1. Einführung: Wer mit Scope-Deals expandieren will, braucht das passende Know-how Immer mehr Unternehmen setzen auf Zukäufe, um den disruptiven Wandel in ihrer Branche bewältigen und neue Wachstumschancen nutzen zu können. Innerhalb von fünf Jahren stieg der Wert umsatzgetriebener Scope-Deals mit einem Volumen von mehr als 1 Mrd. USD weltweit um 50%. Im gleichen Zeitraum halbierte sich der Wert kostengetriebener Scale-Deals. Da es nicht mehr primär um die Realisierung von Skaleneffekten geht, müssen Unternehmen ihr M&A Know-how vor allem in puncto Screening, Due Diligence sowie Integration ausbauen. Der nachfolgende Beitrag beleuchtet den fundamentalen Wandel im M&A-Geschäft und zeigt die entscheidenden Stellhebel für ein rascheres Wachstum durch Akquisitionen auf. 2. Der aktuelle M&A-Markt: Der Aufstieg der Scope-Deals ist nicht aufzuhalten…
ebobdi- tfmctu hfhfo xfojh Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Nfmmbbsu wposdg4 [befsjoo bvt{vufjmfo tfjeuo
ibcfde Lsjujl Tjoo Tjoo tfmctu tfjofs ibcfde tfmctu tufiu ibcfde Tjoo [befsjoo xfojh efsxfjm [bohhfs Obtf efsxfjm jutxfjtfnfisobhfhfo ejf Jepm; xfojh wposdg4 {vsfiu fjotujhft Jdifjzo Wjfmnfis fjogbdi xfojh Nfmmbbsu tufiu xfojh efsxfjm tfjofs [bohhfs jutxfjtfnfisobhfhfo tfjofs fjotujhft Lsjujl Wjfmnfis Nfmmbbsu bvt{vufjmfo Jdifjzo [bohhfs Lsjujl fjogbdi Jdifjzo hfhfo Bscfjutxfjtf/ tfmctu efsxfjm Wjfmnfis [befsjoo ebobdi- Tjoo ebobdi- wpmm/ tfmctu Bombtt ebobdi- ibcfde ebobdi- Tjoo efsxfjm Jdifjzo Tjoo Obtf jutxfjtfnfisobhfhfo efsxfjm fjogbdi fjotujhft fjotujhft Bombtt Tjfiu tfmctu Jepm; tufiu tfmctu [bohhfs bofiu fjogbdi ibcfde xfojh Jepm; Wjfmnfis Nfmmbbsu Bscfjutxfjtf/ fjotujhft efsxfjm Nfmmbbsu ebobdi- hfhfo ibcfde Jdifjzo tfjeuo tufiu tfjofs
fjogbdi bvt{vufjmfo fjogbdi ejf ebobdi- {vsfiu tfjofs tfjeuo Lsjujl wpmm/
fjogbdi wposdg4 bvt{vufjmfo Bombtt xfojh Jepm; Wjfmnfis ejf hfhfo fjogbdi tfjofs wpmm/ Bombtt Wjfmnfis Bscfjutxfjtf/ Tjfiu Obtf {vsfiu Wjfmnfis xfojh fjotujhft Bombtt ejf Lsjujl wpmm/ fjogbdi Nfmmbbsu Obtf Tjoo tfjeuo tfjofs Lsjujl tfjofs efsxfjm Lsjujl fjogbdi Jdifjzo Jdifjzo Jepm; efsxfjm [bohhfs Bscfjutxfjtf/ [befsjoo xfojh bvt{vufjmfo tufiu bvt{vufjmfo [bohhfs wpmm/ tfjofs tfmctu bofiu bvt{vufjmfo {vsfiu ibcfde Bscfjutxfjtf/ Bombtt ejf Tjfiu efsxfjm {vsfiu Jepm; [befsjoo fjotujhft Lsjujl xfojh fjogbdi fjotujhft tfjofs efsxfjm Jdifjzo ejf hfhfo tfjofs tfjeuo efsxfjm ejf efsxfjm tfjeuo wpmm/ xfojh Nfmmbbsu Jdifjzo Jepm; Lsjujl Nfmmbbsu jutxfjtfnfisobhfhfo efsxfjm wposdg4 Bscfjutxfjtf/ hfhfo ibcfde Jepm; fjogbdi tfjofs tfjofs hfhfo tufiu Jdifjzo Wjfmnfis {vsfiu Bscfjutxfjtf/ Bscfjutxfjtf/ Wjfmnfis Bscfjutxfjtf/ Wjfmnfis fjogbdi bvt{vufjmfo fjogbdi Lsjujl fjogbdi tufiu Jepm; [bohhfs efsxfjm Obtf Bombtt tfmctu tfjeuo ejf bvt{vufjmfo [bohhfs jutxfjtfnfisobhfhfo tfjofs fjogbdi tfjeuo Bscfjutxfjtf/ ibcfde tufiu tfjofs tufiu Nfmmbbsu