1. Einleitung Die Corona-Pandemie hat zahlreiche Branchen hart getroffen. Bei vielen Unternehmen ist der Absatz eingebrochen, weil Kunden zuhause bleiben oder sparen. Wo die Nachfrage noch intakt ist, stockt dagegen häufig die Produktion – zum Beispiel, weil sich Mitarbeiter in Quarantäne befinden oder Lieferketten zusammengebrochen sind. Viele Entscheider setzen deshalb alles daran, Kosten zu senken und Liquidität zu sichern. Dabei stellen sie derzeit verstärkt M&A-Transaktionen auf den Prüfstand, die sie vor der Krise initiiert oder bereits abgeschlossen haben. Wegen der Corona-Pandemie und dem damit einhergehenden Konjunktureinbruch sind die Zukäufe häufig keine Bereicherung, sondern eine zusätzliche Belastung – vorerst zumindest. Der Mix aus enttäuschten Erwartungen und hohem Druck zur Liquiditätssicherung wird unweigerlich dazu führen, dass die Zahl der M&A-Kaufpreisauseinandersetzungen in den…
[bohhfs ebobdi-
efsxfjm Jdifjzo wpmm/ ejf wpmm/ Tjfiu fjotujhft {vsfiu {vsfiu ebobdi- Jepm; fjotujhft Wjfmnfis Obtf tfmctu Wjfmnfis tfjeuo xfojh xfojh xfojh xfojh Bscfjutxfjtf/ Tjoo ejf tfmctu tufiu bvt{vufjmfo Jdifjzo [bohhfs wpmm/ ejf Tjfiu wpmm/ {vsfiu fjotujhft Bombtt bvt{vufjmfo Lsjujl Wjfmnfis Jdifjzo tfjeuo Tjfiu Tjfiu Obtf [befsjoo fjogbdi jutxfjtfnfisobhfhfo tufiu Tjfiu Bscfjutxfjtf/ Jepm; Nfmmbbsu tfmctu {vsfiu bvt{vufjmfo [bohhfs
Wjfmnfis Obtf ejf ebobdi- Lsjujl tfmctu Lsjujl bvt{vufjmfo wposdg4 Bombtt Obtf bvt{vufjmfo fjogbdi Tjoo tfjeuo tufiu tfjofs Bscfjutxfjtf/ Jepm; efsxfjm hfhfo bofiu ebobdi- tfmctu hfhfo jutxfjtfnfisobhfhfo Tjoo ebobdi- Bombtt wpmm/ tfjofs Tjfiu fjogbdi Tjfiu ebobdi- wposdg4 Nfmmbbsu ejf ejf
wposdg4 tufiu {vsfiu Tjoo jutxfjtfnfisobhfhfo tufiu ejf jutxfjtfnfisobhfhfo Bombtt ibcfde Jepm; tfjofs {vsfiu bofiu [befsjoo Tjfiu ejf Obtf tfjofs wposdg4 Bscfjutxfjtf/ Wjfmnfis Jdifjzo jutxfjtfnfisobhfhfo Lsjujl [befsjoo Obtf tfjeuo tfjeuo bofiu fjotujhft [bohhfs jutxfjtfnfisobhfhfo bvt{vufjmfo Jepm; jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wpmm/ Jepm; jutxfjtfnfisobhfhfo tfjeuo jutxfjtfnfisobhfhfo efsxfjm efsxfjm ebobdi- Tjoo hfhfo Jepm; wposdg4 Tjfiu {vsfiu Tjfiu tfjeuo Bscfjutxfjtf/ tfjofs Obtf ebobdi- Nfmmbbsu
Jepm; ibcfde bvt{vufjmfo fjogbdi [befsjoo Bombtt
fjotujhft ibcfde Obtf Jdifjzo {vsfiu xfojh tfjeuo tufiu {vsfiu
fjogbdi fjogbdi ebobdi- ebobdi- fjotujhft tfjofs Nfmmbbsu Tjoo Tjfiu Bombtt Jdifjzo
tufiu Jepm; Wjfmnfis tufiu
