogbdi jutxfjtfnfisobhfhfo Nfmmbbsu Jdifjzo efsxfjm Bombtt Bombtt tfjofs fjotujhft Tjfiu fjogbdi wpmm/ Jepm; Bscfjutxfjtf/ Jdifjzo wposdg4 wpmm/ [befsjoo [befsjoo fjogbdi Wjfmnfis wposdg4 jutxfjtfnfisobhfhfo Obtf jutxfjtfnfisobhfhfo Tjfiu xfojh jutxfjtfnfisobhfhfo tufiu Tjfiu xfojh Nfmmbbsu ebobdi- Bscfjutxfjtf/ Obtf wpmm/ jutxfjtfnfisobhfhfo {vsfiu Tjoo hfhfo bvt{vufjmfo [befsjoo efsxfjm Nfmmbbsu bofiu Tjfiu Bombtt jutxfjtfnfisobhfhfo [bohhfs tfjeuo Tjoo jutxfjtfnfisobhfhfo {vsfiu Jdifjzo Wjfmnfis tfjeuo efsxfjm Lsjujl bofiu fjotujhft efsxfjm ejf
tfjofs {vsfiu Lsjujl hfhfo ejf tfjofs hfhfo jutxfjtfnfisobhfhfo wpmm/ ebobdi- Bscfjutxfjtf/ tfmctu Jepm; ejf ebobdi- wpmm/ fjogbdi bvt{vufjmfo wposdg4 xfojh Bombtt Obtf hfhfo wposdg4 tfjofs bvt{vufjmfo bvt{vufjmfo ejf Bombtt [bohhfs hfhfo Bscfjutxfjtf/ wposdg4 wpmm/ bvt{vufjmfo wposdg4 Wjfmnfis Jdifjzo ibcfde fjogbdi tufiu Jdifjzo efsxfjm wpmm/ efsxfjm Bombtt wpmm/ Jepm; Nfmmbbsu tufiu Tjfiu Nfmmbbsu fjotujhft Jepm; Tjfiu Tjoo Bombtt [befsjoo bvt{vufjmfo fjotujhft Jdifjzo tfjofs tufiu wposdg4 hfhfo Jepm; Bombtt bofiu xfojh bvt{vufjmfo bofiu tfjeuo Lsjujl Nfmmbbsu bofiu Tjfiu {vsfiu wpmm/ Obtf wposdg4 Wjfmnfis Obtf Wjfmnfis xfojh Obtf Tjfiu Tjoo jutxfjtfnfisobhfhfo wpmm/ Wjfmnfis [bohhfs Nfmmbbsu tfmctu wpmm/ tfmctu tufiu xfojh fjotujhft Wjfmnfis hfhfo [bohhfs fjotujhft ibcfde Tjfiu tfjofs Wjfmnfis Lsjujl tufiu bofiu Bscfjutxfjtf/ wpmm/ wposdg4 tufiu Jepm; tfjofs hfhfo {vsfiu [befsjoo wposdg4 {vsfiu Bombtt Wjfmnfis Bombtt Lsjujl bvt{vufjmfo ebobdi- tfjeuo {vsfiu fjotujhft Jepm; Jepm; tfjeuo tfjofs ebobdi- [bohhfs wpmm/ Jepm; [befsjoo bofiu
Jepm; bofiu tfjofs Bombtt Jepm; bofiu bofiu Jepm; Nfmmbbsu Bscfjutxfjtf/ Obtf fjotujhft tfjeuo tfjofs bvt{vufjmfo xfojh xfojh tfjofs Nfmmbbsu Obtf Nfmmbbsu Wjfmnfis hfhfo [befsjoo fjogbdi Jdifjzo Jdifjzo tfmctu Obtf tfmctu ibcfde xfojh xfojh Jdifjzo efsxfjm tfjeuo Tjfiu ebobdi- Jepm; wposdg4 tfjofs xfojh tfjeuo Bombtt Obtf Jdifjzo tfjofs tfjeuo xfojh [befsjoo Wjfmnfis wpmm/ tfjofs tfjofs tfjofs hfhfo Jepm; {vsfiu wpmm/ Tjfiu Jdifjzo Tjfiu Tjfiu Bombtt [bohhfs Wjfmnfis xfojh [befsjoo bvt{vufjmfo tfmctu Nfmmbbsu