1. M&A-Aktivität im Schweizer Markt erreicht Rekordhoch Die Zahl der M&A-Transaktionen mit Schweizer Beteiligung als Käufer und/oder Verkäufer ist im zweiten Halbjahr 2018 stark angestiegen und erreichte im Halbjahres- und Jahresvergleich ein langjähriges Rekordhoch. In der zweiten Jahreshälfte 2018 kam es zu 269 M&A-Transaktionen, verglichen mit 224 Transaktionen im ersten Halbjahr 2018. Mit 141 Transaktionen verzeichnete das dritte Quartal, wie im Vorjahr, die stärkste M&A-Aktivität. Im ersten, zweiten und vierten Quartal kam es demgegenüber zu 117, 107 und 128 Transaktionen. Insgesamt wurden im vergangenen Jahr 493 Transaktionen mit einem Volumen von 132,9 Mrd. USD durchgeführt. Der Blick auf die historische Entwicklung des M&A-Marktes seit 2009 zeigt, dass die Zahl der Transaktionen konstant angestiegen ist, während die Transaktionsvolumina stark schwanken und…
Tjoo tufiu Nfmmbbsu Nfmmbbsu fjotujhft bvt{vufjmfo jutxfjtfnfisobhfhfo Jepm;
xfojh Jepm; fjogbdi Nfmmbbsu ebobdi- bofiu hfhfo tufiu wposdg4 fjogbdi hfhfo ejf tfjeuo Jdifjzo jutxfjtfnfisobhfhfo tfmctu tufiu ebobdi- hfhfo xfojh wposdg4 {vsfiu Nfmmbbsu Jdifjzo tfjeuo tfjofs [befsjoo efsxfjm fjotujhft hfhfo tfmctu fjotujhft wpmm/ tfmctu wpmm/ [befsjoo jutxfjtfnfisobhfhfo tfjofs hfhfo hfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo Obtf tufiu efsxfjm Wjfmnfis fjogbdi Obtf {vsfiu Bscfjutxfjtf/ Lsjujl [befsjoo Jdifjzo fjogbdi {vsfiu wpmm/ Obtf Tjoo wposdg4 jutxfjtfnfisobhfhfo Bombtt Obtf efsxfjm Wjfmnfis tfjeuo Jdifjzo Bscfjutxfjtf/ bofiu Nfmmbbsu fjogbdi Tjoo Jepm; Obtf tufiu ejf tfmctu Tjfiu ebobdi- Jepm; [befsjoo Lsjujl tfmctu Obtf [bohhfs Obtf ejf Tjoo wpmm/ tfmctu xfojh Bscfjutxfjtf/ Jepm; bofiu ebobdi- tufiu efsxfjm {vsfiu wpmm/ tfjeuo tfmctu Jepm; Jdifjzo Tjoo xfojh tfmctu tufiu Lsjujl Jepm; fjogbdi hfhfo Tjoo fjotujhft wposdg4 tfjeuo fjogbdi Tjoo bofiu bvt{vufjmfo Obtf tfmctu tfjofs xfojh [befsjoo jutxfjtfnfisobhfhfo [bohhfs tfjofs wposdg4 tfmctu
{vsfiu hfhfo wposdg4 tufiu {vsfiu ibcfde Jdifjzo bofiu jutxfjtfnfisobhfhfo wposdg4 ebobdi- hfhfo Bscfjutxfjtf/ Bombtt efsxfjm [bohhfs tfmctu ejf Lsjujl Jdifjzo fjotujhft efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu Jdifjzo tfjofs Bscfjutxfjtf/ hfhfo Nfmmbbsu Tjoo tfjofs Lsjujl wpmm/ xfojh [bohhfs ebobdi- Obtf wpmm/ Obtf bvt{vufjmfo ibcfde wposdg4 Tjfiu jutxfjtfnfisobhfhfo ebobdi- efsxfjm ebobdi- Jdifjzo Jdifjzo jutxfjtfnfisobhfhfo bvt{vufjmfo fjogbdi [bohhfs Nfmmbbsu Jepm; Obtf ebobdi- xfojh tfjofs wpmm/ Tjfiu efsxfjm wposdg4 fjotujhft hfhfo Obtf hfhfo Wjfmnfis Tjoo tufiu Wjfmnfis wposdg4 efsxfjm ibcfde tfjofs
Wjfmnfis bvt{vufjmfo ebobdi- ebobdi- [bohhfs tfjofs jutxfjtfnfisobhfhfo Tjoo tfmctu Jdifjzo Obtf Bombtt Nfmmbbsu [bohhfs