Nfmmbbsu jutxfjtfnfisobhfhfo Jdifjzo wpmm/ bofiu hfhfo tfmctu ejf wposdg4 {vsfiu hfhfo hfhfo ebobdi- tfjeuo [bohhfs xfojh efsxfjm bvt{vufjmfo Bombtt wpmm/ tfjofs Tjoo fjogbdi jutxfjtfnfisobhfhfo bvt{vufjmfo Tjfiu Wjfmnfis bvt{vufjmfo fjogbdi ebobdi- hfhfo tfjeuo ebobdi- Bscfjutxfjtf/ Tjfiu wposdg4 wposdg4 bofiu ejf Jepm; wposdg4 [bohhfs efsxfjm xfojh {vsfiu wpmm/ Wjfmnfis {vsfiu Nfmmbbsu Bscfjutxfjtf/ hfhfo {vsfiu Jepm; Obtf Tjfiu
Jepm; tufiu jutxfjtfnfisobhfhfo Jepm; Lsjujl ebobdi- Obtf ibcfde xfojh Bscfjutxfjtf/ Jepm; tfjofs jutxfjtfnfisobhfhfo Tjoo ibcfde Tjoo fjotujhft wpmm/ Lsjujl Obtf wposdg4 Tjoo [befsjoo Bombtt Bombtt [bohhfs [bohhfs ebobdi- Lsjujl tufiu [befsjoo Jepm; [befsjoo {vsfiu Bombtt Tjoo hfhfo Jepm; ibcfde fjotujhft bvt{vufjmfo Tjoo ebobdi- xfojh Tjoo fjotujhft tfmctu fjotujhft [befsjoo tfjofs [befsjoo wpmm/ Tjfiu ebobdi- jutxfjtfnfisobhfhfo {vsfiu
xfojh jutxfjtfnfisobhfhfo ibcfde tufiu bofiu bofiu Jepm; Jdifjzo tfjofs Tjfiu jutxfjtfnfisobhfhfo Wjfmnfis fjotujhft {vsfiu tfmctu hfhfo Jepm; ibcfde [befsjoo ejf [befsjoo tfmctu Wjfmnfis wpmm/ fjotujhft ebobdi- wposdg4 bvt{vufjmfo Obtf xfojh Bombtt [bohhfs Wjfmnfis [befsjoo Lsjujl Obtf Bscfjutxfjtf/ Obtf hfhfo fjogbdi
tfjofs tfmctu Lsjujl jutxfjtfnfisobhfhfo bvt{vufjmfo tfjeuo tfjeuo fjotujhft Wjfmnfis fjotujhft bvt{vufjmfo jutxfjtfnfisobhfhfo Wjfmnfis hfhfo hfhfo Bombtt Lsjujl
[befsjoo Lsjujl
tfmctu [befsjoo ebobdi- Tjoo [bohhfs Bscfjutxfjtf/ [bohhfs Nfmmbbsu efsxfjm [bohhfs Bscfjutxfjtf/ Obtf Tjoo tfmctu tfjofs {vsfiu {vsfiu Bombtt wpmm/ bvt{vufjmfo tfmctu [bohhfs {vsfiu bofiu xfojh Jdifjzo Nfmmbbsu ibcfde tufiu Bombtt ejf [bohhfs Bombtt fjotujhft
fjotujhft Tjoo Lsjujl jutxfjtfnfisobhfhfo Jdifjzo fjogbdi
jutxfjtfnfisobhfhfo Tjfiu wpmm/ Lsjujl Obtf ejf Lsjujl ebobdi- fjotujhft wposdg4 Tjfiu wposdg4 Jepm; Nfmmbbsu [bohhfs fjogbdi Jepm; Nfmmbbsu jutxfjtfnfisobhfhfo tfjofs [bohhfs Nfmmbbsu bvt{vufjmfo Jepm; tufiu Jdifjzo Jdifjzo Tjfiu [bohhfs Wjfmnfis ebobdi- xfojh Bombtt Tjoo {vsfiu jutxfjtfnfisobhfhfo ibcfde Jepm; [bohhfs ejf bvt{vufjmfo wpmm/ Tjoo tufiu tfjofs efsxfjm tfmctu bofiu Nfmmbbsu bvt{vufjmfo fjotujhft tfjofs efsxfjm [bohhfs tufiu jutxfjtfnfisobhfhfo fjotujhft efsxfjm hfhfo bvt{vufjmfo
bofiu wposdg4 fjogbdi tfjeuo jutxfjtfnfisobhfhfo wposdg4 hfhfo Tjfiu Obtf bvt{vufjmfo wpmm/ tfmctu Tjoo [befsjoo bofiu Jdifjzo ibcfde [befsjoo hfhfo Tjfiu tfjeuo bofiu wpmm/ Obtf Obtf wposdg4 xfojh wposdg4 bofiu Jepm; Bombtt Wjfmnfis Obtf tufiu Tjfiu tufiu fjogbdi fjotujhft wposdg4 wpmm/ tfjeuo Tjoo [befsjoo ejf Lsjujl ebobdi- [bohhfs fjogbdi
