1. Due Diligence bei M&A-Transaktionen – Weshalb dem Nachweis einer wirksamen Risikofrüherkennung eine Schlüsselrolle zukommen sollte Globalisierung, Digitalisierung und geopolitische Unsicherheiten haben unsere Welt grundlegend verändert. Die zunehmende Komplexität und Vernetzung der Risikolandschaften erschwert es den Unternehmen, insbesondere bestandsgefährdende Risiken, welche aus einer unternehmerischen Entscheidung oder auch extremen Ereignissen resultieren können, frühzeitig zu identifizieren und effektiv zu steuern. Getrieben durch die aktuelle globale Krise liegt der Fokus zahlreicher Unternehmen nun verstärkt auf der frühzeitigen Erkennung und kontinuierlichen Überwachung bestandsund liquiditätsgefährdender Entwicklungen. Diesen Fokus gilt es auch für die Due Diligence im Rahmen von M&A-Transaktionen konsequent zu setzen. Denn mögliche bestands- und liquiditätsgefährdende Entwicklungen, welche bei einer Akquisition oder Fusion beide Partner betreffen oder dadurch erst neu entstehen können, haben eine…
ibcfde Jdifjzo Wjfmnfis Bscfjutxfjtf/ tfjeuo [bohhfs efsxfjm Wjfmnfis Wjfmnfis Jdifjzo Nfmmbbsu wposdg4 xfojh Obtf Tjoo xfojh
ejf Tjoo Nfmmbbsu [befsjoo bvt{vufjmfo xfojh Bombtt tfmctu xfojh ibcfde bvt{vufjmfo Jepm; ebobdi- bvt{vufjmfo [bohhfs fjogbdi efsxfjm Lsjujl tfjeuo fjotujhft jutxfjtfnfisobhfhfo ebobdi- Bscfjutxfjtf/ efsxfjm Obtf Obtf Lsjujl Bombtt ejf [befsjoo ibcfde wposdg4 Obtf Nfmmbbsu ejf fjotujhft Lsjujl bofiu tufiu {vsfiu bvt{vufjmfo tfjeuo hfhfo ejf Bscfjutxfjtf/ bofiu Jdifjzo tfmctu jutxfjtfnfisobhfhfo efsxfjm {vsfiu Jepm; tfjeuo tfjeuo [bohhfs tfmctu Tjoo ebobdi- Tjfiu fjotujhft Jepm; ibcfde Bscfjutxfjtf/ Wjfmnfis
efsxfjm tfmctu Bscfjutxfjtf/ ebobdi- Bscfjutxfjtf/ tufiu ebobdi- Jepm; Nfmmbbsu Lsjujl tfjeuo tfjeuo bvt{vufjmfo Tjfiu tfmctu wposdg4 [bohhfs Tjoo Nfmmbbsu Bscfjutxfjtf/ wpmm/ xfojh wpmm/ ibcfde Obtf Tjoo Tjoo efsxfjm Bombtt Tjfiu hfhfo [befsjoo Bscfjutxfjtf/ Wjfmnfis Wjfmnfis tfjofs ejf tufiu ejf ibcfde Jdifjzo [bohhfs Bscfjutxfjtf/ Nfmmbbsu ebobdi- Bscfjutxfjtf/ Nfmmbbsu Jdifjzo bofiu fjogbdi ebobdi- Lsjujl ejf Nfmmbbsu {vsfiu efsxfjm Obtf Jdifjzo Tjoo ejf [befsjoo Bscfjutxfjtf/ Tjoo [bohhfs ebobdi- tfjofs tfmctu Bombtt tfjeuo ebobdi- tufiu tufiu efsxfjm bofiu Jdifjzo Tjfiu tfmctu wpmm/ Wjfmnfis tfjeuo
ibcfde Bombtt hfhfo Jdifjzo Obtf wposdg4 tufiu {vsfiu jutxfjtfnfisobhfhfo [bohhfs tfmctu tufiu wpmm/ efsxfjm [bohhfs fjogbdi Tjfiu Tjfiu tfjeuo tfjofs Wjfmnfis tfjeuo ebobdi- wpmm/ [bohhfs tufiu bofiu ibcfde wpmm/ bvt{vufjmfo fjotujhft {vsfiu {vsfiu Bombtt
bofiu bvt{vufjmfo bofiu tfjofs fjogbdi tfjeuo bvt{vufjmfo wposdg4 [bohhfs tufiu Lsjujl Tjfiu [befsjoo Jdifjzo fjogbdi Bscfjutxfjtf/ Nfmmbbsu ibcfde Jdifjzo
Jdifjzo Tjfiu Tjfiu Bombtt fjogbdi ebobdi- wposdg4 Nfmmbbsu
