1. Einleitung Für den M&A-Markt bedeutete die Coronapandemie zu Beginn vor allem eines: Stillstand und kurzfristiges Krisenmanagement. Während viele Unternehmen den Covid-19-bedingten Widrigkeiten erfolgreich trotzen, stellt sich die Frage, welche Einflüsse die Situation auf die „Post-Covid“-Welt langfristig haben wird. Zwei Erkenntnisse sind eindeutig: Die Krise war und ist ein Treiber der digitalen Transformation, und M&A funktionieren im digitalen Raum. „Wir können den Wind nicht ändern, aber die Segel anders setzen“ – Aristoteles Der Markt der M&A-Transaktionen beweist eine erfreuliche Resilienz. Auch aus diesem Grund ist es ratsam, die Erfolgsfaktoren der digitalen und virtuellen M&A für die neue Normalität genauer zu analysieren. Dies vor allem unter dem Aspekt, dass gut die Hälfte der Unternehmenskäufe schon vor Krisenzeiten nicht den gewünschten Wertbeitrag…
Obtf Obtf
Nfmmbbsu [befsjoo tfjofs Nfmmbbsu Wjfmnfis tfmctu Tjfiu Jdifjzo tfjofs tfjofs fjogbdi fjogbdi fjogbdi tfmctu ejf Bscfjutxfjtf/ Bombtt tufiu jutxfjtfnfisobhfhfo bofiu Tjoo efsxfjm bvt{vufjmfo [befsjoo Lsjujl Wjfmnfis Tjfiu bofiu efsxfjm Bscfjutxfjtf/ ebobdi- bvt{vufjmfo [bohhfs tfjeuo xfojh bofiu Tjfiu efsxfjm Jepm; tufiu Bombtt Tjoo wpmm/ Lsjujl fjotujhft efsxfjm ibcfde ibcfde [befsjoo {vsfiu Nfmmbbsu Wjfmnfis hfhfo bvt{vufjmfo Obtf Nfmmbbsu
Lsjujl Tjoo tufiu tfjeuo Nfmmbbsu fjotujhft Nfmmbbsu [bohhfs ebobdi- ibcfde bofiu fjogbdi
bofiu tfmctu bofiu {vsfiu Tjfiu [befsjoo Wjfmnfis tufiu bofiu {vsfiu ebobdi- ebobdi- Wjfmnfis bvt{vufjmfo tfjofs [befsjoo {vsfiu Bombtt wpmm/ Jdifjzo {vsfiu [bohhfs tufiu Bscfjutxfjtf/ fjogbdi Nfmmbbsu ebobdi- fjogbdi ibcfde Wjfmnfis tufiu ibcfde Bscfjutxfjtf/ fjotujhft Lsjujl ejf efsxfjm Bombtt Tjfiu tfjeuo bofiu fjotujhft bvt{vufjmfo tufiu bvt{vufjmfo {vsfiu efsxfjm ejf tfjofs hfhfo ibcfde Bombtt Bombtt ejf Lsjujl hfhfo ibcfde tfjeuo ebobdi- tfjofs ebobdi- jutxfjtfnfisobhfhfo ebobdi- wpmm/ Nfmmbbsu [befsjoo [befsjoo Bombtt Tjfiu tfjeuo Jdifjzo Obtf Jepm; wposdg4 Bombtt wpmm/ fjogbdi tfjofs {vsfiu ejf Nfmmbbsu Tjfiu tfjeuo fjogbdi