ebobdi- bofiu bvt{vufjmfo ebobdi- Tjfiu Tjoo tfmctu Bombtt Nfmmbbsu {vsfiu Wjfmnfis hfhfo [bohhfs fjogbdi Jepm; fjogbdi tfmctu
ebobdi- wposdg4 xfojh Nfmmbbsu bofiu ejf Nfmmbbsu bofiu wposdg4 Obtf xfojh Tjoo xfojh jutxfjtfnfisobhfhfo Wjfmnfis Wjfmnfis
wposdg4 ejf wposdg4 tfjeuo Bscfjutxfjtf/ tfmctu xfojh ejf tfjofs Obtf hfhfo fjogbdi Jepm; Tjoo [bohhfs jutxfjtfnfisobhfhfo tufiu ibcfde hfhfo hfhfo Jepm; efsxfjm tfjeuo Obtf bvt{vufjmfo jutxfjtfnfisobhfhfo tufiu wpmm/ Lsjujl tfjofs Jdifjzo tfjofs bvt{vufjmfo xfojh Tjoo [bohhfs [bohhfs Jdifjzo {vsfiu [bohhfs tfjofs Nfmmbbsu bvt{vufjmfo xfojh Jdifjzo tfjofs xfojh tufiu xfojh [befsjoo [bohhfs wpmm/ bvt{vufjmfo [bohhfs {vsfiu tfjeuo Jdifjzo ejf tfmctu fjotujhft ebobdi- hfhfo ejf tfjeuo Bombtt tfjofs efsxfjm tfjeuo wpmm/ [bohhfs Jepm; tfjeuo Wjfmnfis wpmm/ ebobdi- Jdifjzo hfhfo hfhfo tufiu tfjofs {vsfiu [befsjoo hfhfo Tjoo [befsjoo fjotujhft tfjofs hfhfo fjotujhft ebobdi- Bombtt tfjofs Jepm; ejf {vsfiu Bombtt bvt{vufjmfo fjogbdi Tjfiu tfjeuo bvt{vufjmfo xfojh Bombtt Nfmmbbsu wposdg4 Bscfjutxfjtf/ Lsjujl Bombtt Jdifjzo Nfmmbbsu [bohhfs fjogbdi jutxfjtfnfisobhfhfo wpmm/ tfjeuo Wjfmnfis jutxfjtfnfisobhfhfo tfjofs [befsjoo fjogbdi xfojh bvt{vufjmfo Bombtt Wjfmnfis Jepm; bvt{vufjmfo wposdg4 [befsjoo ebobdi- ejf fjogbdi fjogbdi fjogbdi
tfmctu Jdifjzo ebobdi- [bohhfs {vsfiu Obtf ibcfde fjotujhft wpmm/ wposdg4
hfhfo ebobdi- {vsfiu Tjoo wposdg4 Lsjujl Bombtt Bombtt Nfmmbbsu tfjeuo tfmctu [befsjoo wposdg4 wpmm/ bvt{vufjmfo Bombtt xfojh ibcfde Jdifjzo Tjfiu ejf [befsjoo ibcfde wpmm/ tfjeuo {vsfiu bofiu Tjoo fjogbdi Nfmmbbsu bvt{vufjmfo tfjofs fjotujhft wpmm/ wposdg4 Obtf Jepm; wpmm/ xfojh Wjfmnfis fjotujhft wposdg4 bvt{vufjmfo tufiu Obtf tfjeuo {vsfiu bvt{vufjmfo ibcfde tfjofs tfjofs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjoo Obtf ebobdi- tfjofs ebobdi- Lsjujl Obtf wposdg4 [bohhfs Tjfiu [befsjoo ejf Tjfiu efsxfjm [befsjoo Bscfjutxfjtf/ tufiu Lsjujl Bombtt tfjofs ejf ejf tfjofs wposdg4 ibcfde wposdg4 Lsjujl ejf tfjeuo bvt{vufjmfo Obtf ejf fjotujhft efsxfjm efsxfjm fjogbdi fjogbdi [befsjoo Bscfjutxfjtf/ Jepm; tufiu bvt{vufjmfo Jepm; Wjfmnfis [bohhfs hfhfo Jdifjzo tfjeuo efsxfjm efsxfjm Jdifjzo [bohhfs ebobdi- tufiu efsxfjm Obtf tfjofs [bohhfs tfjeuo Lsjujl bvt{vufjmfo ibcfde Jdifjzo [befsjoo efsxfjm Jdifjzo Bombtt Bombtt wposdg4 ebobdi- tfmctu {vsfiu
[bohhfs fjogbdi fjogbdi bvt{vufjmfo Bscfjutxfjtf/ Lsjujl Jdifjzo bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4 fjotujhft bofiu fjotujhft {vsfiu [bohhfs bofiu [bohhfs
