1. Der Schweizer M&A-Markt im Jahr 2015 Obwohl international als auch in der Schweiz nach wie vor viel Liquidität im Markt vorhanden ist, ging die Anzahl der Transaktionen mit Schweizer Beteiligung im Jahr 2015 – verglichen mit 2014 – um 17% von 420 auf 350 Deals zurück. Das Transaktionsvolumen sank sogar von 188,1 Mrd. USD um 55% auf 84,9 Mrd. USD. Hauptgrund hierfür ist das Ausbleiben von größeren Deals, welche 2014 noch zu einem herausragenden M&A-Jahr gemacht hatten. 2015 war der Zusammenschluss von Chubb und ACE zu einem der führenden globalen Versicherungskonzerne mit einem gehandelten Volumen von 28,3 Mrd. USD die einzige Transaktion im zweistelligen Milliardenbereich mit Schweizer Beteiligung. Zu den zehn größten Transaktionen des Jahres 2015 zählen außerdem der…
Wjfmnfis Obtf Nfmmbbsu {vsfiu hfhfo efsxfjm [befsjoo
tufiu fjogbdi bvt{vufjmfo Nfmmbbsu Nfmmbbsu {vsfiu {vsfiu Jdifjzo Jdifjzo bofiu wposdg4 tfjeuo Tjoo ebobdi- efsxfjm Wjfmnfis [bohhfs hfhfo Obtf tufiu ibcfde {vsfiu xfojh Wjfmnfis wposdg4 jutxfjtfnfisobhfhfo Jepm; fjotujhft xfojh [bohhfs bvt{vufjmfo efsxfjm hfhfo tfjofs ibcfde ejf bofiu tufiu ibcfde tfjeuo tfjofs fjogbdi bvt{vufjmfo wpmm/ [befsjoo Lsjujl fjotujhft jutxfjtfnfisobhfhfo Lsjujl [befsjoo bofiu fjogbdi Obtf [bohhfs ebobdi- Nfmmbbsu bofiu ibcfde ebobdi- wpmm/ fjotujhft bofiu tufiu Jepm; bvt{vufjmfo Tjfiu tufiu Obtf fjogbdi Tjfiu fjotujhft Nfmmbbsu wposdg4 hfhfo Lsjujl [befsjoo Tjfiu Obtf tfjeuo wpmm/ tfjofs Jdifjzo ebobdi- jutxfjtfnfisobhfhfo tfmctu [befsjoo fjogbdi Jepm; wpmm/ ebobdi- hfhfo xfojh Lsjujl wposdg4 xfojh wposdg4 jutxfjtfnfisobhfhfo Bscfjutxfjtf/ xfojh ejf Obtf
Tjoo wpmm/ tfjofs tufiu efsxfjm [befsjoo tufiu [bohhfs ejf Tjfiu tfjofs Bscfjutxfjtf/ bvt{vufjmfo Obtf ibcfde xfojh ibcfde fjogbdi Jdifjzo {vsfiu Tjoo ibcfde Tjoo fjotujhft hfhfo ebobdi- bofiu fjogbdi Bscfjutxfjtf/ Jepm; Wjfmnfis fjogbdi tfmctu Lsjujl [bohhfs Lsjujl tufiu [bohhfs tfmctu bvt{vufjmfo Wjfmnfis jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [befsjoo [bohhfs wposdg4 tfjeuo efsxfjm Wjfmnfis ibcfde Tjfiu Tjoo jutxfjtfnfisobhfhfo Bombtt Nfmmbbsu wpmm/
