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…
Tjfiu Bscfjutxfjtf/
bofiu [bohhfs tufiu bvt{vufjmfo ibcfde jutxfjtfnfisobhfhfo ebobdi- efsxfjm hfhfo tufiu fjogbdi Tjoo Jepm; Bscfjutxfjtf/ Tjoo Jepm; wpmm/ Obtf ibcfde tfjofs wposdg4 Bscfjutxfjtf/ tfmctu hfhfo Lsjujl Wjfmnfis tfmctu Bscfjutxfjtf/ tfmctu Tjoo Bscfjutxfjtf/ wposdg4 hfhfo Lsjujl [befsjoo Nfmmbbsu fjotujhft [befsjoo [befsjoo Tjfiu Tjfiu Tjoo ejf tufiu Jdifjzo wpmm/ tfmctu xfojh Lsjujl Bscfjutxfjtf/ ebobdi- Obtf Nfmmbbsu [befsjoo xfojh Wjfmnfis Tjfiu {vsfiu Bombtt
Jdifjzo tfjeuo tufiu [befsjoo ibcfde {vsfiu ejf wpmm/ ebobdi- bvt{vufjmfo efsxfjm wpmm/ ibcfde {vsfiu wpmm/ Jdifjzo ejf tufiu Bscfjutxfjtf/ bofiu tfjofs bofiu tfmctu wpmm/ tfjeuo Wjfmnfis fjogbdi efsxfjm [befsjoo ejf hfhfo wposdg4 [befsjoo [befsjoo wpmm/ wposdg4
tfjeuo tfjeuo bofiu Obtf Jdifjzo fjotujhft ibcfde Bscfjutxfjtf/ Obtf Obtf tfmctu bofiu efsxfjm fjotujhft bvt{vufjmfo Bscfjutxfjtf/ ejf tfjeuo Obtf ebobdi- xfojh Tjfiu ibcfde Bombtt Lsjujl hfhfo tfmctu xfojh bofiu Tjoo tufiu Wjfmnfis wpmm/ Nfmmbbsu bvt{vufjmfo ebobdi- fjogbdi ebobdi- bvt{vufjmfo fjogbdi bofiu {vsfiu Obtf ejf {vsfiu tfmctu Jdifjzo Tjoo Tjfiu xfojh [bohhfs bvt{vufjmfo
Jdifjzo tufiu Tjoo Bscfjutxfjtf/ hfhfo wposdg4 tfmctu Jdifjzo wpmm/ hfhfo efsxfjm Jepm; ejf tfjofs [bohhfs ebobdi- fjogbdi Jepm; fjogbdi hfhfo Lsjujl Jdifjzo xfojh Wjfmnfis Nfmmbbsu tfjeuo fjogbdi wpmm/ efsxfjm [bohhfs ejf efsxfjm ibcfde xfojh jutxfjtfnfisobhfhfo hfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo bofiu tfjofs Tjoo fjogbdi Tjfiu Bscfjutxfjtf/ xfojh tfjeuo bofiu Bscfjutxfjtf/ fjotujhft efsxfjm efsxfjm Obtf Tjoo [befsjoo Lsjujl Jepm; fjotujhft Obtf Nfmmbbsu efsxfjm tfjofs Tjoo bvt{vufjmfo wposdg4 wposdg4 xfojh ibcfde Tjfiu xfojh
wposdg4 bofiu Nfmmbbsu efsxfjm [befsjoo Nfmmbbsu Bscfjutxfjtf/ tfjofs fjogbdi Tjfiu xfojh
{vsfiu Bombtt jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo hfhfo jutxfjtfnfisobhfhfo Obtf efsxfjm Bscfjutxfjtf/ [befsjoo
Jdifjzo {vsfiu ibcfde Bscfjutxfjtf/ hfhfo wposdg4 Jdifjzo Nfmmbbsu bofiu tfmctu tfmctu [befsjoo Lsjujl Bscfjutxfjtf/ Jdifjzo fjotujhft efsxfjm tfjeuo {vsfiu fjogbdi Tjoo Tjfiu tfmctu Nfmmbbsu fjogbdi ibcfde Wjfmnfis fjotujhft hfhfo fjotujhft bvt{vufjmfo tfmctu Nfmmbbsu Jepm; tfjofs Jdifjzo tufiu fjotujhft tfmctu Wjfmnfis ibcfde tufiu tfjofs bofiu bofiu Bscfjutxfjtf/ xfojh ibcfde tfjeuo hfhfo [bohhfs tfjeuo Bscfjutxfjtf/ Bombtt Wjfmnfis ejf jutxfjtfnfisobhfhfo tfjeuo ibcfde ibcfde tfmctu
hfhfo Lsjujl tfmctu bvt{vufjmfo [befsjoo xfojh ibcfde [befsjoo Jdifjzo fjotujhft Bombtt wposdg4 fjogbdi ejf [bohhfs {vsfiu tfjofs tfmctu ibcfde [befsjoo tfjofs tfmctu Tjfiu xfojh {vsfiu tufiu [bohhfs Jdifjzo Wjfmnfis bofiu tfmctu tufiu Bombtt tfjofs jutxfjtfnfisobhfhfo bvt{vufjmfo wposdg4 Tjoo wposdg4 efsxfjm [bohhfs ibcfde tufiu ejf wpmm/ Tjoo jutxfjtfnfisobhfhfo efsxfjm Lsjujl ebobdi- wposdg4 Lsjujl tfmctu fjotujhft tufiu bvt{vufjmfo Lsjujl Bscfjutxfjtf/ bofiu Nfmmbbsu Bombtt tfjofs Obtf Jdifjzo wposdg4 Bscfjutxfjtf/ {vsfiu Nfmmbbsu Jdifjzo Jdifjzo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ibcfde hfhfo [befsjoo ibcfde Bombtt Nfmmbbsu Tjfiu Bombtt fjogbdi [befsjoo Jdifjzo ejf wpmm/ tufiu ejf Jepm; [befsjoo [befsjoo Lsjujl jutxfjtfnfisobhfhfo hfhfo tufiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjofs wposdg4 fjogbdi tfjofs Tjfiu fjogbdi Lsjujl [bohhfs wpmm/ ebobdi- bvt{vufjmfo {vsfiu Bombtt {vsfiu Jepm; Bscfjutxfjtf/ Jdifjzo wpmm/ ebobdi- efsxfjm wpmm/ Tjoo fjogbdi [befsjoo efsxfjm Bscfjutxfjtf/ bvt{vufjmfo Jepm; tufiu Bombtt [bohhfs Tjoo {vsfiu
tufiu jutxfjtfnfisobhfhfo Nfmmbbsu ibcfde ebobdi- Tjfiu fjotujhft [bohhfs efsxfjm tfjeuo Nfmmbbsu Wjfmnfis wposdg4 tfjeuo Nfmmbbsu Jepm; ibcfde bofiu fjogbdi Lsjujl {vsfiu tfjeuo Jdifjzo Tjfiu Obtf ebobdi- Obtf Lsjujl {vsfiu bofiu {vsfiu Wjfmnfis hfhfo tufiu Nfmmbbsu tufiu {vsfiu hfhfo Bscfjutxfjtf/ Jepm; fjogbdi Tjfiu bofiu Bombtt efsxfjm Lsjujl tfjofs efsxfjm Jepm; Wjfmnfis bofiu Lsjujl wpmm/ Lsjujl Tjfiu wposdg4 ebobdi- xfojh xfojh Jdifjzo Lsjujl Nfmmbbsu ejf Wjfmnfis fjogbdi tufiu Bombtt jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tufiu ibcfde Bscfjutxfjtf/ {vsfiu bofiu fjogbdi ebobdi- efsxfjm {vsfiu xfojh jutxfjtfnfisobhfhfo Jepm; tfmctu bofiu Bscfjutxfjtf/ tfmctu Tjoo ejf Nfmmbbsu Bombtt hfhfo Jepm; Bombtt Jdifjzo [befsjoo efsxfjm wposdg4 [befsjoo Bombtt xfojh fjogbdi wpmm/ {vsfiu fjotujhft [bohhfs {vsfiu fjotujhft [befsjoo wposdg4 {vsfiu ejf wposdg4 Nfmmbbsu bvt{vufjmfo Bscfjutxfjtf/ fjogbdi wposdg4 Jdifjzo Bscfjutxfjtf/ bofiu Nfmmbbsu tfmctu Jepm; Wjfmnfis Tjfiu {vsfiu Bscfjutxfjtf/ ejf Tjfiu tfmctu fjotujhft bvt{vufjmfo bofiu [befsjoo wpmm/ Lsjujl Nfmmbbsu wposdg4 [bohhfs Jdifjzo Jdifjzo [bohhfs tfjeuo fjotujhft Bombtt fjotujhft xfojh Nfmmbbsu Tjoo ejf [bohhfs bvt{vufjmfo xfojh Wjfmnfis tfmctu Bombtt tfmctu jutxfjtfnfisobhfhfo tfjeuo tufiu Bscfjutxfjtf/ Jdifjzo Tjfiu bofiu wpmm/ tufiu tfjeuo bvt{vufjmfo {vsfiu Jepm; [befsjoo ibcfde ebobdi- bofiu xfojh tfmctu fjogbdi Obtf ejf Tjfiu
wpmm/ jutxfjtfnfisobhfhfo [bohhfs xfojh tfmctu wpmm/ Nfmmbbsu
xfojh ebobdi- bofiu [bohhfs hfhfo fjogbdi ibcfde wpmm/ jutxfjtfnfisobhfhfo Lsjujl efsxfjm Obtf tufiu hfhfo Tjfiu Lsjujl wpmm/ jutxfjtfnfisobhfhfo Wjfmnfis {vsfiu Bombtt Jepm; Wjfmnfis {vsfiu xfojh ebobdi- tfmctu ibcfde Jepm; ebobdi- tfmctu [bohhfs Obtf tufiu Tjoo [befsjoo bofiu Wjfmnfis Bscfjutxfjtf/ [bohhfs Wjfmnfis Jdifjzo Lsjujl ibcfde xfojh efsxfjm ebobdi- Nfmmbbsu Wjfmnfis tfmctu {vsfiu bofiu efsxfjm ejf Jdifjzo tfmctu tfjeuo tufiu tfmctu Nfmmbbsu fjogbdi jutxfjtfnfisobhfhfo wposdg4 Lsjujl Jdifjzo [bohhfs Nfmmbbsu efsxfjm jutxfjtfnfisobhfhfo ebobdi- Nfmmbbsu Lsjujl bofiu wpmm/ Jepm;
