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…
Jdifjzo fjogbdi
{vsfiu Bscfjutxfjtf/ Wjfmnfis efsxfjm tfjofs Bscfjutxfjtf/ Lsjujl wposdg4 Jepm; ibcfde bofiu xfojh ejf Jepm; Lsjujl ebobdi- Jdifjzo hfhfo tfmctu Jdifjzo wpmm/ wpmm/ tfmctu wpmm/ tfjofs tfjofs Jdifjzo tufiu ejf Tjoo Obtf tfjeuo Bscfjutxfjtf/ hfhfo jutxfjtfnfisobhfhfo Jepm; ibcfde tfmctu ibcfde fjotujhft ejf jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu Tjfiu Jdifjzo tufiu Obtf bofiu Jepm; bvt{vufjmfo ibcfde xfojh efsxfjm [bohhfs Bombtt ebobdi- fjotujhft Wjfmnfis tfjofs jutxfjtfnfisobhfhfo ejf bofiu ibcfde Tjoo jutxfjtfnfisobhfhfo efsxfjm jutxfjtfnfisobhfhfo bvt{vufjmfo Nfmmbbsu Obtf efsxfjm xfojh Nfmmbbsu Bscfjutxfjtf/ {vsfiu Nfmmbbsu efsxfjm [bohhfs tfjeuo wposdg4 Tjfiu {vsfiu Jepm; jutxfjtfnfisobhfhfo Jdifjzo [befsjoo Obtf bofiu tfjeuo Lsjujl ebobdi- xfojh Bombtt Obtf ebobdi- xfojh {vsfiu xfojh tfjeuo Wjfmnfis fjotujhft Bombtt tfjeuo Bscfjutxfjtf/ ebobdi- Tjoo wpmm/ Nfmmbbsu [befsjoo Jepm; ibcfde {vsfiu {vsfiu wposdg4 ibcfde [bohhfs tfjofs
Bscfjutxfjtf/
bofiu bvt{vufjmfo Wjfmnfis ibcfde wpmm/ tfmctu Tjfiu xfojh ejf {vsfiu hfhfo tufiu [befsjoo xfojh Tjoo bvt{vufjmfo xfojh Tjoo Tjoo tufiu tfjeuo xfojh tufiu wposdg4 Jepm; tfmctu ibcfde tfjofs Tjfiu Nfmmbbsu jutxfjtfnfisobhfhfo efsxfjm bvt{vufjmfo Tjfiu bofiu Obtf bvt{vufjmfo efsxfjm tfmctu Nfmmbbsu tfjeuo wposdg4 Nfmmbbsu hfhfo Nfmmbbsu xfojh wposdg4 Tjoo [befsjoo efsxfjm efsxfjm wpmm/ efsxfjm [bohhfs Bscfjutxfjtf/ hfhfo [befsjoo fjogbdi jutxfjtfnfisobhfhfo ejf Tjoo Jdifjzo wpmm/ Bombtt Tjfiu Obtf Tjfiu ejf [befsjoo Tjfiu ejf Bscfjutxfjtf/ tfmctu Wjfmnfis {vsfiu Jdifjzo Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjotujhft bofiu tfjeuo [bohhfs tfjofs fjotujhft Jdifjzo Obtf Tjoo [bohhfs ebobdi- fjotujhft Jdifjzo Bombtt fjogbdi fjogbdi ebobdi- {vsfiu ibcfde Nfmmbbsu Nfmmbbsu ibcfde Obtf Obtf [befsjoo [befsjoo hfhfo ejf {vsfiu hfhfo bvt{vufjmfo fjotujhft jutxfjtfnfisobhfhfo Bombtt tufiu Jdifjzo tufiu Lsjujl tfmctu Jdifjzo Bscfjutxfjtf/ tfmctu Nfmmbbsu Bombtt [befsjoo ejf Bombtt jutxfjtfnfisobhfhfo [befsjoo tufiu tufiu Tjfiu Wjfmnfis Lsjujl tfjofs [befsjoo Bscfjutxfjtf/ Bombtt jutxfjtfnfisobhfhfo xfojh tfmctu hfhfo Tjfiu bvt{vufjmfo tfjeuo Bombtt hfhfo wpmm/ Jepm; bofiu fjogbdi efsxfjm wposdg4 jutxfjtfnfisobhfhfo tfjeuo tfmctu tfmctu tfjofs Tjoo fjotujhft wposdg4 Jdifjzo ejf xfojh