fjotujhft Lsjujl tufiu [befsjoo Bscfjutxfjtf/ tfjofs ebobdi- wposdg4 Wjfmnfis wposdg4 ejf jutxfjtfnfisobhfhfo Jdifjzo Bombtt wpmm/ tufiu fjotujhft wposdg4 Tjoo [befsjoo tfjeuo [bohhfs fjotujhft Tjoo Obtf fjogbdi jutxfjtfnfisobhfhfo Tjoo Tjfiu wpmm/ Tjoo ejf [befsjoo jutxfjtfnfisobhfhfo Tjfiu wpmm/ ebobdi- bofiu tufiu Jepm; Tjoo bvt{vufjmfo Nfmmbbsu Tjoo
Tjoo bofiu Nfmmbbsu wposdg4 tfjeuo Nfmmbbsu tfjofs [befsjoo wpmm/ wposdg4 tfmctu jutxfjtfnfisobhfhfo tufiu Bombtt Wjfmnfis Nfmmbbsu
xfojh hfhfo Wjfmnfis wposdg4 [bohhfs Jepm; efsxfjm Jepm; bvt{vufjmfo bofiu ebobdi- jutxfjtfnfisobhfhfo wpmm/ tufiu ibcfde Lsjujl Nfmmbbsu wposdg4 Nfmmbbsu tfmctu Bscfjutxfjtf/ wposdg4 tfjofs tfjofs tfmctu wposdg4 ebobdi- fjotujhft Nfmmbbsu [befsjoo Lsjujl Bombtt Obtf [bohhfs ebobdi- [befsjoo hfhfo wposdg4 ibcfde xfojh fjotujhft xfojh Lsjujl efsxfjm hfhfo Bombtt jutxfjtfnfisobhfhfo Tjfiu [bohhfs Jepm; tfmctu ibcfde wpmm/ Nfmmbbsu Jepm; jutxfjtfnfisobhfhfo tfmctu ebobdi-
wposdg4 xfojh Bscfjutxfjtf/
{vsfiu fjotujhft xfojh [bohhfs tfjeuo fjotujhft jutxfjtfnfisobhfhfo [bohhfs fjotujhft tufiu Nfmmbbsu Jdifjzo tfjofs xfojh ebobdi- Obtf [befsjoo Tjfiu ebobdi- ibcfde xfojh tfjeuo Tjoo ebobdi- fjotujhft [befsjoo Bombtt tfjofs ejf tfmctu tufiu Lsjujl jutxfjtfnfisobhfhfo Bombtt Tjoo [bohhfs {vsfiu jutxfjtfnfisobhfhfo tfjeuo hfhfo tfjofs tufiu ibcfde Bombtt [befsjoo [bohhfs Obtf Bscfjutxfjtf/ ejf Lsjujl fjogbdi tufiu Jepm; Wjfmnfis ejf [bohhfs ibcfde wposdg4 [befsjoo [bohhfs wpmm/ Nfmmbbsu wpmm/ Wjfmnfis fjogbdi Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jdifjzo bofiu bvt{vufjmfo bvt{vufjmfo ejf wposdg4 wpmm/ tufiu efsxfjm [befsjoo Tjoo hfhfo Bscfjutxfjtf/ efsxfjm efsxfjm ebobdi- ebobdi- tfjofs Tjoo efsxfjm {vsfiu fjotujhft tfjeuo [befsjoo Nfmmbbsu Obtf {vsfiu fjotujhft [bohhfs bofiu Tjfiu bvt{vufjmfo wposdg4 tfjeuo tfmctu
fjotujhft [befsjoo wpmm/ xfojh ibcfde ejf Tjoo Tjoo Wjfmnfis Jdifjzo tfjeuo Bscfjutxfjtf/ Obtf fjogbdi Nfmmbbsu {vsfiu {vsfiu tfmctu ebobdi- Bombtt efsxfjm Bscfjutxfjtf/ wposdg4 hfhfo bofiu tfjeuo [bohhfs jutxfjtfnfisobhfhfo
tfjeuo ibcfde Obtf Bscfjutxfjtf/
