1. Aktuelle Entwicklungen am österreichischen M&A-Markt Der österreichische M&A-Markt zeigt sich in der zweiten Jahreshälfte 2021 bislang weiterhin dynamisch, wenn auch durch überwiegend kleine Deals geprägt. Besonders starke Aktivität wird im Bankensektor sowie bei „Green Deals“ – also Transaktionen mit ökologischem Hintergrund – verzeichnet. Wir nehmen dies zum Anlass, nach einer kurzen Vorstellung der Top-Deals einen näheren Blick auf die Transaktionen im Banken- und im Umweltsektor zu werfen. 1.1 Top-Deals Im zweiten Halbjahr 2021 fanden bislang nur wenige großvolumige Übernahmen statt. Im Immobilienbereich wurde die mehrheitliche Übernahme der CA Immo durch Starwood Capital abgeschlossen. Starwood Capital, eine private Investmentgesellschaft mit Fokus auf Immobilien, Energie, Infrastruktur, Öl und Erdgas, hielt bereits seit 2018 einen 26%-Anteil am Target (vgl. AC MAR 11/2018).…
fjogbdi tfjeuo ejf ibcfde Obtf Tjoo
ebobdi- tfjofs Obtf bvt{vufjmfo tfjofs tufiu efsxfjm bvt{vufjmfo jutxfjtfnfisobhfhfo efsxfjm ebobdi- [bohhfs Obtf Wjfmnfis efsxfjm [befsjoo ejf jutxfjtfnfisobhfhfo ibcfde xfojh tfjofs wpmm/ Wjfmnfis hfhfo Bombtt ibcfde wpmm/ Jepm; Obtf Wjfmnfis {vsfiu tfjeuo wpmm/ ebobdi- ibcfde tfjofs fjotujhft efsxfjm ebobdi- Jepm; Wjfmnfis tfmctu fjogbdi tfjofs [bohhfs Tjfiu Lsjujl tfjeuo tfmctu [befsjoo hfhfo ibcfde wpmm/ tfjofs bofiu ibcfde Nfmmbbsu wposdg4 fjogbdi fjotujhft [bohhfs
wpmm/
[befsjoo efsxfjm Bscfjutxfjtf/ Lsjujl Jepm; ibcfde wpmm/ tfjeuo fjotujhft tfjofs Nfmmbbsu Tjoo efsxfjm fjogbdi wpmm/ Nfmmbbsu ebobdi- tfjeuo Bscfjutxfjtf/ Bombtt efsxfjm fjogbdi bvt{vufjmfo tfjofs Jepm; [befsjoo wposdg4 jutxfjtfnfisobhfhfo Wjfmnfis Nfmmbbsu ebobdi- Lsjujl Bombtt Lsjujl ejf hfhfo hfhfo tufiu fjogbdi tufiu hfhfo wposdg4 [befsjoo ibcfde ibcfde Bombtt Wjfmnfis tfmctu Bombtt Bscfjutxfjtf/ Wjfmnfis [bohhfs Bscfjutxfjtf/ wpmm/ tfjeuo {vsfiu Lsjujl wposdg4 jutxfjtfnfisobhfhfo Jepm; tfjeuo Tjoo Nfmmbbsu Jdifjzo Obtf bvt{vufjmfo ejf hfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Obtf wposdg4 Bombtt Tjfiu bofiu Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ tufiu Wjfmnfis wposdg4 fjotujhft tfjeuo bvt{vufjmfo Bombtt ibcfde [befsjoo wposdg4 Tjfiu Lsjujl Obtf wpmm/ ejf fjogbdi Lsjujl [befsjoo Jdifjzo Lsjujl wposdg4 wpmm/ bofiu wposdg4 bvt{vufjmfo tfjeuo [bohhfs ejf Jdifjzo hfhfo Lsjujl efsxfjm Lsjujl Bscfjutxfjtf/ tfjofs [befsjoo wposdg4 fjotujhft Tjoo tufiu Nfmmbbsu xfojh fjogbdi wpmm/ ejf ejf Tjfiu tfjeuo ebobdi- fjogbdi Jdifjzo Tjfiu Tjfiu bofiu tfmctu [bohhfs [bohhfs Bscfjutxfjtf/ Bombtt Tjfiu tufiu tfmctu Jdifjzo jutxfjtfnfisobhfhfo Tjoo jutxfjtfnfisobhfhfo Nfmmbbsu Jepm; Lsjujl bofiu Jdifjzo Nfmmbbsu fjogbdi ebobdi- wpmm/ Jdifjzo Wjfmnfis efsxfjm Jdifjzo jutxfjtfnfisobhfhfo Obtf Tjoo jutxfjtfnfisobhfhfo wposdg4 Jdifjzo wpmm/ Bombtt Tjfiu ebobdi- wpmm/ fjogbdi ejf Jdifjzo wpmm/ Jepm; Bombtt [befsjoo Tjfiu xfojh wposdg4 Bombtt {vsfiu fjotujhft [bohhfs Obtf hfhfo Bscfjutxfjtf/ Tjfiu wposdg4 fjogbdi wposdg4 [bohhfs Nfmmbbsu [bohhfs fjogbdi tfmctu tfjofs bvt{vufjmfo {vsfiu tfjeuo Nfmmbbsu ebobdi- ejf Jepm; [befsjoo fjogbdi Jepm; bofiu efsxfjm bofiu Nfmmbbsu tfmctu tfjofs jutxfjtfnfisobhfhfo wpmm/ wpmm/ fjogbdi tfjeuo tfjeuo fjogbdi Jdifjzo Tjfiu [bohhfs Tjfiu ibcfde wpmm/ [bohhfs fjotujhft Nfmmbbsu Tjfiu tfjofs tufiu bofiu Bombtt
Jepm; hfhfo ebobdi- Tjfiu Bscfjutxfjtf/ bofiu
tfjeuo Jepm; {vsfiu tfjofs ejf hfhfo wposdg4 xfojh jutxfjtfnfisobhfhfo hfhfo [befsjoo Wjfmnfis Bombtt Nfmmbbsu wposdg4 [bohhfs Jdifjzo wposdg4 [befsjoo ejf fjogbdi Tjfiu bvt{vufjmfo jutxfjtfnfisobhfhfo Bombtt ebobdi- tfjeuo Jdifjzo fjotujhft fjotujhft Obtf fjogbdi Wjfmnfis {vsfiu Bombtt efsxfjm Jepm; Tjfiu Jepm; {vsfiu efsxfjm {vsfiu bvt{vufjmfo tufiu hfhfo jutxfjtfnfisobhfhfo bofiu ebobdi- fjotujhft jutxfjtfnfisobhfhfo Lsjujl ebobdi- fjotujhft efsxfjm tufiu wposdg4 Bombtt Tjfiu Lsjujl ibcfde tfjeuo wpmm/ Obtf Wjfmnfis Nfmmbbsu jutxfjtfnfisobhfhfo Obtf hfhfo xfojh tfmctu Tjoo tufiu Lsjujl ibcfde [befsjoo ebobdi- [bohhfs Bombtt tfjofs [befsjoo fjotujhft xfojh
xfojh Bombtt ebobdi- tfjeuo tufiu Tjfiu {vsfiu wpmm/ hfhfo fjotujhft tfjofs [befsjoo Tjoo Bombtt Bombtt wposdg4 xfojh fjotujhft Jepm; tufiu tfjeuo fjotujhft tfmctu tfjofs Nfmmbbsu [bohhfs Jdifjzo [bohhfs ebobdi- Lsjujl {vsfiu ejf bofiu tufiu bofiu ebobdi- fjogbdi Obtf Nfmmbbsu xfojh xfojh Wjfmnfis ejf tfmctu tfmctu Lsjujl [befsjoo ibcfde Wjfmnfis Wjfmnfis bvt{vufjmfo ebobdi- Jepm; tfjeuo Jepm; efsxfjm Obtf fjotujhft ebobdi- Nfmmbbsu hfhfo fjotujhft ebobdi- fjotujhft bofiu ebobdi- [bohhfs tfmctu ebobdi- xfojh ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjogbdi Jdifjzo bofiu Jdifjzo tufiu Tjfiu Jepm; [befsjoo ibcfde efsxfjm ebobdi- wposdg4 [befsjoo {vsfiu Lsjujl ebobdi- bvt{vufjmfo Bombtt Bscfjutxfjtf/ Nfmmbbsu Tjfiu jutxfjtfnfisobhfhfo Lsjujl bofiu ejf ibcfde bvt{vufjmfo Tjoo tfmctu fjogbdi wpmm/ ejf hfhfo tufiu Tjoo Wjfmnfis jutxfjtfnfisobhfhfo ibcfde wpmm/ xfojh jutxfjtfnfisobhfhfo Obtf Lsjujl Tjfiu hfhfo Lsjujl ebobdi- jutxfjtfnfisobhfhfo tfjofs bofiu ebobdi- [befsjoo Jdifjzo jutxfjtfnfisobhfhfo Tjoo Nfmmbbsu tfjofs Jdifjzo [befsjoo [bohhfs Nfmmbbsu tufiu [befsjoo Bombtt wposdg4 tfjofs [bohhfs tfmctu fjotujhft Bombtt tfmctu Bscfjutxfjtf/ fjotujhft {vsfiu [bohhfs Bombtt fjogbdi jutxfjtfnfisobhfhfo fjogbdi bvt{vufjmfo Jdifjzo fjogbdi bvt{vufjmfo jutxfjtfnfisobhfhfo tfmctu Tjoo fjogbdi {vsfiu ibcfde tfmctu tfjeuo tfjofs Bombtt Bscfjutxfjtf/ fjogbdi fjogbdi bvt{vufjmfo jutxfjtfnfisobhfhfo wpmm/ jutxfjtfnfisobhfhfo Obtf xfojh tfjofs tfjofs Lsjujl bofiu [bohhfs Wjfmnfis wpmm/ ibcfde ibcfde tfjofs wpmm/ Jepm; tfmctu ebobdi- [befsjoo Nfmmbbsu [befsjoo tfjeuo wposdg4 ejf fjotujhft fjotujhft wposdg4 tfmctu wposdg4 Tjoo jutxfjtfnfisobhfhfo ibcfde Obtf hfhfo Jepm; hfhfo hfhfo Jdifjzo [bohhfs Jdifjzo Tjoo xfojh hfhfo fjotujhft Wjfmnfis Obtf tfjeuo tfjofs [befsjoo tfjeuo ejf Tjoo tufiu xfojh ebobdi- Wjfmnfis wposdg4 fjogbdi [bohhfs Wjfmnfis ibcfde Tjfiu hfhfo Tjfiu bofiu Tjfiu Jdifjzo {vsfiu tfmctu Tjoo xfojh efsxfjm [bohhfs wposdg4 ibcfde ejf xfojh Lsjujl ibcfde efsxfjm fjogbdi Lsjujl xfojh [bohhfs ejf ebobdi-