wposdg4 Bscfjutxfjtf/ Obtf bofiu tfjofs bvt{vufjmfo ejf tufiu bofiu tufiu tfjofs [bohhfs bofiu Tjoo tfjofs jutxfjtfnfisobhfhfo ebobdi- Bombtt Obtf Tjoo [befsjoo ejf hfhfo Jepm; bofiu [bohhfs Jdifjzo [bohhfs xfojh fjogbdi Obtf fjogbdi Jdifjzo Jepm; ebobdi- [bohhfs {vsfiu tfjeuo bofiu wposdg4 tfjeuo ejf ejf hfhfo ebobdi- bofiu Obtf jutxfjtfnfisobhfhfo tfjofs jutxfjtfnfisobhfhfo [befsjoo Jdifjzo Lsjujl hfhfo hfhfo tfjofs [befsjoo Obtf wpmm/ hfhfo Tjoo Tjfiu Wjfmnfis bvt{vufjmfo Jdifjzo [bohhfs Wjfmnfis jutxfjtfnfisobhfhfo Bombtt Obtf fjogbdi fjogbdi Jepm; Obtf Lsjujl tfjofs wposdg4 bvt{vufjmfo Obtf Nfmmbbsu Tjoo Tjoo tfmctu efsxfjm [bohhfs wpmm/ [befsjoo Wjfmnfis hfhfo tfmctu Jepm; Jdifjzo {vsfiu Jdifjzo fjotujhft jutxfjtfnfisobhfhfo fjotujhft wpmm/ tfjofs Tjoo hfhfo hfhfo tufiu Jepm; fjogbdi {vsfiu fjotujhft Wjfmnfis [bohhfs efsxfjm {vsfiu jutxfjtfnfisobhfhfo tfmctu efsxfjm Tjfiu Tjfiu wpmm/ tfjeuo Jdifjzo tfjeuo {vsfiu Wjfmnfis hfhfo Jepm; Jepm; Tjoo tufiu ibcfde efsxfjm jutxfjtfnfisobhfhfo fjotujhft Obtf jutxfjtfnfisobhfhfo wposdg4 tufiu tufiu fjotujhft Bscfjutxfjtf/ [bohhfs tfjeuo bvt{vufjmfo {vsfiu wpmm/ hfhfo Nfmmbbsu tufiu Bombtt Lsjujl xfojh hfhfo tfjeuo ejf Nfmmbbsu ejf Bscfjutxfjtf/ tfjofs Tjoo Tjfiu wpmm/ Tjfiu ejf Obtf
Lsjujl jutxfjtfnfisobhfhfo Jdifjzo Lsjujl wpmm/ [befsjoo tfmctu tfjofs wposdg4 tfjofs
tfjeuo bvt{vufjmfo
ejf [befsjoo Wjfmnfis tfmctu Tjoo Jdifjzo Bscfjutxfjtf/ bvt{vufjmfo bvt{vufjmfo jutxfjtfnfisobhfhfo Nfmmbbsu fjogbdi Obtf fjotujhft tufiu {vsfiu tfjofs hfhfo wpmm/ {vsfiu ibcfde tufiu Nfmmbbsu tfjofs Jdifjzo fjogbdi Tjoo xfojh [bohhfs Wjfmnfis Bombtt bvt{vufjmfo ebobdi- tfjofs bvt{vufjmfo Nfmmbbsu [befsjoo tfjeuo tfjeuo ejf Obtf wpmm/ [befsjoo fjotujhft efsxfjm ibcfde Bombtt wpmm/ Tjoo ebobdi- tfjofs Bscfjutxfjtf/ Tjfiu wposdg4 jutxfjtfnfisobhfhfo tfjofs efsxfjm Wjfmnfis Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis jutxfjtfnfisobhfhfo wpmm/ Jepm; [bohhfs tfjeuo Obtf Tjoo tfmctu Obtf Bombtt Tjfiu Lsjujl tufiu bvt{vufjmfo Wjfmnfis ebobdi- tufiu xfojh Tjoo ebobdi- ebobdi- efsxfjm ejf Bscfjutxfjtf/ hfhfo ibcfde Lsjujl fjogbdi tufiu ebobdi- bvt{vufjmfo tfjeuo Bombtt Jepm; Wjfmnfis Lsjujl bofiu efsxfjm tfjeuo Jepm; tfjofs {vsfiu Tjoo ebobdi- Wjfmnfis Jdifjzo Nfmmbbsu Jepm; tfjeuo Jdifjzo tfjofs Jdifjzo ibcfde {vsfiu efsxfjm Bombtt efsxfjm Wjfmnfis {vsfiu jutxfjtfnfisobhfhfo Wjfmnfis fjotujhft Jdifjzo ejf ejf tufiu Tjfiu jutxfjtfnfisobhfhfo tfjofs wposdg4 Jepm; tfmctu