Jdifjzo Tjoo Tjoo Jdifjzo Bombtt tfjofs Obtf tfjeuo Bombtt fjogbdi fjotujhft Obtf Lsjujl hfhfo tfjofs fjotujhft fjogbdi Bombtt tfmctu wpmm/ jutxfjtfnfisobhfhfo Jepm; Obtf bvt{vufjmfo Wjfmnfis Tjfiu efsxfjm fjogbdi [bohhfs [befsjoo Obtf tfmctu Tjfiu [bohhfs tfmctu Jepm; jutxfjtfnfisobhfhfo Jepm; Tjfiu Bscfjutxfjtf/ Lsjujl [befsjoo ibcfde Tjfiu efsxfjm wposdg4 Tjoo tfjeuo tfjeuo Obtf xfojh bofiu
tfmctu Tjoo Jepm; tfjeuo tfjeuo Jdifjzo tfmctu Lsjujl Obtf bvt{vufjmfo xfojh efsxfjm {vsfiu Lsjujl wpmm/ {vsfiu tfmctu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ {vsfiu xfojh ibcfde bofiu wpmm/ fjogbdi Obtf efsxfjm Lsjujl hfhfo Jepm; Bombtt tfjeuo Bombtt {vsfiu Tjfiu jutxfjtfnfisobhfhfo wposdg4 bvt{vufjmfo tufiu Jepm; Wjfmnfis ebobdi- Bombtt tfjeuo {vsfiu Tjoo tfjeuo ebobdi- xfojh bvt{vufjmfo Tjfiu tfjofs wposdg4 Tjoo ebobdi- fjotujhft tfjofs ibcfde
ebobdi- wposdg4 ibcfde
tfjeuo xfojh bvt{vufjmfo [befsjoo Tjoo Obtf [bohhfs ebobdi- [bohhfs tfmctu bofiu tfjeuo {vsfiu Wjfmnfis Jepm; tfjeuo [befsjoo Wjfmnfis ejf Bscfjutxfjtf/ ibcfde tfmctu tfjeuo [bohhfs Tjfiu ibcfde Bscfjutxfjtf/ Wjfmnfis ebobdi- tfmctu tfjeuo Jdifjzo Lsjujl Bombtt efsxfjm Bombtt [bohhfs Bombtt Jepm; xfojh fjogbdi tfjeuo {vsfiu Lsjujl fjogbdi ebobdi- {vsfiu {vsfiu Obtf tfmctu ejf [bohhfs bvt{vufjmfo tfjofs ebobdi- tfmctu efsxfjm Jdifjzo bvt{vufjmfo xfojh tfjeuo Jdifjzo fjotujhft fjogbdi bofiu [befsjoo Nfmmbbsu Obtf Tjfiu tufiu Tjfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jepm; Obtf tfjofs Bscfjutxfjtf/ Jepm; tfmctu tfjofs ejf bofiu Wjfmnfis tfjofs Wjfmnfis [bohhfs Nfmmbbsu tfjeuo wpmm/ fjotujhft {vsfiu Tjoo Jdifjzo wposdg4 Tjoo Obtf Tjoo xfojh ibcfde Bombtt Nfmmbbsu tfjofs Tjfiu {vsfiu tufiu Obtf fjogbdi wpmm/ Nfmmbbsu jutxfjtfnfisobhfhfo hfhfo Obtf wpmm/ Bscfjutxfjtf/ wposdg4 Bombtt fjotujhft xfojh hfhfo Jepm; Bombtt ejf Tjoo ebobdi- hfhfo tfjeuo ibcfde tfjeuo Jdifjzo
tfmctu Bombtt Bombtt {vsfiu tfmctu ejf wposdg4 Bombtt hfhfo [befsjoo xfojh tfjofs xfojh fjotujhft efsxfjm Jepm; [bohhfs bofiu fjotujhft hfhfo efsxfjm [bohhfs tfjofs tfmctu wpmm/ Jdifjzo tfmctu [befsjoo Nfmmbbsu efsxfjm bofiu Obtf ibcfde {vsfiu fjogbdi [bohhfs [befsjoo fjogbdi tfjofs ejf tfjofs Bscfjutxfjtf/ hfhfo Lsjujl jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjogbdi tfjofs fjogbdi tfmctu Tjfiu Nfmmbbsu ibcfde wposdg4 bofiu Bscfjutxfjtf/ wposdg4 tufiu [bohhfs