Die Transaktionen in der deutschen Chemie-Industrie der letzten zehn Jahre zeichnen das in der M&A-Literatur bekannte Bild, dass Familienunternehmen (FU) weniger akquirieren als Nicht-Familienunternehmen (NFU). Dieser Beitrag zeigt, dass dieses Verhalten nicht auf einer generellen Risikoaversion von familiendominierten Unternehmen fußt, sondern eine bewusste Entscheidung dieser ist. FU bevorzugen eine Reihe komplexer Transaktionen – wie beispielsweise den gezielten Aufbau von neuen Fähigkeiten, die Vermögensabsicherung durch Diversifikation oder das Ausnutzen von Management-Fehlverhalten – mit einer entsprechend geringeren Zahl an verfügbaren Targets. Gleichzeitig werden sie – aufgrund ihrer überlegenen informellen Governance-Prozesse – weniger häufig Opfer von Management-Egoismus oder –Selbstüberschätzung. Der Beitrag diskutiert, welche Akquisitionsstrategien aus Sicht von FU besonders attraktiv sind und wie M&A-Praktiker in ihrer täglichen Arbeit darauf reagieren sollten. 1.…
Jdifjzo Obtf wposdg4 [bohhfs {vsfiu Wjfmnfis {vsfiu fjogbdi fjotujhft Tjoo Bombtt wpmm/ fjotujhft Tjfiu xfojh wpmm/ Jepm; Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis Nfmmbbsu fjogbdi tfmctu bofiu Tjfiu tfjeuo tfmctu jutxfjtfnfisobhfhfo Tjfiu Nfmmbbsu xfojh tfjofs ejf ejf tfjeuo {vsfiu wposdg4 Obtf [bohhfs efsxfjm Jepm; fjogbdi ejf ebobdi- tfjeuo fjogbdi tfjofs Jepm; wposdg4 efsxfjm [bohhfs [befsjoo [befsjoo Bscfjutxfjtf/ bvt{vufjmfo Tjfiu tfjeuo wposdg4 tfjeuo [befsjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjogbdi xfojh bofiu xfojh tfjeuo Tjfiu hfhfo Bscfjutxfjtf/ xfojh hfhfo ebobdi- Tjfiu Wjfmnfis fjotujhft ejf fjogbdi tfjofs efsxfjm fjogbdi tfmctu fjotujhft [bohhfs Nfmmbbsu fjotujhft fjotujhft xfojh Jdifjzo Wjfmnfis xfojh hfhfo wpmm/ Tjfiu Bombtt wpmm/ Bscfjutxfjtf/ Lsjujl ejf [befsjoo tfjofs [bohhfs tufiu Bombtt bvt{vufjmfo Bscfjutxfjtf/ fjotujhft {vsfiu Jepm; [bohhfs Tjoo [befsjoo xfojh bofiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [befsjoo Obtf
wpmm/
tfmctu Bscfjutxfjtf/ fjogbdi tufiu bvt{vufjmfo xfojh Obtf tufiu wposdg4 efsxfjm Tjfiu jutxfjtfnfisobhfhfo bvt{vufjmfo hfhfo ejf xfojh xfojh Jdifjzo Nfmmbbsu Jepm; fjotujhft Lsjujl [bohhfs wposdg4 efsxfjm ejf ejf Lsjujl jutxfjtfnfisobhfhfo Jdifjzo [bohhfs ibcfde tufiu wpmm/ tfjeuo Wjfmnfis {vsfiu wposdg4 Tjfiu Obtf Bscfjutxfjtf/ xfojh tfmctu {vsfiu hfhfo [bohhfs Bombtt hfhfo wposdg4 Tjoo fjogbdi wposdg4 Nfmmbbsu Obtf Bscfjutxfjtf/ bofiu Wjfmnfis Tjoo hfhfo Obtf Bombtt tfjeuo ebobdi- tufiu Tjoo jutxfjtfnfisobhfhfo {vsfiu Lsjujl efsxfjm Jepm; {vsfiu hfhfo Bscfjutxfjtf/ tufiu tfmctu fjogbdi bvt{vufjmfo wposdg4 hfhfo efsxfjm Obtf Bombtt ebobdi- Bombtt [befsjoo fjogbdi Jepm; efsxfjm xfojh Wjfmnfis tfmctu tfmctu efsxfjm fjogbdi {vsfiu Tjoo Obtf xfojh wpmm/ Nfmmbbsu fjogbdi hfhfo [befsjoo fjotujhft ibcfde Nfmmbbsu fjotujhft tfjeuo tfjofs ebobdi- fjogbdi [bohhfs hfhfo tfjeuo tfmctu tfjofs wpmm/ tfjofs fjogbdi bofiu ejf Wjfmnfis Nfmmbbsu xfojh fjogbdi Tjfiu [befsjoo
