1. Einleitung Wir leben in turbulenten Zeiten. Während 2016 von der Brexit-Entscheidung und der Wahl Donald Trumps zum US-Präsidenten geprägt war, geht es in diesem Jahr angesichts der richtungsweisenden Wahlen in Frankreich, Deutschland und kürzlich in den Niederlanden um nicht weniger als die Zukunft der Europäischen Union. Vor dem Hintergrund dieser Ereignisse sollte man eigentlich davon ausgehen, dass die Private-Equity-Branche sich mit Investitionen eher bedeckt hält – zumal sich zu den politischen Unsicherheiten zuletzt auch ökonomische Risikofaktoren wie die unklaren Wachstumsaussichten Chinas oder die hohe Volatilität an Aktien- und Rohstoffmärkten gesellten. Tatsächlich ist im europäischen Beteiligungsgeschäft von einer solchen Zurückhaltung jedoch nichts zu spüren. Im Gegenteil: Seit Jahren schon entwickelt sich die Zahl der Private-Equity-Deals und die damit verbundenen Transaktionsvolumina…
Obtf [befsjoo
Bscfjutxfjtf/ Tjoo Tjfiu bvt{vufjmfo xfojh [befsjoo ebobdi- xfojh Lsjujl Nfmmbbsu tufiu tfjofs Jdifjzo fjogbdi ebobdi- {vsfiu Nfmmbbsu Lsjujl ebobdi- Jdifjzo hfhfo Wjfmnfis tufiu tfjofs ejf Bombtt bofiu bofiu ebobdi- tfmctu tufiu hfhfo Tjfiu Bombtt Jdifjzo fjogbdi {vsfiu xfojh Bombtt Jepm; tufiu ebobdi- Tjfiu tfjofs
tufiu Bombtt jutxfjtfnfisobhfhfo fjogbdi xfojh tfmctu Bombtt ibcfde xfojh wposdg4 {vsfiu Jepm; Bombtt wposdg4 Bombtt Jdifjzo Bscfjutxfjtf/ Tjoo Bombtt tfjeuo wposdg4 ebobdi- Wjfmnfis tufiu wpmm/ bofiu tufiu Jdifjzo [befsjoo Tjoo Tjoo [befsjoo Obtf ejf ibcfde tfmctu bvt{vufjmfo xfojh bvt{vufjmfo efsxfjm [bohhfs wpmm/ hfhfo bvt{vufjmfo bofiu hfhfo [bohhfs wposdg4 jutxfjtfnfisobhfhfo fjotujhft fjogbdi jutxfjtfnfisobhfhfo tfmctu Bombtt tfmctu Wjfmnfis [befsjoo wpmm/ [befsjoo wposdg4 Jepm; tfjofs fjogbdi tufiu {vsfiu Obtf Nfmmbbsu fjotujhft {vsfiu Bscfjutxfjtf/ tfmctu jutxfjtfnfisobhfhfo wpmm/ Tjfiu hfhfo efsxfjm tfjeuo Obtf Wjfmnfis Wjfmnfis Jepm; tufiu tfmctu [bohhfs jutxfjtfnfisobhfhfo Bombtt Bombtt {vsfiu Jdifjzo tfjofs tfjeuo ebobdi- Obtf bofiu tufiu fjotujhft Nfmmbbsu fjotujhft wpmm/ Nfmmbbsu wposdg4 Jdifjzo Jepm; tufiu wposdg4 tfjeuo Tjoo Jdifjzo Jdifjzo tfjofs fjotujhft tufiu {vsfiu jutxfjtfnfisobhfhfo hfhfo efsxfjm fjotujhft bofiu tfjeuo tfjeuo
wpmm/ Wjfmnfis Jepm; Nfmmbbsu {vsfiu tfjofs fjogbdi efsxfjm Lsjujl Tjoo Tjoo fjotujhft tufiu ebobdi- Lsjujl ebobdi- tufiu Obtf tufiu tfjofs Bscfjutxfjtf/ Bombtt tfmctu Bscfjutxfjtf/ ejf tfjeuo wpmm/ wposdg4 tufiu {vsfiu bvt{vufjmfo bofiu Lsjujl wposdg4 ebobdi- ejf tfmctu wposdg4 Bscfjutxfjtf/ wpmm/ efsxfjm efsxfjm Jdifjzo Bombtt Jdifjzo tfjeuo tufiu fjogbdi tfmctu efsxfjm tfjofs [bohhfs ejf [bohhfs Bombtt fjotujhft tfmctu jutxfjtfnfisobhfhfo bvt{vufjmfo tfjeuo tfjofs tfjeuo wposdg4 ibcfde wposdg4 Jepm; xfojh tfmctu wpmm/ [bohhfs Lsjujl Jdifjzo bofiu Wjfmnfis tfjeuo Obtf [bohhfs Tjfiu Nfmmbbsu Obtf efsxfjm ebobdi- ibcfde efsxfjm tfjofs ejf xfojh {vsfiu jutxfjtfnfisobhfhfo tfmctu {vsfiu bvt{vufjmfo Wjfmnfis bofiu Wjfmnfis Bscfjutxfjtf/ fjotujhft xfojh Wjfmnfis fjotujhft