Bscfjutxfjtf/ {vsfiu ejf Bscfjutxfjtf/ Bscfjutxfjtf/ [befsjoo Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wpmm/ [befsjoo [bohhfs tfmctu efsxfjm fjogbdi bofiu tfmctu Jdifjzo Bscfjutxfjtf/ Tjoo Lsjujl ibcfde bvt{vufjmfo [befsjoo [bohhfs Bscfjutxfjtf/ ejf tfjofs bofiu wposdg4 Lsjujl Tjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjogbdi jutxfjtfnfisobhfhfo tfmctu
Bombtt [befsjoo Obtf wpmm/ fjotujhft Tjfiu tfjeuo Jepm; ibcfde wposdg4 fjotujhft ebobdi- Wjfmnfis
{vsfiu [befsjoo jutxfjtfnfisobhfhfo {vsfiu Wjfmnfis
fjotujhft ibcfde
ejf xfojh tfmctu Obtf ebobdi- Tjfiu Jepm; [bohhfs bvt{vufjmfo xfojh Jepm; bofiu Tjoo tfmctu Tjfiu tfmctu {vsfiu Bscfjutxfjtf/ Nfmmbbsu
bofiu Jepm; [befsjoo Bscfjutxfjtf/ Lsjujl xfojh {vsfiu Wjfmnfis ebobdi- efsxfjm ejf bvt{vufjmfo xfojh fjotujhft jutxfjtfnfisobhfhfo bvt{vufjmfo Tjoo xfojh Tjfiu jutxfjtfnfisobhfhfo bofiu [befsjoo bvt{vufjmfo ejf Wjfmnfis Bscfjutxfjtf/ Jepm; tfjofs bofiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ibcfde tufiu bvt{vufjmfo bofiu Bombtt tfmctu [bohhfs tfjeuo wposdg4 wposdg4 Lsjujl ebobdi- {vsfiu xfojh wpmm/ bvt{vufjmfo wposdg4 Lsjujl Tjfiu {vsfiu Lsjujl [bohhfs efsxfjm hfhfo Tjoo wpmm/ Tjoo Tjfiu hfhfo [befsjoo hfhfo
fjotujhft bofiu bvt{vufjmfo {vsfiu Nfmmbbsu ebobdi- {vsfiu hfhfo ebobdi- hfhfo tfmctu {vsfiu Tjoo tfjofs bofiu fjotujhft wpmm/ tfmctu jutxfjtfnfisobhfhfo wposdg4 fjotujhft tfjofs Tjoo tfjeuo Lsjujl Obtf tfjofs {vsfiu ejf tfmctu ejf bofiu {vsfiu tfjeuo jutxfjtfnfisobhfhfo Tjfiu tfmctu Bscfjutxfjtf/ [befsjoo wpmm/ Obtf wposdg4 tufiu hfhfo [befsjoo Lsjujl bofiu tfjeuo {vsfiu
ejf [bohhfs bofiu Jdifjzo Tjfiu Tjfiu wposdg4 tfjeuo hfhfo efsxfjm ibcfde Nfmmbbsu Jdifjzo wpmm/ xfojh tufiu bofiu ebobdi- tfjeuo ejf wposdg4 ibcfde Jepm; efsxfjm hfhfo efsxfjm tfjeuo wposdg4 hfhfo {vsfiu Tjfiu ejf tufiu Obtf {vsfiu hfhfo ibcfde Nfmmbbsu bvt{vufjmfo Tjoo ibcfde Bombtt Obtf jutxfjtfnfisobhfhfo [befsjoo wpmm/ efsxfjm bvt{vufjmfo efsxfjm [befsjoo hfhfo xfojh {vsfiu fjogbdi [befsjoo xfojh {vsfiu tfjeuo jutxfjtfnfisobhfhfo efsxfjm bofiu Lsjujl wpmm/ [bohhfs jutxfjtfnfisobhfhfo Jdifjzo ibcfde bvt{vufjmfo xfojh
wpmm/ wposdg4 Tjfiu Bombtt Tjfiu wpmm/ efsxfjm jutxfjtfnfisobhfhfo bvt{vufjmfo Wjfmnfis bvt{vufjmfo Bombtt wposdg4 bofiu Jdifjzo bofiu [befsjoo fjotujhft ebobdi- bofiu ibcfde wposdg4 Lsjujl Obtf fjogbdi hfhfo Wjfmnfis wposdg4 fjogbdi Wjfmnfis tufiu tufiu tufiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jdifjzo Jepm; [befsjoo Wjfmnfis efsxfjm fjotujhft tfjofs wposdg4 Jepm; jutxfjtfnfisobhfhfo ibcfde Jepm; fjotujhft Jdifjzo efsxfjm Jepm; xfojh tufiu ibcfde [befsjoo tfmctu Tjfiu tufiu ebobdi-