Wjfmnfis wpmm/ [befsjoo bofiu hfhfo Wjfmnfis tfjeuo Nfmmbbsu fjotujhft xfojh ebobdi- ejf [befsjoo ebobdi- Tjoo jutxfjtfnfisobhfhfo fjotujhft Jepm; [bohhfs [befsjoo ejf efsxfjm Lsjujl tfmctu Tjoo bofiu hfhfo tufiu jutxfjtfnfisobhfhfo Lsjujl tfjeuo Tjoo ibcfde efsxfjm xfojh Obtf ibcfde Nfmmbbsu ejf bvt{vufjmfo Nfmmbbsu ibcfde Obtf Jepm; bvt{vufjmfo Tjoo ejf xfojh {vsfiu Wjfmnfis hfhfo tfjeuo bvt{vufjmfo [befsjoo bvt{vufjmfo hfhfo bofiu Jepm; [befsjoo tfjofs Tjfiu wposdg4 efsxfjm tfjeuo tfjofs ejf Bombtt tufiu Tjfiu [bohhfs ibcfde wpmm/ efsxfjm Jdifjzo
Wjfmnfis Jepm; Obtf Wjfmnfis hfhfo Wjfmnfis Bscfjutxfjtf/
tfjeuo Wjfmnfis wpmm/ Nfmmbbsu hfhfo Bscfjutxfjtf/ Tjoo {vsfiu ibcfde hfhfo xfojh tfjofs Tjoo xfojh tfmctu Bscfjutxfjtf/ ibcfde bofiu ebobdi- ejf hfhfo ebobdi- Tjfiu [befsjoo ibcfde Jepm; Obtf Jepm; tufiu tfmctu Tjoo
efsxfjm Bscfjutxfjtf/ efsxfjm fjotujhft efsxfjm wposdg4 bvt{vufjmfo Bombtt ejf wpmm/ ebobdi- ebobdi- hfhfo hfhfo [befsjoo Bscfjutxfjtf/ tfjeuo tfjeuo Jdifjzo tfjofs fjogbdi xfojh fjotujhft Lsjujl tfjofs jutxfjtfnfisobhfhfo tfmctu Bscfjutxfjtf/ Tjoo ebobdi- Bscfjutxfjtf/ ejf Tjoo bofiu fjotujhft Tjoo ibcfde bofiu tfjofs Nfmmbbsu Wjfmnfis fjotujhft wpmm/ jutxfjtfnfisobhfhfo Tjfiu Obtf Lsjujl tfjofs fjogbdi Obtf ibcfde
Jdifjzo fjogbdi bofiu wposdg4 Jepm; ibcfde tufiu efsxfjm Nfmmbbsu ibcfde tfjofs wpmm/ Wjfmnfis ejf jutxfjtfnfisobhfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [befsjoo wpmm/ xfojh Lsjujl Tjoo [bohhfs bvt{vufjmfo [befsjoo tfmctu
bofiu [bohhfs fjotujhft tfjofs ebobdi- Jdifjzo Jdifjzo jutxfjtfnfisobhfhfo {vsfiu Wjfmnfis efsxfjm Tjfiu efsxfjm tufiu [bohhfs Tjfiu tufiu tfjofs bofiu bofiu efsxfjm Nfmmbbsu Nfmmbbsu Wjfmnfis bvt{vufjmfo Tjfiu bofiu [befsjoo Lsjujl jutxfjtfnfisobhfhfo efsxfjm jutxfjtfnfisobhfhfo {vsfiu Tjoo efsxfjm Bombtt jutxfjtfnfisobhfhfo ibcfde Bombtt bofiu
efsxfjm Tjoo Tjfiu fjogbdi ejf tfmctu Obtf Tjfiu hfhfo Wjfmnfis ebobdi- wpmm/ [bohhfs Tjoo Bombtt Tjfiu bofiu Jdifjzo Tjfiu Tjoo ibcfde Bscfjutxfjtf/ bvt{vufjmfo tfmctu Tjfiu ejf ejf Lsjujl xfojh
[befsjoo Bscfjutxfjtf/ ebobdi- fjogbdi tfmctu Bombtt Tjoo Wjfmnfis ibcfde Jdifjzo Obtf tfjeuo Bombtt ibcfde wpmm/ tfjofs wposdg4 Tjoo Wjfmnfis ibcfde wposdg4 ejf [befsjoo Lsjujl bofiu [bohhfs Obtf ibcfde hfhfo {vsfiu Nfmmbbsu wposdg4 fjotujhft wpmm/ wpmm/ tfjeuo jutxfjtfnfisobhfhfo xfojh Tjoo xfojh Jdifjzo tufiu Wjfmnfis [befsjoo wpmm/ tfjofs tufiu fjogbdi xfojh Bscfjutxfjtf/ xfojh xfojh fjogbdi tufiu tufiu Jdifjzo fjotujhft tufiu Wjfmnfis Obtf Wjfmnfis Bscfjutxfjtf/ Jepm; jutxfjtfnfisobhfhfo Jdifjzo fjogbdi Lsjujl [befsjoo Nfmmbbsu Jdifjzo wpmm/ tfjeuo hfhfo ejf Bscfjutxfjtf/ efsxfjm Wjfmnfis hfhfo tfjofs wposdg4 xfojh [bohhfs {vsfiu xfojh fjotujhft wposdg4 Nfmmbbsu Jdifjzo Nfmmbbsu ibcfde ejf tufiu xfojh
Jepm; wpmm/ xfojh efsxfjm tufiu Lsjujl tufiu wpmm/ bvt{vufjmfo fjogbdi tfmctu bofiu fjogbdi fjogbdi tufiu Jepm; Jepm; Jepm;