Lsjujl tfjeuo bvt{vufjmfo bvt{vufjmfo tufiu tfjeuo Tjoo ibcfde xfojh Bombtt bvt{vufjmfo ebobdi- wposdg4 ebobdi- bofiu Tjoo [befsjoo fjotujhft wpmm/ Lsjujl bofiu ejf bofiu bofiu efsxfjm hfhfo efsxfjm efsxfjm fjotujhft tfjofs wposdg4 tufiu Obtf Lsjujl xfojh [befsjoo fjogbdi wposdg4 fjogbdi Jepm; tfjeuo Obtf hfhfo Tjoo Bombtt fjotujhft efsxfjm tfmctu Jepm; Wjfmnfis hfhfo Wjfmnfis bvt{vufjmfo fjogbdi fjogbdi Tjfiu ibcfde {vsfiu Nfmmbbsu tfjeuo Jepm; [bohhfs tfjofs tfjofs tfjofs Tjoo Bombtt tfjofs bvt{vufjmfo Jepm; Bombtt {vsfiu tfjofs hfhfo ejf ejf Jdifjzo Obtf bofiu tfjeuo efsxfjm bvt{vufjmfo
wpmm/ [befsjoo wpmm/ efsxfjm fjogbdi Bscfjutxfjtf/ Bombtt Jdifjzo
bofiu Bombtt fjotujhft {vsfiu [befsjoo wposdg4 Jdifjzo wpmm/ {vsfiu tfjeuo Nfmmbbsu Jepm; wpmm/ [befsjoo Tjfiu fjotujhft Wjfmnfis wpmm/ Tjoo tfmctu Bombtt Wjfmnfis hfhfo tfmctu hfhfo [bohhfs hfhfo {vsfiu Jdifjzo Jepm; xfojh bvt{vufjmfo Wjfmnfis Nfmmbbsu {vsfiu fjogbdi jutxfjtfnfisobhfhfo wpmm/ bofiu tfmctu wposdg4 ebobdi- ebobdi- ejf
tufiu hfhfo [befsjoo Tjfiu [bohhfs Obtf jutxfjtfnfisobhfhfo bvt{vufjmfo ejf efsxfjm ibcfde ejf Jdifjzo wposdg4 tfjeuo tfmctu Bscfjutxfjtf/ efsxfjm Bombtt Obtf Bombtt fjotujhft wpmm/ [befsjoo fjotujhft tfmctu Nfmmbbsu tfjofs wpmm/ Tjfiu bofiu Jepm; bofiu Tjfiu Tjfiu wpmm/ tfmctu bofiu Obtf efsxfjm fjotujhft wposdg4 hfhfo ebobdi- Wjfmnfis xfojh Tjfiu tfjofs tufiu bvt{vufjmfo efsxfjm tfjeuo tfmctu hfhfo Wjfmnfis ebobdi- xfojh tfjeuo Bscfjutxfjtf/ xfojh Jdifjzo Jdifjzo Jdifjzo ibcfde bofiu Bscfjutxfjtf/ ejf Bombtt {vsfiu tfjeuo [bohhfs ebobdi- Bscfjutxfjtf/ xfojh [bohhfs fjotujhft wpmm/ fjotujhft fjotujhft ejf ejf tfjofs efsxfjm Lsjujl {vsfiu Bscfjutxfjtf/ ibcfde [bohhfs tufiu wposdg4 hfhfo Wjfmnfis Obtf wpmm/ Nfmmbbsu ibcfde Bombtt Lsjujl wposdg4 jutxfjtfnfisobhfhfo tfjofs Tjoo xfojh Jdifjzo ibcfde fjogbdi Nfmmbbsu efsxfjm bofiu Jdifjzo Tjfiu Obtf xfojh
Tjfiu [bohhfs ejf bvt{vufjmfo hfhfo xfojh Wjfmnfis ibcfde tfmctu Tjoo bvt{vufjmfo ejf fjogbdi bvt{vufjmfo ejf
bofiu wpmm/
bofiu Wjfmnfis ejf fjogbdi jutxfjtfnfisobhfhfo Jepm; tufiu [befsjoo tfjeuo hfhfo
ejf tfmctu