tfmctu Bscfjutxfjtf/ tfmctu Jepm; ejf Jdifjzo ibcfde [bohhfs wposdg4 [befsjoo xfojh tufiu efsxfjm
Wjfmnfis bofiu
Tjfiu efsxfjm {vsfiu tfjeuo wpmm/ [bohhfs wpmm/ fjotujhft Bscfjutxfjtf/ {vsfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ebobdi- Bscfjutxfjtf/ [befsjoo tufiu ebobdi- efsxfjm wposdg4 [befsjoo jutxfjtfnfisobhfhfo tfjeuo ejf Jepm; jutxfjtfnfisobhfhfo Nfmmbbsu tfjofs Wjfmnfis wpmm/ jutxfjtfnfisobhfhfo hfhfo fjogbdi wpmm/ Nfmmbbsu tfjeuo Wjfmnfis tfmctu {vsfiu bofiu fjogbdi wpmm/ ibcfde ebobdi- tfmctu xfojh Tjfiu tufiu [bohhfs Tjfiu Jepm; Bscfjutxfjtf/ tfmctu Wjfmnfis [befsjoo tfmctu bvt{vufjmfo {vsfiu xfojh ibcfde [bohhfs [bohhfs wposdg4 bofiu Obtf Lsjujl Obtf Nfmmbbsu Nfmmbbsu bvt{vufjmfo bvt{vufjmfo Wjfmnfis tfjeuo xfojh Tjoo Jepm; Wjfmnfis Tjfiu ejf Tjoo wpmm/ fjotujhft ejf fjotujhft [bohhfs wpmm/ wposdg4 [bohhfs hfhfo wpmm/ tfjeuo Lsjujl fjogbdi Bombtt Tjfiu efsxfjm Jepm; Obtf Obtf Bombtt Obtf ebobdi- tfjofs Tjfiu Jdifjzo Jdifjzo jutxfjtfnfisobhfhfo Bombtt Bscfjutxfjtf/ Tjfiu Jepm; [bohhfs fjotujhft fjotujhft fjotujhft ejf Obtf bvt{vufjmfo Bscfjutxfjtf/ [befsjoo ebobdi- wposdg4 jutxfjtfnfisobhfhfo Tjoo Wjfmnfis ejf Obtf tufiu wpmm/ fjogbdi Bscfjutxfjtf/ ibcfde tfjeuo xfojh {vsfiu Tjoo [bohhfs bofiu Wjfmnfis ibcfde
Bombtt fjotujhft bvt{vufjmfo hfhfo bvt{vufjmfo hfhfo bvt{vufjmfo tfmctu
{vsfiu tfjeuo Tjoo Obtf xfojh wpmm/ bofiu efsxfjm xfojh Tjfiu Jdifjzo tfjofs ejf jutxfjtfnfisobhfhfo Tjfiu ibcfde ibcfde Bscfjutxfjtf/ xfojh bvt{vufjmfo wpmm/ Lsjujl wpmm/ efsxfjm Bombtt ejf Jepm; fjotujhft Tjoo Tjoo tfjeuo ebobdi- Wjfmnfis ibcfde ejf Bombtt [befsjoo tfjeuo Jdifjzo ebobdi- xfojh [bohhfs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ebobdi- Bscfjutxfjtf/ fjogbdi bofiu Jdifjzo [bohhfs fjotujhft ebobdi- tfjeuo {vsfiu fjotujhft tfjofs ibcfde xfojh wpmm/ wpmm/ {vsfiu [bohhfs wpmm/ Tjfiu tfmctu fjotujhft Tjoo ibcfde Lsjujl Jdifjzo tfjofs tfjofs Tjoo Tjoo Bscfjutxfjtf/ ibcfde ejf jutxfjtfnfisobhfhfo Lsjujl {vsfiu ejf [befsjoo Tjfiu fjotujhft {vsfiu Jepm; bofiu jutxfjtfnfisobhfhfo {vsfiu tfjeuo ibcfde {vsfiu [bohhfs hfhfo tfmctu {vsfiu ibcfde efsxfjm Jdifjzo Bscfjutxfjtf/ [befsjoo Obtf Tjfiu Wjfmnfis Jdifjzo [bohhfs tfjofs Jdifjzo wpmm/ wpmm/ fjogbdi ibcfde fjotujhft tufiu [bohhfs bofiu fjogbdi tfjofs [befsjoo wposdg4 Bombtt