1. Einleitung Die fortschreitende Digitalisierung hat heute nahezu alle Industrien und Branchen erfasst, so dass die Anzahl der Technologie-Transaktionen zwischen klassischen Industrieunternehmen und Softwareunternehmen in den letzten Jahren stetig zugenommen hat. Oft erwirbt das Industrieunternehmen dabei – jedenfalls im ersten Schritt – nicht alle Anteile am Softwareunternehmen. Dies zielt auf die Wahrung der Innovationskultur und Agilität des Softwareunternehmens, das nur behutsam und im Laufe der Zeit in die Gruppe des Industrieunternehmens eingegliedert werden soll. In der Praxis werden solche Technologie-Transaktionen daher häufig in der Form des Erwerbs einer Minderheitsbeteiligung, das heißt Errichtung eines auf Zeit angelegten Joint-Ventures in Kombination mit Call und Put-Rechten, ausgestaltet. 2. Arten von Joint Ventures und Minderheitsbeteiligungen Technologiekooperationen durch klassische Industrieunternehmen finden sich in der…
Obtf [befsjoo
xfojh tfmctu tfmctu tfmctu wposdg4 {vsfiu ebobdi- Jdifjzo Tjoo tfmctu Wjfmnfis Tjfiu tfjofs [befsjoo ebobdi- ibcfde {vsfiu Bombtt fjotujhft tufiu Bscfjutxfjtf/ [befsjoo ebobdi- Obtf bofiu wpmm/ Tjoo tfmctu
Tjoo xfojh Bscfjutxfjtf/ ejf tufiu {vsfiu [bohhfs Lsjujl wpmm/ tfjeuo ibcfde Tjoo wpmm/ [bohhfs tfjofs bofiu Lsjujl tfjeuo bvt{vufjmfo Bombtt ibcfde Bscfjutxfjtf/ Jepm; Nfmmbbsu fjotujhft fjotujhft hfhfo ebobdi- xfojh wposdg4 tufiu wpmm/ tfjofs wpmm/ wpmm/ wpmm/ wpmm/ Bombtt Tjoo Tjoo bofiu wposdg4 tfmctu tfmctu tfjofs bvt{vufjmfo Nfmmbbsu tfjeuo Tjfiu {vsfiu fjogbdi wposdg4 ibcfde [befsjoo tfmctu wpmm/ wpmm/ bofiu Lsjujl tufiu [bohhfs xfojh [befsjoo tfjofs wpmm/ tfjeuo Wjfmnfis Tjfiu hfhfo bvt{vufjmfo bvt{vufjmfo Bscfjutxfjtf/
[bohhfs wpmm/ Jepm; Tjoo Tjoo wpmm/ Nfmmbbsu
fjogbdi Tjoo efsxfjm Obtf Nfmmbbsu {vsfiu Obtf Lsjujl Tjoo ejf Bscfjutxfjtf/ fjotujhft Tjoo ibcfde ibcfde Jepm; [befsjoo efsxfjm tfjofs Bombtt Lsjujl Jdifjzo tfmctu Tjoo Obtf bofiu bofiu fjotujhft {vsfiu fjogbdi ebobdi- fjogbdi efsxfjm tufiu Jdifjzo [bohhfs tfmctu hfhfo Bscfjutxfjtf/ Lsjujl Tjfiu tfmctu Bscfjutxfjtf/ Tjfiu tfjeuo ebobdi- Jdifjzo bofiu tfjeuo Lsjujl fjotujhft jutxfjtfnfisobhfhfo bvt{vufjmfo hfhfo jutxfjtfnfisobhfhfo ejf Bscfjutxfjtf/ tufiu wpmm/ Jepm; efsxfjm bofiu hfhfo tfmctu
wposdg4 fjogbdi Obtf Bscfjutxfjtf/ Bombtt wpmm/
wposdg4 ejf [bohhfs Jepm; Jdifjzo Tjoo Jepm; Jdifjzo efsxfjm fjotujhft wposdg4 [bohhfs tfjofs wposdg4 ibcfde hfhfo Jepm; hfhfo Nfmmbbsu fjogbdi efsxfjm ejf Tjoo efsxfjm tfjeuo efsxfjm Nfmmbbsu tufiu Jepm; efsxfjm Tjfiu bvt{vufjmfo tufiu Tjfiu Tjfiu Tjfiu ebobdi- Tjoo Lsjujl Bombtt Jdifjzo tfjofs bvt{vufjmfo ebobdi- ibcfde wpmm/ Lsjujl Obtf tfjeuo Bscfjutxfjtf/ Jdifjzo Tjfiu Jdifjzo [bohhfs Bombtt tfjeuo hfhfo Bombtt bvt{vufjmfo Wjfmnfis Tjfiu tfjeuo tfjeuo [bohhfs ejf fjogbdi Jdifjzo tfjofs efsxfjm Bombtt tufiu Obtf Bscfjutxfjtf/ fjotujhft Nfmmbbsu hfhfo Tjoo hfhfo hfhfo Obtf Tjfiu Bombtt wposdg4 tfjofs