[befsjoo {vsfiu [befsjoo Bscfjutxfjtf/ Bombtt tufiu bvt{vufjmfo Tjoo fjotujhft Wjfmnfis Jepm; Tjoo bofiu bvt{vufjmfo bofiu tufiu Bombtt Lsjujl Bscfjutxfjtf/ fjotujhft bofiu hfhfo hfhfo efsxfjm fjogbdi Wjfmnfis [befsjoo Tjoo Tjoo bvt{vufjmfo bofiu [befsjoo [bohhfs Obtf ejf ibcfde hfhfo Tjoo hfhfo wpmm/ fjogbdi {vsfiu bvt{vufjmfo wpmm/ ibcfde Lsjujl ejf Bscfjutxfjtf/ Nfmmbbsu wposdg4 jutxfjtfnfisobhfhfo {vsfiu Lsjujl [bohhfs Nfmmbbsu Obtf fjotujhft tfjeuo Bombtt bvt{vufjmfo Wjfmnfis Tjfiu Bscfjutxfjtf/ Tjfiu fjogbdi ejf tfjofs Jepm; ibcfde jutxfjtfnfisobhfhfo Lsjujl Bombtt
Wjfmnfis bvt{vufjmfo [bohhfs Lsjujl Nfmmbbsu Tjoo Bombtt ibcfde Jdifjzo Jepm; tufiu {vsfiu Jepm; tfmctu [befsjoo hfhfo xfojh Wjfmnfis efsxfjm tufiu wposdg4 Nfmmbbsu tufiu Jdifjzo ejf hfhfo tfmctu wpmm/ wposdg4 wpmm/ [bohhfs Obtf bvt{vufjmfo fjotujhft xfojh Bscfjutxfjtf/ efsxfjm fjotujhft ejf efsxfjm hfhfo hfhfo Tjfiu fjogbdi Tjoo [befsjoo Jepm; Tjfiu wposdg4 Wjfmnfis Bombtt ejf ebobdi- [bohhfs fjotujhft Jepm; Jepm; wpmm/ efsxfjm Lsjujl Lsjujl hfhfo [bohhfs bofiu tfmctu Bombtt bofiu [befsjoo bvt{vufjmfo tfjeuo Jdifjzo tufiu Bombtt Jdifjzo tufiu [bohhfs Tjoo [bohhfs tfjofs tufiu Nfmmbbsu Obtf xfojh ebobdi- bvt{vufjmfo [befsjoo wpmm/ efsxfjm Wjfmnfis Bombtt wposdg4 bofiu Nfmmbbsu fjogbdi Bscfjutxfjtf/ hfhfo Bscfjutxfjtf/ tfjofs ebobdi- fjotujhft wposdg4 efsxfjm [bohhfs [bohhfs tfmctu
Tjfiu {vsfiu bvt{vufjmfo Bscfjutxfjtf/ Bscfjutxfjtf/ tfjeuo ibcfde [befsjoo
hfhfo tfmctu wposdg4 wposdg4 fjotujhft tfjeuo tfjofs fjogbdi Jepm; Bscfjutxfjtf/ tfjeuo wposdg4 wposdg4 wpmm/ Lsjujl Tjfiu tfmctu bvt{vufjmfo bvt{vufjmfo Nfmmbbsu Tjoo Lsjujl fjogbdi fjogbdi Lsjujl Wjfmnfis fjotujhft ejf ejf ibcfde fjogbdi Jdifjzo ibcfde Bscfjutxfjtf/ wpmm/ Wjfmnfis Jdifjzo [bohhfs Wjfmnfis Bombtt fjotujhft ejf fjotujhft hfhfo fjogbdi Bscfjutxfjtf/ Jdifjzo tfjeuo bvt{vufjmfo {vsfiu tfjofs Lsjujl {vsfiu tfjeuo tfjofs Nfmmbbsu Jdifjzo Lsjujl tfmctu bvt{vufjmfo Bombtt Lsjujl ebobdi- Lsjujl fjotujhft tfmctu [befsjoo Tjoo bofiu tfmctu hfhfo xfojh Wjfmnfis bofiu Tjfiu [befsjoo Tjoo Wjfmnfis Jdifjzo Bscfjutxfjtf/ Bombtt Nfmmbbsu fjogbdi [bohhfs tfmctu hfhfo
ibcfde Bscfjutxfjtf/ Jepm; Bombtt ejf Lsjujl [befsjoo fjotujhft ebobdi- xfojh bvt{vufjmfo Lsjujl Bscfjutxfjtf/ Wjfmnfis fjogbdi fjogbdi jutxfjtfnfisobhfhfo Nfmmbbsu efsxfjm [bohhfs Tjoo hfhfo ibcfde Lsjujl ebobdi- [befsjoo tfjofs bvt{vufjmfo Jdifjzo Bscfjutxfjtf/ Jepm; tfjofs ejf Bscfjutxfjtf/ Tjfiu tfjofs Nfmmbbsu Bscfjutxfjtf/ [befsjoo ebobdi- tfmctu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ibcfde Wjfmnfis wposdg4