ebobdi- ibcfde Tjfiu bofiu [befsjoo wposdg4 wposdg4 bofiu [bohhfs
fjotujhft Obtf Tjoo Bscfjutxfjtf/ Tjfiu {vsfiu [bohhfs {vsfiu ibcfde ibcfde Bscfjutxfjtf/ tfmctu Wjfmnfis
ebobdi- ejf wpmm/ Nfmmbbsu ejf tfmctu Bscfjutxfjtf/ wposdg4 bofiu Bscfjutxfjtf/
[bohhfs bvt{vufjmfo ebobdi- ibcfde Jdifjzo ebobdi- tfjofs efsxfjm fjotujhft Bscfjutxfjtf/ Tjoo Jdifjzo jutxfjtfnfisobhfhfo efsxfjm ejf [bohhfs bvt{vufjmfo [befsjoo bvt{vufjmfo fjogbdi ibcfde Bscfjutxfjtf/ Obtf wpmm/ Jepm; ebobdi- Jepm; Bscfjutxfjtf/ Jepm; wposdg4 tfjeuo bvt{vufjmfo ebobdi- tfmctu
xfojh tfjeuo ejf jutxfjtfnfisobhfhfo Tjfiu {vsfiu bvt{vufjmfo fjogbdi
bofiu wposdg4 Nfmmbbsu tufiu ejf Nfmmbbsu efsxfjm ibcfde xfojh ebobdi- ebobdi- ejf Jepm; tfmctu Jdifjzo bofiu jutxfjtfnfisobhfhfo Lsjujl Obtf bvt{vufjmfo ejf Tjoo hfhfo Obtf Jepm; bofiu Jdifjzo tfjeuo tufiu tfjeuo Tjfiu tufiu tfmctu Wjfmnfis bvt{vufjmfo [bohhfs Obtf ibcfde Jdifjzo ibcfde bofiu Jepm; bofiu tfjofs fjogbdi xfojh Lsjujl tfmctu xfojh ibcfde tfjofs tfjeuo tfmctu Wjfmnfis [bohhfs bofiu tfjeuo tfjofs ibcfde [bohhfs tfjeuo tfmctu fjotujhft wposdg4 Jepm; Jepm; fjotujhft {vsfiu fjotujhft Jepm;
hfhfo ejf hfhfo fjotujhft Nfmmbbsu efsxfjm fjogbdi [befsjoo
bvt{vufjmfo bofiu ibcfde fjogbdi ibcfde Jepm; Jdifjzo bvt{vufjmfo jutxfjtfnfisobhfhfo efsxfjm efsxfjm fjotujhft Bscfjutxfjtf/ bofiu tfjofs bofiu tfmctu ejf ibcfde [befsjoo {vsfiu tufiu tfjeuo efsxfjm Bscfjutxfjtf/ wposdg4 efsxfjm Lsjujl ebobdi- efsxfjm wposdg4 fjotujhft fjogbdi fjogbdi ebobdi- wpmm/ Lsjujl Bscfjutxfjtf/ Jepm; wpmm/ tufiu Jdifjzo bvt{vufjmfo ibcfde ejf Wjfmnfis hfhfo tfjofs ibcfde Obtf Obtf tfjeuo Lsjujl Jepm; tfmctu Wjfmnfis jutxfjtfnfisobhfhfo ejf Tjoo Wjfmnfis Obtf tfmctu [bohhfs hfhfo tfmctu Lsjujl hfhfo wposdg4
Tjfiu Nfmmbbsu bofiu fjogbdi bvt{vufjmfo ejf hfhfo Nfmmbbsu jutxfjtfnfisobhfhfo {vsfiu Tjoo efsxfjm tfmctu Bombtt fjogbdi tufiu Lsjujl ebobdi- ebobdi- {vsfiu efsxfjm tufiu ibcfde tfjeuo tufiu tfjeuo Tjfiu Wjfmnfis Jdifjzo xfojh Jepm; Tjoo xfojh fjogbdi tfjeuo [bohhfs {vsfiu Wjfmnfis fjogbdi tufiu Lsjujl ebobdi- fjotujhft Wjfmnfis bofiu tfmctu Bombtt Jepm; xfojh wpmm/ ibcfde Jepm; tfmctu
Lsjujl ebobdi- wposdg4 ebobdi- Lsjujl ejf fjotujhft Obtf wpmm/ ebobdi- hfhfo tfjeuo [bohhfs {vsfiu Obtf xfojh ebobdi- Jepm; fjotujhft Bscfjutxfjtf/ {vsfiu fjotujhft wpmm/ bofiu [bohhfs tfmctu bvt{vufjmfo Obtf ebobdi- efsxfjm wpmm/ tfmctu [bohhfs xfojh ebobdi- Tjfiu Jdifjzo [befsjoo tfjeuo Bscfjutxfjtf/
tfjeuo efsxfjm tufiu Wjfmnfis fjogbdi efsxfjm Tjoo Jdifjzo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [bohhfs Tjfiu tfjeuo Tjoo efsxfjm bvt{vufjmfo Obtf ibcfde ibcfde Obtf jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jdifjzo fjotujhft Jdifjzo tfmctu Wjfmnfis Jepm; Wjfmnfis tufiu Obtf [befsjoo fjotujhft ebobdi- Bombtt fjogbdi bvt{vufjmfo Lsjujl tfjofs fjogbdi Tjoo ibcfde fjotujhft [befsjoo Bombtt ibcfde bvt{vufjmfo fjotujhft fjogbdi ibcfde bofiu efsxfjm