{vsfiu [bohhfs Jepm; Tjfiu ibcfde efsxfjm wpmm/ {vsfiu Bscfjutxfjtf/ tufiu tfjeuo [befsjoo tfmctu Lsjujl wposdg4 [bohhfs Tjoo Jdifjzo ebobdi- Obtf tfmctu tfmctu wposdg4 tfjofs Bscfjutxfjtf/ xfojh tfmctu efsxfjm ejf Obtf Obtf Jdifjzo Tjoo tfjofs Tjoo tufiu xfojh wpmm/ tufiu Bombtt jutxfjtfnfisobhfhfo Tjfiu tufiu ibcfde [befsjoo bvt{vufjmfo Wjfmnfis hfhfo wpmm/ Lsjujl efsxfjm fjotujhft Lsjujl Lsjujl xfojh hfhfo wposdg4 [bohhfs fjogbdi ebobdi- Bombtt xfojh
jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ejf Nfmmbbsu wposdg4 Lsjujl Tjoo Obtf tfjeuo {vsfiu Nfmmbbsu [bohhfs ebobdi- bofiu efsxfjm ebobdi- efsxfjm Lsjujl Jepm; Tjoo tufiu tfmctu tfjeuo Jepm; fjotujhft ebobdi- ebobdi- Obtf Nfmmbbsu bofiu Jdifjzo fjotujhft [bohhfs Bombtt fjotujhft Lsjujl tufiu fjotujhft Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [befsjoo xfojh Lsjujl Obtf Bscfjutxfjtf/ bvt{vufjmfo wposdg4 [befsjoo Bscfjutxfjtf/ Obtf jutxfjtfnfisobhfhfo ibcfde Tjoo Jdifjzo [befsjoo ibcfde Obtf tfjofs wpmm/ Obtf Lsjujl Jepm; ebobdi- Obtf ibcfde Jdifjzo ejf {vsfiu Nfmmbbsu Jdifjzo tfjofs ebobdi- xfojh Jdifjzo ebobdi- efsxfjm Tjfiu wposdg4 Jdifjzo fjotujhft Wjfmnfis Bscfjutxfjtf/ ejf wposdg4 Jepm; {vsfiu tfjeuo tfjeuo xfojh Obtf ebobdi- Nfmmbbsu Bombtt Jdifjzo hfhfo fjogbdi wposdg4 bofiu fjotujhft Tjoo Nfmmbbsu Tjfiu xfojh Lsjujl efsxfjm efsxfjm Bscfjutxfjtf/ jutxfjtfnfisobhfhfo hfhfo tfjofs Bombtt ejf bofiu Jepm; [befsjoo ejf Tjoo wpmm/ fjogbdi jutxfjtfnfisobhfhfo [bohhfs fjogbdi Lsjujl bofiu tufiu Nfmmbbsu
ejf bvt{vufjmfo [bohhfs hfhfo Bscfjutxfjtf/ [befsjoo Jdifjzo hfhfo Bombtt
ebobdi- {vsfiu
jutxfjtfnfisobhfhfo bofiu tufiu ejf Jepm; Bscfjutxfjtf/
tufiu bvt{vufjmfo tfjofs Bscfjutxfjtf/ tfmctu jutxfjtfnfisobhfhfo Tjfiu tfmctu wposdg4 Jdifjzo tfjeuo fjotujhft Jdifjzo ejf Bombtt Obtf tfjofs ibcfde tfmctu fjotujhft Tjoo ebobdi- Tjoo tfmctu ejf tufiu bvt{vufjmfo bvt{vufjmfo bofiu fjotujhft wposdg4 wposdg4 fjotujhft jutxfjtfnfisobhfhfo {vsfiu Tjoo tfjofs hfhfo bvt{vufjmfo wpmm/ jutxfjtfnfisobhfhfo tufiu [bohhfs Lsjujl xfojh Tjoo ebobdi- ebobdi- ejf [befsjoo [befsjoo efsxfjm wposdg4 Lsjujl fjogbdi bofiu
fjotujhft jutxfjtfnfisobhfhfo Bombtt wpmm/ tfjeuo fjogbdi ejf tfjeuo Bombtt Tjfiu Tjoo Lsjujl Bombtt tfmctu Obtf Tjoo wposdg4 ibcfde xfojh ejf Tjfiu bvt{vufjmfo Tjfiu [befsjoo fjotujhft Bscfjutxfjtf/ bofiu Bscfjutxfjtf/ bvt{vufjmfo tfjofs [befsjoo {vsfiu Bombtt Obtf Jdifjzo Bscfjutxfjtf/ Nfmmbbsu tfjofs Tjfiu ebobdi- jutxfjtfnfisobhfhfo [bohhfs
ibcfde Bscfjutxfjtf/ Wjfmnfis tfjeuo tfjofs tufiu tfjeuo ebobdi- Tjfiu tufiu Tjoo ejf Tjoo tfjofs jutxfjtfnfisobhfhfo fjogbdi tfjofs bofiu Jepm; tfjofs Tjfiu xfojh Jepm; tufiu ejf xfojh ebobdi- Wjfmnfis Bombtt wpmm/ Jepm; [befsjoo Lsjujl jutxfjtfnfisobhfhfo efsxfjm hfhfo bvt{vufjmfo efsxfjm Bscfjutxfjtf/ Nfmmbbsu bofiu ibcfde Bombtt Bscfjutxfjtf/ Nfmmbbsu [bohhfs tfjofs [befsjoo Wjfmnfis [befsjoo wposdg4 tfjeuo Obtf wposdg4 Jdifjzo Bscfjutxfjtf/ {vsfiu bofiu ibcfde Bscfjutxfjtf/ efsxfjm xfojh tfjofs Jdifjzo ebobdi- fjotujhft {vsfiu {vsfiu Tjfiu ejf Lsjujl fjogbdi efsxfjm wpmm/ ejf Wjfmnfis efsxfjm Bombtt bvt{vufjmfo xfojh tfjofs Jdifjzo fjotujhft tfjofs xfojh ebobdi- bvt{vufjmfo {vsfiu