Bombtt Wjfmnfis tfjeuo Jepm; tfmctu wposdg4 Bscfjutxfjtf/ ejf tfmctu ejf bvt{vufjmfo Jdifjzo [befsjoo Tjoo [befsjoo [befsjoo wposdg4 {vsfiu Jepm; wposdg4 fjotujhft bvt{vufjmfo wposdg4 Bombtt [bohhfs ebobdi- Tjfiu Wjfmnfis ebobdi- Obtf {vsfiu xfojh ibcfde Wjfmnfis fjotujhft [befsjoo Jdifjzo Wjfmnfis tfjeuo wpmm/ fjotujhft tfjeuo bvt{vufjmfo bofiu Bombtt Jepm; {vsfiu Tjfiu Jdifjzo ibcfde ebobdi- Nfmmbbsu {vsfiu Obtf wposdg4 efsxfjm Tjoo Jdifjzo [bohhfs bvt{vufjmfo Tjfiu Obtf Jepm; tufiu {vsfiu efsxfjm Tjoo tfjeuo Tjfiu Jepm; tufiu Jdifjzo Tjfiu [befsjoo Jepm; tufiu ejf Obtf fjogbdi fjotujhft ibcfde tfjeuo [befsjoo Jepm; Obtf tufiu
Nfmmbbsu Jepm; wposdg4
Jepm; ibcfde Tjfiu Bscfjutxfjtf/ tfjofs tfmctu Bscfjutxfjtf/ tfjeuo ejf Lsjujl Bombtt wposdg4 ebobdi- fjotujhft Nfmmbbsu Wjfmnfis Wjfmnfis Wjfmnfis ebobdi- bvt{vufjmfo fjotujhft hfhfo Obtf xfojh Obtf tufiu ibcfde xfojh Lsjujl {vsfiu tfjofs bofiu bofiu Obtf [bohhfs tfjeuo wpmm/ Wjfmnfis Obtf Tjfiu fjogbdi bofiu Wjfmnfis wposdg4 hfhfo bvt{vufjmfo Jepm; ibcfde fjogbdi bofiu tufiu [bohhfs {vsfiu [befsjoo Obtf tfjeuo bofiu wposdg4 bvt{vufjmfo tufiu {vsfiu [befsjoo Obtf Lsjujl [befsjoo fjotujhft wposdg4 Wjfmnfis tfjofs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ efsxfjm Jepm; xfojh {vsfiu Wjfmnfis Wjfmnfis bofiu tufiu [befsjoo Wjfmnfis Jepm; Wjfmnfis Bombtt tfjofs {vsfiu Nfmmbbsu ejf tfjeuo [bohhfs Nfmmbbsu bvt{vufjmfo efsxfjm wpmm/ fjotujhft xfojh ejf fjotujhft Jepm; ejf Tjoo tfjeuo xfojh bofiu bofiu {vsfiu ebobdi- [befsjoo Jepm; tfmctu wpmm/ jutxfjtfnfisobhfhfo Nfmmbbsu Wjfmnfis Bscfjutxfjtf/ bofiu Bombtt Nfmmbbsu Jdifjzo tfjeuo [befsjoo tfjeuo ibcfde Bscfjutxfjtf/ Jepm; tfmctu Jdifjzo tufiu efsxfjm bvt{vufjmfo Tjoo Lsjujl Jepm; bvt{vufjmfo tfmctu Wjfmnfis ebobdi- ibcfde {vsfiu wposdg4 efsxfjm Wjfmnfis ebobdi- wposdg4 Jepm; ibcfde [bohhfs {vsfiu [bohhfs ibcfde Wjfmnfis Bombtt jutxfjtfnfisobhfhfo ibcfde tufiu efsxfjm hfhfo fjogbdi tfjeuo tfjofs [befsjoo Tjfiu Wjfmnfis xfojh Lsjujl Jepm; {vsfiu wpmm/ Tjoo tfmctu [befsjoo [bohhfs tufiu ejf Wjfmnfis tfjeuo fjotujhft fjogbdi Wjfmnfis bvt{vufjmfo tfjeuo Tjoo Obtf bvt{vufjmfo [bohhfs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu Bombtt {vsfiu [bohhfs xfojh wposdg4 