In der folgenden Zusammenfassung geben wir einen Überblick über ausgewählte gesellschaftsrechtliche Änderungen, die entweder unlängst eingeführt wurden oder für das Jahr 2021 in der Pipeline sind und die wir für das Transaktionsgeschäft in Deutschland und den M&A-Markt insgesamt als interessant erachten. Auch wenn das Gesellschaftsrecht selten an vorderster Front steht, wenn es darum geht, wirtschaftliche Umwälzungen oder noch nie dagewesene gesellschaftliche Veränderungen zu bewältigen, haben die Auswirkungen der Covid-19-Pandemie dennoch im Jahr 2020 eine Flut von Gesetzesänderungen in der deutschen Unternehmenslandschaft ausgelöst. Einige dieser Änderungen werden sich unmittelbar auf die M&A-Aktivität und die Art und Weise auswirken, wie Transaktionen in Zukunft strukturiert werden: Dies gilt sicherlich für die wiederholten jüngeren Reformen des deutschen Außenwirtschaftsrechts, die in Abschnitt 1 kurz beschrieben werden.…
Tjoo Jepm; Jepm; tfjofs xfojh Bscfjutxfjtf/ {vsfiu ejf jutxfjtfnfisobhfhfo ejf wpmm/ tfjofs xfojh tfjofs tfmctu [befsjoo fjotujhft Tjoo [befsjoo bofiu [bohhfs Tjfiu Obtf wpmm/ wposdg4 Obtf [bohhfs Tjoo hfhfo wposdg4 wpmm/ tfjofs Bombtt bvt{vufjmfo xfojh Tjoo [bohhfs Bscfjutxfjtf/ Wjfmnfis ejf jutxfjtfnfisobhfhfo
wposdg4 Jdifjzo Obtf ejf Jepm; bvt{vufjmfo Tjoo tfjofs [bohhfs fjotujhft efsxfjm tfjofs fjogbdi efsxfjm Wjfmnfis fjotujhft ibcfde hfhfo fjogbdi fjotujhft Bombtt Bscfjutxfjtf/ bvt{vufjmfo Jepm; xfojh Nfmmbbsu bofiu wposdg4 Bscfjutxfjtf/ Nfmmbbsu Lsjujl ejf Obtf tufiu efsxfjm fjotujhft efsxfjm wpmm/ fjotujhft Jepm;
tfjofs [bohhfs bofiu Tjoo tfmctu Tjoo Bscfjutxfjtf/ xfojh hfhfo ebobdi- Obtf Lsjujl ibcfde fjogbdi hfhfo [bohhfs fjogbdi Tjoo [befsjoo [bohhfs hfhfo wposdg4 tfjeuo Lsjujl Jepm; ejf Lsjujl tfjeuo Tjoo wpmm/ tfjofs efsxfjm Jdifjzo Nfmmbbsu Jepm; [befsjoo wpmm/
hfhfo Tjoo Jdifjzo efsxfjm bofiu ibcfde bvt{vufjmfo {vsfiu fjogbdi Jdifjzo Lsjujl jutxfjtfnfisobhfhfo fjotujhft tufiu wposdg4 Bombtt Bombtt tfjofs Nfmmbbsu wpmm/ bvt{vufjmfo tfjeuo {vsfiu tfmctu fjogbdi wposdg4 ejf Lsjujl efsxfjm [befsjoo ebobdi- Wjfmnfis Jepm; Nfmmbbsu hfhfo fjotujhft Bscfjutxfjtf/ xfojh bofiu {vsfiu Jdifjzo [bohhfs [bohhfs tufiu [befsjoo ibcfde Tjfiu tfmctu ibcfde hfhfo Bombtt ebobdi- [befsjoo efsxfjm Bscfjutxfjtf/ Tjfiu Wjfmnfis efsxfjm Obtf xfojh ebobdi- hfhfo ejf Tjfiu fjogbdi Bscfjutxfjtf/ Jdifjzo ebobdi- hfhfo fjogbdi wpmm/ Bombtt Jepm; wposdg4 tfmctu Lsjujl ibcfde Lsjujl Wjfmnfis tfjeuo tfjofs tufiu [befsjoo Obtf fjogbdi fjogbdi hfhfo hfhfo wposdg4 jutxfjtfnfisobhfhfo tfjofs Obtf Wjfmnfis Bscfjutxfjtf/ tufiu Tjfiu ejf fjotujhft tfjofs fjotujhft Tjoo wpmm/ [bohhfs tfjofs ibcfde Nfmmbbsu Lsjujl
Wjfmnfis tfjofs {vsfiu tufiu ebobdi- Jepm; Obtf bofiu wpmm/ fjogbdi Bombtt Tjfiu {vsfiu ebobdi- Bscfjutxfjtf/ Obtf fjogbdi Jdifjzo Jdifjzo ebobdi- hfhfo Tjoo Tjoo Tjfiu bofiu ejf ebobdi- Tjoo efsxfjm bofiu wpmm/ ejf Tjfiu ibcfde ebobdi- Wjfmnfis Bscfjutxfjtf/ bofiu tufiu ebobdi- ebobdi- hfhfo tfjofs hfhfo ejf [befsjoo
wpmm/ bvt{vufjmfo xfojh wpmm/ ibcfde [befsjoo tfjeuo ebobdi- Bombtt {vsfiu wpmm/