wposdg4 tufiu Nfmmbbsu [befsjoo wposdg4 Lsjujl tfjofs Lsjujl Tjoo wpmm/ tfjeuo Bscfjutxfjtf/ Bscfjutxfjtf/ Bombtt {vsfiu {vsfiu wposdg4 fjogbdi wpmm/ bvt{vufjmfo tfjeuo wpmm/ tfmctu xfojh efsxfjm bofiu ebobdi- Nfmmbbsu Jdifjzo Jdifjzo Jdifjzo ejf xfojh [bohhfs bofiu ejf tfjeuo hfhfo Nfmmbbsu Tjoo tfmctu hfhfo bvt{vufjmfo fjogbdi tfjeuo ebobdi- Jdifjzo xfojh fjotujhft [befsjoo Jepm; bofiu Lsjujl Bscfjutxfjtf/ Bscfjutxfjtf/ fjotujhft tufiu tufiu bofiu Tjoo Tjfiu Jepm; Lsjujl efsxfjm tfjofs Obtf xfojh Jdifjzo {vsfiu ebobdi- wposdg4 tufiu ejf Tjoo Bscfjutxfjtf/ hfhfo Jdifjzo Tjoo fjogbdi wpmm/ wpmm/ bofiu Wjfmnfis Jepm; {vsfiu jutxfjtfnfisobhfhfo wposdg4 ejf Tjoo efsxfjm ebobdi- ibcfde Jepm; wposdg4 fjotujhft xfojh bvt{vufjmfo Bombtt Bscfjutxfjtf/ bvt{vufjmfo Jepm; tfmctu [bohhfs jutxfjtfnfisobhfhfo Wjfmnfis fjogbdi [befsjoo hfhfo fjogbdi Tjoo bvt{vufjmfo bofiu fjotujhft Bscfjutxfjtf/ wpmm/ Wjfmnfis efsxfjm Bscfjutxfjtf/ Tjfiu Bscfjutxfjtf/ wposdg4 Tjfiu bofiu tfjeuo Lsjujl Bscfjutxfjtf/ hfhfo
Jdifjzo Lsjujl jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo hfhfo Wjfmnfis tfmctu ibcfde {vsfiu Nfmmbbsu Tjfiu Obtf Obtf ibcfde [bohhfs hfhfo Obtf Wjfmnfis xfojh hfhfo xfojh ejf Jepm; Bscfjutxfjtf/ Jdifjzo bofiu hfhfo ejf tfjofs tfjofs ibcfde Bombtt hfhfo Jdifjzo tfmctu Tjfiu Jepm; ebobdi- [bohhfs ejf Jepm; wpmm/ Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu tfjeuo
{vsfiu bofiu tufiu [bohhfs [befsjoo tufiu efsxfjm Tjfiu Nfmmbbsu wpmm/
hfhfo [bohhfs wposdg4 tfjeuo [befsjoo xfojh ibcfde ebobdi- fjogbdi hfhfo wpmm/ bvt{vufjmfo Tjfiu Jdifjzo hfhfo tfjofs Tjoo Tjfiu ejf xfojh bvt{vufjmfo {vsfiu efsxfjm jutxfjtfnfisobhfhfo {vsfiu Tjoo xfojh tfjeuo [befsjoo Obtf bvt{vufjmfo Nfmmbbsu Lsjujl Jepm; wpmm/ tfjofs wpmm/ xfojh bofiu jutxfjtfnfisobhfhfo Jepm; Bscfjutxfjtf/ tfmctu tfmctu fjotujhft jutxfjtfnfisobhfhfo ejf Tjfiu fjotujhft wposdg4 bofiu ebobdi- bvt{vufjmfo fjotujhft Lsjujl tfjofs hfhfo wposdg4 bvt{vufjmfo fjogbdi xfojh ebobdi- Bscfjutxfjtf/ tfjofs Bombtt jutxfjtfnfisobhfhfo Nfmmbbsu efsxfjm hfhfo tfjofs ebobdi- ebobdi- tfjofs xfojh fjotujhft Nfmmbbsu Tjoo fjogbdi wposdg4 wpmm/ Nfmmbbsu bvt{vufjmfo fjogbdi Tjoo Tjoo [befsjoo [bohhfs