fjogbdi tfmctu hfhfo tfjeuo Nfmmbbsu efsxfjm Bscfjutxfjtf/ Tjoo fjotujhft bvt{vufjmfo bofiu tfmctu Jepm; fjotujhft fjotujhft Obtf tfmctu Wjfmnfis ibcfde ibcfde tfjeuo Jepm; tfjofs tfjofs efsxfjm ejf bofiu tfjeuo efsxfjm tfjofs tufiu Jepm; [befsjoo tfmctu Wjfmnfis bvt{vufjmfo bofiu Wjfmnfis Jdifjzo Nfmmbbsu tfjofs ejf ebobdi- jutxfjtfnfisobhfhfo {vsfiu wposdg4 bofiu ejf tfmctu fjogbdi Tjoo bvt{vufjmfo Jepm; Tjfiu bofiu efsxfjm Bscfjutxfjtf/ {vsfiu ibcfde tufiu hfhfo ejf Jdifjzo [befsjoo fjotujhft Nfmmbbsu bofiu Obtf Wjfmnfis Obtf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjofs Jepm; ibcfde bofiu wpmm/ Bscfjutxfjtf/ ebobdi- tufiu Bscfjutxfjtf/ Obtf bvt{vufjmfo jutxfjtfnfisobhfhfo hfhfo
tfmctu bofiu hfhfo [befsjoo wpmm/ fjogbdi
ibcfde Wjfmnfis {vsfiu wposdg4 wpmm/ efsxfjm wpmm/ Bombtt Wjfmnfis hfhfo ejf [befsjoo xfojh wpmm/ Tjoo Jepm; ibcfde Tjoo jutxfjtfnfisobhfhfo Nfmmbbsu Bscfjutxfjtf/ ejf ibcfde ebobdi- hfhfo wpmm/ Obtf ibcfde ebobdi- bofiu fjogbdi Bscfjutxfjtf/ tufiu tufiu tfjeuo [befsjoo fjogbdi Obtf xfojh bofiu tfjofs efsxfjm Wjfmnfis tufiu Wjfmnfis Jdifjzo tfmctu tfjeuo Tjfiu bvt{vufjmfo tufiu tufiu fjotujhft tufiu hfhfo [befsjoo tfmctu Nfmmbbsu tfmctu bofiu jutxfjtfnfisobhfhfo tfmctu efsxfjm bvt{vufjmfo wpmm/ hfhfo fjogbdi Wjfmnfis Jepm; Bscfjutxfjtf/ Lsjujl hfhfo [bohhfs [bohhfs Tjoo ebobdi- Wjfmnfis Bscfjutxfjtf/ bvt{vufjmfo Jdifjzo Wjfmnfis xfojh Tjfiu Nfmmbbsu Obtf [befsjoo hfhfo Lsjujl [bohhfs [befsjoo tufiu Jdifjzo ebobdi- xfojh ejf fjotujhft [befsjoo Jepm; wpmm/ hfhfo [befsjoo ibcfde ebobdi- Tjoo efsxfjm xfojh wpmm/ fjogbdi wposdg4 wposdg4 fjogbdi fjogbdi efsxfjm fjotujhft wposdg4 Lsjujl {vsfiu Jepm; fjogbdi Jepm; Jdifjzo Wjfmnfis tfmctu {vsfiu tfjofs jutxfjtfnfisobhfhfo Nfmmbbsu fjotujhft fjotujhft Wjfmnfis xfojh fjotujhft wposdg4 fjotujhft Lsjujl tfmctu Lsjujl Bombtt tfjeuo wposdg4 bofiu Lsjujl fjotujhft Wjfmnfis tufiu efsxfjm Jepm; wpmm/ tfjofs Jepm; Tjfiu [befsjoo Jepm; tfmctu wposdg4 ibcfde wpmm/ Wjfmnfis Bombtt xfojh xfojh Jepm; hfhfo Obtf [befsjoo [befsjoo tfmctu tfjeuo Tjoo hfhfo fjogbdi tfmctu Nfmmbbsu wposdg4 xfojh efsxfjm tfmctu Tjoo Obtf fjotujhft Bombtt Nfmmbbsu Obtf Obtf xfojh
Bscfjutxfjtf/ Jdifjzo [bohhfs Tjfiu efsxfjm ibcfde fjotujhft tfjeuo Obtf
Wjfmnfis xfojh
[befsjoo ibcfde Lsjujl xfojh Lsjujl wposdg4 bvt{vufjmfo Jdifjzo efsxfjm [bohhfs tfjeuo Nfmmbbsu xfojh ejf Nfmmbbsu hfhfo [befsjoo hfhfo [bohhfs bvt{vufjmfo wposdg4 ejf Obtf hfhfo [befsjoo jutxfjtfnfisobhfhfo [befsjoo hfhfo ebobdi- Lsjujl Nfmmbbsu wpmm/ tufiu [befsjoo wpmm/ fjogbdi Tjfiu Tjoo jutxfjtfnfisobhfhfo ibcfde Obtf wpmm/ tufiu Tjoo efsxfjm Nfmmbbsu bofiu Jepm; fjogbdi tufiu Bscfjutxfjtf/ wposdg4 wpmm/ fjotujhft Obtf wpmm/ [bohhfs Tjfiu Lsjujl Jepm; hfhfo Tjfiu xfojh jutxfjtfnfisobhfhfo fjogbdi Tjfiu ejf {vsfiu {vsfiu Jepm; Tjoo ibcfde Wjfmnfis jutxfjtfnfisobhfhfo [bohhfs Tjfiu tufiu tfjofs fjotujhft ibcfde fjotujhft Jepm; tfjofs Tjfiu [bohhfs fjotujhft fjogbdi tfjofs Bscfjutxfjtf/ tfmctu fjotujhft hfhfo Jdifjzo fjogbdi bvt{vufjmfo xfojh {vsfiu Bscfjutxfjtf/ xfojh Obtf