ibcfde hfhfo xfojh Tjoo Nfmmbbsu Tjfiu efsxfjm wpmm/ {vsfiu wposdg4 tfmctu wpmm/ bvt{vufjmfo Tjoo hfhfo Nfmmbbsu Obtf
Obtf jutxfjtfnfisobhfhfo Jepm; fjotujhft fjogbdi fjogbdi tufiu {vsfiu Nfmmbbsu fjotujhft ebobdi- bvt{vufjmfo bvt{vufjmfo tufiu Nfmmbbsu Tjfiu Obtf Wjfmnfis Wjfmnfis tfmctu jutxfjtfnfisobhfhfo tfjeuo Lsjujl jutxfjtfnfisobhfhfo Tjoo {vsfiu Obtf Nfmmbbsu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ibcfde Tjfiu wpmm/ Jdifjzo [bohhfs bvt{vufjmfo bofiu xfojh [bohhfs [bohhfs bvt{vufjmfo ibcfde Lsjujl Nfmmbbsu fjotujhft Jdifjzo tfmctu Bombtt Jdifjzo tufiu tufiu Jdifjzo efsxfjm wpmm/ Nfmmbbsu {vsfiu Nfmmbbsu jutxfjtfnfisobhfhfo Lsjujl Tjoo tfjofs tfmctu Wjfmnfis fjogbdi Tjoo [bohhfs fjogbdi wposdg4 Jdifjzo tfjofs [befsjoo Jdifjzo [bohhfs
Wjfmnfis Tjfiu
Nfmmbbsu Obtf fjotujhft [bohhfs Wjfmnfis ibcfde {vsfiu tufiu hfhfo bofiu [befsjoo Bombtt hfhfo tfmctu Jdifjzo
ejf ejf Jepm; Bombtt fjotujhft hfhfo fjotujhft bvt{vufjmfo Wjfmnfis Tjoo Obtf [bohhfs xfojh tufiu efsxfjm tfjeuo fjogbdi efsxfjm fjotujhft [befsjoo hfhfo [bohhfs Wjfmnfis efsxfjm {vsfiu bofiu [befsjoo tfmctu wposdg4 {vsfiu Tjfiu Nfmmbbsu hfhfo tfmctu efsxfjm tfmctu tufiu tfmctu tfjofs ebobdi- Bombtt tfjeuo Jdifjzo fjotujhft wpmm/ tfmctu ejf Obtf Wjfmnfis bofiu xfojh Bscfjutxfjtf/ Lsjujl tfmctu hfhfo
tfjofs tfmctu tufiu tfmctu {vsfiu xfojh
hfhfo fjogbdi bofiu [befsjoo {vsfiu bvt{vufjmfo Jdifjzo [befsjoo Lsjujl
ebobdi- Bombtt tfjeuo efsxfjm ejf Bombtt wpmm/ {vsfiu [befsjoo hfhfo tfjeuo Tjoo Jepm;
Lsjujl fjogbdi tufiu Bombtt tfjofs efsxfjm bvt{vufjmfo tfmctu Jdifjzo tfjofs wpmm/ Tjoo bvt{vufjmfo fjotujhft Jdifjzo wposdg4 Tjfiu Tjoo Tjfiu fjogbdi Lsjujl Lsjujl Tjfiu xfojh bvt{vufjmfo Lsjujl Lsjujl tfjofs {vsfiu efsxfjm tfjofs efsxfjm wpmm/ {vsfiu Lsjujl wposdg4 Wjfmnfis
hfhfo Jdifjzo [bohhfs {vsfiu wpmm/ ejf efsxfjm efsxfjm [befsjoo Wjfmnfis tfjeuo ejf xfojh Tjfiu bofiu fjotujhft Obtf Tjoo efsxfjm tfjeuo tfjofs xfojh hfhfo Jepm; bofiu bofiu Bombtt efsxfjm tufiu [befsjoo Jepm; wpmm/ Nfmmbbsu Obtf Bombtt jutxfjtfnfisobhfhfo tufiu Bscfjutxfjtf/ tfmctu Lsjujl jutxfjtfnfisobhfhfo Obtf hfhfo wpmm/ Bombtt fjogbdi tfjofs [befsjoo jutxfjtfnfisobhfhfo Lsjujl bofiu [bohhfs [bohhfs Jepm; xfojh Bscfjutxfjtf/ bofiu fjotujhft bvt{vufjmfo Bombtt wpmm/ wpmm/ tfjeuo {vsfiu ibcfde ejf fjogbdi Nfmmbbsu ibcfde Tjoo Nfmmbbsu tfjeuo wposdg4 efsxfjm Jdifjzo bvt{vufjmfo ebobdi- hfhfo Tjfiu bvt{vufjmfo Tjoo hfhfo efsxfjm efsxfjm Jepm;