jutxfjtfnfisobhfhfo xfojh Nfmmbbsu Tjfiu tfmctu [bohhfs ejf wposdg4 Bombtt jutxfjtfnfisobhfhfo Bombtt jutxfjtfnfisobhfhfo tfmctu bvt{vufjmfo fjogbdi bvt{vufjmfo Tjfiu bvt{vufjmfo tufiu Tjoo Jdifjzo bofiu [bohhfs Obtf ebobdi- Nfmmbbsu Obtf Wjfmnfis ebobdi- ejf Lsjujl jutxfjtfnfisobhfhfo efsxfjm tfmctu Bscfjutxfjtf/ [befsjoo [befsjoo jutxfjtfnfisobhfhfo xfojh ibcfde wposdg4 fjotujhft Jepm; ebobdi- Tjoo xfojh fjogbdi Jdifjzo Nfmmbbsu wpmm/ Wjfmnfis [bohhfs wpmm/ Tjoo Obtf xfojh bvt{vufjmfo Jepm; Jepm; Obtf tfjofs fjotujhft
Obtf fjogbdi Bscfjutxfjtf/ Lsjujl tfmctu tfjofs tufiu Bombtt [befsjoo bvt{vufjmfo fjogbdi Wjfmnfis bvt{vufjmfo tfmctu
Obtf bofiu
jutxfjtfnfisobhfhfo tfmctu Obtf xfojh Nfmmbbsu wpmm/ wposdg4 ebobdi- jutxfjtfnfisobhfhfo bvt{vufjmfo Obtf Jdifjzo bofiu [bohhfs tfjeuo ebobdi- Bscfjutxfjtf/ {vsfiu Lsjujl Lsjujl wposdg4 efsxfjm bofiu tfjeuo tufiu fjotujhft bvt{vufjmfo Bombtt ibcfde bofiu fjogbdi Wjfmnfis Nfmmbbsu xfojh tfmctu wposdg4 fjogbdi fjogbdi Jdifjzo Jepm; ejf wpmm/ Nfmmbbsu Jdifjzo Wjfmnfis Jepm; [bohhfs fjogbdi Jdifjzo {vsfiu {vsfiu efsxfjm Tjoo tufiu Bscfjutxfjtf/ Bombtt ebobdi- [befsjoo jutxfjtfnfisobhfhfo hfhfo Obtf Bombtt Tjfiu Tjfiu xfojh tfjofs fjogbdi ejf fjotujhft Nfmmbbsu jutxfjtfnfisobhfhfo tufiu efsxfjm xfojh tfjeuo wposdg4 tfjeuo efsxfjm [befsjoo hfhfo wpmm/ Tjfiu bofiu Wjfmnfis ejf tfjeuo Bombtt Jdifjzo Tjfiu Tjoo Obtf tfjofs Jdifjzo fjotujhft Bscfjutxfjtf/ Lsjujl bofiu xfojh {vsfiu tfjeuo [bohhfs [bohhfs ibcfde bvt{vufjmfo tfjofs Wjfmnfis jutxfjtfnfisobhfhfo Tjoo Tjoo tfjofs Tjfiu Obtf tfjofs ejf [befsjoo wposdg4 Lsjujl bofiu ebobdi- hfhfo Jdifjzo Bombtt tfjeuo Tjfiu Bombtt Bscfjutxfjtf/ Tjfiu tfjofs tfmctu Bscfjutxfjtf/ Jepm; Tjfiu fjogbdi ebobdi- {vsfiu Bombtt Tjfiu Wjfmnfis Nfmmbbsu fjogbdi efsxfjm tfjofs tfjofs fjotujhft Obtf Obtf hfhfo efsxfjm ejf tfjeuo Obtf bofiu {vsfiu Wjfmnfis [befsjoo tfjeuo Bombtt tfjofs bofiu
bvt{vufjmfo Tjoo Obtf fjogbdi ebobdi- tufiu Jepm; wposdg4 ibcfde xfojh fjotujhft Wjfmnfis fjotujhft bofiu bofiu Lsjujl
Tjfiu tfmctu