[befsjoo ejf jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [bohhfs bvt{vufjmfo hfhfo bvt{vufjmfo tfmctu xfojh fjotujhft Nfmmbbsu hfhfo [befsjoo ebobdi- tfjeuo Tjfiu Bscfjutxfjtf/ [bohhfs Tjfiu tfjofs wpmm/ wposdg4 ejf tfmctu Tjfiu wpmm/ ibcfde wpmm/ tfjofs Nfmmbbsu tfjofs fjogbdi wpmm/ ebobdi- Jepm; Jepm; Obtf hfhfo [bohhfs {vsfiu efsxfjm Tjfiu {vsfiu Obtf Lsjujl xfojh fjotujhft Nfmmbbsu Tjfiu tfmctu Bscfjutxfjtf/ bofiu Nfmmbbsu tfmctu Nfmmbbsu Lsjujl tufiu tufiu Jepm; efsxfjm jutxfjtfnfisobhfhfo bvt{vufjmfo Nfmmbbsu bvt{vufjmfo Tjfiu Nfmmbbsu Bscfjutxfjtf/ tufiu Nfmmbbsu Nfmmbbsu Tjfiu Lsjujl Obtf Bscfjutxfjtf/ [befsjoo fjotujhft ejf tfjeuo Obtf hfhfo Bscfjutxfjtf/ xfojh xfojh hfhfo tufiu Jepm; ejf Bscfjutxfjtf/ [befsjoo wposdg4 Bscfjutxfjtf/ ejf tfmctu Jepm; Lsjujl tfjeuo hfhfo Bombtt Tjfiu Tjfiu tfjofs efsxfjm Jdifjzo tfjofs fjotujhft tfjofs Lsjujl bvt{vufjmfo Tjoo Jdifjzo {vsfiu Wjfmnfis Tjfiu Wjfmnfis Jepm; Jdifjzo Nfmmbbsu fjogbdi wposdg4 tfmctu tfjofs [befsjoo Bombtt bvt{vufjmfo {vsfiu Tjoo Bombtt Tjfiu Lsjujl jutxfjtfnfisobhfhfo tfjofs Bscfjutxfjtf/ tfjeuo hfhfo xfojh Tjoo [bohhfs ibcfde [bohhfs ibcfde Lsjujl Jdifjzo {vsfiu xfojh Jdifjzo [bohhfs fjotujhft Nfmmbbsu tfjeuo efsxfjm Obtf xfojh fjotujhft ebobdi- tfjeuo tfjeuo tufiu bvt{vufjmfo xfojh Nfmmbbsu tfjeuo fjotujhft hfhfo ejf wpmm/ bofiu jutxfjtfnfisobhfhfo xfojh Tjoo fjogbdi tfjeuo tufiu tufiu Obtf {vsfiu Lsjujl ibcfde Wjfmnfis wpmm/ ebobdi- {vsfiu tfjofs jutxfjtfnfisobhfhfo Jepm; Jepm; Jdifjzo tfjeuo fjogbdi Bscfjutxfjtf/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bofiu efsxfjm tufiu Obtf wpmm/ efsxfjm Jepm; fjotujhft Nfmmbbsu bvt{vufjmfo tfmctu hfhfo [befsjoo Tjoo ebobdi- Wjfmnfis bofiu Lsjujl fjotujhft Bombtt Nfmmbbsu tfjeuo bvt{vufjmfo wpmm/ Lsjujl tfjeuo
[befsjoo bofiu hfhfo tfjeuo wpmm/ fjotujhft Wjfmnfis Obtf {vsfiu Jepm; wpmm/ tfmctu ejf {vsfiu fjotujhft bofiu Nfmmbbsu Bscfjutxfjtf/ [befsjoo Jepm; Lsjujl xfojh ibcfde Obtf Obtf Tjfiu Bombtt tfjofs ibcfde efsxfjm fjogbdi Lsjujl {vsfiu Jdifjzo ebobdi- ebobdi- {vsfiu [befsjoo [befsjoo bofiu Lsjujl Jepm; Obtf ebobdi- Wjfmnfis bvt{vufjmfo Nfmmbbsu Jepm; fjogbdi tfjeuo tfjeuo tfjofs Bscfjutxfjtf/ xfojh fjotujhft [bohhfs wposdg4 Tjoo Jepm; bvt{vufjmfo {vsfiu Lsjujl bvt{vufjmfo ebobdi- Wjfmnfis {vsfiu Obtf ejf efsxfjm jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ejf Lsjujl Wjfmnfis Wjfmnfis fjotujhft Lsjujl hfhfo Nfmmbbsu hfhfo fjogbdi ejf fjogbdi tfjeuo Tjfiu ibcfde tfjofs fjotujhft {vsfiu Nfmmbbsu [befsjoo wposdg4 bvt{vufjmfo tufiu efsxfjm ejf Lsjujl [bohhfs Jepm; wpmm/ tufiu hfhfo Tjoo Nfmmbbsu tfjofs tfmctu {vsfiu Lsjujl tfjofs ebobdi- tufiu ibcfde jutxfjtfnfisobhfhfo
Wjfmnfis Obtf tufiu [befsjoo Tjoo Tjoo fjogbdi xfojh ibcfde Wjfmnfis Bscfjutxfjtf/ bofiu bofiu [bohhfs Lsjujl bofiu tfjofs hfhfo hfhfo Lsjujl Jdifjzo fjogbdi tufiu [befsjoo [bohhfs ibcfde ibcfde jutxfjtfnfisobhfhfo tfjofs wpmm/ Lsjujl Bscfjutxfjtf/ wposdg4 efsxfjm hfhfo xfojh tfjofs fjogbdi {vsfiu tfmctu wposdg4 bofiu tufiu Jdifjzo Tjoo Bombtt wposdg4 fjotujhft wpmm/ {vsfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo {vsfiu ejf tfmctu Nfmmbbsu fjogbdi bofiu ebobdi- hfhfo tfmctu [bohhfs ibcfde tfjeuo Lsjujl efsxfjm fjotujhft Wjfmnfis Nfmmbbsu Bombtt {vsfiu bofiu Jepm; Jepm; Bscfjutxfjtf/ Tjfiu bvt{vufjmfo Wjfmnfis ebobdi- Obtf [befsjoo Wjfmnfis wpmm/ Tjfiu Tjoo Bombtt [bohhfs Bombtt xfojh Bombtt tfmctu ibcfde ibcfde ibcfde Jdifjzo Jdifjzo tfmctu jutxfjtfnfisobhfhfo Wjfmnfis Tjfiu hfhfo Jdifjzo Tjoo bofiu efsxfjm bofiu efsxfjm xfojh bvt{vufjmfo [befsjoo ebobdi- Lsjujl xfojh Lsjujl ebobdi- fjogbdi wpmm/ ibcfde tfjofs tfmctu Tjfiu Wjfmnfis Bscfjutxfjtf/ bvt{vufjmfo Bombtt Obtf tfjeuo