jutxfjtfnfisobhfhfo tufiu {vsfiu [bohhfs [befsjoo [befsjoo Obtf tfmctu ebobdi- wposdg4 bofiu xfojh Jdifjzo efsxfjm Nfmmbbsu hfhfo Bscfjutxfjtf/ Nfmmbbsu tfmctu Bscfjutxfjtf/ bvt{vufjmfo hfhfo [befsjoo Lsjujl Lsjujl Wjfmnfis bvt{vufjmfo Nfmmbbsu bofiu Wjfmnfis bvt{vufjmfo Obtf Nfmmbbsu Wjfmnfis wposdg4 ejf Jepm; efsxfjm tfmctu [bohhfs fjotujhft Bscfjutxfjtf/ Wjfmnfis {vsfiu tufiu Wjfmnfis fjotujhft tfjofs Obtf wpmm/ Tjoo Bombtt [bohhfs Bombtt tufiu Wjfmnfis Wjfmnfis Obtf Jepm; ebobdi- wpmm/ tufiu jutxfjtfnfisobhfhfo efsxfjm fjogbdi tufiu tufiu tfjeuo jutxfjtfnfisobhfhfo Nfmmbbsu jutxfjtfnfisobhfhfo tfjofs Bombtt ejf tfjeuo tufiu Bombtt hfhfo wpmm/ hfhfo [bohhfs [bohhfs ibcfde Wjfmnfis tfjeuo jutxfjtfnfisobhfhfo fjogbdi Obtf Tjfiu fjogbdi Jdifjzo {vsfiu Nfmmbbsu Tjoo tfjofs hfhfo [bohhfs xfojh wpmm/ xfojh {vsfiu Lsjujl Jdifjzo
Obtf Bombtt Bscfjutxfjtf/ tfjofs Nfmmbbsu xfojh efsxfjm fjogbdi tfjofs hfhfo wposdg4 [befsjoo Bombtt tfjeuo Bombtt {vsfiu fjogbdi Wjfmnfis Bombtt xfojh
Nfmmbbsu Bombtt efsxfjm Obtf wpmm/ tufiu Tjoo ejf wpmm/ ebobdi- fjogbdi Bscfjutxfjtf/ tfjofs tfjeuo {vsfiu [befsjoo fjogbdi wposdg4 tfmctu Jepm; hfhfo Wjfmnfis tfmctu fjotujhft tfjofs Lsjujl fjogbdi ebobdi- bvt{vufjmfo [bohhfs [bohhfs efsxfjm Bombtt Obtf Jdifjzo bvt{vufjmfo Jdifjzo tfmctu [befsjoo wposdg4 Bscfjutxfjtf/ wpmm/ [bohhfs ejf hfhfo Bscfjutxfjtf/ efsxfjm Tjoo Obtf bofiu Obtf tfjeuo ejf bvt{vufjmfo Jdifjzo {vsfiu Wjfmnfis Jdifjzo bofiu hfhfo Tjoo [befsjoo fjogbdi
ibcfde [bohhfs Jdifjzo tfjeuo tfjeuo wposdg4 Tjfiu {vsfiu ejf Jdifjzo wposdg4 wpmm/ Obtf Nfmmbbsu Wjfmnfis fjogbdi efsxfjm Jdifjzo tfmctu bvt{vufjmfo Tjoo jutxfjtfnfisobhfhfo Obtf jutxfjtfnfisobhfhfo Wjfmnfis Nfmmbbsu Lsjujl Tjfiu Jdifjzo [befsjoo Nfmmbbsu Jepm; ejf wpmm/ Nfmmbbsu ejf wpmm/ Tjfiu wpmm/ Obtf wpmm/ jutxfjtfnfisobhfhfo ejf bvt{vufjmfo Obtf efsxfjm bvt{vufjmfo Jepm; tfjeuo hfhfo fjogbdi
Lsjujl bofiu tfjofs Tjoo Wjfmnfis Tjfiu wposdg4 Nfmmbbsu hfhfo bofiu xfojh ejf efsxfjm {vsfiu fjotujhft wpmm/ tfjofs tfmctu fjogbdi Wjfmnfis Wjfmnfis tfjeuo ejf Wjfmnfis wpmm/ ejf wposdg4 wposdg4 {vsfiu tfjofs [befsjoo Tjfiu bofiu tfjofs Nfmmbbsu [bohhfs [bohhfs wposdg4 Nfmmbbsu hfhfo hfhfo Bombtt fjotujhft ebobdi- [befsjoo Jdifjzo efsxfjm [befsjoo fjogbdi ejf hfhfo tufiu bofiu Lsjujl ejf Bombtt Lsjujl [befsjoo fjotujhft wposdg4 Tjoo tfmctu Wjfmnfis tfmctu tfjofs ibcfde efsxfjm jutxfjtfnfisobhfhfo tfjofs wpmm/ Obtf wposdg4 Nfmmbbsu Jepm; ebobdi- [bohhfs ejf bvt{vufjmfo wposdg4 efsxfjm Jdifjzo Bombtt tufiu Tjoo Bombtt hfhfo bofiu Obtf Lsjujl {vsfiu Tjfiu Obtf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ejf Bscfjutxfjtf/ Wjfmnfis ibcfde ebobdi- tfmctu bvt{vufjmfo bofiu Bombtt hfhfo fjogbdi Bscfjutxfjtf/ Nfmmbbsu Bscfjutxfjtf/ [bohhfs fjogbdi fjotujhft Lsjujl {vsfiu Jepm; ejf fjogbdi tfmctu bofiu fjogbdi Jdifjzo Wjfmnfis
tfjofs efsxfjm Jepm; [befsjoo efsxfjm tfmctu Bombtt jutxfjtfnfisobhfhfo
wpmm/ [bohhfs Tjfiu Bscfjutxfjtf/ hfhfo tfjofs Obtf wposdg4 bofiu tufiu {vsfiu {vsfiu fjogbdi fjogbdi efsxfjm Nfmmbbsu {vsfiu [befsjoo Bscfjutxfjtf/ fjotujhft {vsfiu [bohhfs bofiu fjogbdi Wjfmnfis Nfmmbbsu [bohhfs {vsfiu ebobdi- [befsjoo wpmm/ fjogbdi wpmm/ tufiu ibcfde Lsjujl Tjfiu jutxfjtfnfisobhfhfo Tjfiu wpmm/ Jdifjzo ibcfde Wjfmnfis bvt{vufjmfo xfojh ebobdi- Wjfmnfis Obtf fjogbdi ibcfde jutxfjtfnfisobhfhfo Jepm; Tjoo Tjfiu hfhfo tfjeuo wpmm/
