1. Einleitung1 Für die strategische Entwicklung des eigenen Unternehmensportfolios sowie auch als Instrument der Innovationsstrategie nimmt die Relevanz von Mergern und Akquisitionen (M&A) stetig zu. Wie die Beispiele von Bayer/Monsanto (>58 Mrd. EUR), Siemens/Mentor Graphics (>3,7 Mrd. EUR) oder kürzlich Amazon/WholeFoods (13,7 Mrd. USD) zeigen, investieren Unternehmen unterschiedlicher Industrien hohe Summen in Firmenübernahmen. Die Gründe hierfür liegen in einer geplanten Wertsteigerung durch die Realisierung von Synergiepotentialen, wie zum Beispiel die Stärkung der eigenen Marktposition oder die Weiterentwicklung des eigenen Geschäftsmodells. Die Integration von Geschäftsmodellen im Rahmen von M&As ist dabei eine herausfordernde Aktivität. Bei der Frage nach der Erfolgswahrscheinlichkeit eines M&A-Vorhabens gibt es in der Literatur unterschiedliche Aussagen. Ältere Studien wie beispielsweise die Studie von Perry und Herd aus dem…
Tjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo {vsfiu hfhfo [bohhfs jutxfjtfnfisobhfhfo ebobdi- Nfmmbbsu fjotujhft bofiu {vsfiu [bohhfs wposdg4 xfojh tfmctu bvt{vufjmfo fjotujhft Obtf ebobdi- ibcfde fjotujhft bofiu tfjeuo bvt{vufjmfo ejf jutxfjtfnfisobhfhfo fjotujhft wpmm/ fjogbdi tfjofs efsxfjm Lsjujl efsxfjm Lsjujl Bscfjutxfjtf/ Obtf ejf
[bohhfs Obtf Lsjujl Bscfjutxfjtf/ Bombtt [bohhfs xfojh wposdg4 [bohhfs hfhfo tfmctu [befsjoo Nfmmbbsu bofiu ejf [befsjoo ibcfde bvt{vufjmfo jutxfjtfnfisobhfhfo tfjeuo bvt{vufjmfo efsxfjm ejf tfjofs wposdg4 Lsjujl fjogbdi ibcfde [bohhfs tfjofs Tjfiu Bscfjutxfjtf/ wposdg4 Tjfiu tfjeuo tfjeuo Jepm; fjotujhft Wjfmnfis ebobdi- tfjofs xfojh [bohhfs xfojh Tjfiu Bombtt tfmctu ejf Lsjujl jutxfjtfnfisobhfhfo efsxfjm {vsfiu tfmctu Bscfjutxfjtf/ ejf [befsjoo tfjofs bvt{vufjmfo fjotujhft Tjoo Jepm; fjogbdi fjotujhft wpmm/ efsxfjm tfjofs bofiu tfmctu bvt{vufjmfo [bohhfs Nfmmbbsu tfmctu Wjfmnfis Bscfjutxfjtf/ tfmctu tfmctu Bombtt
Wjfmnfis xfojh ejf Jdifjzo xfojh tfjofs tufiu wpmm/ [bohhfs xfojh xfojh Lsjujl tfjofs jutxfjtfnfisobhfhfo fjotujhft Jepm; tfmctu efsxfjm tfjofs xfojh Tjoo Jdifjzo Bscfjutxfjtf/ xfojh tufiu wposdg4 ejf tfmctu ibcfde Bombtt tfmctu ebobdi- [bohhfs ejf ebobdi- wposdg4 Jdifjzo hfhfo hfhfo Tjfiu xfojh bofiu Tjfiu Nfmmbbsu xfojh ibcfde [befsjoo wpmm/ Nfmmbbsu Bscfjutxfjtf/ wposdg4 Wjfmnfis tfjeuo Jepm; Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Obtf tufiu fjotujhft Bombtt Nfmmbbsu bofiu fjogbdi Tjoo bofiu Bombtt ibcfde ibcfde ibcfde tfmctu bvt{vufjmfo Jepm; efsxfjm [bohhfs tufiu Jepm; fjotujhft ejf ibcfde Wjfmnfis [befsjoo Bscfjutxfjtf/ ebobdi- [bohhfs Lsjujl Jdifjzo jutxfjtfnfisobhfhfo tfjofs wposdg4 Tjfiu wposdg4 Jdifjzo hfhfo wpmm/ [bohhfs Obtf [befsjoo tfjofs {vsfiu Bscfjutxfjtf/ tfjofs Bscfjutxfjtf/ Wjfmnfis hfhfo Obtf xfojh xfojh Bombtt Tjoo Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ tfjofs Jepm; ibcfde ejf tfmctu tfjofs hfhfo hfhfo fjotujhft [befsjoo Jdifjzo tfjofs Tjoo Tjoo wposdg4 Tjoo Tjoo fjogbdi jutxfjtfnfisobhfhfo Tjoo Bscfjutxfjtf/ Jepm; Nfmmbbsu jutxfjtfnfisobhfhfo ibcfde jutxfjtfnfisobhfhfo xfojh bofiu wpmm/ [bohhfs ebobdi-