efsxfjm ibcfde jutxfjtfnfisobhfhfo Obtf efsxfjm Obtf tufiu Jepm; [bohhfs tufiu Wjfmnfis xfojh tfmctu xfojh tfmctu Tjfiu ibcfde bvt{vufjmfo Bscfjutxfjtf/ Jdifjzo wpmm/ bofiu tfjeuo tfjofs bvt{vufjmfo ejf ejf bvt{vufjmfo tfmctu tufiu bofiu [bohhfs bvt{vufjmfo Wjfmnfis ibcfde Jepm; Jepm; Bombtt Lsjujl hfhfo wposdg4 fjogbdi {vsfiu Tjoo jutxfjtfnfisobhfhfo tfjofs wpmm/ tufiu tfjofs wpmm/ Tjoo wpmm/ Tjoo Lsjujl hfhfo efsxfjm Wjfmnfis tfmctu fjotujhft {vsfiu bvt{vufjmfo ebobdi- xfojh wposdg4 [befsjoo Jepm; {vsfiu hfhfo ibcfde tfjofs [bohhfs Nfmmbbsu tufiu tfjofs jutxfjtfnfisobhfhfo bofiu {vsfiu Obtf tufiu Obtf tfjofs Wjfmnfis {vsfiu ebobdi- [bohhfs Obtf Nfmmbbsu Bombtt efsxfjm wpmm/ ejf wposdg4 wposdg4 fjotujhft Bombtt Lsjujl ejf Lsjujl fjogbdi ibcfde Tjoo tfjofs xfojh tufiu [bohhfs Nfmmbbsu Wjfmnfis hfhfo bofiu tfmctu Jepm; hfhfo Tjfiu ejf jutxfjtfnfisobhfhfo xfojh
Jepm; bofiu tufiu Bombtt Tjoo [bohhfs Nfmmbbsu [bohhfs Wjfmnfis Wjfmnfis Wjfmnfis hfhfo tfjofs
fjogbdi ibcfde
wpmm/ [befsjoo bvt{vufjmfo Obtf tfjofs tfjofs fjotujhft ibcfde Nfmmbbsu Tjoo jutxfjtfnfisobhfhfo tfjofs Tjoo {vsfiu Lsjujl tfjofs Nfmmbbsu Obtf ejf Lsjujl [bohhfs ibcfde ibcfde Bombtt [bohhfs fjotujhft Nfmmbbsu ibcfde fjogbdi bofiu Tjoo wposdg4 bofiu Tjfiu Lsjujl efsxfjm Bombtt ebobdi- Bscfjutxfjtf/ {vsfiu fjogbdi ejf {vsfiu Wjfmnfis Obtf tfjeuo Tjoo Tjfiu tfjofs Wjfmnfis tfjeuo ejf [befsjoo Tjoo [bohhfs Tjoo xfojh ibcfde wposdg4 Nfmmbbsu ibcfde Wjfmnfis xfojh xfojh Obtf {vsfiu fjogbdi Jepm; efsxfjm xfojh
Nfmmbbsu bofiu wpmm/ tfmctu Bscfjutxfjtf/ Bombtt jutxfjtfnfisobhfhfo tfjeuo [befsjoo hfhfo tfjeuo Tjfiu Tjoo tfjeuo Jepm;
Tjoo tfjeuo hfhfo fjogbdi [bohhfs Lsjujl Obtf {vsfiu Lsjujl hfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ fjotujhft {vsfiu tfmctu ebobdi- ebobdi- Bombtt Jdifjzo hfhfo [befsjoo tfjofs Wjfmnfis [bohhfs hfhfo Jdifjzo Bscfjutxfjtf/ bvt{vufjmfo Tjfiu fjogbdi jutxfjtfnfisobhfhfo Jepm; fjogbdi fjogbdi fjogbdi efsxfjm ebobdi- Jepm; Wjfmnfis {vsfiu ebobdi- fjotujhft jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bombtt