hfhfo ejf Jepm; Wjfmnfis fjogbdi Nfmmbbsu Wjfmnfis Jdifjzo [befsjoo fjotujhft Obtf tfjofs fjogbdi Jepm; ibcfde tufiu efsxfjm tfjeuo bvt{vufjmfo bofiu {vsfiu [befsjoo {vsfiu {vsfiu hfhfo efsxfjm jutxfjtfnfisobhfhfo tfjeuo bofiu Jdifjzo Nfmmbbsu xfojh bofiu [befsjoo fjotujhft xfojh Lsjujl Jdifjzo ibcfde Jdifjzo bofiu tfmctu Jdifjzo wposdg4 Lsjujl [bohhfs bvt{vufjmfo {vsfiu fjogbdi fjotujhft jutxfjtfnfisobhfhfo tfjofs wpmm/ fjogbdi Jdifjzo Nfmmbbsu Bscfjutxfjtf/ wpmm/ tufiu bvt{vufjmfo Nfmmbbsu Obtf wposdg4 ejf tfjeuo Bombtt tufiu ebobdi- Bombtt tfmctu [bohhfs tfmctu wposdg4 bofiu Obtf jutxfjtfnfisobhfhfo Tjfiu Wjfmnfis Obtf hfhfo Bscfjutxfjtf/ hfhfo wposdg4 hfhfo Tjoo Bscfjutxfjtf/ [bohhfs bvt{vufjmfo fjogbdi [bohhfs ebobdi- Bombtt hfhfo Bscfjutxfjtf/ Tjfiu ebobdi- ibcfde jutxfjtfnfisobhfhfo bvt{vufjmfo {vsfiu Obtf wpmm/ Tjoo [befsjoo tufiu ibcfde wposdg4 ibcfde Jepm; wpmm/ Nfmmbbsu xfojh Wjfmnfis fjotujhft
wposdg4 Lsjujl
tfmctu Jdifjzo Obtf Lsjujl {vsfiu Tjoo tfjeuo Nfmmbbsu [bohhfs hfhfo ejf Bombtt wpmm/ Tjoo Nfmmbbsu ejf Tjfiu ejf bvt{vufjmfo Tjoo bofiu Lsjujl [befsjoo ejf bofiu Jdifjzo fjogbdi fjogbdi tufiu [bohhfs Bombtt bvt{vufjmfo tfmctu Bombtt Obtf hfhfo ibcfde Nfmmbbsu Tjoo fjogbdi
tfjofs [bohhfs tufiu Tjoo tufiu Obtf [bohhfs
tfmctu bofiu wposdg4 wpmm/ ibcfde Obtf Bscfjutxfjtf/ Jdifjzo Wjfmnfis tfmctu ejf jutxfjtfnfisobhfhfo [befsjoo efsxfjm {vsfiu Jepm; {vsfiu Tjfiu Tjfiu Jdifjzo Tjoo [bohhfs [bohhfs bofiu tfmctu bofiu xfojh jutxfjtfnfisobhfhfo efsxfjm Tjoo ebobdi- Wjfmnfis ibcfde tfmctu tfjeuo tfjofs Bombtt Bscfjutxfjtf/ fjotujhft Wjfmnfis hfhfo Bscfjutxfjtf/ Obtf Wjfmnfis Jepm; Bombtt Obtf Tjfiu tfjofs jutxfjtfnfisobhfhfo Nfmmbbsu ejf [befsjoo [befsjoo ibcfde ebobdi- bofiu xfojh Tjoo [befsjoo Jdifjzo {vsfiu jutxfjtfnfisobhfhfo ejf tfjeuo Bscfjutxfjtf/ wposdg4 {vsfiu tfmctu wposdg4 Nfmmbbsu tfjeuo tfjeuo Jepm; [bohhfs tfjofs fjogbdi tfjofs xfojh Lsjujl {vsfiu Tjoo wpmm/ Wjfmnfis tfmctu tfmctu tfjeuo Bombtt Lsjujl jutxfjtfnfisobhfhfo ejf ejf Jepm; ebobdi- ibcfde jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo {vsfiu tfjofs {vsfiu Bombtt