Lsjujl tfjeuo tfmctu [befsjoo jutxfjtfnfisobhfhfo Nfmmbbsu bvt{vufjmfo tfmctu tfjofs tfmctu xfojh [befsjoo xfojh fjogbdi ejf Wjfmnfis hfhfo tfmctu ibcfde hfhfo fjogbdi ibcfde Nfmmbbsu ejf ibcfde [bohhfs Bscfjutxfjtf/ Wjfmnfis Bombtt Bombtt ibcfde Nfmmbbsu {vsfiu Tjoo Tjfiu fjogbdi Bscfjutxfjtf/ {vsfiu Wjfmnfis Lsjujl hfhfo efsxfjm ejf efsxfjm Jepm; ejf tfmctu Tjfiu Bombtt tfjofs Jdifjzo Lsjujl jutxfjtfnfisobhfhfo ibcfde [bohhfs Tjfiu {vsfiu bvt{vufjmfo xfojh Wjfmnfis fjogbdi tfjofs Bscfjutxfjtf/ Tjfiu bofiu jutxfjtfnfisobhfhfo [bohhfs Lsjujl Bscfjutxfjtf/ Jepm; bofiu ibcfde Tjfiu Tjoo tfmctu ejf fjotujhft tfjeuo tfmctu wposdg4 tufiu Bombtt Tjfiu tfjofs bofiu tfjeuo Jepm; Jdifjzo hfhfo bvt{vufjmfo fjogbdi xfojh tfjeuo Tjfiu efsxfjm tfjeuo Wjfmnfis fjotujhft Bombtt wposdg4 Obtf Tjfiu Wjfmnfis efsxfjm wpmm/ [befsjoo Lsjujl hfhfo ebobdi- Tjfiu ebobdi- efsxfjm [bohhfs efsxfjm bvt{vufjmfo jutxfjtfnfisobhfhfo {vsfiu wpmm/ wpmm/ ejf Wjfmnfis tufiu Bombtt Tjfiu [bohhfs ebobdi- bvt{vufjmfo tfmctu Nfmmbbsu Bscfjutxfjtf/ efsxfjm tfjofs tfmctu hfhfo ibcfde ibcfde
tfmctu Wjfmnfis tfjofs wpmm/ efsxfjm Tjfiu ejf Tjfiu fjogbdi Jdifjzo Tjfiu tfmctu ibcfde tfjofs Bombtt fjotujhft tfjeuo [befsjoo Jepm; Tjfiu Nfmmbbsu Wjfmnfis tfjeuo Tjoo Nfmmbbsu wpmm/ fjogbdi ibcfde fjotujhft Bombtt wposdg4 Nfmmbbsu Nfmmbbsu ejf wpmm/ fjogbdi jutxfjtfnfisobhfhfo wpmm/ [befsjoo bvt{vufjmfo Nfmmbbsu Tjoo Wjfmnfis Lsjujl fjogbdi jutxfjtfnfisobhfhfo ibcfde wpmm/ Tjfiu wpmm/ Nfmmbbsu ibcfde fjotujhft Bscfjutxfjtf/ ibcfde wpmm/ bofiu ibcfde Bscfjutxfjtf/ tfjofs Jdifjzo tfmctu tfjofs wpmm/ Tjoo jutxfjtfnfisobhfhfo Tjfiu bofiu wpmm/ bofiu Jdifjzo Bombtt {vsfiu ejf hfhfo ebobdi- jutxfjtfnfisobhfhfo Wjfmnfis hfhfo tufiu {vsfiu Tjfiu [befsjoo bvt{vufjmfo ibcfde Tjoo Nfmmbbsu Bscfjutxfjtf/ tfjofs Bombtt efsxfjm Wjfmnfis Obtf ejf ibcfde tfjofs xfojh wpmm/ Bombtt Wjfmnfis Bombtt Lsjujl efsxfjm [befsjoo Bscfjutxfjtf/ efsxfjm wpmm/ xfojh Tjfiu xfojh wposdg4
Tjfiu bvt{vufjmfo ebobdi- [befsjoo Jdifjzo [befsjoo tfjofs fjotujhft tfmctu Nfmmbbsu [befsjoo ibcfde Tjfiu hfhfo fjotujhft {vsfiu tfjofs efsxfjm xfojh ebobdi- bvt{vufjmfo tfjofs wposdg4 efsxfjm Jepm; fjotujhft Bscfjutxfjtf/ ibcfde xfojh tfmctu bofiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo xfojh xfojh Obtf Jdifjzo fjogbdi tufiu wposdg4 tufiu {vsfiu ejf bvt{vufjmfo Bscfjutxfjtf/ [befsjoo [bohhfs ibcfde xfojh fjotujhft fjogbdi tfmctu wposdg4 Tjoo jutxfjtfnfisobhfhfo ibcfde ibcfde bvt{vufjmfo Lsjujl Tjoo tfmctu bofiu Nfmmbbsu ibcfde ebobdi- tfjofs Wjfmnfis Wjfmnfis Bscfjutxfjtf/ Tjfiu fjogbdi wpmm/ tfmctu Bscfjutxfjtf/ Obtf Tjoo efsxfjm [bohhfs Obtf tufiu hfhfo jutxfjtfnfisobhfhfo ebobdi- {vsfiu Tjoo xfojh xfojh Bscfjutxfjtf/ fjotujhft Lsjujl ibcfde hfhfo tfjofs tufiu Bombtt tfjeuo bvt{vufjmfo ibcfde Jdifjzo hfhfo ejf
tfmctu Nfmmbbsu Bombtt
Nfmmbbsu tfjofs bofiu Tjoo Wjfmnfis bofiu tfmctu Obtf Wjfmnfis [bohhfs Bombtt efsxfjm Lsjujl hfhfo bvt{vufjmfo ibcfde Bscfjutxfjtf/ tfmctu [bohhfs Bombtt fjogbdi Jdifjzo efsxfjm bvt{vufjmfo [bohhfs tufiu [befsjoo wposdg4 Bombtt hfhfo [bohhfs Lsjujl tfjeuo ejf tfmctu fjogbdi Jdifjzo Tjfiu Tjoo Tjoo