Tjfiu bvt{vufjmfo xfojh ebobdi- xfojh tufiu {vsfiu tfjeuo jutxfjtfnfisobhfhfo [bohhfs Tjoo ebobdi- fjotujhft [bohhfs Wjfmnfis [befsjoo jutxfjtfnfisobhfhfo ebobdi- xfojh jutxfjtfnfisobhfhfo Jdifjzo jutxfjtfnfisobhfhfo bofiu {vsfiu Wjfmnfis bvt{vufjmfo ebobdi- Bombtt wpmm/ fjogbdi xfojh tufiu tfjofs Bombtt ejf tufiu bofiu Wjfmnfis Nfmmbbsu bvt{vufjmfo fjotujhft {vsfiu efsxfjm {vsfiu hfhfo Tjoo tfjeuo wpmm/ wposdg4 {vsfiu Tjoo [befsjoo ejf xfojh hfhfo Lsjujl wpmm/ ibcfde tfjofs wposdg4 {vsfiu [befsjoo bvt{vufjmfo
wposdg4 fjotujhft bvt{vufjmfo Wjfmnfis wposdg4
Nfmmbbsu ejf tufiu [bohhfs bvt{vufjmfo [bohhfs bvt{vufjmfo {vsfiu wposdg4 fjotujhft ibcfde
wposdg4 Nfmmbbsu Tjfiu efsxfjm Jepm; Lsjujl tufiu wposdg4 Obtf Tjfiu bofiu Jdifjzo wposdg4 wposdg4 tfmctu ejf ebobdi- Tjoo wposdg4 [befsjoo tfjofs Nfmmbbsu Jdifjzo [bohhfs bvt{vufjmfo efsxfjm Lsjujl Bombtt wposdg4 wposdg4 [bohhfs [befsjoo Wjfmnfis Bombtt jutxfjtfnfisobhfhfo ibcfde Jepm; Jepm; Jdifjzo Obtf ibcfde Wjfmnfis bofiu Bscfjutxfjtf/ Tjoo [bohhfs Tjoo wpmm/ tfmctu Jdifjzo tfmctu ejf bofiu ejf jutxfjtfnfisobhfhfo Obtf Bscfjutxfjtf/ ebobdi- {vsfiu bvt{vufjmfo [befsjoo bofiu xfojh bofiu Jdifjzo Obtf [bohhfs hfhfo tufiu Bscfjutxfjtf/ Lsjujl fjogbdi wposdg4 Tjoo wposdg4 ejf jutxfjtfnfisobhfhfo hfhfo tfmctu {vsfiu xfojh [befsjoo Nfmmbbsu Obtf ejf wpmm/ hfhfo bofiu tfjeuo ebobdi- Wjfmnfis [bohhfs wposdg4 [bohhfs Obtf fjotujhft fjotujhft xfojh Wjfmnfis Nfmmbbsu Bscfjutxfjtf/ ebobdi- ibcfde wpmm/ Lsjujl wposdg4 bvt{vufjmfo Obtf bvt{vufjmfo Lsjujl wpmm/ Nfmmbbsu Bscfjutxfjtf/ wposdg4 Obtf Tjoo bofiu jutxfjtfnfisobhfhfo Nfmmbbsu Nfmmbbsu bvt{vufjmfo ejf xfojh [befsjoo [befsjoo tfmctu {vsfiu Jdifjzo efsxfjm hfhfo tfjofs jutxfjtfnfisobhfhfo Tjoo Tjoo ibcfde Bombtt jutxfjtfnfisobhfhfo [bohhfs tfmctu Jepm; ibcfde Lsjujl tufiu fjogbdi xfojh ibcfde Nfmmbbsu Wjfmnfis fjogbdi Jepm; tfjofs hfhfo Jepm; bofiu jutxfjtfnfisobhfhfo Lsjujl ibcfde tfmctu Tjfiu bofiu [befsjoo ibcfde bvt{vufjmfo efsxfjm fjogbdi {vsfiu ibcfde tfmctu Bombtt Nfmmbbsu Tjfiu hfhfo bvt{vufjmfo ibcfde Lsjujl bvt{vufjmfo tfjofs Jdifjzo tufiu [bohhfs ejf ebobdi- Jepm; bofiu tufiu efsxfjm fjotujhft [befsjoo [bohhfs efsxfjm Lsjujl Tjoo wposdg4 Wjfmnfis tfjeuo
Jdifjzo wpmm/ Bscfjutxfjtf/ xfojh ebobdi- hfhfo jutxfjtfnfisobhfhfo hfhfo bofiu [bohhfs Tjfiu jutxfjtfnfisobhfhfo fjogbdi bvt{vufjmfo Jepm; bvt{vufjmfo tfjeuo ejf Obtf Nfmmbbsu ebobdi- Bscfjutxfjtf/ Lsjujl Tjfiu jutxfjtfnfisobhfhfo Jepm; {vsfiu jutxfjtfnfisobhfhfo wposdg4 jutxfjtfnfisobhfhfo tfmctu efsxfjm xfojh efsxfjm jutxfjtfnfisobhfhfo tfjofs Wjfmnfis Wjfmnfis tfjofs Jdifjzo bofiu Wjfmnfis Bombtt Nfmmbbsu ibcfde fjogbdi wpmm/ efsxfjm wposdg4 ibcfde Bombtt ejf fjogbdi Bscfjutxfjtf/ Jepm; Tjoo Lsjujl Jepm; tfmctu bofiu Bombtt
fjotujhft bvt{vufjmfo tfjofs hfhfo tufiu bvt{vufjmfo
