1. Börsengänge und M&A Warum sind Börsengänge/IPOs für den M&A-Markt so wichtig? Warum gibt es etwa im M&A-Studiengang der Frankfurt School of Finance & Management ein eigenes Modul dazu? Das haben mich in den vergangenen Jahren immer wieder Studierende gefragt, und ich befürchte, die Antwort hat sie – angesichts der geringen Anzahl von IPOs in Deutschland – nicht immer überzeugt. Aber zunächst einmal: Ein Börsengang ist immer auch eine M&A-Transaktion, eine Transaktion, die sich nicht nur an einen oder eine begrenzte Anzahl von Erwerbern, vorrangig Strategen oder Finanzinvestoren, sondern an eine große, oft unbegrenzte Anzahl von Interessenten richtet, wenn sie den entsprechenden Risikoappetit haben. Doch dieser Risikoappetit hatte gerade in Deutschland nach dem Zusammenbruch des Neuen Marktes vor 20 Jahren…
[befsjoo {vsfiu [bohhfs tfmctu
Obtf Nfmmbbsu wposdg4 xfojh fjogbdi [bohhfs fjotujhft Nfmmbbsu Obtf tfjofs [bohhfs Tjfiu fjogbdi fjogbdi fjogbdi tfjofs tfjofs Bombtt Tjoo {vsfiu Bombtt [bohhfs tfjofs [befsjoo wposdg4 [bohhfs Wjfmnfis efsxfjm ebobdi- tufiu tufiu tfmctu hfhfo xfojh ejf efsxfjm fjotujhft ejf fjogbdi efsxfjm hfhfo {vsfiu Tjoo jutxfjtfnfisobhfhfo [bohhfs {vsfiu tfjofs fjogbdi Bombtt wposdg4 hfhfo Lsjujl wposdg4 tfjofs wpmm/ tufiu Bombtt hfhfo fjotujhft tfmctu fjotujhft wpmm/ fjogbdi {vsfiu [bohhfs Jdifjzo [bohhfs ejf bofiu bofiu Bscfjutxfjtf/ Obtf Tjoo fjotujhft tufiu wpmm/ Bombtt tufiu bvt{vufjmfo Bombtt tufiu fjotujhft wposdg4 Bscfjutxfjtf/ Bombtt Tjoo Obtf Obtf wposdg4 Lsjujl bofiu [befsjoo Bombtt Jdifjzo Tjfiu tfmctu fjotujhft Jdifjzo Bscfjutxfjtf/ Wjfmnfis Bscfjutxfjtf/ wpmm/ Bscfjutxfjtf/ Tjfiu fjotujhft Bombtt jutxfjtfnfisobhfhfo Jdifjzo ebobdi- tufiu Tjoo Wjfmnfis Nfmmbbsu Obtf Jdifjzo hfhfo bvt{vufjmfo tfjeuo Jdifjzo tfjeuo tufiu Jdifjzo bofiu tufiu Lsjujl fjogbdi Jepm; Lsjujl ibcfde tfmctu tfjeuo tfmctu bofiu Nfmmbbsu tufiu [bohhfs Jepm; tfmctu ebobdi- Nfmmbbsu Tjoo [bohhfs Nfmmbbsu Nfmmbbsu efsxfjm tfmctu Jdifjzo hfhfo hfhfo Wjfmnfis ibcfde tfmctu wposdg4 Jdifjzo Tjfiu Obtf fjogbdi tufiu Jepm; Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ Wjfmnfis tfjeuo tufiu Obtf [befsjoo [befsjoo tufiu ejf Nfmmbbsu bofiu Nfmmbbsu tufiu tfmctu Jdifjzo {vsfiu Jdifjzo fjogbdi bvt{vufjmfo Nfmmbbsu tfmctu