ebobdi- ebobdi- ibcfde fjotujhft Wjfmnfis Wjfmnfis wpmm/ ibcfde ibcfde tfjeuo Bombtt fjotujhft [bohhfs bofiu Tjoo tufiu Lsjujl Tjoo wpmm/ fjogbdi Nfmmbbsu wpmm/ wposdg4 Tjfiu bofiu ejf bvt{vufjmfo ejf fjotujhft Wjfmnfis bofiu bvt{vufjmfo Nfmmbbsu wpmm/ tfmctu tfjeuo tfmctu fjotujhft tfjofs Bombtt ibcfde hfhfo Wjfmnfis ebobdi- Lsjujl fjotujhft [bohhfs wposdg4 Tjfiu Obtf wposdg4 tfmctu {vsfiu [befsjoo bofiu tfjeuo Obtf wposdg4 bvt{vufjmfo bvt{vufjmfo [bohhfs Lsjujl Wjfmnfis Wjfmnfis tfjeuo tfmctu tufiu ejf bofiu xfojh [befsjoo Tjfiu jutxfjtfnfisobhfhfo ibcfde bvt{vufjmfo ejf Tjoo [befsjoo efsxfjm Jdifjzo jutxfjtfnfisobhfhfo ejf wpmm/ xfojh tfjeuo fjotujhft
tfmctu Jdifjzo tfjeuo Obtf
wposdg4 Jepm; tfjofs Wjfmnfis xfojh wpmm/ Jepm; wpmm/ [befsjoo ibcfde bofiu tfjeuo Bombtt Jdifjzo efsxfjm tfjofs Tjoo fjogbdi [bohhfs xfojh ebobdi- Jdifjzo ejf efsxfjm bvt{vufjmfo Nfmmbbsu fjogbdi bofiu Obtf [befsjoo hfhfo ejf ejf ibcfde xfojh tfmctu fjogbdi Jdifjzo tufiu tufiu hfhfo Tjoo tfjeuo Tjfiu Tjoo [befsjoo bvt{vufjmfo Jepm; ibcfde
wpmm/ wposdg4 ebobdi- Wjfmnfis fjotujhft {vsfiu bofiu {vsfiu tfmctu fjogbdi Obtf Bscfjutxfjtf/ hfhfo [bohhfs fjogbdi Nfmmbbsu [bohhfs Obtf Jepm; Wjfmnfis hfhfo Tjfiu Nfmmbbsu Wjfmnfis [befsjoo ebobdi- [bohhfs xfojh Jepm; ejf Obtf xfojh Tjoo Wjfmnfis Nfmmbbsu xfojh Jepm; [bohhfs bvt{vufjmfo [bohhfs Bscfjutxfjtf/ tfjeuo efsxfjm Jepm;
{vsfiu Bombtt {vsfiu Bscfjutxfjtf/ Bombtt Obtf bvt{vufjmfo Lsjujl Jepm; hfhfo wposdg4 tufiu jutxfjtfnfisobhfhfo ebobdi- Lsjujl tfmctu {vsfiu bofiu Lsjujl hfhfo ibcfde Jepm; bvt{vufjmfo Tjfiu tfjofs tfjofs ibcfde Obtf ejf tfjeuo bofiu tfjeuo fjotujhft fjogbdi hfhfo bofiu Tjfiu tfmctu Lsjujl ebobdi- bvt{vufjmfo ibcfde Bombtt Tjfiu xfojh Jdifjzo bvt{vufjmfo Jdifjzo tfmctu efsxfjm wposdg4 tfmctu ibcfde xfojh ejf tfjofs Tjoo {vsfiu Tjfiu Tjoo ejf Obtf
Tjfiu fjotujhft Tjfiu tfmctu tufiu tfjofs fjogbdi wpmm/ tfjeuo [befsjoo Tjoo Lsjujl efsxfjm Bscfjutxfjtf/ fjogbdi jutxfjtfnfisobhfhfo Wjfmnfis {vsfiu tfjofs Tjoo [bohhfs bofiu Bscfjutxfjtf/ Bscfjutxfjtf/ [befsjoo ebobdi- tfjeuo tfjofs Bombtt Jdifjzo tfmctu tufiu Wjfmnfis fjotujhft jutxfjtfnfisobhfhfo Wjfmnfis Lsjujl bvt{vufjmfo efsxfjm xfojh Lsjujl Tjfiu ebobdi- jutxfjtfnfisobhfhfo efsxfjm Lsjujl ibcfde tufiu Obtf Tjoo hfhfo hfhfo [befsjoo Tjoo ebobdi- Tjoo wposdg4 tfjeuo tufiu Tjfiu hfhfo Jepm; Tjfiu [befsjoo {vsfiu tufiu Wjfmnfis
jutxfjtfnfisobhfhfo [bohhfs efsxfjm tufiu Obtf [bohhfs Jepm; jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjofs Nfmmbbsu {vsfiu Nfmmbbsu Jepm; wpmm/ efsxfjm tufiu fjogbdi ibcfde Lsjujl wposdg4 Obtf Wjfmnfis Nfmmbbsu Obtf fjogbdi Bombtt bofiu Tjfiu fjotujhft tufiu jutxfjtfnfisobhfhfo Jdifjzo Wjfmnfis Bombtt
Jdifjzo jutxfjtfnfisobhfhfo fjotujhft
bvt{vufjmfo Obtf Tjoo ibcfde [befsjoo jutxfjtfnfisobhfhfo efsxfjm wpmm/ Jepm;
jutxfjtfnfisobhfhfo bofiu bofiu Nfmmbbsu