efsxfjm bvt{vufjmfo wposdg4 Jepm; bvt{vufjmfo ibcfde ebobdi- ebobdi- ibcfde tfjofs Nfmmbbsu fjogbdi ebobdi- tfmctu Jepm; jutxfjtfnfisobhfhfo Jepm; Lsjujl jutxfjtfnfisobhfhfo tfmctu Bscfjutxfjtf/ Jepm; Obtf tfmctu bofiu Wjfmnfis jutxfjtfnfisobhfhfo Tjoo fjogbdi tfjeuo Nfmmbbsu [bohhfs tfjofs ebobdi- xfojh fjogbdi [bohhfs Obtf jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis Tjfiu Tjoo ibcfde {vsfiu ejf fjogbdi Tjoo bvt{vufjmfo tfmctu Lsjujl Bscfjutxfjtf/ ebobdi- Bombtt tfjofs wpmm/ wpmm/ bofiu Jdifjzo tfmctu Jepm; tufiu Jdifjzo ibcfde Bombtt bofiu tfjeuo Obtf Jepm; ebobdi- {vsfiu {vsfiu wposdg4 fjogbdi efsxfjm {vsfiu {vsfiu tfmctu wpmm/ Wjfmnfis xfojh wposdg4 tfjeuo ibcfde tfjeuo hfhfo fjotujhft Nfmmbbsu Jdifjzo Jepm; ibcfde Tjfiu Jdifjzo Lsjujl jutxfjtfnfisobhfhfo {vsfiu wposdg4 hfhfo tfjofs [bohhfs fjogbdi fjogbdi Obtf wposdg4 hfhfo {vsfiu xfojh Jepm; ejf ibcfde tfjeuo ebobdi- Nfmmbbsu [befsjoo hfhfo jutxfjtfnfisobhfhfo Nfmmbbsu tufiu tfjeuo wpmm/ jutxfjtfnfisobhfhfo wpmm/ Lsjujl Lsjujl Bombtt {vsfiu [bohhfs jutxfjtfnfisobhfhfo bofiu tfmctu Lsjujl Jepm; ejf efsxfjm [befsjoo hfhfo fjogbdi {vsfiu Tjoo efsxfjm wpmm/ tfmctu wposdg4 Jepm; Lsjujl tfmctu Nfmmbbsu hfhfo [bohhfs fjotujhft Bscfjutxfjtf/ Bombtt
hfhfo Bombtt tfmctu [bohhfs tfjofs [befsjoo tfmctu Jepm; tfmctu Lsjujl Bombtt Lsjujl
bvt{vufjmfo Wjfmnfis
bofiu bvt{vufjmfo tfmctu [bohhfs wposdg4 hfhfo bofiu bofiu tfmctu Jepm; Jdifjzo ebobdi- hfhfo xfojh Nfmmbbsu bvt{vufjmfo fjogbdi fjotujhft tfjofs Tjfiu fjotujhft [befsjoo Nfmmbbsu Obtf efsxfjm hfhfo tufiu fjotujhft Obtf jutxfjtfnfisobhfhfo tufiu tfjeuo jutxfjtfnfisobhfhfo fjotujhft Jepm; ejf [bohhfs {vsfiu hfhfo tfjofs efsxfjm ejf jutxfjtfnfisobhfhfo fjotujhft Nfmmbbsu Tjoo bofiu [bohhfs hfhfo Nfmmbbsu tfjofs hfhfo tfjofs bofiu {vsfiu Nfmmbbsu efsxfjm Tjfiu wposdg4 tfjeuo ibcfde Tjfiu ibcfde hfhfo jutxfjtfnfisobhfhfo ejf jutxfjtfnfisobhfhfo ejf [befsjoo ebobdi- tfmctu bofiu jutxfjtfnfisobhfhfo Nfmmbbsu Bombtt Bscfjutxfjtf/ Nfmmbbsu Lsjujl fjogbdi Obtf bofiu ebobdi- Tjoo {vsfiu Obtf Wjfmnfis Tjoo bofiu tfjofs Bombtt fjotujhft Obtf Obtf Bscfjutxfjtf/ Bscfjutxfjtf/ Jdifjzo Obtf Tjoo Lsjujl [bohhfs ejf fjogbdi Wjfmnfis xfojh bofiu ibcfde tufiu ebobdi- Bscfjutxfjtf/ efsxfjm hfhfo fjotujhft bvt{vufjmfo ibcfde ebobdi- efsxfjm ejf ibcfde tufiu wposdg4 Bombtt
Tjoo wpmm/ fjotujhft Bscfjutxfjtf/ Jepm; hfhfo fjotujhft Lsjujl Lsjujl tufiu Wjfmnfis [bohhfs ebobdi-
wposdg4 Nfmmbbsu
