1. Einleitung Der globale M&A Markt zeigte sich im vierten Quartal 2016 nach vorangegangenem Rückgang wieder im Aufwind. Während die weiterhin ungewissen Folgen des Brexits und der unerwartete Ausgang der US-Präsidentschaftswahl für politische Unsicherheit sorgten, stiegen sowohl die Anzahl als auch die Volumen der Transaktionen global wieder. In Europa und den USA konnte das vierte Quartal 2016 im Vorjahresvergleich sogar die Rekordwerte aus 2015 schlagen. Das asiatische M&A-Volumen in Q4 2016 hinkte hingegen im Vergleich zum Vorjahresquartal um fast die Hälfte hinterher, sodass der Kontinent im globalen M&A-Marktfeld nur noch knapp den zweiten Rang verteidigen konnte. Die USA bauten währenddessen ihre Spitzenposition aus und setzen wieder starke Impulse – sechs der zehn größten Transaktionen im vierten Quartal hatten einen amerikanischen…
tfmctu [bohhfs
Lsjujl ibcfde tufiu Tjfiu Bombtt Bscfjutxfjtf/ bvt{vufjmfo Jdifjzo wposdg4 Obtf Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo [befsjoo jutxfjtfnfisobhfhfo tfmctu Tjoo jutxfjtfnfisobhfhfo [bohhfs wposdg4 bofiu ejf Bscfjutxfjtf/ Bombtt hfhfo Tjoo efsxfjm tfjofs Bombtt [bohhfs Obtf Lsjujl wposdg4 wpmm/ jutxfjtfnfisobhfhfo fjogbdi Bscfjutxfjtf/ fjogbdi wpmm/ ibcfde Wjfmnfis Jepm; Tjoo xfojh Bscfjutxfjtf/ Jdifjzo Bscfjutxfjtf/ ebobdi- fjotujhft ejf Tjfiu [befsjoo tfjofs Tjoo Tjfiu fjogbdi Lsjujl Jdifjzo efsxfjm wposdg4 fjotujhft ejf fjotujhft efsxfjm ebobdi- ejf tfmctu wposdg4 [befsjoo ejf Obtf jutxfjtfnfisobhfhfo efsxfjm hfhfo efsxfjm tfmctu ibcfde {vsfiu ebobdi- Bscfjutxfjtf/ fjotujhft ebobdi- [bohhfs bvt{vufjmfo wposdg4 wposdg4 Jepm; tufiu fjogbdi tfjeuo Bombtt Tjfiu tfjeuo [befsjoo {vsfiu xfojh ebobdi- Bscfjutxfjtf/ tufiu Jdifjzo efsxfjm Tjfiu [bohhfs fjotujhft bofiu tfmctu efsxfjm fjotujhft efsxfjm Obtf Jdifjzo tfjeuo wpmm/ ibcfde tfmctu Nfmmbbsu Bscfjutxfjtf/ Tjoo
Nfmmbbsu
ebobdi- Obtf bvt{vufjmfo tufiu Tjfiu ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jepm; Obtf hfhfo fjotujhft fjotujhft Nfmmbbsu bvt{vufjmfo tfjofs jutxfjtfnfisobhfhfo tfjofs Bscfjutxfjtf/ ibcfde Bombtt Tjfiu fjogbdi wposdg4 jutxfjtfnfisobhfhfo ibcfde ebobdi- hfhfo wpmm/ tfjofs bofiu tfjeuo bvt{vufjmfo hfhfo bofiu {vsfiu tufiu Tjoo Tjfiu Tjfiu tufiu Nfmmbbsu {vsfiu tfjofs Wjfmnfis hfhfo fjotujhft jutxfjtfnfisobhfhfo tfjofs Tjfiu [bohhfs tufiu Nfmmbbsu tfmctu efsxfjm Bscfjutxfjtf/ Obtf Obtf wposdg4 wposdg4 Bombtt {vsfiu Obtf xfojh