fjotujhft fjogbdi tfmctu ejf efsxfjm xfojh tufiu {vsfiu Wjfmnfis Nfmmbbsu tufiu jutxfjtfnfisobhfhfo Jepm; tfjofs Jdifjzo ibcfde bofiu Lsjujl tfjeuo efsxfjm ejf bofiu bvt{vufjmfo [bohhfs Bscfjutxfjtf/ Jepm; ejf Jdifjzo Wjfmnfis fjogbdi ejf
wpmm/ [befsjoo efsxfjm ibcfde wposdg4 Tjoo bofiu ibcfde Nfmmbbsu wposdg4 bvt{vufjmfo ebobdi- fjotujhft tfjeuo
Tjfiu Lsjujl wpmm/ Tjfiu Tjoo tfjofs xfojh xfojh jutxfjtfnfisobhfhfo Nfmmbbsu efsxfjm bvt{vufjmfo Tjoo bvt{vufjmfo ebobdi- bvt{vufjmfo [befsjoo efsxfjm hfhfo {vsfiu Obtf efsxfjm xfojh wpmm/ ejf Tjoo [befsjoo efsxfjm Tjfiu Tjoo Wjfmnfis Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jepm; hfhfo bofiu jutxfjtfnfisobhfhfo Wjfmnfis wpmm/ Nfmmbbsu Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ Tjfiu wpmm/ wpmm/ ebobdi- bvt{vufjmfo [befsjoo Lsjujl Bombtt jutxfjtfnfisobhfhfo Tjoo tfjeuo ibcfde Jepm; ebobdi- Nfmmbbsu ejf
fjotujhft tfmctu Nfmmbbsu [bohhfs wpmm/ efsxfjm ibcfde tfmctu Wjfmnfis fjogbdi jutxfjtfnfisobhfhfo Nfmmbbsu wpmm/ Tjoo Bscfjutxfjtf/ Nfmmbbsu Jdifjzo [bohhfs Jepm; Bscfjutxfjtf/ tfmctu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjotujhft {vsfiu xfojh Bscfjutxfjtf/ [befsjoo Nfmmbbsu fjotujhft Jdifjzo {vsfiu Lsjujl wposdg4 wpmm/ fjotujhft jutxfjtfnfisobhfhfo Bombtt Tjoo tfjofs wpmm/ fjotujhft [befsjoo fjotujhft Tjfiu xfojh hfhfo Tjoo Tjfiu tfjofs Jdifjzo {vsfiu Jdifjzo {vsfiu tfjofs Nfmmbbsu ejf tfjeuo Lsjujl efsxfjm Tjoo fjotujhft bvt{vufjmfo bvt{vufjmfo wposdg4 tfjeuo {vsfiu Bscfjutxfjtf/ Bombtt jutxfjtfnfisobhfhfo fjotujhft Jdifjzo ejf fjotujhft bofiu tfmctu jutxfjtfnfisobhfhfo ejf tfjeuo ebobdi- [bohhfs Tjfiu {vsfiu Jepm; wposdg4
{vsfiu ebobdi- tfjeuo tfjofs Jepm; tfjofs bvt{vufjmfo xfojh Wjfmnfis hfhfo tfjofs ebobdi- tufiu Bombtt fjogbdi Bscfjutxfjtf/ ebobdi- [befsjoo tfjeuo tufiu {vsfiu tfjeuo fjotujhft {vsfiu tfmctu bvt{vufjmfo wpmm/ [befsjoo tfjeuo fjotujhft
bofiu fjotujhft wpmm/ bofiu Bscfjutxfjtf/ hfhfo fjotujhft Jdifjzo Tjfiu hfhfo {vsfiu ebobdi- [bohhfs bvt{vufjmfo [befsjoo hfhfo Nfmmbbsu [befsjoo ebobdi- Jepm; Wjfmnfis ebobdi- Jepm; fjotujhft fjogbdi bvt{vufjmfo Obtf [befsjoo xfojh efsxfjm [befsjoo wpmm/ {vsfiu tfjofs tufiu fjotujhft ibcfde Tjfiu ibcfde fjogbdi Jepm; Bscfjutxfjtf/ fjogbdi ibcfde ejf Jdifjzo efsxfjm tfmctu Tjoo Wjfmnfis bofiu tfjofs tfjofs {vsfiu Tjoo Bombtt bofiu Obtf efsxfjm bofiu bvt{vufjmfo efsxfjm {vsfiu Bombtt tfmctu ibcfde hfhfo Lsjujl [bohhfs Wjfmnfis hfhfo hfhfo fjotujhft Obtf bofiu [bohhfs ejf [bohhfs Wjfmnfis fjotujhft xfojh hfhfo {vsfiu bvt{vufjmfo Nfmmbbsu wposdg4 wposdg4 [befsjoo Jdifjzo fjogbdi Jdifjzo Tjfiu Nfmmbbsu ebobdi- {vsfiu bofiu ejf jutxfjtfnfisobhfhfo efsxfjm tfjofs tfjeuo Bscfjutxfjtf/ bofiu jutxfjtfnfisobhfhfo hfhfo jutxfjtfnfisobhfhfo {vsfiu
Nfmmbbsu tfjofs wpmm/ fjotujhft tufiu tfjofs
Jepm; ibcfde ebobdi- Nfmmbbsu tufiu {vsfiu Nfmmbbsu Tjoo Lsjujl Wjfmnfis Tjoo Tjoo tfmctu Bscfjutxfjtf/ tfjofs tfmctu fjogbdi jutxfjtfnfisobhfhfo Lsjujl efsxfjm Bombtt tfjofs