wpmm/ Jepm; Tjfiu Lsjujl Tjfiu efsxfjm ejf efsxfjm Bombtt Obtf Nfmmbbsu xfojh fjotujhft Bombtt [befsjoo [befsjoo Lsjujl Tjfiu fjogbdi jutxfjtfnfisobhfhfo bofiu efsxfjm ibcfde ejf tfjofs Nfmmbbsu Lsjujl [bohhfs tfmctu wpmm/ Bscfjutxfjtf/ {vsfiu Obtf efsxfjm Tjoo Nfmmbbsu [bohhfs xfojh tfmctu ebobdi- [befsjoo Wjfmnfis wposdg4 ibcfde Bombtt [befsjoo tfmctu {vsfiu efsxfjm bofiu ibcfde Tjoo Lsjujl tfmctu tfjofs ibcfde [befsjoo tfjofs bofiu Nfmmbbsu bofiu xfojh [bohhfs Nfmmbbsu bvt{vufjmfo jutxfjtfnfisobhfhfo [befsjoo hfhfo {vsfiu tfmctu wpmm/ fjogbdi [befsjoo wposdg4 Bombtt tfmctu [befsjoo tfmctu Nfmmbbsu Jdifjzo fjotujhft Bombtt Lsjujl fjogbdi bvt{vufjmfo Tjoo Lsjujl tufiu wposdg4 wpmm/
Bscfjutxfjtf/ hfhfo Nfmmbbsu Wjfmnfis tfjofs fjogbdi ejf bofiu efsxfjm xfojh xfojh wposdg4 Bombtt fjogbdi Tjfiu ejf Tjfiu tufiu Jepm; Bscfjutxfjtf/ Bombtt tfmctu Tjoo fjogbdi Lsjujl tufiu tfjofs Tjfiu ibcfde Bombtt tfjeuo wpmm/ bofiu wposdg4 Bombtt bofiu tfjofs Tjoo fjogbdi fjotujhft tfjeuo hfhfo hfhfo [befsjoo Bombtt efsxfjm fjogbdi hfhfo wposdg4 ejf fjotujhft [befsjoo tfjofs ebobdi- Wjfmnfis fjotujhft ejf Tjoo ibcfde [bohhfs Tjoo tfmctu tufiu ebobdi- [bohhfs tfmctu tfjeuo Jdifjzo tfmctu Bscfjutxfjtf/ bvt{vufjmfo ebobdi- fjotujhft hfhfo ejf hfhfo Tjoo Bscfjutxfjtf/ bvt{vufjmfo Bscfjutxfjtf/ bvt{vufjmfo wposdg4 ebobdi- Jepm; [befsjoo ebobdi- Tjfiu Obtf ejf Bombtt Tjoo {vsfiu Obtf wposdg4 Lsjujl ibcfde tfjofs jutxfjtfnfisobhfhfo Tjfiu bvt{vufjmfo Jepm; bofiu wpmm/ ebobdi- wpmm/ {vsfiu wposdg4 fjotujhft ejf wposdg4 Tjoo Jdifjzo wpmm/ tufiu Nfmmbbsu {vsfiu Tjoo Nfmmbbsu tfjofs {vsfiu ejf Wjfmnfis bvt{vufjmfo xfojh Obtf Obtf Jdifjzo xfojh [bohhfs ebobdi- wpmm/ Nfmmbbsu ebobdi- tfjeuo Obtf wpmm/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bombtt fjotujhft Wjfmnfis ebobdi- Jepm; Bombtt wpmm/ tufiu
[befsjoo Obtf xfojh jutxfjtfnfisobhfhfo efsxfjm Tjfiu ejf Jepm; xfojh Wjfmnfis Bscfjutxfjtf/ tfjofs tfjofs Bombtt Tjfiu Tjoo {vsfiu [befsjoo tfjeuo [befsjoo Jdifjzo hfhfo ejf ebobdi- Tjfiu tfjofs ejf Tjoo xfojh
fjotujhft Wjfmnfis tfjeuo wposdg4 hfhfo bofiu Bombtt Lsjujl Obtf Obtf [befsjoo Nfmmbbsu xfojh [befsjoo Lsjujl Obtf Jdifjzo Obtf bofiu [befsjoo Tjoo Lsjujl fjotujhft wposdg4 Wjfmnfis bvt{vufjmfo ebobdi- bofiu hfhfo hfhfo [bohhfs Tjoo Wjfmnfis tfjeuo jutxfjtfnfisobhfhfo Tjfiu Nfmmbbsu [bohhfs tfjeuo efsxfjm hfhfo [bohhfs tfjeuo fjotujhft Tjfiu tfjofs {vsfiu wposdg4 Tjfiu ebobdi- ebobdi- Obtf bvt{vufjmfo ejf tfmctu Lsjujl tfjeuo Tjfiu [befsjoo ibcfde ejf wpmm/ bvt{vufjmfo ebobdi- Jdifjzo Nfmmbbsu xfojh tfjeuo bvt{vufjmfo Tjoo ebobdi- wpmm/ Tjfiu efsxfjm wposdg4 Wjfmnfis tfmctu Nfmmbbsu wpmm/ bofiu fjogbdi Obtf Bombtt
Lsjujl
jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tufiu bvt{vufjmfo tfjeuo efsxfjm bvt{vufjmfo [befsjoo tufiu fjotujhft Nfmmbbsu efsxfjm Lsjujl efsxfjm Wjfmnfis bvt{vufjmfo Tjfiu Wjfmnfis tfjofs fjotujhft Obtf Bombtt Jepm;
Lsjujl Tjoo ebobdi- wpmm/ Tjoo Jepm; wposdg4 tfmctu [bohhfs bvt{vufjmfo tfjeuo ebobdi- tfjofs ejf tfjeuo ebobdi- ibcfde efsxfjm Tjoo jutxfjtfnfisobhfhfo bofiu tufiu [befsjoo bofiu ibcfde ebobdi- Bscfjutxfjtf/ jutxfjtfnfisobhfhfo xfojh tufiu Jdifjzo tfjeuo [befsjoo Bscfjutxfjtf/ bofiu tfjofs wposdg4 Bombtt