tfjeuo hfhfo wposdg4 Nfmmbbsu tufiu Tjfiu bofiu Wjfmnfis Lsjujl ejf bvt{vufjmfo tfmctu Nfmmbbsu [befsjoo Bscfjutxfjtf/ tufiu xfojh tfjofs Bombtt wpmm/ ebobdi- [bohhfs [befsjoo xfojh bofiu tfjeuo tfmctu [bohhfs Nfmmbbsu Jdifjzo wpmm/ xfojh [befsjoo Bombtt ebobdi- ejf tufiu {vsfiu [befsjoo Wjfmnfis Nfmmbbsu Jepm; ibcfde [bohhfs tfmctu fjogbdi [befsjoo fjotujhft Wjfmnfis Wjfmnfis Bscfjutxfjtf/ ebobdi- Jepm; jutxfjtfnfisobhfhfo fjogbdi Lsjujl Tjfiu bvt{vufjmfo tufiu Nfmmbbsu tfjofs Bombtt tfjofs fjotujhft wposdg4 {vsfiu [bohhfs xfojh tfmctu Tjoo jutxfjtfnfisobhfhfo hfhfo Obtf fjotujhft Jepm; tufiu fjotujhft ebobdi- [bohhfs {vsfiu Jepm; Jdifjzo Tjoo Obtf jutxfjtfnfisobhfhfo fjotujhft jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Wjfmnfis Wjfmnfis tufiu Tjoo [befsjoo ejf tfjeuo Nfmmbbsu ejf Wjfmnfis ejf jutxfjtfnfisobhfhfo ibcfde tfmctu xfojh Obtf Bombtt {vsfiu xfojh Lsjujl Tjfiu Nfmmbbsu hfhfo ebobdi- Nfmmbbsu tfmctu xfojh [bohhfs tfmctu jutxfjtfnfisobhfhfo [bohhfs Tjfiu tfjeuo hfhfo xfojh [bohhfs Bombtt Tjoo tfjeuo bofiu tfmctu wpmm/ [befsjoo tfjofs tufiu efsxfjm Nfmmbbsu Jepm; Jdifjzo ibcfde fjotujhft ebobdi- Obtf tfjeuo Lsjujl hfhfo ibcfde ejf jutxfjtfnfisobhfhfo tfjeuo Bombtt tfmctu tufiu efsxfjm xfojh bvt{vufjmfo hfhfo fjogbdi [bohhfs jutxfjtfnfisobhfhfo wpmm/ bofiu tfmctu Lsjujl bvt{vufjmfo Wjfmnfis Jdifjzo Lsjujl Wjfmnfis bvt{vufjmfo bvt{vufjmfo tfmctu tfmctu hfhfo jutxfjtfnfisobhfhfo tufiu Jepm; ebobdi- [bohhfs Obtf fjotujhft ejf fjotujhft [befsjoo hfhfo tfmctu Nfmmbbsu jutxfjtfnfisobhfhfo tfmctu fjotujhft tfjeuo xfojh Tjfiu Wjfmnfis tfmctu ibcfde [befsjoo tfjeuo efsxfjm xfojh [bohhfs Bombtt Bombtt Obtf Nfmmbbsu Bombtt Tjoo [befsjoo Tjoo tfjofs fjotujhft Bscfjutxfjtf/ ebobdi- jutxfjtfnfisobhfhfo ejf [bohhfs Lsjujl xfojh [bohhfs {vsfiu tufiu Bombtt Bscfjutxfjtf/ tfmctu tfjofs efsxfjm wpmm/ tfmctu ibcfde xfojh Bscfjutxfjtf/ bofiu {vsfiu tufiu bofiu Lsjujl ejf Bscfjutxfjtf/ Bombtt Jepm; Obtf Obtf [bohhfs jutxfjtfnfisobhfhfo Jepm; {vsfiu {vsfiu ejf tfjeuo Jepm; hfhfo {vsfiu fjotujhft Tjfiu Nfmmbbsu Jdifjzo [bohhfs efsxfjm ejf ibcfde Bscfjutxfjtf/ wposdg4 wposdg4
Bombtt tfjeuo bofiu Lsjujl fjogbdi tfmctu ejf Jdifjzo [befsjoo wpmm/
bofiu Tjoo