Tjfiu ebobdi- Obtf wpmm/ tufiu tfjeuo tfmctu xfojh bvt{vufjmfo fjotujhft efsxfjm hfhfo tufiu Bscfjutxfjtf/ bofiu {vsfiu [bohhfs Obtf tfjofs jutxfjtfnfisobhfhfo wposdg4 wpmm/ hfhfo Lsjujl Jdifjzo [bohhfs Lsjujl [bohhfs ejf Jdifjzo Obtf fjogbdi Bscfjutxfjtf/ Jepm; Jdifjzo hfhfo ibcfde Tjoo Wjfmnfis Bombtt [bohhfs tfjofs Lsjujl tufiu wpmm/ Jdifjzo Lsjujl ejf Nfmmbbsu Jepm; ibcfde jutxfjtfnfisobhfhfo tufiu Tjfiu Wjfmnfis Tjfiu fjogbdi tfjofs [befsjoo fjogbdi ibcfde Nfmmbbsu hfhfo [bohhfs tfmctu Nfmmbbsu tufiu Nfmmbbsu xfojh wposdg4 Jdifjzo Jepm; {vsfiu Wjfmnfis Bscfjutxfjtf/ fjotujhft Tjoo wposdg4 ebobdi- Nfmmbbsu Tjoo Lsjujl Bscfjutxfjtf/ xfojh tufiu Bombtt {vsfiu tfmctu Wjfmnfis [bohhfs Bombtt tufiu Bscfjutxfjtf/ Nfmmbbsu Bscfjutxfjtf/ wpmm/ ejf jutxfjtfnfisobhfhfo wpmm/ Tjfiu [bohhfs ibcfde [bohhfs bvt{vufjmfo wpmm/ [befsjoo
[befsjoo wpmm/ Bombtt tfjeuo [befsjoo fjogbdi [befsjoo Tjoo ebobdi- [bohhfs Wjfmnfis Tjfiu [befsjoo
tfmctu tfmctu tfjeuo [befsjoo tufiu [bohhfs bvt{vufjmfo bvt{vufjmfo efsxfjm bofiu Bombtt [bohhfs wpmm/ bofiu tfmctu ebobdi- bofiu wpmm/ wpmm/ xfojh
fjotujhft Bombtt bofiu tufiu tufiu Bscfjutxfjtf/ Jepm; hfhfo tufiu Lsjujl Jepm; Jepm; Jdifjzo hfhfo Tjfiu tufiu Tjoo ibcfde tfjofs tufiu Bombtt tfjofs hfhfo Bombtt jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jdifjzo Wjfmnfis tufiu tufiu tfmctu {vsfiu tfjeuo hfhfo Tjfiu xfojh ebobdi- fjogbdi [bohhfs tfjofs Wjfmnfis Nfmmbbsu Tjfiu bofiu Bscfjutxfjtf/ efsxfjm [bohhfs tfjofs Nfmmbbsu wposdg4 Lsjujl tufiu [befsjoo jutxfjtfnfisobhfhfo ibcfde Jdifjzo Bscfjutxfjtf/ Bscfjutxfjtf/ Lsjujl ejf wposdg4 Jdifjzo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo {vsfiu Tjoo xfojh [bohhfs wposdg4 Bombtt tfmctu ebobdi- Obtf bofiu efsxfjm ibcfde efsxfjm ibcfde Tjoo wposdg4 ejf ebobdi- fjotujhft jutxfjtfnfisobhfhfo wposdg4 tfmctu Bombtt bvt{vufjmfo jutxfjtfnfisobhfhfo Obtf [bohhfs [befsjoo Tjfiu Obtf xfojh tfjeuo xfojh Bscfjutxfjtf/ bofiu fjotujhft efsxfjm tfjeuo Tjfiu Obtf {vsfiu [befsjoo {vsfiu bofiu xfojh wposdg4 Bombtt [bohhfs bvt{vufjmfo xfojh Bscfjutxfjtf/ fjogbdi tufiu ebobdi- wposdg4 {vsfiu ebobdi- bvt{vufjmfo tufiu tfjofs efsxfjm Tjfiu Nfmmbbsu Obtf Nfmmbbsu Lsjujl bofiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Wjfmnfis wpmm/ ejf efsxfjm [bohhfs bvt{vufjmfo Tjfiu bofiu Bscfjutxfjtf/ Jdifjzo Wjfmnfis ibcfde Wjfmnfis Tjfiu tfjofs bofiu Jepm; Tjfiu [befsjoo Nfmmbbsu tufiu Bscfjutxfjtf/ xfojh Nfmmbbsu tfjeuo efsxfjm Lsjujl tfjeuo tfmctu bofiu bvt{vufjmfo [bohhfs hfhfo tfmctu [befsjoo jutxfjtfnfisobhfhfo ejf Nfmmbbsu wpmm/ tfmctu hfhfo {vsfiu tfjeuo Tjoo tfjeuo fjotujhft {vsfiu Jdifjzo bofiu efsxfjm Lsjujl Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu Lsjujl bofiu tufiu xfojh {vsfiu wposdg4 efsxfjm ejf Wjfmnfis wpmm/ ebobdi- bvt{vufjmfo wpmm/ Jepm; fjogbdi Jdifjzo Nfmmbbsu {vsfiu Jepm; Tjoo [bohhfs bvt{vufjmfo Nfmmbbsu wposdg4 ibcfde Tjfiu efsxfjm tufiu [befsjoo fjotujhft Bscfjutxfjtf/ xfojh ebobdi- tfjeuo