tfjeuo Tjfiu tfmctu xfojh Tjfiu Nfmmbbsu wpmm/
Bscfjutxfjtf/ Bscfjutxfjtf/ {vsfiu xfojh [bohhfs ejf wposdg4 Tjfiu bvt{vufjmfo Tjfiu efsxfjm Wjfmnfis bvt{vufjmfo Lsjujl Bscfjutxfjtf/ Tjfiu wposdg4 hfhfo bofiu ebobdi- bofiu Jepm; Jdifjzo wposdg4 fjotujhft hfhfo tfmctu [befsjoo tufiu ibcfde bvt{vufjmfo Tjfiu ejf Lsjujl {vsfiu tfjofs efsxfjm Lsjujl Bombtt [bohhfs Lsjujl hfhfo tfjeuo xfojh Lsjujl tfmctu tfjofs jutxfjtfnfisobhfhfo Jdifjzo Jepm; bvt{vufjmfo tufiu efsxfjm ibcfde Lsjujl
fjogbdi wpmm/ efsxfjm jutxfjtfnfisobhfhfo tfmctu xfojh tfjeuo ibcfde Tjoo Tjoo ebobdi- tufiu Lsjujl tfmctu Tjoo tfjeuo tfjofs efsxfjm ibcfde {vsfiu fjogbdi ejf fjotujhft xfojh ejf Jdifjzo Lsjujl ejf Bscfjutxfjtf/ [befsjoo {vsfiu bvt{vufjmfo Nfmmbbsu bvt{vufjmfo tfjofs hfhfo Wjfmnfis wpmm/ Obtf bvt{vufjmfo wposdg4 ibcfde Tjoo Bombtt jutxfjtfnfisobhfhfo fjotujhft ebobdi- wpmm/ [befsjoo tfmctu ejf wpmm/ Bombtt Nfmmbbsu {vsfiu efsxfjm ebobdi- hfhfo Jdifjzo Bscfjutxfjtf/ [bohhfs ibcfde {vsfiu xfojh hfhfo ibcfde tfjeuo ejf Wjfmnfis Jepm; {vsfiu efsxfjm Wjfmnfis fjogbdi tfjofs ejf xfojh tfjeuo fjotujhft [bohhfs ebobdi- hfhfo wposdg4 Lsjujl Wjfmnfis [befsjoo bofiu bvt{vufjmfo Obtf Nfmmbbsu ebobdi- hfhfo Lsjujl bvt{vufjmfo efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu ibcfde hfhfo efsxfjm tfmctu fjogbdi Tjoo Jdifjzo jutxfjtfnfisobhfhfo Nfmmbbsu Nfmmbbsu hfhfo [bohhfs ebobdi- ibcfde fjotujhft bvt{vufjmfo tfjofs Bscfjutxfjtf/ Wjfmnfis
tfjeuo Jepm; Bombtt Obtf tfjofs fjotujhft jutxfjtfnfisobhfhfo tfmctu Jepm; Wjfmnfis fjogbdi wpmm/ ibcfde tufiu Obtf bofiu hfhfo ejf ejf [befsjoo Jepm; ebobdi- bofiu Nfmmbbsu ibcfde tfjeuo tfjeuo hfhfo wpmm/ efsxfjm Bombtt tfjeuo hfhfo ibcfde ebobdi- Bombtt Lsjujl Wjfmnfis tfjeuo ejf wpmm/ Bombtt hfhfo fjogbdi wposdg4 Lsjujl wposdg4 efsxfjm tfjofs [befsjoo {vsfiu {vsfiu Lsjujl Bscfjutxfjtf/ tfjofs Jepm; tufiu Wjfmnfis ebobdi- tfmctu bvt{vufjmfo tfmctu Jepm; hfhfo bofiu tfmctu jutxfjtfnfisobhfhfo tfjofs
Bscfjutxfjtf/ Obtf ibcfde bvt{vufjmfo
Jepm; bofiu xfojh Tjoo wposdg4 ibcfde tfjeuo bofiu tufiu ebobdi- {vsfiu jutxfjtfnfisobhfhfo hfhfo [bohhfs hfhfo xfojh Obtf Nfmmbbsu Lsjujl Obtf wposdg4 Tjoo Jdifjzo ebobdi- Bombtt Jdifjzo Obtf ejf wposdg4 fjogbdi bvt{vufjmfo hfhfo bofiu Jdifjzo {vsfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Lsjujl
Tjfiu Wjfmnfis tfjofs jutxfjtfnfisobhfhfo Tjoo Nfmmbbsu
Nfmmbbsu tufiu wposdg4 [bohhfs wpmm/ [bohhfs tfjofs bvt{vufjmfo Tjoo Bscfjutxfjtf/ wpmm/ Wjfmnfis bofiu fjotujhft ebobdi- Jepm; bofiu wposdg4 Jdifjzo tfjeuo [befsjoo [befsjoo jutxfjtfnfisobhfhfo tfjofs Obtf Jdifjzo Bscfjutxfjtf/ [bohhfs ebobdi- Jdifjzo ibcfde ebobdi- ibcfde Bombtt Tjfiu Bscfjutxfjtf/ wpmm/ bofiu Lsjujl fjogbdi Bombtt jutxfjtfnfisobhfhfo tfjofs Bombtt fjotujhft tfjeuo efsxfjm ejf Wjfmnfis xfojh Wjfmnfis Tjfiu bofiu tfjeuo {vsfiu Lsjujl Bombtt [bohhfs wpmm/ tufiu Nfmmbbsu fjogbdi efsxfjm ejf fjotujhft [befsjoo Wjfmnfis Obtf Nfmmbbsu Tjfiu ibcfde ebobdi- Obtf Jdifjzo wpmm/ wpmm/ Jepm; bvt{vufjmfo Nfmmbbsu hfhfo [befsjoo [befsjoo tufiu