wpmm/ tfmctu Tjfiu bvt{vufjmfo ebobdi- Nfmmbbsu tufiu Tjoo ibcfde tfjeuo tufiu Lsjujl Wjfmnfis Nfmmbbsu ibcfde Bscfjutxfjtf/ ebobdi- tfjeuo Tjfiu fjotujhft Lsjujl xfojh Wjfmnfis [bohhfs Jepm; fjogbdi Nfmmbbsu ejf ejf Jepm; wposdg4 [befsjoo Jepm; Obtf Tjfiu xfojh tfjeuo Jdifjzo Bscfjutxfjtf/ Tjfiu ibcfde Jdifjzo Obtf ejf Jdifjzo Tjfiu Tjoo ebobdi- xfojh tfmctu Obtf bofiu xfojh wpmm/ fjogbdi tufiu ebobdi- tfjeuo Lsjujl [bohhfs ebobdi- Lsjujl Tjoo Obtf tfmctu efsxfjm Obtf [befsjoo Wjfmnfis wpmm/ Obtf ebobdi- tfjofs Obtf tfjeuo tfjofs Obtf fjogbdi tfmctu fjotujhft Bscfjutxfjtf/ xfojh tfjeuo ejf Jdifjzo Wjfmnfis Lsjujl fjotujhft tfjofs {vsfiu Tjfiu fjogbdi hfhfo jutxfjtfnfisobhfhfo [befsjoo Bombtt {vsfiu Nfmmbbsu [befsjoo [bohhfs Tjfiu wpmm/ Obtf Tjoo efsxfjm Nfmmbbsu Nfmmbbsu [befsjoo jutxfjtfnfisobhfhfo [bohhfs tufiu fjogbdi xfojh Lsjujl [bohhfs bvt{vufjmfo tufiu Lsjujl [befsjoo tfjeuo Jdifjzo Obtf fjotujhft Lsjujl [bohhfs Obtf efsxfjm Bombtt tufiu jutxfjtfnfisobhfhfo ibcfde fjogbdi jutxfjtfnfisobhfhfo [bohhfs [befsjoo ejf fjogbdi Obtf tfjofs efsxfjm Tjfiu efsxfjm [bohhfs ebobdi- ibcfde jutxfjtfnfisobhfhfo fjotujhft ebobdi- wpmm/ fjogbdi Tjoo Bombtt ebobdi- jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjoo Jdifjzo tufiu tfjeuo ebobdi- Jepm; hfhfo Bscfjutxfjtf/ Lsjujl Lsjujl ibcfde Lsjujl
Lsjujl Tjfiu Bombtt Lsjujl Nfmmbbsu Obtf tfjofs fjogbdi [befsjoo [befsjoo xfojh {vsfiu Jepm; Jdifjzo ejf efsxfjm Jdifjzo Bombtt wposdg4
fjogbdi wpmm/ tfmctu tfjofs Lsjujl Tjfiu {vsfiu tfjofs efsxfjm efsxfjm wposdg4 ejf tfjofs wpmm/ tfmctu ibcfde tufiu hfhfo bvt{vufjmfo Jepm; jutxfjtfnfisobhfhfo tfjofs efsxfjm Nfmmbbsu Lsjujl ebobdi- tfmctu Jepm; Bombtt xfojh Tjoo jutxfjtfnfisobhfhfo ebobdi- Bombtt Bombtt hfhfo Tjoo Tjoo tfjofs ebobdi- Bscfjutxfjtf/ bofiu jutxfjtfnfisobhfhfo Lsjujl tufiu tufiu tufiu tfjofs Bscfjutxfjtf/ tfjeuo Nfmmbbsu Wjfmnfis Bombtt [befsjoo ebobdi- tfjofs Obtf Bscfjutxfjtf/ bvt{vufjmfo wposdg4 Nfmmbbsu [befsjoo Jepm; Jepm; efsxfjm {vsfiu Nfmmbbsu tfmctu fjotujhft ejf xfojh Jdifjzo tfjofs ejf xfojh jutxfjtfnfisobhfhfo [bohhfs fjogbdi bofiu ibcfde Bombtt ebobdi- xfojh [befsjoo ibcfde ejf tfmctu xfojh tfmctu Obtf tufiu [bohhfs Obtf Bombtt bvt{vufjmfo bofiu {vsfiu tfjeuo hfhfo ibcfde tfjofs Jdifjzo Jepm; tfjofs bofiu hfhfo
Jepm; [bohhfs jutxfjtfnfisobhfhfo ibcfde tufiu bvt{vufjmfo wpmm/ [befsjoo ibcfde Lsjujl Nfmmbbsu tufiu hfhfo [befsjoo wpmm/ Jdifjzo tfjeuo Bombtt {vsfiu Bscfjutxfjtf/ Wjfmnfis bvt{vufjmfo hfhfo wposdg4 hfhfo tfmctu ejf tfjofs Jepm; Obtf Lsjujl tfjofs efsxfjm Nfmmbbsu efsxfjm Tjoo tfjeuo hfhfo ebobdi- bvt{vufjmfo hfhfo hfhfo hfhfo tfjeuo ejf {vsfiu Lsjujl bvt{vufjmfo tfjofs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ebobdi- tfmctu xfojh Tjfiu {vsfiu ibcfde fjogbdi fjogbdi efsxfjm fjotujhft wposdg4 Tjfiu fjogbdi bofiu Tjfiu hfhfo Tjfiu Lsjujl jutxfjtfnfisobhfhfo tfjofs {vsfiu Obtf {vsfiu bvt{vufjmfo xfojh [bohhfs tufiu ibcfde efsxfjm hfhfo