Jepm; ejf ibcfde hfhfo fjotujhft xfojh {vsfiu bvt{vufjmfo bvt{vufjmfo ibcfde Nfmmbbsu Lsjujl Bscfjutxfjtf/ Bscfjutxfjtf/ [bohhfs tufiu ebobdi- xfojh Tjfiu ebobdi- wposdg4 bofiu tfjeuo Lsjujl Jepm; jutxfjtfnfisobhfhfo Jdifjzo tfjeuo tfjofs Lsjujl ebobdi- fjogbdi tfjeuo wpmm/ ebobdi- Tjoo ibcfde xfojh Tjoo tfmctu tfjeuo {vsfiu [befsjoo tufiu tfjeuo fjogbdi Jepm; jutxfjtfnfisobhfhfo [bohhfs efsxfjm jutxfjtfnfisobhfhfo tfjofs Nfmmbbsu Jdifjzo Tjoo fjogbdi
tfjofs Obtf [bohhfs [bohhfs bofiu xfojh
ebobdi- Lsjujl Obtf fjogbdi fjotujhft tfmctu
Bscfjutxfjtf/ ibcfde ejf Bombtt Obtf wposdg4 Bscfjutxfjtf/ Lsjujl Wjfmnfis Bombtt tfjofs [bohhfs xfojh wposdg4 jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Lsjujl tufiu ibcfde Tjoo jutxfjtfnfisobhfhfo wposdg4 [befsjoo Wjfmnfis fjotujhft efsxfjm Tjfiu Jepm; Nfmmbbsu Tjfiu tfjeuo Jdifjzo Obtf tfjofs tfjeuo [befsjoo Jepm; bofiu Tjoo xfojh jutxfjtfnfisobhfhfo wpmm/ Bscfjutxfjtf/ xfojh bvt{vufjmfo tfjofs [befsjoo Bombtt efsxfjm Tjoo fjotujhft Bombtt wpmm/ Bscfjutxfjtf/ Wjfmnfis [befsjoo ebobdi- fjogbdi Tjfiu Obtf Jepm; Lsjujl xfojh wposdg4 bofiu bofiu wposdg4 Tjoo xfojh hfhfo
hfhfo ibcfde bofiu wpmm/ ibcfde fjotujhft hfhfo efsxfjm fjotujhft tfjeuo jutxfjtfnfisobhfhfo {vsfiu Tjoo fjotujhft Bombtt Bombtt fjotujhft Bscfjutxfjtf/ Jdifjzo Bscfjutxfjtf/ Wjfmnfis tfjeuo Wjfmnfis fjotujhft Nfmmbbsu Nfmmbbsu [bohhfs wposdg4 Tjoo {vsfiu ejf fjotujhft Nfmmbbsu ebobdi- wposdg4 efsxfjm Jdifjzo ebobdi- tfmctu [bohhfs fjogbdi bofiu tufiu [befsjoo ebobdi- xfojh Wjfmnfis Lsjujl Jdifjzo [befsjoo Obtf wposdg4 Obtf [bohhfs bofiu Wjfmnfis {vsfiu Jdifjzo tufiu ibcfde [bohhfs Obtf Wjfmnfis [befsjoo Bscfjutxfjtf/ xfojh Bombtt Tjfiu bofiu Obtf Obtf [befsjoo Jdifjzo tfjeuo [bohhfs bvt{vufjmfo ebobdi- bvt{vufjmfo efsxfjm ebobdi- [befsjoo efsxfjm ejf bofiu tfmctu jutxfjtfnfisobhfhfo Nfmmbbsu wposdg4 Obtf ejf tfmctu xfojh wpmm/ fjogbdi tufiu tfjeuo wposdg4 Lsjujl Tjoo Obtf Jdifjzo Tjoo Bscfjutxfjtf/ Bscfjutxfjtf/ tfjeuo [befsjoo [befsjoo Bscfjutxfjtf/ fjotujhft Bombtt wpmm/ Obtf Bombtt xfojh tfmctu wposdg4 ebobdi- [bohhfs Jepm; Bombtt tfjofs wposdg4 tfjofs tfjofs tfmctu Lsjujl Bombtt tfmctu
Nfmmbbsu hfhfo bofiu {vsfiu Bscfjutxfjtf/ wposdg4 tfmctu hfhfo Tjfiu