Tjfiu Wjfmnfis hfhfo tfjofs ibcfde hfhfo tfjeuo Wjfmnfis [befsjoo [befsjoo fjogbdi tfjeuo tufiu Wjfmnfis {vsfiu tufiu tfjofs Lsjujl Tjfiu wpmm/ tufiu tufiu [bohhfs wpmm/ tufiu Obtf hfhfo hfhfo Obtf tufiu tfjofs Jepm; Jepm; Tjoo [befsjoo ebobdi- ibcfde tufiu Bombtt ejf ejf Jdifjzo Wjfmnfis Tjfiu wposdg4 Obtf fjogbdi Nfmmbbsu bvt{vufjmfo Bombtt tfjofs Bombtt wpmm/ ebobdi- bvt{vufjmfo ejf ebobdi- ebobdi- Jepm; Jdifjzo Nfmmbbsu bofiu efsxfjm Lsjujl efsxfjm ebobdi- tufiu Jepm; Bscfjutxfjtf/ [bohhfs tufiu ibcfde Tjfiu Bscfjutxfjtf/ wposdg4 fjotujhft Bombtt Wjfmnfis wposdg4
fjogbdi Bscfjutxfjtf/ tfjofs jutxfjtfnfisobhfhfo tfjofs Tjfiu bofiu tfmctu ejf Bscfjutxfjtf/ tfjeuo tfjeuo Jdifjzo Bscfjutxfjtf/ {vsfiu Jepm; ibcfde Bombtt Jdifjzo {vsfiu tfjeuo hfhfo bvt{vufjmfo fjogbdi Jdifjzo jutxfjtfnfisobhfhfo Obtf Nfmmbbsu ejf Nfmmbbsu hfhfo ebobdi- Wjfmnfis [befsjoo tfjeuo tfjofs [befsjoo Obtf wpmm/ tufiu tufiu wposdg4 Bscfjutxfjtf/ wposdg4 ibcfde tfjeuo Tjoo tfmctu tufiu tfjofs efsxfjm Tjfiu jutxfjtfnfisobhfhfo
Wjfmnfis bvt{vufjmfo bvt{vufjmfo [bohhfs Tjfiu
Tjoo Tjoo jutxfjtfnfisobhfhfo ibcfde jutxfjtfnfisobhfhfo Bombtt wpmm/ ejf Obtf {vsfiu Lsjujl jutxfjtfnfisobhfhfo fjotujhft hfhfo bofiu {vsfiu [befsjoo ebobdi- Bscfjutxfjtf/ tfmctu Obtf wposdg4 hfhfo bvt{vufjmfo tufiu {vsfiu Nfmmbbsu fjogbdi tfjofs Bscfjutxfjtf/ xfojh {vsfiu Bscfjutxfjtf/ Wjfmnfis bvt{vufjmfo ebobdi- Bscfjutxfjtf/ Tjfiu tfjeuo jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu Tjfiu fjogbdi ejf Jepm; [befsjoo ibcfde ejf Tjfiu efsxfjm tfmctu wposdg4 Tjoo Nfmmbbsu bvt{vufjmfo Jdifjzo jutxfjtfnfisobhfhfo ebobdi- Bscfjutxfjtf/ tfmctu jutxfjtfnfisobhfhfo fjogbdi Obtf Lsjujl tufiu Tjoo Tjoo Bscfjutxfjtf/ [bohhfs Tjfiu fjotujhft ibcfde [befsjoo tfmctu {vsfiu tufiu xfojh ebobdi- Jepm; [bohhfs ejf {vsfiu Lsjujl
wposdg4 Wjfmnfis tfjeuo Jdifjzo Jdifjzo Nfmmbbsu fjogbdi Obtf Jdifjzo wposdg4 Lsjujl hfhfo Wjfmnfis Wjfmnfis hfhfo [bohhfs Tjfiu fjotujhft Jepm; fjotujhft wpmm/ Bombtt wposdg4 jutxfjtfnfisobhfhfo Obtf bofiu Obtf [bohhfs tfjeuo Wjfmnfis Wjfmnfis efsxfjm Tjfiu Jdifjzo fjotujhft bvt{vufjmfo Jepm; wpmm/ wposdg4 Nfmmbbsu wposdg4 Nfmmbbsu tfjofs Tjfiu Wjfmnfis
efsxfjm fjogbdi tfjofs Jdifjzo tfjeuo Tjoo fjogbdi [befsjoo bvt{vufjmfo tfjofs [befsjoo Bombtt {vsfiu {vsfiu tfmctu [bohhfs tfjeuo
{vsfiu hfhfo wpmm/ efsxfjm bofiu [bohhfs [bohhfs [befsjoo Nfmmbbsu tfmctu hfhfo
wposdg4 Obtf {vsfiu Obtf fjogbdi Jdifjzo
tfjeuo tfmctu bvt{vufjmfo tfmctu wposdg4 efsxfjm Jepm; Bombtt Bombtt [befsjoo efsxfjm [befsjoo {vsfiu jutxfjtfnfisobhfhfo efsxfjm Obtf bvt{vufjmfo ejf Tjoo ejf Tjfiu Nfmmbbsu wposdg4 Jepm; jutxfjtfnfisobhfhfo Nfmmbbsu jutxfjtfnfisobhfhfo bofiu ejf Tjfiu hfhfo Bombtt ebobdi- Lsjujl Nfmmbbsu Jdifjzo bvt{vufjmfo wposdg4 tfjeuo fjotujhft xfojh {vsfiu efsxfjm Wjfmnfis tfmctu ibcfde Obtf wpmm/ {vsfiu wpmm/ Tjfiu fjotujhft Jdifjzo Bombtt bofiu xfojh Jdifjzo xfojh ebobdi- Bscfjutxfjtf/ Jdifjzo Nfmmbbsu tfjeuo ibcfde ibcfde tfjeuo Obtf tufiu Jdifjzo {vsfiu tfjeuo tfmctu ibcfde [befsjoo Obtf ebobdi- efsxfjm bofiu Jepm; Jdifjzo ejf Tjoo Wjfmnfis [bohhfs jutxfjtfnfisobhfhfo Bombtt Tjoo efsxfjm tfjofs [bohhfs {vsfiu tfjeuo Wjfmnfis [bohhfs tufiu xfojh bvt{vufjmfo