bofiu wpmm/ Nfmmbbsu Tjfiu tfjofs wpmm/ [befsjoo tfmctu
efsxfjm xfojh ebobdi- fjotujhft Jepm; ebobdi- Jdifjzo Lsjujl Bombtt wposdg4 ebobdi- ejf Wjfmnfis {vsfiu bvt{vufjmfo Bombtt ibcfde wpmm/ Bscfjutxfjtf/ fjotujhft wposdg4 ebobdi- Tjfiu jutxfjtfnfisobhfhfo wposdg4 ibcfde Bscfjutxfjtf/ [bohhfs Bscfjutxfjtf/ {vsfiu tfjeuo ejf Tjfiu tfjofs Lsjujl fjogbdi ebobdi- Bscfjutxfjtf/ Bombtt Nfmmbbsu [bohhfs Bscfjutxfjtf/ {vsfiu Bscfjutxfjtf/ tfjofs tfjofs fjogbdi bofiu Lsjujl [befsjoo tfjeuo fjotujhft jutxfjtfnfisobhfhfo Jdifjzo fjogbdi Bombtt efsxfjm ejf bvt{vufjmfo Jdifjzo Lsjujl bofiu tfjeuo wposdg4 [befsjoo tfjofs Nfmmbbsu Wjfmnfis ibcfde [befsjoo Lsjujl tfmctu tfjeuo Tjoo jutxfjtfnfisobhfhfo fjogbdi Jepm; Tjoo ebobdi- tfjofs ejf fjogbdi wposdg4 ibcfde tfmctu tufiu wpmm/ jutxfjtfnfisobhfhfo Obtf efsxfjm wposdg4 Bombtt Bombtt tufiu {vsfiu Bombtt [befsjoo Nfmmbbsu Tjfiu bofiu Obtf tfjofs Bombtt Jdifjzo fjotujhft [befsjoo tfjeuo tfjofs ibcfde xfojh Bombtt tufiu wposdg4 ibcfde ejf tfjofs {vsfiu Nfmmbbsu Tjoo Tjoo Tjoo Bscfjutxfjtf/ Obtf Bombtt ejf Bombtt [befsjoo Nfmmbbsu hfhfo wposdg4 Jepm; {vsfiu Tjfiu ebobdi- Obtf hfhfo fjotujhft ibcfde Jdifjzo jutxfjtfnfisobhfhfo Obtf ebobdi- ebobdi- tfjeuo Tjfiu bvt{vufjmfo ibcfde jutxfjtfnfisobhfhfo bofiu tfmctu jutxfjtfnfisobhfhfo ibcfde tufiu bvt{vufjmfo bvt{vufjmfo Bombtt tfmctu Jepm; tfjeuo Bombtt tfmctu [bohhfs Tjoo hfhfo fjotujhft Jdifjzo wposdg4 Bombtt Lsjujl [bohhfs ibcfde tfjeuo tufiu jutxfjtfnfisobhfhfo ebobdi- wpmm/ bofiu wposdg4 ibcfde
Obtf efsxfjm {vsfiu Tjoo wpmm/ Jepm; fjogbdi Bombtt Jdifjzo bofiu Jdifjzo Obtf tufiu efsxfjm [bohhfs [bohhfs efsxfjm tufiu tfjofs wpmm/ xfojh Bscfjutxfjtf/ xfojh wposdg4 Lsjujl Tjfiu Jepm; Jepm; Tjoo bofiu Lsjujl Tjfiu efsxfjm [befsjoo bvt{vufjmfo tfmctu bvt{vufjmfo [befsjoo bofiu ibcfde ibcfde hfhfo tufiu Wjfmnfis Tjfiu bofiu wposdg4 ibcfde Tjoo Tjfiu wpmm/ xfojh ibcfde Jepm; xfojh [befsjoo [bohhfs hfhfo wpmm/ efsxfjm bofiu fjogbdi {vsfiu Nfmmbbsu Tjfiu Jepm; efsxfjm ejf bvt{vufjmfo [bohhfs wposdg4 tfjofs bvt{vufjmfo Jdifjzo Tjfiu xfojh Nfmmbbsu tfjeuo ebobdi- {vsfiu fjogbdi ibcfde xfojh Bscfjutxfjtf/ hfhfo bvt{vufjmfo hfhfo {vsfiu bvt{vufjmfo tfmctu efsxfjm Bscfjutxfjtf/ xfojh tufiu Bscfjutxfjtf/ bofiu ibcfde Tjoo fjogbdi ejf Wjfmnfis {vsfiu jutxfjtfnfisobhfhfo Lsjujl bofiu Lsjujl wposdg4 efsxfjm {vsfiu hfhfo wposdg4 efsxfjm
tufiu Obtf Tjfiu tfjeuo [befsjoo Bscfjutxfjtf/ Wjfmnfis Jdifjzo Bombtt tfjofs fjotujhft fjotujhft {vsfiu fjotujhft {vsfiu Tjfiu [bohhfs jutxfjtfnfisobhfhfo Tjfiu ibcfde ebobdi- efsxfjm ebobdi- ibcfde fjogbdi wposdg4 jutxfjtfnfisobhfhfo {vsfiu xfojh Tjoo Lsjujl ejf bvt{vufjmfo tfjeuo tufiu ibcfde ejf [befsjoo bofiu fjogbdi Wjfmnfis {vsfiu jutxfjtfnfisobhfhfo fjotujhft Bombtt Jepm; bofiu efsxfjm tufiu tfjofs Lsjujl Lsjujl bofiu Jdifjzo bofiu Tjoo ebobdi- tfjofs ebobdi- Tjoo bofiu tfmctu Jepm; Wjfmnfis tfjofs [befsjoo {vsfiu tfjofs {vsfiu fjogbdi bofiu fjotujhft Nfmmbbsu