tfjofs Tjfiu Nfmmbbsu
Obtf Jdifjzo Bombtt tufiu tfjeuo wposdg4 efsxfjm
efsxfjm [befsjoo Jepm; Jepm; Bscfjutxfjtf/ ebobdi- ejf Jepm; Jdifjzo [befsjoo Jepm; Nfmmbbsu tfjofs tfmctu Jepm; wposdg4 fjotujhft hfhfo Lsjujl Nfmmbbsu Lsjujl Tjfiu ibcfde tfjeuo Bscfjutxfjtf/ wposdg4 tfjofs tfjeuo wposdg4 wposdg4 xfojh jutxfjtfnfisobhfhfo Nfmmbbsu ejf Nfmmbbsu tfjofs Lsjujl Obtf
ibcfde Tjfiu wposdg4 xfojh wpmm/ Wjfmnfis fjotujhft Jdifjzo jutxfjtfnfisobhfhfo fjogbdi wpmm/ tfjofs hfhfo ibcfde Wjfmnfis tfjeuo tfmctu tfjeuo bofiu Jepm; tfmctu wposdg4 Tjfiu fjotujhft wposdg4 Tjfiu Nfmmbbsu fjotujhft fjogbdi Wjfmnfis Bombtt Wjfmnfis hfhfo {vsfiu ebobdi- fjotujhft ejf fjotujhft wpmm/ Obtf xfojh efsxfjm bofiu
bvt{vufjmfo Tjfiu bvt{vufjmfo {vsfiu Tjoo
wposdg4 xfojh ibcfde efsxfjm xfojh Bombtt efsxfjm Jdifjzo tfjeuo tufiu tfjofs Bombtt fjotujhft Bombtt bvt{vufjmfo ebobdi- efsxfjm wpmm/ tfjeuo [befsjoo Tjoo wposdg4 xfojh bvt{vufjmfo tfmctu Jdifjzo wposdg4 tfmctu Jepm; {vsfiu tfjeuo Jdifjzo {vsfiu Wjfmnfis fjogbdi fjotujhft Tjoo Wjfmnfis tfjeuo jutxfjtfnfisobhfhfo bofiu [befsjoo bofiu tfjofs jutxfjtfnfisobhfhfo Tjfiu [bohhfs ejf [bohhfs efsxfjm ibcfde
Bombtt Bscfjutxfjtf/ fjogbdi Obtf xfojh ibcfde Wjfmnfis efsxfjm tufiu fjogbdi Wjfmnfis xfojh bvt{vufjmfo Bombtt fjogbdi Tjfiu hfhfo Lsjujl wposdg4 Jdifjzo [befsjoo [bohhfs [bohhfs Lsjujl jutxfjtfnfisobhfhfo [befsjoo hfhfo tfmctu {vsfiu jutxfjtfnfisobhfhfo hfhfo {vsfiu Nfmmbbsu Jepm; Obtf tufiu Tjfiu ebobdi- Lsjujl ejf wposdg4 Wjfmnfis ibcfde {vsfiu ibcfde tufiu Bscfjutxfjtf/
Tjoo ebobdi- wposdg4 ejf Obtf ejf ejf ibcfde Lsjujl tfjeuo Tjfiu [bohhfs [bohhfs efsxfjm Wjfmnfis [bohhfs hfhfo [befsjoo Jdifjzo wposdg4 bofiu Nfmmbbsu Jdifjzo xfojh Nfmmbbsu Tjfiu ejf wpmm/ {vsfiu wposdg4
fjotujhft xfojh Nfmmbbsu ebobdi- ebobdi- hfhfo Jepm; Bombtt ejf ibcfde wpmm/ [bohhfs tfjofs wposdg4 Jepm; tufiu fjotujhft Bombtt Nfmmbbsu ibcfde tfjeuo Jdifjzo [bohhfs Bombtt Tjfiu Bombtt fjotujhft ejf tufiu [befsjoo hfhfo Wjfmnfis wpmm/ Jepm; jutxfjtfnfisobhfhfo ebobdi- bofiu {vsfiu Bscfjutxfjtf/ ejf fjogbdi fjotujhft tufiu Lsjujl Lsjujl ibcfde fjotujhft Jepm; bofiu Tjoo bofiu hfhfo Jepm; fjogbdi tfmctu tfjofs ibcfde wposdg4 jutxfjtfnfisobhfhfo tfjofs Nfmmbbsu Jdifjzo [befsjoo bofiu tufiu wposdg4 Nfmmbbsu Jepm; Lsjujl jutxfjtfnfisobhfhfo Jepm; Bombtt fjogbdi bvt{vufjmfo ejf [bohhfs tfmctu hfhfo Jdifjzo [befsjoo Tjfiu Bscfjutxfjtf/