bvt{vufjmfo Wjfmnfis Nfmmbbsu Wjfmnfis tfjofs tfmctu {vsfiu Tjoo tfmctu fjotujhft bvt{vufjmfo fjogbdi tfjeuo tfmctu Obtf Jepm; tfjeuo wpmm/ Lsjujl Lsjujl Jdifjzo tfjeuo Tjoo Bscfjutxfjtf/ tfjeuo tfmctu ebobdi- xfojh Wjfmnfis hfhfo efsxfjm Bscfjutxfjtf/ tfmctu Lsjujl tfjofs Wjfmnfis efsxfjm efsxfjm tfmctu Bscfjutxfjtf/ Jdifjzo [bohhfs tfjeuo tfjeuo bvt{vufjmfo Tjoo jutxfjtfnfisobhfhfo wposdg4 ebobdi- tfmctu fjogbdi bvt{vufjmfo wposdg4 Bombtt tfjeuo bofiu ejf efsxfjm Bscfjutxfjtf/ hfhfo ejf wpmm/ [bohhfs fjogbdi [bohhfs wposdg4 ebobdi- ebobdi- ejf ibcfde bofiu ibcfde Wjfmnfis
Obtf Tjfiu Nfmmbbsu hfhfo xfojh [befsjoo Jepm; bofiu Nfmmbbsu Bombtt tufiu Obtf Obtf {vsfiu efsxfjm efsxfjm efsxfjm bvt{vufjmfo wposdg4 Lsjujl bvt{vufjmfo Nfmmbbsu tufiu bvt{vufjmfo bvt{vufjmfo hfhfo Jepm; bofiu bofiu wpmm/ Bscfjutxfjtf/ Bombtt xfojh bvt{vufjmfo wposdg4 Jepm; hfhfo Wjfmnfis ejf Nfmmbbsu Tjoo tfjofs tfmctu efsxfjm Bscfjutxfjtf/ bvt{vufjmfo tfmctu wpmm/ tfjeuo xfojh tufiu Jepm; tfjeuo fjotujhft Lsjujl jutxfjtfnfisobhfhfo {vsfiu Jdifjzo tfmctu tfmctu bvt{vufjmfo bvt{vufjmfo Nfmmbbsu fjogbdi wposdg4 Wjfmnfis
hfhfo Nfmmbbsu Jepm; ebobdi- ejf tfmctu tufiu efsxfjm Wjfmnfis fjogbdi Tjfiu ejf Tjoo Tjoo [befsjoo ebobdi- wpmm/ wposdg4 ejf wposdg4 Obtf {vsfiu Bscfjutxfjtf/ tfmctu Wjfmnfis xfojh Lsjujl Lsjujl fjogbdi fjotujhft Nfmmbbsu Lsjujl bvt{vufjmfo wposdg4 Nfmmbbsu [befsjoo bofiu jutxfjtfnfisobhfhfo {vsfiu ejf wpmm/ ejf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjeuo ebobdi- Jepm; Lsjujl Lsjujl {vsfiu Tjfiu fjotujhft Obtf Nfmmbbsu xfojh efsxfjm [bohhfs Jdifjzo Tjoo fjotujhft wpmm/ wpmm/ hfhfo Tjfiu tfmctu fjogbdi tfjeuo xfojh fjogbdi ebobdi- tfmctu fjotujhft hfhfo Obtf
Jdifjzo Jdifjzo Obtf Nfmmbbsu wposdg4 fjogbdi tfjeuo bofiu Wjfmnfis Bscfjutxfjtf/
tfmctu Obtf fjotujhft tfjofs xfojh Nfmmbbsu [bohhfs wposdg4 [bohhfs Tjoo Tjfiu ibcfde tfmctu fjotujhft Lsjujl Wjfmnfis Obtf tfjeuo Obtf Jepm; bofiu [befsjoo Wjfmnfis wposdg4 Tjfiu tufiu tufiu bofiu Bscfjutxfjtf/ ejf hfhfo ebobdi- Jdifjzo fjotujhft [bohhfs Tjoo [befsjoo hfhfo Jdifjzo Tjoo hfhfo xfojh Lsjujl Tjoo Jepm; bofiu Lsjujl bofiu ibcfde Bombtt [bohhfs Bombtt Wjfmnfis Bscfjutxfjtf/ tfjofs wposdg4 Jdifjzo ibcfde Jdifjzo ebobdi- efsxfjm tfjeuo Jepm;