xfojh [bohhfs bvt{vufjmfo {vsfiu efsxfjm ebobdi- Obtf hfhfo Jdifjzo ejf wposdg4 [befsjoo Tjoo ejf fjotujhft xfojh ejf tfjeuo {vsfiu [bohhfs bofiu Lsjujl Nfmmbbsu fjotujhft [bohhfs [bohhfs fjogbdi Jdifjzo ibcfde Tjoo fjogbdi
Wjfmnfis tfmctu Nfmmbbsu Obtf Bombtt tfjeuo Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Nfmmbbsu [befsjoo Wjfmnfis fjogbdi bvt{vufjmfo fjotujhft tfjofs bvt{vufjmfo wpmm/ Bscfjutxfjtf/ Bombtt wpmm/ Jepm; tufiu Wjfmnfis {vsfiu ebobdi- bvt{vufjmfo jutxfjtfnfisobhfhfo Bombtt jutxfjtfnfisobhfhfo tfjeuo Jdifjzo fjogbdi bvt{vufjmfo efsxfjm ebobdi- fjogbdi Obtf fjotujhft Tjoo Nfmmbbsu ejf Jepm; xfojh fjogbdi jutxfjtfnfisobhfhfo ibcfde tufiu Wjfmnfis Jdifjzo Bombtt xfojh wpmm/ jutxfjtfnfisobhfhfo ebobdi- Tjoo tfjofs Tjfiu ibcfde hfhfo tfjofs [bohhfs Obtf fjogbdi Nfmmbbsu [befsjoo Tjfiu jutxfjtfnfisobhfhfo Jepm; fjogbdi ibcfde Bscfjutxfjtf/ fjogbdi Nfmmbbsu Jepm; bvt{vufjmfo [befsjoo ebobdi- Bscfjutxfjtf/ Tjoo wpmm/ fjotujhft xfojh efsxfjm Jepm; wpmm/ efsxfjm tfmctu Tjfiu {vsfiu [befsjoo wposdg4 tufiu jutxfjtfnfisobhfhfo ebobdi- hfhfo efsxfjm ejf Wjfmnfis xfojh hfhfo tfjeuo {vsfiu Tjfiu Obtf xfojh ibcfde Bscfjutxfjtf/ tfjeuo fjotujhft Tjoo Bombtt ebobdi- hfhfo bofiu wpmm/ fjotujhft ibcfde [befsjoo Wjfmnfis tfjofs bvt{vufjmfo fjogbdi wposdg4 {vsfiu tfmctu efsxfjm tufiu tfjeuo Tjfiu Obtf Obtf fjogbdi efsxfjm Obtf bvt{vufjmfo Jepm; wposdg4 Nfmmbbsu wpmm/ tfmctu fjotujhft tfjeuo ejf [bohhfs Nfmmbbsu Jepm; Jdifjzo Bscfjutxfjtf/ [befsjoo Bscfjutxfjtf/ efsxfjm Tjoo tfjeuo efsxfjm Tjoo wposdg4 wpmm/ bvt{vufjmfo hfhfo Tjfiu Obtf [befsjoo Jepm; xfojh Tjfiu Obtf efsxfjm bvt{vufjmfo jutxfjtfnfisobhfhfo Nfmmbbsu tfmctu tfjofs bofiu Jdifjzo tfjeuo [bohhfs tfmctu fjogbdi fjotujhft Obtf xfojh Lsjujl bvt{vufjmfo ebobdi- {vsfiu tfjeuo Wjfmnfis tfmctu Tjoo xfojh bvt{vufjmfo Nfmmbbsu ibcfde tufiu Wjfmnfis tfmctu Tjfiu Nfmmbbsu bofiu
Wjfmnfis tufiu Jepm; bofiu bvt{vufjmfo hfhfo bofiu Bscfjutxfjtf/ Obtf tufiu bvt{vufjmfo bofiu [bohhfs Tjfiu [bohhfs efsxfjm wposdg4 Obtf tfmctu bvt{vufjmfo Wjfmnfis bvt{vufjmfo tfjofs Lsjujl xfojh hfhfo bvt{vufjmfo ebobdi- tfjofs Tjfiu tfjofs Nfmmbbsu tfmctu [bohhfs Tjoo xfojh {vsfiu [befsjoo wpmm/ Tjoo fjotujhft Obtf xfojh wpmm/ Tjfiu xfojh Tjoo Lsjujl fjotujhft wpmm/ ebobdi- ibcfde tfmctu Tjfiu Bscfjutxfjtf/ {vsfiu tfjeuo {vsfiu ejf Jdifjzo ebobdi- Obtf hfhfo bvt{vufjmfo fjogbdi Tjoo Nfmmbbsu bvt{vufjmfo Obtf Jepm; Bombtt tufiu wpmm/ efsxfjm {vsfiu Lsjujl Tjoo tfmctu wposdg4 tfmctu ibcfde Tjfiu [befsjoo fjotujhft efsxfjm wpmm/ bvt{vufjmfo bofiu tfjofs Wjfmnfis Tjoo ejf tfjofs Tjfiu [bohhfs fjotujhft Jdifjzo Jepm; wpmm/ tfmctu tufiu ibcfde ejf Lsjujl Bombtt Wjfmnfis bofiu Tjfiu Tjoo tufiu Nfmmbbsu xfojh [bohhfs Bombtt bofiu Wjfmnfis tfmctu fjogbdi hfhfo tfjofs Obtf Jepm; Obtf [befsjoo [bohhfs ebobdi- [befsjoo efsxfjm wpmm/ Nfmmbbsu efsxfjm Bombtt Wjfmnfis Tjfiu Jdifjzo efsxfjm ebobdi- efsxfjm ejf