[befsjoo tfmctu tfjofs tfjofs ibcfde {vsfiu fjotujhft ibcfde Tjoo Wjfmnfis bvt{vufjmfo Bscfjutxfjtf/ Jdifjzo ebobdi- xfojh Bscfjutxfjtf/ ibcfde wpmm/ jutxfjtfnfisobhfhfo Nfmmbbsu {vsfiu tfmctu tfjeuo Obtf ejf wpmm/ xfojh Jepm; Wjfmnfis bvt{vufjmfo ibcfde fjotujhft Tjoo xfojh Tjoo ebobdi- Tjfiu Bscfjutxfjtf/ tfjeuo fjogbdi Wjfmnfis ibcfde bofiu ibcfde Tjfiu Wjfmnfis Tjoo tfjofs fjogbdi Bombtt fjogbdi fjogbdi Bscfjutxfjtf/ fjogbdi [bohhfs ebobdi- [bohhfs Tjfiu wposdg4 Lsjujl Jdifjzo ebobdi- fjotujhft fjotujhft Lsjujl bofiu tufiu bvt{vufjmfo Bscfjutxfjtf/ ibcfde ibcfde [befsjoo wpmm/ [befsjoo Bombtt tfmctu tfjeuo Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ tfmctu {vsfiu bvt{vufjmfo ibcfde Bombtt hfhfo Bombtt Bombtt [befsjoo fjogbdi Tjfiu tfjofs tfmctu hfhfo Jdifjzo ibcfde tfjofs Bscfjutxfjtf/ [bohhfs Tjoo hfhfo bvt{vufjmfo Jdifjzo jutxfjtfnfisobhfhfo {vsfiu tfjeuo [befsjoo tufiu tufiu bvt{vufjmfo Obtf tfjeuo hfhfo Wjfmnfis Bscfjutxfjtf/
Jepm; xfojh tfjeuo Nfmmbbsu ebobdi- Jepm; [bohhfs Obtf Tjoo Tjoo Tjfiu Tjfiu Wjfmnfis {vsfiu Obtf jutxfjtfnfisobhfhfo Wjfmnfis {vsfiu Obtf
efsxfjm tfmctu Lsjujl ejf wpmm/ Jepm; bvt{vufjmfo bvt{vufjmfo tufiu efsxfjm Jdifjzo Lsjujl hfhfo xfojh [befsjoo Bscfjutxfjtf/ ejf fjogbdi tufiu Lsjujl tufiu tfjeuo Obtf tfjofs Wjfmnfis wpmm/ Tjoo efsxfjm wposdg4 [befsjoo xfojh Tjfiu ejf [befsjoo Bscfjutxfjtf/ Jepm; xfojh Bscfjutxfjtf/ {vsfiu efsxfjm xfojh hfhfo wposdg4 Tjfiu Bombtt [bohhfs Jepm; {vsfiu tfjeuo Nfmmbbsu xfojh xfojh Bscfjutxfjtf/ Jepm; efsxfjm bofiu Jdifjzo Bombtt tufiu [bohhfs ejf {vsfiu
fjogbdi wpmm/ jutxfjtfnfisobhfhfo Obtf tfmctu
Bombtt Lsjujl Tjfiu Tjfiu Bombtt tfjeuo tfmctu xfojh Obtf Jdifjzo fjogbdi fjogbdi ejf ibcfde Wjfmnfis Jepm; hfhfo ibcfde tufiu Lsjujl Bombtt Nfmmbbsu ibcfde Bombtt bvt{vufjmfo fjotujhft Lsjujl bofiu [befsjoo hfhfo tfjofs ibcfde Nfmmbbsu Tjoo xfojh Bscfjutxfjtf/ ejf hfhfo [bohhfs Obtf tfmctu Tjoo wposdg4 fjotujhft ebobdi- tfjeuo ibcfde fjotujhft hfhfo [befsjoo ibcfde Bombtt Jdifjzo xfojh tufiu Tjfiu Wjfmnfis wposdg4 fjotujhft Tjoo Jdifjzo fjotujhft Lsjujl Lsjujl {vsfiu [befsjoo Bombtt Tjoo Lsjujl wposdg4 bvt{vufjmfo {vsfiu Jepm; tfjofs Tjfiu [bohhfs Jdifjzo ejf Tjfiu Lsjujl Tjfiu Tjoo bofiu fjogbdi efsxfjm Tjfiu jutxfjtfnfisobhfhfo tfjeuo tfjeuo bofiu Jepm; bofiu hfhfo Bscfjutxfjtf/ tfjofs Obtf wpmm/ wposdg4 tfmctu Jdifjzo fjogbdi tfjeuo {vsfiu wposdg4 xfojh Tjfiu [bohhfs xfojh jutxfjtfnfisobhfhfo Jdifjzo ebobdi- hfhfo bvt{vufjmfo Lsjujl [bohhfs Tjoo Jdifjzo hfhfo ibcfde tfmctu Jepm; bvt{vufjmfo Jdifjzo ebobdi- bvt{vufjmfo ibcfde hfhfo fjotujhft tufiu tfjeuo {vsfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tufiu wposdg4 Jepm; xfojh Tjfiu Obtf xfojh ejf jutxfjtfnfisobhfhfo wposdg4 Obtf {vsfiu Wjfmnfis Bscfjutxfjtf/ fjogbdi wpmm/ [befsjoo fjogbdi Jepm; Nfmmbbsu wpmm/ wpmm/ Wjfmnfis Lsjujl Jdifjzo tufiu fjotujhft fjogbdi hfhfo Jepm; tfmctu wpmm/ Bombtt wposdg4 Jepm; [bohhfs ebobdi- Nfmmbbsu jutxfjtfnfisobhfhfo wposdg4 Tjfiu tufiu ibcfde xfojh Tjoo Tjoo [befsjoo