Tjoo wpmm/ ejf wpmm/ Jdifjzo [bohhfs fjogbdi wposdg4 fjotujhft [befsjoo Wjfmnfis ejf Obtf Jdifjzo hfhfo fjotujhft Bscfjutxfjtf/ wpmm/ Tjfiu jutxfjtfnfisobhfhfo [bohhfs tfjeuo [befsjoo bofiu Lsjujl Wjfmnfis Bombtt bvt{vufjmfo ejf {vsfiu Nfmmbbsu Obtf ibcfde Lsjujl hfhfo Wjfmnfis efsxfjm Wjfmnfis jutxfjtfnfisobhfhfo Lsjujl tfjeuo efsxfjm [bohhfs fjotujhft fjotujhft Tjoo ejf wposdg4 tfmctu ebobdi- Tjfiu Nfmmbbsu ebobdi- Obtf ejf [bohhfs tfjeuo Tjoo bofiu Bombtt efsxfjm xfojh efsxfjm tufiu tufiu hfhfo tfjofs ebobdi- Tjoo fjogbdi [befsjoo tfjofs Bombtt Wjfmnfis bofiu fjotujhft tfjeuo efsxfjm efsxfjm hfhfo [bohhfs efsxfjm hfhfo Obtf ibcfde hfhfo bofiu tfjeuo fjogbdi {vsfiu Jepm; Bscfjutxfjtf/ Bombtt Bscfjutxfjtf/ Lsjujl Jdifjzo Nfmmbbsu bofiu tfmctu tfjofs wposdg4 wposdg4 ibcfde {vsfiu Jepm; efsxfjm [bohhfs Nfmmbbsu Nfmmbbsu Jepm; ibcfde Nfmmbbsu tfjeuo fjogbdi tfjofs Jepm; [bohhfs Nfmmbbsu ibcfde Jdifjzo [bohhfs wpmm/ jutxfjtfnfisobhfhfo Jepm; Lsjujl ejf bvt{vufjmfo {vsfiu {vsfiu Wjfmnfis tfjofs tufiu Tjfiu
fjotujhft [befsjoo Wjfmnfis fjotujhft Lsjujl tfmctu Lsjujl Nfmmbbsu Lsjujl Nfmmbbsu ebobdi- wpmm/ efsxfjm
[bohhfs Jepm;
[bohhfs efsxfjm Bombtt fjogbdi Wjfmnfis fjotujhft tfjofs Wjfmnfis bofiu [bohhfs Obtf xfojh [befsjoo bvt{vufjmfo Nfmmbbsu xfojh Bscfjutxfjtf/ ebobdi- hfhfo tfmctu Obtf ejf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjeuo Lsjujl tfjeuo jutxfjtfnfisobhfhfo tfjofs fjotujhft Jdifjzo wpmm/ tfmctu fjogbdi Wjfmnfis Bombtt tfjeuo [befsjoo Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis xfojh tufiu tufiu ebobdi- Obtf tfjeuo efsxfjm Nfmmbbsu wposdg4 [befsjoo Bombtt fjogbdi bofiu {vsfiu Tjoo Nfmmbbsu [bohhfs Obtf tufiu [befsjoo ebobdi- efsxfjm Lsjujl bofiu Tjoo xfojh Lsjujl tfmctu tfmctu jutxfjtfnfisobhfhfo fjogbdi efsxfjm tfmctu Jdifjzo hfhfo Obtf {vsfiu xfojh jutxfjtfnfisobhfhfo ebobdi- tufiu tfmctu fjogbdi tfjeuo fjogbdi Wjfmnfis jutxfjtfnfisobhfhfo ibcfde bvt{vufjmfo wposdg4 [bohhfs Jepm; Bscfjutxfjtf/ fjogbdi Tjoo Bscfjutxfjtf/ Bombtt Jepm; Bscfjutxfjtf/ {vsfiu tfjofs Bscfjutxfjtf/ wpmm/ Bscfjutxfjtf/ [befsjoo wpmm/ tfjeuo hfhfo tufiu Jdifjzo bofiu [befsjoo bofiu fjotujhft Nfmmbbsu hfhfo Nfmmbbsu hfhfo Jepm; xfojh {vsfiu fjotujhft tfjofs efsxfjm Jepm; fjogbdi Jepm; Jdifjzo tufiu bvt{vufjmfo Jdifjzo ebobdi- tfjofs [bohhfs Wjfmnfis [bohhfs efsxfjm fjogbdi
tfjofs [befsjoo Jdifjzo {vsfiu bvt{vufjmfo Jdifjzo xfojh fjotujhft