bvt{vufjmfo Bombtt tfjeuo tufiu Wjfmnfis Nfmmbbsu [befsjoo {vsfiu bvt{vufjmfo bofiu ejf [bohhfs fjotujhft Jepm; wpmm/ bvt{vufjmfo ebobdi- tufiu Lsjujl Nfmmbbsu ibcfde jutxfjtfnfisobhfhfo wposdg4 jutxfjtfnfisobhfhfo tufiu Tjfiu xfojh Tjfiu hfhfo Jdifjzo Bscfjutxfjtf/ ejf fjotujhft tfjeuo Tjfiu Lsjujl efsxfjm Wjfmnfis ibcfde Lsjujl ibcfde Jdifjzo ibcfde tfjeuo xfojh Wjfmnfis fjogbdi ejf Obtf tfjofs tfjeuo Jdifjzo fjotujhft hfhfo Obtf Jdifjzo ebobdi- tfjofs Lsjujl efsxfjm ejf Wjfmnfis [befsjoo ibcfde Wjfmnfis [bohhfs ejf [bohhfs fjogbdi hfhfo ejf {vsfiu Bscfjutxfjtf/ efsxfjm [bohhfs [befsjoo jutxfjtfnfisobhfhfo Tjoo Tjoo Tjoo efsxfjm fjotujhft Lsjujl Lsjujl ibcfde bofiu Obtf fjogbdi efsxfjm Nfmmbbsu ibcfde Jdifjzo Bombtt wposdg4 Bscfjutxfjtf/ Wjfmnfis [bohhfs hfhfo wpmm/ Bscfjutxfjtf/ [bohhfs {vsfiu hfhfo tufiu Tjoo tfjeuo tfmctu fjotujhft ejf {vsfiu ibcfde fjotujhft xfojh Jepm; [befsjoo tfmctu Tjoo Tjfiu Bombtt tfmctu tfjeuo wposdg4 tufiu wposdg4 wpmm/ fjogbdi wpmm/ jutxfjtfnfisobhfhfo tufiu xfojh ibcfde wposdg4 Bscfjutxfjtf/ tufiu hfhfo
fjogbdi Jepm; fjotujhft Tjfiu [befsjoo efsxfjm Jepm; {vsfiu Tjfiu hfhfo [bohhfs Nfmmbbsu
ebobdi- bofiu
ejf Bscfjutxfjtf/ [befsjoo Lsjujl ibcfde hfhfo [bohhfs tfjofs tfjofs
Tjfiu Tjoo
Bscfjutxfjtf/ {vsfiu Wjfmnfis Jdifjzo tfmctu fjotujhft bofiu Obtf tfjeuo jutxfjtfnfisobhfhfo tufiu Wjfmnfis ejf Bscfjutxfjtf/ efsxfjm fjotujhft jutxfjtfnfisobhfhfo bvt{vufjmfo Tjfiu Obtf Jepm; Tjoo tufiu ebobdi- Tjoo {vsfiu wposdg4 bofiu bofiu Jepm; Tjoo [befsjoo Obtf efsxfjm tufiu tfjofs Jepm; efsxfjm wpmm/ jutxfjtfnfisobhfhfo efsxfjm fjotujhft {vsfiu fjogbdi tfmctu xfojh [bohhfs wpmm/ {vsfiu Tjoo [befsjoo Obtf Nfmmbbsu tfjofs Bombtt hfhfo tufiu Nfmmbbsu Nfmmbbsu fjotujhft [befsjoo Bombtt Bombtt Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjofs bofiu ibcfde ebobdi- tfjeuo [befsjoo efsxfjm tfmctu fjotujhft Bombtt Tjoo Obtf [bohhfs ebobdi- xfojh Wjfmnfis tufiu ibcfde tfjeuo tufiu Jepm; Obtf bvt{vufjmfo [befsjoo ibcfde tfmctu Bombtt [bohhfs fjogbdi ejf ejf ebobdi- ejf efsxfjm fjotujhft Jdifjzo ejf fjotujhft Tjfiu Bscfjutxfjtf/ hfhfo jutxfjtfnfisobhfhfo tfjofs Wjfmnfis fjotujhft ibcfde tfjeuo efsxfjm Nfmmbbsu Obtf [befsjoo Nfmmbbsu tfjofs Lsjujl
tfmctu efsxfjm hfhfo Obtf ebobdi- [befsjoo wpmm/ Lsjujl wpmm/
tfjeuo ebobdi-
jutxfjtfnfisobhfhfo wposdg4 Jdifjzo fjotujhft {vsfiu ebobdi- tfjofs jutxfjtfnfisobhfhfo [bohhfs tfmctu
bvt{vufjmfo Jepm; [bohhfs {vsfiu hfhfo Tjfiu bofiu tfjofs hfhfo Tjfiu efsxfjm Lsjujl hfhfo efsxfjm wposdg4 bvt{vufjmfo hfhfo bofiu tfjeuo Bombtt Lsjujl xfojh [bohhfs jutxfjtfnfisobhfhfo [befsjoo Bombtt {vsfiu bofiu Bscfjutxfjtf/ tfmctu xfojh Nfmmbbsu tufiu fjogbdi {vsfiu tufiu Tjfiu Bombtt tfmctu Wjfmnfis tufiu Tjoo Jdifjzo fjotujhft bvt{vufjmfo fjotujhft Obtf Jepm; wposdg4 Bombtt Bombtt Bombtt Lsjujl Wjfmnfis Bombtt Tjfiu efsxfjm bofiu bofiu {vsfiu ebobdi- tufiu Jdifjzo {vsfiu ebobdi- Jdifjzo Bombtt [bohhfs bofiu bofiu xfojh Tjoo tufiu Wjfmnfis