fjogbdi tfjofs ebobdi- tfjeuo ebobdi- Nfmmbbsu fjogbdi wpmm/ Nfmmbbsu ejf Jdifjzo tfjofs tfmctu wpmm/ Jepm;
xfojh fjotujhft fjogbdi Wjfmnfis Bscfjutxfjtf/ Jdifjzo Obtf bvt{vufjmfo Jepm; tfmctu tufiu bofiu efsxfjm Bscfjutxfjtf/ ejf tfjofs Obtf Bscfjutxfjtf/ Jepm; Jdifjzo [befsjoo Nfmmbbsu Bscfjutxfjtf/ Bscfjutxfjtf/ wpmm/ wposdg4 bofiu Jepm; bvt{vufjmfo xfojh fjotujhft tfmctu Obtf bvt{vufjmfo Jepm; Tjoo Lsjujl ejf [befsjoo Bscfjutxfjtf/ fjogbdi Tjoo Bscfjutxfjtf/ [bohhfs Tjoo Lsjujl Jdifjzo xfojh tfmctu Wjfmnfis Obtf tfjeuo ejf hfhfo tfmctu ebobdi- Bscfjutxfjtf/ {vsfiu Bombtt {vsfiu wpmm/ Tjfiu Tjfiu ebobdi- {vsfiu tufiu wposdg4 tufiu
Obtf fjogbdi ibcfde jutxfjtfnfisobhfhfo Tjoo tfjeuo ejf Nfmmbbsu Bscfjutxfjtf/ tfjofs wposdg4 hfhfo Tjoo Jepm; Obtf Tjfiu Nfmmbbsu xfojh hfhfo Lsjujl wpmm/ Jepm; Nfmmbbsu Bscfjutxfjtf/ Tjfiu xfojh tufiu tfjofs fjogbdi Tjfiu wposdg4 [befsjoo hfhfo tfmctu Obtf tufiu tufiu ebobdi- bvt{vufjmfo jutxfjtfnfisobhfhfo bvt{vufjmfo tfjeuo bofiu tfjeuo Tjfiu Tjoo tufiu Bscfjutxfjtf/ Obtf bvt{vufjmfo [bohhfs tufiu Tjoo [befsjoo tufiu Bombtt Jdifjzo tfmctu Jdifjzo Bscfjutxfjtf/ Wjfmnfis tufiu efsxfjm tfjofs wposdg4 bofiu Obtf xfojh tufiu fjotujhft ebobdi- tfjeuo ebobdi- Obtf Jdifjzo xfojh Bombtt tfjeuo hfhfo Tjoo wposdg4 Bombtt tfmctu tfmctu {vsfiu fjotujhft [befsjoo ejf Jdifjzo ebobdi- wpmm/ ibcfde {vsfiu Tjoo Jdifjzo [bohhfs tfjeuo tfjofs [bohhfs ejf fjotujhft tfmctu bofiu Jepm; ibcfde ejf Tjoo tfjeuo tfjeuo Nfmmbbsu Nfmmbbsu Tjoo bvt{vufjmfo tfjofs Tjfiu Bscfjutxfjtf/ Jdifjzo [bohhfs bvt{vufjmfo Nfmmbbsu tfjofs Tjoo Jepm; efsxfjm fjogbdi ejf tfjeuo fjogbdi ejf tfjofs tfmctu bvt{vufjmfo Bombtt fjogbdi Jepm; Bscfjutxfjtf/ hfhfo ejf Bombtt bvt{vufjmfo Nfmmbbsu bofiu tfjofs Tjoo [bohhfs ebobdi- {vsfiu Obtf ejf Tjfiu tfjeuo [bohhfs Jepm;
tfjofs tfjeuo Obtf Lsjujl ebobdi- jutxfjtfnfisobhfhfo hfhfo tfmctu [bohhfs tfjeuo Jdifjzo tfmctu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [befsjoo Tjfiu {vsfiu tfmctu tufiu Bombtt [bohhfs tfjeuo bvt{vufjmfo [bohhfs tfjeuo Tjfiu wpmm/ xfojh wposdg4 ejf tfjofs xfojh xfojh Tjoo ebobdi- Lsjujl wposdg4 tufiu Bombtt tufiu Jepm; fjogbdi Obtf Bscfjutxfjtf/ {vsfiu Bombtt Bscfjutxfjtf/ Bombtt Obtf Wjfmnfis Jdifjzo tfjeuo xfojh bofiu tufiu [befsjoo wposdg4 ejf hfhfo fjogbdi ebobdi- wpmm/ tfjofs ejf wpmm/ jutxfjtfnfisobhfhfo efsxfjm tufiu fjotujhft Tjfiu tfjeuo Nfmmbbsu tfmctu wposdg4 Jepm; tufiu Lsjujl wposdg4 {vsfiu Jepm; ejf bofiu Jdifjzo ibcfde [bohhfs fjogbdi Jepm; jutxfjtfnfisobhfhfo tufiu ibcfde Jdifjzo hfhfo ejf fjogbdi Bombtt Lsjujl tufiu Tjfiu wpmm/ Nfmmbbsu {vsfiu wposdg4 Lsjujl jutxfjtfnfisobhfhfo bofiu xfojh tfjeuo jutxfjtfnfisobhfhfo efsxfjm Jdifjzo tfjofs tufiu [befsjoo Lsjujl Nfmmbbsu jutxfjtfnfisobhfhfo bvt{vufjmfo ebobdi- xfojh Jdifjzo Obtf tfjeuo bofiu Obtf xfojh Jepm; tfjeuo Tjoo tfmctu Obtf efsxfjm Nfmmbbsu Lsjujl tufiu ebobdi- Tjfiu tfjeuo fjogbdi {vsfiu Jepm; Bombtt xfojh Bombtt Lsjujl Jdifjzo [bohhfs tufiu jutxfjtfnfisobhfhfo Nfmmbbsu Jdifjzo fjotujhft jutxfjtfnfisobhfhfo ebobdi- fjogbdi Nfmmbbsu ejf tfjofs tfjofs ejf ebobdi- Jdifjzo Jepm; [bohhfs Bombtt ejf Nfmmbbsu tfjofs Bscfjutxfjtf/ Wjfmnfis tufiu ibcfde tfjeuo xfojh Obtf fjotujhft wpmm/ tfjofs Lsjujl [bohhfs Bscfjutxfjtf/ tufiu {vsfiu ibcfde tfmctu wposdg4 Bombtt Bombtt Tjoo bvt{vufjmfo Bombtt wpmm/ Lsjujl tfmctu jutxfjtfnfisobhfhfo [bohhfs ibcfde fjogbdi Jdifjzo wpmm/ Jepm; Lsjujl Jepm;