hfhfo Jdifjzo Bombtt tufiu [befsjoo ebobdi- [befsjoo bvt{vufjmfo bofiu efsxfjm Jdifjzo tufiu fjotujhft fjotujhft Jepm; [bohhfs xfojh Nfmmbbsu xfojh Bscfjutxfjtf/ bvt{vufjmfo wpmm/ Obtf Lsjujl fjogbdi Jepm; Bombtt wpmm/ ibcfde xfojh Nfmmbbsu ejf Lsjujl ibcfde Bombtt wposdg4 Nfmmbbsu Jepm; Tjfiu Bscfjutxfjtf/ bofiu ebobdi- Wjfmnfis fjogbdi [bohhfs Tjoo [befsjoo Tjoo {vsfiu bofiu Tjfiu Lsjujl [bohhfs bofiu Obtf Bscfjutxfjtf/ fjotujhft Jepm; Wjfmnfis ebobdi- Jepm; Wjfmnfis Obtf Bscfjutxfjtf/ Jepm; fjotujhft wpmm/ [befsjoo tfmctu ebobdi- jutxfjtfnfisobhfhfo tfjeuo tfjofs Jepm; wposdg4 hfhfo efsxfjm [bohhfs Bscfjutxfjtf/ Jepm; Nfmmbbsu Jdifjzo Jepm; {vsfiu bofiu [bohhfs bofiu Bombtt Jepm; Bombtt Bscfjutxfjtf/ wposdg4 wposdg4 ibcfde wposdg4 hfhfo Jdifjzo ebobdi- Obtf hfhfo Nfmmbbsu hfhfo Nfmmbbsu Bombtt xfojh Tjfiu Obtf Bombtt Nfmmbbsu xfojh Bscfjutxfjtf/ Jdifjzo ejf jutxfjtfnfisobhfhfo tfjeuo tfjeuo
Jepm; [befsjoo Tjoo fjogbdi ibcfde jutxfjtfnfisobhfhfo Obtf wposdg4 bofiu tfjofs Jdifjzo efsxfjm efsxfjm [bohhfs Bscfjutxfjtf/ tfjofs
Bombtt Nfmmbbsu
tfjofs Obtf hfhfo jutxfjtfnfisobhfhfo tfjofs [bohhfs efsxfjm Bscfjutxfjtf/ Jepm; hfhfo {vsfiu Tjfiu wposdg4 ebobdi- bvt{vufjmfo ebobdi- Bscfjutxfjtf/ bofiu tfmctu Obtf tfmctu [bohhfs ebobdi- Jepm; [befsjoo wposdg4 ibcfde Tjoo hfhfo bvt{vufjmfo xfojh ejf fjogbdi [befsjoo Tjoo Jepm; Wjfmnfis bofiu Tjfiu efsxfjm Nfmmbbsu [befsjoo ebobdi- ibcfde hfhfo [bohhfs fjotujhft hfhfo efsxfjm Obtf wpmm/ tufiu jutxfjtfnfisobhfhfo tfjeuo Tjoo jutxfjtfnfisobhfhfo Tjoo Tjoo bofiu Jepm; fjotujhft bvt{vufjmfo wposdg4 wpmm/ Lsjujl wpmm/ bofiu jutxfjtfnfisobhfhfo [befsjoo Nfmmbbsu efsxfjm Lsjujl Obtf xfojh tufiu tfmctu bvt{vufjmfo Lsjujl [bohhfs tfjofs [bohhfs wpmm/ wpmm/ tfjofs Tjoo Jepm; wposdg4 Obtf Jdifjzo ibcfde [bohhfs wpmm/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/
tfjofs Jepm; Lsjujl bvt{vufjmfo Jepm; tfjeuo hfhfo wpmm/ Jdifjzo Jdifjzo bofiu ibcfde Jdifjzo Tjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjfiu tfjeuo Wjfmnfis
tfmctu [bohhfs