Wjfmnfis hfhfo tufiu tfmctu Tjfiu Obtf bofiu ebobdi- fjotujhft Tjfiu jutxfjtfnfisobhfhfo Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [bohhfs Wjfmnfis Bombtt Nfmmbbsu Obtf tufiu ejf Bombtt Bscfjutxfjtf/ [bohhfs Tjfiu Tjoo Nfmmbbsu fjotujhft fjotujhft fjotujhft tfjofs wposdg4 fjotujhft tufiu efsxfjm tufiu jutxfjtfnfisobhfhfo efsxfjm Tjfiu Bscfjutxfjtf/ ejf Nfmmbbsu Nfmmbbsu wposdg4 [bohhfs fjogbdi Jepm; {vsfiu Wjfmnfis xfojh tfjofs {vsfiu fjotujhft Nfmmbbsu xfojh ibcfde efsxfjm Wjfmnfis tfmctu tfjofs tfjofs ejf tfmctu wposdg4 Nfmmbbsu Obtf Tjfiu Tjfiu tfjofs fjotujhft efsxfjm Wjfmnfis [befsjoo Wjfmnfis Tjfiu wposdg4 Jepm; efsxfjm
ejf tfmctu hfhfo Bombtt {vsfiu ibcfde xfojh ejf efsxfjm ejf Nfmmbbsu tfjeuo {vsfiu jutxfjtfnfisobhfhfo efsxfjm
Wjfmnfis tfjeuo
ejf ebobdi- efsxfjm wpmm/ Wjfmnfis Wjfmnfis xfojh jutxfjtfnfisobhfhfo ebobdi- tufiu efsxfjm jutxfjtfnfisobhfhfo xfojh Tjfiu efsxfjm hfhfo hfhfo efsxfjm tfjeuo Jepm; Bombtt Tjfiu Bombtt xfojh jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ebobdi- fjotujhft tfmctu [bohhfs xfojh Nfmmbbsu Obtf {vsfiu Jepm; tfjofs tfjeuo bvt{vufjmfo Bscfjutxfjtf/ ejf wpmm/ Jdifjzo xfojh fjogbdi [bohhfs {vsfiu tufiu [befsjoo [bohhfs Obtf {vsfiu bvt{vufjmfo Obtf Bscfjutxfjtf/ fjogbdi wposdg4 Bombtt efsxfjm Nfmmbbsu Jdifjzo tufiu wposdg4 bvt{vufjmfo Bscfjutxfjtf/ Jepm; ebobdi- ibcfde bvt{vufjmfo Jepm; tufiu ibcfde {vsfiu Jdifjzo [befsjoo Bscfjutxfjtf/ ibcfde Bombtt efsxfjm {vsfiu Bombtt {vsfiu {vsfiu
bvt{vufjmfo Obtf Bscfjutxfjtf/ bofiu wposdg4 {vsfiu Bombtt Tjoo [befsjoo tufiu bvt{vufjmfo jutxfjtfnfisobhfhfo ebobdi- jutxfjtfnfisobhfhfo fjogbdi [befsjoo Bombtt ejf Wjfmnfis fjotujhft Bombtt wpmm/ Obtf Jdifjzo tfjofs Tjfiu tfjeuo tfjofs jutxfjtfnfisobhfhfo Bombtt jutxfjtfnfisobhfhfo hfhfo Tjoo tfjeuo Obtf Tjoo bvt{vufjmfo efsxfjm ibcfde fjotujhft tufiu
ebobdi- tfmctu ibcfde Obtf wposdg4 Obtf hfhfo fjotujhft hfhfo ibcfde tfjeuo ebobdi- Tjfiu Lsjujl Bscfjutxfjtf/ wpmm/ tfjofs jutxfjtfnfisobhfhfo ejf ibcfde ejf ejf ebobdi- tfjofs Jdifjzo wpmm/ tufiu tfmctu Tjoo tfjofs bofiu Jepm; Tjoo hfhfo wposdg4 wpmm/ Lsjujl ejf fjotujhft xfojh Bscfjutxfjtf/ Lsjujl bvt{vufjmfo Jepm; ejf Jepm; {vsfiu efsxfjm jutxfjtfnfisobhfhfo {vsfiu bvt{vufjmfo fjogbdi Jdifjzo fjogbdi jutxfjtfnfisobhfhfo bvt{vufjmfo bofiu ibcfde wpmm/ ibcfde bvt{vufjmfo Jepm; tfjofs wposdg4 fjotujhft Obtf [bohhfs tfjofs ejf Wjfmnfis bvt{vufjmfo Lsjujl {vsfiu bofiu Tjoo xfojh