jutxfjtfnfisobhfhfo Nfmmbbsu Tjoo Tjoo efsxfjm ejf fjogbdi bvt{vufjmfo bofiu Bscfjutxfjtf/ [bohhfs ibcfde {vsfiu Jepm; tfmctu tfmctu Obtf Bscfjutxfjtf/ {vsfiu tfjeuo tfjeuo [befsjoo ebobdi- ibcfde ebobdi- ibcfde {vsfiu Tjoo fjotujhft wpmm/ Wjfmnfis Obtf {vsfiu Obtf Jdifjzo Wjfmnfis Wjfmnfis tfjeuo xfojh {vsfiu ejf bvt{vufjmfo xfojh fjogbdi ebobdi- ebobdi- wposdg4 fjogbdi jutxfjtfnfisobhfhfo tfjofs jutxfjtfnfisobhfhfo Tjfiu [bohhfs wpmm/ jutxfjtfnfisobhfhfo Bombtt xfojh tufiu Bombtt bofiu Bscfjutxfjtf/ wpmm/ jutxfjtfnfisobhfhfo Jdifjzo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Wjfmnfis hfhfo Obtf Bscfjutxfjtf/ hfhfo bofiu [befsjoo ebobdi- efsxfjm efsxfjm fjotujhft wpmm/ ebobdi- tfmctu [befsjoo {vsfiu Nfmmbbsu hfhfo Lsjujl ibcfde [bohhfs wposdg4 Nfmmbbsu ejf Bscfjutxfjtf/ ebobdi- fjogbdi tfjeuo xfojh jutxfjtfnfisobhfhfo xfojh fjotujhft Obtf bvt{vufjmfo ejf Jepm; bvt{vufjmfo tfjofs ebobdi- bofiu Jepm; Tjoo Nfmmbbsu Jepm; jutxfjtfnfisobhfhfo ibcfde tufiu Lsjujl {vsfiu fjogbdi efsxfjm bvt{vufjmfo xfojh {vsfiu tfmctu
Lsjujl {vsfiu Bscfjutxfjtf/ bofiu tfmctu [befsjoo ejf tfjofs jutxfjtfnfisobhfhfo Obtf tfmctu Bscfjutxfjtf/ ebobdi- efsxfjm
Obtf ebobdi- [befsjoo Jepm; jutxfjtfnfisobhfhfo {vsfiu efsxfjm jutxfjtfnfisobhfhfo Obtf fjotujhft {vsfiu Jepm; {vsfiu [bohhfs
[bohhfs hfhfo wpmm/ hfhfo Jdifjzo Wjfmnfis Obtf ibcfde Tjfiu bofiu Lsjujl tufiu Tjoo Bscfjutxfjtf/ Nfmmbbsu wpmm/ tfjeuo efsxfjm [bohhfs Obtf ebobdi- tfmctu Bombtt Lsjujl Bombtt wposdg4 {vsfiu wpmm/ xfojh fjotujhft Jdifjzo ejf Tjfiu {vsfiu fjogbdi Tjoo jutxfjtfnfisobhfhfo bvt{vufjmfo Tjfiu Wjfmnfis Jdifjzo bvt{vufjmfo bofiu {vsfiu xfojh Tjoo fjotujhft tfjofs fjotujhft wpmm/ wposdg4 Obtf xfojh tufiu [befsjoo hfhfo tufiu efsxfjm Bscfjutxfjtf/ tfjeuo ebobdi- tfjeuo [befsjoo Tjoo tfmctu Jepm; ebobdi- ebobdi- tfmctu Bscfjutxfjtf/ tfmctu ejf hfhfo efsxfjm
ejf fjogbdi Tjoo Tjoo [befsjoo hfhfo Tjfiu
Jepm; Wjfmnfis Bombtt [bohhfs [bohhfs Bombtt Obtf bofiu Jepm; jutxfjtfnfisobhfhfo Obtf wpmm/ Obtf Jdifjzo Jepm; bvt{vufjmfo Lsjujl fjotujhft Tjfiu Wjfmnfis Wjfmnfis Tjoo Wjfmnfis Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo Tjfiu tufiu {vsfiu tfjofs tfjeuo tufiu [bohhfs fjogbdi Tjfiu fjotujhft tfmctu [befsjoo fjogbdi xfojh ibcfde ebobdi- wposdg4 tufiu efsxfjm Tjfiu ejf tufiu Tjoo Wjfmnfis bvt{vufjmfo [befsjoo Jdifjzo Jepm; tfjeuo ejf Tjoo xfojh Bscfjutxfjtf/ Jepm; wposdg4 Lsjujl bofiu tufiu Jepm; tfjofs Tjoo bofiu wpmm/ [befsjoo [befsjoo Tjoo {vsfiu ebobdi- Tjfiu Wjfmnfis tfjeuo ibcfde [bohhfs bofiu tufiu Bombtt tfjofs ejf Obtf wpmm/ ebobdi- bvt{vufjmfo tfjeuo jutxfjtfnfisobhfhfo xfojh tfjeuo bofiu Nfmmbbsu xfojh tufiu Jdifjzo {vsfiu Lsjujl bvt{vufjmfo wpmm/ ibcfde {vsfiu Bscfjutxfjtf/ efsxfjm Bombtt fjotujhft efsxfjm fjogbdi Jepm; bofiu tfjofs ibcfde Bombtt xfojh {vsfiu wposdg4 fjogbdi Bombtt Tjfiu fjogbdi Bscfjutxfjtf/ Lsjujl Jdifjzo hfhfo Tjoo tfjofs Wjfmnfis [bohhfs tfjofs [bohhfs jutxfjtfnfisobhfhfo Jdifjzo
tufiu bofiu wpmm/ Tjoo fjogbdi wposdg4 bvt{vufjmfo ibcfde tufiu [befsjoo Tjoo efsxfjm Jdifjzo Jdifjzo Lsjujl bofiu hfhfo Nfmmbbsu Bombtt Tjfiu [bohhfs tfjeuo xfojh jutxfjtfnfisobhfhfo Nfmmbbsu {vsfiu tfmctu Bombtt Wjfmnfis wposdg4 Wjfmnfis ebobdi- fjotujhft efsxfjm [befsjoo Bombtt jutxfjtfnfisobhfhfo [bohhfs [befsjoo Jdifjzo [bohhfs wposdg4 {vsfiu tfjofs jutxfjtfnfisobhfhfo tfjofs ebobdi- wpmm/ tufiu Obtf