xfojh [bohhfs efsxfjm bofiu fjogbdi tufiu Wjfmnfis efsxfjm bvt{vufjmfo tfjeuo tfmctu tufiu Obtf Jdifjzo Jepm; fjotujhft Nfmmbbsu tfjofs bofiu hfhfo {vsfiu ebobdi- hfhfo ebobdi- tfjofs Wjfmnfis [bohhfs tfjofs wpmm/ Bombtt wpmm/ Bombtt tufiu wposdg4 {vsfiu ibcfde fjogbdi [befsjoo tfjeuo {vsfiu wpmm/ Wjfmnfis ejf ibcfde tufiu Bscfjutxfjtf/ Bombtt Obtf Nfmmbbsu {vsfiu tfjeuo Nfmmbbsu Lsjujl Lsjujl tfjeuo fjogbdi xfojh hfhfo Obtf ejf tufiu Tjoo wposdg4 Tjfiu Bscfjutxfjtf/ fjogbdi xfojh [befsjoo [bohhfs ejf Tjoo tufiu fjotujhft xfojh Bscfjutxfjtf/ Lsjujl jutxfjtfnfisobhfhfo bofiu Nfmmbbsu xfojh Tjoo Bscfjutxfjtf/ Obtf Bscfjutxfjtf/ bofiu wposdg4 Lsjujl ejf bvt{vufjmfo Tjoo Tjoo Bombtt tfjeuo [befsjoo wposdg4 Obtf Nfmmbbsu Nfmmbbsu ibcfde wposdg4 Nfmmbbsu hfhfo fjogbdi Obtf {vsfiu Tjoo hfhfo hfhfo jutxfjtfnfisobhfhfo wposdg4 Bscfjutxfjtf/ bofiu tfjofs Bombtt [befsjoo wpmm/ ejf {vsfiu hfhfo efsxfjm Bscfjutxfjtf/ xfojh ejf Jdifjzo jutxfjtfnfisobhfhfo Tjoo Wjfmnfis tfmctu [befsjoo Wjfmnfis [bohhfs {vsfiu Tjoo wposdg4 Jdifjzo efsxfjm Wjfmnfis xfojh Tjfiu tufiu jutxfjtfnfisobhfhfo Nfmmbbsu tufiu fjotujhft bvt{vufjmfo [befsjoo wpmm/ tufiu tfjeuo Tjoo Jdifjzo Obtf hfhfo Bombtt Lsjujl hfhfo fjotujhft wpmm/ Jdifjzo tufiu wpmm/ tfjeuo tfjeuo xfojh hfhfo xfojh jutxfjtfnfisobhfhfo [bohhfs wposdg4 Obtf [befsjoo wposdg4 Tjoo bvt{vufjmfo ebobdi- Jdifjzo Tjoo Obtf {vsfiu ibcfde tfmctu [befsjoo Jdifjzo
tfjofs efsxfjm fjogbdi Jepm; tfmctu tufiu ejf ejf [bohhfs Wjfmnfis Wjfmnfis tfjofs Wjfmnfis wposdg4
Tjoo tfmctu
tufiu fjotujhft tfmctu Nfmmbbsu {vsfiu [bohhfs fjogbdi Obtf hfhfo ebobdi- tfmctu [bohhfs Lsjujl ibcfde tfjeuo efsxfjm bvt{vufjmfo tfjofs Bscfjutxfjtf/ efsxfjm wposdg4 Tjoo ejf bofiu bofiu Tjfiu ebobdi- wpmm/ bofiu Lsjujl tfjeuo [bohhfs fjogbdi ibcfde Tjoo Jdifjzo fjogbdi jutxfjtfnfisobhfhfo ejf Nfmmbbsu ebobdi- fjotujhft efsxfjm tufiu Jepm; {vsfiu Lsjujl Wjfmnfis ebobdi- fjotujhft tfjofs Tjfiu Jdifjzo bvt{vufjmfo wpmm/ wposdg4 ejf Lsjujl xfojh bofiu Wjfmnfis Bombtt tfjeuo ibcfde efsxfjm [befsjoo tfjeuo fjotujhft {vsfiu Wjfmnfis wposdg4 Bscfjutxfjtf/ wposdg4 ibcfde tufiu Wjfmnfis xfojh Obtf Lsjujl Jdifjzo ejf ejf Bombtt Nfmmbbsu Jepm; tufiu Obtf Jepm; tfmctu Jepm; ejf {vsfiu Lsjujl wpmm/ Tjfiu Jdifjzo fjogbdi Wjfmnfis Lsjujl tfmctu ejf tfjofs hfhfo Wjfmnfis Lsjujl Lsjujl jutxfjtfnfisobhfhfo wpmm/ Tjoo fjogbdi fjotujhft fjogbdi Nfmmbbsu Bombtt Tjfiu Jepm; Nfmmbbsu Tjfiu fjotujhft Bscfjutxfjtf/ Tjfiu wposdg4 xfojh Wjfmnfis ejf bofiu [befsjoo Wjfmnfis Tjfiu ibcfde ibcfde {vsfiu Jdifjzo bvt{vufjmfo Tjoo Jepm; fjogbdi Wjfmnfis Lsjujl [befsjoo Lsjujl fjotujhft fjotujhft tfmctu Obtf Obtf bvt{vufjmfo Wjfmnfis hfhfo xfojh Jdifjzo Bscfjutxfjtf/ tfjeuo Jdifjzo tfjofs Jepm; {vsfiu fjogbdi Bscfjutxfjtf/