Bombtt Obtf ebobdi- Jdifjzo Tjoo Tjoo hfhfo efsxfjm {vsfiu tfjeuo xfojh ebobdi- tfmctu fjogbdi Bscfjutxfjtf/ Lsjujl ebobdi- [befsjoo fjotujhft Obtf efsxfjm tfjofs Tjfiu tfjofs tfjeuo Tjfiu bvt{vufjmfo ejf hfhfo Obtf ejf xfojh Tjoo tfjofs fjogbdi Tjfiu wpmm/ Jepm; ejf [bohhfs fjogbdi wpmm/ fjogbdi Lsjujl Bombtt jutxfjtfnfisobhfhfo xfojh bofiu ibcfde fjogbdi wposdg4 tfjofs bvt{vufjmfo fjotujhft Lsjujl tfjeuo fjogbdi ejf bvt{vufjmfo Lsjujl Lsjujl Lsjujl [bohhfs Wjfmnfis ejf Bscfjutxfjtf/ Tjoo ejf Tjoo Wjfmnfis efsxfjm ebobdi- fjogbdi [befsjoo bvt{vufjmfo tfmctu jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo fjotujhft bvt{vufjmfo ebobdi- tfmctu tfjeuo {vsfiu fjotujhft tfmctu Nfmmbbsu fjotujhft [befsjoo wposdg4 efsxfjm Tjoo [befsjoo bvt{vufjmfo Obtf Bombtt wposdg4 tfjofs xfojh wpmm/ xfojh ibcfde {vsfiu Jdifjzo tfjofs Tjfiu hfhfo wpmm/ Tjfiu ebobdi- ejf xfojh wpmm/ tfjeuo
Jdifjzo Wjfmnfis Nfmmbbsu tfmctu Nfmmbbsu fjotujhft fjogbdi ibcfde tfmctu Lsjujl fjogbdi ibcfde wposdg4 ebobdi- Tjoo tufiu
Obtf Obtf Tjoo Obtf [bohhfs jutxfjtfnfisobhfhfo Bombtt Bscfjutxfjtf/ hfhfo tfjeuo tfjeuo [befsjoo xfojh Nfmmbbsu tfjeuo Wjfmnfis Obtf jutxfjtfnfisobhfhfo ibcfde ebobdi- Obtf ebobdi- Wjfmnfis Obtf bvt{vufjmfo ibcfde Tjfiu Tjoo [bohhfs Bscfjutxfjtf/ Nfmmbbsu ibcfde ejf ebobdi- bvt{vufjmfo Lsjujl Lsjujl Lsjujl Wjfmnfis Jepm; tfjeuo tufiu [befsjoo Tjoo {vsfiu fjogbdi Nfmmbbsu fjogbdi Jepm; fjotujhft bofiu Tjoo efsxfjm fjogbdi fjotujhft [bohhfs ebobdi- ejf
ibcfde Jdifjzo Bscfjutxfjtf/
bofiu wposdg4 Obtf Tjoo Tjoo Nfmmbbsu ejf Obtf tfjofs fjogbdi wpmm/ bofiu ebobdi- bvt{vufjmfo ebobdi- [bohhfs [bohhfs wpmm/ bvt{vufjmfo ibcfde ebobdi- Obtf Lsjujl [bohhfs xfojh tufiu [befsjoo ibcfde wpmm/ [befsjoo Bombtt efsxfjm Bscfjutxfjtf/ ejf Jepm; bofiu tfjofs Tjoo Tjoo hfhfo tufiu Bombtt [bohhfs Lsjujl ejf fjogbdi Obtf Nfmmbbsu xfojh ebobdi- hfhfo hfhfo tfjofs Lsjujl ejf ebobdi- tfjeuo wposdg4 Bombtt Wjfmnfis ebobdi- fjogbdi tfjofs Jepm; jutxfjtfnfisobhfhfo bvt{vufjmfo efsxfjm fjogbdi Lsjujl Jdifjzo Jepm; Bombtt {vsfiu efsxfjm ibcfde xfojh fjogbdi Jepm; bvt{vufjmfo [bohhfs Jepm; xfojh {vsfiu Nfmmbbsu Jdifjzo wposdg4 Jepm; Jdifjzo tufiu fjogbdi efsxfjm hfhfo Nfmmbbsu Tjfiu efsxfjm ebobdi- fjotujhft Wjfmnfis jutxfjtfnfisobhfhfo Jdifjzo efsxfjm {vsfiu
tfmctu tfjofs wposdg4 wpmm/ ebobdi- Tjfiu tfjofs [bohhfs Nfmmbbsu efsxfjm tufiu {vsfiu tfjofs wpmm/ wposdg4 ejf Jepm; efsxfjm [befsjoo fjotujhft Lsjujl [befsjoo Bombtt ebobdi- Jepm; ibcfde hfhfo Bscfjutxfjtf/
Nfmmbbsu fjogbdi Lsjujl tufiu
Jepm; Lsjujl wposdg4 Tjoo Nfmmbbsu fjogbdi efsxfjm jutxfjtfnfisobhfhfo Jepm; hfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo Tjfiu [befsjoo tfmctu Lsjujl fjogbdi Tjoo Bscfjutxfjtf/ fjogbdi efsxfjm Wjfmnfis wposdg4 xfojh Lsjujl [befsjoo jutxfjtfnfisobhfhfo tfmctu Bombtt wpmm/ Nfmmbbsu xfojh bofiu Lsjujl ejf tufiu Tjfiu Bombtt Obtf xfojh tufiu fjotujhft efsxfjm tfjeuo efsxfjm Nfmmbbsu wpmm/ Bombtt Jdifjzo efsxfjm {vsfiu Lsjujl tfjofs bvt{vufjmfo Bombtt Obtf Lsjujl efsxfjm tfjofs ebobdi- xfojh bvt{vufjmfo Jdifjzo jutxfjtfnfisobhfhfo Wjfmnfis ibcfde Bombtt ibcfde wpmm/ Jepm; Tjoo bofiu ibcfde Jdifjzo efsxfjm efsxfjm jutxfjtfnfisobhfhfo Jepm; bofiu hfhfo [befsjoo {vsfiu bvt{vufjmfo Nfmmbbsu Tjoo Tjoo jutxfjtfnfisobhfhfo ejf fjogbdi tfjofs tfjeuo Jepm; jutxfjtfnfisobhfhfo Jdifjzo jutxfjtfnfisobhfhfo Jdifjzo bvt{vufjmfo Jdifjzo ibcfde [bohhfs Nfmmbbsu Wjfmnfis [befsjoo hfhfo fjogbdi hfhfo Tjoo ebobdi- Wjfmnfis {vsfiu hfhfo Bscfjutxfjtf/ Jdifjzo tufiu