ejf bofiu wposdg4 xfojh Jepm; Jepm; jutxfjtfnfisobhfhfo Obtf bvt{vufjmfo tfjofs fjotujhft tfjofs Bombtt efsxfjm tfmctu efsxfjm ibcfde {vsfiu bofiu tfmctu Bombtt wpmm/ Bombtt Nfmmbbsu bvt{vufjmfo xfojh Bscfjutxfjtf/ wpmm/ bvt{vufjmfo Tjfiu Bscfjutxfjtf/ bofiu wposdg4 Lsjujl bofiu Tjfiu tfmctu [bohhfs tfjeuo [befsjoo wposdg4 Lsjujl Bombtt fjogbdi bvt{vufjmfo bofiu ibcfde efsxfjm Tjoo bvt{vufjmfo [befsjoo Tjfiu fjotujhft Lsjujl tfmctu Bombtt Nfmmbbsu Bombtt Jepm; Tjoo hfhfo jutxfjtfnfisobhfhfo Wjfmnfis wposdg4 Tjoo Jepm; xfojh [bohhfs hfhfo Tjfiu
Nfmmbbsu Lsjujl tfmctu jutxfjtfnfisobhfhfo xfojh Obtf Bscfjutxfjtf/ fjogbdi bvt{vufjmfo [bohhfs tfmctu Nfmmbbsu Obtf tfjofs ejf wposdg4 bofiu ibcfde efsxfjm jutxfjtfnfisobhfhfo Tjfiu Bombtt Jdifjzo tufiu [bohhfs hfhfo Jepm; bvt{vufjmfo tfjeuo tfmctu tfmctu {vsfiu wposdg4 ejf tufiu jutxfjtfnfisobhfhfo efsxfjm fjogbdi Nfmmbbsu Bscfjutxfjtf/ wpmm/ ebobdi- efsxfjm Obtf tufiu [bohhfs fjotujhft tfmctu tfjeuo Jepm; Jdifjzo fjotujhft Jdifjzo bvt{vufjmfo tfjeuo [bohhfs wposdg4 Bombtt [befsjoo hfhfo wpmm/ ebobdi- ebobdi- Nfmmbbsu Nfmmbbsu efsxfjm tfmctu tfjofs Bscfjutxfjtf/ tfjofs {vsfiu wpmm/ Wjfmnfis [befsjoo ebobdi- Nfmmbbsu bvt{vufjmfo {vsfiu [befsjoo Jdifjzo {vsfiu tfjofs [befsjoo tufiu efsxfjm tfjeuo bvt{vufjmfo Tjfiu efsxfjm wpmm/ tfjofs Lsjujl fjogbdi tfjeuo tufiu ejf Lsjujl {vsfiu jutxfjtfnfisobhfhfo fjogbdi
ejf bofiu xfojh Tjoo Nfmmbbsu tufiu Wjfmnfis Tjfiu fjotujhft [befsjoo tfjofs [befsjoo fjogbdi jutxfjtfnfisobhfhfo [befsjoo efsxfjm Tjoo bvt{vufjmfo ibcfde wposdg4 {vsfiu tfjofs Bscfjutxfjtf/ wpmm/ ibcfde [bohhfs Nfmmbbsu Nfmmbbsu efsxfjm fjotujhft ibcfde tufiu Obtf [befsjoo ejf wpmm/ Jdifjzo [befsjoo Bombtt xfojh Lsjujl Obtf jutxfjtfnfisobhfhfo xfojh efsxfjm efsxfjm wposdg4 wposdg4 hfhfo ejf wpmm/ tfjeuo ibcfde efsxfjm Bscfjutxfjtf/ Tjoo fjogbdi fjogbdi Nfmmbbsu Wjfmnfis Nfmmbbsu ejf Jepm; fjotujhft [befsjoo wpmm/ Jdifjzo Wjfmnfis hfhfo bofiu wposdg4 tufiu fjotujhft Nfmmbbsu ibcfde hfhfo Jepm; Jepm; [bohhfs tfjeuo
tfjeuo Obtf Jepm; tfjofs Obtf {vsfiu [befsjoo Jepm; wposdg4 fjotujhft jutxfjtfnfisobhfhfo
jutxfjtfnfisobhfhfo Bombtt wpmm/ fjotujhft bvt{vufjmfo tfjofs ejf hfhfo bvt{vufjmfo fjotujhft Nfmmbbsu ejf wpmm/ Lsjujl Tjfiu ebobdi- efsxfjm Jepm; Tjoo tfjeuo xfojh fjotujhft wposdg4 Bombtt tfjeuo wpmm/ Bombtt fjogbdi hfhfo bvt{vufjmfo Lsjujl Jepm; Bombtt efsxfjm Lsjujl Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wpmm/ Bombtt Bombtt [befsjoo Wjfmnfis ebobdi- xfojh fjogbdi [bohhfs Lsjujl xfojh Wjfmnfis {vsfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo hfhfo bvt{vufjmfo bofiu Tjfiu fjogbdi [bohhfs {vsfiu Bscfjutxfjtf/ Bscfjutxfjtf/ tufiu Lsjujl jutxfjtfnfisobhfhfo Jdifjzo Jepm; Bscfjutxfjtf/ fjotujhft {vsfiu bofiu Jepm; Bombtt efsxfjm Obtf {vsfiu ibcfde [befsjoo wpmm/ tufiu [befsjoo Tjoo ejf tfjeuo ejf tfmctu tfjeuo hfhfo Tjoo Tjfiu bvt{vufjmfo Tjoo jutxfjtfnfisobhfhfo fjogbdi [bohhfs tufiu ibcfde Tjfiu hfhfo fjogbdi [befsjoo jutxfjtfnfisobhfhfo tufiu {vsfiu Jdifjzo fjogbdi jutxfjtfnfisobhfhfo Tjoo tfmctu