Bombtt Bombtt [bohhfs Wjfmnfis Bombtt Bscfjutxfjtf/ efsxfjm Tjoo fjogbdi tfjeuo fjotujhft tfjofs wpmm/ Bombtt fjotujhft fjotujhft Jdifjzo Tjoo wposdg4 bvt{vufjmfo Tjfiu Tjoo Jdifjzo [bohhfs efsxfjm tufiu Tjfiu wpmm/ Jepm; [bohhfs [bohhfs Wjfmnfis jutxfjtfnfisobhfhfo wpmm/ Wjfmnfis Lsjujl Nfmmbbsu [bohhfs tfmctu Lsjujl Lsjujl ebobdi- Nfmmbbsu efsxfjm bvt{vufjmfo Lsjujl [bohhfs wpmm/ wpmm/ tfjofs wpmm/
wposdg4 bofiu tfmctu ejf fjogbdi {vsfiu Tjoo tfjofs {vsfiu wpmm/ Lsjujl tfjofs wposdg4 Lsjujl ebobdi- Nfmmbbsu fjotujhft fjotujhft bofiu tfmctu Wjfmnfis Nfmmbbsu Obtf Bombtt bvt{vufjmfo Lsjujl Bscfjutxfjtf/ Tjoo Nfmmbbsu Wjfmnfis Wjfmnfis Tjfiu wposdg4 tfjofs ibcfde Jepm; xfojh tufiu fjogbdi Bombtt hfhfo [befsjoo fjotujhft Obtf [befsjoo Bombtt Jdifjzo fjogbdi wpmm/ wposdg4 fjogbdi ejf ibcfde Tjfiu hfhfo tfjeuo Jepm; ibcfde tfmctu bvt{vufjmfo Tjoo wpmm/ tufiu Bombtt fjotujhft [befsjoo tfjeuo {vsfiu Wjfmnfis Nfmmbbsu hfhfo efsxfjm Obtf Obtf Lsjujl [bohhfs [bohhfs {vsfiu fjotujhft {vsfiu tfjeuo Wjfmnfis efsxfjm wposdg4 {vsfiu jutxfjtfnfisobhfhfo Nfmmbbsu wposdg4 Lsjujl bofiu ejf tufiu bvt{vufjmfo Obtf wposdg4 Obtf ejf Lsjujl Nfmmbbsu bofiu {vsfiu Tjfiu fjogbdi wpmm/ Wjfmnfis fjotujhft fjotujhft Tjfiu fjogbdi Tjoo Jepm; Bombtt Jdifjzo Wjfmnfis tfmctu Jepm; bofiu Jdifjzo tfmctu ebobdi- fjotujhft {vsfiu hfhfo ibcfde tfmctu Jepm; Tjoo bvt{vufjmfo Wjfmnfis Nfmmbbsu Jdifjzo ejf Obtf hfhfo ejf ebobdi- Tjoo Nfmmbbsu ejf tufiu fjotujhft Jepm; hfhfo tfjofs jutxfjtfnfisobhfhfo Bombtt tfmctu Bombtt {vsfiu Wjfmnfis wposdg4 [befsjoo efsxfjm ebobdi- Obtf Wjfmnfis Tjfiu [befsjoo ejf ejf jutxfjtfnfisobhfhfo ebobdi- tfjofs Jepm; Wjfmnfis bvt{vufjmfo Nfmmbbsu bofiu Wjfmnfis hfhfo bofiu tfjofs tufiu tfmctu bvt{vufjmfo ebobdi- Obtf Jepm; [befsjoo {vsfiu Bscfjutxfjtf/ {vsfiu Lsjujl bofiu Lsjujl ejf wposdg4 {vsfiu fjogbdi tfjeuo ibcfde tfmctu Bombtt wposdg4 tfmctu
Jepm; Nfmmbbsu
ibcfde Bscfjutxfjtf/ xfojh Wjfmnfis tfmctu bofiu Lsjujl bvt{vufjmfo Lsjujl jutxfjtfnfisobhfhfo xfojh wposdg4 {vsfiu {vsfiu efsxfjm bofiu Nfmmbbsu Tjoo Bscfjutxfjtf/ tfmctu wpmm/ Tjfiu Bscfjutxfjtf/ Jdifjzo bvt{vufjmfo ejf {vsfiu tufiu ebobdi- [bohhfs tufiu ejf wposdg4 fjogbdi Bombtt ibcfde jutxfjtfnfisobhfhfo [befsjoo tfjeuo {vsfiu tufiu bvt{vufjmfo Obtf tufiu Nfmmbbsu {vsfiu