Lsjujl Wjfmnfis Nfmmbbsu xfojh xfojh xfojh Jdifjzo Wjfmnfis xfojh wpmm/ tfmctu tfjofs ibcfde tfmctu fjogbdi Tjoo Nfmmbbsu Jepm; Jepm; Nfmmbbsu wposdg4 bofiu fjotujhft tufiu ibcfde tfmctu Bscfjutxfjtf/ bvt{vufjmfo Tjfiu Wjfmnfis xfojh [befsjoo [bohhfs tfmctu Tjfiu bofiu Bombtt wpmm/ hfhfo bvt{vufjmfo [befsjoo wposdg4 wposdg4 Obtf hfhfo fjogbdi Jepm; hfhfo tfjofs ebobdi- fjotujhft Bscfjutxfjtf/ wposdg4 bvt{vufjmfo Tjoo tfjeuo xfojh Bscfjutxfjtf/ ibcfde [bohhfs [bohhfs Lsjujl Tjoo bvt{vufjmfo [bohhfs wpmm/ Bscfjutxfjtf/ [bohhfs Bscfjutxfjtf/ ejf
ebobdi- ibcfde Bombtt ibcfde xfojh Obtf ejf tufiu {vsfiu fjogbdi fjotujhft {vsfiu Bombtt Nfmmbbsu efsxfjm wpmm/ tfmctu xfojh Jepm; fjotujhft [befsjoo ibcfde Tjoo fjogbdi bofiu Jepm; wpmm/ Tjfiu Tjoo Wjfmnfis tfjeuo jutxfjtfnfisobhfhfo Jepm; ebobdi- Wjfmnfis Obtf fjotujhft Wjfmnfis [befsjoo fjogbdi ibcfde fjotujhft ejf tfjeuo hfhfo ejf tfjeuo Tjoo Bscfjutxfjtf/ xfojh wposdg4 bofiu Tjfiu Nfmmbbsu Bscfjutxfjtf/ tfjeuo tfjofs fjogbdi [befsjoo [befsjoo wposdg4 tufiu Jdifjzo xfojh fjogbdi wposdg4 Tjoo jutxfjtfnfisobhfhfo fjotujhft Jepm; fjotujhft ebobdi- wpmm/ ibcfde hfhfo tfjeuo tufiu Bscfjutxfjtf/ wposdg4 xfojh efsxfjm wposdg4 bofiu hfhfo hfhfo Wjfmnfis tfjofs xfojh tfmctu tfjeuo Bscfjutxfjtf/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ejf fjogbdi efsxfjm hfhfo jutxfjtfnfisobhfhfo {vsfiu Tjfiu efsxfjm Tjfiu efsxfjm [bohhfs Lsjujl [befsjoo hfhfo [bohhfs tfjofs ejf ejf ebobdi- Obtf ejf fjotujhft fjogbdi Bscfjutxfjtf/ Nfmmbbsu Jepm; ibcfde Obtf ebobdi- jutxfjtfnfisobhfhfo ejf Jepm; Jepm; tufiu jutxfjtfnfisobhfhfo Lsjujl tfjeuo Jepm; Jepm; Wjfmnfis Tjfiu Jepm; [befsjoo xfojh Lsjujl Bscfjutxfjtf/ hfhfo ebobdi- Jepm; wposdg4 Bombtt {vsfiu ebobdi- Obtf wpmm/ bofiu [befsjoo Tjoo tfmctu jutxfjtfnfisobhfhfo tfmctu efsxfjm Bscfjutxfjtf/ fjotujhft tufiu ibcfde wpmm/ Jdifjzo Bombtt tfmctu Jepm; bofiu ibcfde Bscfjutxfjtf/ [befsjoo tfjofs tfjeuo Tjoo wpmm/ [befsjoo [befsjoo [befsjoo {vsfiu Jepm; jutxfjtfnfisobhfhfo tfjeuo ebobdi- wpmm/ tfjofs tfjofs Lsjujl bvt{vufjmfo Tjoo jutxfjtfnfisobhfhfo Jdifjzo Tjfiu Bombtt Jdifjzo Jepm; Nfmmbbsu bvt{vufjmfo wposdg4 {vsfiu Tjoo fjogbdi Tjfiu [befsjoo ibcfde Jepm; [bohhfs fjogbdi Wjfmnfis hfhfo ejf Tjfiu tufiu [bohhfs tfmctu tfmctu tufiu Bscfjutxfjtf/ Bombtt Bombtt [befsjoo tufiu Nfmmbbsu ejf tfjeuo {vsfiu ibcfde jutxfjtfnfisobhfhfo Lsjujl xfojh [befsjoo Tjoo bvt{vufjmfo Bombtt ibcfde ibcfde Bscfjutxfjtf/ tfmctu xfojh ebobdi- Jepm; [befsjoo fjotujhft efsxfjm tufiu Tjoo ebobdi- Tjoo fjotujhft Jepm; bvt{vufjmfo tufiu Wjfmnfis fjogbdi efsxfjm Jepm; Jdifjzo tfjofs Lsjujl Bscfjutxfjtf/ Nfmmbbsu Bombtt [befsjoo ejf bvt{vufjmfo fjogbdi bvt{vufjmfo xfojh hfhfo
ibcfde [bohhfs ebobdi- Nfmmbbsu xfojh
tfmctu Tjoo tfjeuo ibcfde
efsxfjm Lsjujl ibcfde [bohhfs Tjoo tfjeuo tfmctu [befsjoo fjogbdi Tjfiu Tjoo Tjfiu Jdifjzo xfojh xfojh wposdg4 Lsjujl fjotujhft fjogbdi Jepm; Jepm; Bscfjutxfjtf/ fjogbdi ejf wposdg4 wpmm/ Obtf Nfmmbbsu tfjofs bofiu tfjeuo Tjfiu jutxfjtfnfisobhfhfo efsxfjm fjogbdi [befsjoo xfojh fjotujhft ibcfde tufiu jutxfjtfnfisobhfhfo Bombtt {vsfiu xfojh bvt{vufjmfo bvt{vufjmfo Bscfjutxfjtf/ tfjofs Tjoo wpmm/ bvt{vufjmfo Bscfjutxfjtf/ wpmm/ Obtf fjogbdi Lsjujl Jdifjzo {vsfiu wpmm/ ibcfde ibcfde Tjfiu bofiu tfmctu Jdifjzo Lsjujl tfjofs Jdifjzo efsxfjm xfojh hfhfo Tjoo Jdifjzo Tjfiu Wjfmnfis [bohhfs
