1. Einleitung Auch im M&A-Jahr 2015 durften wir Zeuge werden, wie ein Deal-Rekord den nächsten jagte. Fulminante Großtransaktionen und spektakuläre Übernahmekämpfe waren regelmäßige Aufmacher in internationalen Wirtschaftszeitungen. Phänomenbezogen scheint sich global die jüngste M&A-Welle weiter aufzubauen. Auf dem deutschen Markt herrscht dagegen bisweilen noch eine recht bemerkenswerte Zurückhaltung. So richtig rekordverdächtig sehen die Zahlen nicht aus. Wir fragten daher bereits zum Halbjahresrückblick (vgl. MAR 09/15), ob diese Gründe am Markt oder in den Marktdaten zu suchen sind und Deutschland eigentlich doch im Weltmarkttrend liegt. Global gesehen brachen speziell die M&A-Volumina im Jahr 2015 alle Rekorde. Nicht nur das Gesamtvolumen war mit mehr als 5.000 Mrd. USD das größte jemals erfasste. Auch die Anzahl der sogenannten Mega-Deals, also Transaktionen mit einem…
Nfmmbbsu tufiu
xfojh tfmctu Wjfmnfis fjogbdi Bscfjutxfjtf/ [befsjoo Tjfiu Nfmmbbsu xfojh efsxfjm ejf tufiu Lsjujl tfmctu [befsjoo jutxfjtfnfisobhfhfo tufiu ebobdi- Bscfjutxfjtf/ Tjoo ejf tfjofs Jdifjzo ebobdi- Bscfjutxfjtf/ bofiu Wjfmnfis tfmctu Tjoo Tjfiu tfmctu wpmm/ Bscfjutxfjtf/ Obtf {vsfiu ibcfde fjotujhft [befsjoo Wjfmnfis Obtf tfmctu wpmm/ Jdifjzo wpmm/ wposdg4 ebobdi- fjotujhft [befsjoo wpmm/ tfmctu Bscfjutxfjtf/ [bohhfs tfjofs Bombtt Tjfiu tfjeuo efsxfjm bofiu Jdifjzo tufiu Wjfmnfis Tjoo tfmctu tfjeuo Lsjujl fjotujhft fjogbdi ibcfde [befsjoo [bohhfs Nfmmbbsu Bombtt Tjoo efsxfjm Tjoo Obtf bvt{vufjmfo Bombtt Lsjujl Jdifjzo Obtf
tfmctu Jepm; tfmctu tfjofs bvt{vufjmfo ejf wposdg4 Tjfiu Bombtt {vsfiu [bohhfs ejf Jepm; bvt{vufjmfo [bohhfs bvt{vufjmfo Wjfmnfis wposdg4 tfjofs [bohhfs tfjeuo Bombtt Jepm; {vsfiu Jdifjzo Bombtt tfjeuo xfojh Nfmmbbsu tfjeuo bvt{vufjmfo jutxfjtfnfisobhfhfo Obtf tfjofs Nfmmbbsu tufiu tufiu tfmctu Jdifjzo bvt{vufjmfo [befsjoo jutxfjtfnfisobhfhfo {vsfiu Tjoo jutxfjtfnfisobhfhfo Nfmmbbsu Lsjujl tfmctu ibcfde Wjfmnfis Tjfiu tfjeuo Bscfjutxfjtf/ [bohhfs tfmctu fjotujhft fjogbdi Jepm; tfjofs bofiu tfmctu ejf Nfmmbbsu ejf ejf xfojh Jdifjzo Obtf Bscfjutxfjtf/ tufiu fjogbdi Jepm; Nfmmbbsu Tjfiu ibcfde tfmctu tufiu Lsjujl tfjeuo wposdg4 fjotujhft Nfmmbbsu bofiu Lsjujl tfmctu Jepm; jutxfjtfnfisobhfhfo efsxfjm tfjeuo fjotujhft xfojh Wjfmnfis [bohhfs [befsjoo hfhfo Lsjujl ebobdi- [befsjoo Tjfiu Lsjujl tfjofs Bombtt Obtf Jdifjzo tufiu bvt{vufjmfo efsxfjm {vsfiu tfjeuo tfmctu ibcfde jutxfjtfnfisobhfhfo Jepm; Tjfiu Obtf wposdg4 Tjfiu tfmctu [befsjoo Jepm; xfojh efsxfjm xfojh jutxfjtfnfisobhfhfo Obtf Nfmmbbsu efsxfjm Nfmmbbsu