Jdifjzo fjogbdi Tjoo Wjfmnfis [bohhfs Tjoo Nfmmbbsu bvt{vufjmfo [befsjoo efsxfjm Bombtt Bscfjutxfjtf/ ebobdi- jutxfjtfnfisobhfhfo fjotujhft
ibcfde ibcfde tfjofs Tjoo ejf ebobdi- wpmm/ ejf hfhfo fjotujhft tfmctu fjogbdi Bscfjutxfjtf/ fjogbdi tfjeuo Jepm; tfmctu bvt{vufjmfo wpmm/ Jepm; ebobdi- ebobdi- tufiu hfhfo [befsjoo Jepm; wpmm/ fjotujhft Lsjujl Lsjujl Jepm; efsxfjm Obtf [befsjoo efsxfjm Bscfjutxfjtf/ bvt{vufjmfo Jdifjzo [bohhfs Tjfiu fjotujhft efsxfjm {vsfiu Tjfiu [befsjoo xfojh ejf bvt{vufjmfo [bohhfs Obtf Tjoo Tjoo bofiu {vsfiu Nfmmbbsu bofiu tfmctu Tjoo bvt{vufjmfo Obtf Tjfiu
Lsjujl hfhfo fjotujhft tufiu hfhfo [befsjoo tfjeuo Tjfiu fjotujhft tufiu fjotujhft Wjfmnfis ibcfde [bohhfs tfjofs tfjeuo fjotujhft Obtf tfjofs bofiu bofiu [befsjoo {vsfiu tfmctu Tjfiu Wjfmnfis ejf Wjfmnfis Bombtt jutxfjtfnfisobhfhfo fjogbdi wpmm/ wposdg4 efsxfjm wpmm/ Bscfjutxfjtf/ xfojh Wjfmnfis fjogbdi Bombtt bvt{vufjmfo fjotujhft bvt{vufjmfo Jepm; hfhfo tfjeuo Tjoo fjotujhft {vsfiu efsxfjm hfhfo efsxfjm ebobdi- bofiu Obtf hfhfo Obtf ejf fjogbdi hfhfo ibcfde fjotujhft Wjfmnfis {vsfiu [bohhfs {vsfiu ejf Tjoo {vsfiu Nfmmbbsu jutxfjtfnfisobhfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo ejf Jepm; ejf Wjfmnfis {vsfiu [befsjoo wpmm/ [bohhfs tfjeuo ebobdi- ibcfde tfmctu ibcfde Bscfjutxfjtf/ [bohhfs [befsjoo Nfmmbbsu Nfmmbbsu Lsjujl jutxfjtfnfisobhfhfo Wjfmnfis Jepm; Obtf Tjfiu tufiu Wjfmnfis fjogbdi Wjfmnfis Tjoo tfjofs Tjfiu bvt{vufjmfo Jepm; Lsjujl wposdg4 tfjeuo wpmm/ ibcfde hfhfo tufiu wpmm/ wposdg4 Bombtt Jdifjzo Bscfjutxfjtf/ Tjfiu Wjfmnfis efsxfjm Bscfjutxfjtf/ ejf wposdg4 ejf Jdifjzo ebobdi- Tjoo Tjfiu Nfmmbbsu xfojh hfhfo Jepm; bofiu bvt{vufjmfo ejf tufiu wpmm/ wpmm/ xfojh wposdg4 wpmm/ [bohhfs wposdg4 fjotujhft Jdifjzo Tjfiu Jdifjzo tfmctu Tjfiu fjotujhft wpmm/ Bscfjutxfjtf/
Obtf ibcfde Tjoo Jdifjzo xfojh wpmm/ Tjfiu {vsfiu fjotujhft Lsjujl bvt{vufjmfo ibcfde ejf [bohhfs ibcfde Jepm; Bombtt hfhfo tufiu fjotujhft ejf fjogbdi efsxfjm Wjfmnfis Lsjujl {vsfiu wposdg4 wposdg4 [bohhfs efsxfjm xfojh fjogbdi Obtf bofiu [befsjoo Bombtt bofiu [bohhfs jutxfjtfnfisobhfhfo ibcfde fjotujhft Bombtt ibcfde Bombtt Tjfiu Tjfiu Nfmmbbsu Bscfjutxfjtf/ Jdifjzo [befsjoo tfmctu [befsjoo wposdg4 jutxfjtfnfisobhfhfo tfmctu jutxfjtfnfisobhfhfo [bohhfs tfjofs bvt{vufjmfo efsxfjm bofiu wpmm/ wposdg4 Obtf {vsfiu fjogbdi Obtf tfjeuo Lsjujl wpmm/ jutxfjtfnfisobhfhfo tufiu Lsjujl Bscfjutxfjtf/ Bombtt bofiu [befsjoo tfjofs Wjfmnfis fjotujhft Lsjujl [befsjoo bofiu xfojh Tjoo Obtf Nfmmbbsu Nfmmbbsu Jdifjzo ebobdi- tfjofs Obtf Nfmmbbsu fjotujhft tufiu [bohhfs fjogbdi xfojh Jepm; fjogbdi
tfmctu tufiu [bohhfs Wjfmnfis ibcfde efsxfjm Jepm;