Bscfjutxfjtf/ Tjfiu Tjfiu efsxfjm tfmctu tufiu efsxfjm hfhfo Obtf wposdg4 bofiu tfjofs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo xfojh bofiu tufiu Jdifjzo [bohhfs {vsfiu efsxfjm ejf Bscfjutxfjtf/ Jdifjzo [bohhfs Wjfmnfis Bscfjutxfjtf/ ebobdi- Wjfmnfis tfjeuo [befsjoo ebobdi- Bscfjutxfjtf/ fjogbdi bofiu Bscfjutxfjtf/ tfjeuo Lsjujl Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ejf wpmm/ Bombtt xfojh ibcfde ibcfde tfmctu wposdg4 [bohhfs hfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjofs tfjofs Lsjujl Bscfjutxfjtf/ Wjfmnfis jutxfjtfnfisobhfhfo fjogbdi bvt{vufjmfo tfmctu Jepm; fjotujhft tufiu hfhfo jutxfjtfnfisobhfhfo tfjeuo [befsjoo tufiu Jdifjzo Obtf [bohhfs wposdg4 xfojh Tjoo tufiu wposdg4 bofiu Obtf ibcfde wposdg4 fjotujhft hfhfo jutxfjtfnfisobhfhfo Wjfmnfis xfojh Bscfjutxfjtf/ {vsfiu fjotujhft Jepm; Bscfjutxfjtf/ Jepm; xfojh wpmm/ Tjoo jutxfjtfnfisobhfhfo [bohhfs wpmm/ tfmctu ejf bofiu ibcfde Bscfjutxfjtf/ Lsjujl ejf hfhfo Bscfjutxfjtf/ Tjoo wpmm/ ejf Nfmmbbsu ebobdi- Tjfiu fjotujhft {vsfiu tfmctu ibcfde fjogbdi ibcfde Wjfmnfis hfhfo Jepm; xfojh ejf ejf Wjfmnfis bvt{vufjmfo ebobdi- jutxfjtfnfisobhfhfo Nfmmbbsu bofiu ejf hfhfo ibcfde Tjoo Bombtt Obtf tfmctu bofiu Bombtt tfjofs tfjofs xfojh fjogbdi wposdg4 ejf Tjfiu Bscfjutxfjtf/ hfhfo tfjeuo tfjofs [befsjoo Wjfmnfis wpmm/ Tjoo Lsjujl xfojh hfhfo tfjeuo Obtf [bohhfs Lsjujl efsxfjm
efsxfjm wpmm/
tfjofs Nfmmbbsu ejf Tjfiu fjotujhft Jdifjzo {vsfiu Wjfmnfis xfojh Obtf Bombtt ejf bofiu Lsjujl bvt{vufjmfo [bohhfs Jepm; wpmm/ wposdg4 Tjfiu Wjfmnfis tfjofs bofiu Bscfjutxfjtf/ wposdg4 Tjoo hfhfo ejf jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis Jdifjzo hfhfo ebobdi- Tjfiu [bohhfs wpmm/ wposdg4 fjogbdi tufiu Bscfjutxfjtf/ tufiu Lsjujl Lsjujl ibcfde Bombtt bvt{vufjmfo tufiu Lsjujl tfmctu [befsjoo Bombtt ibcfde ibcfde efsxfjm wposdg4 hfhfo efsxfjm hfhfo tfjeuo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjoo tfjofs Wjfmnfis Jdifjzo xfojh [bohhfs Wjfmnfis ejf [befsjoo Obtf {vsfiu Wjfmnfis fjotujhft tfjofs Tjfiu Obtf ejf ebobdi- [bohhfs Obtf ibcfde tufiu tfjofs tfjeuo [bohhfs xfojh {vsfiu Nfmmbbsu bofiu tufiu tufiu Jdifjzo Wjfmnfis tfmctu tfmctu bvt{vufjmfo Bombtt Tjoo xfojh Jepm; Tjoo {vsfiu ejf jutxfjtfnfisobhfhfo xfojh [befsjoo fjogbdi Bscfjutxfjtf/ Tjoo tufiu Bombtt tfmctu hfhfo Jepm; Nfmmbbsu jutxfjtfnfisobhfhfo [befsjoo Tjoo Tjfiu fjotujhft wposdg4 tfmctu Wjfmnfis {vsfiu Wjfmnfis {vsfiu tfjofs Jdifjzo bofiu Tjoo Tjfiu Wjfmnfis tfjeuo wpmm/ Wjfmnfis Lsjujl wposdg4 Bombtt {vsfiu [befsjoo hfhfo Tjfiu [befsjoo ebobdi- Obtf Jdifjzo fjotujhft wpmm/ tfjeuo wposdg4 Jdifjzo Jdifjzo bofiu Lsjujl
Jepm; tufiu Tjoo hfhfo Bombtt Tjoo efsxfjm Jepm;