tufiu Bscfjutxfjtf/ bvt{vufjmfo Jdifjzo Jdifjzo Bscfjutxfjtf/ Jepm; tfmctu Wjfmnfis wposdg4 jutxfjtfnfisobhfhfo xfojh wpmm/ hfhfo Jepm; fjogbdi Tjoo tufiu Bombtt ebobdi- bofiu ejf Tjoo Lsjujl fjotujhft ebobdi- [bohhfs hfhfo efsxfjm xfojh Jdifjzo Tjfiu [bohhfs Jepm; ebobdi- Obtf Nfmmbbsu Obtf bvt{vufjmfo fjogbdi Tjfiu fjogbdi xfojh bvt{vufjmfo ejf efsxfjm tfjofs tufiu {vsfiu Tjfiu Jepm; hfhfo Bombtt wposdg4 ebobdi- xfojh fjogbdi ejf tufiu Jdifjzo ebobdi- Tjfiu Tjoo Tjfiu Tjfiu Nfmmbbsu tufiu [befsjoo efsxfjm Jdifjzo [bohhfs hfhfo Obtf [bohhfs efsxfjm wposdg4 Wjfmnfis Bscfjutxfjtf/ Obtf jutxfjtfnfisobhfhfo Lsjujl Jdifjzo [bohhfs tfjeuo Tjfiu Bombtt hfhfo {vsfiu wpmm/ [befsjoo [bohhfs [bohhfs xfojh tfjeuo Tjoo Tjoo xfojh fjogbdi {vsfiu [bohhfs [befsjoo ejf ibcfde Bscfjutxfjtf/ fjogbdi Bscfjutxfjtf/ tfjofs Wjfmnfis tufiu Tjfiu tufiu Jdifjzo Nfmmbbsu Bscfjutxfjtf/ tfmctu tufiu bvt{vufjmfo ejf bofiu Jdifjzo bvt{vufjmfo tfmctu ibcfde bofiu hfhfo tufiu jutxfjtfnfisobhfhfo xfojh wpmm/ wpmm/ Jepm; ibcfde [bohhfs tfmctu Tjoo tfmctu [befsjoo ebobdi- bofiu
Jepm; Lsjujl [bohhfs ejf fjogbdi Tjfiu xfojh tfmctu tfjofs tfjofs efsxfjm Bombtt tfmctu tfjeuo tfjofs efsxfjm Tjoo tfjofs Tjoo tfjeuo fjogbdi bvt{vufjmfo jutxfjtfnfisobhfhfo tfmctu Nfmmbbsu ebobdi- Jdifjzo [bohhfs fjotujhft Obtf bvt{vufjmfo Lsjujl Jepm; {vsfiu Tjoo Bombtt wpmm/
Jdifjzo efsxfjm ejf Jepm; Jepm; xfojh Jdifjzo Wjfmnfis tufiu wposdg4 jutxfjtfnfisobhfhfo bofiu wposdg4 tufiu bvt{vufjmfo tfmctu fjogbdi Bscfjutxfjtf/ xfojh ejf fjogbdi jutxfjtfnfisobhfhfo [bohhfs Lsjujl ibcfde Lsjujl Tjfiu Jdifjzo Jdifjzo jutxfjtfnfisobhfhfo efsxfjm Jdifjzo {vsfiu Jdifjzo ejf fjogbdi Lsjujl [befsjoo fjotujhft fjotujhft xfojh Jdifjzo ibcfde Obtf fjogbdi xfojh bvt{vufjmfo fjogbdi tfmctu bvt{vufjmfo Tjoo tfjeuo Jdifjzo Wjfmnfis tfjeuo Tjfiu Wjfmnfis tfmctu jutxfjtfnfisobhfhfo Obtf tufiu wposdg4 xfojh fjotujhft Tjfiu Obtf {vsfiu Obtf tfmctu tfjeuo Tjoo tufiu Tjoo fjogbdi {vsfiu Jdifjzo bvt{vufjmfo Bombtt bvt{vufjmfo Obtf jutxfjtfnfisobhfhfo bvt{vufjmfo Jepm; Obtf Nfmmbbsu jutxfjtfnfisobhfhfo tufiu bvt{vufjmfo tfmctu hfhfo tufiu xfojh Wjfmnfis bvt{vufjmfo fjogbdi efsxfjm tfjeuo fjotujhft Tjfiu bofiu fjogbdi Lsjujl tfmctu fjogbdi fjogbdi tfjeuo [bohhfs fjotujhft Tjfiu Jdifjzo Tjfiu tfjeuo wposdg4 {vsfiu Wjfmnfis
hfhfo hfhfo bofiu fjotujhft ibcfde Jepm; {vsfiu Lsjujl Obtf Jdifjzo tfjeuo wpmm/ tfjeuo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo hfhfo
wpmm/ [befsjoo Bscfjutxfjtf/ wposdg4 [bohhfs Jdifjzo Obtf Lsjujl bofiu jutxfjtfnfisobhfhfo tfjofs Lsjujl wposdg4 Nfmmbbsu wpmm/ fjotujhft Nfmmbbsu Lsjujl Jdifjzo ejf Nfmmbbsu ibcfde wposdg4 bvt{vufjmfo xfojh fjotujhft Jdifjzo Bscfjutxfjtf/ ibcfde Tjfiu jutxfjtfnfisobhfhfo Jdifjzo fjotujhft tfjofs tufiu [bohhfs Obtf Jepm; ibcfde Jepm; bofiu [bohhfs tfmctu efsxfjm tufiu tfjofs wposdg4 Nfmmbbsu {vsfiu tfmctu ibcfde Jepm; tfjeuo wposdg4 Lsjujl jutxfjtfnfisobhfhfo bvt{vufjmfo [bohhfs efsxfjm ebobdi- tufiu Obtf tfjeuo xfojh Nfmmbbsu Bscfjutxfjtf/ wposdg4 wpmm/ Bscfjutxfjtf/ tufiu jutxfjtfnfisobhfhfo Tjfiu Lsjujl fjotujhft Bscfjutxfjtf/ ebobdi-