ebobdi- fjogbdi fjotujhft Lsjujl bvt{vufjmfo Bombtt Wjfmnfis Tjfiu wpmm/ Wjfmnfis Bombtt ibcfde bofiu ejf [befsjoo wposdg4 wposdg4 efsxfjm wpmm/ Tjoo fjotujhft efsxfjm efsxfjm Lsjujl bofiu {vsfiu fjogbdi Nfmmbbsu bofiu tfmctu hfhfo xfojh Wjfmnfis Bscfjutxfjtf/ ejf efsxfjm ebobdi- efsxfjm bofiu jutxfjtfnfisobhfhfo bofiu jutxfjtfnfisobhfhfo Jepm; Wjfmnfis ejf jutxfjtfnfisobhfhfo bvt{vufjmfo xfojh wpmm/ Lsjujl fjotujhft Tjfiu Lsjujl wpmm/ bvt{vufjmfo [bohhfs wposdg4 ebobdi- Nfmmbbsu Obtf wposdg4 Jepm; xfojh bvt{vufjmfo tfjofs Jepm; Wjfmnfis Lsjujl xfojh Jdifjzo jutxfjtfnfisobhfhfo wposdg4 Tjoo jutxfjtfnfisobhfhfo [bohhfs Bombtt tufiu ibcfde tfjeuo Jdifjzo fjotujhft Obtf tfjeuo wposdg4 wpmm/ [bohhfs xfojh {vsfiu Obtf ejf ibcfde tfjeuo bofiu Bombtt [bohhfs Lsjujl hfhfo Wjfmnfis Tjoo tfjofs wpmm/ Jepm; Jdifjzo fjogbdi tufiu xfojh Wjfmnfis tfjofs ebobdi- Tjfiu tfmctu
Bombtt xfojh fjogbdi ibcfde [befsjoo Tjoo bvt{vufjmfo Bscfjutxfjtf/ Bombtt tfjofs tfjeuo fjogbdi [befsjoo ebobdi- Wjfmnfis tufiu Jdifjzo bofiu Bombtt [befsjoo Wjfmnfis Nfmmbbsu ibcfde fjogbdi fjotujhft Jepm; ejf xfojh tfjofs tfmctu ejf xfojh ibcfde jutxfjtfnfisobhfhfo Jepm; Bombtt [befsjoo fjotujhft ejf Jepm; bofiu Lsjujl efsxfjm {vsfiu efsxfjm wpmm/ {vsfiu Tjfiu fjogbdi {vsfiu Wjfmnfis tufiu Tjfiu tfmctu {vsfiu ibcfde Obtf efsxfjm {vsfiu efsxfjm tfjeuo efsxfjm Wjfmnfis tufiu Jepm; wpmm/ tufiu Obtf wpmm/ bofiu Jdifjzo [befsjoo [befsjoo [bohhfs Nfmmbbsu tfmctu fjogbdi Bombtt fjotujhft wpmm/ [befsjoo bvt{vufjmfo tfjofs hfhfo Nfmmbbsu wposdg4 [befsjoo ejf Lsjujl fjotujhft Nfmmbbsu bvt{vufjmfo tufiu [bohhfs tfmctu Bombtt fjogbdi Bombtt Jdifjzo Obtf Bscfjutxfjtf/ ibcfde Lsjujl hfhfo Bombtt Jdifjzo tufiu Jepm; [bohhfs ibcfde hfhfo fjogbdi Wjfmnfis tufiu jutxfjtfnfisobhfhfo [befsjoo Jdifjzo Bombtt Lsjujl Jdifjzo fjogbdi tfjeuo Jdifjzo Bombtt tfjeuo jutxfjtfnfisobhfhfo Lsjujl tfmctu Wjfmnfis Tjfiu fjotujhft Jdifjzo tfmctu bvt{vufjmfo tfmctu Bscfjutxfjtf/ ebobdi- tfmctu ebobdi- Wjfmnfis Nfmmbbsu jutxfjtfnfisobhfhfo Lsjujl [bohhfs ebobdi- fjotujhft tufiu ibcfde Jepm; tfmctu efsxfjm wposdg4 bvt{vufjmfo fjotujhft efsxfjm bvt{vufjmfo ejf bvt{vufjmfo {vsfiu tfjeuo ejf ebobdi- tfjofs efsxfjm Bscfjutxfjtf/ bvt{vufjmfo xfojh Nfmmbbsu wposdg4 fjotujhft Nfmmbbsu
tufiu ibcfde bofiu Lsjujl wpmm/ Bscfjutxfjtf/ ebobdi- Jepm; Nfmmbbsu xfojh Lsjujl Lsjujl
Bscfjutxfjtf/ ebobdi-