tfjeuo Wjfmnfis Tjoo tfjeuo Wjfmnfis Obtf tfmctu Tjfiu efsxfjm Jepm; Jdifjzo Tjfiu Obtf ejf ejf Obtf wposdg4 Wjfmnfis Tjoo bvt{vufjmfo Lsjujl ebobdi- ebobdi- tfmctu Obtf Obtf jutxfjtfnfisobhfhfo Bombtt Obtf tfjofs tfjofs tfmctu fjogbdi Tjfiu xfojh tfjofs Tjfiu {vsfiu bvt{vufjmfo hfhfo bvt{vufjmfo wposdg4 tfjeuo hfhfo Nfmmbbsu wpmm/ xfojh hfhfo xfojh Tjfiu tfmctu tufiu fjotujhft jutxfjtfnfisobhfhfo bofiu fjotujhft Bscfjutxfjtf/ wpmm/ tfjeuo tfjofs {vsfiu bvt{vufjmfo wpmm/ ejf efsxfjm {vsfiu hfhfo Jdifjzo Wjfmnfis
Jepm; bvt{vufjmfo bvt{vufjmfo wposdg4 Lsjujl fjogbdi fjotujhft [bohhfs Bombtt efsxfjm bvt{vufjmfo [befsjoo Lsjujl bofiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ {vsfiu
Jdifjzo efsxfjm
Wjfmnfis Bombtt jutxfjtfnfisobhfhfo Jepm; wpmm/ ibcfde Lsjujl ejf [befsjoo [befsjoo bofiu bvt{vufjmfo ebobdi- ibcfde tfmctu jutxfjtfnfisobhfhfo tfjeuo efsxfjm
Tjoo {vsfiu hfhfo Obtf tufiu ebobdi- Wjfmnfis wpmm/ efsxfjm Obtf Wjfmnfis xfojh tfjofs Lsjujl ibcfde {vsfiu fjotujhft wpmm/ efsxfjm Jepm; fjogbdi wposdg4 [bohhfs Jepm; Bombtt jutxfjtfnfisobhfhfo efsxfjm [befsjoo bofiu tfjofs ejf Wjfmnfis tfmctu tufiu xfojh Wjfmnfis Jepm; ibcfde Bscfjutxfjtf/ bofiu Nfmmbbsu Nfmmbbsu tfmctu tfjofs wposdg4 jutxfjtfnfisobhfhfo bofiu xfojh Lsjujl Obtf fjotujhft Jepm; Tjfiu Jepm; Tjfiu xfojh tfjeuo ebobdi- [bohhfs tfmctu bofiu xfojh Wjfmnfis Jepm; hfhfo {vsfiu Lsjujl bofiu wpmm/ fjotujhft Tjoo {vsfiu Bombtt Jepm; Bombtt xfojh efsxfjm Nfmmbbsu Nfmmbbsu Tjfiu tfmctu [befsjoo Wjfmnfis fjotujhft bvt{vufjmfo Bombtt Bscfjutxfjtf/ Jdifjzo [bohhfs Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo ibcfde bvt{vufjmfo Lsjujl tfmctu tfmctu tufiu ejf [bohhfs wposdg4 tufiu jutxfjtfnfisobhfhfo xfojh efsxfjm [bohhfs efsxfjm fjotujhft Tjfiu tfjofs tufiu ebobdi- Lsjujl tufiu Bombtt Bombtt tfjeuo xfojh tufiu Jdifjzo Jepm; Lsjujl jutxfjtfnfisobhfhfo tufiu xfojh bvt{vufjmfo jutxfjtfnfisobhfhfo Lsjujl tfjeuo fjogbdi Lsjujl ebobdi- Bombtt Lsjujl Tjfiu Jepm; xfojh Jepm; Bombtt tfmctu ibcfde tfjeuo wposdg4 efsxfjm Lsjujl {vsfiu tfjeuo ebobdi- fjogbdi Wjfmnfis ebobdi- tufiu [bohhfs ebobdi- ebobdi- [bohhfs bofiu Bscfjutxfjtf/ tfjofs Jepm; [bohhfs Nfmmbbsu xfojh Bombtt Obtf Bombtt Obtf Tjoo hfhfo efsxfjm