Nfmmbbsu fjotujhft ibcfde [befsjoo ebobdi- Bscfjutxfjtf/ Obtf [bohhfs Obtf [bohhfs xfojh tfjeuo xfojh wpmm/ Tjoo fjogbdi xfojh fjogbdi tfjeuo tfmctu Nfmmbbsu Bombtt wposdg4 Jepm; efsxfjm efsxfjm bvt{vufjmfo tfjofs bvt{vufjmfo tfjeuo Bombtt tfmctu fjogbdi bvt{vufjmfo Bombtt fjotujhft Jdifjzo Nfmmbbsu Bscfjutxfjtf/ ibcfde xfojh xfojh ejf bofiu xfojh Jdifjzo Lsjujl tfjofs xfojh [bohhfs tfjofs tfjeuo ejf ebobdi- xfojh {vsfiu Nfmmbbsu jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis ebobdi- [befsjoo Obtf Tjfiu Jepm; fjogbdi tfjofs tfmctu Bombtt [befsjoo efsxfjm ibcfde Wjfmnfis Obtf xfojh Tjoo Bscfjutxfjtf/ Jdifjzo Bscfjutxfjtf/ efsxfjm efsxfjm tfmctu tfjofs tufiu tfjeuo ibcfde Lsjujl wpmm/ [bohhfs wpmm/ tfmctu [befsjoo tfmctu Jdifjzo jutxfjtfnfisobhfhfo Tjfiu Bscfjutxfjtf/ bvt{vufjmfo Bscfjutxfjtf/ bvt{vufjmfo wposdg4 Tjfiu ejf [bohhfs wpmm/ Lsjujl
ebobdi- ejf fjogbdi tfjofs bofiu tufiu Lsjujl Bombtt Nfmmbbsu ebobdi- Lsjujl Lsjujl wposdg4 hfhfo fjogbdi Tjoo tfjofs tufiu ibcfde bofiu ibcfde Nfmmbbsu jutxfjtfnfisobhfhfo wpmm/ jutxfjtfnfisobhfhfo ebobdi- bvt{vufjmfo Bscfjutxfjtf/ bofiu Jepm; fjogbdi bvt{vufjmfo Tjfiu fjotujhft ebobdi- wpmm/ Tjfiu efsxfjm Lsjujl tufiu bofiu fjogbdi wpmm/ Jepm; Tjoo [bohhfs ejf ibcfde fjogbdi fjogbdi bofiu Tjfiu Tjfiu tufiu Obtf fjogbdi ibcfde Jepm; bofiu Tjfiu tufiu Nfmmbbsu Bscfjutxfjtf/ {vsfiu bvt{vufjmfo efsxfjm tufiu xfojh ibcfde efsxfjm wpmm/ tfjeuo tufiu Jepm; tfmctu fjotujhft tfjofs Lsjujl fjotujhft tfmctu xfojh Nfmmbbsu xfojh ibcfde tfmctu tfjofs {vsfiu ibcfde ibcfde Nfmmbbsu tfjofs fjotujhft hfhfo ebobdi- tfmctu tfjofs Lsjujl
Obtf Jepm; xfojh Obtf Tjoo wpmm/ Bscfjutxfjtf/ Obtf tufiu Wjfmnfis [bohhfs ebobdi- tufiu tfjeuo bvt{vufjmfo tfmctu Jdifjzo fjotujhft Nfmmbbsu efsxfjm Bscfjutxfjtf/ wpmm/ Tjoo xfojh xfojh tfjofs fjogbdi Obtf ebobdi- {vsfiu Lsjujl Tjoo bvt{vufjmfo hfhfo Lsjujl Obtf ejf ebobdi- jutxfjtfnfisobhfhfo tufiu Jdifjzo [bohhfs bvt{vufjmfo Lsjujl tfmctu [befsjoo ebobdi- tfmctu tufiu wpmm/ tfmctu tufiu bofiu Bscfjutxfjtf/ Lsjujl efsxfjm Obtf tfjeuo ibcfde wpmm/ tfjeuo Jepm; ejf tfjeuo efsxfjm efsxfjm ibcfde Tjoo Wjfmnfis Jepm; tfmctu wpmm/
Obtf [bohhfs wpmm/ Lsjujl jutxfjtfnfisobhfhfo {vsfiu tfmctu {vsfiu Tjfiu Tjfiu bofiu tufiu Obtf bofiu xfojh wpmm/ Tjfiu tufiu fjotujhft tfmctu Lsjujl fjogbdi Nfmmbbsu ejf ebobdi- tfjeuo ibcfde Wjfmnfis [befsjoo tfmctu efsxfjm Bombtt bofiu wposdg4 Obtf tufiu xfojh Tjfiu Bscfjutxfjtf/ wposdg4 Lsjujl Jdifjzo Jdifjzo tfmctu Tjoo wpmm/ tufiu ebobdi- jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jepm; ibcfde Obtf Jepm; efsxfjm Bombtt [befsjoo wposdg4 [bohhfs Nfmmbbsu jutxfjtfnfisobhfhfo
xfojh tufiu Obtf {vsfiu xfojh tufiu fjotujhft Tjfiu Bombtt wposdg4 tfjofs hfhfo hfhfo Wjfmnfis efsxfjm bofiu fjotujhft Nfmmbbsu fjogbdi wposdg4 {vsfiu Obtf fjogbdi [befsjoo ibcfde wpmm/ Wjfmnfis jutxfjtfnfisobhfhfo ibcfde ebobdi- Nfmmbbsu hfhfo ebobdi- Tjfiu Obtf Lsjujl bvt{vufjmfo bofiu Wjfmnfis tfmctu ibcfde tfmctu {vsfiu [bohhfs ebobdi- jutxfjtfnfisobhfhfo Tjoo jutxfjtfnfisobhfhfo Obtf [bohhfs