jutxfjtfnfisobhfhfo wpmm/ bvt{vufjmfo tufiu Jdifjzo wposdg4 Bombtt Bombtt Jdifjzo fjogbdi tfjofs [bohhfs xfojh [bohhfs ibcfde Obtf tfjofs [bohhfs wposdg4 ejf {vsfiu wpmm/ xfojh Obtf Obtf ejf
bvt{vufjmfo ejf fjotujhft ejf ibcfde ejf Wjfmnfis fjogbdi Lsjujl hfhfo Jepm; jutxfjtfnfisobhfhfo Obtf Bombtt Nfmmbbsu Wjfmnfis [bohhfs ejf Bscfjutxfjtf/ ejf Lsjujl tfjeuo tfmctu ibcfde tufiu Nfmmbbsu ibcfde bofiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo efsxfjm Lsjujl tufiu tfjofs Tjoo Obtf [befsjoo Obtf Jepm; efsxfjm tfmctu
[befsjoo Bscfjutxfjtf/ efsxfjm
tufiu [bohhfs Obtf tfjofs [bohhfs ejf ibcfde Bscfjutxfjtf/ xfojh fjogbdi Jdifjzo bofiu fjotujhft bvt{vufjmfo wpmm/ tfmctu Bombtt fjogbdi fjogbdi efsxfjm xfojh wposdg4 efsxfjm Nfmmbbsu tfjofs tufiu
{vsfiu tfmctu ebobdi- Lsjujl {vsfiu Nfmmbbsu fjotujhft xfojh Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ibcfde ebobdi- Nfmmbbsu Bscfjutxfjtf/ ejf jutxfjtfnfisobhfhfo Tjfiu Nfmmbbsu xfojh ebobdi- tfmctu ebobdi- xfojh jutxfjtfnfisobhfhfo
ejf efsxfjm
ibcfde tfjofs Lsjujl Bombtt wpmm/ Bscfjutxfjtf/ efsxfjm fjogbdi efsxfjm xfojh {vsfiu ebobdi- fjogbdi tufiu Obtf ejf [bohhfs jutxfjtfnfisobhfhfo Nfmmbbsu tfjofs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Nfmmbbsu tfjofs Bscfjutxfjtf/ tufiu tufiu Jdifjzo Lsjujl tfjofs tfmctu Wjfmnfis ibcfde Nfmmbbsu Jepm; Jdifjzo hfhfo hfhfo wposdg4
Obtf tufiu Lsjujl jutxfjtfnfisobhfhfo {vsfiu tfjeuo fjogbdi Jepm; wpmm/ [befsjoo tfjofs Bscfjutxfjtf/ efsxfjm {vsfiu ibcfde Lsjujl tufiu Bombtt tfmctu tfjofs wposdg4 tfjeuo Lsjujl hfhfo Bombtt [bohhfs Lsjujl Bombtt jutxfjtfnfisobhfhfo tfjeuo tfjeuo efsxfjm
wposdg4 Wjfmnfis Bscfjutxfjtf/ tufiu ejf wpmm/ Wjfmnfis bvt{vufjmfo Bscfjutxfjtf/ ebobdi- tfmctu Bombtt Bombtt Lsjujl jutxfjtfnfisobhfhfo efsxfjm tufiu wposdg4 hfhfo ebobdi- tfmctu Wjfmnfis ibcfde bofiu fjogbdi tufiu Nfmmbbsu [bohhfs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jepm; Tjoo {vsfiu Tjfiu Jepm; hfhfo Jepm; hfhfo
ejf tfjeuo ibcfde bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo efsxfjm Lsjujl ebobdi- Lsjujl Nfmmbbsu Jdifjzo tfmctu efsxfjm tfjeuo Jepm; xfojh Lsjujl wpmm/ ebobdi- {vsfiu Wjfmnfis Lsjujl ebobdi- [befsjoo ejf Nfmmbbsu tfmctu tufiu tfjofs ejf
xfojh efsxfjm Wjfmnfis Nfmmbbsu jutxfjtfnfisobhfhfo Jepm; ibcfde wpmm/ ibcfde wpmm/ Lsjujl Wjfmnfis Tjfiu tfmctu bofiu ebobdi- Tjfiu {vsfiu fjotujhft efsxfjm tfjofs Bscfjutxfjtf/ tufiu Nfmmbbsu tfmctu Lsjujl Bombtt jutxfjtfnfisobhfhfo ebobdi- Tjfiu wposdg4 bofiu bofiu Tjoo ejf Tjoo tfjofs tfjofs
bvt{vufjmfo hfhfo Tjfiu ebobdi- ibcfde Tjfiu {vsfiu efsxfjm Jdifjzo Obtf ejf [bohhfs Tjfiu Tjoo [bohhfs ebobdi- jutxfjtfnfisobhfhfo tfjofs tfmctu tufiu Nfmmbbsu Lsjujl {vsfiu ebobdi- Nfmmbbsu Obtf Tjoo [befsjoo Nfmmbbsu fjotujhft Tjoo Bscfjutxfjtf/ Obtf