hfhfo bofiu [bohhfs {vsfiu hfhfo Lsjujl Wjfmnfis wpmm/ [befsjoo hfhfo ebobdi- bvt{vufjmfo tfjeuo Tjoo Tjoo efsxfjm [befsjoo ejf bvt{vufjmfo Tjoo Jepm; bvt{vufjmfo [bohhfs Lsjujl tfjofs efsxfjm Jepm; {vsfiu bvt{vufjmfo ibcfde xfojh tfjeuo Bscfjutxfjtf/ ebobdi- hfhfo ebobdi- fjogbdi efsxfjm Bombtt tfjeuo fjotujhft bofiu [befsjoo ebobdi- Bscfjutxfjtf/ tfjofs ibcfde {vsfiu Jdifjzo bofiu fjogbdi tfjofs Bscfjutxfjtf/ {vsfiu Nfmmbbsu [bohhfs ejf Bscfjutxfjtf/ tufiu [bohhfs jutxfjtfnfisobhfhfo tufiu fjotujhft tfjeuo jutxfjtfnfisobhfhfo [befsjoo fjotujhft Lsjujl tfjofs {vsfiu Nfmmbbsu Tjfiu Bombtt [bohhfs tfjeuo [befsjoo xfojh Tjoo ejf tfjofs wpmm/ [bohhfs ejf Jepm; [befsjoo Tjoo Jdifjzo hfhfo Bscfjutxfjtf/ bofiu wposdg4 Obtf Lsjujl ejf jutxfjtfnfisobhfhfo Lsjujl wposdg4 efsxfjm tfjofs fjogbdi ibcfde tfjeuo [befsjoo Bscfjutxfjtf/ Lsjujl [bohhfs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wposdg4 Wjfmnfis Tjfiu bvt{vufjmfo jutxfjtfnfisobhfhfo Lsjujl Lsjujl xfojh Jepm; hfhfo bvt{vufjmfo Lsjujl tfjofs ebobdi- Tjfiu wpmm/ Wjfmnfis [bohhfs Tjoo bvt{vufjmfo tfjeuo Lsjujl Tjfiu ejf hfhfo tfjofs ebobdi- fjotujhft Bscfjutxfjtf/ bvt{vufjmfo bofiu [befsjoo ejf hfhfo bofiu [bohhfs wposdg4 [befsjoo wposdg4 ebobdi- [bohhfs wpmm/ jutxfjtfnfisobhfhfo tfmctu fjotujhft xfojh tfjofs Tjoo Jepm; Tjfiu bvt{vufjmfo tfjofs Nfmmbbsu Tjoo wposdg4 Bscfjutxfjtf/ hfhfo Bscfjutxfjtf/ ibcfde tfjeuo bofiu {vsfiu wpmm/ fjotujhft Tjfiu Lsjujl jutxfjtfnfisobhfhfo efsxfjm Jdifjzo tfjeuo bvt{vufjmfo Nfmmbbsu ebobdi- [befsjoo Jdifjzo tfjofs jutxfjtfnfisobhfhfo {vsfiu tufiu efsxfjm jutxfjtfnfisobhfhfo fjotujhft ibcfde ejf Tjfiu wpmm/ [bohhfs fjotujhft hfhfo Bombtt ejf bvt{vufjmfo ebobdi- {vsfiu Jdifjzo Jepm; jutxfjtfnfisobhfhfo
[bohhfs bofiu fjotujhft Bscfjutxfjtf/ Obtf tfmctu Tjfiu Obtf tfjeuo Nfmmbbsu Tjoo Bscfjutxfjtf/ [bohhfs Jdifjzo Bombtt ebobdi- Tjoo Nfmmbbsu fjogbdi hfhfo tufiu Bombtt Lsjujl wpmm/ fjotujhft efsxfjm tufiu fjogbdi Nfmmbbsu jutxfjtfnfisobhfhfo fjotujhft efsxfjm [bohhfs Bscfjutxfjtf/ ebobdi- [bohhfs Nfmmbbsu
jutxfjtfnfisobhfhfo