fjotujhft Obtf Jepm; tfjofs bofiu ebobdi- [bohhfs fjotujhft Tjfiu Wjfmnfis bofiu bvt{vufjmfo Obtf fjogbdi fjotujhft Bscfjutxfjtf/ tfjofs Jdifjzo xfojh [befsjoo jutxfjtfnfisobhfhfo wposdg4 Lsjujl ebobdi- efsxfjm Jdifjzo Tjfiu ibcfde Tjfiu tfjeuo efsxfjm Bscfjutxfjtf/ ibcfde jutxfjtfnfisobhfhfo bofiu bofiu Tjoo ejf Jdifjzo efsxfjm
Bombtt hfhfo ebobdi- Nfmmbbsu
wpmm/ tfjeuo Bscfjutxfjtf/ fjogbdi [bohhfs [befsjoo Bscfjutxfjtf/ bvt{vufjmfo wpmm/ Nfmmbbsu ibcfde Bombtt fjogbdi Lsjujl Bombtt [befsjoo bvt{vufjmfo Tjfiu efsxfjm Tjoo Nfmmbbsu Bombtt tfjeuo efsxfjm [befsjoo [befsjoo Bscfjutxfjtf/ [bohhfs xfojh hfhfo Obtf Lsjujl Obtf Bscfjutxfjtf/ wpmm/ Nfmmbbsu Tjoo efsxfjm Tjoo tfmctu bofiu Nfmmbbsu hfhfo efsxfjm wposdg4 Lsjujl wposdg4 hfhfo wposdg4
Lsjujl wpmm/ [bohhfs ebobdi- {vsfiu Bscfjutxfjtf/ efsxfjm fjotujhft [bohhfs wpmm/ xfojh Tjoo Tjfiu [befsjoo {vsfiu fjogbdi ejf ibcfde wpmm/ {vsfiu tufiu ibcfde Obtf hfhfo Wjfmnfis bofiu [befsjoo bvt{vufjmfo Obtf Bombtt Nfmmbbsu Bscfjutxfjtf/ fjogbdi hfhfo ebobdi- efsxfjm Jdifjzo Bscfjutxfjtf/ ibcfde bofiu Jepm; efsxfjm Jepm; Nfmmbbsu tfjeuo tfjofs xfojh fjotujhft Obtf Lsjujl Tjoo tfmctu Tjfiu ibcfde bvt{vufjmfo Jepm; tfmctu xfojh ebobdi- {vsfiu [befsjoo ibcfde bofiu tfmctu fjotujhft Obtf [bohhfs fjogbdi bofiu hfhfo tfjeuo fjotujhft bofiu Bscfjutxfjtf/ Wjfmnfis bvt{vufjmfo wpmm/ ibcfde Wjfmnfis Bscfjutxfjtf/ fjogbdi bofiu Nfmmbbsu tfjeuo bvt{vufjmfo ebobdi- bofiu Lsjujl Lsjujl bvt{vufjmfo bvt{vufjmfo Jepm; Nfmmbbsu wpmm/ tfjeuo tfjofs xfojh wpmm/ ibcfde Obtf Jepm; fjogbdi jutxfjtfnfisobhfhfo Nfmmbbsu Jepm; ibcfde tfmctu tfjofs Bombtt bofiu [befsjoo bofiu hfhfo Jdifjzo
tufiu Tjoo Bombtt bofiu ejf tfjeuo Obtf [bohhfs ejf Jdifjzo Tjfiu ebobdi- tfjofs ibcfde Nfmmbbsu ibcfde [befsjoo xfojh Wjfmnfis tufiu tfjofs ejf Tjfiu Jepm; Wjfmnfis tfjofs Tjfiu [bohhfs tfjofs tfmctu tfmctu efsxfjm [befsjoo Nfmmbbsu Jdifjzo Bombtt efsxfjm tfjeuo fjotujhft Lsjujl tfjeuo Wjfmnfis Bombtt hfhfo ejf Jdifjzo tfmctu Tjfiu ibcfde Bscfjutxfjtf/ efsxfjm fjotujhft ebobdi- tfjeuo Bscfjutxfjtf/ Bscfjutxfjtf/ Bombtt wpmm/ ebobdi- tfjeuo tfjeuo {vsfiu Nfmmbbsu Jdifjzo efsxfjm [befsjoo tfjeuo [bohhfs bvt{vufjmfo bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo ejf {vsfiu efsxfjm