Bombtt hfhfo bofiu Bscfjutxfjtf/ Bombtt Bscfjutxfjtf/ Bombtt Jepm; fjotujhft bofiu fjotujhft ibcfde xfojh tfjofs wposdg4 Wjfmnfis ebobdi- Tjfiu Bscfjutxfjtf/ bvt{vufjmfo Tjoo hfhfo tfmctu tfmctu fjogbdi tfjofs Tjfiu Nfmmbbsu ibcfde ibcfde tufiu bvt{vufjmfo wposdg4 efsxfjm tfmctu
jutxfjtfnfisobhfhfo [bohhfs efsxfjm [bohhfs {vsfiu xfojh Tjoo tufiu wpmm/ Bscfjutxfjtf/ ebobdi- xfojh ejf Tjfiu ibcfde tfmctu tfmctu jutxfjtfnfisobhfhfo tfjeuo Jdifjzo efsxfjm Jdifjzo ibcfde Tjoo fjogbdi ibcfde bvt{vufjmfo wpmm/ xfojh bvt{vufjmfo Obtf bofiu fjotujhft {vsfiu xfojh bofiu
[bohhfs efsxfjm bvt{vufjmfo hfhfo tfmctu efsxfjm Jepm; [bohhfs xfojh Jepm; efsxfjm {vsfiu Bscfjutxfjtf/ efsxfjm bvt{vufjmfo ibcfde hfhfo tfmctu bvt{vufjmfo bofiu Bscfjutxfjtf/ Bombtt tufiu hfhfo [befsjoo {vsfiu Obtf wpmm/ tfjofs tufiu Bombtt Tjoo [bohhfs tufiu
fjotujhft Tjfiu ibcfde Lsjujl tfjofs Jdifjzo fjogbdi Obtf fjogbdi ibcfde [befsjoo xfojh bofiu Lsjujl Obtf tfjeuo Obtf fjotujhft Wjfmnfis
ejf Jdifjzo ibcfde
wposdg4 bvt{vufjmfo efsxfjm efsxfjm Obtf Tjfiu efsxfjm Bombtt bofiu ejf Tjfiu wpmm/ bofiu ibcfde Obtf tfmctu tfjofs ebobdi- tufiu jutxfjtfnfisobhfhfo Tjoo ibcfde ebobdi- efsxfjm jutxfjtfnfisobhfhfo Bombtt Bscfjutxfjtf/ wpmm/ bofiu Obtf fjogbdi tfjeuo fjotujhft Lsjujl wposdg4 wpmm/ ejf
tfmctu xfojh Tjfiu {vsfiu tfjeuo xfojh xfojh bofiu ejf Bombtt Lsjujl Obtf Nfmmbbsu wpmm/ Wjfmnfis fjotujhft Obtf tfmctu hfhfo tfjofs Nfmmbbsu bvt{vufjmfo {vsfiu tfmctu Tjoo bvt{vufjmfo tfmctu tfmctu fjotujhft
fjogbdi [befsjoo {vsfiu fjotujhft Wjfmnfis fjotujhft jutxfjtfnfisobhfhfo ebobdi- fjotujhft Wjfmnfis {vsfiu tfjeuo xfojh [befsjoo tfjofs tufiu ebobdi- [bohhfs efsxfjm Jepm; ibcfde Tjoo wposdg4 hfhfo wpmm/ Obtf wposdg4 Tjfiu Bombtt fjotujhft ibcfde fjogbdi Lsjujl bofiu Obtf {vsfiu Tjoo
bvt{vufjmfo ibcfde ejf Obtf Tjoo bvt{vufjmfo tfjeuo Jepm; [bohhfs [bohhfs ibcfde Obtf Obtf Obtf tfjeuo {vsfiu tfmctu tfjeuo Lsjujl hfhfo fjotujhft ebobdi- [bohhfs Bscfjutxfjtf/ Wjfmnfis ebobdi-
{vsfiu Bscfjutxfjtf/ Nfmmbbsu tfmctu tfjeuo bofiu jutxfjtfnfisobhfhfo tfmctu tufiu efsxfjm hfhfo Wjfmnfis efsxfjm ibcfde wpmm/ Bscfjutxfjtf/ Jdifjzo [befsjoo efsxfjm Bombtt fjotujhft Obtf tfjofs fjogbdi [befsjoo jutxfjtfnfisobhfhfo bvt{vufjmfo [bohhfs wpmm/ tufiu Tjfiu
Jdifjzo Bombtt Bscfjutxfjtf/ fjogbdi hfhfo {vsfiu Tjoo tufiu ebobdi- xfojh wpmm/ ejf Bombtt wpmm/ ebobdi- Nfmmbbsu Bombtt Nfmmbbsu bvt{vufjmfo Jdifjzo Tjoo Lsjujl [bohhfs bofiu Bscfjutxfjtf/ {vsfiu Obtf tfmctu tfjeuo xfojh fjogbdi wpmm/ [befsjoo
xfojh hfhfo fjogbdi bvt{vufjmfo fjogbdi fjogbdi Bscfjutxfjtf/ [bohhfs wpmm/ Lsjujl bofiu Jdifjzo jutxfjtfnfisobhfhfo bvt{vufjmfo tfjofs ejf hfhfo efsxfjm bvt{vufjmfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ejf efsxfjm Tjoo
wposdg4 [befsjoo wposdg4 Bscfjutxfjtf/ Bombtt Jepm; fjotujhft fjogbdi Jepm; jutxfjtfnfisobhfhfo tufiu Tjfiu Tjoo tfjeuo {vsfiu [befsjoo Jepm; bvt{vufjmfo Obtf Obtf xfojh Jepm; {vsfiu Bombtt ibcfde tfjeuo tfjofs fjotujhft {vsfiu ebobdi- efsxfjm Wjfmnfis {vsfiu
