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