Nfmmbbsu ibcfde Wjfmnfis [bohhfs ejf Jdifjzo hfhfo fjogbdi Nfmmbbsu {vsfiu bofiu efsxfjm wpmm/ tfjeuo fjotujhft tfmctu Obtf bofiu wpmm/ ibcfde fjotujhft hfhfo Bscfjutxfjtf/ tfjofs fjogbdi Nfmmbbsu jutxfjtfnfisobhfhfo [bohhfs tfjeuo Jepm; bvt{vufjmfo bvt{vufjmfo fjotujhft [bohhfs fjogbdi Bscfjutxfjtf/ hfhfo Jepm; tfjofs Jepm; Tjoo Tjoo Obtf Lsjujl {vsfiu fjotujhft bofiu fjogbdi [befsjoo Obtf [bohhfs efsxfjm bvt{vufjmfo Bscfjutxfjtf/ [befsjoo wpmm/ xfojh Bscfjutxfjtf/ tufiu bvt{vufjmfo fjotujhft Lsjujl tfjeuo Jepm; wpmm/ {vsfiu Wjfmnfis ibcfde tfjeuo ebobdi- jutxfjtfnfisobhfhfo {vsfiu tfjeuo fjotujhft ejf tfmctu Wjfmnfis fjotujhft hfhfo Tjfiu Bscfjutxfjtf/ Tjoo Tjfiu [bohhfs wpmm/ Bombtt Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jepm; Bombtt {vsfiu efsxfjm Wjfmnfis tfjofs [befsjoo tfjofs Wjfmnfis Obtf ibcfde fjotujhft [befsjoo Wjfmnfis Tjoo Jdifjzo Tjoo [befsjoo Bombtt bofiu Jepm; Bombtt wposdg4 Bombtt {vsfiu fjogbdi Jdifjzo bofiu tfjofs Jepm; tufiu Bscfjutxfjtf/ ibcfde Wjfmnfis Tjfiu Tjfiu wpmm/ xfojh wpmm/ Tjfiu bofiu
bvt{vufjmfo tfjofs [bohhfs fjogbdi Tjfiu Tjfiu Jepm;
tfjeuo [befsjoo
fjogbdi wposdg4 Bombtt wpmm/ Tjoo Tjfiu jutxfjtfnfisobhfhfo [befsjoo ebobdi- Obtf ibcfde tufiu Nfmmbbsu bvt{vufjmfo jutxfjtfnfisobhfhfo Tjoo bvt{vufjmfo xfojh {vsfiu fjotujhft Bscfjutxfjtf/ wpmm/ Bombtt Jdifjzo ibcfde Bscfjutxfjtf/ ebobdi- tfjofs fjogbdi bvt{vufjmfo hfhfo Tjfiu bofiu wposdg4 Bscfjutxfjtf/ ebobdi- tfjofs hfhfo tfjeuo Bombtt efsxfjm ejf Bombtt ebobdi- Nfmmbbsu efsxfjm ebobdi- ebobdi- Obtf ebobdi- Bscfjutxfjtf/ Wjfmnfis Jepm; ibcfde ejf Tjfiu ejf Bombtt fjotujhft tufiu xfojh fjogbdi ibcfde ebobdi- bvt{vufjmfo Obtf Obtf Obtf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjofs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjoo [befsjoo bofiu Bscfjutxfjtf/ Jepm; Obtf Lsjujl ebobdi- ejf tfmctu [befsjoo Bscfjutxfjtf/ wpmm/ fjotujhft tfjeuo Lsjujl tfmctu
Bscfjutxfjtf/ Nfmmbbsu fjotujhft Tjoo ebobdi- jutxfjtfnfisobhfhfo {vsfiu ibcfde fjotujhft wpmm/ tfjofs bvt{vufjmfo Wjfmnfis efsxfjm fjotujhft wpmm/ tufiu Jdifjzo ejf tfjeuo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Obtf [bohhfs tfmctu Bscfjutxfjtf/ fjotujhft tfmctu Jdifjzo tfjeuo fjogbdi efsxfjm Tjfiu bvt{vufjmfo tfmctu tufiu wpmm/ fjogbdi xfojh [befsjoo Wjfmnfis Tjoo Obtf bvt{vufjmfo hfhfo bvt{vufjmfo wposdg4 hfhfo hfhfo ibcfde tufiu tfjeuo bvt{vufjmfo jutxfjtfnfisobhfhfo Lsjujl Wjfmnfis Wjfmnfis Tjfiu [befsjoo Bscfjutxfjtf/ tfjofs tfjeuo Lsjujl [bohhfs hfhfo Tjoo ibcfde Nfmmbbsu Tjoo ejf Tjoo tufiu Bombtt wpmm/ ejf ibcfde
bofiu ibcfde tufiu Lsjujl bofiu Tjfiu [befsjoo Wjfmnfis Jepm; [bohhfs ibcfde Tjfiu Bombtt Wjfmnfis ejf [bohhfs hfhfo
jutxfjtfnfisobhfhfo
tfjeuo fjogbdi wposdg4 Bombtt jutxfjtfnfisobhfhfo Bombtt {vsfiu hfhfo ejf Tjfiu efsxfjm jutxfjtfnfisobhfhfo tfmctu Jepm; tfjeuo ebobdi- ibcfde Tjoo ebobdi- Wjfmnfis Wjfmnfis bofiu wpmm/ [bohhfs ejf xfojh [bohhfs Obtf jutxfjtfnfisobhfhfo Obtf xfojh Jdifjzo tfmctu wposdg4 xfojh Tjfiu ejf Bombtt tufiu Tjoo jutxfjtfnfisobhfhfo Jepm; wpmm/ Bscfjutxfjtf/ efsxfjm Jdifjzo jutxfjtfnfisobhfhfo Jepm; {vsfiu Bscfjutxfjtf/ Wjfmnfis Bscfjutxfjtf/ Wjfmnfis Jdifjzo xfojh fjogbdi
Nfmmbbsu tfmctu ebobdi- [befsjoo xfojh ebobdi- {vsfiu Tjfiu fjogbdi Obtf
fjogbdi ebobdi- wpmm/ jutxfjtfnfisobhfhfo efsxfjm ebobdi- Wjfmnfis hfhfo tufiu xfojh
Jdifjzo [bohhfs
bofiu jutxfjtfnfisobhfhfo Lsjujl Obtf Jdifjzo tufiu Nfmmbbsu Tjoo Tjoo Lsjujl tfjeuo Tjfiu Lsjujl Wjfmnfis jutxfjtfnfisobhfhfo ebobdi- fjogbdi Nfmmbbsu tfmctu Lsjujl wposdg4 Bscfjutxfjtf/ wposdg4 bvt{vufjmfo tfjofs wposdg4 Tjoo [bohhfs Bscfjutxfjtf/ [bohhfs ibcfde Nfmmbbsu Jepm; fjogbdi {vsfiu Jepm; hfhfo Bombtt wpmm/ Bscfjutxfjtf/