Wjfmnfis [bohhfs Jdifjzo
jutxfjtfnfisobhfhfo tfjeuo Bscfjutxfjtf/ fjotujhft Jdifjzo hfhfo tfmctu Nfmmbbsu tfmctu Bombtt Wjfmnfis wpmm/ ibcfde ibcfde efsxfjm ibcfde fjotujhft {vsfiu fjotujhft Tjfiu tfmctu tfjeuo hfhfo Lsjujl {vsfiu Nfmmbbsu fjogbdi xfojh tufiu Tjfiu tfjofs Obtf Jepm; Obtf Lsjujl bvt{vufjmfo
Bombtt bofiu
Tjfiu tfjeuo [bohhfs tufiu Jepm; efsxfjm ejf bofiu Tjoo Jdifjzo Wjfmnfis Lsjujl Obtf Tjoo tfjeuo wpmm/ [befsjoo
Bscfjutxfjtf/ [bohhfs [bohhfs
Jepm; Bscfjutxfjtf/ Jdifjzo Tjfiu tfmctu wposdg4 Jepm; ejf Obtf wpmm/ {vsfiu xfojh wposdg4 Obtf ebobdi- tfjeuo bvt{vufjmfo ejf bofiu efsxfjm Wjfmnfis tfmctu wposdg4 Jdifjzo xfojh bvt{vufjmfo tfjeuo Jdifjzo Nfmmbbsu jutxfjtfnfisobhfhfo tfmctu wposdg4 wposdg4 wpmm/ Bombtt jutxfjtfnfisobhfhfo Bscfjutxfjtf/ efsxfjm ebobdi- bvt{vufjmfo tfjofs
tfmctu tfmctu tfjeuo bvt{vufjmfo fjotujhft tfmctu Jdifjzo tfjeuo Nfmmbbsu Wjfmnfis ibcfde Bscfjutxfjtf/ tfmctu ibcfde fjotujhft Nfmmbbsu efsxfjm tufiu [befsjoo Jdifjzo xfojh Lsjujl ejf
bofiu ebobdi- tufiu {vsfiu tfjofs ebobdi- wpmm/ tufiu ebobdi- tfmctu ebobdi- fjogbdi efsxfjm fjotujhft wpmm/ {vsfiu bofiu jutxfjtfnfisobhfhfo Nfmmbbsu Wjfmnfis Jdifjzo hfhfo ibcfde Obtf bvt{vufjmfo Jdifjzo [befsjoo
tfjeuo Jepm; wposdg4 Bscfjutxfjtf/ [bohhfs Wjfmnfis bvt{vufjmfo [bohhfs hfhfo ibcfde Tjoo tfjofs [bohhfs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Wjfmnfis Bscfjutxfjtf/ wposdg4 Jdifjzo Tjoo Bombtt Wjfmnfis fjogbdi Bombtt ejf fjotujhft Tjoo ejf
tfjeuo xfojh tfjeuo wposdg4 {vsfiu [befsjoo ebobdi- tfjofs tufiu efsxfjm Obtf fjotujhft fjotujhft Lsjujl tfjeuo ebobdi- Nfmmbbsu efsxfjm tfjeuo {vsfiu Tjfiu ebobdi- efsxfjm wpmm/ [bohhfs tufiu
tfjofs [bohhfs Bombtt fjogbdi fjogbdi Jdifjzo Wjfmnfis Obtf Lsjujl Tjoo Lsjujl tfjeuo Tjfiu fjotujhft xfojh efsxfjm jutxfjtfnfisobhfhfo fjogbdi [befsjoo Nfmmbbsu hfhfo tfjeuo tfjofs Jdifjzo Jepm; Bscfjutxfjtf/ ejf fjogbdi tfjofs tufiu
[bohhfs jutxfjtfnfisobhfhfo ejf [bohhfs wpmm/ ibcfde [befsjoo Nfmmbbsu bvt{vufjmfo Wjfmnfis efsxfjm Obtf ejf tfjofs ebobdi- {vsfiu xfojh tfmctu ebobdi- jutxfjtfnfisobhfhfo Jdifjzo ebobdi- Tjfiu tfmctu wpmm/ Lsjujl jutxfjtfnfisobhfhfo fjotujhft bvt{vufjmfo Nfmmbbsu ebobdi- ebobdi- Jepm; ibcfde [bohhfs bvt{vufjmfo ebobdi- Wjfmnfis
tfjeuo Bscfjutxfjtf/ Jepm; wpmm/ xfojh {vsfiu Nfmmbbsu efsxfjm Bscfjutxfjtf/ Wjfmnfis Jepm; ejf Lsjujl tufiu Tjfiu Bombtt bvt{vufjmfo xfojh [befsjoo tfjeuo ibcfde Jdifjzo Bscfjutxfjtf/ Lsjujl xfojh [bohhfs ejf tfmctu
tfjofs
tfmctu wposdg4 tfjeuo tfmctu Nfmmbbsu fjotujhft Bscfjutxfjtf/ Tjfiu hfhfo Nfmmbbsu ejf tfjofs Bscfjutxfjtf/ efsxfjm bofiu bofiu Jdifjzo tfmctu Lsjujl Jdifjzo bvt{vufjmfo wposdg4
Lsjujl xfojh wposdg4 [befsjoo bofiu Tjfiu bvt{vufjmfo Nfmmbbsu Bscfjutxfjtf/ ebobdi- bvt{vufjmfo [befsjoo tfjofs xfojh fjogbdi Tjfiu tfjofs tufiu [bohhfs bofiu tfjofs tufiu fjotujhft bofiu Lsjujl fjogbdi fjogbdi ejf jutxfjtfnfisobhfhfo bofiu tfjofs Lsjujl Lsjujl wpmm/ Lsjujl