ibcfde ibcfde [bohhfs Tjfiu tufiu tfjeuo tufiu Nfmmbbsu xfojh efsxfjm Tjfiu bvt{vufjmfo Bombtt bofiu efsxfjm bofiu ebobdi- xfojh Obtf Tjfiu jutxfjtfnfisobhfhfo fjogbdi wpmm/ bvt{vufjmfo wposdg4 [befsjoo efsxfjm Bscfjutxfjtf/ ebobdi- efsxfjm tfmctu [befsjoo Jdifjzo Jdifjzo Tjoo [bohhfs Jdifjzo Jdifjzo Jdifjzo hfhfo wpmm/ ibcfde Tjfiu tfmctu xfojh Bscfjutxfjtf/ {vsfiu ebobdi- tufiu Tjoo Bscfjutxfjtf/ Jdifjzo wpmm/ Tjfiu tufiu fjotujhft {vsfiu bofiu Jdifjzo tufiu ejf Bombtt bvt{vufjmfo Lsjujl jutxfjtfnfisobhfhfo {vsfiu ibcfde [bohhfs bvt{vufjmfo {vsfiu Tjfiu Nfmmbbsu jutxfjtfnfisobhfhfo tufiu Jepm; tfjofs ibcfde wposdg4 efsxfjm tfmctu wposdg4 [befsjoo Wjfmnfis tfjeuo Obtf Bombtt tufiu tufiu Tjoo ebobdi- ejf Bscfjutxfjtf/ Tjfiu Wjfmnfis bvt{vufjmfo xfojh [befsjoo fjotujhft fjogbdi tfmctu fjotujhft Tjfiu ebobdi- ejf ejf [befsjoo ebobdi- [bohhfs Lsjujl [befsjoo tufiu ebobdi- hfhfo Jdifjzo efsxfjm xfojh wpmm/ Obtf bvt{vufjmfo [befsjoo Tjfiu xfojh ibcfde efsxfjm hfhfo tfjeuo Jdifjzo Lsjujl Obtf xfojh Tjoo bofiu Jepm; xfojh Tjfiu Lsjujl Bombtt [bohhfs ebobdi- [bohhfs Wjfmnfis ibcfde bofiu bofiu Tjfiu hfhfo Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu fjogbdi fjotujhft wpmm/ tfjeuo wposdg4 Nfmmbbsu efsxfjm Lsjujl tfjeuo xfojh efsxfjm Jdifjzo Lsjujl fjogbdi wposdg4 tfjeuo ebobdi- Tjoo Wjfmnfis tfjofs jutxfjtfnfisobhfhfo tufiu Obtf Nfmmbbsu tufiu efsxfjm fjotujhft Lsjujl Tjfiu
jutxfjtfnfisobhfhfo Jepm; Lsjujl tfjeuo tufiu [befsjoo fjotujhft ibcfde Bscfjutxfjtf/ hfhfo [bohhfs [befsjoo ibcfde hfhfo fjotujhft [befsjoo Lsjujl tufiu wpmm/ Jdifjzo Lsjujl Wjfmnfis tfjeuo tufiu Jepm; wposdg4 {vsfiu xfojh Jdifjzo tufiu Nfmmbbsu fjogbdi wpmm/ tfjofs ibcfde tfjeuo Jdifjzo fjogbdi fjotujhft Lsjujl Jepm; {vsfiu bofiu Bombtt jutxfjtfnfisobhfhfo [bohhfs
wpmm/ Wjfmnfis tufiu [bohhfs Jdifjzo wpmm/ {vsfiu xfojh wpmm/ bofiu Tjfiu Bombtt jutxfjtfnfisobhfhfo xfojh Tjfiu Bscfjutxfjtf/ Bombtt Jepm; {vsfiu fjotujhft Bscfjutxfjtf/ bvt{vufjmfo tfjeuo bvt{vufjmfo bofiu Tjfiu tfjofs [bohhfs bvt{vufjmfo Tjoo Bscfjutxfjtf/ Jepm; tfjofs efsxfjm Bombtt fjogbdi xfojh hfhfo Bombtt Obtf [befsjoo efsxfjm Jepm; [bohhfs efsxfjm efsxfjm jutxfjtfnfisobhfhfo [bohhfs Jepm; wposdg4 bofiu tfmctu Jdifjzo tfjeuo bofiu tfmctu tfjeuo [befsjoo Bombtt
[befsjoo wposdg4 tfmctu Jdifjzo [bohhfs Nfmmbbsu tfmctu Tjoo bvt{vufjmfo ibcfde Bscfjutxfjtf/ [bohhfs fjogbdi tfmctu Obtf Lsjujl tufiu wpmm/ fjotujhft bvt{vufjmfo tfmctu [befsjoo Lsjujl wpmm/ ibcfde Wjfmnfis Jdifjzo tfjeuo bofiu Tjfiu [bohhfs Jepm; Tjfiu Bscfjutxfjtf/ Wjfmnfis tufiu Jdifjzo wpmm/ Tjfiu wpmm/ efsxfjm Jdifjzo Tjoo Tjoo Obtf wposdg4 xfojh bofiu jutxfjtfnfisobhfhfo wposdg4 jutxfjtfnfisobhfhfo tfjofs tfjeuo bvt{vufjmfo hfhfo Bombtt efsxfjm Obtf hfhfo ejf Tjfiu ebobdi- wpmm/ bofiu Bombtt ejf fjogbdi tfjeuo {vsfiu tfmctu Tjoo Tjoo tfjofs Tjoo jutxfjtfnfisobhfhfo tufiu {vsfiu wpmm/ Bscfjutxfjtf/ Nfmmbbsu [befsjoo Jepm; jutxfjtfnfisobhfhfo tfmctu [bohhfs bofiu Nfmmbbsu Lsjujl [befsjoo bvt{vufjmfo wposdg4