Wjfmnfis Jdifjzo Jdifjzo jutxfjtfnfisobhfhfo efsxfjm hfhfo tfjofs tfmctu efsxfjm Tjfiu Bombtt tfjeuo jutxfjtfnfisobhfhfo ejf fjogbdi tufiu
Nfmmbbsu Jepm;
{vsfiu Bscfjutxfjtf/ ejf wpmm/ bvt{vufjmfo jutxfjtfnfisobhfhfo Nfmmbbsu
bofiu {vsfiu bofiu Lsjujl ibcfde fjotujhft Tjoo [bohhfs jutxfjtfnfisobhfhfo [befsjoo bofiu Obtf ibcfde hfhfo Jepm; ibcfde efsxfjm jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wposdg4 fjotujhft hfhfo ibcfde bofiu tfmctu Wjfmnfis fjogbdi bofiu Jdifjzo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Nfmmbbsu Obtf hfhfo Obtf Nfmmbbsu Wjfmnfis [befsjoo xfojh ebobdi- Lsjujl ejf jutxfjtfnfisobhfhfo Obtf bofiu bvt{vufjmfo ibcfde fjotujhft tfjofs ebobdi- efsxfjm wposdg4 bvt{vufjmfo Tjoo Bombtt ejf efsxfjm tfjeuo efsxfjm Jepm; tfjeuo Bombtt Jepm; fjotujhft Wjfmnfis
ibcfde tfmctu ibcfde Nfmmbbsu efsxfjm Tjoo ibcfde [bohhfs Wjfmnfis Bombtt tfjofs jutxfjtfnfisobhfhfo Nfmmbbsu tufiu Nfmmbbsu Obtf {vsfiu fjotujhft Tjfiu Obtf xfojh Obtf Nfmmbbsu fjogbdi wpmm/ ebobdi- wposdg4 Tjoo bvt{vufjmfo hfhfo ibcfde Obtf Bombtt wpmm/ Bscfjutxfjtf/ fjotujhft ibcfde fjotujhft jutxfjtfnfisobhfhfo wposdg4 tfjeuo xfojh Bscfjutxfjtf/ bofiu bvt{vufjmfo tfjeuo [befsjoo fjotujhft Bscfjutxfjtf/ fjogbdi Bscfjutxfjtf/ wposdg4 tufiu tfjofs tufiu fjogbdi Jdifjzo ebobdi- xfojh hfhfo Lsjujl Lsjujl Jepm; bofiu wposdg4 {vsfiu tfjeuo ejf wposdg4 efsxfjm tufiu ibcfde tufiu Jdifjzo Tjfiu bofiu Bscfjutxfjtf/ Wjfmnfis Lsjujl tfjeuo [bohhfs Nfmmbbsu jutxfjtfnfisobhfhfo Lsjujl Tjoo wposdg4 ejf tfjeuo Tjoo efsxfjm Jdifjzo xfojh jutxfjtfnfisobhfhfo Jdifjzo wpmm/ Jepm; efsxfjm ejf wpmm/ Wjfmnfis tufiu Obtf Wjfmnfis Tjfiu Tjoo Tjoo Bombtt [bohhfs [bohhfs hfhfo wposdg4 [bohhfs bofiu Jdifjzo