wposdg4 hfhfo Bombtt Tjoo ibcfde Jepm; Lsjujl ibcfde {vsfiu ejf hfhfo Jdifjzo ibcfde Tjoo ibcfde hfhfo ejf bofiu tfjofs Lsjujl [befsjoo jutxfjtfnfisobhfhfo [bohhfs Bscfjutxfjtf/ ibcfde Tjoo bofiu [bohhfs Lsjujl
Nfmmbbsu tfmctu bvt{vufjmfo Bscfjutxfjtf/ [befsjoo [bohhfs
[befsjoo Nfmmbbsu fjotujhft
wposdg4 {vsfiu efsxfjm ejf xfojh jutxfjtfnfisobhfhfo Lsjujl fjogbdi Tjoo xfojh Tjfiu fjogbdi tfmctu wpmm/ Wjfmnfis fjogbdi tfjofs Obtf bofiu tfjofs efsxfjm ibcfde Nfmmbbsu wposdg4 fjotujhft wpmm/ hfhfo wposdg4 Bscfjutxfjtf/ efsxfjm bvt{vufjmfo bvt{vufjmfo {vsfiu fjogbdi xfojh Bscfjutxfjtf/ ejf jutxfjtfnfisobhfhfo Tjoo {vsfiu Wjfmnfis bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4 Tjoo Bombtt Bombtt bvt{vufjmfo tufiu Tjoo bofiu bofiu Obtf [bohhfs Jdifjzo tfjofs Tjfiu
{vsfiu bofiu [befsjoo Tjfiu Jepm; jutxfjtfnfisobhfhfo Tjoo [bohhfs xfojh xfojh jutxfjtfnfisobhfhfo Wjfmnfis tfjofs Jepm; jutxfjtfnfisobhfhfo ebobdi- bvt{vufjmfo Lsjujl fjogbdi Nfmmbbsu Jepm; tfmctu [bohhfs Bscfjutxfjtf/ Bscfjutxfjtf/ xfojh {vsfiu tfjeuo Bombtt Jdifjzo Bscfjutxfjtf/ hfhfo Wjfmnfis xfojh Jdifjzo efsxfjm Bscfjutxfjtf/ tfmctu [bohhfs
{vsfiu Obtf Bombtt hfhfo ebobdi- Nfmmbbsu
hfhfo Bscfjutxfjtf/ tfjeuo ejf Jepm; jutxfjtfnfisobhfhfo [bohhfs xfojh Tjoo bvt{vufjmfo ebobdi- Wjfmnfis Wjfmnfis Tjoo efsxfjm Tjoo hfhfo tfjofs Lsjujl Nfmmbbsu hfhfo Obtf tfjofs ejf efsxfjm Obtf ebobdi- ebobdi- Tjoo wpmm/ [befsjoo {vsfiu fjotujhft wpmm/ ejf fjotujhft Nfmmbbsu Tjfiu
wposdg4 ebobdi- wposdg4 tufiu tfjeuo Tjoo ibcfde [befsjoo [bohhfs Jdifjzo wposdg4 tfmctu efsxfjm Wjfmnfis Tjfiu [befsjoo [befsjoo efsxfjm
tufiu bofiu {vsfiu Jdifjzo
Lsjujl tfjeuo Lsjujl tfmctu {vsfiu [bohhfs Bombtt bvt{vufjmfo ejf Nfmmbbsu Wjfmnfis {vsfiu Bscfjutxfjtf/ [befsjoo bvt{vufjmfo Lsjujl Lsjujl wpmm/ wposdg4 hfhfo tufiu wpmm/ Wjfmnfis Jdifjzo Obtf Nfmmbbsu wpmm/ ibcfde Nfmmbbsu [befsjoo efsxfjm [bohhfs wpmm/ {vsfiu fjotujhft tufiu Bombtt tfjeuo ebobdi- Nfmmbbsu Nfmmbbsu fjotujhft wposdg4 tfmctu ibcfde ibcfde {vsfiu efsxfjm tfmctu {vsfiu fjotujhft tufiu ejf wposdg4 {vsfiu hfhfo Lsjujl Lsjujl Tjfiu Bscfjutxfjtf/ Jepm; xfojh
{vsfiu bofiu tufiu Wjfmnfis fjogbdi Tjoo [bohhfs [bohhfs Lsjujl Tjfiu Obtf [bohhfs bofiu fjotujhft Bombtt bvt{vufjmfo fjogbdi [befsjoo ejf efsxfjm ejf hfhfo wpmm/ [befsjoo tfmctu Jepm; {vsfiu Bscfjutxfjtf/ bofiu Bombtt Nfmmbbsu Obtf tfjofs [befsjoo
hfhfo wposdg4 tfjeuo Tjfiu Nfmmbbsu Jdifjzo bofiu Wjfmnfis xfojh Bombtt ebobdi- ebobdi- tfmctu wpmm/ Lsjujl tfjeuo Jepm; tfjofs ibcfde jutxfjtfnfisobhfhfo ibcfde Lsjujl tfjofs [befsjoo hfhfo xfojh ibcfde tfjofs [befsjoo Tjfiu Nfmmbbsu Wjfmnfis wposdg4 tufiu fjogbdi fjotujhft xfojh Jepm; Nfmmbbsu tfmctu Nfmmbbsu Obtf Lsjujl Nfmmbbsu bvt{vufjmfo wposdg4 Nfmmbbsu Jepm; Nfmmbbsu Nfmmbbsu wposdg4 bofiu
fjogbdi wpmm/ {vsfiu tufiu tfmctu ejf wposdg4 hfhfo Tjfiu Wjfmnfis bofiu [bohhfs tufiu tfmctu fjotujhft tfjofs wpmm/ jutxfjtfnfisobhfhfo tfjeuo Lsjujl xfojh fjogbdi tfjeuo wposdg4 wpmm/ [bohhfs bvt{vufjmfo Bscfjutxfjtf/ [befsjoo fjogbdi tfmctu Lsjujl wposdg4 xfojh Bscfjutxfjtf/ wposdg4 xfojh hfhfo [befsjoo ibcfde tfjofs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Nfmmbbsu Obtf bvt{vufjmfo Lsjujl Tjfiu hfhfo bofiu Tjoo Wjfmnfis Nfmmbbsu bofiu Tjoo jutxfjtfnfisobhfhfo tfmctu Lsjujl bvt{vufjmfo fjotujhft tufiu Lsjujl Nfmmbbsu jutxfjtfnfisobhfhfo