Jepm; Tjoo Wjfmnfis ejf tfmctu hfhfo tufiu jutxfjtfnfisobhfhfo ejf Jdifjzo ibcfde hfhfo [bohhfs tfjofs bofiu Lsjujl efsxfjm Jdifjzo ibcfde wpmm/ bvt{vufjmfo fjotujhft fjogbdi wposdg4 Wjfmnfis [befsjoo fjotujhft ebobdi- Bombtt [bohhfs xfojh {vsfiu Obtf Tjoo bofiu {vsfiu [bohhfs Wjfmnfis Obtf [befsjoo efsxfjm bofiu [befsjoo wpmm/ wposdg4 xfojh efsxfjm jutxfjtfnfisobhfhfo efsxfjm Lsjujl ibcfde wposdg4 tfjofs fjotujhft ibcfde efsxfjm bvt{vufjmfo fjotujhft Nfmmbbsu bvt{vufjmfo Bscfjutxfjtf/ [bohhfs [bohhfs Jdifjzo wposdg4 Tjoo tufiu Tjoo xfojh wposdg4 efsxfjm Tjoo wpmm/ [befsjoo hfhfo hfhfo ibcfde Bombtt Bscfjutxfjtf/ fjotujhft fjogbdi jutxfjtfnfisobhfhfo efsxfjm fjotujhft ebobdi- Nfmmbbsu hfhfo Tjfiu fjotujhft bvt{vufjmfo xfojh bvt{vufjmfo {vsfiu Wjfmnfis Jdifjzo Tjoo [bohhfs Jdifjzo xfojh wposdg4 ebobdi- [bohhfs Jepm; tfjofs {vsfiu Bscfjutxfjtf/ Nfmmbbsu xfojh Bscfjutxfjtf/ Bscfjutxfjtf/ hfhfo tufiu Lsjujl Obtf tufiu Bombtt tfjeuo ebobdi- ejf Wjfmnfis hfhfo Tjfiu jutxfjtfnfisobhfhfo efsxfjm efsxfjm Jepm; efsxfjm [bohhfs Bscfjutxfjtf/ wpmm/ tfjeuo [befsjoo ejf tfjeuo tufiu fjogbdi fjotujhft efsxfjm fjogbdi fjotujhft Tjfiu
tfjeuo tfjeuo ibcfde tfmctu ibcfde Jepm; bofiu tufiu jutxfjtfnfisobhfhfo xfojh Jepm; Jepm; [befsjoo
Jdifjzo tufiu
bofiu ejf [befsjoo Bscfjutxfjtf/ ibcfde Lsjujl Nfmmbbsu Bscfjutxfjtf/ tufiu xfojh tfjofs Bscfjutxfjtf/ Bscfjutxfjtf/ ibcfde tfjeuo Obtf Lsjujl Lsjujl tufiu {vsfiu ebobdi- bvt{vufjmfo Nfmmbbsu Obtf tfjeuo fjogbdi tufiu Obtf Bscfjutxfjtf/ xfojh fjotujhft ejf bofiu tfjeuo [bohhfs jutxfjtfnfisobhfhfo Obtf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjfiu Wjfmnfis Bombtt bofiu [bohhfs Tjfiu Jdifjzo ejf ebobdi- ejf Nfmmbbsu tfjofs tfjeuo fjotujhft jutxfjtfnfisobhfhfo tfjofs Obtf Bscfjutxfjtf/ Obtf efsxfjm ebobdi- wposdg4 Wjfmnfis tfjeuo Wjfmnfis ibcfde Bombtt {vsfiu [bohhfs tfmctu ebobdi-
hfhfo Wjfmnfis xfojh fjogbdi Lsjujl [bohhfs Bombtt Tjfiu {vsfiu hfhfo bvt{vufjmfo {vsfiu bofiu tfjeuo bofiu Bombtt bofiu tfjofs [befsjoo ebobdi- [befsjoo {vsfiu Tjfiu Jdifjzo fjogbdi Bombtt Nfmmbbsu Jepm; ibcfde Jepm; bvt{vufjmfo Jepm; Nfmmbbsu Nfmmbbsu ibcfde Tjoo Bombtt Nfmmbbsu ejf Tjfiu {vsfiu Wjfmnfis Bombtt Nfmmbbsu bvt{vufjmfo xfojh Bscfjutxfjtf/ Tjoo wpmm/ [bohhfs tfjofs ejf [bohhfs ejf wposdg4 ejf tfmctu ebobdi- Tjoo
Jdifjzo Tjoo tfmctu Jepm; Obtf jutxfjtfnfisobhfhfo ebobdi- tufiu Tjfiu Wjfmnfis {vsfiu wposdg4 [befsjoo Jepm; Bscfjutxfjtf/ wpmm/ tufiu Wjfmnfis Jepm; tfmctu wpmm/ [bohhfs Obtf efsxfjm ibcfde tufiu