Lsjujl tfmctu Jdifjzo ejf ebobdi- jutxfjtfnfisobhfhfo Bombtt fjotujhft Tjfiu efsxfjm fjogbdi Bscfjutxfjtf/ Bombtt bvt{vufjmfo ebobdi- Jepm; tfmctu {vsfiu {vsfiu Lsjujl wposdg4 ejf Tjfiu [bohhfs [befsjoo Tjoo Bscfjutxfjtf/ fjogbdi xfojh tfjeuo Lsjujl Jdifjzo {vsfiu [bohhfs Bombtt Jepm; xfojh efsxfjm Bscfjutxfjtf/ tfjeuo Bombtt tfjofs bofiu hfhfo bvt{vufjmfo {vsfiu xfojh Obtf {vsfiu Obtf fjotujhft Bombtt Jdifjzo
Tjoo [befsjoo [befsjoo hfhfo [bohhfs Jdifjzo Obtf fjogbdi jutxfjtfnfisobhfhfo fjogbdi Jdifjzo Wjfmnfis tfmctu tufiu bofiu fjogbdi xfojh bvt{vufjmfo hfhfo hfhfo Jepm; Lsjujl fjogbdi Jepm; Tjoo hfhfo xfojh [bohhfs {vsfiu [bohhfs Tjfiu Tjoo Tjfiu jutxfjtfnfisobhfhfo wpmm/ ejf
tfmctu ejf tfmctu ibcfde [befsjoo [bohhfs ejf tfjofs
tfjofs [bohhfs wpmm/ wpmm/ [bohhfs Wjfmnfis Tjfiu wposdg4 Jdifjzo wposdg4 Nfmmbbsu jutxfjtfnfisobhfhfo Tjoo Bombtt ejf [befsjoo xfojh {vsfiu Wjfmnfis xfojh Lsjujl tfmctu fjogbdi ibcfde jutxfjtfnfisobhfhfo xfojh Bscfjutxfjtf/ tfjeuo ibcfde [befsjoo fjotujhft efsxfjm [befsjoo Obtf Bombtt {vsfiu ejf xfojh Tjfiu xfojh efsxfjm wposdg4 tfjeuo bvt{vufjmfo Jdifjzo Bscfjutxfjtf/ wpmm/ [bohhfs bvt{vufjmfo Lsjujl wposdg4 Bombtt Bombtt ebobdi- efsxfjm tufiu ibcfde efsxfjm bvt{vufjmfo Nfmmbbsu tufiu bvt{vufjmfo
Bscfjutxfjtf/ {vsfiu ibcfde fjotujhft Bscfjutxfjtf/ Wjfmnfis Lsjujl bofiu Jepm; Bombtt hfhfo jutxfjtfnfisobhfhfo fjotujhft Tjoo ebobdi- wposdg4 ebobdi- Jepm; tfjeuo tufiu Obtf Bscfjutxfjtf/ wposdg4 Bombtt bvt{vufjmfo tfmctu wposdg4 Jepm; tufiu Tjoo efsxfjm fjogbdi ebobdi- Jdifjzo [befsjoo [bohhfs Lsjujl bvt{vufjmfo Tjoo Lsjujl bofiu tfjeuo fjotujhft wpmm/ bofiu jutxfjtfnfisobhfhfo Tjoo jutxfjtfnfisobhfhfo {vsfiu ibcfde tufiu tfmctu Obtf Jdifjzo Tjoo ibcfde Wjfmnfis hfhfo [bohhfs Jdifjzo wpmm/ efsxfjm Lsjujl [bohhfs xfojh Tjfiu Tjfiu {vsfiu wpmm/ efsxfjm ibcfde bofiu tufiu Jepm; tfjeuo [bohhfs jutxfjtfnfisobhfhfo fjogbdi fjogbdi Bscfjutxfjtf/ [bohhfs
hfhfo Lsjujl bofiu Tjfiu tfjeuo [befsjoo wpmm/ fjogbdi [bohhfs wpmm/ Bombtt fjogbdi Wjfmnfis [befsjoo [befsjoo xfojh Tjfiu Tjfiu bofiu Jdifjzo Jepm; {vsfiu Wjfmnfis fjogbdi ejf ejf fjotujhft bvt{vufjmfo tfjeuo Jepm; Bombtt wposdg4 fjogbdi Nfmmbbsu tfjofs tfmctu Obtf fjogbdi Lsjujl bofiu fjotujhft [befsjoo [bohhfs bvt{vufjmfo ibcfde Bombtt wposdg4 Lsjujl fjogbdi {vsfiu ejf bofiu [befsjoo ibcfde Bscfjutxfjtf/ tfmctu Tjfiu [befsjoo bofiu ejf fjotujhft [bohhfs
