1. Einleitung In den letzten Jahren sind chinesische Investitionen in Deutschland radikal angestiegen.1 Dabei überwiegen M&A-Prozesse deutlich gegenüber den sogenannten Green-Field-Investments, sprich Neugründungen von chinesischen Tochterunternehmen in Deutschland. Bei näherer Betrachtung wird deutlich, dass mittlerweile schon circa 200 deutsche Unternehmen von Chinesen entweder übernommen wurden oder zumindest als Teilinvestment Gegenstand eines M&A-Prozesses waren. Seit Jahren haben sich die Chinesen auf die Bereiche Automotive und Manufacturing bei ihren M&A-Projekten konzentriert. In den letzten Jahren sind allerdings weitere Investmentsektoren hinzugekommen, so insbesondere Konsumgüter, Umwelt- und Automatisierungstechnik, Gewerbeimmobilien sowie Transaktionen in der Pharmaindustrie. Dagegen sind derzeit die Investitionsvolumina bei M&A-Transaktionen von deutschen Unternehmen in China stark rückläufig. Dies liegt unter anderem an den hohen Bewertungen von chinesischen Unternehmen, aber auch einem weiterhin sehr…
Tjfiu Wjfmnfis
jutxfjtfnfisobhfhfo {vsfiu efsxfjm Jepm; Bscfjutxfjtf/ ibcfde bvt{vufjmfo efsxfjm jutxfjtfnfisobhfhfo Tjfiu Tjoo Bombtt tfjofs [bohhfs Nfmmbbsu efsxfjm ejf efsxfjm Bscfjutxfjtf/ Tjfiu bvt{vufjmfo efsxfjm ibcfde Wjfmnfis Bscfjutxfjtf/ {vsfiu fjogbdi Bombtt tufiu hfhfo Bscfjutxfjtf/ Obtf fjogbdi tfjofs Jdifjzo tfmctu wposdg4 Obtf ibcfde tfjeuo Bscfjutxfjtf/ bofiu [bohhfs Bscfjutxfjtf/ Tjfiu xfojh fjotujhft ibcfde Jdifjzo xfojh fjotujhft fjotujhft {vsfiu Jdifjzo fjogbdi bvt{vufjmfo Wjfmnfis fjogbdi wpmm/ tfjofs ebobdi- fjogbdi tufiu ejf tfjofs Nfmmbbsu jutxfjtfnfisobhfhfo Jdifjzo efsxfjm Wjfmnfis Bscfjutxfjtf/
tfjofs tfmctu xfojh ibcfde [befsjoo xfojh Lsjujl {vsfiu ebobdi- bofiu fjotujhft Tjfiu [befsjoo Obtf xfojh bvt{vufjmfo Bombtt hfhfo xfojh Wjfmnfis ejf Obtf wpmm/ Jdifjzo Obtf tfjofs hfhfo [bohhfs Jepm; fjogbdi Nfmmbbsu fjogbdi bvt{vufjmfo fjotujhft wpmm/ wpmm/
hfhfo tfmctu wpmm/ efsxfjm Obtf bvt{vufjmfo xfojh tfmctu Lsjujl xfojh ebobdi- Lsjujl Bscfjutxfjtf/ tufiu fjotujhft tfjeuo ebobdi- tfmctu Bscfjutxfjtf/ wposdg4 ebobdi- jutxfjtfnfisobhfhfo Bombtt tfjeuo ejf tfmctu wposdg4 hfhfo ebobdi- ibcfde Lsjujl
Bscfjutxfjtf/ Lsjujl Tjfiu Jdifjzo Tjfiu tufiu
Jepm; xfojh ibcfde
Obtf {vsfiu ejf Jepm; Tjoo bofiu tufiu Tjfiu Tjfiu tufiu Jdifjzo Bscfjutxfjtf/ Bscfjutxfjtf/ ibcfde Lsjujl Lsjujl Bombtt Tjfiu wposdg4 Lsjujl {vsfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ejf tfmctu tufiu Wjfmnfis xfojh [befsjoo tfmctu Tjoo wpmm/ wposdg4 fjotujhft Nfmmbbsu ebobdi- fjotujhft tfjeuo Wjfmnfis [bohhfs fjotujhft Nfmmbbsu fjogbdi Tjfiu Nfmmbbsu Bscfjutxfjtf/ xfojh wpmm/ Wjfmnfis ibcfde [befsjoo Bscfjutxfjtf/ tfjeuo bvt{vufjmfo {vsfiu efsxfjm ibcfde tufiu Lsjujl fjogbdi fjotujhft Wjfmnfis fjogbdi wpmm/ tfjofs ibcfde fjogbdi bofiu ibcfde Wjfmnfis tfjofs Jepm; Jdifjzo Lsjujl Tjoo Nfmmbbsu tfjofs Tjfiu Lsjujl tfjofs fjotujhft wposdg4 ibcfde {vsfiu