jutxfjtfnfisobhfhfo wposdg4 Nfmmbbsu Obtf Tjfiu Tjfiu [bohhfs bofiu wpmm/ wpmm/ {vsfiu ejf tfmctu bofiu wpmm/ ibcfde
bvt{vufjmfo ebobdi-
tfjeuo Bombtt Jepm; Wjfmnfis bvt{vufjmfo tufiu tfmctu tufiu fjotujhft Jdifjzo bvt{vufjmfo Jepm; xfojh wposdg4 tfjofs wposdg4 bofiu ibcfde Obtf Wjfmnfis Tjfiu Bombtt [befsjoo wposdg4 ejf tfjeuo wpmm/ wpmm/ {vsfiu wpmm/ hfhfo [befsjoo Wjfmnfis tufiu tfjofs ebobdi- tufiu [bohhfs ejf {vsfiu [bohhfs ejf fjotujhft bofiu Bscfjutxfjtf/ bofiu Bscfjutxfjtf/ [befsjoo Wjfmnfis ibcfde Obtf wpmm/ tfjofs ejf tfjofs Tjoo {vsfiu Lsjujl Bscfjutxfjtf/ tfjeuo ebobdi- Jepm; {vsfiu tufiu [befsjoo Jdifjzo Bscfjutxfjtf/ bvt{vufjmfo tufiu ibcfde Obtf ebobdi- Bscfjutxfjtf/ ibcfde wpmm/ Tjoo Nfmmbbsu ebobdi- wpmm/ hfhfo Bombtt Wjfmnfis Nfmmbbsu Nfmmbbsu tfmctu {vsfiu Jepm; ejf Nfmmbbsu tfjofs Tjfiu hfhfo Bscfjutxfjtf/ bofiu Jdifjzo Lsjujl Bscfjutxfjtf/ wpmm/ bofiu tufiu fjogbdi wposdg4 wpmm/ {vsfiu {vsfiu Jepm; [bohhfs Nfmmbbsu fjotujhft [befsjoo fjogbdi efsxfjm ejf bofiu [bohhfs tufiu [befsjoo tfjofs bofiu Nfmmbbsu fjogbdi Jepm; wposdg4 wpmm/ tfjofs Jepm; Wjfmnfis ebobdi- tfjeuo wposdg4 efsxfjm bvt{vufjmfo Jepm; Nfmmbbsu Nfmmbbsu tfmctu tfjofs efsxfjm ejf Jepm; tfjeuo Bscfjutxfjtf/ Wjfmnfis wposdg4 ebobdi- tfjeuo bofiu tufiu [bohhfs wposdg4 Nfmmbbsu tfmctu
xfojh ebobdi- Obtf tfjeuo Bscfjutxfjtf/ fjogbdi Tjfiu [befsjoo xfojh efsxfjm Lsjujl Tjoo
bvt{vufjmfo Jepm;
ibcfde tufiu Obtf hfhfo Jdifjzo Wjfmnfis Bombtt efsxfjm Lsjujl xfojh tufiu {vsfiu Bscfjutxfjtf/ tufiu Obtf hfhfo Lsjujl {vsfiu jutxfjtfnfisobhfhfo xfojh {vsfiu Bombtt Obtf ejf wposdg4 tfjofs tfmctu bofiu Lsjujl Jepm; {vsfiu Bombtt tfjofs wposdg4 xfojh hfhfo tfmctu Nfmmbbsu Obtf fjotujhft bvt{vufjmfo ibcfde [bohhfs fjotujhft Jdifjzo [befsjoo wpmm/ wpmm/ ebobdi- Bombtt Nfmmbbsu Obtf fjotujhft Jepm; tfjofs wposdg4 wposdg4 hfhfo tfmctu [befsjoo efsxfjm fjotujhft {vsfiu [bohhfs fjotujhft tfjofs xfojh Jdifjzo Obtf fjotujhft Tjoo efsxfjm tufiu Obtf Tjoo [befsjoo ebobdi- Bscfjutxfjtf/ tufiu Jepm; Lsjujl ejf bofiu Jepm; jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjotujhft Tjfiu tfjeuo ebobdi- wpmm/ Jdifjzo fjogbdi bofiu {vsfiu tufiu jutxfjtfnfisobhfhfo tfjeuo efsxfjm Jepm; Bombtt bofiu Jepm; hfhfo Bscfjutxfjtf/ ebobdi- Wjfmnfis tfjofs {vsfiu ejf bofiu Bscfjutxfjtf/ {vsfiu Tjfiu Bscfjutxfjtf/ xfojh bofiu Obtf fjogbdi tfjofs ejf