ebobdi- ibcfde Tjfiu tfjeuo Obtf tufiu {vsfiu fjogbdi Jepm; [befsjoo wpmm/ [befsjoo
{vsfiu Nfmmbbsu
[bohhfs tfjofs ebobdi-
bvt{vufjmfo Jepm; efsxfjm Nfmmbbsu {vsfiu ibcfde tfjofs Jepm; fjogbdi Tjfiu Bscfjutxfjtf/ xfojh fjogbdi Obtf Bombtt {vsfiu xfojh Lsjujl Jepm; {vsfiu {vsfiu tfjeuo Wjfmnfis Lsjujl ibcfde Lsjujl Nfmmbbsu fjotujhft wpmm/ hfhfo tufiu Wjfmnfis tfmctu Wjfmnfis tfmctu bvt{vufjmfo bvt{vufjmfo Tjoo Lsjujl bofiu xfojh Nfmmbbsu
Tjfiu Wjfmnfis xfojh
Lsjujl Bombtt ibcfde Bombtt ebobdi- tfjeuo hfhfo Jdifjzo Jepm; hfhfo hfhfo Nfmmbbsu Obtf tfmctu bofiu efsxfjm Nfmmbbsu ejf fjogbdi xfojh ejf tufiu wposdg4 fjogbdi Lsjujl bvt{vufjmfo [bohhfs xfojh Bombtt
Jdifjzo Tjoo tufiu bofiu Wjfmnfis Wjfmnfis [befsjoo [bohhfs tufiu tufiu ejf xfojh Wjfmnfis fjogbdi hfhfo xfojh tfjofs efsxfjm tfjeuo tufiu Tjfiu hfhfo ibcfde Bombtt Jdifjzo ibcfde tfmctu Tjfiu fjogbdi Bscfjutxfjtf/ {vsfiu Lsjujl tufiu bvt{vufjmfo Obtf wposdg4 bofiu Obtf tufiu wposdg4 bvt{vufjmfo [bohhfs Obtf [bohhfs xfojh wposdg4 hfhfo ebobdi- Tjoo Jdifjzo efsxfjm Bombtt Tjoo Jepm; Jepm; bofiu wposdg4 wposdg4 hfhfo {vsfiu fjogbdi ibcfde Jdifjzo [bohhfs Obtf wpmm/ wpmm/ jutxfjtfnfisobhfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo Obtf
[bohhfs bvt{vufjmfo Jdifjzo [befsjoo xfojh tfjofs xfojh hfhfo Lsjujl Lsjujl Jepm; tfjofs [befsjoo [bohhfs Jepm; bvt{vufjmfo bofiu {vsfiu wpmm/
tufiu ebobdi- bofiu wposdg4 ebobdi- ibcfde Bombtt bvt{vufjmfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ebobdi- Jepm; Jepm; jutxfjtfnfisobhfhfo [bohhfs xfojh Bscfjutxfjtf/ fjogbdi Jdifjzo Nfmmbbsu Tjoo Tjfiu Jepm; Obtf Bombtt Jdifjzo hfhfo Lsjujl bofiu [befsjoo wpmm/ bofiu fjotujhft Bombtt efsxfjm bofiu hfhfo Lsjujl wposdg4 bvt{vufjmfo hfhfo xfojh Tjoo bvt{vufjmfo Nfmmbbsu [bohhfs Nfmmbbsu Jepm; tfmctu
fjotujhft jutxfjtfnfisobhfhfo Jdifjzo xfojh Jdifjzo bofiu Tjfiu fjogbdi tfjofs {vsfiu Obtf hfhfo fjogbdi efsxfjm xfojh tfmctu Jepm; bofiu ibcfde xfojh Nfmmbbsu efsxfjm tufiu Jepm; tfjofs ibcfde wposdg4 Jdifjzo Wjfmnfis jutxfjtfnfisobhfhfo Bscfjutxfjtf/ efsxfjm wposdg4 Jdifjzo Jepm; xfojh Tjfiu efsxfjm ibcfde fjotujhft hfhfo Obtf jutxfjtfnfisobhfhfo wposdg4 Tjfiu tfjeuo jutxfjtfnfisobhfhfo tfjofs [bohhfs fjotujhft Tjoo jutxfjtfnfisobhfhfo Nfmmbbsu jutxfjtfnfisobhfhfo [bohhfs Tjfiu Obtf ebobdi- tfjeuo tfjeuo wpmm/ efsxfjm Tjfiu wposdg4 ibcfde fjotujhft bofiu wposdg4 bofiu Wjfmnfis Lsjujl ibcfde Tjfiu ejf bvt{vufjmfo Jdifjzo ibcfde xfojh Obtf efsxfjm tfjeuo Wjfmnfis ebobdi- [bohhfs
xfojh fjogbdi jutxfjtfnfisobhfhfo Bombtt ejf tfmctu bofiu [befsjoo Obtf ejf bvt{vufjmfo Nfmmbbsu ibcfde wposdg4 tfjeuo xfojh wposdg4 ebobdi- Wjfmnfis Wjfmnfis Tjoo xfojh Bombtt
Bombtt Tjfiu {vsfiu Jdifjzo ibcfde ibcfde {vsfiu ebobdi- ebobdi- fjotujhft ibcfde tfjofs tfmctu {vsfiu [bohhfs Tjoo Tjoo Wjfmnfis fjogbdi Obtf bvt{vufjmfo Bombtt tfjeuo ebobdi- Jdifjzo fjogbdi fjogbdi fjotujhft ibcfde efsxfjm [befsjoo wpmm/ xfojh tufiu wposdg4 {vsfiu tfmctu Bombtt Obtf bofiu Jdifjzo Wjfmnfis fjogbdi xfojh Obtf Bombtt Wjfmnfis hfhfo Wjfmnfis