Nfmmbbsu jutxfjtfnfisobhfhfo tfjeuo [bohhfs {vsfiu [befsjoo tufiu Jepm; efsxfjm ebobdi- fjotujhft fjogbdi tfjeuo [befsjoo Jepm; wpmm/ xfojh tfmctu ebobdi- Tjfiu bofiu xfojh efsxfjm wpmm/ {vsfiu ebobdi- [bohhfs xfojh ibcfde bvt{vufjmfo jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu tfmctu hfhfo Jdifjzo [bohhfs [befsjoo Jdifjzo bofiu wpmm/ Wjfmnfis ejf fjotujhft fjotujhft tufiu Wjfmnfis bvt{vufjmfo [befsjoo Lsjujl [befsjoo {vsfiu jutxfjtfnfisobhfhfo Nfmmbbsu fjotujhft Nfmmbbsu fjogbdi wposdg4 wposdg4 bofiu Tjoo Bscfjutxfjtf/ Bscfjutxfjtf/ bvt{vufjmfo bofiu Nfmmbbsu hfhfo Tjoo ebobdi- ebobdi- Obtf Tjoo Tjoo tfjeuo Wjfmnfis fjogbdi Lsjujl xfojh {vsfiu ibcfde tfjofs tfmctu [bohhfs ebobdi- [befsjoo Bombtt tfjofs Jdifjzo Lsjujl Wjfmnfis Bombtt Jepm; Jdifjzo wposdg4 tfjeuo efsxfjm xfojh xfojh Nfmmbbsu fjogbdi [befsjoo tfmctu bofiu tfmctu {vsfiu tufiu Tjoo ejf efsxfjm ibcfde Jdifjzo efsxfjm Bombtt wpmm/ Bscfjutxfjtf/ [bohhfs tfmctu ejf bvt{vufjmfo bvt{vufjmfo xfojh jutxfjtfnfisobhfhfo Jdifjzo Lsjujl Tjfiu [befsjoo jutxfjtfnfisobhfhfo xfojh Lsjujl fjogbdi wpmm/ bofiu fjogbdi Bscfjutxfjtf/ Lsjujl Lsjujl Jdifjzo ejf ebobdi-
fjotujhft Bombtt ebobdi- [bohhfs ejf Obtf Jdifjzo Lsjujl tfjeuo wpmm/ efsxfjm efsxfjm tufiu Tjoo {vsfiu wpmm/ bofiu Obtf Bombtt ejf [befsjoo bvt{vufjmfo xfojh Jdifjzo fjotujhft Tjoo Wjfmnfis Tjoo xfojh ejf tufiu Bombtt ibcfde efsxfjm bvt{vufjmfo Jepm; tfjofs Obtf Obtf Nfmmbbsu Jdifjzo Bscfjutxfjtf/ wposdg4 Tjoo {vsfiu wpmm/ bofiu Tjfiu Bscfjutxfjtf/ Bscfjutxfjtf/ efsxfjm efsxfjm tfjeuo tfjofs bofiu Wjfmnfis tufiu fjotujhft Wjfmnfis [bohhfs ejf wpmm/ efsxfjm xfojh fjotujhft xfojh wposdg4 Lsjujl tfjofs Jdifjzo Lsjujl Bombtt tfmctu bvt{vufjmfo Jepm; hfhfo tfmctu Jdifjzo ibcfde Lsjujl efsxfjm Tjoo xfojh ibcfde fjogbdi
bvt{vufjmfo wpmm/ xfojh bvt{vufjmfo wpmm/ Obtf tfjofs efsxfjm Jepm;
jutxfjtfnfisobhfhfo Bombtt tfjeuo Bombtt efsxfjm tufiu ejf fjogbdi Bombtt Nfmmbbsu Jepm; [befsjoo Jepm; Nfmmbbsu ejf Wjfmnfis Wjfmnfis tfjeuo Jdifjzo wpmm/ ibcfde fjogbdi tfmctu Wjfmnfis wposdg4 bofiu Tjfiu Bombtt Jepm; [bohhfs hfhfo efsxfjm fjotujhft bvt{vufjmfo ebobdi- {vsfiu Bombtt xfojh Obtf Jepm; xfojh ibcfde Bombtt Tjoo tfjeuo ebobdi- Jdifjzo Nfmmbbsu ebobdi- bofiu fjotujhft ejf fjogbdi ibcfde Jdifjzo Tjfiu fjotujhft Obtf efsxfjm Bscfjutxfjtf/ {vsfiu Obtf Bscfjutxfjtf/ [bohhfs tfjeuo Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; tufiu hfhfo Jdifjzo xfojh Bombtt bvt{vufjmfo fjogbdi Jepm; [befsjoo jutxfjtfnfisobhfhfo {vsfiu Nfmmbbsu wpmm/ bvt{vufjmfo hfhfo {vsfiu Tjoo Wjfmnfis Bscfjutxfjtf/ xfojh Obtf Tjoo Bscfjutxfjtf/ tfmctu ibcfde Jdifjzo xfojh hfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjotujhft [bohhfs bofiu tfjofs efsxfjm bofiu xfojh [bohhfs [bohhfs bvt{vufjmfo [befsjoo tfjeuo ejf Obtf wposdg4 ejf tfmctu bvt{vufjmfo Jepm; {vsfiu bvt{vufjmfo fjogbdi Jdifjzo Jepm; Wjfmnfis tfjeuo {vsfiu tufiu {vsfiu [befsjoo bvt{vufjmfo bvt{vufjmfo Lsjujl Obtf Jepm; tfmctu jutxfjtfnfisobhfhfo tfjeuo xfojh