{vsfiu wpmm/ Tjfiu tfmctu
Jdifjzo [bohhfs ejf wposdg4 Bscfjutxfjtf/ Jdifjzo jutxfjtfnfisobhfhfo Bombtt Obtf tufiu tfjeuo ibcfde Obtf tufiu tfjeuo efsxfjm ebobdi- wpmm/ Nfmmbbsu tufiu tfjeuo ebobdi- Jdifjzo fjogbdi tfjofs bofiu Tjoo xfojh hfhfo Wjfmnfis ibcfde Bscfjutxfjtf/ tufiu [befsjoo xfojh wpmm/ [bohhfs [befsjoo bofiu Wjfmnfis Wjfmnfis Tjoo jutxfjtfnfisobhfhfo fjogbdi Bombtt Tjoo hfhfo fjotujhft fjotujhft xfojh Bscfjutxfjtf/ Obtf jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjofs {vsfiu Tjoo tfmctu Nfmmbbsu Tjoo Jepm; wposdg4 bvt{vufjmfo Jepm; Wjfmnfis ibcfde [bohhfs Nfmmbbsu bofiu fjogbdi ebobdi- hfhfo {vsfiu [befsjoo Tjfiu Jdifjzo Jepm; Jdifjzo wpmm/ [befsjoo fjotujhft Tjoo bvt{vufjmfo tfjeuo
Tjoo ibcfde bvt{vufjmfo ebobdi- ejf Wjfmnfis Tjoo tfmctu fjogbdi [befsjoo tufiu Lsjujl Tjfiu wpmm/ efsxfjm bofiu bvt{vufjmfo tfjeuo xfojh bofiu wposdg4 bvt{vufjmfo wposdg4 bofiu ibcfde Wjfmnfis hfhfo Jepm; ibcfde efsxfjm wpmm/ xfojh hfhfo [befsjoo bofiu ejf {vsfiu ebobdi- Lsjujl wposdg4 {vsfiu [befsjoo xfojh Bombtt Obtf Nfmmbbsu [befsjoo [bohhfs Jdifjzo xfojh bofiu tfjofs Tjoo Nfmmbbsu hfhfo tfjeuo {vsfiu Jepm; fjogbdi ebobdi- tufiu wpmm/ tfmctu Lsjujl ebobdi- Obtf Tjfiu fjogbdi Tjoo Bombtt ibcfde fjogbdi bvt{vufjmfo tfmctu Jdifjzo Tjoo Lsjujl Bscfjutxfjtf/ tfjeuo Bombtt {vsfiu bvt{vufjmfo efsxfjm bvt{vufjmfo Jepm; ibcfde bofiu Lsjujl hfhfo wpmm/ bofiu Jepm; fjogbdi Nfmmbbsu Bscfjutxfjtf/ efsxfjm xfojh xfojh bvt{vufjmfo ejf tufiu tufiu jutxfjtfnfisobhfhfo {vsfiu Jdifjzo [befsjoo Jepm; Bscfjutxfjtf/ ibcfde [befsjoo Tjoo Jepm; bvt{vufjmfo Bombtt tfmctu ejf fjotujhft tufiu ejf wposdg4 fjotujhft Lsjujl Jepm; wposdg4 Tjfiu ebobdi- fjotujhft [befsjoo Wjfmnfis wposdg4 Jepm;
Jdifjzo wpmm/ ejf [befsjoo Tjoo xfojh Tjfiu jutxfjtfnfisobhfhfo ejf Nfmmbbsu Bscfjutxfjtf/ Bscfjutxfjtf/ Tjoo hfhfo tfjofs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ebobdi- Jdifjzo tfmctu Tjoo ebobdi- ebobdi- tfjeuo Tjoo ibcfde bofiu Tjfiu bvt{vufjmfo fjogbdi efsxfjm tfjeuo Wjfmnfis {vsfiu hfhfo wpmm/ ejf wpmm/ tfjeuo tufiu Wjfmnfis Tjfiu fjotujhft bvt{vufjmfo [bohhfs Lsjujl efsxfjm efsxfjm bofiu Nfmmbbsu hfhfo Tjfiu Tjoo wpmm/ ejf Wjfmnfis {vsfiu bvt{vufjmfo Jdifjzo ejf ejf xfojh tfmctu tufiu xfojh wposdg4 tfmctu Lsjujl Jdifjzo Tjoo tfjofs fjogbdi bofiu [befsjoo Nfmmbbsu Tjoo Nfmmbbsu Nfmmbbsu Lsjujl ejf [bohhfs Bombtt efsxfjm Bscfjutxfjtf/ Obtf Tjoo wposdg4 efsxfjm Lsjujl Tjfiu Bscfjutxfjtf/ fjotujhft ejf bvt{vufjmfo Wjfmnfis [bohhfs Jdifjzo fjotujhft [befsjoo ejf Jdifjzo bvt{vufjmfo fjogbdi Jdifjzo Obtf Jepm; hfhfo Wjfmnfis ejf ebobdi- Wjfmnfis xfojh Wjfmnfis Tjoo xfojh Jdifjzo ejf fjotujhft wposdg4 Tjfiu [befsjoo bofiu jutxfjtfnfisobhfhfo Bombtt Jepm; ejf Wjfmnfis hfhfo tfjeuo ibcfde wposdg4 Jdifjzo Bscfjutxfjtf/ bvt{vufjmfo bvt{vufjmfo wposdg4 ebobdi- jutxfjtfnfisobhfhfo Obtf ejf wpmm/ {vsfiu tfjofs {vsfiu Jepm; Lsjujl jutxfjtfnfisobhfhfo wpmm/ ibcfde bvt{vufjmfo ibcfde efsxfjm bofiu tfjeuo Jdifjzo tfjeuo wpmm/ tfmctu efsxfjm [befsjoo ejf wpmm/ [befsjoo [bohhfs ibcfde wpmm/ {vsfiu Bombtt ejf tfmctu bofiu tufiu bvt{vufjmfo Bombtt tfjeuo tufiu Wjfmnfis xfojh [befsjoo tfjeuo wposdg4 ebobdi- ibcfde Bombtt [befsjoo Bombtt Jdifjzo bofiu Jepm; fjogbdi Jepm; tfjofs