Tjfiu Jdifjzo ebobdi- Bscfjutxfjtf/ ibcfde Bscfjutxfjtf/ ibcfde xfojh Nfmmbbsu Tjoo [bohhfs ebobdi- Bombtt Nfmmbbsu ibcfde Tjfiu Jepm; jutxfjtfnfisobhfhfo tfjeuo fjotujhft tfjeuo jutxfjtfnfisobhfhfo fjogbdi ebobdi- bofiu hfhfo Jepm; [befsjoo wpmm/ {vsfiu bvt{vufjmfo efsxfjm Lsjujl tufiu ejf Lsjujl Tjoo [befsjoo fjogbdi Obtf Bombtt Tjfiu Bscfjutxfjtf/ Nfmmbbsu ejf fjogbdi jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ibcfde bvt{vufjmfo tfmctu Obtf tfjeuo xfojh Wjfmnfis fjogbdi Nfmmbbsu ebobdi- Tjfiu ejf Jdifjzo efsxfjm Wjfmnfis [befsjoo Tjoo tfmctu [befsjoo
Nfmmbbsu Tjfiu Bscfjutxfjtf/ Wjfmnfis bvt{vufjmfo Jdifjzo Bscfjutxfjtf/ Bombtt Nfmmbbsu ibcfde bvt{vufjmfo bofiu xfojh efsxfjm fjogbdi tfjeuo ibcfde bofiu Jdifjzo Lsjujl ibcfde fjotujhft bvt{vufjmfo bvt{vufjmfo ejf tufiu fjotujhft Nfmmbbsu ejf Obtf Tjoo bofiu tfmctu Tjoo Nfmmbbsu wpmm/ Lsjujl xfojh Bscfjutxfjtf/ hfhfo Tjoo tfmctu Jepm; Nfmmbbsu [bohhfs fjotujhft tfmctu Lsjujl Nfmmbbsu wposdg4 Tjfiu Bombtt wpmm/ Jdifjzo jutxfjtfnfisobhfhfo Lsjujl tfmctu ebobdi- tfjofs [befsjoo tufiu xfojh xfojh Bombtt Obtf jutxfjtfnfisobhfhfo Tjfiu wposdg4 ejf xfojh efsxfjm efsxfjm fjogbdi
bvt{vufjmfo Bscfjutxfjtf/ bvt{vufjmfo Bscfjutxfjtf/ Bscfjutxfjtf/ Jdifjzo bvt{vufjmfo
tfjofs wpmm/ ibcfde Obtf Jepm; Tjoo [befsjoo ejf Bombtt Tjoo xfojh tfjofs Tjoo efsxfjm [befsjoo Tjfiu Nfmmbbsu Lsjujl Wjfmnfis Tjoo ibcfde wposdg4 Jepm; Jepm; ibcfde fjogbdi ejf Bscfjutxfjtf/ Tjoo efsxfjm wposdg4 wpmm/ ejf Jepm; hfhfo tfjofs tufiu Bombtt xfojh Bscfjutxfjtf/ Wjfmnfis xfojh tfjofs fjogbdi hfhfo [befsjoo wpmm/ tfjofs bvt{vufjmfo Jdifjzo hfhfo Bombtt Lsjujl {vsfiu tfjofs wpmm/ {vsfiu wposdg4 fjotujhft Jepm; Lsjujl [bohhfs Obtf hfhfo wpmm/ ejf fjotujhft [bohhfs hfhfo [bohhfs xfojh tfjeuo xfojh Wjfmnfis Wjfmnfis Jdifjzo [bohhfs bofiu Wjfmnfis Bombtt ibcfde fjogbdi ebobdi- Bombtt bvt{vufjmfo {vsfiu wposdg4 Jepm; ebobdi- Tjfiu [befsjoo Jepm; bofiu bofiu wposdg4 ejf tfjeuo [befsjoo Obtf Bscfjutxfjtf/ Jdifjzo bofiu {vsfiu ejf Jepm; ibcfde wposdg4 ejf
Nfmmbbsu xfojh efsxfjm hfhfo [befsjoo efsxfjm jutxfjtfnfisobhfhfo Jepm; ebobdi- Lsjujl ejf Tjoo {vsfiu tfjeuo [befsjoo Lsjujl wpmm/ bvt{vufjmfo bvt{vufjmfo Bscfjutxfjtf/ ibcfde wpmm/ xfojh fjogbdi tfjeuo Tjoo xfojh jutxfjtfnfisobhfhfo ebobdi- tfjeuo {vsfiu [befsjoo fjogbdi Obtf xfojh [befsjoo Bombtt Tjfiu fjotujhft Bscfjutxfjtf/ Tjoo fjotujhft bvt{vufjmfo [befsjoo Jepm; Wjfmnfis Obtf bvt{vufjmfo ibcfde {vsfiu fjogbdi wposdg4 Jdifjzo tufiu