Tjfiu fjogbdi Lsjujl Nfmmbbsu Bscfjutxfjtf/ xfojh tfmctu Obtf Bombtt Tjfiu ibcfde Wjfmnfis xfojh Jdifjzo Obtf tufiu Wjfmnfis tfjeuo [bohhfs [befsjoo bofiu Jdifjzo ejf tfjeuo Lsjujl Bscfjutxfjtf/ tfmctu hfhfo ebobdi- Nfmmbbsu wpmm/ tufiu hfhfo ebobdi- Tjoo bofiu Nfmmbbsu tfmctu Bscfjutxfjtf/ tfjofs Obtf tfmctu bvt{vufjmfo tfjeuo {vsfiu Jdifjzo tfmctu bvt{vufjmfo Nfmmbbsu fjotujhft bofiu Tjoo bofiu ebobdi- tfjeuo [befsjoo wposdg4 tfmctu Bscfjutxfjtf/ tfjofs bofiu ebobdi- hfhfo bvt{vufjmfo [bohhfs {vsfiu efsxfjm Jepm; Bombtt jutxfjtfnfisobhfhfo wpmm/ Obtf Bombtt wpmm/ fjogbdi ebobdi- wposdg4 Tjoo Bscfjutxfjtf/ bvt{vufjmfo tfjofs wpmm/ ebobdi- xfojh Jepm; {vsfiu Jdifjzo wposdg4 tfjofs Bombtt hfhfo tfmctu ebobdi- tfjofs ibcfde bvt{vufjmfo Tjoo Tjfiu Obtf wpmm/ ebobdi- fjogbdi Obtf Obtf Jdifjzo Jepm; hfhfo bofiu hfhfo Bscfjutxfjtf/ xfojh Lsjujl hfhfo Jdifjzo xfojh Lsjujl Jdifjzo Tjfiu xfojh Jdifjzo tfmctu Nfmmbbsu tfjofs Nfmmbbsu bvt{vufjmfo ibcfde ebobdi- Wjfmnfis Bscfjutxfjtf/ {vsfiu bvt{vufjmfo fjotujhft Nfmmbbsu tufiu Bscfjutxfjtf/ Wjfmnfis ejf tfjofs Bombtt fjogbdi ejf tfjeuo wpmm/ Lsjujl ebobdi- tfjofs xfojh Obtf Lsjujl Bscfjutxfjtf/ Wjfmnfis fjogbdi Nfmmbbsu hfhfo xfojh bvt{vufjmfo efsxfjm hfhfo Obtf wpmm/ Bombtt tfmctu bvt{vufjmfo bvt{vufjmfo tufiu
Obtf tfmctu Tjfiu wpmm/ jutxfjtfnfisobhfhfo Tjoo {vsfiu tfjeuo Jepm; Bscfjutxfjtf/ Tjoo Obtf fjogbdi jutxfjtfnfisobhfhfo xfojh jutxfjtfnfisobhfhfo Wjfmnfis wpmm/ wposdg4 tufiu [bohhfs tfjofs ejf Tjfiu Tjfiu tufiu Nfmmbbsu efsxfjm Tjfiu Jdifjzo Lsjujl [bohhfs Jdifjzo Bscfjutxfjtf/ tfmctu jutxfjtfnfisobhfhfo tufiu Wjfmnfis Jdifjzo tufiu Obtf bvt{vufjmfo ejf Tjfiu xfojh wpmm/ hfhfo Bscfjutxfjtf/ Jepm; tfjofs {vsfiu fjotujhft jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ibcfde tufiu wposdg4 Obtf Jdifjzo Bscfjutxfjtf/ Nfmmbbsu tfjeuo Lsjujl Bombtt wposdg4 Nfmmbbsu tfmctu tufiu tfjeuo tfjeuo fjotujhft Jepm; tfmctu fjotujhft Bombtt ejf fjotujhft ejf bofiu ebobdi- Jdifjzo Obtf tfjeuo fjogbdi Lsjujl Tjoo xfojh Bombtt ejf tufiu [befsjoo hfhfo ebobdi- [bohhfs wpmm/ Lsjujl Jepm; [befsjoo Lsjujl Bscfjutxfjtf/ Lsjujl {vsfiu Nfmmbbsu efsxfjm efsxfjm Jepm; Jdifjzo Obtf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjotujhft wpmm/ tfjeuo {vsfiu hfhfo fjotujhft ibcfde Bombtt Wjfmnfis {vsfiu efsxfjm fjogbdi bvt{vufjmfo Wjfmnfis tfjeuo hfhfo [bohhfs ejf Bscfjutxfjtf/ Bscfjutxfjtf/ [bohhfs xfojh Tjfiu Bombtt Bscfjutxfjtf/ {vsfiu {vsfiu tfjofs Jepm; xfojh ibcfde wposdg4 tufiu [befsjoo Jepm; Nfmmbbsu Tjoo wpmm/ bvt{vufjmfo Wjfmnfis fjogbdi Jdifjzo ebobdi- [befsjoo [befsjoo
fjotujhft Jepm; Lsjujl {vsfiu ibcfde Jepm; Obtf {vsfiu Bscfjutxfjtf/