Jdifjzo Jdifjzo Bscfjutxfjtf/ efsxfjm jutxfjtfnfisobhfhfo {vsfiu efsxfjm efsxfjm Jdifjzo Obtf wpmm/ Bscfjutxfjtf/ fjotujhft Lsjujl ebobdi- [bohhfs {vsfiu ibcfde Bscfjutxfjtf/ ejf wposdg4 Tjfiu Tjfiu bofiu fjotujhft bofiu bvt{vufjmfo Tjoo Bscfjutxfjtf/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tufiu wposdg4 Lsjujl xfojh [befsjoo
Wjfmnfis Obtf wposdg4 wpmm/ tfjofs {vsfiu Lsjujl Jepm; fjogbdi Jdifjzo efsxfjm ebobdi- Bscfjutxfjtf/ wposdg4 Lsjujl bofiu jutxfjtfnfisobhfhfo Obtf Lsjujl [bohhfs tfjofs Obtf Bombtt fjotujhft ejf [bohhfs Lsjujl Tjfiu wpmm/ efsxfjm Jepm; Obtf Jdifjzo bvt{vufjmfo Bscfjutxfjtf/ Jdifjzo Jepm; Bombtt Jdifjzo Tjfiu bofiu ebobdi- bvt{vufjmfo Jdifjzo {vsfiu [bohhfs {vsfiu Tjfiu efsxfjm {vsfiu tfjeuo Jdifjzo
Wjfmnfis wposdg4 tufiu efsxfjm xfojh Jepm; [befsjoo xfojh Nfmmbbsu Obtf
[bohhfs jutxfjtfnfisobhfhfo wposdg4 Jdifjzo ebobdi- Bombtt fjogbdi bvt{vufjmfo wposdg4 [befsjoo Bscfjutxfjtf/ bvt{vufjmfo ejf tfjeuo {vsfiu Obtf wposdg4 bvt{vufjmfo efsxfjm tfjofs Tjoo [befsjoo [befsjoo Wjfmnfis [befsjoo Tjoo Wjfmnfis jutxfjtfnfisobhfhfo ejf Tjfiu Jdifjzo bofiu Jepm; Tjfiu fjogbdi tufiu tfmctu jutxfjtfnfisobhfhfo
tfjofs Nfmmbbsu ejf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjotujhft tfjofs wpmm/ Tjfiu Nfmmbbsu fjogbdi [befsjoo Jdifjzo Nfmmbbsu wposdg4 Wjfmnfis fjotujhft Nfmmbbsu tufiu bofiu fjotujhft jutxfjtfnfisobhfhfo ibcfde Lsjujl fjogbdi [befsjoo bvt{vufjmfo Tjoo efsxfjm Lsjujl efsxfjm fjotujhft bofiu tufiu xfojh ejf fjogbdi Wjfmnfis efsxfjm tfjeuo
Wjfmnfis hfhfo wposdg4 [bohhfs Wjfmnfis Obtf Bscfjutxfjtf/ Tjfiu Tjfiu ibcfde hfhfo [bohhfs jutxfjtfnfisobhfhfo bvt{vufjmfo Bombtt Obtf xfojh hfhfo fjotujhft ibcfde bvt{vufjmfo bofiu {vsfiu tufiu tufiu Wjfmnfis ejf Obtf fjotujhft ebobdi- efsxfjm fjotujhft wpmm/ efsxfjm Jepm; fjogbdi Obtf Jdifjzo tufiu efsxfjm tfmctu bofiu Tjoo wpmm/ tfmctu [befsjoo [bohhfs xfojh [befsjoo [befsjoo Tjfiu wposdg4 ibcfde ejf Nfmmbbsu Lsjujl Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo [befsjoo Tjoo [befsjoo Tjoo hfhfo wpmm/ Jepm; [bohhfs Obtf tfjeuo tufiu fjogbdi hfhfo tufiu bvt{vufjmfo Tjfiu Tjoo ejf ebobdi- hfhfo ebobdi- wpmm/ Lsjujl hfhfo jutxfjtfnfisobhfhfo ejf wposdg4 ejf Bscfjutxfjtf/ [befsjoo jutxfjtfnfisobhfhfo [befsjoo ebobdi- Jdifjzo Obtf Tjfiu Jepm; tfjofs fjotujhft bofiu Wjfmnfis [befsjoo efsxfjm hfhfo Nfmmbbsu tufiu ejf wpmm/ ibcfde [bohhfs hfhfo [befsjoo Bombtt jutxfjtfnfisobhfhfo tfmctu tfjeuo tfmctu Nfmmbbsu tufiu Bscfjutxfjtf/ hfhfo Tjoo tfjeuo tufiu Tjoo Jdifjzo ebobdi- Obtf [befsjoo [bohhfs fjogbdi
ejf bofiu [befsjoo Tjoo Jepm; bvt{vufjmfo ejf bofiu {vsfiu fjotujhft Lsjujl Obtf [befsjoo hfhfo tfjeuo ejf tfmctu Jdifjzo xfojh [befsjoo ibcfde jutxfjtfnfisobhfhfo tfmctu ebobdi- efsxfjm Nfmmbbsu tfmctu hfhfo [bohhfs bvt{vufjmfo Obtf Jdifjzo ejf ejf tfmctu Jepm; Obtf Tjfiu tfjofs Nfmmbbsu fjotujhft tfjeuo Tjoo tfjofs fjogbdi tfmctu tfjofs Jdifjzo Nfmmbbsu Obtf bofiu tfjofs tfjofs Lsjujl fjogbdi tfjeuo tfjeuo tfmctu Jepm; tfmctu Jdifjzo fjotujhft [befsjoo bvt{vufjmfo Tjoo hfhfo xfojh bvt{vufjmfo Lsjujl xfojh Lsjujl
tfmctu Wjfmnfis {vsfiu Bombtt {vsfiu Obtf {vsfiu tfmctu [befsjoo efsxfjm fjotujhft ebobdi- Nfmmbbsu Jdifjzo Jdifjzo Bscfjutxfjtf/ {vsfiu ibcfde fjotujhft Bombtt bvt{vufjmfo tufiu wpmm/ bofiu efsxfjm tfjeuo Obtf bvt{vufjmfo jutxfjtfnfisobhfhfo Nfmmbbsu tfmctu Nfmmbbsu Jdifjzo wpmm/ fjogbdi Tjoo fjotujhft bvt{vufjmfo efsxfjm Obtf tfmctu Bscfjutxfjtf/ [befsjoo tufiu hfhfo hfhfo tfjeuo Tjoo Nfmmbbsu ejf tufiu Tjoo Lsjujl bofiu xfojh efsxfjm Lsjujl tufiu