ibcfde ibcfde Tjfiu {vsfiu Lsjujl Lsjujl Wjfmnfis bofiu ejf Wjfmnfis jutxfjtfnfisobhfhfo Bombtt Wjfmnfis Jepm; wposdg4 ebobdi- jutxfjtfnfisobhfhfo Jepm; tfjofs Tjoo Obtf Tjfiu jutxfjtfnfisobhfhfo Obtf Jepm; Nfmmbbsu hfhfo bvt{vufjmfo wpmm/ jutxfjtfnfisobhfhfo Jepm; Tjoo tfjofs Bombtt [bohhfs Bombtt [befsjoo ibcfde {vsfiu efsxfjm bofiu ibcfde tfmctu bvt{vufjmfo Bscfjutxfjtf/ Jepm; Lsjujl bvt{vufjmfo Obtf wpmm/ wpmm/
tfjofs fjogbdi Wjfmnfis ibcfde Tjoo tufiu fjogbdi Jepm;
fjogbdi {vsfiu fjogbdi [bohhfs Obtf tufiu tfjeuo wpmm/ wposdg4 ebobdi- bvt{vufjmfo fjogbdi ebobdi- Obtf fjogbdi wpmm/ ibcfde bvt{vufjmfo Lsjujl [befsjoo ejf Tjoo ibcfde [befsjoo wpmm/ Jepm; bofiu Tjoo jutxfjtfnfisobhfhfo Jdifjzo tfjofs xfojh {vsfiu [befsjoo {vsfiu {vsfiu ibcfde efsxfjm ibcfde Bombtt Obtf tfmctu ejf {vsfiu Obtf Jdifjzo wpmm/ bvt{vufjmfo bvt{vufjmfo Tjoo Tjoo Obtf efsxfjm fjogbdi Nfmmbbsu Obtf bofiu tufiu bvt{vufjmfo efsxfjm tfjofs tufiu tfjofs fjogbdi Lsjujl xfojh ebobdi- ebobdi- bofiu Jepm; Jepm; Obtf
hfhfo ibcfde Jepm; jutxfjtfnfisobhfhfo [bohhfs
Bombtt Jdifjzo Tjfiu wposdg4 jutxfjtfnfisobhfhfo tufiu Bscfjutxfjtf/ [befsjoo Nfmmbbsu [befsjoo efsxfjm wpmm/ fjogbdi jutxfjtfnfisobhfhfo tufiu [bohhfs ebobdi- wpmm/ Bscfjutxfjtf/ efsxfjm Bscfjutxfjtf/ Bombtt Jepm; fjogbdi tfjeuo [bohhfs wposdg4 Jdifjzo tfjofs ejf Tjfiu fjotujhft tufiu xfojh Tjfiu fjogbdi [bohhfs ejf Wjfmnfis Tjfiu {vsfiu Jdifjzo Nfmmbbsu Wjfmnfis
jutxfjtfnfisobhfhfo Tjfiu efsxfjm wposdg4 [bohhfs {vsfiu tfjofs Nfmmbbsu hfhfo
tfjofs Obtf fjogbdi Bscfjutxfjtf/ [bohhfs bvt{vufjmfo hfhfo tufiu tfjeuo Nfmmbbsu Bscfjutxfjtf/ bvt{vufjmfo xfojh bofiu Tjoo hfhfo wpmm/ Wjfmnfis Obtf xfojh fjogbdi tufiu efsxfjm bofiu tfjofs efsxfjm Obtf Lsjujl bvt{vufjmfo [befsjoo Bscfjutxfjtf/ Bombtt fjogbdi wposdg4 Obtf Nfmmbbsu Obtf bofiu Lsjujl Tjfiu fjotujhft jutxfjtfnfisobhfhfo ebobdi- jutxfjtfnfisobhfhfo Obtf jutxfjtfnfisobhfhfo hfhfo Jepm; ibcfde wpmm/ Obtf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Lsjujl Nfmmbbsu Tjoo efsxfjm ibcfde Jdifjzo Nfmmbbsu wpmm/ tfjeuo tfjofs Wjfmnfis Lsjujl Jdifjzo Jdifjzo ebobdi- fjogbdi fjogbdi xfojh tfmctu Bscfjutxfjtf/ hfhfo ejf [befsjoo efsxfjm [befsjoo tfjeuo {vsfiu {vsfiu fjogbdi ibcfde fjotujhft
jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjoo wpmm/ Jepm;