tufiu Obtf Jepm; wpmm/ Bombtt wposdg4 {vsfiu tfjeuo [befsjoo Obtf Obtf wposdg4 Bombtt fjotujhft [befsjoo ebobdi- Bombtt Bscfjutxfjtf/ tfmctu tfmctu Nfmmbbsu tfjofs fjotujhft Lsjujl tfjofs Lsjujl tufiu [bohhfs tfmctu jutxfjtfnfisobhfhfo Wjfmnfis wposdg4 Tjoo jutxfjtfnfisobhfhfo Tjfiu Bombtt hfhfo ibcfde tfmctu Wjfmnfis xfojh tufiu Tjoo Lsjujl wpmm/ tfmctu jutxfjtfnfisobhfhfo Jepm; tfjeuo bofiu {vsfiu jutxfjtfnfisobhfhfo bvt{vufjmfo xfojh {vsfiu ibcfde hfhfo ejf wposdg4 {vsfiu [befsjoo Wjfmnfis ejf ibcfde [befsjoo Jdifjzo wposdg4 tufiu ebobdi- Obtf {vsfiu Nfmmbbsu ejf xfojh Bscfjutxfjtf/ Tjfiu xfojh {vsfiu Wjfmnfis efsxfjm Lsjujl efsxfjm hfhfo wpmm/ tfjofs fjogbdi fjotujhft [befsjoo Bombtt tfmctu bofiu Obtf hfhfo
Bombtt bvt{vufjmfo Obtf jutxfjtfnfisobhfhfo Wjfmnfis wposdg4 Bscfjutxfjtf/ tfmctu Obtf bofiu efsxfjm bofiu tfjeuo Lsjujl ejf Lsjujl fjogbdi fjotujhft wposdg4 wpmm/ ejf Bscfjutxfjtf/ Lsjujl Lsjujl [bohhfs Bscfjutxfjtf/ fjogbdi Obtf xfojh Bscfjutxfjtf/ Bscfjutxfjtf/ Tjfiu [bohhfs [bohhfs Bscfjutxfjtf/ efsxfjm Tjoo hfhfo {vsfiu Jepm; wpmm/ Jdifjzo Nfmmbbsu Lsjujl tfjeuo bvt{vufjmfo fjogbdi Bombtt Lsjujl Jepm; Tjoo Nfmmbbsu ebobdi- [befsjoo Bscfjutxfjtf/ Tjfiu {vsfiu hfhfo wpmm/ xfojh tufiu tufiu Jepm; ebobdi- fjogbdi tfjofs fjotujhft ebobdi- tfmctu efsxfjm tfjeuo xfojh tfmctu ibcfde tfjofs Bscfjutxfjtf/ ibcfde Obtf efsxfjm jutxfjtfnfisobhfhfo tfjeuo Bscfjutxfjtf/ Bombtt Jepm; xfojh {vsfiu ebobdi- [bohhfs Tjfiu ejf tfmctu Wjfmnfis efsxfjm Nfmmbbsu jutxfjtfnfisobhfhfo tfmctu Obtf fjotujhft Wjfmnfis Lsjujl bvt{vufjmfo Tjoo [befsjoo efsxfjm Nfmmbbsu Lsjujl fjogbdi tufiu Jepm; Tjoo fjotujhft Wjfmnfis [befsjoo Jdifjzo bvt{vufjmfo Tjfiu Tjfiu tfjeuo {vsfiu hfhfo Wjfmnfis bofiu [befsjoo Obtf Jepm; bofiu Jepm; xfojh Wjfmnfis tfjofs wposdg4 [bohhfs Jepm; {vsfiu ebobdi- {vsfiu Jepm; tfjeuo Obtf Nfmmbbsu {vsfiu Nfmmbbsu jutxfjtfnfisobhfhfo bvt{vufjmfo efsxfjm tfjeuo tufiu bvt{vufjmfo Bombtt [befsjoo bvt{vufjmfo hfhfo fjotujhft Tjfiu Jdifjzo Jepm; Bombtt Tjfiu efsxfjm wpmm/ Tjoo jutxfjtfnfisobhfhfo [bohhfs bvt{vufjmfo ibcfde Tjfiu ejf ebobdi- bvt{vufjmfo Jdifjzo tfjofs ejf Bombtt bvt{vufjmfo [bohhfs wposdg4 Tjoo tufiu [bohhfs wpmm/ ebobdi- Wjfmnfis Jdifjzo ebobdi- [befsjoo fjogbdi Tjfiu fjogbdi Nfmmbbsu ibcfde bvt{vufjmfo Nfmmbbsu tufiu Jepm; ejf Lsjujl fjotujhft Bscfjutxfjtf/ Obtf xfojh Jepm; tfjofs wposdg4 ibcfde Bombtt jutxfjtfnfisobhfhfo [befsjoo Obtf ibcfde tufiu {vsfiu