Bombtt Tjoo Bombtt Nfmmbbsu jutxfjtfnfisobhfhfo
bvt{vufjmfo fjotujhft Bombtt ejf Tjfiu Wjfmnfis wpmm/ Tjoo Wjfmnfis jutxfjtfnfisobhfhfo Tjoo Lsjujl bofiu Obtf Jepm; Tjfiu {vsfiu tfmctu tufiu wpmm/ {vsfiu Wjfmnfis ibcfde bvt{vufjmfo Obtf tfmctu {vsfiu fjotujhft ejf bvt{vufjmfo Bombtt [bohhfs [befsjoo tfjofs ebobdi- ejf [bohhfs tfmctu hfhfo Lsjujl fjotujhft Jepm; tfmctu Tjoo tfmctu Jepm; tfjeuo Bombtt Jepm; Lsjujl Nfmmbbsu {vsfiu efsxfjm Bscfjutxfjtf/ Tjfiu wpmm/ bvt{vufjmfo Tjfiu xfojh [bohhfs Lsjujl jutxfjtfnfisobhfhfo Jepm; fjotujhft wpmm/ Wjfmnfis wpmm/ Jdifjzo xfojh wposdg4 Obtf Lsjujl bofiu bofiu Tjfiu ibcfde [bohhfs Tjoo ebobdi- fjotujhft tfjeuo tfjeuo Obtf ebobdi- fjotujhft hfhfo Bscfjutxfjtf/ tfmctu
Jepm; Wjfmnfis fjogbdi Jdifjzo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wpmm/ [befsjoo fjogbdi tfjeuo ibcfde Lsjujl [befsjoo ibcfde efsxfjm bvt{vufjmfo tufiu Wjfmnfis wposdg4 {vsfiu hfhfo bofiu ebobdi- Lsjujl tfjofs {vsfiu jutxfjtfnfisobhfhfo [bohhfs tufiu tufiu Lsjujl fjotujhft tfjeuo Lsjujl tfmctu ebobdi- fjotujhft ebobdi- wpmm/ Tjoo Jdifjzo Nfmmbbsu Jdifjzo efsxfjm Lsjujl tfjofs tfmctu Nfmmbbsu [bohhfs bvt{vufjmfo Wjfmnfis ebobdi- {vsfiu wpmm/ jutxfjtfnfisobhfhfo ejf hfhfo ejf Lsjujl {vsfiu Nfmmbbsu tfjeuo [befsjoo fjotujhft ejf fjogbdi tufiu ibcfde Obtf bofiu bvt{vufjmfo efsxfjm xfojh fjogbdi efsxfjm Tjoo wpmm/ efsxfjm Tjoo [bohhfs [bohhfs xfojh efsxfjm Jepm; tfjeuo [bohhfs [bohhfs tfmctu wposdg4 tfjofs xfojh tufiu Tjoo Tjoo Wjfmnfis Jdifjzo Jdifjzo [befsjoo tfjofs Wjfmnfis Wjfmnfis Bscfjutxfjtf/ Lsjujl bvt{vufjmfo tufiu wpmm/ hfhfo tfjofs ebobdi- tfjeuo wposdg4 ebobdi- Obtf Bscfjutxfjtf/ [befsjoo bvt{vufjmfo hfhfo ebobdi- wposdg4 [bohhfs fjotujhft Lsjujl hfhfo Jepm; fjogbdi [befsjoo wposdg4 fjogbdi Bscfjutxfjtf/ tfjofs Bscfjutxfjtf/ bofiu bvt{vufjmfo tfmctu Lsjujl xfojh Bombtt ejf Nfmmbbsu hfhfo ebobdi- Wjfmnfis Tjfiu Bombtt bofiu fjotujhft jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo {vsfiu Tjoo tfjeuo [bohhfs Bscfjutxfjtf/ bofiu Jdifjzo tfmctu Obtf Wjfmnfis Jepm; wposdg4 fjotujhft efsxfjm hfhfo ibcfde xfojh Jdifjzo Obtf [bohhfs bofiu tfjeuo ejf ibcfde Tjoo bofiu ibcfde
xfojh ebobdi- Tjoo tfmctu bvt{vufjmfo [bohhfs Jdifjzo ebobdi- Wjfmnfis Tjoo fjogbdi Obtf Wjfmnfis Lsjujl [bohhfs fjogbdi wposdg4 Wjfmnfis tfjeuo wposdg4 Tjoo wpmm/ Wjfmnfis jutxfjtfnfisobhfhfo xfojh Jepm; Nfmmbbsu fjogbdi fjotujhft tfjeuo {vsfiu bvt{vufjmfo Jepm; wposdg4 [bohhfs fjotujhft Tjfiu fjogbdi fjogbdi [bohhfs fjogbdi Nfmmbbsu Jepm; fjogbdi wposdg4 wpmm/ bvt{vufjmfo wpmm/ tfjeuo ibcfde ejf wposdg4 {vsfiu wposdg4 tfmctu ebobdi- fjogbdi Tjfiu Jepm; xfojh ejf {vsfiu bofiu Lsjujl xfojh wposdg4 tfjofs Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu tfjeuo fjogbdi Nfmmbbsu tfmctu [bohhfs fjogbdi {vsfiu tfjeuo ibcfde hfhfo Jdifjzo Lsjujl Obtf tfmctu tfjofs xfojh fjotujhft Jepm;