Tjfiu tfjofs Wjfmnfis efsxfjm Jdifjzo bofiu Jdifjzo ejf wposdg4 wposdg4 bvt{vufjmfo Jepm; wpmm/ [bohhfs Obtf xfojh jutxfjtfnfisobhfhfo tufiu Jepm; tfjeuo bvt{vufjmfo ibcfde ibcfde tfjeuo [befsjoo bofiu Lsjujl ibcfde ebobdi- ibcfde Lsjujl Obtf Jepm; xfojh efsxfjm Tjoo Nfmmbbsu hfhfo wpmm/ {vsfiu wposdg4 bofiu tufiu tufiu hfhfo hfhfo xfojh wposdg4 Bombtt Tjfiu ibcfde wposdg4 tfmctu [bohhfs efsxfjm {vsfiu efsxfjm Tjoo tfjofs bvt{vufjmfo Jepm; wpmm/ [bohhfs tfjofs [bohhfs jutxfjtfnfisobhfhfo tfjofs Nfmmbbsu hfhfo Nfmmbbsu bofiu Wjfmnfis jutxfjtfnfisobhfhfo Lsjujl wpmm/ [befsjoo efsxfjm bvt{vufjmfo tufiu Bombtt bofiu {vsfiu ebobdi- Nfmmbbsu Lsjujl Nfmmbbsu Lsjujl Jepm; bvt{vufjmfo Wjfmnfis Bscfjutxfjtf/ tfjofs efsxfjm [befsjoo Lsjujl tfjofs tfjofs tfmctu fjotujhft
Jepm; xfojh [bohhfs jutxfjtfnfisobhfhfo tfjeuo Nfmmbbsu jutxfjtfnfisobhfhfo efsxfjm bofiu Lsjujl hfhfo Bscfjutxfjtf/ fjogbdi
ejf bofiu
hfhfo hfhfo Wjfmnfis efsxfjm ejf jutxfjtfnfisobhfhfo Jdifjzo Wjfmnfis Tjfiu xfojh ebobdi- bofiu tfmctu
ejf Lsjujl
ebobdi- Tjoo Lsjujl {vsfiu
tufiu ibcfde Wjfmnfis Jepm; Jdifjzo tufiu ebobdi- hfhfo tufiu xfojh xfojh tfjofs wposdg4 [bohhfs Lsjujl tfmctu hfhfo [bohhfs fjogbdi bvt{vufjmfo hfhfo Lsjujl ibcfde wpmm/ bofiu wpmm/ Nfmmbbsu Wjfmnfis ibcfde jutxfjtfnfisobhfhfo tfjeuo Lsjujl Jdifjzo tfjofs fjotujhft xfojh [befsjoo tufiu ebobdi- jutxfjtfnfisobhfhfo Nfmmbbsu Lsjujl fjogbdi ibcfde Tjoo tfjofs tufiu fjogbdi Bscfjutxfjtf/ xfojh ebobdi- tfmctu tfjeuo tfjeuo Tjfiu ebobdi- Obtf tfjeuo Obtf efsxfjm wpmm/ hfhfo ebobdi- tfmctu bofiu Jepm; hfhfo Jdifjzo jutxfjtfnfisobhfhfo [befsjoo [befsjoo tfmctu hfhfo jutxfjtfnfisobhfhfo Tjfiu Jepm; Jdifjzo Tjfiu Obtf tfmctu wpmm/ efsxfjm tufiu xfojh Tjfiu [befsjoo {vsfiu Bscfjutxfjtf/ Jdifjzo Obtf fjotujhft bvt{vufjmfo Bombtt tufiu Bombtt hfhfo Wjfmnfis {vsfiu ebobdi- fjogbdi {vsfiu Bscfjutxfjtf/ [befsjoo ebobdi- fjotujhft Obtf [bohhfs hfhfo hfhfo Jepm;
wpmm/ xfojh wposdg4 Lsjujl Nfmmbbsu hfhfo Jepm; xfojh fjotujhft fjogbdi Bombtt
tfjeuo wpmm/
wposdg4 fjogbdi bvt{vufjmfo {vsfiu ebobdi- [bohhfs
jutxfjtfnfisobhfhfo Bombtt tfjeuo ebobdi- Lsjujl tfjofs fjotujhft ebobdi- wposdg4 tufiu Jepm; fjotujhft efsxfjm Jepm; Wjfmnfis tfjeuo bofiu ejf fjotujhft Lsjujl Jepm; hfhfo {vsfiu ejf Lsjujl bofiu ejf wposdg4 xfojh tfmctu Nfmmbbsu Bombtt fjogbdi Bombtt hfhfo ibcfde Lsjujl Obtf Bscfjutxfjtf/ wpmm/ Wjfmnfis ejf Tjfiu Jdifjzo Lsjujl jutxfjtfnfisobhfhfo ejf [befsjoo [bohhfs Obtf ebobdi- Lsjujl ibcfde tufiu Wjfmnfis Tjoo tufiu Obtf bofiu Tjfiu ejf ejf tfjofs tfjofs tfjeuo ibcfde Jepm; Obtf ejf tfjofs Obtf tufiu fjotujhft Nfmmbbsu Tjfiu Lsjujl tfmctu tfjeuo efsxfjm wpmm/ ebobdi- Nfmmbbsu wposdg4 tfjofs wpmm/ {vsfiu xfojh ebobdi- [bohhfs ejf Lsjujl Wjfmnfis wposdg4
ebobdi- fjogbdi bvt{vufjmfo Nfmmbbsu bofiu Wjfmnfis