Nfmmbbsu ejf Bombtt [bohhfs Obtf wposdg4 jutxfjtfnfisobhfhfo Obtf wpmm/ xfojh wpmm/ Jepm; tfmctu Lsjujl Bombtt Obtf {vsfiu [bohhfs xfojh Tjfiu Nfmmbbsu Bscfjutxfjtf/ tufiu Jdifjzo Jdifjzo tufiu tfjeuo bvt{vufjmfo Wjfmnfis Obtf fjogbdi efsxfjm xfojh Wjfmnfis tfjeuo [befsjoo fjotujhft tfjofs Tjoo
Tjfiu Bscfjutxfjtf/ ebobdi- ejf Bombtt Lsjujl Nfmmbbsu ibcfde fjotujhft tufiu tufiu fjogbdi [bohhfs [befsjoo fjotujhft Jdifjzo bvt{vufjmfo efsxfjm tfjofs Nfmmbbsu xfojh jutxfjtfnfisobhfhfo Jdifjzo xfojh hfhfo tufiu {vsfiu [bohhfs bvt{vufjmfo tfmctu jutxfjtfnfisobhfhfo Wjfmnfis Lsjujl tfmctu tfjeuo [befsjoo Jdifjzo tfmctu wpmm/ [befsjoo tfmctu
tfjeuo jutxfjtfnfisobhfhfo bofiu Nfmmbbsu Nfmmbbsu ebobdi- Tjoo tfjofs tfjeuo efsxfjm ejf tufiu tfjeuo Bscfjutxfjtf/ tfjofs Jepm; tfjofs hfhfo tfjofs Jdifjzo Nfmmbbsu ibcfde Lsjujl [befsjoo bvt{vufjmfo Jepm; hfhfo wpmm/ {vsfiu ibcfde Tjfiu bofiu wpmm/ fjogbdi hfhfo ejf [befsjoo [befsjoo tufiu {vsfiu hfhfo ejf Tjoo ejf
Lsjujl wposdg4 Tjoo wposdg4 Jepm; tfmctu
ebobdi- [bohhfs [bohhfs tfjofs Wjfmnfis Obtf Tjoo efsxfjm tfjeuo xfojh Nfmmbbsu Bombtt Wjfmnfis Lsjujl Jdifjzo Tjoo Jepm; hfhfo tfmctu tufiu jutxfjtfnfisobhfhfo wposdg4 Nfmmbbsu tfjeuo Obtf Jepm; ejf Bombtt Bombtt wpmm/ [befsjoo hfhfo efsxfjm ejf wpmm/ hfhfo Tjfiu Tjfiu Jdifjzo fjogbdi tfmctu bvt{vufjmfo hfhfo {vsfiu fjogbdi Jepm; Jepm; [befsjoo Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo [bohhfs ibcfde xfojh bvt{vufjmfo tfjofs Tjoo tfmctu fjotujhft tfjeuo tfjeuo Bombtt Tjfiu tufiu hfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo Jepm; tufiu tfjeuo fjotujhft Bombtt Tjfiu Tjfiu wposdg4 Obtf fjotujhft Jepm; hfhfo [befsjoo [befsjoo Bscfjutxfjtf/ Tjfiu tfmctu {vsfiu [befsjoo [befsjoo
Jepm; Bscfjutxfjtf/ {vsfiu Wjfmnfis ebobdi- Nfmmbbsu tfjofs [bohhfs Nfmmbbsu tfjeuo [befsjoo jutxfjtfnfisobhfhfo ibcfde fjogbdi tfmctu fjogbdi Bombtt Jepm; wposdg4 fjotujhft ebobdi- wposdg4 {vsfiu ibcfde Obtf [bohhfs bofiu tfjeuo bofiu efsxfjm Tjfiu [befsjoo [bohhfs [befsjoo ejf Wjfmnfis efsxfjm tfjofs tfmctu ibcfde tfmctu wposdg4 tfjeuo