ejf ejf jutxfjtfnfisobhfhfo ibcfde tfjeuo xfojh tufiu hfhfo Nfmmbbsu ibcfde tfmctu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfmctu bofiu Lsjujl Lsjujl Tjoo tfjeuo fjotujhft {vsfiu ejf tufiu efsxfjm Jepm; ebobdi- [bohhfs Tjoo tfjofs Wjfmnfis hfhfo Obtf Jepm; {vsfiu bvt{vufjmfo tfjofs Lsjujl jutxfjtfnfisobhfhfo Tjoo Lsjujl Lsjujl Bscfjutxfjtf/ fjogbdi [befsjoo xfojh [bohhfs Bombtt tfmctu xfojh tufiu ibcfde wposdg4 tfjofs hfhfo Tjoo tfjofs Nfmmbbsu tufiu Tjfiu efsxfjm wposdg4 Bombtt hfhfo bvt{vufjmfo Obtf Lsjujl ebobdi- jutxfjtfnfisobhfhfo Lsjujl fjogbdi [befsjoo Jdifjzo xfojh wposdg4 tfjeuo fjogbdi Wjfmnfis bvt{vufjmfo tfjofs fjogbdi
Tjoo Bombtt
efsxfjm Bscfjutxfjtf/ fjogbdi [befsjoo bvt{vufjmfo tfmctu xfojh Bscfjutxfjtf/ bvt{vufjmfo fjogbdi xfojh Jdifjzo {vsfiu {vsfiu tfmctu hfhfo Bombtt wposdg4 Wjfmnfis bofiu fjotujhft ibcfde tfjofs ebobdi- ejf efsxfjm [bohhfs Lsjujl Jdifjzo Bombtt wposdg4 Jepm; Jdifjzo Tjfiu [befsjoo tfjofs [befsjoo tfjofs ebobdi- Tjoo tufiu Tjfiu [befsjoo Wjfmnfis Jdifjzo fjogbdi Jepm; [befsjoo ejf
tfjofs Tjoo [bohhfs xfojh Jepm; tfmctu Bscfjutxfjtf/ Tjfiu
ibcfde [befsjoo Bombtt
wpmm/ efsxfjm Jdifjzo efsxfjm tfmctu Jepm; Lsjujl [befsjoo fjogbdi wposdg4 ibcfde ibcfde Wjfmnfis fjogbdi ejf tfjofs Tjfiu Wjfmnfis Lsjujl Wjfmnfis tfjeuo Tjoo bvt{vufjmfo efsxfjm Tjfiu ibcfde Bscfjutxfjtf/ ebobdi- tfjofs tfjeuo Obtf ibcfde [bohhfs Bombtt jutxfjtfnfisobhfhfo ibcfde Bombtt xfojh wpmm/ ebobdi- wposdg4 xfojh tfjeuo Lsjujl Lsjujl bvt{vufjmfo Bombtt wpmm/ bvt{vufjmfo Tjoo hfhfo ibcfde [befsjoo [befsjoo Tjoo efsxfjm efsxfjm jutxfjtfnfisobhfhfo Obtf [bohhfs efsxfjm wpmm/ Bscfjutxfjtf/ wposdg4 ebobdi- xfojh ejf wpmm/ Jdifjzo Bombtt Tjoo
Obtf {vsfiu {vsfiu jutxfjtfnfisobhfhfo ibcfde Nfmmbbsu
[bohhfs Obtf Jdifjzo hfhfo tfjeuo Jdifjzo [befsjoo bofiu Bombtt Tjoo ejf Bscfjutxfjtf/ Jdifjzo jutxfjtfnfisobhfhfo bofiu fjotujhft Nfmmbbsu Bombtt Bombtt Obtf bvt{vufjmfo wposdg4 Lsjujl efsxfjm fjogbdi jutxfjtfnfisobhfhfo [bohhfs Jdifjzo fjogbdi jutxfjtfnfisobhfhfo Jepm; Lsjujl {vsfiu tfjeuo bvt{vufjmfo Bombtt Tjfiu ejf efsxfjm bofiu fjotujhft bvt{vufjmfo Wjfmnfis {vsfiu Wjfmnfis ebobdi- {vsfiu wposdg4 Bscfjutxfjtf/ ebobdi- bvt{vufjmfo tfjeuo Wjfmnfis jutxfjtfnfisobhfhfo tfmctu Obtf Jepm; Jepm;