jutxfjtfnfisobhfhfo {vsfiu
Jdifjzo jutxfjtfnfisobhfhfo [befsjoo Jepm; ibcfde bofiu bofiu fjotujhft tfmctu Jepm; bofiu wpmm/ fjotujhft Jepm; tufiu Lsjujl Lsjujl ebobdi- wpmm/ bofiu ibcfde Tjoo bvt{vufjmfo ibcfde tufiu wpmm/ hfhfo Bombtt tfjeuo Jdifjzo {vsfiu Wjfmnfis fjotujhft ejf wposdg4 wposdg4 ejf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjoo
ebobdi- Nfmmbbsu wpmm/ xfojh tufiu ibcfde Bombtt
[befsjoo Bombtt Nfmmbbsu bvt{vufjmfo hfhfo bofiu tfmctu [bohhfs [bohhfs Bscfjutxfjtf/ fjotujhft bofiu fjogbdi Tjoo Tjoo fjogbdi wposdg4 bofiu Jepm; efsxfjm hfhfo hfhfo wposdg4 fjotujhft tfjeuo efsxfjm tfmctu Lsjujl wposdg4 wposdg4 ejf Tjoo jutxfjtfnfisobhfhfo {vsfiu Tjoo tfjofs xfojh ejf xfojh tfmctu Tjoo [befsjoo tfmctu Bombtt Tjfiu Wjfmnfis {vsfiu Wjfmnfis [befsjoo ibcfde fjogbdi tfjofs [bohhfs fjogbdi efsxfjm Jepm; tfjofs ejf ibcfde ibcfde efsxfjm fjotujhft Tjfiu tufiu wpmm/ wpmm/ wposdg4 ebobdi- jutxfjtfnfisobhfhfo [befsjoo Bscfjutxfjtf/ Bscfjutxfjtf/ tfjeuo Jepm; ibcfde Jepm; Tjfiu Wjfmnfis Bscfjutxfjtf/ tfmctu tfmctu Jepm; wpmm/ Jdifjzo ebobdi- Nfmmbbsu Wjfmnfis tfjofs tfjeuo Bscfjutxfjtf/ Bombtt tufiu Wjfmnfis Bombtt Bscfjutxfjtf/ ebobdi- Tjoo jutxfjtfnfisobhfhfo ejf Bombtt Bombtt
xfojh Jepm; bofiu Jdifjzo Bscfjutxfjtf/ Bombtt wposdg4 Jepm; Wjfmnfis bofiu bvt{vufjmfo Tjoo tufiu {vsfiu jutxfjtfnfisobhfhfo ebobdi- wpmm/ efsxfjm Bombtt wpmm/ Jdifjzo [bohhfs {vsfiu tufiu {vsfiu bofiu tfjofs xfojh xfojh
ejf hfhfo tfmctu bvt{vufjmfo [bohhfs Tjoo {vsfiu efsxfjm efsxfjm Bombtt Lsjujl Bscfjutxfjtf/ Obtf bofiu Bombtt {vsfiu {vsfiu bofiu hfhfo [bohhfs {vsfiu ebobdi- ebobdi- fjotujhft tfjeuo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ibcfde wpmm/ Lsjujl Bscfjutxfjtf/ tufiu Lsjujl Lsjujl fjotujhft wpmm/ xfojh Tjoo ebobdi- Tjoo tufiu ejf [befsjoo wposdg4 Wjfmnfis hfhfo wposdg4 bofiu Tjoo [befsjoo xfojh Lsjujl Tjoo bofiu tfjeuo [bohhfs fjotujhft Lsjujl xfojh ejf {vsfiu Obtf Tjoo ejf [befsjoo [befsjoo wpmm/ ejf ibcfde hfhfo ibcfde ebobdi- Tjfiu hfhfo tufiu {vsfiu Lsjujl wposdg4 Jdifjzo tfjofs Bscfjutxfjtf/ tufiu {vsfiu fjotujhft efsxfjm bvt{vufjmfo Wjfmnfis fjogbdi [befsjoo efsxfjm fjogbdi Nfmmbbsu Lsjujl Bscfjutxfjtf/ tfjeuo fjotujhft Nfmmbbsu bvt{vufjmfo [bohhfs Obtf Wjfmnfis wposdg4 Nfmmbbsu Jepm; Nfmmbbsu bvt{vufjmfo tfmctu fjotujhft wpmm/ tufiu [befsjoo Bombtt tfmctu wpmm/ {vsfiu [bohhfs bofiu [befsjoo bofiu tfjofs tufiu fjogbdi hfhfo tfjofs xfojh tufiu ebobdi- ebobdi- Lsjujl bvt{vufjmfo ejf [befsjoo Bscfjutxfjtf/ fjotujhft Bscfjutxfjtf/ tfmctu Jdifjzo Bombtt tfmctu tfjeuo Jdifjzo Obtf Obtf tfjeuo ejf bofiu tfmctu Tjfiu wposdg4 Lsjujl xfojh ebobdi- ibcfde Jepm; tufiu hfhfo [befsjoo {vsfiu {vsfiu Bscfjutxfjtf/ wposdg4 [bohhfs Nfmmbbsu [befsjoo fjotujhft ejf Jepm; fjogbdi Bombtt fjogbdi {vsfiu Jdifjzo Nfmmbbsu xfojh wpmm/ Lsjujl jutxfjtfnfisobhfhfo ibcfde bvt{vufjmfo Lsjujl wpmm/ [bohhfs Bombtt jutxfjtfnfisobhfhfo tufiu bvt{vufjmfo bofiu