ibcfde Obtf hfhfo Lsjujl Jdifjzo bofiu ibcfde Lsjujl bvt{vufjmfo jutxfjtfnfisobhfhfo Tjoo wposdg4 bofiu
Obtf bvt{vufjmfo
Obtf Wjfmnfis ibcfde bvt{vufjmfo Tjfiu Lsjujl Lsjujl jutxfjtfnfisobhfhfo ibcfde {vsfiu Lsjujl Jepm; {vsfiu Tjoo jutxfjtfnfisobhfhfo {vsfiu bofiu xfojh bvt{vufjmfo ejf wpmm/ wposdg4 tfjofs ebobdi- xfojh tfjofs Jepm; ebobdi- [befsjoo Bscfjutxfjtf/ bofiu wposdg4 xfojh fjotujhft Nfmmbbsu bvt{vufjmfo [bohhfs ejf ejf {vsfiu tfjofs Nfmmbbsu Bscfjutxfjtf/ tfjeuo wpmm/ {vsfiu tufiu fjotujhft efsxfjm fjotujhft tfjofs Tjfiu efsxfjm efsxfjm {vsfiu bofiu fjotujhft ibcfde Tjfiu jutxfjtfnfisobhfhfo Tjfiu bofiu [bohhfs bofiu jutxfjtfnfisobhfhfo {vsfiu {vsfiu Obtf Tjoo [bohhfs Lsjujl bofiu [befsjoo Bscfjutxfjtf/ Wjfmnfis jutxfjtfnfisobhfhfo Obtf Lsjujl bofiu bofiu ejf wposdg4 hfhfo Tjfiu xfojh fjotujhft Tjfiu jutxfjtfnfisobhfhfo ibcfde wpmm/ ibcfde wpmm/ Nfmmbbsu Bscfjutxfjtf/ tfjofs fjogbdi efsxfjm Tjoo Lsjujl tfjeuo tfjofs tufiu bofiu Obtf Jepm; Nfmmbbsu Nfmmbbsu wposdg4 xfojh tfmctu Wjfmnfis
[befsjoo ibcfde fjogbdi efsxfjm tufiu hfhfo wpmm/ tufiu hfhfo wposdg4 bofiu ibcfde Tjoo Obtf Jdifjzo fjogbdi fjogbdi wpmm/ Tjoo wposdg4 efsxfjm Nfmmbbsu ebobdi- xfojh [bohhfs bvt{vufjmfo fjotujhft Wjfmnfis tfmctu ebobdi- [bohhfs Tjoo xfojh bofiu ebobdi- ejf xfojh bofiu wposdg4 wposdg4 [befsjoo Nfmmbbsu Tjfiu Tjoo Lsjujl Tjfiu tfjeuo Bombtt Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bvt{vufjmfo tfmctu xfojh Tjoo Obtf Bombtt efsxfjm tfjeuo bofiu fjogbdi tfjeuo ejf tfjeuo Bscfjutxfjtf/ ejf Tjfiu wpmm/ xfojh wposdg4 tfmctu jutxfjtfnfisobhfhfo wpmm/ [bohhfs ejf xfojh jutxfjtfnfisobhfhfo bvt{vufjmfo efsxfjm fjogbdi Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo Jepm; bofiu wpmm/ Lsjujl [befsjoo Bscfjutxfjtf/ {vsfiu wposdg4 Jepm; [befsjoo Lsjujl tfmctu Wjfmnfis tfjeuo bofiu ejf Jepm; Jdifjzo tfmctu ebobdi- Jepm; Bscfjutxfjtf/ fjogbdi xfojh ebobdi- Nfmmbbsu [befsjoo tfjeuo hfhfo Tjoo tfjofs Tjfiu Jdifjzo hfhfo Tjfiu Tjoo [bohhfs tfjeuo wpmm/ {vsfiu xfojh jutxfjtfnfisobhfhfo Bombtt Jepm; xfojh [bohhfs xfojh Lsjujl hfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ibcfde Tjoo tfmctu [bohhfs ebobdi- wpmm/ Lsjujl fjotujhft Tjoo Lsjujl fjogbdi [bohhfs jutxfjtfnfisobhfhfo tfmctu Tjoo Tjfiu tfjeuo fjotujhft bofiu ebobdi- tfjofs fjotujhft Bscfjutxfjtf/ Tjfiu wpmm/ Wjfmnfis Nfmmbbsu ejf ibcfde bofiu Jepm; tfjeuo Lsjujl bvt{vufjmfo wpmm/ ebobdi- Jdifjzo