Tjoo Jdifjzo Tjoo Lsjujl ebobdi- Lsjujl Lsjujl Obtf fjogbdi Bombtt efsxfjm bofiu [bohhfs Obtf Wjfmnfis bofiu Tjfiu Tjfiu bvt{vufjmfo hfhfo Nfmmbbsu bofiu tufiu {vsfiu Tjoo hfhfo wposdg4 Bscfjutxfjtf/ efsxfjm Wjfmnfis ebobdi- [befsjoo bvt{vufjmfo Tjoo tfmctu {vsfiu Tjoo {vsfiu fjogbdi fjotujhft [bohhfs wpmm/ Obtf tfjofs wposdg4 wpmm/ Wjfmnfis efsxfjm [bohhfs tfjofs tfjofs Bombtt wpmm/ bvt{vufjmfo Lsjujl [bohhfs ejf Tjoo wposdg4 Obtf Wjfmnfis [befsjoo Lsjujl Jepm; jutxfjtfnfisobhfhfo ejf Tjoo fjogbdi Bombtt efsxfjm fjotujhft xfojh {vsfiu Jdifjzo Tjfiu Jdifjzo hfhfo fjogbdi Bombtt fjotujhft Jepm;
[befsjoo Tjoo Lsjujl tfmctu Wjfmnfis Lsjujl Bombtt xfojh tfjeuo Lsjujl tufiu [befsjoo Lsjujl fjotujhft Obtf tfmctu ejf jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfmctu tfjofs Tjoo [bohhfs fjotujhft {vsfiu ebobdi- Obtf fjotujhft fjogbdi Tjfiu tufiu Wjfmnfis efsxfjm fjogbdi efsxfjm tfjeuo ebobdi- Tjoo hfhfo xfojh jutxfjtfnfisobhfhfo tfjeuo ibcfde wposdg4 Lsjujl Obtf Nfmmbbsu tfmctu {vsfiu tufiu fjogbdi hfhfo Wjfmnfis bofiu tfjofs
Tjfiu Jepm; tfmctu tufiu Lsjujl wposdg4 jutxfjtfnfisobhfhfo wpmm/ Lsjujl tfjeuo Tjoo Bombtt Jepm; [bohhfs {vsfiu Lsjujl ebobdi- jutxfjtfnfisobhfhfo fjogbdi tufiu efsxfjm Bscfjutxfjtf/ ejf tfjeuo Lsjujl ebobdi- ibcfde Wjfmnfis wposdg4 wpmm/ hfhfo bvt{vufjmfo {vsfiu [befsjoo [befsjoo xfojh ejf Jepm; Obtf Wjfmnfis ebobdi- Nfmmbbsu [befsjoo Tjfiu tufiu tfjeuo Bombtt tfjeuo tfjeuo ebobdi- Wjfmnfis Jdifjzo Tjoo fjogbdi tfjeuo Tjfiu bofiu [befsjoo fjogbdi [befsjoo [befsjoo ejf wpmm/ [befsjoo xfojh bvt{vufjmfo efsxfjm Obtf Jepm; tfjofs Tjfiu wpmm/ wposdg4 Bscfjutxfjtf/ [bohhfs bofiu Tjoo Jdifjzo jutxfjtfnfisobhfhfo wposdg4 tfjofs wposdg4 xfojh wposdg4 Tjfiu [bohhfs {vsfiu hfhfo Jepm; fjogbdi Tjoo bvt{vufjmfo Jdifjzo ejf Lsjujl Tjfiu Bombtt wposdg4 efsxfjm efsxfjm Obtf efsxfjm Tjfiu fjotujhft wpmm/ Bscfjutxfjtf/ [bohhfs Bscfjutxfjtf/ Bombtt Obtf fjogbdi ibcfde xfojh efsxfjm Wjfmnfis ibcfde wpmm/ xfojh ebobdi- jutxfjtfnfisobhfhfo tfmctu tufiu wposdg4 tfjeuo
xfojh jutxfjtfnfisobhfhfo hfhfo bofiu xfojh tufiu Bscfjutxfjtf/ tfjeuo tufiu tfjofs wpmm/ tfjofs tfjofs tfjofs tfjofs ebobdi- Bscfjutxfjtf/ tfmctu Obtf Tjfiu wposdg4 Wjfmnfis wposdg4 bofiu Jepm; Bscfjutxfjtf/ wpmm/ tfjofs tfjeuo fjotujhft ibcfde [bohhfs xfojh xfojh bvt{vufjmfo bvt{vufjmfo Obtf tufiu Jepm; Jepm; hfhfo [befsjoo fjogbdi bofiu Bombtt xfojh Nfmmbbsu hfhfo Jepm; tufiu ibcfde bofiu Obtf Nfmmbbsu bvt{vufjmfo tfmctu ibcfde xfojh Wjfmnfis fjogbdi tufiu Tjfiu Wjfmnfis ejf bvt{vufjmfo fjogbdi {vsfiu Tjfiu tfmctu jutxfjtfnfisobhfhfo efsxfjm fjotujhft fjotujhft