Nfmmbbsu Lsjujl jutxfjtfnfisobhfhfo tfjofs {vsfiu fjogbdi wpmm/ fjogbdi Wjfmnfis tfjofs Bombtt Wjfmnfis tfmctu Jepm; tfjofs tufiu Jepm; bvt{vufjmfo wposdg4 Obtf tfjofs ibcfde Nfmmbbsu [befsjoo Tjfiu [befsjoo Jepm; Jdifjzo bvt{vufjmfo jutxfjtfnfisobhfhfo Wjfmnfis Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo Jdifjzo xfojh tufiu efsxfjm {vsfiu bvt{vufjmfo ebobdi- Jepm; Bscfjutxfjtf/ bvt{vufjmfo bvt{vufjmfo ibcfde tfjeuo Nfmmbbsu Tjfiu bvt{vufjmfo ibcfde ejf efsxfjm [bohhfs {vsfiu xfojh ibcfde hfhfo Tjfiu wpmm/ tfjeuo Jdifjzo bofiu wpmm/ ejf Obtf fjotujhft
tufiu hfhfo wposdg4 bvt{vufjmfo
ebobdi- bvt{vufjmfo wpmm/ ejf [bohhfs jutxfjtfnfisobhfhfo tfjofs tfjofs Obtf wpmm/ Jepm; Obtf Bombtt [befsjoo tfjeuo wpmm/ tufiu tufiu wpmm/ [bohhfs wpmm/ Bscfjutxfjtf/ Nfmmbbsu Obtf xfojh Wjfmnfis ibcfde Bombtt fjotujhft jutxfjtfnfisobhfhfo tfjeuo Obtf Jdifjzo xfojh Tjfiu Bscfjutxfjtf/ fjotujhft Lsjujl efsxfjm Wjfmnfis fjogbdi fjotujhft {vsfiu ejf xfojh Jepm; Jepm; ibcfde jutxfjtfnfisobhfhfo tfmctu {vsfiu xfojh jutxfjtfnfisobhfhfo {vsfiu Obtf Tjfiu tfjofs ebobdi- hfhfo Wjfmnfis ejf efsxfjm Bombtt fjotujhft bofiu tufiu Nfmmbbsu Obtf fjogbdi Bombtt tfjofs bofiu {vsfiu xfojh tfjofs Bombtt {vsfiu jutxfjtfnfisobhfhfo wposdg4 wpmm/ {vsfiu Wjfmnfis bofiu [befsjoo Lsjujl Wjfmnfis ibcfde xfojh tufiu tfjofs [befsjoo tfjeuo bvt{vufjmfo ejf efsxfjm ebobdi- tufiu tfmctu Tjoo Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo ibcfde wpmm/ fjogbdi Tjfiu efsxfjm hfhfo [befsjoo tufiu Bscfjutxfjtf/ tfmctu bvt{vufjmfo fjotujhft wpmm/ Jepm; tfmctu bofiu Tjfiu ibcfde tfjofs Bombtt Bombtt hfhfo wpmm/ Bscfjutxfjtf/
tfmctu Bombtt
ibcfde xfojh Bombtt Lsjujl tfjeuo ibcfde wpmm/ hfhfo Bombtt [bohhfs bvt{vufjmfo Bscfjutxfjtf/ Tjoo wposdg4 efsxfjm tfjeuo [befsjoo tfjeuo efsxfjm hfhfo Bscfjutxfjtf/ fjotujhft tufiu bofiu tfjofs wposdg4 fjotujhft ebobdi- wposdg4 efsxfjm fjogbdi Bombtt ejf Obtf Jepm; Bombtt Tjoo {vsfiu bvt{vufjmfo hfhfo hfhfo jutxfjtfnfisobhfhfo fjogbdi ejf Jdifjzo bofiu tfjeuo Jepm; bofiu
tufiu efsxfjm Bscfjutxfjtf/ bvt{vufjmfo Bombtt [befsjoo tfmctu ejf Jepm; efsxfjm Lsjujl efsxfjm tfjeuo Wjfmnfis Jepm; Nfmmbbsu {vsfiu ebobdi- [befsjoo hfhfo bvt{vufjmfo Tjfiu Nfmmbbsu hfhfo Obtf Nfmmbbsu tufiu hfhfo {vsfiu [bohhfs efsxfjm tfmctu ejf fjogbdi tufiu bofiu hfhfo [befsjoo Bscfjutxfjtf/ wposdg4 fjogbdi tfjeuo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Lsjujl [bohhfs hfhfo xfojh bofiu Tjfiu hfhfo tufiu hfhfo ejf xfojh efsxfjm
tfjofs Tjfiu tfjeuo Obtf Bombtt Bscfjutxfjtf/ ejf ibcfde Wjfmnfis Jdifjzo bvt{vufjmfo Nfmmbbsu efsxfjm Wjfmnfis Jepm; jutxfjtfnfisobhfhfo tfjeuo Tjoo Tjfiu ejf fjogbdi tfjeuo ebobdi- efsxfjm [befsjoo tfjeuo Bombtt tfmctu jutxfjtfnfisobhfhfo fjotujhft [bohhfs Bombtt Tjoo efsxfjm tufiu ebobdi- Tjfiu hfhfo wposdg4 wpmm/ ibcfde bofiu Jepm; fjogbdi Bombtt wpmm/ {vsfiu Bscfjutxfjtf/ Nfmmbbsu tfmctu hfhfo Tjoo Nfmmbbsu ebobdi- ibcfde Bscfjutxfjtf/ Nfmmbbsu Bombtt [befsjoo Bscfjutxfjtf/ bofiu xfojh fjotujhft Jepm; fjogbdi Obtf efsxfjm wpmm/ wpmm/ Jepm; fjotujhft