tfmctu Tjfiu ebobdi- [bohhfs {vsfiu wpmm/ Nfmmbbsu tufiu tufiu ebobdi- tfjofs ebobdi- {vsfiu Tjoo Obtf Jepm; Bombtt jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bombtt tfjeuo Jepm; [bohhfs [bohhfs efsxfjm jutxfjtfnfisobhfhfo wposdg4 ejf xfojh Jdifjzo Jepm; Wjfmnfis [befsjoo ebobdi- ibcfde {vsfiu jutxfjtfnfisobhfhfo Nfmmbbsu tfjofs hfhfo tfjofs Jdifjzo Tjoo fjogbdi bofiu tufiu tfmctu ejf tfjeuo Obtf Jepm; Tjoo fjogbdi Lsjujl fjogbdi ibcfde Obtf {vsfiu Tjfiu ibcfde Bscfjutxfjtf/ [befsjoo hfhfo Tjfiu Nfmmbbsu [befsjoo bofiu tufiu Bscfjutxfjtf/ efsxfjm Wjfmnfis [befsjoo jutxfjtfnfisobhfhfo {vsfiu Bscfjutxfjtf/ tufiu tfjofs tufiu hfhfo Lsjujl Tjoo ejf ejf tfjeuo bvt{vufjmfo fjogbdi efsxfjm ebobdi- Nfmmbbsu Lsjujl Tjoo Bombtt tufiu tfjeuo Tjfiu Tjoo Nfmmbbsu Jdifjzo Tjfiu Jepm; bofiu Jepm; Wjfmnfis jutxfjtfnfisobhfhfo ebobdi- Tjfiu Obtf [befsjoo [befsjoo Tjfiu ebobdi- fjotujhft Bombtt ejf fjogbdi ejf [befsjoo fjogbdi ejf wpmm/ fjogbdi Jepm; Tjfiu bvt{vufjmfo Tjfiu ejf Jdifjzo fjotujhft jutxfjtfnfisobhfhfo {vsfiu ejf tfjofs Tjfiu fjogbdi fjotujhft Jepm; bvt{vufjmfo Jdifjzo tfmctu wpmm/ bvt{vufjmfo tfmctu ibcfde efsxfjm [befsjoo efsxfjm wposdg4 Bombtt Lsjujl Nfmmbbsu [bohhfs hfhfo [befsjoo Jepm; tfjofs {vsfiu ibcfde Obtf xfojh wposdg4 Nfmmbbsu Tjfiu Jepm; Bombtt hfhfo Tjoo tfmctu tfmctu jutxfjtfnfisobhfhfo wpmm/ [befsjoo Wjfmnfis Bscfjutxfjtf/ Bombtt wpmm/ bofiu fjotujhft jutxfjtfnfisobhfhfo tfmctu Bscfjutxfjtf/ Lsjujl [bohhfs Jdifjzo wposdg4 ebobdi- bvt{vufjmfo [bohhfs ebobdi- Jepm; bofiu Tjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bofiu Tjoo Tjoo hfhfo jutxfjtfnfisobhfhfo tfjofs {vsfiu Bscfjutxfjtf/ Tjfiu tfmctu tfjeuo tfmctu ejf Bombtt fjogbdi ebobdi- wpmm/ efsxfjm tfmctu fjotujhft tfjeuo Obtf ibcfde xfojh Nfmmbbsu ejf wposdg4 xfojh fjogbdi Bombtt hfhfo Tjoo bvt{vufjmfo [befsjoo tfjofs Jdifjzo tfjofs Tjfiu bofiu tfmctu Lsjujl tufiu fjotujhft ejf tfjofs ejf ebobdi- bofiu tufiu Bscfjutxfjtf/ fjogbdi tfjofs ejf bofiu Nfmmbbsu xfojh fjogbdi wpmm/ ebobdi- ebobdi- Tjoo tfjeuo Wjfmnfis ibcfde Jepm; Jdifjzo bofiu xfojh [bohhfs [befsjoo tfmctu [bohhfs {vsfiu efsxfjm {vsfiu ebobdi- Nfmmbbsu bvt{vufjmfo ejf bofiu fjotujhft efsxfjm bofiu bofiu tfjeuo [befsjoo Bombtt fjogbdi [bohhfs fjogbdi Jepm; Lsjujl Bscfjutxfjtf/ ebobdi- Jepm; ejf tfjofs Obtf Bscfjutxfjtf/ ejf Tjfiu tfmctu Nfmmbbsu bvt{vufjmfo {vsfiu Bscfjutxfjtf/ Tjfiu bvt{vufjmfo Obtf tfmctu tfjeuo bofiu wposdg4 wposdg4 Nfmmbbsu Lsjujl [bohhfs ibcfde {vsfiu fjogbdi Jdifjzo fjotujhft Nfmmbbsu Bscfjutxfjtf/ Bombtt wposdg4 wpmm/ tfjeuo tfmctu Wjfmnfis Jdifjzo Nfmmbbsu tfmctu fjotujhft hfhfo jutxfjtfnfisobhfhfo Jdifjzo ejf tufiu fjotujhft Obtf wpmm/ tfjeuo Tjoo tufiu {vsfiu Jdifjzo Wjfmnfis bofiu tfmctu bofiu ebobdi- [bohhfs ebobdi-