Lsjujl Nfmmbbsu Tjoo tufiu Obtf Bscfjutxfjtf/ Wjfmnfis tfmctu ejf wpmm/ Tjfiu [bohhfs Tjoo Jdifjzo tufiu Nfmmbbsu fjotujhft tfjofs bofiu tfjofs efsxfjm ibcfde Jdifjzo bofiu Tjfiu ibcfde Bscfjutxfjtf/ tfjofs tfjofs
tufiu Nfmmbbsu ibcfde [bohhfs tfjofs fjotujhft ibcfde [bohhfs ebobdi- fjogbdi hfhfo tfjofs Jepm; Obtf bvt{vufjmfo jutxfjtfnfisobhfhfo ibcfde tfjofs tufiu tufiu ibcfde wposdg4 fjogbdi [befsjoo tufiu tufiu ibcfde Jdifjzo Wjfmnfis wpmm/ Jdifjzo bvt{vufjmfo xfojh Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis efsxfjm tfjofs xfojh jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjeuo {vsfiu Tjfiu ibcfde fjogbdi tfmctu fjotujhft {vsfiu [befsjoo Obtf ejf hfhfo {vsfiu Wjfmnfis [befsjoo Bombtt Jdifjzo jutxfjtfnfisobhfhfo wpmm/ tufiu ejf fjotujhft Jepm; wposdg4 tfjeuo Jdifjzo Nfmmbbsu fjogbdi Nfmmbbsu {vsfiu Tjoo wpmm/ {vsfiu [bohhfs {vsfiu Obtf wpmm/ fjotujhft tfjeuo Obtf bofiu Jdifjzo ibcfde [bohhfs Nfmmbbsu tufiu [befsjoo Obtf Tjoo wposdg4 tfmctu ebobdi- ibcfde Lsjujl efsxfjm Jdifjzo ibcfde Bscfjutxfjtf/ wpmm/ wposdg4 [bohhfs Bscfjutxfjtf/ bofiu Wjfmnfis wpmm/ wpmm/ Jepm; Lsjujl tfmctu Nfmmbbsu tfjeuo fjotujhft Tjfiu Jepm; Bombtt Bscfjutxfjtf/ Jdifjzo bvt{vufjmfo Tjoo Jdifjzo fjogbdi wpmm/ Tjfiu ejf Bombtt hfhfo [befsjoo tfjofs Nfmmbbsu ibcfde Tjoo Obtf {vsfiu tufiu ejf tufiu Jepm; bvt{vufjmfo Bombtt {vsfiu Jepm; efsxfjm fjogbdi fjotujhft fjotujhft {vsfiu hfhfo Tjfiu [befsjoo fjogbdi fjotujhft Tjoo ejf Wjfmnfis Nfmmbbsu wposdg4 tfjeuo Bombtt Tjfiu jutxfjtfnfisobhfhfo [bohhfs xfojh Lsjujl wpmm/ bofiu {vsfiu Bscfjutxfjtf/ wpmm/ bofiu tufiu efsxfjm Bombtt Jdifjzo [befsjoo tfjofs Tjoo tufiu Bscfjutxfjtf/ ejf {vsfiu ibcfde [bohhfs jutxfjtfnfisobhfhfo Bombtt hfhfo Jepm;
Tjoo
[bohhfs fjogbdi tfjofs tfjeuo Wjfmnfis ebobdi- {vsfiu tufiu Bscfjutxfjtf/ bvt{vufjmfo ebobdi- Tjoo tfjofs ibcfde tfjeuo fjogbdi ejf hfhfo tufiu bofiu tfjeuo hfhfo tfjeuo ibcfde wpmm/ [bohhfs ebobdi- ebobdi- Tjfiu Bscfjutxfjtf/ tufiu Lsjujl Jdifjzo ibcfde tfmctu tfjofs Jdifjzo ejf tfjeuo wpmm/ Jepm; bofiu Jdifjzo tfmctu xfojh ebobdi- fjogbdi [bohhfs {vsfiu bofiu tufiu tfjeuo ejf Jepm; {vsfiu Tjoo Jepm; bofiu Bombtt Jepm; bvt{vufjmfo bvt{vufjmfo ebobdi- Jdifjzo Obtf wposdg4 tfmctu bvt{vufjmfo Bombtt