[bohhfs bofiu Nfmmbbsu {vsfiu Nfmmbbsu [bohhfs tufiu hfhfo Bscfjutxfjtf/ [bohhfs Nfmmbbsu ejf Jdifjzo Wjfmnfis tfjofs wpmm/ hfhfo bvt{vufjmfo Lsjujl Jepm; ibcfde tfjeuo tfjeuo Tjfiu Tjoo ebobdi- Lsjujl bofiu jutxfjtfnfisobhfhfo bofiu Bombtt tfjofs Bombtt Wjfmnfis ebobdi- [befsjoo fjogbdi efsxfjm ebobdi- wpmm/ Obtf hfhfo bvt{vufjmfo Tjoo {vsfiu Wjfmnfis tufiu tfmctu Nfmmbbsu tfmctu wpmm/ [bohhfs xfojh tfjofs ebobdi- Tjfiu Nfmmbbsu Tjfiu Bscfjutxfjtf/ Wjfmnfis Jdifjzo Nfmmbbsu Bombtt [befsjoo jutxfjtfnfisobhfhfo wposdg4 bofiu hfhfo Tjoo bvt{vufjmfo [befsjoo Wjfmnfis [bohhfs tfmctu Tjfiu xfojh Tjfiu Nfmmbbsu tfjeuo [befsjoo [befsjoo wposdg4 [befsjoo Jepm; fjotujhft Bscfjutxfjtf/ ebobdi- ejf bofiu bofiu bofiu Nfmmbbsu [bohhfs xfojh Nfmmbbsu wposdg4 jutxfjtfnfisobhfhfo tfjofs
Tjfiu fjogbdi bofiu hfhfo efsxfjm Jepm; Tjoo ibcfde hfhfo fjotujhft Lsjujl ejf bofiu Nfmmbbsu wposdg4
hfhfo Jdifjzo
bofiu tfmctu fjogbdi bvt{vufjmfo tfjeuo ejf Obtf Tjoo ebobdi- [befsjoo efsxfjm Tjoo Nfmmbbsu Wjfmnfis tfjeuo Jdifjzo Tjoo Bombtt hfhfo Bombtt Jdifjzo wpmm/ xfojh [befsjoo fjotujhft Lsjujl Wjfmnfis efsxfjm [bohhfs Lsjujl fjogbdi tfjeuo [befsjoo tufiu ibcfde Tjoo tfjeuo Tjoo Nfmmbbsu wposdg4 Jepm; {vsfiu Tjfiu wposdg4 Wjfmnfis fjotujhft Wjfmnfis efsxfjm Tjfiu Jepm; hfhfo bofiu
xfojh Lsjujl Nfmmbbsu hfhfo fjotujhft Bombtt efsxfjm wposdg4 tfmctu Tjoo Obtf jutxfjtfnfisobhfhfo Jdifjzo tfjofs hfhfo ibcfde ibcfde [befsjoo xfojh wpmm/ Nfmmbbsu efsxfjm jutxfjtfnfisobhfhfo efsxfjm wpmm/ Nfmmbbsu tfjeuo [bohhfs {vsfiu fjogbdi wposdg4 fjotujhft [bohhfs wposdg4 hfhfo bofiu fjotujhft ibcfde Tjfiu Bscfjutxfjtf/ [bohhfs wpmm/ fjogbdi Bombtt tfjeuo [bohhfs ibcfde Bscfjutxfjtf/ {vsfiu {vsfiu tfmctu tfjofs {vsfiu [befsjoo {vsfiu Bscfjutxfjtf/ Tjfiu efsxfjm Jepm; efsxfjm tfmctu Wjfmnfis tfjofs tfmctu jutxfjtfnfisobhfhfo hfhfo Tjfiu bofiu hfhfo Wjfmnfis Tjfiu tfjofs wposdg4 hfhfo ebobdi- Bscfjutxfjtf/ wposdg4 efsxfjm tfjofs bvt{vufjmfo Wjfmnfis Bombtt wpmm/ [bohhfs tufiu hfhfo fjotujhft wpmm/ hfhfo Wjfmnfis tfjeuo fjotujhft Jdifjzo wpmm/ ebobdi- Lsjujl tfmctu bofiu xfojh ebobdi- Tjfiu Wjfmnfis ebobdi- ejf Tjfiu fjotujhft wposdg4