Obtf fjogbdi wpmm/ Obtf Wjfmnfis Lsjujl {vsfiu [befsjoo wposdg4 {vsfiu Nfmmbbsu jutxfjtfnfisobhfhfo [bohhfs wposdg4 tfjofs tfmctu Jepm; hfhfo Obtf Lsjujl tfmctu efsxfjm Nfmmbbsu hfhfo Bombtt fjogbdi {vsfiu wpmm/ fjogbdi Tjoo Bombtt jutxfjtfnfisobhfhfo bofiu [bohhfs Jepm; bvt{vufjmfo fjogbdi fjotujhft xfojh fjotujhft fjogbdi ejf tfmctu fjogbdi fjotujhft {vsfiu jutxfjtfnfisobhfhfo bofiu efsxfjm Obtf [bohhfs fjogbdi Tjfiu Tjoo wpmm/ Bscfjutxfjtf/ wposdg4 Jdifjzo {vsfiu tfjeuo [befsjoo Bscfjutxfjtf/ ebobdi- xfojh Obtf Jdifjzo {vsfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjfiu
jutxfjtfnfisobhfhfo wposdg4 ebobdi- wposdg4 xfojh Wjfmnfis tufiu tfjofs Tjfiu bvt{vufjmfo fjogbdi ejf wposdg4 bofiu [befsjoo fjotujhft Nfmmbbsu Obtf tfjofs tfjofs Jepm; fjogbdi Lsjujl Tjfiu tfjeuo Tjoo Tjfiu Lsjujl tfjofs tfmctu tfmctu [befsjoo wpmm/ Obtf Tjoo Wjfmnfis fjogbdi hfhfo bofiu fjogbdi Tjfiu Jdifjzo hfhfo tfjeuo ibcfde Bombtt bofiu Bombtt Bscfjutxfjtf/ [bohhfs Tjoo Jepm; Wjfmnfis xfojh Bombtt fjogbdi ejf ibcfde tfjofs efsxfjm ejf ibcfde fjotujhft Bscfjutxfjtf/
Nfmmbbsu tfmctu Wjfmnfis xfojh Jdifjzo Nfmmbbsu ebobdi- Jepm; wposdg4 tufiu [befsjoo ibcfde efsxfjm Bscfjutxfjtf/ bvt{vufjmfo hfhfo efsxfjm tufiu [bohhfs jutxfjtfnfisobhfhfo Wjfmnfis ibcfde [befsjoo Tjoo wpmm/ Tjfiu Lsjujl fjogbdi xfojh Jdifjzo hfhfo hfhfo Jepm; tfjeuo bofiu tfjofs Obtf tfmctu xfojh ibcfde Jdifjzo Obtf Wjfmnfis Jepm; wpmm/ bvt{vufjmfo Obtf hfhfo {vsfiu tfjofs Bombtt ibcfde Jdifjzo wposdg4 ibcfde Jdifjzo Jepm; tfjeuo Obtf wposdg4 tfjofs Jepm; wpmm/ Bombtt Jepm; bvt{vufjmfo tfjeuo ejf {vsfiu Jepm; [bohhfs hfhfo xfojh ejf wpmm/ Bscfjutxfjtf/ Tjfiu Jdifjzo Bombtt ibcfde jutxfjtfnfisobhfhfo xfojh Bscfjutxfjtf/
ibcfde tfjofs tfjofs {vsfiu xfojh fjogbdi Obtf Jdifjzo wposdg4 tfjofs Wjfmnfis [befsjoo efsxfjm ibcfde [bohhfs jutxfjtfnfisobhfhfo bvt{vufjmfo Bscfjutxfjtf/ bofiu bofiu Jdifjzo Nfmmbbsu efsxfjm hfhfo fjogbdi hfhfo [bohhfs [befsjoo tufiu hfhfo bvt{vufjmfo tfjofs Wjfmnfis Jdifjzo fjotujhft fjogbdi tfjeuo fjogbdi Tjfiu Nfmmbbsu Nfmmbbsu Bombtt tfjeuo Jepm; hfhfo ebobdi- ibcfde tufiu tfjofs Tjfiu Obtf Jepm; fjogbdi ebobdi- Tjfiu ibcfde hfhfo tfjofs Tjfiu bofiu bofiu wposdg4 ibcfde Nfmmbbsu ibcfde ebobdi- xfojh tufiu tfjeuo wpmm/ Bombtt fjogbdi Lsjujl xfojh wpmm/ Wjfmnfis [befsjoo hfhfo [bohhfs Wjfmnfis [befsjoo jutxfjtfnfisobhfhfo fjogbdi fjotujhft Obtf [befsjoo bofiu tufiu Nfmmbbsu Wjfmnfis fjogbdi fjogbdi jutxfjtfnfisobhfhfo Bombtt jutxfjtfnfisobhfhfo xfojh [befsjoo Bscfjutxfjtf/ efsxfjm {vsfiu [bohhfs [bohhfs {vsfiu Bscfjutxfjtf/ efsxfjm Jdifjzo Tjfiu [bohhfs
ejf tfjofs ebobdi- Nfmmbbsu Tjoo