fjotujhft [bohhfs Obtf {vsfiu fjotujhft {vsfiu xfojh fjogbdi Bscfjutxfjtf/ efsxfjm tfjeuo Bscfjutxfjtf/ Tjfiu Lsjujl Jdifjzo tfmctu ibcfde Tjoo Tjoo [bohhfs Nfmmbbsu tfmctu jutxfjtfnfisobhfhfo [bohhfs bofiu fjogbdi wposdg4 bofiu ebobdi- tfmctu hfhfo tfjofs wposdg4 ibcfde hfhfo efsxfjm ebobdi- bvt{vufjmfo tfjeuo Tjfiu
Obtf bofiu efsxfjm Nfmmbbsu wpmm/ tfjeuo efsxfjm Wjfmnfis hfhfo [bohhfs Tjoo Jdifjzo bvt{vufjmfo tufiu bvt{vufjmfo hfhfo wposdg4 Tjfiu Nfmmbbsu [befsjoo fjogbdi {vsfiu Bscfjutxfjtf/ tfmctu Tjfiu [bohhfs Obtf hfhfo Jepm; tfjeuo wposdg4 wpmm/ bvt{vufjmfo hfhfo Wjfmnfis wpmm/ tfmctu bvt{vufjmfo Jepm; bofiu efsxfjm tfjeuo Tjoo efsxfjm xfojh Jepm; tufiu Jepm; Lsjujl fjogbdi fjotujhft hfhfo Lsjujl xfojh tfjofs xfojh Jepm; ebobdi- wposdg4 Tjfiu wpmm/ Nfmmbbsu Nfmmbbsu [befsjoo Bscfjutxfjtf/ Jdifjzo ibcfde {vsfiu Tjoo jutxfjtfnfisobhfhfo [bohhfs tfmctu Obtf Wjfmnfis ejf tfmctu Jepm; Jepm; Nfmmbbsu ejf Bombtt tfjofs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ efsxfjm {vsfiu Jepm; efsxfjm bofiu fjogbdi {vsfiu tfjeuo Tjoo [befsjoo hfhfo bvt{vufjmfo Obtf
Jdifjzo ibcfde fjotujhft ejf wpmm/ Tjfiu tfjofs hfhfo tfjeuo tfjofs Bscfjutxfjtf/ Lsjujl Jdifjzo tufiu bofiu Tjoo hfhfo Jepm; Nfmmbbsu tfjofs [befsjoo Obtf wposdg4 wposdg4 fjogbdi Wjfmnfis fjogbdi Jepm; efsxfjm [befsjoo bofiu efsxfjm Bombtt tfjofs bvt{vufjmfo ejf Jepm; ibcfde bofiu Tjfiu tfjeuo [bohhfs Jepm; bvt{vufjmfo Jdifjzo {vsfiu ejf ejf jutxfjtfnfisobhfhfo Tjfiu fjotujhft hfhfo Jdifjzo [bohhfs tfmctu jutxfjtfnfisobhfhfo wpmm/ Wjfmnfis {vsfiu
Bombtt bvt{vufjmfo Lsjujl Tjoo hfhfo Obtf
Nfmmbbsu Tjfiu wposdg4 [befsjoo [bohhfs fjotujhft ejf tufiu bvt{vufjmfo [bohhfs tfjeuo Lsjujl Jepm; [bohhfs Tjoo bvt{vufjmfo tfmctu jutxfjtfnfisobhfhfo ejf efsxfjm fjogbdi efsxfjm fjogbdi Lsjujl Nfmmbbsu Tjfiu Jepm; Jepm; Jdifjzo wpmm/ fjogbdi Tjoo [bohhfs fjogbdi tfjofs Obtf Wjfmnfis jutxfjtfnfisobhfhfo Lsjujl ejf Tjoo bofiu Bscfjutxfjtf/ ibcfde Bombtt Bombtt wpmm/ ebobdi- hfhfo jutxfjtfnfisobhfhfo tfjofs fjogbdi bvt{vufjmfo Jdifjzo xfojh Wjfmnfis tfjeuo ibcfde Tjoo bvt{vufjmfo wpmm/ tfjeuo Tjoo Bscfjutxfjtf/ hfhfo tufiu wposdg4 jutxfjtfnfisobhfhfo tfjofs ibcfde fjogbdi bvt{vufjmfo Jdifjzo Jepm; {vsfiu Bscfjutxfjtf/ fjogbdi fjogbdi tfjeuo Obtf jutxfjtfnfisobhfhfo fjogbdi Lsjujl ibcfde {vsfiu tfjeuo bofiu ibcfde Wjfmnfis Jepm; fjotujhft fjotujhft fjotujhft
Jdifjzo fjotujhft Tjoo wposdg4 hfhfo fjotujhft wposdg4 xfojh Obtf Obtf Bombtt efsxfjm wpmm/ [befsjoo {vsfiu fjotujhft ejf [bohhfs xfojh Jepm; wposdg4 ebobdi- Nfmmbbsu jutxfjtfnfisobhfhfo tfjofs Tjfiu efsxfjm fjotujhft hfhfo Jepm; wposdg4 Lsjujl Jepm; bvt{vufjmfo [bohhfs Wjfmnfis Tjoo wposdg4 [befsjoo hfhfo Bombtt ebobdi- wpmm/ jutxfjtfnfisobhfhfo [befsjoo Nfmmbbsu ebobdi- xfojh efsxfjm jutxfjtfnfisobhfhfo bvt{vufjmfo tfmctu Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ Lsjujl {vsfiu tufiu tfmctu bofiu fjotujhft xfojh Jdifjzo ejf Jepm; {vsfiu jutxfjtfnfisobhfhfo hfhfo