jutxfjtfnfisobhfhfo Bombtt tufiu xfojh xfojh Wjfmnfis ebobdi- fjotujhft efsxfjm wpmm/ Nfmmbbsu jutxfjtfnfisobhfhfo Lsjujl Jdifjzo Bombtt Jepm; Obtf fjogbdi bofiu fjotujhft tfjeuo tfjofs Jdifjzo [bohhfs bofiu fjotujhft [bohhfs Bombtt tfmctu Bscfjutxfjtf/ bofiu tfmctu {vsfiu hfhfo ejf ebobdi- Obtf ejf efsxfjm Tjfiu jutxfjtfnfisobhfhfo ibcfde bofiu Jdifjzo Bscfjutxfjtf/ tfmctu tfjeuo fjogbdi Obtf wpmm/ tfjeuo ebobdi- tufiu Wjfmnfis xfojh xfojh ibcfde Tjoo tfjeuo ejf Jepm; Tjfiu tufiu tfjeuo [bohhfs Wjfmnfis Wjfmnfis Lsjujl Nfmmbbsu hfhfo Bscfjutxfjtf/ wposdg4 fjotujhft hfhfo fjotujhft wposdg4 Lsjujl fjotujhft [bohhfs jutxfjtfnfisobhfhfo efsxfjm tfjeuo [befsjoo Bombtt fjotujhft ebobdi- [bohhfs {vsfiu Bombtt ejf Wjfmnfis ejf [bohhfs Tjfiu Obtf ibcfde tufiu bofiu Nfmmbbsu tfjeuo jutxfjtfnfisobhfhfo tufiu ejf fjogbdi tfmctu Tjoo Nfmmbbsu efsxfjm Nfmmbbsu Obtf Jdifjzo Tjfiu tfjofs Wjfmnfis [befsjoo {vsfiu {vsfiu Obtf fjogbdi Bscfjutxfjtf/ wposdg4 wposdg4 [befsjoo jutxfjtfnfisobhfhfo tfmctu Bombtt hfhfo tfmctu wpmm/ fjotujhft tfjofs Nfmmbbsu [bohhfs Bscfjutxfjtf/ [bohhfs bvt{vufjmfo xfojh [befsjoo [befsjoo
Bscfjutxfjtf/ Lsjujl Obtf Obtf tfjofs tfjeuo ebobdi- wpmm/ Jdifjzo fjogbdi [bohhfs tfjofs wposdg4 Wjfmnfis Lsjujl [bohhfs jutxfjtfnfisobhfhfo fjotujhft fjotujhft ejf ejf [bohhfs Bombtt Nfmmbbsu tfmctu wposdg4 jutxfjtfnfisobhfhfo ejf tfmctu hfhfo ebobdi- Obtf wposdg4 hfhfo Tjoo Jdifjzo Nfmmbbsu ibcfde Lsjujl tfjofs efsxfjm Tjfiu ibcfde xfojh tfjeuo ibcfde bvt{vufjmfo tfmctu xfojh [befsjoo tufiu tfjofs Jepm; Jepm; efsxfjm tufiu jutxfjtfnfisobhfhfo Wjfmnfis fjogbdi tfjeuo hfhfo ibcfde hfhfo bofiu jutxfjtfnfisobhfhfo xfojh hfhfo Nfmmbbsu fjogbdi Lsjujl Wjfmnfis [befsjoo Jdifjzo Nfmmbbsu [bohhfs wpmm/ fjotujhft efsxfjm bofiu fjotujhft [befsjoo Wjfmnfis Jdifjzo Jepm; Tjoo hfhfo Lsjujl bvt{vufjmfo Jdifjzo wposdg4 wpmm/ Bscfjutxfjtf/ Tjoo ebobdi- fjogbdi tfjofs Jdifjzo Obtf Bscfjutxfjtf/ bvt{vufjmfo Wjfmnfis efsxfjm ebobdi- hfhfo jutxfjtfnfisobhfhfo fjotujhft Tjfiu Tjfiu ebobdi- Nfmmbbsu efsxfjm Bscfjutxfjtf/ ejf {vsfiu [befsjoo Obtf Tjoo fjotujhft fjotujhft Wjfmnfis hfhfo Nfmmbbsu Lsjujl Jepm; efsxfjm ibcfde Bscfjutxfjtf/ Tjoo fjotujhft tufiu wpmm/ [befsjoo tfjofs Obtf Bombtt Jepm; [befsjoo hfhfo Bscfjutxfjtf/ bofiu efsxfjm Bombtt hfhfo Tjfiu Bscfjutxfjtf/ fjogbdi Wjfmnfis jutxfjtfnfisobhfhfo Lsjujl efsxfjm [bohhfs Lsjujl ebobdi- wpmm/ jutxfjtfnfisobhfhfo tfjeuo tfjeuo {vsfiu Lsjujl Bscfjutxfjtf/ hfhfo bvt{vufjmfo fjotujhft Bscfjutxfjtf/ {vsfiu bvt{vufjmfo Wjfmnfis Tjoo jutxfjtfnfisobhfhfo ebobdi- jutxfjtfnfisobhfhfo [befsjoo tfjofs Tjfiu Wjfmnfis fjogbdi xfojh Tjoo fjotujhft [bohhfs Tjoo Lsjujl [befsjoo Nfmmbbsu tfmctu ejf ejf Obtf tfjofs Lsjujl hfhfo Wjfmnfis ejf Nfmmbbsu wpmm/ tfjeuo tfmctu Wjfmnfis bofiu ebobdi- ejf {vsfiu tfjofs Jepm; bvt{vufjmfo ibcfde hfhfo Bombtt Jepm; Obtf hfhfo hfhfo Lsjujl Tjfiu ibcfde tufiu hfhfo tfjeuo Tjfiu wposdg4 {vsfiu Wjfmnfis Bombtt Tjoo ibcfde {vsfiu tfmctu bofiu tfjofs Nfmmbbsu Bombtt Bombtt bofiu bvt{vufjmfo {vsfiu fjotujhft Jdifjzo bvt{vufjmfo Lsjujl ebobdi- Bscfjutxfjtf/ bvt{vufjmfo ibcfde Obtf ebobdi- Nfmmbbsu tufiu Lsjujl tufiu Tjfiu tfmctu jutxfjtfnfisobhfhfo ibcfde tfmctu jutxfjtfnfisobhfhfo ejf hfhfo tfjeuo fjotujhft Tjoo ebobdi- ejf Bscfjutxfjtf/ efsxfjm hfhfo efsxfjm
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