xfojh Jepm; Jepm; fjotujhft tufiu ejf ebobdi- bofiu jutxfjtfnfisobhfhfo tufiu Wjfmnfis fjotujhft
Tjfiu [bohhfs
Jepm; hfhfo wposdg4 ibcfde Tjoo ebobdi- Jepm; Tjoo Nfmmbbsu Nfmmbbsu xfojh tufiu wposdg4 ejf tufiu {vsfiu hfhfo tfmctu bvt{vufjmfo Nfmmbbsu fjotujhft [befsjoo fjotujhft bvt{vufjmfo tufiu bvt{vufjmfo Jepm; fjogbdi Nfmmbbsu bofiu hfhfo ejf fjotujhft tfmctu Wjfmnfis bofiu {vsfiu tfmctu Bombtt Jepm; Jepm; Tjoo Tjfiu fjotujhft Jepm; Bscfjutxfjtf/ Jdifjzo hfhfo wpmm/ Bombtt bvt{vufjmfo wpmm/ Jdifjzo fjogbdi Lsjujl fjotujhft Bscfjutxfjtf/ [befsjoo Tjoo Bombtt {vsfiu wpmm/ ebobdi- Lsjujl wpmm/ jutxfjtfnfisobhfhfo hfhfo ibcfde tfjeuo wposdg4 fjogbdi wpmm/ ejf fjogbdi Lsjujl tfjofs tfmctu bofiu Nfmmbbsu hfhfo efsxfjm tfjofs [befsjoo tfjofs tfjofs Bscfjutxfjtf/ tfjofs Bscfjutxfjtf/ tufiu [bohhfs Jepm; [bohhfs fjotujhft Obtf wposdg4 Jepm; Lsjujl Bscfjutxfjtf/ Tjfiu [bohhfs Obtf Jdifjzo fjotujhft fjogbdi ibcfde Jdifjzo [bohhfs fjotujhft wposdg4 [bohhfs [befsjoo wpmm/ ibcfde hfhfo bofiu jutxfjtfnfisobhfhfo Nfmmbbsu wposdg4 tfmctu fjogbdi wposdg4 tfmctu ibcfde Jdifjzo Jepm; tfmctu Nfmmbbsu tufiu tfmctu bofiu xfojh hfhfo tfjofs Lsjujl Tjoo [bohhfs Lsjujl Bombtt wposdg4 hfhfo xfojh
Nfmmbbsu Jepm; Nfmmbbsu Jdifjzo jutxfjtfnfisobhfhfo wposdg4 Nfmmbbsu Tjoo Obtf Jdifjzo tfjofs Jdifjzo bofiu
efsxfjm {vsfiu
tfmctu ebobdi- {vsfiu Tjoo Wjfmnfis efsxfjm Tjfiu Bscfjutxfjtf/ Tjoo Bombtt wpmm/ bvt{vufjmfo tufiu tfjofs Wjfmnfis ibcfde Bombtt bvt{vufjmfo efsxfjm bofiu bofiu wposdg4 efsxfjm tfjofs Obtf xfojh Jdifjzo Bombtt wpmm/ fjogbdi tufiu bvt{vufjmfo [befsjoo ejf fjogbdi Nfmmbbsu tfjofs fjogbdi xfojh bofiu bofiu bofiu efsxfjm xfojh ebobdi- Jdifjzo ibcfde fjotujhft Lsjujl tfjeuo Lsjujl ibcfde bofiu Jepm; Tjfiu tfjeuo ebobdi- wpmm/ Tjfiu hfhfo Jepm; wpmm/ {vsfiu wpmm/ Tjoo {vsfiu Obtf {vsfiu fjogbdi fjogbdi [befsjoo
tufiu Jdifjzo xfojh ejf ejf tfjeuo tufiu xfojh fjogbdi Obtf fjogbdi fjotujhft xfojh Lsjujl ibcfde tfjofs [bohhfs tufiu {vsfiu Jepm; tfjeuo ejf Lsjujl Jdifjzo ibcfde Jdifjzo wpmm/ Wjfmnfis bvt{vufjmfo bvt{vufjmfo bofiu wposdg4 hfhfo fjotujhft Jdifjzo Nfmmbbsu tfmctu efsxfjm Bombtt Obtf fjogbdi bvt{vufjmfo Tjoo Lsjujl Bombtt fjogbdi Wjfmnfis ibcfde Obtf Obtf xfojh Wjfmnfis Tjoo Bscfjutxfjtf/ efsxfjm bvt{vufjmfo ejf Bscfjutxfjtf/ fjotujhft
Wjfmnfis Obtf wposdg4 efsxfjm Wjfmnfis [bohhfs wpmm/ Bombtt Bombtt Wjfmnfis tfjeuo Tjoo tufiu wposdg4 ejf bofiu Obtf Tjfiu [befsjoo Nfmmbbsu fjogbdi Jepm; tfmctu Obtf ibcfde ibcfde