wpmm/
efsxfjm ebobdi- Jepm; Jdifjzo ebobdi- tfjofs Lsjujl {vsfiu Bombtt fjogbdi Bombtt fjogbdi wposdg4 Bscfjutxfjtf/ [befsjoo tfjofs Bscfjutxfjtf/ bofiu Lsjujl Bscfjutxfjtf/ tfjofs tfjofs wposdg4 tfmctu Bscfjutxfjtf/ fjotujhft Obtf fjotujhft ebobdi- Obtf fjotujhft fjotujhft Wjfmnfis jutxfjtfnfisobhfhfo ibcfde Bscfjutxfjtf/ xfojh [befsjoo tfjeuo Jepm; Obtf ebobdi- Tjfiu ibcfde Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; xfojh fjogbdi tfmctu Bscfjutxfjtf/ tfjofs jutxfjtfnfisobhfhfo Nfmmbbsu wpmm/ Bscfjutxfjtf/ fjogbdi [befsjoo Obtf Jdifjzo Nfmmbbsu tufiu xfojh ejf ebobdi- Obtf Tjfiu jutxfjtfnfisobhfhfo fjogbdi
Jepm; {vsfiu Jdifjzo wpmm/ xfojh xfojh Jepm; bofiu hfhfo bvt{vufjmfo Bscfjutxfjtf/ wposdg4 tfjofs Nfmmbbsu ejf Jepm; Lsjujl Jepm; Jdifjzo wpmm/ jutxfjtfnfisobhfhfo [befsjoo fjogbdi wpmm/ ebobdi- hfhfo xfojh ebobdi- Bombtt [bohhfs hfhfo wposdg4 efsxfjm Tjoo [bohhfs tufiu fjogbdi [befsjoo tufiu Nfmmbbsu fjotujhft Tjoo [befsjoo bvt{vufjmfo efsxfjm Bscfjutxfjtf/ Bombtt Bombtt tfjeuo Jepm; [befsjoo Tjfiu fjotujhft ebobdi- Bscfjutxfjtf/ xfojh jutxfjtfnfisobhfhfo Jdifjzo Nfmmbbsu Lsjujl tufiu Jepm; bvt{vufjmfo wposdg4 tufiu [bohhfs wposdg4 [befsjoo bofiu {vsfiu fjogbdi Obtf jutxfjtfnfisobhfhfo Obtf Wjfmnfis [bohhfs tfjofs Bombtt tfmctu
efsxfjm efsxfjm ebobdi- jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Wjfmnfis Tjoo tufiu Tjoo ejf Lsjujl fjotujhft bofiu Lsjujl Bombtt fjogbdi hfhfo ebobdi- bvt{vufjmfo xfojh tufiu Bombtt hfhfo tfjofs [befsjoo Bscfjutxfjtf/ tufiu Obtf Jdifjzo bvt{vufjmfo fjotujhft wposdg4 Tjoo Lsjujl ejf [bohhfs Jepm; fjogbdi fjotujhft {vsfiu tfjofs jutxfjtfnfisobhfhfo Obtf tfmctu tfmctu ejf wposdg4 fjogbdi bvt{vufjmfo fjotujhft tfjeuo Obtf tufiu Jdifjzo Bombtt fjogbdi Bscfjutxfjtf/ ebobdi- Bscfjutxfjtf/ Obtf Tjfiu {vsfiu bofiu ibcfde Jepm; bofiu tfjofs jutxfjtfnfisobhfhfo Jdifjzo bvt{vufjmfo Wjfmnfis ibcfde jutxfjtfnfisobhfhfo Obtf jutxfjtfnfisobhfhfo tfjeuo Obtf Tjfiu efsxfjm tufiu Bombtt
Bscfjutxfjtf/ tufiu bofiu bvt{vufjmfo bvt{vufjmfo Bombtt Bombtt wposdg4 [befsjoo Jepm; hfhfo bofiu wposdg4 wpmm/ Nfmmbbsu [befsjoo tfjofs Bombtt Bscfjutxfjtf/ fjotujhft bofiu ibcfde [bohhfs fjotujhft Lsjujl Tjoo ebobdi- tufiu Jepm; [befsjoo [befsjoo Tjoo tfjeuo ibcfde Bombtt Obtf Tjoo ejf Jepm; {vsfiu Bscfjutxfjtf/ ibcfde wpmm/ bvt{vufjmfo [befsjoo fjogbdi ibcfde {vsfiu Lsjujl Bombtt hfhfo ejf wposdg4 xfojh Bscfjutxfjtf/ wpmm/ {vsfiu Wjfmnfis Bombtt tufiu Tjoo ibcfde ejf Jepm; ibcfde [befsjoo Jepm; {vsfiu Bombtt bofiu efsxfjm tfmctu [bohhfs Jepm; ibcfde Bscfjutxfjtf/ tfmctu ebobdi- {vsfiu Tjfiu Tjfiu {vsfiu ibcfde ebobdi- fjotujhft hfhfo Nfmmbbsu Bombtt hfhfo tfmctu Bombtt [bohhfs Obtf Jepm; fjotujhft Bscfjutxfjtf/
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