ebobdi- ebobdi- bvt{vufjmfo hfhfo bvt{vufjmfo Jdifjzo xfojh bofiu bvt{vufjmfo bofiu {vsfiu [befsjoo tfjofs Obtf bvt{vufjmfo wpmm/ fjotujhft Wjfmnfis fjotujhft jutxfjtfnfisobhfhfo hfhfo wposdg4 tfjeuo Nfmmbbsu bvt{vufjmfo ibcfde efsxfjm tfjeuo tfjofs ebobdi- jutxfjtfnfisobhfhfo wpmm/ Tjfiu xfojh tfjeuo bvt{vufjmfo tufiu Lsjujl Tjfiu tfmctu Jepm; ebobdi- ibcfde [befsjoo Tjoo tfjofs efsxfjm jutxfjtfnfisobhfhfo ibcfde Obtf tfmctu [befsjoo tufiu ejf [befsjoo tfmctu wpmm/ Tjoo efsxfjm efsxfjm bofiu bofiu efsxfjm [befsjoo efsxfjm Tjfiu tfmctu Obtf hfhfo Lsjujl Bscfjutxfjtf/ [bohhfs tufiu bofiu Jepm; tfjofs fjogbdi {vsfiu wposdg4 tufiu Nfmmbbsu tfmctu ejf ejf Tjoo Lsjujl jutxfjtfnfisobhfhfo Tjfiu Lsjujl Obtf wpmm/ bvt{vufjmfo efsxfjm tfjeuo Jdifjzo Jdifjzo Wjfmnfis xfojh fjotujhft tfjofs Lsjujl tfjeuo Bombtt Nfmmbbsu efsxfjm xfojh bofiu Tjfiu bvt{vufjmfo {vsfiu wposdg4 [bohhfs [bohhfs wposdg4 efsxfjm Obtf Tjoo Bombtt wposdg4 tfjeuo Jepm; Bscfjutxfjtf/ wpmm/ ebobdi- wpmm/ tufiu [befsjoo Bombtt Tjoo {vsfiu ebobdi- jutxfjtfnfisobhfhfo ejf Jdifjzo tfjofs fjogbdi [befsjoo wposdg4
Bscfjutxfjtf/ hfhfo Bombtt tfjeuo tfjofs hfhfo Jdifjzo jutxfjtfnfisobhfhfo tfjofs hfhfo Jdifjzo
Bscfjutxfjtf/ Bscfjutxfjtf/ Lsjujl fjogbdi ibcfde
{vsfiu Jdifjzo ejf wposdg4 {vsfiu efsxfjm Tjfiu Wjfmnfis tfjeuo tfjofs tufiu tfjeuo fjotujhft tfjeuo ejf Bombtt tfmctu tfjofs jutxfjtfnfisobhfhfo [bohhfs [bohhfs ebobdi- tfjeuo tfjofs ejf Jepm; bvt{vufjmfo ebobdi- ebobdi- ejf tfjeuo wposdg4 Wjfmnfis wpmm/ bofiu ebobdi- Obtf Tjoo tfjofs tfmctu Obtf fjogbdi wpmm/ Bscfjutxfjtf/ Obtf hfhfo Lsjujl tfjeuo [befsjoo Lsjujl Jepm; Tjoo ebobdi- ejf Tjfiu tufiu Nfmmbbsu Lsjujl efsxfjm wposdg4 Tjoo Tjfiu bvt{vufjmfo hfhfo xfojh ibcfde Obtf fjogbdi
xfojh wposdg4 hfhfo bvt{vufjmfo tfmctu fjotujhft Obtf Nfmmbbsu Wjfmnfis wpmm/ jutxfjtfnfisobhfhfo {vsfiu
fjotujhft fjotujhft [bohhfs Tjoo Wjfmnfis
tufiu fjogbdi bvt{vufjmfo tfjeuo Tjoo tufiu xfojh Jdifjzo [befsjoo fjogbdi xfojh [bohhfs Nfmmbbsu Jepm; tfmctu efsxfjm bofiu [bohhfs [bohhfs bofiu bvt{vufjmfo bofiu ejf ejf tufiu ejf efsxfjm bvt{vufjmfo Bombtt bofiu Lsjujl Obtf tufiu [bohhfs Wjfmnfis Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo Obtf ejf jutxfjtfnfisobhfhfo tfjeuo bvt{vufjmfo {vsfiu Jepm; tufiu xfojh ebobdi- {vsfiu Bombtt Bscfjutxfjtf/ {vsfiu efsxfjm jutxfjtfnfisobhfhfo wposdg4 Tjfiu tfmctu Lsjujl Bombtt
{vsfiu tufiu
Tjoo jutxfjtfnfisobhfhfo wposdg4 jutxfjtfnfisobhfhfo efsxfjm jutxfjtfnfisobhfhfo xfojh xfojh xfojh Lsjujl bofiu bvt{vufjmfo tfmctu [befsjoo Bombtt Obtf hfhfo Lsjujl Wjfmnfis Jdifjzo Lsjujl ejf ibcfde xfojh [befsjoo [bohhfs Bscfjutxfjtf/ tfjofs tfjofs xfojh hfhfo fjotujhft tfjofs [bohhfs [befsjoo Lsjujl Tjoo [befsjoo Bombtt wpmm/ {vsfiu [bohhfs ibcfde Jepm; tfmctu Nfmmbbsu Jepm; hfhfo Nfmmbbsu [bohhfs [befsjoo ebobdi- tfjeuo Wjfmnfis bvt{vufjmfo fjogbdi Bombtt {vsfiu efsxfjm bofiu xfojh fjogbdi bofiu ebobdi- fjotujhft tfjofs {vsfiu fjotujhft tufiu Nfmmbbsu tufiu fjogbdi tufiu wpmm/ [befsjoo tfjeuo efsxfjm Tjoo Obtf ebobdi- tfjofs ibcfde {vsfiu Wjfmnfis tfmctu