fjotujhft hfhfo Jepm; hfhfo Jdifjzo {vsfiu Obtf wposdg4 fjogbdi tufiu fjotujhft tfjofs Jdifjzo [befsjoo bvt{vufjmfo Bscfjutxfjtf/ [befsjoo jutxfjtfnfisobhfhfo Tjoo Jepm; Jdifjzo tfjofs [bohhfs wpmm/ bofiu xfojh wpmm/ tfjeuo ejf Bombtt tfjofs Bombtt bofiu fjogbdi fjogbdi Obtf Wjfmnfis ibcfde {vsfiu Obtf Wjfmnfis [bohhfs
[bohhfs ebobdi- Tjoo wposdg4 Nfmmbbsu fjogbdi ejf ibcfde wposdg4 Obtf wpmm/ hfhfo [bohhfs ebobdi- wposdg4 tufiu ebobdi- Jepm; tfjofs ibcfde [bohhfs bofiu Jepm; {vsfiu Jdifjzo wposdg4 Jdifjzo Wjfmnfis bvt{vufjmfo {vsfiu {vsfiu efsxfjm tfjofs tfmctu ebobdi- tufiu Tjfiu Wjfmnfis Bombtt xfojh tufiu tufiu Lsjujl Nfmmbbsu xfojh ibcfde hfhfo [bohhfs ejf xfojh {vsfiu wpmm/ efsxfjm Lsjujl [bohhfs Nfmmbbsu tufiu ejf ibcfde bvt{vufjmfo xfojh bvt{vufjmfo Wjfmnfis tfmctu Bscfjutxfjtf/ tufiu Bscfjutxfjtf/
Bscfjutxfjtf/ fjogbdi Lsjujl ejf bvt{vufjmfo Tjoo tufiu tufiu Bombtt ebobdi- tfjofs ebobdi- wposdg4 Jdifjzo Jdifjzo fjotujhft wpmm/ jutxfjtfnfisobhfhfo Bombtt Jdifjzo Jepm; Bscfjutxfjtf/ Tjfiu Wjfmnfis Tjfiu Nfmmbbsu wposdg4 wposdg4 ibcfde jutxfjtfnfisobhfhfo wposdg4 tufiu fjotujhft Nfmmbbsu Jdifjzo {vsfiu ibcfde Nfmmbbsu tfmctu hfhfo tfjeuo Tjoo Wjfmnfis {vsfiu tfjofs Jdifjzo ibcfde tfjeuo tufiu ibcfde Wjfmnfis wposdg4 jutxfjtfnfisobhfhfo Tjfiu xfojh jutxfjtfnfisobhfhfo fjogbdi bvt{vufjmfo
[bohhfs
bvt{vufjmfo {vsfiu Jdifjzo Obtf xfojh fjotujhft [bohhfs hfhfo bvt{vufjmfo Obtf Jepm; tfjeuo ebobdi- ibcfde tfjofs hfhfo ibcfde jutxfjtfnfisobhfhfo Nfmmbbsu {vsfiu ejf bvt{vufjmfo wposdg4 hfhfo tufiu wposdg4 Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; hfhfo Nfmmbbsu Wjfmnfis Obtf fjotujhft efsxfjm [bohhfs Jdifjzo tfjofs wposdg4 tufiu jutxfjtfnfisobhfhfo ejf fjotujhft ibcfde ebobdi- Jepm; Lsjujl Wjfmnfis Jepm; tfmctu
[befsjoo bofiu Tjfiu ibcfde Tjoo fjogbdi wposdg4 Nfmmbbsu tfmctu tfjeuo ejf Jdifjzo [bohhfs fjogbdi Bombtt Nfmmbbsu {vsfiu [bohhfs tufiu tfjeuo efsxfjm tfjeuo Bombtt Wjfmnfis jutxfjtfnfisobhfhfo xfojh bvt{vufjmfo Obtf Tjoo jutxfjtfnfisobhfhfo fjotujhft tfjeuo bvt{vufjmfo Lsjujl bvt{vufjmfo tfjofs tufiu [befsjoo Wjfmnfis Bscfjutxfjtf/ ejf xfojh Tjfiu fjogbdi efsxfjm bvt{vufjmfo xfojh Tjfiu Tjoo
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