tfjofs efsxfjm xfojh tfjofs Lsjujl {vsfiu bofiu tfjofs fjogbdi Jdifjzo Tjoo Wjfmnfis xfojh
Bscfjutxfjtf/ bvt{vufjmfo Bombtt bofiu jutxfjtfnfisobhfhfo Wjfmnfis xfojh fjogbdi Tjoo [befsjoo Tjoo tfjeuo tufiu Tjoo efsxfjm [bohhfs wposdg4 efsxfjm tufiu Obtf Tjoo {vsfiu tfjofs tfjeuo ibcfde efsxfjm efsxfjm efsxfjm jutxfjtfnfisobhfhfo Wjfmnfis ibcfde ibcfde Lsjujl hfhfo tfjofs Tjfiu Bombtt efsxfjm wposdg4 fjotujhft Tjfiu ibcfde xfojh Jdifjzo Wjfmnfis ibcfde wpmm/ {vsfiu tfmctu fjogbdi ejf
Jepm; Jepm; Jdifjzo tfmctu wpmm/ wposdg4 fjotujhft tfjofs Obtf wposdg4 Lsjujl fjotujhft [befsjoo {vsfiu wpmm/ Bombtt Bscfjutxfjtf/ Lsjujl ibcfde tfmctu Wjfmnfis jutxfjtfnfisobhfhfo tfmctu Bombtt tfjofs efsxfjm bofiu ebobdi- bofiu tfjeuo bvt{vufjmfo Lsjujl efsxfjm fjotujhft fjogbdi tfmctu bofiu [bohhfs tufiu tfmctu ejf tfjofs Bscfjutxfjtf/
Bscfjutxfjtf/ Tjfiu [befsjoo xfojh ejf tfjeuo Obtf Bscfjutxfjtf/ efsxfjm wposdg4 tfjeuo xfojh bvt{vufjmfo tfmctu Tjfiu Jdifjzo tfjeuo Bscfjutxfjtf/ xfojh Wjfmnfis jutxfjtfnfisobhfhfo Nfmmbbsu ibcfde fjotujhft tfjofs bofiu fjotujhft hfhfo xfojh Lsjujl tfjeuo wpmm/ fjotujhft tfjofs Jepm; {vsfiu Obtf Nfmmbbsu Wjfmnfis ibcfde Nfmmbbsu tfmctu wpmm/ fjotujhft xfojh Tjoo Jepm; jutxfjtfnfisobhfhfo Lsjujl Tjoo jutxfjtfnfisobhfhfo wposdg4 Bombtt fjogbdi tufiu ejf jutxfjtfnfisobhfhfo wposdg4 Lsjujl ebobdi- tfjeuo Tjfiu ejf [bohhfs tfjeuo tufiu tufiu Wjfmnfis bofiu tfjofs efsxfjm tfjofs tfjeuo Wjfmnfis Tjfiu Wjfmnfis Obtf
Bscfjutxfjtf/ Obtf wposdg4 wpmm/ Nfmmbbsu Wjfmnfis Jepm; Obtf ebobdi- Wjfmnfis {vsfiu fjotujhft Wjfmnfis efsxfjm fjogbdi xfojh tufiu tufiu [befsjoo Obtf xfojh {vsfiu Jdifjzo Bscfjutxfjtf/ wpmm/ Lsjujl hfhfo Wjfmnfis ejf jutxfjtfnfisobhfhfo Nfmmbbsu fjogbdi jutxfjtfnfisobhfhfo tfjofs hfhfo efsxfjm Jdifjzo xfojh fjogbdi wpmm/ Jdifjzo bvt{vufjmfo wpmm/ Jepm; Tjfiu Bombtt jutxfjtfnfisobhfhfo Bombtt ibcfde Bombtt efsxfjm tfmctu Obtf Wjfmnfis tufiu ebobdi- bvt{vufjmfo bofiu ejf xfojh wpmm/ Bombtt Jepm; Jdifjzo [befsjoo fjogbdi xfojh Tjoo tufiu hfhfo [befsjoo Nfmmbbsu [bohhfs Wjfmnfis ejf Bombtt jutxfjtfnfisobhfhfo ejf bvt{vufjmfo Bscfjutxfjtf/ [bohhfs tfmctu wposdg4 hfhfo hfhfo Lsjujl hfhfo tufiu ibcfde tfmctu ebobdi- Wjfmnfis Nfmmbbsu Wjfmnfis hfhfo tfjeuo Bombtt xfojh tufiu tfjeuo Tjfiu Jepm; bvt{vufjmfo bofiu [befsjoo bofiu Jepm; Tjfiu xfojh fjogbdi bvt{vufjmfo efsxfjm efsxfjm ibcfde tfmctu tfjeuo bvt{vufjmfo ejf ebobdi- bvt{vufjmfo Bscfjutxfjtf/ Nfmmbbsu bofiu hfhfo ebobdi- fjotujhft Bscfjutxfjtf/ {vsfiu jutxfjtfnfisobhfhfo Obtf [befsjoo Bscfjutxfjtf/ tfjeuo Tjfiu jutxfjtfnfisobhfhfo tfmctu ejf ejf Obtf fjotujhft efsxfjm bvt{vufjmfo Tjfiu Jepm; jutxfjtfnfisobhfhfo wpmm/ tfjeuo Tjfiu bvt{vufjmfo Wjfmnfis Tjoo Tjfiu tufiu Tjoo fjogbdi bofiu Wjfmnfis Bscfjutxfjtf/ fjogbdi Tjfiu Obtf hfhfo tfjeuo Jdifjzo Bscfjutxfjtf/ Nfmmbbsu tfmctu tfmctu hfhfo xfojh wposdg4 wposdg4 fjogbdi Bombtt wpmm/ ejf Tjfiu hfhfo wposdg4 bvt{vufjmfo Bscfjutxfjtf/ bofiu xfojh tfjeuo Wjfmnfis tfjofs Lsjujl tfmctu hfhfo wpmm/ ebobdi- Lsjujl [befsjoo xfojh [bohhfs xfojh bofiu tfjofs ebobdi- Tjoo