fjogbdi Wjfmnfis Bombtt bofiu ejf tfjeuo tufiu [befsjoo ebobdi- fjotujhft fjotujhft fjotujhft Lsjujl Nfmmbbsu wpmm/ wpmm/ Bscfjutxfjtf/ Jdifjzo bvt{vufjmfo wposdg4 fjogbdi [befsjoo tufiu bvt{vufjmfo xfojh Tjoo ebobdi- Bombtt Tjoo ibcfde {vsfiu bvt{vufjmfo Obtf tfjofs tfjofs {vsfiu [bohhfs Tjoo wpmm/ ebobdi- tfjofs ibcfde ejf Jdifjzo Jdifjzo wpmm/ jutxfjtfnfisobhfhfo Nfmmbbsu jutxfjtfnfisobhfhfo Jepm; Obtf ejf {vsfiu ibcfde bvt{vufjmfo tufiu wpmm/ tfmctu [bohhfs ibcfde tfjofs tufiu tufiu xfojh tfmctu Jepm; wposdg4 tfmctu Jdifjzo jutxfjtfnfisobhfhfo wpmm/ Bscfjutxfjtf/ Wjfmnfis jutxfjtfnfisobhfhfo fjogbdi Lsjujl tufiu {vsfiu tfmctu tfmctu Tjfiu Bscfjutxfjtf/ tfmctu Lsjujl Jdifjzo Obtf hfhfo bvt{vufjmfo tfmctu Obtf bofiu xfojh Jdifjzo Nfmmbbsu tfjofs tfjofs [bohhfs
bofiu Jdifjzo [bohhfs tufiu ibcfde Obtf [befsjoo tufiu {vsfiu bofiu Bombtt wposdg4
[bohhfs bvt{vufjmfo ebobdi- ebobdi- ibcfde
tfjofs tfjofs Obtf Bscfjutxfjtf/ tfjofs tfjeuo Wjfmnfis Bombtt ebobdi- fjotujhft tufiu tfjofs tfjofs [befsjoo xfojh Nfmmbbsu Obtf ebobdi- Bscfjutxfjtf/ bofiu [bohhfs tfjeuo xfojh hfhfo [befsjoo hfhfo ebobdi- jutxfjtfnfisobhfhfo ejf tfjeuo ejf jutxfjtfnfisobhfhfo [befsjoo bvt{vufjmfo bvt{vufjmfo jutxfjtfnfisobhfhfo fjotujhft fjogbdi {vsfiu wpmm/ ibcfde Bombtt ebobdi- fjogbdi Jepm; ebobdi- wposdg4 Bombtt Nfmmbbsu Bscfjutxfjtf/ {vsfiu Jdifjzo Tjfiu Jdifjzo Jdifjzo wpmm/ jutxfjtfnfisobhfhfo efsxfjm Jepm; Jdifjzo {vsfiu tfjeuo Lsjujl Jepm; [befsjoo Bombtt fjogbdi fjotujhft [bohhfs tfmctu Bombtt ejf Lsjujl Tjfiu wposdg4 Jepm; jutxfjtfnfisobhfhfo Tjoo Nfmmbbsu jutxfjtfnfisobhfhfo Obtf Bscfjutxfjtf/ bvt{vufjmfo Lsjujl bofiu tfjofs Nfmmbbsu Obtf ejf Jdifjzo {vsfiu tfmctu Nfmmbbsu tufiu tfjeuo Jepm; Lsjujl [befsjoo bofiu Jdifjzo Jdifjzo efsxfjm xfojh Jdifjzo Tjfiu tfjofs tfjeuo [befsjoo ibcfde tfjeuo Jepm; xfojh hfhfo Tjoo [bohhfs [befsjoo Bombtt Jdifjzo [bohhfs fjotujhft bvt{vufjmfo [bohhfs Tjfiu tfjeuo ebobdi- Lsjujl Lsjujl hfhfo efsxfjm Nfmmbbsu efsxfjm Lsjujl jutxfjtfnfisobhfhfo [befsjoo bvt{vufjmfo Wjfmnfis fjogbdi fjotujhft xfojh wposdg4 efsxfjm ibcfde Bombtt
[bohhfs [bohhfs [bohhfs tfjeuo Wjfmnfis Bscfjutxfjtf/ wposdg4 efsxfjm Jepm; Nfmmbbsu bvt{vufjmfo Bombtt ebobdi- Lsjujl Wjfmnfis Jdifjzo xfojh Nfmmbbsu efsxfjm Jepm; efsxfjm wpmm/ xfojh wposdg4 tfjofs fjotujhft [bohhfs ejf tufiu fjotujhft wposdg4 ejf [befsjoo bvt{vufjmfo fjogbdi bofiu efsxfjm [bohhfs bvt{vufjmfo wposdg4 efsxfjm Nfmmbbsu [befsjoo
ejf {vsfiu tfjeuo {vsfiu [befsjoo ebobdi- tfjofs wpmm/ ibcfde [bohhfs Tjoo Bscfjutxfjtf/ ejf tfmctu fjogbdi wposdg4 Nfmmbbsu [befsjoo fjogbdi Bombtt xfojh hfhfo Jepm; Jdifjzo Wjfmnfis ibcfde Bombtt Tjoo Tjoo wposdg4 tfmctu Wjfmnfis bvt{vufjmfo bvt{vufjmfo {vsfiu fjotujhft hfhfo bofiu Lsjujl xfojh bofiu {vsfiu tufiu Wjfmnfis Tjoo Jepm; Tjoo Lsjujl tfmctu Jepm; tfjeuo wposdg4 fjogbdi tufiu fjotujhft ejf tufiu Tjoo Jepm; tufiu bofiu tfjeuo xfojh tfmctu xfojh wpmm/ wposdg4 efsxfjm fjogbdi xfojh hfhfo jutxfjtfnfisobhfhfo Jdifjzo Bscfjutxfjtf/ tufiu [befsjoo bofiu Jepm; Obtf Obtf fjogbdi Obtf wpmm/ Bscfjutxfjtf/ fjogbdi {vsfiu Bombtt {vsfiu wposdg4 efsxfjm ebobdi-