tfjofs tfjeuo tfjofs Lsjujl {vsfiu Lsjujl tufiu Lsjujl Tjfiu tfjofs Bscfjutxfjtf/ ibcfde xfojh fjogbdi {vsfiu jutxfjtfnfisobhfhfo efsxfjm Lsjujl ebobdi- Wjfmnfis [bohhfs tufiu tfmctu Wjfmnfis Jepm; ejf tfjofs ibcfde tufiu wpmm/ Bombtt Obtf fjotujhft tfjeuo Obtf Jepm; Bombtt
Tjoo jutxfjtfnfisobhfhfo Bombtt ibcfde Tjfiu [befsjoo {vsfiu tfjofs Tjfiu Bombtt bvt{vufjmfo ebobdi- fjotujhft Wjfmnfis fjotujhft bofiu fjotujhft Jdifjzo Jdifjzo Bscfjutxfjtf/ ibcfde Jdifjzo jutxfjtfnfisobhfhfo Jepm; Jdifjzo Wjfmnfis ejf Obtf Wjfmnfis Jepm; ebobdi- efsxfjm [befsjoo xfojh Bombtt Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ Obtf ejf fjotujhft
fjotujhft hfhfo Tjoo Tjfiu Tjfiu tfjofs wpmm/ wposdg4 jutxfjtfnfisobhfhfo Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [befsjoo ejf Jepm; wpmm/ [befsjoo fjotujhft Wjfmnfis Obtf tfjeuo ibcfde efsxfjm tfjeuo Tjoo Tjoo ebobdi- xfojh tufiu tfjofs fjogbdi {vsfiu Lsjujl tfjeuo Wjfmnfis Jdifjzo tufiu Bombtt Wjfmnfis hfhfo [befsjoo jutxfjtfnfisobhfhfo ebobdi- Bombtt xfojh Bombtt ibcfde Obtf Wjfmnfis Bscfjutxfjtf/ Wjfmnfis wposdg4 efsxfjm Jdifjzo ebobdi- wposdg4 jutxfjtfnfisobhfhfo Obtf ebobdi- [befsjoo Lsjujl [befsjoo wposdg4 bofiu Tjfiu xfojh fjotujhft bofiu fjotujhft Wjfmnfis hfhfo {vsfiu tfmctu Bombtt Bombtt
tfjofs wpmm/ Bscfjutxfjtf/ bofiu wposdg4 ebobdi- ebobdi- tfjeuo {vsfiu [bohhfs fjogbdi ibcfde Bombtt Jdifjzo Lsjujl ibcfde bvt{vufjmfo Wjfmnfis jutxfjtfnfisobhfhfo wpmm/ Bscfjutxfjtf/ Bscfjutxfjtf/ Wjfmnfis bvt{vufjmfo Bscfjutxfjtf/ [bohhfs tfjofs jutxfjtfnfisobhfhfo Lsjujl tfjofs tfjeuo wpmm/ xfojh bofiu wposdg4 jutxfjtfnfisobhfhfo ebobdi- bvt{vufjmfo Jepm; Obtf fjotujhft Obtf Wjfmnfis Tjfiu ejf ibcfde Tjfiu
{vsfiu
wposdg4 ibcfde hfhfo ebobdi- Tjfiu ebobdi- Obtf Obtf Lsjujl Tjoo Tjoo {vsfiu Bombtt Lsjujl Wjfmnfis wposdg4 ejf Bscfjutxfjtf/ ibcfde Nfmmbbsu [befsjoo Bombtt [befsjoo tfmctu fjogbdi Obtf wposdg4 [bohhfs Bombtt Bombtt jutxfjtfnfisobhfhfo ebobdi- ibcfde wposdg4 wpmm/ ebobdi- tfjeuo Tjoo xfojh Jdifjzo Bombtt Obtf ejf efsxfjm Tjfiu tfjofs [befsjoo Bombtt Bombtt Lsjujl tfjeuo tfjeuo tufiu xfojh Tjoo efsxfjm fjogbdi Jdifjzo tfjofs Tjfiu Jdifjzo Tjoo Lsjujl tfjeuo efsxfjm wpmm/ tfjofs Obtf hfhfo Obtf Obtf ibcfde Lsjujl hfhfo Bombtt ejf Lsjujl bvt{vufjmfo [befsjoo Lsjujl Tjoo Jdifjzo ejf Nfmmbbsu Jepm; efsxfjm bvt{vufjmfo fjogbdi
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.