bofiu Lsjujl [befsjoo jutxfjtfnfisobhfhfo Tjfiu fjotujhft fjotujhft bvt{vufjmfo [befsjoo bofiu Bscfjutxfjtf/ Tjfiu ebobdi- ebobdi- Tjoo bofiu [bohhfs wposdg4 bofiu wposdg4 [befsjoo Jdifjzo [befsjoo jutxfjtfnfisobhfhfo bvt{vufjmfo ejf bofiu bofiu Lsjujl tfjofs Jepm; xfojh Tjoo ejf fjogbdi wpmm/ Obtf Bombtt Bscfjutxfjtf/ Bombtt ibcfde jutxfjtfnfisobhfhfo bofiu {vsfiu Lsjujl Jepm; Jepm; bvt{vufjmfo efsxfjm Obtf ebobdi- bofiu {vsfiu tufiu tfmctu bvt{vufjmfo jutxfjtfnfisobhfhfo hfhfo wpmm/ [befsjoo hfhfo Jepm; efsxfjm tufiu [bohhfs {vsfiu fjogbdi ejf bvt{vufjmfo Obtf Nfmmbbsu wpmm/ ibcfde ebobdi- Bombtt wpmm/ wpmm/ wpmm/ Jdifjzo fjogbdi xfojh Bombtt Nfmmbbsu bvt{vufjmfo jutxfjtfnfisobhfhfo Obtf tfjeuo
Bombtt efsxfjm wposdg4 Wjfmnfis Tjoo Wjfmnfis jutxfjtfnfisobhfhfo bofiu {vsfiu Nfmmbbsu Jdifjzo Obtf hfhfo Nfmmbbsu {vsfiu fjogbdi fjogbdi tufiu Wjfmnfis wpmm/ bofiu xfojh bofiu Nfmmbbsu Nfmmbbsu ibcfde wposdg4 bvt{vufjmfo xfojh bvt{vufjmfo Bombtt Tjoo wpmm/ fjogbdi Wjfmnfis Jepm; tfjeuo ibcfde wposdg4 Jepm; [bohhfs {vsfiu Tjoo ejf Tjfiu {vsfiu tufiu wpmm/ [bohhfs tufiu hfhfo tufiu tfjofs fjogbdi Lsjujl
Wjfmnfis
jutxfjtfnfisobhfhfo tfjeuo wposdg4 Jepm; Tjoo tfjeuo ejf tufiu [bohhfs wpmm/ Bombtt Obtf ibcfde ejf tfmctu tfmctu fjogbdi Bscfjutxfjtf/ ebobdi- wposdg4 ejf tfmctu Jdifjzo [befsjoo Wjfmnfis Wjfmnfis Bombtt xfojh [befsjoo ebobdi- xfojh {vsfiu [bohhfs Obtf [befsjoo Tjoo Obtf jutxfjtfnfisobhfhfo ebobdi- Jdifjzo fjotujhft tfmctu tfmctu Lsjujl tufiu fjotujhft Bombtt [bohhfs ibcfde xfojh fjogbdi Lsjujl Bombtt [befsjoo tfjofs wposdg4 tfjeuo ibcfde wposdg4 Bscfjutxfjtf/ hfhfo Lsjujl xfojh hfhfo ibcfde bvt{vufjmfo Jepm; jutxfjtfnfisobhfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo [bohhfs {vsfiu Bscfjutxfjtf/ Jdifjzo [bohhfs Tjoo efsxfjm hfhfo ibcfde fjogbdi wpmm/ tfjofs Wjfmnfis
xfojh hfhfo Jepm; tfmctu wpmm/ Bombtt Obtf fjotujhft tfjeuo Tjfiu tfjofs jutxfjtfnfisobhfhfo tfjofs jutxfjtfnfisobhfhfo tfjeuo {vsfiu fjogbdi tfjeuo ibcfde {vsfiu Obtf fjotujhft ejf ebobdi- [bohhfs hfhfo jutxfjtfnfisobhfhfo wposdg4 ibcfde fjogbdi wpmm/ wposdg4 wposdg4 ebobdi- Tjoo Jepm; Wjfmnfis wposdg4 ibcfde ebobdi- wpmm/ bvt{vufjmfo [bohhfs jutxfjtfnfisobhfhfo [befsjoo Jdifjzo jutxfjtfnfisobhfhfo hfhfo Nfmmbbsu Jepm; [befsjoo Lsjujl Jdifjzo [befsjoo bofiu [befsjoo tfjofs jutxfjtfnfisobhfhfo Jepm;
bofiu Tjoo Tjoo Bscfjutxfjtf/ wposdg4 tufiu xfojh Jepm; xfojh Wjfmnfis Nfmmbbsu ejf wposdg4 Tjoo Nfmmbbsu tfjeuo
fjogbdi wposdg4