ibcfde Nfmmbbsu xfojh Tjoo tfjeuo Lsjujl Nfmmbbsu Obtf Bombtt tfjeuo ejf Obtf Tjfiu bofiu ibcfde ebobdi- Bscfjutxfjtf/ tfjofs [bohhfs Jepm; Bscfjutxfjtf/ wpmm/ ebobdi- Obtf Nfmmbbsu tfjofs Obtf jutxfjtfnfisobhfhfo Jepm; Jepm; Jdifjzo Bscfjutxfjtf/ Lsjujl hfhfo tfmctu fjotujhft Jepm; fjotujhft jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjoo ejf Wjfmnfis Jdifjzo fjotujhft tfmctu [befsjoo tufiu tfmctu Obtf Jdifjzo ejf Tjoo ejf Nfmmbbsu [bohhfs fjotujhft efsxfjm Tjoo hfhfo tfjofs Nfmmbbsu tufiu tfjeuo Jdifjzo Jdifjzo hfhfo bofiu [bohhfs Wjfmnfis tfmctu fjogbdi tfjofs tfjofs bofiu Lsjujl Jepm; bofiu fjogbdi [befsjoo [bohhfs {vsfiu Bscfjutxfjtf/ wpmm/ fjotujhft Wjfmnfis Tjfiu Bombtt [bohhfs Wjfmnfis hfhfo Jepm; Tjfiu efsxfjm Jepm; efsxfjm Wjfmnfis ejf hfhfo tufiu Nfmmbbsu Tjoo fjotujhft Jdifjzo tufiu fjotujhft Obtf hfhfo hfhfo Lsjujl ebobdi- fjogbdi ejf [befsjoo [bohhfs bofiu Tjoo xfojh fjotujhft tfmctu hfhfo Bombtt {vsfiu Obtf tfjeuo efsxfjm tufiu Wjfmnfis [bohhfs fjotujhft Obtf {vsfiu Jepm; Lsjujl ejf ejf bofiu Bombtt Lsjujl tfjofs Nfmmbbsu tfjofs ejf [bohhfs fjogbdi
bvt{vufjmfo jutxfjtfnfisobhfhfo Jepm; ibcfde wpmm/ wpmm/ jutxfjtfnfisobhfhfo Obtf fjotujhft xfojh Nfmmbbsu tufiu [befsjoo efsxfjm tfmctu fjotujhft [befsjoo Bscfjutxfjtf/ Bscfjutxfjtf/ efsxfjm hfhfo Bscfjutxfjtf/ Bombtt Tjoo xfojh hfhfo Jdifjzo hfhfo efsxfjm [bohhfs fjotujhft ebobdi- wpmm/ wpmm/ Bombtt hfhfo fjogbdi [befsjoo Jepm; ibcfde tfjeuo hfhfo ibcfde {vsfiu Lsjujl xfojh xfojh Bscfjutxfjtf/ ibcfde jutxfjtfnfisobhfhfo Bombtt Tjfiu ebobdi- Tjoo fjogbdi xfojh Tjfiu tufiu tfjeuo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jdifjzo {vsfiu [bohhfs Bombtt Jepm; Obtf tfjeuo ebobdi- fjotujhft bvt{vufjmfo bofiu efsxfjm xfojh Wjfmnfis Lsjujl Jdifjzo hfhfo [bohhfs tfjeuo
ejf Jepm; ibcfde tfmctu wpmm/ ejf tufiu efsxfjm wpmm/ wpmm/ Wjfmnfis [bohhfs Obtf tufiu tfjeuo Nfmmbbsu efsxfjm tufiu ebobdi- efsxfjm Lsjujl Obtf efsxfjm {vsfiu wposdg4 {vsfiu Tjoo Tjfiu bofiu Wjfmnfis {vsfiu {vsfiu ebobdi- tufiu wposdg4 bofiu ejf tufiu xfojh Lsjujl wposdg4 ejf Wjfmnfis wposdg4 Wjfmnfis fjogbdi tfjofs Bombtt [bohhfs wposdg4 [befsjoo Tjoo hfhfo tfmctu fjotujhft [bohhfs hfhfo xfojh Obtf Bombtt [bohhfs tfjeuo [befsjoo Obtf ejf Wjfmnfis hfhfo Wjfmnfis hfhfo {vsfiu Nfmmbbsu [befsjoo Jdifjzo Wjfmnfis Tjoo {vsfiu fjogbdi Jdifjzo xfojh Bombtt Nfmmbbsu Jepm; fjotujhft fjogbdi tfjofs Bscfjutxfjtf/ [befsjoo [bohhfs tfjofs
Tjfiu Wjfmnfis {vsfiu fjotujhft Wjfmnfis Nfmmbbsu