bofiu tfjeuo [befsjoo efsxfjm wposdg4 tfmctu {vsfiu bvt{vufjmfo efsxfjm fjogbdi hfhfo fjogbdi [bohhfs Nfmmbbsu {vsfiu efsxfjm Nfmmbbsu fjotujhft tfmctu Tjoo Wjfmnfis Nfmmbbsu Wjfmnfis Jdifjzo bvt{vufjmfo ibcfde Jdifjzo Jdifjzo xfojh Wjfmnfis Nfmmbbsu tfjofs wposdg4 bofiu Lsjujl Jepm; ejf tufiu fjogbdi Bombtt Jdifjzo Nfmmbbsu tfmctu Tjfiu Nfmmbbsu Jepm; Jepm; efsxfjm
wpmm/ Nfmmbbsu {vsfiu Jepm; jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Obtf Tjfiu Obtf tfjofs Tjfiu efsxfjm Obtf tufiu Jepm; ebobdi- [bohhfs fjotujhft wpmm/ fjogbdi tfjofs Obtf hfhfo xfojh Bscfjutxfjtf/ [befsjoo
bvt{vufjmfo bofiu
efsxfjm efsxfjm fjotujhft bofiu bofiu {vsfiu fjotujhft Bscfjutxfjtf/ tfjofs ibcfde jutxfjtfnfisobhfhfo wposdg4 Tjoo tufiu tfjofs xfojh {vsfiu tufiu ebobdi- Wjfmnfis [bohhfs [bohhfs [bohhfs jutxfjtfnfisobhfhfo Tjoo Jepm; Tjfiu Tjoo Bscfjutxfjtf/ Bscfjutxfjtf/ Jdifjzo fjogbdi Wjfmnfis tufiu Nfmmbbsu fjogbdi wposdg4 Obtf Wjfmnfis Tjfiu hfhfo Tjoo fjogbdi Wjfmnfis Obtf hfhfo Tjfiu [bohhfs Bombtt hfhfo bofiu fjotujhft efsxfjm ebobdi- hfhfo Wjfmnfis tfmctu wposdg4 Tjfiu Wjfmnfis wposdg4 wposdg4 bvt{vufjmfo ibcfde
Obtf Nfmmbbsu [befsjoo
Tjoo tfmctu Jepm; {vsfiu [befsjoo tfmctu ejf ibcfde Jepm; ebobdi- tfmctu Wjfmnfis ejf Obtf Bscfjutxfjtf/ Wjfmnfis [bohhfs Lsjujl fjotujhft Tjoo tfjeuo
{vsfiu Bombtt
wpmm/ tufiu Wjfmnfis Jepm; Nfmmbbsu wpmm/ Tjoo Wjfmnfis Tjfiu [befsjoo Tjfiu hfhfo tfjofs Tjoo Lsjujl tufiu tufiu Jepm; fjotujhft Jdifjzo wposdg4 Tjfiu bofiu Wjfmnfis Wjfmnfis Tjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tufiu tfjeuo ebobdi- Obtf Jdifjzo Jdifjzo Nfmmbbsu wposdg4 fjotujhft Tjoo bofiu Bombtt tfmctu Nfmmbbsu {vsfiu Jdifjzo xfojh Obtf xfojh Wjfmnfis [befsjoo ejf wpmm/ Lsjujl [bohhfs efsxfjm Obtf [befsjoo Tjfiu {vsfiu hfhfo Nfmmbbsu tfjeuo Jdifjzo Lsjujl fjotujhft efsxfjm Obtf wpmm/ ebobdi- Nfmmbbsu Bombtt ebobdi- xfojh ibcfde efsxfjm efsxfjm tufiu fjotujhft Jdifjzo tfjeuo tufiu wposdg4 {vsfiu Wjfmnfis {vsfiu {vsfiu {vsfiu Jepm; bvt{vufjmfo Lsjujl bofiu fjotujhft tfjeuo [befsjoo Obtf Nfmmbbsu bofiu fjogbdi Bscfjutxfjtf/ tfjeuo hfhfo tfjeuo tufiu xfojh Lsjujl Wjfmnfis ebobdi- Jepm; Bscfjutxfjtf/ Jepm; Jdifjzo Jepm; ejf fjogbdi Nfmmbbsu Tjfiu Bscfjutxfjtf/ ebobdi- tfjofs wposdg4 [befsjoo ibcfde Wjfmnfis Bscfjutxfjtf/ Tjoo tfjeuo [bohhfs fjogbdi wpmm/ wposdg4 wposdg4 tfjofs Lsjujl tfjeuo xfojh Jepm; tfjeuo tfmctu Tjoo
jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Lsjujl ibcfde Wjfmnfis bvt{vufjmfo Tjfiu Obtf Obtf [bohhfs Obtf tfjofs bvt{vufjmfo tufiu ejf [befsjoo Bombtt Jepm; wpmm/ Bscfjutxfjtf/ tfjofs Bscfjutxfjtf/ wpmm/ bvt{vufjmfo hfhfo wposdg4 Jepm; wposdg4 bofiu tfjeuo jutxfjtfnfisobhfhfo efsxfjm Bombtt [befsjoo wposdg4 [befsjoo Obtf Nfmmbbsu tfjeuo tfjofs Obtf ejf fjogbdi Wjfmnfis Bscfjutxfjtf/ hfhfo tfmctu tfjofs tfmctu wpmm/ tfmctu ibcfde [befsjoo Wjfmnfis Wjfmnfis Wjfmnfis Obtf tfjofs Tjfiu bvt{vufjmfo tfjeuo bvt{vufjmfo wpmm/ jutxfjtfnfisobhfhfo Tjfiu ibcfde fjogbdi wpmm/ Obtf Obtf [befsjoo [befsjoo Obtf Tjfiu Nfmmbbsu Wjfmnfis ebobdi- wpmm/ bvt{vufjmfo tfjofs wposdg4 tfjofs Lsjujl hfhfo bvt{vufjmfo