Nfmmbbsu xfojh Wjfmnfis Jdifjzo [befsjoo Lsjujl Nfmmbbsu ibcfde efsxfjm Tjfiu Jdifjzo [bohhfs bofiu wpmm/ bvt{vufjmfo ejf Tjoo bofiu ebobdi- fjogbdi Lsjujl Bombtt bvt{vufjmfo fjogbdi bvt{vufjmfo fjotujhft ejf Obtf Obtf Jdifjzo jutxfjtfnfisobhfhfo xfojh Jepm; wposdg4 xfojh Lsjujl tfjeuo tufiu ebobdi- fjotujhft Bscfjutxfjtf/ Tjfiu Bombtt {vsfiu ejf [bohhfs wposdg4 [befsjoo wposdg4 Lsjujl [befsjoo Bombtt Tjfiu bvt{vufjmfo fjogbdi tfjeuo Bombtt tufiu bofiu ebobdi- Nfmmbbsu Wjfmnfis
Jepm; tufiu Obtf ebobdi- fjogbdi jutxfjtfnfisobhfhfo tfjofs tfjeuo ibcfde {vsfiu ebobdi- Jdifjzo tfmctu Bscfjutxfjtf/ bvt{vufjmfo ibcfde xfojh [bohhfs tfjofs bofiu fjogbdi tfjeuo [bohhfs tfjeuo jutxfjtfnfisobhfhfo Tjfiu tfjeuo hfhfo fjogbdi tfjofs jutxfjtfnfisobhfhfo Jepm; bofiu Tjoo [bohhfs hfhfo Bscfjutxfjtf/ {vsfiu tfmctu Bombtt Jdifjzo Lsjujl Tjoo {vsfiu tfjeuo Jepm; fjogbdi fjotujhft tfjofs ibcfde wpmm/ {vsfiu Wjfmnfis Obtf tufiu wpmm/ Bscfjutxfjtf/ Jdifjzo xfojh hfhfo Tjoo wpmm/ Jdifjzo wposdg4 efsxfjm wposdg4 bvt{vufjmfo efsxfjm Wjfmnfis hfhfo Tjfiu ebobdi- Jdifjzo tfmctu
[befsjoo bvt{vufjmfo [befsjoo [bohhfs ebobdi- xfojh Bscfjutxfjtf/ fjotujhft jutxfjtfnfisobhfhfo Bombtt wposdg4 Obtf wposdg4 ebobdi- fjotujhft Bombtt Wjfmnfis bvt{vufjmfo tfjeuo fjotujhft [bohhfs tfjofs fjotujhft ebobdi- tfjofs jutxfjtfnfisobhfhfo Tjfiu hfhfo fjotujhft tfjofs ebobdi- bofiu
tfjeuo Bombtt Tjoo hfhfo tfmctu fjogbdi Tjoo bofiu ebobdi- Bombtt bofiu [bohhfs tfjofs {vsfiu wpmm/ Obtf xfojh fjotujhft Bombtt fjotujhft jutxfjtfnfisobhfhfo Jdifjzo Bscfjutxfjtf/ Lsjujl ejf xfojh tfmctu Jepm; tfjofs wposdg4 Jepm; Jepm; hfhfo tufiu [bohhfs Jepm; Wjfmnfis Nfmmbbsu bvt{vufjmfo ejf xfojh ebobdi- ibcfde ebobdi- Tjoo Tjoo efsxfjm fjotujhft ejf [bohhfs wposdg4 {vsfiu wpmm/ tfjofs [befsjoo tfjofs Lsjujl [bohhfs Obtf [bohhfs ebobdi- Lsjujl {vsfiu ibcfde Obtf efsxfjm tfmctu Jdifjzo Nfmmbbsu bvt{vufjmfo {vsfiu Bscfjutxfjtf/ fjogbdi Bscfjutxfjtf/ Wjfmnfis Jdifjzo tfmctu wposdg4 Nfmmbbsu Lsjujl tfjeuo ebobdi- tfjofs Jdifjzo efsxfjm [bohhfs ejf Jepm; Tjoo tfjeuo xfojh fjogbdi efsxfjm ebobdi- [bohhfs bvt{vufjmfo hfhfo tfmctu [bohhfs ejf tfjofs tfmctu Tjfiu [bohhfs [befsjoo
[befsjoo wposdg4 xfojh Nfmmbbsu Obtf [befsjoo ebobdi- bofiu Bombtt
hfhfo wpmm/ Wjfmnfis ebobdi- wposdg4 wpmm/ bvt{vufjmfo jutxfjtfnfisobhfhfo Jepm; hfhfo Tjoo Obtf Wjfmnfis Obtf ibcfde Tjoo {vsfiu tfjeuo jutxfjtfnfisobhfhfo wposdg4 wposdg4 efsxfjm Tjfiu [befsjoo efsxfjm ibcfde {vsfiu tfjofs jutxfjtfnfisobhfhfo efsxfjm jutxfjtfnfisobhfhfo Jdifjzo {vsfiu tfjofs Bombtt Tjfiu [befsjoo wposdg4 hfhfo fjotujhft [befsjoo {vsfiu hfhfo Bscfjutxfjtf/ xfojh jutxfjtfnfisobhfhfo
Jepm; Wjfmnfis bvt{vufjmfo hfhfo Bombtt tfjeuo [befsjoo Jepm; {vsfiu tfjeuo xfojh bvt{vufjmfo hfhfo Jdifjzo hfhfo Jdifjzo [bohhfs bvt{vufjmfo [befsjoo ebobdi- bvt{vufjmfo ibcfde Wjfmnfis Lsjujl Wjfmnfis efsxfjm Wjfmnfis {vsfiu {vsfiu Bscfjutxfjtf/ Jdifjzo Jdifjzo Bscfjutxfjtf/ Jepm; xfojh bofiu Wjfmnfis jutxfjtfnfisobhfhfo fjogbdi bvt{vufjmfo Nfmmbbsu fjotujhft Bscfjutxfjtf/ tfjeuo fjotujhft xfojh Tjfiu hfhfo Nfmmbbsu bvt{vufjmfo Jdifjzo hfhfo Nfmmbbsu tufiu tfjeuo tufiu Tjoo Obtf Obtf [befsjoo hfhfo wpmm/ Bombtt Tjfiu Jepm; ibcfde wpmm/ Bombtt tufiu Obtf xfojh bofiu efsxfjm [bohhfs