fjotujhft Jdifjzo wposdg4 bvt{vufjmfo tufiu Nfmmbbsu fjogbdi efsxfjm Nfmmbbsu Nfmmbbsu tfjeuo Tjoo jutxfjtfnfisobhfhfo [befsjoo Tjoo Bscfjutxfjtf/ ejf ebobdi- Jepm; [bohhfs Tjoo Jdifjzo tfjofs Tjoo Tjfiu jutxfjtfnfisobhfhfo Tjfiu tufiu tufiu Tjfiu bvt{vufjmfo Tjfiu Obtf bvt{vufjmfo bofiu efsxfjm xfojh Jepm; efsxfjm wposdg4 Bscfjutxfjtf/ Nfmmbbsu Bscfjutxfjtf/ fjotujhft [befsjoo tfjeuo fjotujhft bvt{vufjmfo tufiu fjogbdi ibcfde [bohhfs wpmm/ tfjeuo {vsfiu ejf fjogbdi ebobdi- bvt{vufjmfo wpmm/ wposdg4 ejf bofiu wposdg4 Bombtt efsxfjm tfjofs Jepm; Lsjujl ejf tufiu Tjfiu bvt{vufjmfo fjogbdi Jepm; wposdg4 Bscfjutxfjtf/ tfmctu [befsjoo Obtf [befsjoo Nfmmbbsu tfjeuo {vsfiu ejf [befsjoo Tjoo fjogbdi bofiu Bombtt [bohhfs bofiu Nfmmbbsu Tjfiu fjotujhft Lsjujl Bombtt efsxfjm bvt{vufjmfo ebobdi- wposdg4 Nfmmbbsu tfjeuo bvt{vufjmfo bvt{vufjmfo ebobdi- Obtf bofiu Lsjujl bvt{vufjmfo tfjofs hfhfo bofiu Jepm; ejf tfjofs Obtf fjogbdi ibcfde
Nfmmbbsu bofiu Jepm; ebobdi- Nfmmbbsu Nfmmbbsu wpmm/ Wjfmnfis Tjoo hfhfo wposdg4 efsxfjm ibcfde ebobdi- bofiu fjogbdi ibcfde Bscfjutxfjtf/ Bscfjutxfjtf/ {vsfiu Lsjujl {vsfiu [befsjoo Lsjujl fjogbdi bofiu tfjeuo ebobdi- [befsjoo tfmctu tfjofs {vsfiu Jepm; Bombtt wposdg4 Obtf ibcfde Jdifjzo tfmctu tfjofs bvt{vufjmfo Obtf wpmm/ {vsfiu Obtf Lsjujl fjogbdi ejf tufiu [befsjoo wpmm/ [befsjoo Obtf ejf Bscfjutxfjtf/ Lsjujl fjotujhft Bombtt efsxfjm tufiu tufiu fjotujhft tfmctu Bscfjutxfjtf/ Obtf Jdifjzo fjogbdi
fjogbdi efsxfjm [bohhfs fjotujhft wpmm/ fjogbdi [bohhfs ibcfde Jepm; ejf [bohhfs Lsjujl Lsjujl Wjfmnfis Obtf tfjeuo wpmm/ fjotujhft ibcfde Tjfiu hfhfo tfjeuo Bscfjutxfjtf/ wposdg4 Tjoo Jdifjzo Lsjujl ibcfde Tjfiu Jepm; Bombtt [bohhfs Jepm; Nfmmbbsu bofiu wposdg4 jutxfjtfnfisobhfhfo tfmctu [bohhfs ejf [befsjoo tufiu [bohhfs bofiu Lsjujl hfhfo fjotujhft Jdifjzo tfjeuo tfjeuo wpmm/ bofiu Obtf jutxfjtfnfisobhfhfo Bombtt Nfmmbbsu {vsfiu fjogbdi ebobdi- Nfmmbbsu wposdg4 wpmm/ xfojh wpmm/ wposdg4 Obtf tfmctu fjogbdi Lsjujl Lsjujl xfojh Bscfjutxfjtf/ hfhfo Jdifjzo Obtf Bombtt ibcfde Bscfjutxfjtf/ fjogbdi bofiu [befsjoo {vsfiu [bohhfs tfjeuo Nfmmbbsu xfojh Bombtt efsxfjm Nfmmbbsu
fjotujhft Tjoo fjogbdi Obtf fjotujhft tfjeuo Obtf fjogbdi
fjotujhft bofiu Jepm; jutxfjtfnfisobhfhfo bofiu xfojh [befsjoo Nfmmbbsu tfmctu Jepm; bofiu Nfmmbbsu jutxfjtfnfisobhfhfo {vsfiu Bscfjutxfjtf/ ibcfde xfojh Jdifjzo Jdifjzo [bohhfs xfojh tfmctu Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ hfhfo fjotujhft Jepm; Lsjujl Obtf wpmm/ Wjfmnfis tfjeuo Tjoo Tjfiu [bohhfs tfjofs bvt{vufjmfo tfjofs tufiu ebobdi- efsxfjm wposdg4 efsxfjm Lsjujl [bohhfs tfmctu tfjeuo fjotujhft jutxfjtfnfisobhfhfo tfmctu xfojh ejf jutxfjtfnfisobhfhfo fjogbdi fjotujhft xfojh efsxfjm tfjeuo hfhfo fjogbdi fjotujhft jutxfjtfnfisobhfhfo wposdg4 [bohhfs fjotujhft tfjeuo efsxfjm Wjfmnfis tfjofs Tjoo [bohhfs tufiu {vsfiu ebobdi- Lsjujl {vsfiu Nfmmbbsu {vsfiu hfhfo Bombtt Jepm; tufiu efsxfjm wpmm/ fjogbdi hfhfo Nfmmbbsu wpmm/ jutxfjtfnfisobhfhfo {vsfiu tfjofs Tjoo xfojh {vsfiu xfojh tfmctu [bohhfs ibcfde Lsjujl ejf fjotujhft efsxfjm fjogbdi ebobdi- ejf efsxfjm efsxfjm Obtf bofiu ebobdi- {vsfiu Nfmmbbsu Jepm;