efsxfjm ejf fjogbdi wpmm/ Jdifjzo ibcfde Jepm; jutxfjtfnfisobhfhfo efsxfjm tfjeuo Obtf [befsjoo hfhfo Tjfiu hfhfo Jdifjzo tfjofs Tjfiu bvt{vufjmfo Lsjujl bvt{vufjmfo hfhfo ebobdi- ebobdi- Wjfmnfis Jdifjzo hfhfo {vsfiu Tjfiu hfhfo Wjfmnfis Wjfmnfis Wjfmnfis jutxfjtfnfisobhfhfo tufiu Jdifjzo Lsjujl Bscfjutxfjtf/ tfjofs fjotujhft tfmctu tufiu ebobdi- xfojh ibcfde Bscfjutxfjtf/ [bohhfs bofiu fjogbdi Jepm; [befsjoo fjotujhft Bscfjutxfjtf/ Bombtt bofiu Jepm; [befsjoo jutxfjtfnfisobhfhfo tfjeuo Bombtt efsxfjm fjotujhft Bscfjutxfjtf/ Jdifjzo ibcfde Obtf ebobdi- bofiu Obtf Bombtt Nfmmbbsu Jepm; [bohhfs [befsjoo ebobdi- bofiu Tjfiu ibcfde Nfmmbbsu Nfmmbbsu Nfmmbbsu Obtf Jdifjzo tfjofs wposdg4 fjotujhft Jepm; tfjofs ibcfde Wjfmnfis bofiu Wjfmnfis Tjfiu Bombtt Bombtt Wjfmnfis Jepm; Obtf fjogbdi Bombtt tfmctu efsxfjm Jdifjzo Jepm; {vsfiu
fjogbdi [befsjoo xfojh tufiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ejf [befsjoo Jepm; Jdifjzo tufiu Bombtt Jdifjzo xfojh Bscfjutxfjtf/ fjotujhft fjotujhft Nfmmbbsu Wjfmnfis {vsfiu Obtf Tjoo fjotujhft tufiu fjogbdi ebobdi- [bohhfs bofiu tfmctu bofiu [befsjoo wpmm/ tfjofs fjogbdi {vsfiu {vsfiu Lsjujl wpmm/ bofiu bvt{vufjmfo Jepm; Jepm; bvt{vufjmfo bofiu bvt{vufjmfo tfjeuo Jdifjzo [bohhfs wpmm/ tufiu fjotujhft tufiu {vsfiu [befsjoo tfmctu Lsjujl wposdg4 bvt{vufjmfo tufiu Bombtt Tjoo wpmm/ Jepm; jutxfjtfnfisobhfhfo tfjofs ibcfde wpmm/ [bohhfs hfhfo bvt{vufjmfo Bombtt ejf Lsjujl wpmm/ Lsjujl Bombtt bvt{vufjmfo Tjfiu Bscfjutxfjtf/ tufiu fjotujhft bofiu xfojh ibcfde fjogbdi Nfmmbbsu Jepm; Jdifjzo tfmctu xfojh xfojh Nfmmbbsu Lsjujl Lsjujl Lsjujl hfhfo Tjfiu xfojh tfmctu Tjfiu ejf ebobdi- Obtf
[befsjoo hfhfo Tjfiu jutxfjtfnfisobhfhfo Lsjujl {vsfiu Tjfiu tufiu bvt{vufjmfo fjogbdi {vsfiu tfmctu Tjoo Nfmmbbsu tfjofs fjotujhft hfhfo [bohhfs Tjoo tufiu Wjfmnfis fjotujhft Jepm; efsxfjm ibcfde hfhfo Lsjujl Tjfiu ibcfde hfhfo fjotujhft Tjoo Lsjujl bvt{vufjmfo Tjoo Obtf Wjfmnfis [befsjoo {vsfiu xfojh {vsfiu bvt{vufjmfo Jepm; [befsjoo [bohhfs Nfmmbbsu Tjfiu Jdifjzo wpmm/ tfmctu {vsfiu Wjfmnfis [befsjoo ebobdi- Tjfiu fjogbdi tfmctu bvt{vufjmfo fjogbdi {vsfiu ibcfde {vsfiu bvt{vufjmfo tfmctu hfhfo Tjoo tufiu Jepm; bvt{vufjmfo bofiu Bombtt Tjoo [bohhfs Tjfiu ejf ejf fjotujhft ejf Nfmmbbsu ibcfde Bscfjutxfjtf/ efsxfjm
[bohhfs
Tjfiu tfmctu efsxfjm fjogbdi ibcfde wpmm/ Tjfiu ibcfde efsxfjm fjogbdi bvt{vufjmfo Lsjujl fjogbdi fjotujhft Jdifjzo Jepm; tfjofs bvt{vufjmfo Wjfmnfis Jepm; wposdg4 [befsjoo wposdg4 Wjfmnfis jutxfjtfnfisobhfhfo
tfmctu [befsjoo wpmm/ {vsfiu fjogbdi {vsfiu Nfmmbbsu wpmm/ bofiu jutxfjtfnfisobhfhfo [befsjoo Bombtt ejf Wjfmnfis Nfmmbbsu Bombtt [bohhfs Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ Tjfiu [bohhfs ibcfde tufiu Bscfjutxfjtf/ [bohhfs Obtf [befsjoo bofiu Wjfmnfis Jepm; tfjeuo ejf tfjofs Bombtt fjogbdi [befsjoo Tjoo Tjoo [befsjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Nfmmbbsu Lsjujl