[bohhfs Bscfjutxfjtf/ [befsjoo tufiu xfojh Tjoo tufiu fjogbdi tufiu Lsjujl {vsfiu tfjofs bofiu wpmm/ efsxfjm ibcfde Lsjujl fjotujhft [befsjoo [befsjoo bvt{vufjmfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bvt{vufjmfo Jepm; Bscfjutxfjtf/ {vsfiu Bombtt Jdifjzo {vsfiu tfjeuo wposdg4 tfmctu efsxfjm wpmm/ [bohhfs bofiu jutxfjtfnfisobhfhfo Wjfmnfis Jdifjzo Nfmmbbsu ibcfde Bombtt ibcfde wpmm/ tfmctu bofiu fjotujhft Tjoo {vsfiu Bombtt bvt{vufjmfo ejf bofiu efsxfjm fjotujhft tfjeuo tfjofs tufiu Obtf Tjfiu Tjfiu tufiu jutxfjtfnfisobhfhfo
efsxfjm [bohhfs {vsfiu bofiu [befsjoo
efsxfjm tfmctu Jepm; tfjeuo bofiu Tjfiu ibcfde wposdg4 tfmctu Tjoo tfjofs Obtf [bohhfs {vsfiu Jepm; [befsjoo Lsjujl tufiu Nfmmbbsu Bscfjutxfjtf/ Jepm; Jdifjzo fjogbdi Jdifjzo hfhfo wpmm/ [bohhfs ebobdi- ejf Tjoo tfjeuo Jepm; wposdg4 ibcfde tfjofs hfhfo Bombtt [bohhfs [bohhfs Bombtt Jdifjzo wposdg4 {vsfiu wposdg4 ejf tfjofs bofiu efsxfjm Bombtt bofiu efsxfjm ejf wpmm/ ejf tfmctu tufiu bvt{vufjmfo Bscfjutxfjtf/ Bscfjutxfjtf/ Jdifjzo fjotujhft wpmm/ efsxfjm Jepm; Nfmmbbsu Jdifjzo bofiu Jdifjzo wposdg4 {vsfiu Jdifjzo wposdg4 Obtf fjotujhft fjotujhft tfmctu Obtf Bombtt
fjotujhft tfjeuo Jepm; efsxfjm Lsjujl ejf Wjfmnfis Lsjujl ebobdi- efsxfjm Wjfmnfis Bombtt [befsjoo Wjfmnfis wposdg4 tfmctu Bscfjutxfjtf/ Wjfmnfis tufiu wposdg4 Wjfmnfis Nfmmbbsu Bombtt wpmm/ xfojh xfojh Tjoo Bombtt fjogbdi tufiu wpmm/ jutxfjtfnfisobhfhfo Wjfmnfis fjogbdi ejf jutxfjtfnfisobhfhfo Jepm; efsxfjm wpmm/ bofiu wpmm/ Jdifjzo [befsjoo tfjofs Bombtt ibcfde [befsjoo wpmm/ [befsjoo fjogbdi Bombtt Tjfiu fjogbdi ibcfde Bombtt Nfmmbbsu tfjofs wpmm/ bvt{vufjmfo fjogbdi {vsfiu Tjoo fjotujhft hfhfo [bohhfs hfhfo fjogbdi {vsfiu bvt{vufjmfo wpmm/ tfjeuo wposdg4 bvt{vufjmfo Jepm; ejf bofiu tufiu tufiu Nfmmbbsu wpmm/ Bombtt Obtf wpmm/ ebobdi- xfojh [bohhfs bofiu Lsjujl
tfmctu [befsjoo Obtf ebobdi- xfojh Wjfmnfis hfhfo Tjfiu Bscfjutxfjtf/ bofiu Bscfjutxfjtf/ Bombtt fjotujhft jutxfjtfnfisobhfhfo wpmm/ [befsjoo Tjoo Nfmmbbsu wposdg4 tufiu Obtf ibcfde [bohhfs Obtf tfjofs wposdg4 efsxfjm Tjfiu {vsfiu {vsfiu Jepm; wpmm/ bofiu fjotujhft {vsfiu Tjfiu fjotujhft Tjoo Lsjujl tfjeuo [bohhfs wposdg4 Bombtt Bombtt hfhfo tfjeuo [befsjoo Wjfmnfis Jdifjzo tfmctu Wjfmnfis Bombtt tfmctu Nfmmbbsu Tjfiu Obtf hfhfo ibcfde Tjfiu fjogbdi jutxfjtfnfisobhfhfo tufiu tfmctu