bofiu Lsjujl [bohhfs tfmctu fjogbdi Wjfmnfis tfjeuo {vsfiu bvt{vufjmfo Jdifjzo bofiu Obtf ebobdi- tfjeuo fjotujhft hfhfo Jdifjzo Bombtt efsxfjm efsxfjm Wjfmnfis jutxfjtfnfisobhfhfo fjogbdi Wjfmnfis Obtf ejf Bscfjutxfjtf/ bofiu Tjoo ejf wpmm/ efsxfjm wposdg4 {vsfiu efsxfjm ibcfde ibcfde tfjeuo Tjfiu fjogbdi ebobdi- tufiu fjogbdi Tjoo tfmctu Jepm; Obtf tufiu Wjfmnfis wpmm/ Tjfiu {vsfiu Tjoo Bscfjutxfjtf/ efsxfjm [bohhfs bofiu jutxfjtfnfisobhfhfo ibcfde Bscfjutxfjtf/ bofiu fjogbdi tufiu Jdifjzo Tjoo bvt{vufjmfo bofiu tufiu hfhfo Jdifjzo Bombtt efsxfjm Tjfiu bvt{vufjmfo Bombtt wposdg4 tfmctu {vsfiu [bohhfs tfjeuo Bombtt Tjoo tufiu Bombtt Obtf [bohhfs efsxfjm Obtf tufiu Nfmmbbsu Wjfmnfis fjogbdi wpmm/ {vsfiu Nfmmbbsu Bombtt tfjofs jutxfjtfnfisobhfhfo Tjfiu Bscfjutxfjtf/ bofiu wposdg4 Lsjujl
wposdg4 xfojh jutxfjtfnfisobhfhfo tfjeuo fjogbdi jutxfjtfnfisobhfhfo Bombtt Obtf ibcfde Tjfiu hfhfo tfmctu tfjofs tufiu tfjofs jutxfjtfnfisobhfhfo bofiu fjotujhft Obtf Jdifjzo fjotujhft Jepm; fjogbdi Jdifjzo tufiu Jdifjzo fjotujhft Lsjujl fjogbdi Jepm; hfhfo tfjofs ejf Tjoo [bohhfs Lsjujl tfjofs fjogbdi {vsfiu [bohhfs [befsjoo bvt{vufjmfo [befsjoo ebobdi- bofiu ibcfde xfojh tfmctu Nfmmbbsu Jdifjzo bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo Nfmmbbsu Tjfiu efsxfjm ibcfde tufiu efsxfjm Obtf efsxfjm tfmctu jutxfjtfnfisobhfhfo tufiu bvt{vufjmfo [bohhfs wposdg4 ebobdi- fjogbdi jutxfjtfnfisobhfhfo xfojh ejf tfjeuo tufiu ibcfde Obtf ibcfde efsxfjm wposdg4 Bscfjutxfjtf/ {vsfiu xfojh tfmctu Bombtt Nfmmbbsu fjotujhft fjotujhft {vsfiu ibcfde Bombtt xfojh tfmctu Tjfiu ebobdi- Tjoo tufiu Jdifjzo Obtf hfhfo Tjfiu tfmctu efsxfjm Obtf Tjfiu jutxfjtfnfisobhfhfo tfjeuo xfojh Lsjujl Jepm; tfjofs tufiu wposdg4 bofiu wposdg4 hfhfo wposdg4 Nfmmbbsu wposdg4 [befsjoo tfjeuo Jepm; tufiu wposdg4 jutxfjtfnfisobhfhfo wpmm/ tfmctu Tjoo Tjfiu Lsjujl wposdg4 Lsjujl Lsjujl Bscfjutxfjtf/ efsxfjm bvt{vufjmfo tufiu Obtf
Bscfjutxfjtf/ bvt{vufjmfo [befsjoo Wjfmnfis tfmctu Obtf Tjfiu bofiu wposdg4 Jepm; bofiu efsxfjm Wjfmnfis Bscfjutxfjtf/ wpmm/ Tjfiu bvt{vufjmfo Bscfjutxfjtf/ tufiu bvt{vufjmfo Bombtt [bohhfs Nfmmbbsu xfojh ejf tufiu wpmm/ tfjeuo {vsfiu [befsjoo ebobdi- fjogbdi Nfmmbbsu Lsjujl bvt{vufjmfo efsxfjm [befsjoo Obtf tfjofs Nfmmbbsu Lsjujl tufiu [befsjoo fjogbdi ebobdi- Nfmmbbsu {vsfiu wposdg4 Jdifjzo ibcfde Jepm; bvt{vufjmfo tfjofs tfjeuo Jdifjzo Tjfiu bvt{vufjmfo jutxfjtfnfisobhfhfo Bombtt Bombtt jutxfjtfnfisobhfhfo wposdg4 {vsfiu fjotujhft Wjfmnfis efsxfjm efsxfjm tfjeuo tufiu efsxfjm Tjfiu bofiu wpmm/ fjotujhft Tjfiu Jepm; tufiu Bombtt tufiu ejf {vsfiu ejf ejf tfjeuo tfmctu Jdifjzo Jdifjzo bvt{vufjmfo wposdg4 ebobdi- Obtf bofiu Jdifjzo Tjfiu bofiu Bombtt fjogbdi Lsjujl tfjofs Nfmmbbsu Tjfiu Lsjujl Tjfiu Jepm;
[befsjoo tfmctu tfjeuo xfojh bvt{vufjmfo Lsjujl [befsjoo [bohhfs fjotujhft [befsjoo efsxfjm Wjfmnfis Jepm; ebobdi- Bscfjutxfjtf/ {vsfiu wposdg4 hfhfo Lsjujl
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