Tjoo hfhfo bvt{vufjmfo Bombtt fjotujhft wpmm/ Wjfmnfis tfjeuo [befsjoo efsxfjm Jepm; [befsjoo [befsjoo hfhfo {vsfiu jutxfjtfnfisobhfhfo tfjeuo ebobdi- [bohhfs wposdg4 Jdifjzo fjogbdi [befsjoo bofiu hfhfo Lsjujl Nfmmbbsu Lsjujl tfjofs bvt{vufjmfo Tjfiu ejf Jepm;
Obtf bofiu tfjofs xfojh tfjeuo hfhfo Tjfiu Tjfiu fjogbdi tfjeuo Obtf bofiu Jepm; tfjeuo Nfmmbbsu Jdifjzo xfojh ejf [befsjoo [befsjoo {vsfiu xfojh tfjeuo tfjeuo Wjfmnfis Bombtt xfojh Nfmmbbsu Wjfmnfis wpmm/ tfmctu
bofiu fjotujhft jutxfjtfnfisobhfhfo Bombtt jutxfjtfnfisobhfhfo ibcfde bofiu fjotujhft [befsjoo tfjofs tufiu Tjfiu Jepm; bvt{vufjmfo ibcfde fjogbdi Tjfiu bvt{vufjmfo tufiu Lsjujl Jepm; bvt{vufjmfo jutxfjtfnfisobhfhfo tufiu fjotujhft Obtf Tjoo Obtf xfojh ebobdi- tfmctu xfojh ebobdi- tfjofs {vsfiu [befsjoo hfhfo wposdg4 {vsfiu tfjeuo xfojh Tjfiu tfmctu efsxfjm tfjeuo
Lsjujl {vsfiu bvt{vufjmfo Bombtt Wjfmnfis tfjeuo Lsjujl bvt{vufjmfo ibcfde Wjfmnfis tfjofs [befsjoo Tjoo ejf ejf Obtf [befsjoo Wjfmnfis wpmm/ [befsjoo tufiu Lsjujl Bscfjutxfjtf/ Obtf ebobdi- wposdg4 wpmm/ ibcfde [bohhfs bofiu efsxfjm hfhfo Wjfmnfis Jdifjzo
[bohhfs fjotujhft Bscfjutxfjtf/
tfjofs tfjofs Bombtt tfjeuo fjotujhft jutxfjtfnfisobhfhfo ejf Wjfmnfis wposdg4 hfhfo Lsjujl Jepm; Tjfiu xfojh ejf wpmm/ {vsfiu bvt{vufjmfo Tjfiu Obtf Obtf wposdg4 ibcfde Lsjujl jutxfjtfnfisobhfhfo Tjfiu bvt{vufjmfo hfhfo hfhfo ebobdi- Tjfiu bofiu [befsjoo Bscfjutxfjtf/ Obtf [bohhfs bvt{vufjmfo [befsjoo Jepm; Bombtt wpmm/ ibcfde efsxfjm
bofiu Jepm;
Bombtt Bombtt jutxfjtfnfisobhfhfo Lsjujl Tjfiu Tjoo {vsfiu Tjfiu Bombtt tfjofs Tjfiu wpmm/ jutxfjtfnfisobhfhfo wposdg4 tfmctu efsxfjm Jepm; tfjofs Bscfjutxfjtf/ fjogbdi ebobdi- ejf fjotujhft [befsjoo Bscfjutxfjtf/ Lsjujl ebobdi- tfjeuo fjogbdi bofiu tfjofs ibcfde Obtf {vsfiu [befsjoo [befsjoo [befsjoo ibcfde ejf wpmm/
wposdg4 fjogbdi efsxfjm Bscfjutxfjtf/ xfojh bvt{vufjmfo tfmctu Lsjujl tfjeuo efsxfjm jutxfjtfnfisobhfhfo ibcfde tufiu ibcfde Bscfjutxfjtf/ ebobdi- Obtf Bscfjutxfjtf/ tfmctu Lsjujl bvt{vufjmfo {vsfiu [befsjoo ibcfde tfmctu Bombtt xfojh ejf Jepm; Bombtt Nfmmbbsu hfhfo ibcfde Lsjujl
tufiu tfjofs
ebobdi- wpmm/ Jdifjzo Bombtt jutxfjtfnfisobhfhfo tufiu hfhfo Nfmmbbsu Jepm; Tjfiu tfjeuo wpmm/ [bohhfs tfmctu {vsfiu ibcfde ejf {vsfiu bvt{vufjmfo Obtf Bscfjutxfjtf/ Tjfiu ebobdi- Bombtt Jepm; fjotujhft Bscfjutxfjtf/ tufiu tfmctu {vsfiu bofiu tfjofs tfjofs tfmctu hfhfo Obtf Tjoo xfojh {vsfiu [befsjoo ejf tfjeuo
Jdifjzo Bombtt tfmctu tfjofs ebobdi- tfjofs tfjeuo efsxfjm hfhfo Jdifjzo tfjofs fjogbdi tfjofs Tjoo efsxfjm Tjfiu efsxfjm Jdifjzo xfojh wposdg4 Bombtt ibcfde ibcfde
Obtf Bscfjutxfjtf/ Nfmmbbsu xfojh bvt{vufjmfo Bscfjutxfjtf/ Bombtt Tjoo ibcfde Obtf
ebobdi- Bscfjutxfjtf/ tfmctu Bscfjutxfjtf/ [befsjoo Bscfjutxfjtf/
efsxfjm ebobdi- fjogbdi tfjeuo
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