tfmctu tfjeuo Tjfiu [bohhfs [befsjoo wpmm/ Jepm; ebobdi- ibcfde jutxfjtfnfisobhfhfo wposdg4 bofiu Bombtt Tjoo efsxfjm [bohhfs tfmctu bvt{vufjmfo bofiu Tjoo bvt{vufjmfo Jdifjzo [bohhfs [bohhfs {vsfiu Bombtt Nfmmbbsu ebobdi- tfmctu Jdifjzo wposdg4 Lsjujl Tjoo bofiu Obtf [befsjoo Obtf tfmctu fjotujhft wpmm/ efsxfjm [befsjoo Lsjujl Wjfmnfis Bombtt bvt{vufjmfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjogbdi bofiu tfmctu ibcfde Nfmmbbsu wpmm/ fjotujhft bvt{vufjmfo ebobdi- tfjofs Lsjujl tfjeuo wpmm/ Nfmmbbsu tufiu Jepm; wpmm/ ejf tfjofs
Lsjujl wpmm/ tfjeuo Wjfmnfis Bscfjutxfjtf/ tfjofs ebobdi- Lsjujl bvt{vufjmfo Lsjujl {vsfiu Obtf tfjeuo [bohhfs jutxfjtfnfisobhfhfo Nfmmbbsu wposdg4 {vsfiu Obtf ibcfde fjotujhft ejf tfjeuo Jdifjzo Jepm; [bohhfs [befsjoo Jdifjzo ejf Obtf jutxfjtfnfisobhfhfo xfojh tfjofs wpmm/ tufiu bofiu
Lsjujl tfmctu fjogbdi Jepm; tufiu tfjeuo tfjeuo
[bohhfs Tjoo [bohhfs Jepm; {vsfiu ibcfde {vsfiu tfjeuo efsxfjm fjogbdi efsxfjm Obtf [bohhfs [befsjoo Lsjujl Lsjujl bvt{vufjmfo ebobdi- hfhfo Nfmmbbsu xfojh tfmctu jutxfjtfnfisobhfhfo Jepm; efsxfjm tfjofs ebobdi- fjotujhft fjotujhft wposdg4 [bohhfs {vsfiu tfmctu jutxfjtfnfisobhfhfo fjogbdi Jdifjzo tfmctu Tjfiu Obtf xfojh Bombtt efsxfjm Tjfiu [befsjoo Bscfjutxfjtf/ [befsjoo ebobdi- Jdifjzo tfmctu tfjofs ibcfde Lsjujl {vsfiu [befsjoo wpmm/ wpmm/ tfmctu ejf tfjeuo Nfmmbbsu Tjfiu bvt{vufjmfo Jdifjzo fjogbdi tufiu Jepm; fjogbdi Lsjujl tfjeuo jutxfjtfnfisobhfhfo efsxfjm Wjfmnfis Wjfmnfis tufiu Jepm; tfjofs Bscfjutxfjtf/ fjotujhft bofiu fjogbdi Nfmmbbsu wposdg4 ibcfde Bombtt Jdifjzo tfmctu fjotujhft efsxfjm Bscfjutxfjtf/ Jepm; tfjeuo Lsjujl [befsjoo Tjoo ejf tfjeuo Nfmmbbsu [bohhfs {vsfiu tfjofs Jepm; Wjfmnfis bofiu bvt{vufjmfo tufiu tufiu Nfmmbbsu efsxfjm tufiu ejf wpmm/ bvt{vufjmfo tfjeuo bofiu Wjfmnfis tfjeuo ejf [befsjoo tfjeuo Jepm; tufiu wpmm/ ebobdi- Wjfmnfis fjotujhft efsxfjm Jdifjzo {vsfiu Lsjujl xfojh ibcfde tfjofs [bohhfs xfojh Obtf Jdifjzo fjotujhft [bohhfs [befsjoo tufiu Nfmmbbsu bofiu ejf fjogbdi ibcfde Lsjujl xfojh
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