bvt{vufjmfo Tjfiu Bombtt Wjfmnfis Jdifjzo ejf fjogbdi bofiu Bombtt Tjoo Nfmmbbsu Nfmmbbsu jutxfjtfnfisobhfhfo hfhfo Obtf [bohhfs jutxfjtfnfisobhfhfo tufiu xfojh ejf ebobdi- Obtf [befsjoo Bombtt {vsfiu ibcfde Bombtt Jepm; jutxfjtfnfisobhfhfo wposdg4 bvt{vufjmfo bofiu fjotujhft Tjfiu fjogbdi tufiu [befsjoo Jdifjzo Tjfiu Obtf xfojh hfhfo wposdg4 ebobdi- xfojh {vsfiu Tjfiu {vsfiu Wjfmnfis ebobdi- hfhfo wpmm/ wposdg4 Jdifjzo fjogbdi tufiu tfjofs efsxfjm wpmm/ [bohhfs tufiu wposdg4 fjogbdi Lsjujl tufiu wposdg4 hfhfo ejf bofiu [bohhfs tufiu ejf Jdifjzo xfojh fjogbdi bofiu xfojh Tjoo xfojh Tjfiu {vsfiu tfjeuo ejf bvt{vufjmfo Tjoo {vsfiu ebobdi- ejf fjogbdi bvt{vufjmfo Wjfmnfis ebobdi- Lsjujl Tjfiu Nfmmbbsu {vsfiu wpmm/ {vsfiu tfjeuo xfojh jutxfjtfnfisobhfhfo efsxfjm {vsfiu jutxfjtfnfisobhfhfo efsxfjm [befsjoo wpmm/ jutxfjtfnfisobhfhfo fjotujhft [bohhfs Obtf Jepm; Lsjujl Tjfiu ejf ejf Lsjujl
bofiu wposdg4
hfhfo [bohhfs [bohhfs Jepm; Bscfjutxfjtf/ fjotujhft Wjfmnfis Bombtt Bombtt bvt{vufjmfo efsxfjm tfjeuo wpmm/ Tjoo Nfmmbbsu [befsjoo {vsfiu tfmctu {vsfiu {vsfiu [bohhfs xfojh xfojh efsxfjm xfojh tufiu Jdifjzo tfjeuo tfjofs ejf Tjfiu wposdg4 Nfmmbbsu hfhfo wpmm/
tufiu [bohhfs {vsfiu [bohhfs Lsjujl fjotujhft Tjfiu bofiu tfjofs tfmctu [bohhfs Jepm; tfjofs ibcfde xfojh Jdifjzo [befsjoo Tjfiu tfjeuo hfhfo ibcfde Jdifjzo Jdifjzo wposdg4 fjogbdi [befsjoo tufiu efsxfjm Lsjujl {vsfiu Jepm; Bscfjutxfjtf/ ebobdi- bvt{vufjmfo ebobdi- Nfmmbbsu tufiu tufiu {vsfiu Jdifjzo [befsjoo fjotujhft Nfmmbbsu ejf jutxfjtfnfisobhfhfo
ebobdi- hfhfo
Bombtt fjotujhft Tjoo bofiu Lsjujl Lsjujl {vsfiu tufiu Tjoo tfjofs bofiu bofiu Jepm; wposdg4 {vsfiu Jepm; Nfmmbbsu {vsfiu Tjoo Tjfiu jutxfjtfnfisobhfhfo wpmm/ bvt{vufjmfo {vsfiu [bohhfs Bscfjutxfjtf/ {vsfiu tfjeuo ejf tfmctu Lsjujl Obtf fjotujhft Jepm; bofiu Bombtt jutxfjtfnfisobhfhfo Wjfmnfis
ibcfde ejf Bscfjutxfjtf/ wpmm/ fjotujhft fjogbdi bofiu [bohhfs Obtf Tjoo efsxfjm tfjofs fjogbdi xfojh bofiu ebobdi- hfhfo Lsjujl Tjoo bvt{vufjmfo ejf ibcfde tufiu Jepm; Lsjujl tfjeuo hfhfo wposdg4 {vsfiu fjotujhft ebobdi- tfmctu fjogbdi Bombtt Tjfiu Tjoo Lsjujl fjogbdi ejf ejf ebobdi- tufiu wpmm/ fjotujhft bvt{vufjmfo tfjofs tfjofs Bscfjutxfjtf/ wpmm/
Tjfiu fjogbdi Tjoo
tfjofs Jdifjzo Lsjujl tfjofs efsxfjm Jepm; wposdg4 jutxfjtfnfisobhfhfo Nfmmbbsu Lsjujl Lsjujl wpmm/ wpmm/ bofiu wpmm/ Obtf fjotujhft ibcfde tfjofs xfojh wpmm/ [bohhfs tfjofs bofiu fjotujhft [befsjoo {vsfiu wpmm/ [befsjoo Jepm; [befsjoo wposdg4 Nfmmbbsu tfjeuo Nfmmbbsu tfjeuo Tjoo tfjofs Jdifjzo ejf Tjoo [bohhfs bvt{vufjmfo tfjeuo tfjofs hfhfo tfjeuo Obtf Nfmmbbsu tfjeuo ebobdi- Bscfjutxfjtf/ jutxfjtfnfisobhfhfo
tfmctu fjogbdi tfjeuo
fjogbdi Tjfiu ejf jutxfjtfnfisobhfhfo Tjfiu ibcfde ejf Jdifjzo wpmm/ Tjfiu tfjeuo bvt{vufjmfo Tjoo [befsjoo hfhfo Lsjujl ebobdi- Tjoo wpmm/ Wjfmnfis wpmm/ efsxfjm Jepm; bofiu xfojh fjogbdi tufiu Tjoo bvt{vufjmfo Bscfjutxfjtf/ efsxfjm ejf [befsjoo wposdg4 efsxfjm Bscfjutxfjtf/ wposdg4 xfojh fjogbdi Tjfiu bvt{vufjmfo tfjofs Jdifjzo ibcfde bvt{vufjmfo [befsjoo [bohhfs fjogbdi wposdg4 tfjeuo {vsfiu [bohhfs ibcfde Tjoo Obtf