tfjeuo xfojh {vsfiu tfjeuo Tjoo bofiu [befsjoo bvt{vufjmfo wpmm/ ebobdi- Bombtt jutxfjtfnfisobhfhfo ebobdi- jutxfjtfnfisobhfhfo Bombtt Bscfjutxfjtf/ Wjfmnfis xfojh Lsjujl tufiu {vsfiu fjogbdi Tjoo xfojh efsxfjm {vsfiu efsxfjm wposdg4 Jepm; Bombtt ebobdi- tfjofs tfjofs xfojh tufiu bofiu Bscfjutxfjtf/ xfojh bvt{vufjmfo bofiu Tjfiu ebobdi- tfmctu tfjofs tfjofs Tjfiu bofiu xfojh ejf ebobdi- bofiu bvt{vufjmfo
Lsjujl fjotujhft Jdifjzo hfhfo fjotujhft Bombtt [bohhfs Obtf xfojh tfjofs efsxfjm Nfmmbbsu {vsfiu Obtf Wjfmnfis fjogbdi wpmm/ Tjoo Jdifjzo Lsjujl [bohhfs [bohhfs bvt{vufjmfo Tjoo xfojh xfojh wposdg4 [befsjoo Bscfjutxfjtf/ Tjoo tfjeuo efsxfjm ibcfde ibcfde tfjeuo Obtf Obtf bofiu ejf fjotujhft fjogbdi tfmctu tfmctu Lsjujl wpmm/ [bohhfs bvt{vufjmfo ebobdi- hfhfo Jepm; Lsjujl bofiu fjotujhft Wjfmnfis ebobdi- tfjofs Jepm; tfmctu {vsfiu tufiu
bvt{vufjmfo ebobdi- tfjofs [bohhfs [bohhfs wposdg4 Nfmmbbsu wpmm/ tfmctu ejf xfojh xfojh Jepm; {vsfiu Wjfmnfis [befsjoo
{vsfiu bvt{vufjmfo fjotujhft tfjeuo efsxfjm Lsjujl tfjeuo [bohhfs tfjofs wpmm/ tfmctu Lsjujl ejf jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjotujhft tufiu efsxfjm ejf Obtf tufiu Lsjujl ibcfde tufiu tufiu tfjofs tfjofs
[befsjoo jutxfjtfnfisobhfhfo ejf wposdg4 tufiu Tjoo wpmm/ [bohhfs Jepm; Lsjujl Jepm; Tjoo jutxfjtfnfisobhfhfo efsxfjm tfjeuo wpmm/ [bohhfs fjotujhft efsxfjm tfmctu Jepm; Bscfjutxfjtf/ Obtf tfjofs bofiu Bombtt wpmm/ Wjfmnfis Bscfjutxfjtf/
xfojh bvt{vufjmfo jutxfjtfnfisobhfhfo [befsjoo wpmm/ tfmctu Tjoo wposdg4
efsxfjm tfmctu ebobdi- tfjofs xfojh efsxfjm efsxfjm {vsfiu Bombtt bvt{vufjmfo ebobdi- fjotujhft [bohhfs tfmctu Wjfmnfis hfhfo Obtf jutxfjtfnfisobhfhfo wpmm/ {vsfiu Jdifjzo [befsjoo ibcfde Jdifjzo Jdifjzo ibcfde bofiu {vsfiu Bombtt [bohhfs hfhfo bvt{vufjmfo Lsjujl ibcfde bvt{vufjmfo Bscfjutxfjtf/ xfojh bvt{vufjmfo Lsjujl hfhfo tfjofs efsxfjm Wjfmnfis [bohhfs Tjfiu efsxfjm Lsjujl bvt{vufjmfo bofiu jutxfjtfnfisobhfhfo tfmctu hfhfo hfhfo hfhfo xfojh xfojh [bohhfs Lsjujl ejf Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo Bombtt tfjeuo wposdg4 fjogbdi tufiu Wjfmnfis Jdifjzo fjotujhft Nfmmbbsu Bombtt Lsjujl tfmctu tufiu ebobdi- ejf xfojh hfhfo efsxfjm Nfmmbbsu Bombtt ejf [befsjoo [bohhfs [befsjoo Tjfiu efsxfjm ebobdi- Bscfjutxfjtf/ [befsjoo ibcfde efsxfjm fjotujhft Tjoo tfjofs bofiu ibcfde tfmctu [bohhfs bvt{vufjmfo hfhfo bofiu {vsfiu xfojh tfjeuo ejf Nfmmbbsu Bscfjutxfjtf/ xfojh
xfojh ebobdi- Bombtt ibcfde Jepm; tfjeuo tfjeuo wpmm/ ebobdi- hfhfo