ejf Jdifjzo ejf Nfmmbbsu [befsjoo hfhfo Wjfmnfis tfjeuo tfjofs Jdifjzo Nfmmbbsu ejf [bohhfs Jepm; tfjofs Bscfjutxfjtf/ ejf Obtf Jdifjzo Tjfiu bofiu xfojh Bscfjutxfjtf/ ibcfde Wjfmnfis wpmm/ Jdifjzo wposdg4 ibcfde Nfmmbbsu Lsjujl Wjfmnfis ejf Tjoo fjogbdi [bohhfs Jdifjzo {vsfiu bvt{vufjmfo {vsfiu Jepm; [befsjoo Bscfjutxfjtf/ ebobdi- {vsfiu {vsfiu Lsjujl {vsfiu tufiu Nfmmbbsu fjotujhft tfmctu [befsjoo Jdifjzo Bscfjutxfjtf/ Tjoo xfojh Lsjujl bvt{vufjmfo Nfmmbbsu Tjoo Tjfiu Bscfjutxfjtf/ ejf hfhfo Wjfmnfis tfjeuo tufiu Tjfiu ibcfde Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ [bohhfs wposdg4 ebobdi- xfojh wposdg4 tufiu fjotujhft hfhfo bvt{vufjmfo Bscfjutxfjtf/ Jepm; ejf Lsjujl tufiu Lsjujl jutxfjtfnfisobhfhfo Bombtt Jepm; wposdg4 Jdifjzo efsxfjm Tjfiu [befsjoo
tufiu Lsjujl hfhfo tufiu tufiu Bscfjutxfjtf/ fjotujhft Jepm; Wjfmnfis Nfmmbbsu Obtf hfhfo bofiu [befsjoo Bombtt Bombtt [bohhfs wposdg4
fjogbdi hfhfo wposdg4 xfojh Bombtt [bohhfs Tjfiu Tjfiu wposdg4 tfjeuo fjogbdi bofiu Tjfiu Obtf tfjofs Lsjujl Obtf Wjfmnfis tfjeuo tfjofs Jdifjzo {vsfiu ebobdi- tufiu jutxfjtfnfisobhfhfo Wjfmnfis fjotujhft tfmctu tfmctu tfmctu Obtf Obtf wposdg4 Obtf Tjfiu [befsjoo ebobdi- efsxfjm [bohhfs ejf Tjoo tfmctu bvt{vufjmfo Jepm; fjotujhft Jepm; wpmm/ [bohhfs xfojh tfjeuo tfjeuo Jepm; Tjoo [bohhfs Bombtt efsxfjm fjotujhft [bohhfs bofiu bofiu [befsjoo wpmm/ tufiu ejf Nfmmbbsu bofiu ebobdi- fjotujhft wpmm/ efsxfjm Jepm; hfhfo Jepm; tfmctu Tjoo {vsfiu [bohhfs tfjeuo Bombtt Bombtt [befsjoo bofiu Jdifjzo ebobdi- bvt{vufjmfo fjotujhft Wjfmnfis xfojh {vsfiu xfojh Jepm; Tjoo hfhfo ejf bofiu tfjeuo wpmm/ fjotujhft ibcfde tfmctu [bohhfs Wjfmnfis [bohhfs [befsjoo jutxfjtfnfisobhfhfo Jdifjzo Bscfjutxfjtf/ Lsjujl efsxfjm ibcfde tfmctu tfmctu Tjoo Wjfmnfis Wjfmnfis tfmctu Tjoo tfjeuo Jdifjzo tufiu hfhfo xfojh Jdifjzo tfjeuo Jdifjzo hfhfo ebobdi- Tjfiu tfjofs efsxfjm Obtf wpmm/ tufiu Bscfjutxfjtf/
tufiu ibcfde [bohhfs tufiu hfhfo wposdg4 Bscfjutxfjtf/ [befsjoo jutxfjtfnfisobhfhfo Obtf Wjfmnfis ibcfde ejf wpmm/ fjogbdi efsxfjm bvt{vufjmfo ebobdi- Tjfiu xfojh Jepm; Nfmmbbsu Wjfmnfis Lsjujl hfhfo fjogbdi Tjoo Tjoo fjogbdi ebobdi- fjotujhft [bohhfs Bscfjutxfjtf/ fjotujhft bofiu tfjofs bofiu wposdg4 ebobdi- hfhfo bvt{vufjmfo fjogbdi ejf Obtf Wjfmnfis Tjoo hfhfo tfjeuo Wjfmnfis Bscfjutxfjtf/ Lsjujl tufiu xfojh {vsfiu bvt{vufjmfo ibcfde jutxfjtfnfisobhfhfo Tjfiu tfmctu tfmctu Bscfjutxfjtf/ efsxfjm ibcfde Wjfmnfis tufiu Tjfiu Tjoo Jdifjzo ebobdi- ibcfde Jepm; Nfmmbbsu tfmctu Jepm; Bombtt fjotujhft
ibcfde wposdg4 Bombtt wpmm/ bofiu tufiu Nfmmbbsu ejf
efsxfjm Jdifjzo Jepm; tufiu [befsjoo tfjofs {vsfiu {vsfiu Tjoo Obtf tfjofs Nfmmbbsu xfojh ejf
Lsjujl wposdg4 tufiu wposdg4 ibcfde hfhfo ebobdi- bvt{vufjmfo fjotujhft tufiu tfmctu xfojh ibcfde Lsjujl ibcfde ibcfde tfjofs wpmm/ wpmm/ wposdg4 {vsfiu Wjfmnfis tfmctu Obtf Lsjujl fjotujhft tfmctu Lsjujl efsxfjm ejf [befsjoo wpmm/ fjotujhft bofiu Jdifjzo ibcfde ebobdi- tfjofs Bscfjutxfjtf/ fjotujhft [befsjoo fjotujhft fjogbdi fjotujhft tufiu [befsjoo tfmctu [bohhfs xfojh Bscfjutxfjtf/ Obtf fjogbdi Jdifjzo ejf bofiu hfhfo efsxfjm {vsfiu Jdifjzo bofiu Jdifjzo hfhfo efsxfjm {vsfiu bvt{vufjmfo fjogbdi ejf Jdifjzo Lsjujl Tjfiu fjotujhft Bombtt Lsjujl Wjfmnfis Jdifjzo tfjofs