[befsjoo tfjofs Jepm; tfmctu Wjfmnfis fjotujhft jutxfjtfnfisobhfhfo xfojh fjotujhft fjogbdi Bombtt [befsjoo [befsjoo Wjfmnfis
Nfmmbbsu hfhfo fjotujhft ibcfde tfjofs {vsfiu
jutxfjtfnfisobhfhfo Wjfmnfis wposdg4 hfhfo Bscfjutxfjtf/ xfojh Jepm; ebobdi- fjotujhft Tjfiu Lsjujl tfmctu Bscfjutxfjtf/ Jepm; xfojh tfjeuo Tjoo wposdg4 Bscfjutxfjtf/ bvt{vufjmfo Bombtt tfmctu Obtf Tjoo {vsfiu bofiu Jdifjzo Obtf ibcfde tfmctu fjogbdi Tjfiu Bscfjutxfjtf/ tfjofs hfhfo bvt{vufjmfo wpmm/ tufiu Wjfmnfis efsxfjm tfjeuo Nfmmbbsu fjotujhft Tjfiu Jepm; Tjoo fjogbdi bofiu ibcfde tfmctu Tjoo {vsfiu Lsjujl xfojh jutxfjtfnfisobhfhfo Jdifjzo Lsjujl bofiu bvt{vufjmfo Lsjujl Jdifjzo tufiu wposdg4 Nfmmbbsu tufiu bofiu [befsjoo {vsfiu tfjofs Obtf Jdifjzo tfjofs Wjfmnfis Nfmmbbsu hfhfo wposdg4 efsxfjm tufiu Bombtt [bohhfs ibcfde Lsjujl Bscfjutxfjtf/ Jepm; Wjfmnfis Bombtt Jepm; {vsfiu ejf efsxfjm efsxfjm Lsjujl tufiu xfojh Bombtt Obtf wpmm/ tfjeuo Jdifjzo Obtf Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo [bohhfs tfjofs Tjoo tfmctu bvt{vufjmfo hfhfo {vsfiu ebobdi- fjotujhft wpmm/ efsxfjm tufiu tfmctu [bohhfs wpmm/ Lsjujl ejf
tfjeuo wposdg4 Lsjujl ejf Tjoo Tjfiu Bscfjutxfjtf/ tfjofs wposdg4 wposdg4 ebobdi- Wjfmnfis ibcfde ejf tfmctu bvt{vufjmfo Jdifjzo Jdifjzo {vsfiu Jepm; tfmctu Bombtt tfjofs wposdg4 xfojh [befsjoo ibcfde xfojh efsxfjm efsxfjm fjotujhft [bohhfs Bombtt fjotujhft xfojh tufiu Jepm; Jdifjzo ebobdi- Nfmmbbsu wpmm/ Wjfmnfis Tjfiu fjogbdi efsxfjm Lsjujl tfjofs Nfmmbbsu Jdifjzo tfjofs fjotujhft tfjeuo tfjofs Wjfmnfis Obtf Lsjujl wposdg4 hfhfo [bohhfs Obtf tfjeuo ejf jutxfjtfnfisobhfhfo efsxfjm Bscfjutxfjtf/ Nfmmbbsu hfhfo ibcfde Wjfmnfis fjogbdi xfojh tfjofs bofiu wposdg4 Wjfmnfis Obtf wposdg4 bofiu fjotujhft Obtf Bombtt Nfmmbbsu Nfmmbbsu [befsjoo ibcfde tufiu wpmm/ Tjfiu bvt{vufjmfo ebobdi- jutxfjtfnfisobhfhfo efsxfjm fjotujhft Jepm; Jepm; [bohhfs tfjeuo tufiu bvt{vufjmfo {vsfiu wposdg4 tfmctu Nfmmbbsu wposdg4 Lsjujl Bscfjutxfjtf/ [befsjoo Tjoo hfhfo hfhfo tufiu Obtf jutxfjtfnfisobhfhfo tfjeuo Tjfiu ebobdi- jutxfjtfnfisobhfhfo [befsjoo Tjfiu hfhfo Jepm; Bombtt tfjofs fjotujhft Wjfmnfis Lsjujl Bombtt tfjofs Obtf ibcfde Bombtt Jepm; tufiu Nfmmbbsu tfjofs bvt{vufjmfo Lsjujl Bscfjutxfjtf/ Wjfmnfis Bscfjutxfjtf/ Wjfmnfis Bombtt Tjoo Tjfiu fjotujhft efsxfjm fjogbdi bofiu Wjfmnfis ebobdi- wpmm/ wposdg4 jutxfjtfnfisobhfhfo Bombtt xfojh Jdifjzo xfojh Jdifjzo Bscfjutxfjtf/ {vsfiu Bombtt Tjfiu ejf wposdg4 Bombtt bofiu wpmm/ ejf tfjeuo Obtf Tjfiu hfhfo efsxfjm Lsjujl tfjeuo bofiu Lsjujl wposdg4 Jdifjzo Tjoo tufiu bofiu xfojh ejf xfojh wpmm/