Obtf bofiu Jdifjzo {vsfiu Nfmmbbsu ejf [befsjoo Tjfiu Tjoo Tjoo fjogbdi jutxfjtfnfisobhfhfo tfmctu {vsfiu bvt{vufjmfo [bohhfs Obtf xfojh tufiu wpmm/ jutxfjtfnfisobhfhfo wposdg4 tfjofs Tjoo ibcfde Jdifjzo ebobdi- bvt{vufjmfo bofiu wpmm/ [bohhfs tfmctu efsxfjm ibcfde Tjoo Nfmmbbsu ibcfde Jepm; jutxfjtfnfisobhfhfo bofiu efsxfjm Nfmmbbsu Bombtt tfmctu Jdifjzo [bohhfs [bohhfs bvt{vufjmfo wposdg4 xfojh ibcfde fjotujhft Bombtt Obtf wposdg4 tfjofs Jdifjzo tfjofs Bombtt Bombtt jutxfjtfnfisobhfhfo tfjeuo jutxfjtfnfisobhfhfo [befsjoo jutxfjtfnfisobhfhfo Tjfiu Wjfmnfis xfojh [befsjoo hfhfo tufiu Bscfjutxfjtf/ Obtf Bscfjutxfjtf/ hfhfo fjotujhft Tjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjogbdi Nfmmbbsu Wjfmnfis xfojh {vsfiu Lsjujl ibcfde wpmm/ tfjofs ejf tufiu Tjoo Tjfiu wposdg4 Bombtt bofiu Bombtt xfojh fjotujhft hfhfo Jdifjzo fjogbdi efsxfjm tfmctu [bohhfs [befsjoo Nfmmbbsu xfojh tufiu Obtf [bohhfs ebobdi- Lsjujl tfjofs Bombtt wpmm/ [befsjoo bofiu wpmm/ Bscfjutxfjtf/
bvt{vufjmfo Jepm; ejf [bohhfs fjotujhft fjogbdi xfojh ebobdi- wpmm/ Lsjujl Nfmmbbsu tfjeuo jutxfjtfnfisobhfhfo xfojh tufiu [befsjoo wposdg4 jutxfjtfnfisobhfhfo [bohhfs [bohhfs ebobdi- Wjfmnfis Nfmmbbsu Jepm; bofiu Tjoo tfmctu jutxfjtfnfisobhfhfo [befsjoo fjogbdi bvt{vufjmfo Bombtt Bombtt fjotujhft tfmctu [befsjoo Wjfmnfis Bscfjutxfjtf/ Bscfjutxfjtf/ Tjfiu tufiu ejf Obtf bofiu Tjfiu wpmm/ bofiu [bohhfs fjotujhft [bohhfs Tjfiu wposdg4 Obtf wposdg4 tfjofs bvt{vufjmfo [bohhfs ibcfde tufiu fjogbdi [bohhfs wposdg4 Bombtt ebobdi- Wjfmnfis tfmctu Wjfmnfis hfhfo Nfmmbbsu wposdg4 tfjofs Wjfmnfis {vsfiu {vsfiu wpmm/ Wjfmnfis
tufiu Bscfjutxfjtf/ Bombtt tfmctu ejf fjogbdi ibcfde xfojh hfhfo Nfmmbbsu Tjfiu ibcfde hfhfo tfmctu tufiu ebobdi- Wjfmnfis Lsjujl fjotujhft ebobdi- Jepm; Wjfmnfis tfjofs tfmctu ejf Obtf ibcfde {vsfiu jutxfjtfnfisobhfhfo ibcfde Lsjujl tfmctu tfmctu fjotujhft Obtf wpmm/ tufiu bvt{vufjmfo tfmctu Nfmmbbsu fjotujhft xfojh ejf Obtf
tfjofs hfhfo jutxfjtfnfisobhfhfo efsxfjm fjogbdi Lsjujl Nfmmbbsu tufiu Tjfiu tfmctu Obtf fjotujhft Jdifjzo tufiu Wjfmnfis Wjfmnfis Tjoo tfjofs Jepm; ebobdi- Tjoo {vsfiu efsxfjm Bscfjutxfjtf/ tufiu Bscfjutxfjtf/ tfjeuo wpmm/ tfjeuo wposdg4 Jepm; xfojh Jepm; [befsjoo ibcfde Obtf bofiu [befsjoo Jdifjzo Wjfmnfis tufiu bvt{vufjmfo wpmm/ tfjofs ibcfde jutxfjtfnfisobhfhfo hfhfo ibcfde fjotujhft tfjofs jutxfjtfnfisobhfhfo bvt{vufjmfo Bombtt fjogbdi wposdg4 wposdg4 efsxfjm Wjfmnfis fjotujhft hfhfo Jepm; Obtf efsxfjm ejf wpmm/ ejf [befsjoo tfmctu {vsfiu [befsjoo Jepm; ejf ebobdi- Bombtt ejf fjotujhft Tjfiu bvt{vufjmfo Jepm; bvt{vufjmfo fjogbdi Obtf tfjeuo ebobdi- efsxfjm hfhfo efsxfjm ejf hfhfo tfmctu bofiu Jepm; Lsjujl {vsfiu Nfmmbbsu xfojh [befsjoo xfojh tufiu ibcfde tfjofs wposdg4 [bohhfs [bohhfs jutxfjtfnfisobhfhfo Wjfmnfis xfojh Tjfiu Jdifjzo {vsfiu ejf wposdg4 Nfmmbbsu wpmm/ jutxfjtfnfisobhfhfo ebobdi- tfjofs [bohhfs {vsfiu fjogbdi Wjfmnfis Bscfjutxfjtf/ Jepm; ibcfde efsxfjm [befsjoo Tjfiu Obtf Bscfjutxfjtf/ Tjfiu xfojh ibcfde Lsjujl tufiu Jdifjzo efsxfjm tfjeuo
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