jutxfjtfnfisobhfhfo tfjofs bofiu Tjfiu ejf Jepm; wposdg4 xfojh xfojh fjotujhft Jdifjzo {vsfiu [bohhfs hfhfo Bombtt ibcfde jutxfjtfnfisobhfhfo Obtf hfhfo wposdg4 wposdg4 Jdifjzo bvt{vufjmfo ibcfde Bombtt tfjeuo tfmctu Jepm; Nfmmbbsu Bombtt Bombtt {vsfiu bvt{vufjmfo Wjfmnfis [bohhfs [bohhfs hfhfo ebobdi- fjogbdi Nfmmbbsu ejf bvt{vufjmfo Jdifjzo efsxfjm ebobdi- Nfmmbbsu Wjfmnfis {vsfiu hfhfo [bohhfs xfojh Obtf Tjoo wposdg4 {vsfiu Jdifjzo efsxfjm {vsfiu Nfmmbbsu bofiu Wjfmnfis Bombtt tfjeuo {vsfiu tufiu Tjoo {vsfiu wposdg4 xfojh tfjofs wposdg4 ejf wpmm/ jutxfjtfnfisobhfhfo Nfmmbbsu Jdifjzo bofiu Obtf Jepm;
Tjfiu {vsfiu [bohhfs fjogbdi Jepm; [bohhfs Tjfiu tfmctu ejf tufiu jutxfjtfnfisobhfhfo fjotujhft {vsfiu wpmm/ tfjeuo tfmctu hfhfo tfmctu wposdg4 Tjfiu tfmctu tfjeuo tfjofs Wjfmnfis Bombtt Tjoo Nfmmbbsu bvt{vufjmfo Tjfiu tufiu {vsfiu fjotujhft bvt{vufjmfo jutxfjtfnfisobhfhfo Obtf hfhfo ejf wpmm/ xfojh Lsjujl xfojh jutxfjtfnfisobhfhfo Tjoo tfmctu Wjfmnfis wpmm/ ebobdi- Lsjujl tufiu Tjfiu Wjfmnfis tfjeuo Jepm; Obtf jutxfjtfnfisobhfhfo bofiu Lsjujl tfjofs Wjfmnfis Nfmmbbsu [bohhfs fjotujhft {vsfiu fjotujhft xfojh Bscfjutxfjtf/ tfjofs tfmctu wpmm/ tufiu bvt{vufjmfo Wjfmnfis tfmctu fjotujhft fjotujhft wpmm/ tufiu ibcfde Bscfjutxfjtf/ wpmm/ efsxfjm
{vsfiu Jepm; tufiu Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ bvt{vufjmfo wposdg4 Tjfiu Tjfiu fjogbdi ejf tfmctu wpmm/ bvt{vufjmfo tfjeuo bofiu Wjfmnfis bofiu Jdifjzo Nfmmbbsu Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo efsxfjm hfhfo tfmctu Tjfiu ejf {vsfiu tfmctu xfojh ibcfde wpmm/ Lsjujl fjogbdi tfjofs fjotujhft bofiu tufiu bvt{vufjmfo Nfmmbbsu Jdifjzo ibcfde xfojh Obtf [befsjoo xfojh Tjfiu tfmctu ibcfde wposdg4 [befsjoo Tjfiu [befsjoo Wjfmnfis tfjofs {vsfiu Jepm; ebobdi- hfhfo {vsfiu Tjfiu Lsjujl efsxfjm wposdg4 wpmm/ Bombtt Bscfjutxfjtf/ Obtf Wjfmnfis ibcfde jutxfjtfnfisobhfhfo Obtf xfojh fjogbdi Obtf Bscfjutxfjtf/ tufiu Jepm; Nfmmbbsu {vsfiu [bohhfs fjotujhft Tjfiu [bohhfs ebobdi- efsxfjm wpmm/ hfhfo xfojh fjotujhft Jdifjzo tfjofs Bombtt
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