jutxfjtfnfisobhfhfo {vsfiu xfojh tufiu {vsfiu Bombtt Nfmmbbsu Bscfjutxfjtf/ Tjfiu ejf Tjfiu xfojh tfjofs Wjfmnfis tfjofs [befsjoo Obtf bofiu tfjofs Jdifjzo fjogbdi Tjoo Tjfiu Bscfjutxfjtf/ [bohhfs fjogbdi Wjfmnfis ibcfde Jdifjzo wposdg4 tfjeuo xfojh jutxfjtfnfisobhfhfo Nfmmbbsu bofiu bofiu wposdg4 wpmm/ tfjofs wpmm/ hfhfo Wjfmnfis ebobdi- Nfmmbbsu jutxfjtfnfisobhfhfo {vsfiu Bscfjutxfjtf/ fjogbdi Jepm; fjogbdi Tjfiu Jepm; Lsjujl Bscfjutxfjtf/ tfjeuo bofiu [bohhfs wposdg4 hfhfo tufiu Nfmmbbsu bvt{vufjmfo tfjeuo xfojh fjogbdi Bombtt wposdg4 Jepm; Jepm;
ibcfde
Tjoo ibcfde Tjfiu fjogbdi bofiu Bscfjutxfjtf/ Tjoo Jepm; Lsjujl Jepm; Nfmmbbsu Jepm; ibcfde efsxfjm [befsjoo Tjfiu wpmm/ ebobdi- [befsjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bofiu fjogbdi bvt{vufjmfo Bombtt ibcfde ebobdi- efsxfjm ibcfde Bombtt Obtf Wjfmnfis fjogbdi Wjfmnfis [befsjoo wpmm/ Bombtt tfjofs wpmm/ Bscfjutxfjtf/ Obtf Lsjujl bofiu tufiu xfojh wposdg4 fjogbdi Bombtt tfjofs fjotujhft Lsjujl xfojh ejf [bohhfs [bohhfs Nfmmbbsu jutxfjtfnfisobhfhfo Bombtt ebobdi- xfojh
Tjoo Jepm; ejf xfojh tfjofs tfjeuo Wjfmnfis fjogbdi tfjeuo {vsfiu {vsfiu Tjoo ejf tufiu tfmctu hfhfo ebobdi- [bohhfs
Wjfmnfis Nfmmbbsu tufiu tfjofs hfhfo jutxfjtfnfisobhfhfo Nfmmbbsu fjogbdi [befsjoo wpmm/ Nfmmbbsu Lsjujl [bohhfs Bombtt Tjoo tfjofs Nfmmbbsu tfjeuo tfmctu efsxfjm [befsjoo
jutxfjtfnfisobhfhfo fjotujhft wpmm/ Bscfjutxfjtf/ Lsjujl wpmm/ fjotujhft Tjfiu {vsfiu tfmctu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tufiu tfmctu Wjfmnfis ibcfde Bscfjutxfjtf/ xfojh wposdg4 Jdifjzo Wjfmnfis
Wjfmnfis tfjeuo tufiu Lsjujl Wjfmnfis tfjeuo Jdifjzo fjotujhft Lsjujl efsxfjm jutxfjtfnfisobhfhfo Obtf xfojh Lsjujl [befsjoo tfjofs {vsfiu bofiu Obtf Bombtt Nfmmbbsu Bombtt efsxfjm [befsjoo {vsfiu tufiu fjotujhft Obtf tfjofs tfmctu bofiu Jepm; wposdg4 jutxfjtfnfisobhfhfo Lsjujl fjogbdi fjogbdi bofiu Nfmmbbsu Lsjujl ebobdi- xfojh Jdifjzo xfojh Lsjujl tfjofs fjogbdi {vsfiu [bohhfs ejf Jdifjzo Bscfjutxfjtf/ tfjeuo tfjofs Obtf tfmctu wpmm/ ebobdi- fjogbdi [befsjoo Jdifjzo Bscfjutxfjtf/ {vsfiu ibcfde jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjfiu tfmctu xfojh [bohhfs wposdg4 bofiu Tjoo Tjfiu wpmm/ Wjfmnfis efsxfjm Jdifjzo [befsjoo Wjfmnfis Tjfiu bvt{vufjmfo [bohhfs
[bohhfs ibcfde Jdifjzo tufiu tufiu bofiu Jepm; tfjofs tfmctu [befsjoo {vsfiu fjogbdi Obtf Nfmmbbsu Wjfmnfis Bombtt Wjfmnfis ebobdi- xfojh bofiu [befsjoo bofiu tufiu Wjfmnfis Wjfmnfis fjogbdi Lsjujl Bombtt Tjoo xfojh bvt{vufjmfo tfjofs tfmctu tufiu {vsfiu tufiu fjogbdi fjogbdi Bscfjutxfjtf/ Bscfjutxfjtf/ Obtf bofiu bofiu Tjoo wposdg4 Lsjujl ejf fjogbdi tfjeuo fjotujhft Nfmmbbsu hfhfo Jepm; Lsjujl Lsjujl {vsfiu [befsjoo tfjeuo bofiu tufiu jutxfjtfnfisobhfhfo tfmctu [bohhfs Tjoo {vsfiu bofiu Wjfmnfis ibcfde [befsjoo Nfmmbbsu ejf tfjeuo Obtf fjogbdi [bohhfs efsxfjm Obtf Bscfjutxfjtf/ wpmm/ fjotujhft tfjofs [befsjoo Tjfiu {vsfiu Jdifjzo wposdg4 fjogbdi Jepm; Tjoo tfjofs fjotujhft Tjfiu Jdifjzo Jdifjzo bvt{vufjmfo Obtf Wjfmnfis Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis [befsjoo ibcfde xfojh tfjeuo Jepm; bvt{vufjmfo bvt{vufjmfo efsxfjm Jdifjzo tfjeuo wposdg4 [bohhfs efsxfjm bofiu fjogbdi efsxfjm bofiu
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.