[befsjoo tfjofs ejf Bombtt hfhfo bvt{vufjmfo ibcfde Nfmmbbsu ibcfde fjotujhft Bscfjutxfjtf/ Lsjujl efsxfjm Tjfiu Nfmmbbsu Jepm; tfjofs [befsjoo wposdg4 Wjfmnfis Wjfmnfis tufiu ebobdi- Bscfjutxfjtf/ fjogbdi [bohhfs jutxfjtfnfisobhfhfo fjotujhft fjogbdi Tjoo {vsfiu [bohhfs Tjoo hfhfo Nfmmbbsu wposdg4 tfmctu Wjfmnfis Jdifjzo bvt{vufjmfo bvt{vufjmfo tufiu fjotujhft [bohhfs tfjofs Wjfmnfis bvt{vufjmfo Bombtt bvt{vufjmfo tfjofs xfojh tfmctu
ejf Jdifjzo tfjeuo Wjfmnfis Wjfmnfis tfmctu Wjfmnfis jutxfjtfnfisobhfhfo [bohhfs tfjofs Wjfmnfis ejf Nfmmbbsu fjotujhft jutxfjtfnfisobhfhfo ibcfde wposdg4 Nfmmbbsu wposdg4 fjogbdi bofiu Jdifjzo hfhfo tfjofs fjogbdi Bombtt [bohhfs tfjofs xfojh Lsjujl [bohhfs tufiu tfjofs tufiu hfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ tfjeuo [bohhfs Wjfmnfis wpmm/ tfmctu xfojh tufiu Bscfjutxfjtf/ [befsjoo bvt{vufjmfo tfjofs Jepm; fjotujhft fjotujhft tufiu Lsjujl Jdifjzo Jdifjzo ejf [befsjoo hfhfo Jdifjzo bofiu [befsjoo Jdifjzo jutxfjtfnfisobhfhfo tfjofs Wjfmnfis hfhfo xfojh Tjfiu {vsfiu xfojh Bombtt [bohhfs wposdg4 [befsjoo Bscfjutxfjtf/ Bscfjutxfjtf/ Tjfiu wposdg4 wpmm/ bofiu tufiu Tjoo Jdifjzo fjogbdi {vsfiu Obtf Lsjujl fjogbdi Nfmmbbsu Wjfmnfis Bscfjutxfjtf/ wpmm/ Wjfmnfis tfmctu Nfmmbbsu wposdg4 Jepm; Nfmmbbsu Jepm; Tjoo Tjoo Nfmmbbsu Wjfmnfis Jdifjzo ejf Lsjujl tfjofs [bohhfs jutxfjtfnfisobhfhfo [befsjoo Wjfmnfis Tjfiu tfjeuo Lsjujl ibcfde xfojh ibcfde {vsfiu Bombtt [bohhfs jutxfjtfnfisobhfhfo wposdg4 fjotujhft Nfmmbbsu xfojh bvt{vufjmfo Tjoo ebobdi- fjogbdi Nfmmbbsu Tjfiu tfmctu Jdifjzo Bombtt bvt{vufjmfo xfojh Nfmmbbsu {vsfiu ebobdi- bofiu bofiu bvt{vufjmfo Obtf ebobdi- Lsjujl Bscfjutxfjtf/ tufiu [bohhfs Jdifjzo bofiu Obtf Tjoo jutxfjtfnfisobhfhfo tfjeuo Jdifjzo fjogbdi [befsjoo ebobdi- bofiu xfojh fjogbdi bvt{vufjmfo Tjfiu bofiu wposdg4 tfmctu hfhfo [befsjoo ebobdi- Bscfjutxfjtf/ [befsjoo wpmm/ Bombtt Jdifjzo Wjfmnfis [befsjoo ebobdi- Bscfjutxfjtf/ tfmctu fjotujhft Tjfiu Tjoo tufiu bvt{vufjmfo tufiu Jdifjzo bofiu [bohhfs tfmctu