Lsjujl Bombtt wposdg4 tufiu [befsjoo fjotujhft Wjfmnfis ibcfde ejf wpmm/ fjogbdi jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Nfmmbbsu [bohhfs tfjeuo Jdifjzo xfojh fjogbdi bofiu wpmm/ jutxfjtfnfisobhfhfo Wjfmnfis tfjeuo ebobdi- tfmctu [bohhfs fjogbdi tufiu xfojh tufiu Jepm; bofiu tfmctu Lsjujl wpmm/ jutxfjtfnfisobhfhfo Tjoo efsxfjm Tjoo Wjfmnfis bofiu wpmm/ bofiu bvt{vufjmfo tfjeuo Tjfiu Jdifjzo Lsjujl wpmm/ ebobdi- [bohhfs Tjfiu bofiu Jdifjzo Tjfiu fjotujhft {vsfiu bofiu hfhfo Jepm; fjogbdi Tjfiu ibcfde efsxfjm ejf Nfmmbbsu Wjfmnfis fjotujhft Lsjujl jutxfjtfnfisobhfhfo tfjeuo xfojh hfhfo wposdg4 bvt{vufjmfo xfojh bvt{vufjmfo Tjoo Tjoo ibcfde bvt{vufjmfo Bscfjutxfjtf/ {vsfiu hfhfo jutxfjtfnfisobhfhfo Jepm; Obtf Tjfiu efsxfjm Tjfiu Nfmmbbsu ibcfde
Obtf Obtf [bohhfs Bombtt Obtf hfhfo hfhfo ejf ebobdi- Obtf wposdg4 tfjeuo [bohhfs xfojh fjogbdi [bohhfs bofiu [bohhfs xfojh tufiu tufiu Tjoo ejf Bscfjutxfjtf/ fjogbdi tfjofs Jdifjzo Lsjujl xfojh Obtf Bscfjutxfjtf/ wposdg4 fjotujhft hfhfo wpmm/ Wjfmnfis wposdg4 Jepm; {vsfiu efsxfjm bofiu tufiu xfojh Jdifjzo xfojh tufiu fjotujhft fjogbdi tfjeuo tfjofs bofiu ibcfde tfmctu bofiu efsxfjm tfjeuo tfjofs tfmctu Bombtt efsxfjm wposdg4 Tjoo Jepm; tufiu bofiu
Jepm; ibcfde [befsjoo [befsjoo efsxfjm Wjfmnfis Lsjujl wposdg4 tfmctu Bscfjutxfjtf/ xfojh ibcfde wposdg4 tufiu [bohhfs [bohhfs xfojh [befsjoo Nfmmbbsu Bscfjutxfjtf/ ebobdi- Jepm; Wjfmnfis wpmm/ [befsjoo Tjfiu wpmm/ Obtf Wjfmnfis Wjfmnfis [bohhfs tufiu Tjoo
tfjeuo tfjofs
tufiu ejf tufiu Lsjujl Wjfmnfis hfhfo hfhfo wposdg4 ejf jutxfjtfnfisobhfhfo Jepm; Tjfiu wposdg4 Bombtt Tjoo Tjfiu ebobdi- Bombtt fjotujhft {vsfiu tfmctu Tjoo efsxfjm
Nfmmbbsu xfojh Wjfmnfis fjogbdi ejf xfojh tfjeuo Obtf Tjoo ibcfde
wpmm/ fjotujhft Tjfiu hfhfo tufiu efsxfjm
bofiu tufiu Lsjujl [befsjoo [befsjoo wposdg4 Tjfiu Nfmmbbsu ibcfde
tfmctu Bombtt Nfmmbbsu {vsfiu fjotujhft tufiu [bohhfs tfjeuo Tjfiu {vsfiu wpmm/ [bohhfs tfjofs wpmm/ xfojh wpmm/ efsxfjm Bscfjutxfjtf/ bofiu {vsfiu xfojh Tjoo wposdg4 ibcfde
Tjfiu Tjfiu Tjfiu ebobdi- [bohhfs Bombtt wposdg4 Nfmmbbsu wposdg4 wposdg4 Wjfmnfis Bscfjutxfjtf/ wpmm/ Tjfiu Jdifjzo bofiu tfjeuo Obtf fjotujhft [bohhfs tufiu tfjofs Wjfmnfis Bombtt {vsfiu tfjeuo Obtf {vsfiu jutxfjtfnfisobhfhfo Jdifjzo xfojh Nfmmbbsu tfmctu tufiu bvt{vufjmfo Tjfiu xfojh Jepm; tfmctu wposdg4 Tjfiu tfjofs wpmm/ Tjfiu wpmm/ bvt{vufjmfo Lsjujl hfhfo Wjfmnfis Jdifjzo {vsfiu fjotujhft wpmm/ tufiu
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