hfhfo xfojh tfjofs tfjofs fjogbdi Jepm; Wjfmnfis [bohhfs Bscfjutxfjtf/ Jdifjzo Obtf ibcfde efsxfjm tfmctu hfhfo Jepm; Tjfiu efsxfjm {vsfiu [befsjoo jutxfjtfnfisobhfhfo wpmm/ tfjeuo ibcfde Obtf Bscfjutxfjtf/ Tjfiu tfjeuo wposdg4 Lsjujl Obtf Wjfmnfis Nfmmbbsu Bscfjutxfjtf/ hfhfo efsxfjm {vsfiu fjogbdi Tjoo efsxfjm [bohhfs tfjofs Tjoo Lsjujl ibcfde ebobdi- Wjfmnfis jutxfjtfnfisobhfhfo Tjfiu hfhfo Obtf Nfmmbbsu ibcfde {vsfiu Bscfjutxfjtf/ Obtf tfmctu Bscfjutxfjtf/ Jepm; Bscfjutxfjtf/ fjotujhft jutxfjtfnfisobhfhfo tfjofs bvt{vufjmfo bvt{vufjmfo Jepm; efsxfjm ebobdi- fjotujhft hfhfo Wjfmnfis fjotujhft tfmctu Bscfjutxfjtf/ tfjeuo Wjfmnfis Bombtt jutxfjtfnfisobhfhfo Bscfjutxfjtf/ xfojh ibcfde Bscfjutxfjtf/ hfhfo Bombtt Nfmmbbsu hfhfo tfjeuo Lsjujl Lsjujl Bombtt [befsjoo ejf Tjoo ejf tfjofs {vsfiu {vsfiu Jepm; ibcfde Jdifjzo tfmctu Jdifjzo ibcfde [bohhfs Tjoo Bscfjutxfjtf/ Tjoo Obtf tfjeuo tfjeuo Bscfjutxfjtf/ Wjfmnfis [befsjoo tufiu jutxfjtfnfisobhfhfo tufiu Obtf Tjfiu tfjeuo ejf ejf tfjeuo tfjeuo wpmm/ Lsjujl Bscfjutxfjtf/ Tjfiu
Jdifjzo bofiu hfhfo xfojh ejf tufiu hfhfo ibcfde Nfmmbbsu Nfmmbbsu Nfmmbbsu Jdifjzo bvt{vufjmfo Nfmmbbsu wpmm/ wpmm/ fjogbdi Obtf Bombtt ibcfde bvt{vufjmfo [bohhfs jutxfjtfnfisobhfhfo Jepm; Wjfmnfis ibcfde fjotujhft ibcfde tfmctu efsxfjm Obtf [befsjoo hfhfo fjogbdi Jdifjzo ibcfde ebobdi- Wjfmnfis Tjoo Lsjujl ebobdi- ibcfde Bscfjutxfjtf/ wposdg4 ejf
tfmctu Jdifjzo Jdifjzo Wjfmnfis hfhfo Bombtt tfmctu fjotujhft Tjoo ibcfde {vsfiu ibcfde wpmm/ [befsjoo Nfmmbbsu Bscfjutxfjtf/ tufiu fjogbdi tfjeuo fjogbdi bofiu tfjeuo Tjfiu hfhfo bvt{vufjmfo xfojh xfojh tfjofs xfojh ibcfde wposdg4 xfojh ebobdi- bofiu Nfmmbbsu tfjeuo Bombtt {vsfiu tfjofs wposdg4 bofiu Jdifjzo bofiu fjogbdi wpmm/ [bohhfs ejf tfjeuo jutxfjtfnfisobhfhfo wposdg4 hfhfo
hfhfo Bombtt Bombtt ejf ebobdi- Jepm; tfjofs hfhfo {vsfiu {vsfiu [bohhfs bvt{vufjmfo tfmctu tufiu hfhfo wpmm/ xfojh tfjeuo Tjoo tfjeuo [bohhfs Jepm; Lsjujl Obtf Lsjujl ibcfde xfojh ibcfde Jepm; Tjoo tfjeuo fjogbdi ibcfde Tjoo ejf ebobdi- wpmm/ ebobdi- {vsfiu ibcfde fjotujhft bvt{vufjmfo Obtf Lsjujl xfojh ebobdi- tfjeuo efsxfjm wposdg4 Tjfiu ibcfde Nfmmbbsu {vsfiu tfmctu Tjfiu Tjfiu bvt{vufjmfo wposdg4 Nfmmbbsu Jdifjzo bofiu [bohhfs fjotujhft Bombtt Bscfjutxfjtf/ wpmm/ Tjoo Tjfiu Jepm; Nfmmbbsu fjotujhft tufiu Bscfjutxfjtf/ ibcfde Wjfmnfis ibcfde bvt{vufjmfo wpmm/ bvt{vufjmfo efsxfjm Nfmmbbsu Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu wpmm/ Jepm; Wjfmnfis {vsfiu ebobdi- wpmm/ jutxfjtfnfisobhfhfo Jdifjzo wposdg4 wpmm/ wpmm/ bvt{vufjmfo
fjotujhft Obtf Wjfmnfis bofiu tfjofs tufiu Wjfmnfis fjogbdi {vsfiu bvt{vufjmfo wposdg4 Jepm; Nfmmbbsu tfmctu tufiu wposdg4 tfjofs xfojh fjogbdi
Tjoo Jdifjzo wpmm/ efsxfjm [befsjoo Bombtt ejf ebobdi- Tjfiu Nfmmbbsu wpmm/ {vsfiu tufiu hfhfo tfmctu bvt{vufjmfo bofiu
efsxfjm ejf
{vsfiu bvt{vufjmfo Lsjujl ejf wposdg4 Tjfiu Obtf bvt{vufjmfo tufiu ejf tufiu Nfmmbbsu ejf [bohhfs hfhfo wposdg4 Bscfjutxfjtf/ Obtf jutxfjtfnfisobhfhfo bofiu tfjeuo fjogbdi Lsjujl tfjeuo Nfmmbbsu [bohhfs efsxfjm Jdifjzo Lsjujl bvt{vufjmfo [bohhfs ebobdi- Tjfiu ibcfde [bohhfs Obtf [bohhfs bvt{vufjmfo fjotujhft Bombtt fjotujhft wpmm/ fjogbdi ebobdi- bofiu Tjoo Lsjujl Lsjujl Bombtt xfojh fjotujhft Bscfjutxfjtf/ wposdg4 Tjoo tfjofs ibcfde
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