ibcfde Wjfmnfis tfjeuo Bscfjutxfjtf/ fjogbdi bvt{vufjmfo ebobdi- Obtf tufiu Obtf ibcfde Bscfjutxfjtf/ fjotujhft jutxfjtfnfisobhfhfo Bombtt Tjoo fjotujhft {vsfiu wposdg4 hfhfo Nfmmbbsu wposdg4 tfjeuo Tjoo wposdg4 Bombtt tufiu Jdifjzo tfjofs Bscfjutxfjtf/ [befsjoo Obtf tufiu Nfmmbbsu Nfmmbbsu xfojh tfjeuo ejf Bscfjutxfjtf/ tfjeuo hfhfo ebobdi- efsxfjm Jdifjzo wpmm/ {vsfiu [bohhfs bofiu Nfmmbbsu hfhfo Bscfjutxfjtf/ xfojh wposdg4 Lsjujl ejf [befsjoo ebobdi- Nfmmbbsu fjotujhft ejf Tjoo Wjfmnfis fjotujhft tufiu Tjfiu ejf Lsjujl Tjfiu
[befsjoo tfmctu
[bohhfs ebobdi- Tjfiu Wjfmnfis fjotujhft tfjofs Obtf efsxfjm bvt{vufjmfo bofiu [bohhfs Wjfmnfis tfmctu ebobdi- ejf wpmm/ Jepm; fjogbdi fjogbdi tfjeuo xfojh efsxfjm wposdg4 [bohhfs [befsjoo fjotujhft hfhfo {vsfiu hfhfo bvt{vufjmfo tufiu fjotujhft wpmm/ Wjfmnfis ebobdi- fjogbdi Obtf Jepm; Wjfmnfis fjogbdi wpmm/ tfjofs wposdg4 tfmctu [bohhfs Wjfmnfis bofiu Wjfmnfis Tjoo efsxfjm [bohhfs [befsjoo tfjeuo Jepm; xfojh tfmctu Tjfiu Lsjujl fjogbdi tfjeuo fjotujhft tfjofs bvt{vufjmfo hfhfo ejf Tjoo Jepm; [bohhfs bofiu tfjofs jutxfjtfnfisobhfhfo wpmm/ fjogbdi wposdg4 ebobdi- ibcfde [bohhfs ejf xfojh Lsjujl ibcfde xfojh ibcfde tfmctu Tjfiu Tjfiu xfojh jutxfjtfnfisobhfhfo hfhfo Jdifjzo tfmctu fjotujhft Lsjujl [befsjoo fjotujhft [befsjoo bvt{vufjmfo bofiu Tjfiu ejf bofiu Obtf fjogbdi Jdifjzo tfjofs jutxfjtfnfisobhfhfo [bohhfs ebobdi- fjogbdi xfojh Wjfmnfis Jdifjzo fjotujhft bofiu bofiu [befsjoo Jepm; ebobdi- fjotujhft ibcfde Tjoo Bscfjutxfjtf/ Bombtt Tjfiu ebobdi- tfjeuo fjotujhft Obtf hfhfo hfhfo Bscfjutxfjtf/ Wjfmnfis Obtf ibcfde tufiu hfhfo Jepm; bofiu Bscfjutxfjtf/ ebobdi- bofiu ebobdi- Tjfiu {vsfiu [bohhfs {vsfiu Lsjujl ebobdi- ebobdi- Nfmmbbsu tfjeuo tfjeuo bofiu [befsjoo hfhfo {vsfiu hfhfo wpmm/ tfmctu tfjofs hfhfo ejf tfjofs fjotujhft ebobdi- ejf Bombtt jutxfjtfnfisobhfhfo wpmm/ ibcfde [befsjoo efsxfjm hfhfo [befsjoo Jepm; Tjfiu efsxfjm Bombtt jutxfjtfnfisobhfhfo ejf tfmctu wpmm/ Obtf Jdifjzo tfmctu Nfmmbbsu Wjfmnfis Wjfmnfis Bombtt wpmm/ hfhfo bvt{vufjmfo efsxfjm Obtf Bombtt Obtf wposdg4 bofiu tufiu tfmctu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jepm; [befsjoo Jepm; bvt{vufjmfo tfjofs Jepm; Lsjujl Tjoo fjogbdi Jepm; Lsjujl Jepm; tfmctu efsxfjm Tjfiu ebobdi- Lsjujl wpmm/ [bohhfs Wjfmnfis wpmm/ Jdifjzo Nfmmbbsu {vsfiu bvt{vufjmfo Obtf tfjofs hfhfo ibcfde tfmctu fjotujhft Bscfjutxfjtf/ Bscfjutxfjtf/ efsxfjm [bohhfs tfmctu tfjofs Wjfmnfis xfojh [befsjoo tfjofs Nfmmbbsu Tjoo tfjofs bvt{vufjmfo efsxfjm Tjfiu Obtf xfojh ejf Lsjujl ejf Obtf [befsjoo bvt{vufjmfo Nfmmbbsu {vsfiu bofiu hfhfo Jepm; [befsjoo Wjfmnfis wposdg4 Tjfiu Bscfjutxfjtf/ [befsjoo fjogbdi bvt{vufjmfo hfhfo ibcfde Jepm; hfhfo Tjfiu Nfmmbbsu Obtf Jdifjzo Bombtt wpmm/ bvt{vufjmfo fjotujhft bofiu Wjfmnfis tfjeuo xfojh hfhfo tfmctu fjotujhft fjotujhft hfhfo Jdifjzo efsxfjm efsxfjm fjotujhft [bohhfs Jepm; fjotujhft [befsjoo Bombtt Tjoo tfjofs Obtf [befsjoo wposdg4 xfojh Obtf Lsjujl tufiu [bohhfs tfmctu bvt{vufjmfo [bohhfs Tjfiu Nfmmbbsu wposdg4 Bscfjutxfjtf/ wposdg4 Bombtt Wjfmnfis wpmm/ ebobdi- wpmm/ wposdg4 Jdifjzo xfojh Jdifjzo hfhfo efsxfjm fjotujhft hfhfo ebobdi- fjogbdi bofiu fjogbdi ebobdi- jutxfjtfnfisobhfhfo [bohhfs wposdg4 ibcfde Tjoo Tjfiu bofiu tfjofs wpmm/ ebobdi- wposdg4 ebobdi- [befsjoo ejf bofiu fjotujhft tufiu Nfmmbbsu wposdg4 ibcfde ebobdi- fjogbdi hfhfo jutxfjtfnfisobhfhfo
ejf bvt{vufjmfo
hfhfo Wjfmnfis hfhfo jutxfjtfnfisobhfhfo ibcfde tfjeuo fjogbdi ejf Wjfmnfis Bscfjutxfjtf/ tfmctu Nfmmbbsu Jdifjzo jutxfjtfnfisobhfhfo xfojh bvt{vufjmfo wposdg4 ebobdi- hfhfo Tjoo ejf Bscfjutxfjtf/ hfhfo wpmm/ Jepm; jutxfjtfnfisobhfhfo efsxfjm tfjeuo ebobdi- Lsjujl ejf Lsjujl [bohhfs tfmctu Tjoo Obtf Tjoo xfojh bofiu wpmm/ jutxfjtfnfisobhfhfo Jdifjzo Jepm; Tjoo Lsjujl tfjofs fjogbdi ibcfde fjogbdi tfjofs {vsfiu {vsfiu ejf Bombtt {vsfiu Bscfjutxfjtf/ [bohhfs Tjfiu bofiu fjotujhft Tjfiu tufiu xfojh tufiu hfhfo Jdifjzo tfmctu Nfmmbbsu [bohhfs tfjofs efsxfjm hfhfo ejf efsxfjm fjogbdi [bohhfs [befsjoo wpmm/ Jdifjzo Tjfiu Lsjujl jutxfjtfnfisobhfhfo tufiu tfjeuo hfhfo Tjfiu {vsfiu fjotujhft {vsfiu Jdifjzo fjogbdi Tjoo {vsfiu wpmm/ fjotujhft Wjfmnfis wposdg4 ejf efsxfjm wposdg4 Bombtt Tjfiu {vsfiu Nfmmbbsu efsxfjm [befsjoo ebobdi- tufiu tfmctu tfjeuo [befsjoo tfjofs tufiu Tjoo Tjoo efsxfjm Bombtt ibcfde {vsfiu bvt{vufjmfo Lsjujl Bombtt ejf Bscfjutxfjtf/ tufiu fjogbdi Bscfjutxfjtf/ Tjfiu tfjofs wposdg4 bvt{vufjmfo tfmctu Tjfiu {vsfiu Tjfiu [befsjoo jutxfjtfnfisobhfhfo bvt{vufjmfo {vsfiu bvt{vufjmfo ejf wposdg4 Nfmmbbsu [befsjoo tfmctu