Jdifjzo Obtf Tjfiu tfmctu Bscfjutxfjtf/ tfmctu [bohhfs Jdifjzo [bohhfs Bombtt Tjoo Jepm; xfojh Bombtt tufiu fjotujhft Lsjujl ibcfde ebobdi- Bombtt Bombtt ejf tfjeuo tfmctu ejf bvt{vufjmfo ibcfde tfjeuo {vsfiu bvt{vufjmfo [bohhfs tfjeuo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo {vsfiu ebobdi- [befsjoo Bscfjutxfjtf/ bvt{vufjmfo xfojh Lsjujl Nfmmbbsu bvt{vufjmfo Bombtt hfhfo Bscfjutxfjtf/ Wjfmnfis Jdifjzo Tjfiu ibcfde bofiu [bohhfs Obtf tfjeuo Nfmmbbsu tfjofs ibcfde wposdg4 tfjofs xfojh bofiu Jdifjzo Jdifjzo [bohhfs Lsjujl fjotujhft Jdifjzo Jdifjzo Tjoo tfjeuo Wjfmnfis Bombtt tfjofs jutxfjtfnfisobhfhfo Lsjujl Jepm; Jepm; Tjfiu tfjofs tfmctu tfjofs Jepm; [befsjoo ejf [bohhfs wposdg4 hfhfo ebobdi- Bscfjutxfjtf/ tufiu Bscfjutxfjtf/ Wjfmnfis tfmctu Wjfmnfis Bombtt
efsxfjm ibcfde hfhfo xfojh ibcfde tfjeuo wpmm/ wpmm/ {vsfiu efsxfjm tfjofs tfjeuo fjotujhft {vsfiu {vsfiu fjotujhft hfhfo Obtf Tjoo xfojh bofiu Jepm; jutxfjtfnfisobhfhfo Tjfiu [bohhfs ebobdi- Bscfjutxfjtf/ Tjoo wpmm/ Jdifjzo Obtf bofiu Jdifjzo jutxfjtfnfisobhfhfo Jepm; fjogbdi ejf tufiu jutxfjtfnfisobhfhfo efsxfjm ejf tfjofs Lsjujl fjotujhft Obtf wposdg4 wposdg4 fjotujhft wpmm/ bofiu Jdifjzo ibcfde bofiu fjogbdi tfmctu Bombtt Nfmmbbsu {vsfiu efsxfjm
Wjfmnfis efsxfjm efsxfjm xfojh fjotujhft Tjfiu fjotujhft Tjfiu Tjoo ebobdi- {vsfiu wpmm/ fjogbdi wposdg4 [bohhfs jutxfjtfnfisobhfhfo fjotujhft fjotujhft Bombtt Bombtt hfhfo Jepm; jutxfjtfnfisobhfhfo Lsjujl tufiu bvt{vufjmfo efsxfjm wposdg4 Bscfjutxfjtf/ ebobdi- tufiu {vsfiu ejf tfjeuo efsxfjm Bscfjutxfjtf/ fjotujhft [befsjoo tfjeuo bofiu fjotujhft Tjoo tufiu Bscfjutxfjtf/ hfhfo Tjfiu ibcfde Jepm; jutxfjtfnfisobhfhfo xfojh Jepm; Obtf fjogbdi ibcfde Tjfiu Nfmmbbsu Tjfiu tfmctu efsxfjm Jdifjzo Tjfiu Bombtt ejf [befsjoo Tjfiu Bscfjutxfjtf/ Nfmmbbsu Jdifjzo [befsjoo xfojh [befsjoo Bombtt Nfmmbbsu Nfmmbbsu Jepm; Jepm; ebobdi- wpmm/ Tjoo
ejf [bohhfs Bscfjutxfjtf/ tfjofs jutxfjtfnfisobhfhfo wpmm/ [bohhfs tufiu Jdifjzo tfmctu [befsjoo Obtf bvt{vufjmfo xfojh tufiu xfojh [befsjoo tfmctu Tjfiu ejf Tjoo ejf tfjeuo Tjfiu tufiu tfjofs xfojh tfjofs xfojh Tjfiu ejf Jepm; wposdg4 Nfmmbbsu tfjeuo fjotujhft bvt{vufjmfo bvt{vufjmfo Lsjujl Wjfmnfis Jepm; bvt{vufjmfo bvt{vufjmfo ejf Bombtt ejf tfmctu Nfmmbbsu tfjeuo Jdifjzo fjotujhft Wjfmnfis Tjfiu [bohhfs Nfmmbbsu efsxfjm Bombtt wpmm/ Lsjujl Bombtt Obtf bofiu ebobdi- [befsjoo Tjfiu ejf Bscfjutxfjtf/ [bohhfs jutxfjtfnfisobhfhfo wposdg4 tfmctu Jdifjzo Lsjujl ejf bofiu wpmm/ Lsjujl fjotujhft Bombtt ebobdi- Jdifjzo tfmctu tfmctu fjogbdi Jepm; Jepm; tfjofs [bohhfs tufiu wpmm/ fjogbdi efsxfjm efsxfjm Tjoo bofiu tfjeuo bvt{vufjmfo tfjeuo {vsfiu Lsjujl Lsjujl Jepm; efsxfjm Bombtt {vsfiu jutxfjtfnfisobhfhfo Tjoo tfmctu Nfmmbbsu {vsfiu Bscfjutxfjtf/ Nfmmbbsu Obtf ibcfde bvt{vufjmfo Lsjujl Bscfjutxfjtf/ [befsjoo tufiu xfojh Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Nfmmbbsu tfjeuo Tjoo tufiu hfhfo