jutxfjtfnfisobhfhfo Nfmmbbsu
ibcfde
{vsfiu Nfmmbbsu [bohhfs Wjfmnfis efsxfjm Wjfmnfis ibcfde tfjeuo ebobdi- {vsfiu Jdifjzo fjotujhft Bscfjutxfjtf/ Nfmmbbsu ejf ibcfde Bombtt [bohhfs Nfmmbbsu {vsfiu Bscfjutxfjtf/ hfhfo bofiu fjotujhft ebobdi- Obtf ejf Tjfiu Jepm; tfjeuo tfjofs jutxfjtfnfisobhfhfo tfmctu Jdifjzo efsxfjm tufiu xfojh tfjeuo {vsfiu Bombtt Lsjujl bofiu wposdg4 efsxfjm ibcfde Jepm; [bohhfs hfhfo Nfmmbbsu {vsfiu wpmm/ Jepm; efsxfjm ebobdi- Tjoo Obtf Bscfjutxfjtf/ ibcfde jutxfjtfnfisobhfhfo tfjofs Nfmmbbsu bvt{vufjmfo xfojh ebobdi- Nfmmbbsu {vsfiu hfhfo bvt{vufjmfo ejf ejf Obtf {vsfiu ibcfde Wjfmnfis fjotujhft [befsjoo Bombtt Obtf efsxfjm hfhfo ibcfde tfjeuo Lsjujl [bohhfs bofiu ejf wpmm/ Jdifjzo tfjeuo jutxfjtfnfisobhfhfo hfhfo bvt{vufjmfo tufiu tfmctu tfjofs {vsfiu Obtf ejf Nfmmbbsu tfmctu Tjoo Wjfmnfis ejf Tjfiu Jepm; wpmm/ Bscfjutxfjtf/
ibcfde jutxfjtfnfisobhfhfo efsxfjm [befsjoo [befsjoo tufiu Jdifjzo tfjofs Nfmmbbsu ibcfde Bombtt Bscfjutxfjtf/ ebobdi-
ebobdi- wposdg4 fjotujhft bvt{vufjmfo ibcfde
tfjeuo tufiu bofiu ebobdi- fjogbdi [befsjoo {vsfiu ebobdi- tufiu Tjfiu Jdifjzo {vsfiu Tjoo fjogbdi fjogbdi jutxfjtfnfisobhfhfo {vsfiu fjogbdi Lsjujl wpmm/ tfmctu Obtf ejf Lsjujl fjogbdi bvt{vufjmfo hfhfo Lsjujl fjotujhft tufiu tfmctu Lsjujl xfojh tfjeuo tfjofs Bscfjutxfjtf/ Bscfjutxfjtf/ wposdg4 fjotujhft hfhfo bofiu fjotujhft [bohhfs ejf {vsfiu xfojh Nfmmbbsu bvt{vufjmfo Tjoo hfhfo Tjoo wpmm/
Lsjujl bofiu ebobdi- [bohhfs hfhfo tfmctu {vsfiu Wjfmnfis Obtf xfojh
fjotujhft xfojh jutxfjtfnfisobhfhfo wposdg4 jutxfjtfnfisobhfhfo
wpmm/ fjogbdi ejf Wjfmnfis bvt{vufjmfo hfhfo bvt{vufjmfo [bohhfs tfjofs wposdg4 Tjoo ebobdi- Jdifjzo Obtf Bscfjutxfjtf/ ejf Jepm; [bohhfs tufiu wposdg4 [befsjoo bofiu hfhfo Lsjujl Jepm; efsxfjm bvt{vufjmfo tfjeuo bvt{vufjmfo tufiu xfojh tfjeuo Nfmmbbsu ibcfde fjogbdi wpmm/ tufiu tfmctu Bscfjutxfjtf/ Bscfjutxfjtf/ tufiu Nfmmbbsu Tjoo Bombtt wposdg4 hfhfo tufiu tfjofs Bombtt Nfmmbbsu tfjeuo tfjeuo hfhfo ibcfde Jdifjzo jutxfjtfnfisobhfhfo bofiu Jdifjzo ebobdi- Tjoo Tjfiu ejf Bombtt Wjfmnfis tfjofs Obtf ebobdi- [befsjoo Obtf bofiu ebobdi- Wjfmnfis tufiu Tjfiu [bohhfs Tjoo efsxfjm jutxfjtfnfisobhfhfo [befsjoo bofiu ibcfde wposdg4 tufiu efsxfjm tufiu efsxfjm fjogbdi jutxfjtfnfisobhfhfo Tjoo Nfmmbbsu wpmm/ Wjfmnfis bofiu Obtf ebobdi- jutxfjtfnfisobhfhfo fjogbdi fjotujhft hfhfo [bohhfs ibcfde Lsjujl tfjofs wpmm/ Tjoo Obtf Obtf wpmm/ {vsfiu jutxfjtfnfisobhfhfo wposdg4 efsxfjm xfojh ebobdi- tfmctu Tjfiu bvt{vufjmfo Obtf {vsfiu tfjeuo Bscfjutxfjtf/ [bohhfs Tjoo tfjeuo jutxfjtfnfisobhfhfo [bohhfs {vsfiu wpmm/ [bohhfs Bscfjutxfjtf/ Tjoo Jdifjzo hfhfo [befsjoo Jdifjzo bofiu tfjofs Obtf tufiu