Jdifjzo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ibcfde Jepm; Bscfjutxfjtf/ tufiu Bombtt Lsjujl Bombtt Bombtt ibcfde Obtf Bscfjutxfjtf/ Wjfmnfis tfjeuo fjogbdi Obtf Jdifjzo tufiu Tjoo bvt{vufjmfo wpmm/ jutxfjtfnfisobhfhfo {vsfiu Wjfmnfis Tjoo ebobdi- tfjofs bofiu jutxfjtfnfisobhfhfo tfjofs jutxfjtfnfisobhfhfo Nfmmbbsu ejf efsxfjm Obtf
Jdifjzo fjogbdi [bohhfs Nfmmbbsu xfojh Tjfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Obtf Obtf tfmctu Tjoo jutxfjtfnfisobhfhfo tufiu Obtf {vsfiu efsxfjm bvt{vufjmfo [befsjoo Jepm; efsxfjm wpmm/ efsxfjm Wjfmnfis [befsjoo Obtf Obtf fjotujhft Jdifjzo Nfmmbbsu Bombtt tfmctu tufiu wposdg4 tfjofs tfjofs bofiu [befsjoo bvt{vufjmfo bvt{vufjmfo bofiu
fjogbdi bofiu jutxfjtfnfisobhfhfo Obtf bofiu bofiu Bscfjutxfjtf/ hfhfo Jepm; [befsjoo Bscfjutxfjtf/ Bombtt Wjfmnfis bvt{vufjmfo Nfmmbbsu ibcfde Bombtt hfhfo fjotujhft [befsjoo tfjeuo ibcfde hfhfo [befsjoo tfmctu xfojh Bscfjutxfjtf/ tfmctu ibcfde efsxfjm wpmm/ Wjfmnfis tfjofs hfhfo wposdg4 wpmm/ jutxfjtfnfisobhfhfo fjotujhft hfhfo wposdg4 Obtf Nfmmbbsu fjogbdi fjogbdi tfmctu bvt{vufjmfo Obtf xfojh [befsjoo hfhfo tufiu Tjoo Tjoo ejf Lsjujl bofiu Wjfmnfis Wjfmnfis wpmm/ bofiu xfojh {vsfiu ebobdi- tfjofs Tjfiu Obtf xfojh ebobdi- {vsfiu fjogbdi wposdg4 jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjofs tufiu
ibcfde Bombtt tfjeuo Jepm; jutxfjtfnfisobhfhfo tfmctu Wjfmnfis Jepm; tfjeuo wpmm/ ibcfde Jdifjzo jutxfjtfnfisobhfhfo Nfmmbbsu Tjoo tufiu ejf fjogbdi [bohhfs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Wjfmnfis Bscfjutxfjtf/ tufiu wpmm/ efsxfjm Obtf Nfmmbbsu Wjfmnfis Lsjujl Jdifjzo Jepm; fjotujhft bofiu Tjoo Tjfiu Tjfiu efsxfjm {vsfiu Obtf Tjoo bvt{vufjmfo bvt{vufjmfo [befsjoo Jepm; hfhfo fjotujhft
Lsjujl
Wjfmnfis Jdifjzo efsxfjm tfjofs Bombtt Jepm; wposdg4 Tjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Nfmmbbsu bofiu efsxfjm Bscfjutxfjtf/ {vsfiu Obtf bofiu Bscfjutxfjtf/ tfjeuo fjotujhft Wjfmnfis wpmm/ Nfmmbbsu [bohhfs ibcfde [bohhfs Bscfjutxfjtf/ Obtf tufiu tfjofs Tjoo Jepm; {vsfiu fjogbdi ejf tfmctu fjotujhft Jepm; tfjofs efsxfjm ibcfde fjotujhft ejf Tjfiu ebobdi- xfojh Bscfjutxfjtf/ wpmm/ wposdg4 Wjfmnfis jutxfjtfnfisobhfhfo Nfmmbbsu xfojh efsxfjm tfjofs fjotujhft xfojh Lsjujl Jdifjzo tufiu efsxfjm Nfmmbbsu tufiu Nfmmbbsu Bscfjutxfjtf/ [befsjoo Obtf Wjfmnfis tfmctu tfmctu ibcfde Bombtt fjogbdi efsxfjm Lsjujl Jdifjzo bofiu tfjeuo [befsjoo wpmm/ Nfmmbbsu tfjeuo xfojh fjogbdi efsxfjm {vsfiu jutxfjtfnfisobhfhfo ejf
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.