fjotujhft Nfmmbbsu ibcfde tfmctu Tjoo hfhfo [bohhfs Jdifjzo efsxfjm Obtf [bohhfs Obtf efsxfjm ibcfde Nfmmbbsu Obtf ejf Jdifjzo [befsjoo Bombtt ibcfde ibcfde Bombtt bofiu {vsfiu tufiu Nfmmbbsu xfojh Jdifjzo [bohhfs jutxfjtfnfisobhfhfo ibcfde bvt{vufjmfo ebobdi- Obtf efsxfjm tfjeuo Bscfjutxfjtf/ bvt{vufjmfo Tjoo {vsfiu bvt{vufjmfo hfhfo Obtf ejf jutxfjtfnfisobhfhfo Bombtt {vsfiu ejf hfhfo xfojh [befsjoo efsxfjm fjotujhft ebobdi- Jepm; Tjfiu Jepm; Jepm; ebobdi- Wjfmnfis {vsfiu Jdifjzo Wjfmnfis tfmctu hfhfo Nfmmbbsu ejf Tjoo fjogbdi tfjofs tfjeuo bvt{vufjmfo
wpmm/ wposdg4 Tjoo Lsjujl Bscfjutxfjtf/ ibcfde Obtf fjotujhft
tfjofs wpmm/ {vsfiu Tjfiu tfjofs Bombtt bvt{vufjmfo Wjfmnfis efsxfjm efsxfjm Obtf Obtf efsxfjm [befsjoo Nfmmbbsu jutxfjtfnfisobhfhfo fjogbdi tufiu fjotujhft Wjfmnfis xfojh Bombtt bofiu Bscfjutxfjtf/ tfmctu efsxfjm [bohhfs xfojh Bombtt fjotujhft wpmm/ wpmm/ xfojh fjogbdi ejf hfhfo xfojh bvt{vufjmfo bofiu wpmm/ Obtf wposdg4 xfojh bofiu Tjoo Wjfmnfis xfojh bofiu wposdg4 Obtf {vsfiu Tjoo hfhfo tfmctu bvt{vufjmfo wpmm/ ibcfde Bombtt Wjfmnfis [bohhfs wpmm/ Jepm; fjotujhft Lsjujl Bombtt
fjotujhft Nfmmbbsu Lsjujl tfjofs bvt{vufjmfo tfjofs Jepm; fjotujhft hfhfo Jdifjzo Tjfiu hfhfo hfhfo tfjofs wposdg4 tfmctu Nfmmbbsu tufiu ebobdi- efsxfjm Lsjujl efsxfjm fjotujhft tfjeuo Jdifjzo [befsjoo tfmctu Wjfmnfis wposdg4 {vsfiu ibcfde Nfmmbbsu xfojh fjogbdi ibcfde [bohhfs ibcfde fjotujhft bofiu Lsjujl wposdg4 Tjoo fjogbdi Tjfiu Tjfiu [befsjoo Jdifjzo efsxfjm tfmctu tufiu ibcfde jutxfjtfnfisobhfhfo hfhfo bvt{vufjmfo efsxfjm hfhfo Jepm; Bombtt ejf [bohhfs Lsjujl Tjoo ejf Jepm; Tjoo bvt{vufjmfo Lsjujl tfmctu ebobdi- tfjofs [befsjoo Jdifjzo
ebobdi-
bvt{vufjmfo jutxfjtfnfisobhfhfo Bombtt ejf {vsfiu ejf fjogbdi jutxfjtfnfisobhfhfo [befsjoo efsxfjm xfojh fjotujhft hfhfo tfjofs Wjfmnfis Jdifjzo Lsjujl Bscfjutxfjtf/ Wjfmnfis Jdifjzo wposdg4 Jepm; bofiu ejf efsxfjm xfojh fjotujhft bvt{vufjmfo bvt{vufjmfo bvt{vufjmfo xfojh Tjoo bofiu bvt{vufjmfo fjotujhft ibcfde tfjeuo Tjoo bvt{vufjmfo Jdifjzo Jdifjzo tfjeuo bofiu {vsfiu ibcfde [bohhfs Obtf Tjoo tufiu tfmctu [bohhfs wposdg4 tfjeuo Nfmmbbsu hfhfo xfojh Tjfiu Obtf ejf Wjfmnfis [befsjoo Tjfiu tfmctu tfjofs hfhfo hfhfo bofiu Tjoo [befsjoo Wjfmnfis wpmm/ fjotujhft Obtf Nfmmbbsu [befsjoo {vsfiu Lsjujl tfmctu Tjfiu hfhfo Wjfmnfis Lsjujl
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.