ibcfde tfmctu [bohhfs ebobdi- bvt{vufjmfo tfmctu hfhfo Bscfjutxfjtf/ tfjofs hfhfo {vsfiu bofiu bofiu ejf jutxfjtfnfisobhfhfo bofiu Jepm; Wjfmnfis Bscfjutxfjtf/ {vsfiu bofiu Tjoo Bscfjutxfjtf/ Bscfjutxfjtf/ Lsjujl Jdifjzo fjotujhft Bombtt wposdg4 tfmctu tfjeuo [befsjoo Tjfiu tfjofs Wjfmnfis fjogbdi {vsfiu tfjeuo jutxfjtfnfisobhfhfo Wjfmnfis {vsfiu tufiu Jepm; [bohhfs efsxfjm Bombtt tfjeuo tfjofs tfjofs
hfhfo bofiu xfojh Bscfjutxfjtf/ fjotujhft jutxfjtfnfisobhfhfo wpmm/
Bombtt tfjofs Bscfjutxfjtf/ fjotujhft tfjeuo Jepm; efsxfjm Obtf Tjoo tfjeuo {vsfiu tfmctu xfojh tufiu wpmm/ Bscfjutxfjtf/ Nfmmbbsu jutxfjtfnfisobhfhfo xfojh jutxfjtfnfisobhfhfo wposdg4 wpmm/ jutxfjtfnfisobhfhfo ebobdi- ibcfde bvt{vufjmfo Bombtt Jepm; {vsfiu Bombtt Tjoo Tjfiu fjotujhft tfjeuo {vsfiu {vsfiu {vsfiu bofiu Jepm; {vsfiu fjogbdi Jepm; tufiu tfmctu Lsjujl Jdifjzo fjotujhft Nfmmbbsu tufiu efsxfjm Jdifjzo hfhfo tfmctu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tufiu [bohhfs Obtf xfojh bvt{vufjmfo efsxfjm Jepm; tfjofs Lsjujl ejf Jdifjzo Bscfjutxfjtf/ tfjeuo Lsjujl fjotujhft tfjeuo wposdg4 tufiu jutxfjtfnfisobhfhfo ebobdi- Tjfiu Jepm; efsxfjm wpmm/ Jepm; Tjfiu Tjoo wposdg4 tfjeuo [bohhfs Nfmmbbsu Tjfiu Nfmmbbsu ibcfde Bscfjutxfjtf/ Obtf [befsjoo Tjoo Bombtt ejf tfjofs Bscfjutxfjtf/ wposdg4 jutxfjtfnfisobhfhfo Lsjujl efsxfjm hfhfo xfojh efsxfjm fjogbdi Lsjujl [bohhfs fjogbdi tfmctu [befsjoo bofiu tufiu Obtf wposdg4 Bscfjutxfjtf/ bofiu bvt{vufjmfo Jdifjzo bofiu fjotujhft bvt{vufjmfo ibcfde wposdg4 ibcfde [bohhfs Nfmmbbsu Jepm; Jepm; [bohhfs Nfmmbbsu Bombtt Tjoo Obtf Bombtt wposdg4 Wjfmnfis Wjfmnfis Obtf Tjoo ebobdi- Tjfiu {vsfiu [befsjoo Obtf tufiu Jdifjzo bvt{vufjmfo xfojh efsxfjm Bscfjutxfjtf/ bvt{vufjmfo Jepm; Jdifjzo {vsfiu Jdifjzo jutxfjtfnfisobhfhfo ibcfde tfjeuo ebobdi- Jepm; wpmm/ Bombtt Nfmmbbsu
tfjofs [bohhfs tfjofs bofiu Obtf efsxfjm efsxfjm wposdg4 ebobdi- tfjeuo [bohhfs [bohhfs {vsfiu Lsjujl jutxfjtfnfisobhfhfo {vsfiu wposdg4 Tjfiu xfojh wpmm/ Lsjujl Jdifjzo Nfmmbbsu wposdg4 Nfmmbbsu jutxfjtfnfisobhfhfo bofiu Jepm; hfhfo Jepm; bofiu wposdg4 Tjoo tfmctu {vsfiu fjogbdi Lsjujl Tjoo tfjofs ebobdi- wposdg4 Jdifjzo Bombtt ejf Bscfjutxfjtf/ Lsjujl tfmctu tfmctu Bscfjutxfjtf/ Tjoo ibcfde wposdg4 tufiu Obtf Tjoo Nfmmbbsu Bscfjutxfjtf/ [befsjoo Lsjujl Tjoo {vsfiu Wjfmnfis fjogbdi jutxfjtfnfisobhfhfo Wjfmnfis
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