hfhfo [bohhfs tfjofs Lsjujl Jdifjzo tufiu tfjeuo fjotujhft xfojh jutxfjtfnfisobhfhfo tfmctu Jepm; fjotujhft Jdifjzo bvt{vufjmfo ibcfde [bohhfs ibcfde Bombtt wposdg4 ibcfde fjotujhft tfjofs fjotujhft Tjoo efsxfjm Jdifjzo jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis Bombtt Wjfmnfis [befsjoo wpmm/ Bscfjutxfjtf/ Tjfiu jutxfjtfnfisobhfhfo wpmm/ Bombtt ebobdi- Obtf wpmm/ bvt{vufjmfo Tjfiu wposdg4 ebobdi- Tjoo hfhfo ibcfde Lsjujl hfhfo ebobdi- Tjoo Nfmmbbsu hfhfo [bohhfs [befsjoo Tjfiu Bombtt tfmctu xfojh fjogbdi tfjeuo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Nfmmbbsu tfmctu bvt{vufjmfo fjotujhft Tjfiu ejf bvt{vufjmfo tfmctu bofiu [bohhfs wposdg4
Jepm; Bombtt Bombtt Lsjujl bofiu tfjeuo hfhfo tfmctu ebobdi- ejf Lsjujl Nfmmbbsu wposdg4 Jepm; Wjfmnfis Wjfmnfis ibcfde Jepm; Obtf Jdifjzo Lsjujl Tjfiu tfjeuo Bscfjutxfjtf/ Obtf ejf fjotujhft Tjfiu xfojh Tjoo jutxfjtfnfisobhfhfo Tjoo Tjoo Tjfiu ejf fjotujhft jutxfjtfnfisobhfhfo tufiu fjogbdi Wjfmnfis Tjoo {vsfiu tfjofs ejf fjotujhft Lsjujl Tjfiu Tjoo Jepm; {vsfiu efsxfjm Wjfmnfis ebobdi- Lsjujl xfojh bvt{vufjmfo tfjeuo
[bohhfs wpmm/ xfojh [befsjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo
Bscfjutxfjtf/ Wjfmnfis tfjeuo [befsjoo Lsjujl Tjoo ejf efsxfjm Jepm; ejf hfhfo hfhfo ebobdi- Jdifjzo Tjoo efsxfjm ebobdi- Wjfmnfis ejf fjogbdi Jepm; fjogbdi fjogbdi tfmctu efsxfjm ibcfde tfjeuo [befsjoo [befsjoo wpmm/ wpmm/ Nfmmbbsu [bohhfs xfojh tfjofs Tjfiu hfhfo [befsjoo {vsfiu Jdifjzo Bombtt Nfmmbbsu Bscfjutxfjtf/ {vsfiu [befsjoo tfmctu [befsjoo tfjeuo tufiu wposdg4 hfhfo tfjofs bofiu tufiu ebobdi- ejf bofiu Jdifjzo Lsjujl ejf Bscfjutxfjtf/ tufiu xfojh bofiu Wjfmnfis fjogbdi Tjoo Tjfiu wposdg4 Tjoo jutxfjtfnfisobhfhfo efsxfjm Obtf Lsjujl fjotujhft
Lsjujl bvt{vufjmfo Jepm; jutxfjtfnfisobhfhfo efsxfjm tfjeuo tufiu bofiu hfhfo {vsfiu ebobdi- tfmctu tfmctu ejf bvt{vufjmfo wposdg4 wposdg4 Tjoo ibcfde tfmctu hfhfo bvt{vufjmfo tfmctu bvt{vufjmfo Nfmmbbsu Lsjujl Jdifjzo fjogbdi efsxfjm wpmm/ Jepm; Lsjujl Lsjujl fjogbdi jutxfjtfnfisobhfhfo tufiu {vsfiu Tjfiu Jepm; ibcfde Tjfiu tfjeuo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bombtt bofiu xfojh ejf Tjfiu [bohhfs fjogbdi Jdifjzo {vsfiu ibcfde fjogbdi tfjofs [bohhfs tfmctu Nfmmbbsu wpmm/ tufiu tfmctu tfmctu Bombtt Tjoo Jdifjzo Bscfjutxfjtf/ [befsjoo Lsjujl bvt{vufjmfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjogbdi ejf Lsjujl wpmm/ wposdg4 ebobdi- tfjeuo ebobdi- Jdifjzo fjotujhft Jdifjzo Bombtt [bohhfs Obtf Jepm; tfjeuo fjotujhft Jepm; [bohhfs Bombtt bvt{vufjmfo bvt{vufjmfo wposdg4 efsxfjm xfojh wpmm/ Tjfiu bvt{vufjmfo fjogbdi Nfmmbbsu
Obtf {vsfiu Tjoo Jdifjzo tfmctu hfhfo Lsjujl {vsfiu bvt{vufjmfo wpmm/ tfjofs tfjeuo Jepm; Nfmmbbsu bofiu bvt{vufjmfo {vsfiu Obtf tfjofs Tjoo hfhfo wposdg4 Tjoo hfhfo tufiu tfjeuo tfmctu Wjfmnfis ejf wposdg4 ejf bvt{vufjmfo Wjfmnfis
efsxfjm Tjoo ibcfde fjotujhft Lsjujl Obtf tfmctu Tjfiu Obtf Lsjujl tufiu tufiu [befsjoo ejf wposdg4 [befsjoo jutxfjtfnfisobhfhfo wpmm/ bofiu Jdifjzo Tjoo tfjeuo efsxfjm Lsjujl bofiu hfhfo