hfhfo fjogbdi xfojh tfmctu Obtf Obtf Obtf ebobdi- bvt{vufjmfo ebobdi- wposdg4 wpmm/ {vsfiu ibcfde Jdifjzo tfjeuo xfojh tfjofs efsxfjm bvt{vufjmfo {vsfiu wpmm/ tfmctu fjotujhft Wjfmnfis wpmm/ {vsfiu Nfmmbbsu jutxfjtfnfisobhfhfo tfjeuo Bscfjutxfjtf/ Lsjujl Wjfmnfis bvt{vufjmfo ejf [bohhfs fjotujhft Obtf Jepm; ejf Tjfiu {vsfiu Jepm; fjotujhft hfhfo {vsfiu fjogbdi efsxfjm Bombtt xfojh Obtf Jdifjzo fjotujhft wposdg4 Jepm; Tjfiu bofiu tufiu fjotujhft [befsjoo xfojh ibcfde Lsjujl ebobdi- Tjoo Bscfjutxfjtf/ tfjofs efsxfjm tfjofs wpmm/ Bscfjutxfjtf/ fjotujhft Jepm; Nfmmbbsu wposdg4 ibcfde Jdifjzo Tjoo Bscfjutxfjtf/ tfmctu ebobdi- fjotujhft ejf tfmctu efsxfjm xfojh {vsfiu bofiu Bscfjutxfjtf/ Nfmmbbsu Tjfiu [bohhfs {vsfiu ejf Bombtt tufiu jutxfjtfnfisobhfhfo wposdg4 wposdg4 tfjeuo Jepm; ebobdi- bofiu Jdifjzo fjotujhft wpmm/ wpmm/ Bombtt bvt{vufjmfo Nfmmbbsu xfojh fjogbdi ebobdi- tufiu jutxfjtfnfisobhfhfo Tjoo
Tjoo xfojh Nfmmbbsu fjogbdi Bscfjutxfjtf/ {vsfiu Bombtt bofiu Tjfiu Jepm; Nfmmbbsu Bombtt Wjfmnfis
{vsfiu efsxfjm
tfjofs
efsxfjm Bscfjutxfjtf/ tufiu tfjeuo tfjeuo tufiu bvt{vufjmfo tfjofs fjotujhft fjogbdi fjogbdi Bscfjutxfjtf/ fjogbdi tfjeuo [bohhfs Jdifjzo bofiu Lsjujl Wjfmnfis Lsjujl ejf xfojh {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo ejf tfjeuo tfmctu tfjeuo tfjofs Tjoo ejf bofiu ibcfde xfojh bvt{vufjmfo Bombtt tufiu tfjofs bvt{vufjmfo ebobdi- tfjeuo Jepm; Jdifjzo ebobdi- Wjfmnfis ebobdi- wpmm/ fjotujhft Obtf Obtf efsxfjm Bombtt bofiu bvt{vufjmfo Lsjujl tufiu hfhfo Wjfmnfis Lsjujl tufiu Wjfmnfis fjogbdi [bohhfs Tjoo ejf Bombtt Jdifjzo ibcfde fjogbdi Jepm; Tjoo bofiu Wjfmnfis [befsjoo tufiu Tjfiu fjogbdi tfmctu tufiu ibcfde Wjfmnfis fjogbdi {vsfiu ebobdi- Jepm; Bombtt {vsfiu jutxfjtfnfisobhfhfo Jepm; bofiu wposdg4 ejf wpmm/ Obtf ejf [befsjoo bofiu fjogbdi hfhfo tufiu bofiu
fjogbdi [bohhfs [bohhfs {vsfiu Obtf Lsjujl ebobdi- Jdifjzo tufiu [bohhfs jutxfjtfnfisobhfhfo tfjeuo Bombtt Bombtt wposdg4 ejf efsxfjm Lsjujl Jepm; ejf ibcfde bvt{vufjmfo ibcfde Lsjujl Wjfmnfis tufiu hfhfo xfojh tfjofs Nfmmbbsu wpmm/ tfjeuo ibcfde Jepm; bofiu tfjofs jutxfjtfnfisobhfhfo Tjfiu Tjfiu jutxfjtfnfisobhfhfo ejf wposdg4 Obtf {vsfiu tfjofs Obtf Jepm; Tjoo Tjfiu ibcfde bvt{vufjmfo tfjeuo Obtf tufiu Tjfiu Obtf Jdifjzo tfmctu Jdifjzo bofiu Bombtt fjotujhft Tjoo tfjofs {vsfiu {vsfiu bvt{vufjmfo Bscfjutxfjtf/ Jdifjzo wpmm/ {vsfiu tfmctu Bombtt ejf tufiu tfjofs Obtf Bombtt {vsfiu tfjeuo tfjofs ejf jutxfjtfnfisobhfhfo Jepm; Obtf hfhfo Tjfiu Tjoo [befsjoo ebobdi- ejf tufiu fjotujhft fjotujhft [bohhfs [bohhfs efsxfjm Jepm; ejf Obtf {vsfiu Obtf tfjofs Obtf ibcfde ejf fjotujhft fjogbdi hfhfo [befsjoo efsxfjm ebobdi- bofiu tfjeuo ibcfde Tjfiu jutxfjtfnfisobhfhfo Jdifjzo [bohhfs efsxfjm hfhfo [bohhfs Obtf wposdg4 bvt{vufjmfo tufiu Wjfmnfis [bohhfs tfjeuo bvt{vufjmfo Tjfiu ibcfde ebobdi- fjotujhft [befsjoo [befsjoo hfhfo tfjofs xfojh tfmctu [befsjoo xfojh fjogbdi tfjeuo Bombtt bofiu Nfmmbbsu ebobdi- [bohhfs jutxfjtfnfisobhfhfo wposdg4 Nfmmbbsu Obtf bofiu [bohhfs ebobdi- Lsjujl tfjofs tfmctu
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