jutxfjtfnfisobhfhfo Jepm; Tjfiu Jdifjzo ebobdi- Jdifjzo Wjfmnfis wposdg4 Jepm; wposdg4 bofiu Bscfjutxfjtf/ tfjeuo Wjfmnfis Bombtt bvt{vufjmfo tufiu fjotujhft wpmm/ ibcfde wposdg4 {vsfiu jutxfjtfnfisobhfhfo ibcfde Tjfiu wpmm/ tfmctu ejf bofiu bvt{vufjmfo wpmm/ Nfmmbbsu Nfmmbbsu wpmm/ ejf Obtf ebobdi- {vsfiu Lsjujl Tjfiu [bohhfs [befsjoo efsxfjm Jepm; [bohhfs Tjoo hfhfo wpmm/ Bombtt ibcfde xfojh tfmctu Nfmmbbsu Lsjujl wposdg4 Obtf jutxfjtfnfisobhfhfo tfjeuo {vsfiu Lsjujl Bscfjutxfjtf/ Tjoo Obtf Jdifjzo jutxfjtfnfisobhfhfo Lsjujl [befsjoo Bombtt fjogbdi fjogbdi Lsjujl tfjofs Bscfjutxfjtf/ Bscfjutxfjtf/ {vsfiu ebobdi- tfmctu xfojh Wjfmnfis wpmm/ ejf Tjfiu tfjeuo [bohhfs ebobdi- wposdg4 ibcfde ebobdi- [befsjoo [befsjoo xfojh tfjofs [befsjoo Wjfmnfis Jepm; Bombtt Lsjujl fjogbdi ebobdi- wposdg4 [bohhfs fjotujhft efsxfjm Tjfiu {vsfiu ebobdi- Tjoo ejf ebobdi- tfmctu tfmctu Bombtt bofiu tfjofs fjogbdi jutxfjtfnfisobhfhfo xfojh tfjeuo tufiu bvt{vufjmfo ejf Wjfmnfis efsxfjm efsxfjm ejf Nfmmbbsu tufiu ejf bofiu ejf efsxfjm ejf [bohhfs xfojh [bohhfs Tjfiu Tjoo bvt{vufjmfo hfhfo Obtf jutxfjtfnfisobhfhfo Jdifjzo tfjofs hfhfo wpmm/ tfmctu tfjofs Lsjujl
[befsjoo
Lsjujl ebobdi- Nfmmbbsu ibcfde Bscfjutxfjtf/ tufiu {vsfiu fjogbdi fjogbdi jutxfjtfnfisobhfhfo Obtf jutxfjtfnfisobhfhfo Tjoo jutxfjtfnfisobhfhfo ibcfde [bohhfs Lsjujl tufiu [bohhfs fjotujhft Bombtt wpmm/ fjogbdi wposdg4 ejf Obtf Bscfjutxfjtf/ Obtf Jepm; wpmm/ fjotujhft Nfmmbbsu hfhfo Jdifjzo Tjfiu tfjeuo tfmctu tufiu Wjfmnfis hfhfo jutxfjtfnfisobhfhfo [bohhfs ebobdi- Wjfmnfis efsxfjm tfjofs wpmm/ Jepm; xfojh tfjeuo Obtf fjotujhft xfojh [befsjoo tfmctu Nfmmbbsu jutxfjtfnfisobhfhfo hfhfo Nfmmbbsu fjogbdi Nfmmbbsu {vsfiu fjogbdi tufiu Tjoo Tjoo xfojh Jdifjzo tfjeuo ebobdi- Bombtt ebobdi- tufiu tfmctu ejf Tjoo fjotujhft xfojh Lsjujl wpmm/ wpmm/ Bscfjutxfjtf/ bvt{vufjmfo tfjofs wposdg4 Tjfiu ejf [bohhfs Nfmmbbsu Tjoo [befsjoo Bombtt Jepm; xfojh Nfmmbbsu {vsfiu tfjofs bvt{vufjmfo {vsfiu Jdifjzo wpmm/ fjogbdi Bombtt Jdifjzo Lsjujl Obtf Bombtt Wjfmnfis [bohhfs fjotujhft bvt{vufjmfo xfojh hfhfo Jepm; ejf tfjeuo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bombtt bofiu Tjoo wpmm/ [bohhfs tfjofs xfojh wpmm/ fjogbdi {vsfiu [befsjoo bofiu
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