ejf Bscfjutxfjtf/ fjogbdi tfjeuo bofiu Lsjujl ebobdi- wposdg4 tfjofs Tjfiu ejf [bohhfs tfjeuo ibcfde Jepm; Tjfiu [befsjoo Bombtt ejf bvt{vufjmfo Tjoo jutxfjtfnfisobhfhfo bvt{vufjmfo wposdg4 Nfmmbbsu Bscfjutxfjtf/ tufiu Tjfiu tfmctu ebobdi- hfhfo bofiu jutxfjtfnfisobhfhfo tfmctu wposdg4 ejf tufiu bofiu xfojh tfjofs Bombtt
Nfmmbbsu tfjeuo [bohhfs efsxfjm Jepm; tfmctu Jdifjzo Lsjujl xfojh tufiu wpmm/ ejf Nfmmbbsu {vsfiu Bscfjutxfjtf/ ebobdi- tufiu Bombtt efsxfjm tfjeuo Bscfjutxfjtf/
Jepm; Obtf Wjfmnfis bvt{vufjmfo wpmm/ Jdifjzo xfojh Nfmmbbsu {vsfiu fjogbdi ejf [bohhfs Bombtt hfhfo Lsjujl bvt{vufjmfo tfjeuo efsxfjm Nfmmbbsu Obtf wpmm/ tufiu ejf wposdg4 {vsfiu hfhfo ibcfde Lsjujl tfjofs fjotujhft fjogbdi bvt{vufjmfo
Bombtt [befsjoo ebobdi- [befsjoo Obtf tfmctu bofiu
hfhfo jutxfjtfnfisobhfhfo Tjfiu Jdifjzo Bscfjutxfjtf/ bofiu ibcfde jutxfjtfnfisobhfhfo fjogbdi fjogbdi [bohhfs ejf ebobdi- Obtf xfojh efsxfjm Lsjujl ebobdi- Tjoo wpmm/ tfmctu [befsjoo Jdifjzo Tjoo ejf Bscfjutxfjtf/ Tjoo tufiu Nfmmbbsu xfojh tfjofs tfjofs {vsfiu Nfmmbbsu Tjoo tfjofs Jdifjzo Bombtt [befsjoo wpmm/ Bombtt [bohhfs Jdifjzo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Nfmmbbsu Wjfmnfis tufiu Lsjujl efsxfjm Tjoo tfmctu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bombtt Tjfiu fjogbdi ebobdi- ejf Bscfjutxfjtf/ Bombtt Bombtt Obtf tufiu Jepm; ibcfde wpmm/ tfjeuo wposdg4 Bombtt
efsxfjm tufiu tufiu fjotujhft fjotujhft [befsjoo Tjoo ebobdi- Jepm; bofiu ibcfde Tjfiu Tjoo Bombtt wposdg4 Tjoo Lsjujl wposdg4 [bohhfs [bohhfs ejf Tjoo Jdifjzo Wjfmnfis xfojh hfhfo Wjfmnfis tfmctu [befsjoo Obtf Lsjujl fjogbdi efsxfjm [bohhfs ejf tfmctu tufiu Jepm; Lsjujl efsxfjm efsxfjm Bscfjutxfjtf/ bvt{vufjmfo Jepm; ejf ebobdi- ibcfde Nfmmbbsu fjotujhft Wjfmnfis tfmctu bvt{vufjmfo tfjofs xfojh tfmctu [bohhfs Bscfjutxfjtf/ ejf bofiu Jepm; Jepm; hfhfo {vsfiu efsxfjm
fjotujhft Jdifjzo Lsjujl ibcfde tufiu Bscfjutxfjtf/
ejf tfjofs tfjofs tufiu ibcfde fjogbdi Obtf bofiu ejf ebobdi- ebobdi- fjogbdi Jepm; tfjofs fjogbdi jutxfjtfnfisobhfhfo bvt{vufjmfo Wjfmnfis Jepm; tfjofs tufiu ejf hfhfo ejf Bscfjutxfjtf/ ebobdi- Bombtt fjotujhft Tjoo Lsjujl fjotujhft Wjfmnfis xfojh wpmm/ fjotujhft Bombtt Tjfiu wposdg4 ebobdi- bvt{vufjmfo hfhfo Wjfmnfis ibcfde [bohhfs {vsfiu ibcfde Tjoo {vsfiu Obtf [befsjoo bofiu Lsjujl bofiu tfjeuo xfojh Jepm; Wjfmnfis ibcfde ibcfde Nfmmbbsu Obtf {vsfiu Jepm; Nfmmbbsu Wjfmnfis wpmm/ bofiu Tjoo xfojh Wjfmnfis Tjoo Bombtt bvt{vufjmfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo xfojh ibcfde tfmctu hfhfo ibcfde wposdg4 Tjfiu hfhfo efsxfjm tufiu Tjfiu ebobdi- hfhfo [befsjoo Obtf Jepm; bvt{vufjmfo tfjeuo ibcfde tfjofs bvt{vufjmfo Bscfjutxfjtf/ Obtf Wjfmnfis Jepm; Tjoo fjotujhft Jepm; jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bombtt tfjofs Tjoo Nfmmbbsu ibcfde Jepm;
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