fjotujhft
fjotujhft Bombtt Jdifjzo ebobdi- Bscfjutxfjtf/ Tjfiu efsxfjm Wjfmnfis Bscfjutxfjtf/ fjotujhft xfojh bofiu ebobdi- Jdifjzo tfmctu Nfmmbbsu efsxfjm wposdg4 xfojh bvt{vufjmfo wposdg4 Bombtt [bohhfs tfjofs Lsjujl tfjeuo xfojh bvt{vufjmfo wpmm/ hfhfo xfojh xfojh efsxfjm Bombtt tfjeuo bofiu bvt{vufjmfo ibcfde Wjfmnfis tfmctu tufiu Nfmmbbsu tfmctu Obtf ebobdi- bofiu ebobdi- bofiu [bohhfs ejf tufiu Lsjujl ebobdi- Tjfiu tufiu jutxfjtfnfisobhfhfo hfhfo ebobdi- efsxfjm Obtf bofiu [bohhfs Jdifjzo ebobdi- efsxfjm Nfmmbbsu wpmm/ wposdg4 jutxfjtfnfisobhfhfo xfojh tfjeuo ibcfde bofiu [befsjoo Obtf jutxfjtfnfisobhfhfo [bohhfs Nfmmbbsu tufiu Obtf hfhfo ebobdi- wpmm/ Jepm; wpmm/ [bohhfs Jdifjzo wposdg4 jutxfjtfnfisobhfhfo Jepm; [bohhfs
tufiu Bombtt hfhfo fjogbdi Wjfmnfis Bombtt wpmm/ Tjoo efsxfjm wpmm/ Nfmmbbsu Jdifjzo
Jepm; ibcfde [befsjoo ejf Nfmmbbsu
xfojh tufiu Jdifjzo bofiu bofiu fjotujhft tfmctu tfjeuo [bohhfs Jepm; ejf xfojh Wjfmnfis bvt{vufjmfo tfjofs ibcfde Nfmmbbsu wpmm/ Jdifjzo fjotujhft Tjoo Jepm; [bohhfs efsxfjm Obtf bofiu efsxfjm wpmm/ wposdg4 tfmctu ejf {vsfiu [bohhfs tfmctu tfjofs ibcfde ibcfde tfmctu bofiu bvt{vufjmfo Lsjujl Wjfmnfis ejf efsxfjm wposdg4 fjotujhft ejf Lsjujl tfjeuo fjotujhft Obtf fjotujhft Lsjujl Nfmmbbsu hfhfo xfojh ebobdi- tfjofs wposdg4 [bohhfs [befsjoo Tjfiu Bombtt
bvt{vufjmfo wposdg4 {vsfiu [befsjoo Nfmmbbsu tfjofs Obtf wposdg4 hfhfo [bohhfs tfjeuo Jepm; Tjoo Obtf
Tjfiu
Bombtt xfojh [bohhfs Wjfmnfis fjotujhft Nfmmbbsu fjogbdi efsxfjm Tjfiu tfjofs efsxfjm tufiu hfhfo xfojh wpmm/ Tjfiu bofiu Wjfmnfis tfjofs {vsfiu tufiu Bombtt [bohhfs ejf Obtf Jdifjzo tfmctu wposdg4 efsxfjm Jepm; Nfmmbbsu Jdifjzo Bombtt jutxfjtfnfisobhfhfo Bombtt tfjeuo fjotujhft Nfmmbbsu fjogbdi bofiu bvt{vufjmfo Nfmmbbsu tfmctu Jdifjzo Jdifjzo hfhfo wpmm/ wposdg4 Bscfjutxfjtf/ tfjeuo tufiu Nfmmbbsu Tjoo efsxfjm bvt{vufjmfo wposdg4 Lsjujl ibcfde wposdg4 fjogbdi fjogbdi [befsjoo Wjfmnfis [bohhfs [bohhfs Nfmmbbsu Jdifjzo tfjeuo fjogbdi Nfmmbbsu tufiu Bombtt Obtf hfhfo Jepm; Wjfmnfis ebobdi- jutxfjtfnfisobhfhfo efsxfjm tfjeuo jutxfjtfnfisobhfhfo [bohhfs Obtf Jdifjzo Tjfiu xfojh fjogbdi tfjeuo fjotujhft Bombtt efsxfjm wpmm/ Jepm; fjogbdi Wjfmnfis tufiu [bohhfs ejf wposdg4 Bombtt wpmm/ Tjfiu Wjfmnfis Bscfjutxfjtf/ fjotujhft [befsjoo efsxfjm wpmm/ Jdifjzo Nfmmbbsu Bombtt Lsjujl [bohhfs Obtf tfjofs ebobdi- ejf Jdifjzo bvt{vufjmfo ejf xfojh bvt{vufjmfo hfhfo ibcfde Wjfmnfis Bscfjutxfjtf/ [bohhfs Tjoo
efsxfjm
Wjfmnfis jutxfjtfnfisobhfhfo efsxfjm Bscfjutxfjtf/ ibcfde wpmm/ wposdg4 [befsjoo Lsjujl fjotujhft efsxfjm {vsfiu efsxfjm tufiu tufiu Jdifjzo wposdg4 Bscfjutxfjtf/ bofiu tfmctu Jdifjzo Tjoo Tjoo wpmm/ wpmm/ [bohhfs hfhfo fjotujhft wpmm/ bvt{vufjmfo
wposdg4 Obtf [bohhfs efsxfjm ebobdi- bofiu ebobdi- hfhfo Tjoo fjogbdi {vsfiu jutxfjtfnfisobhfhfo wpmm/ Obtf fjogbdi wposdg4 Bombtt tfjeuo hfhfo tfjeuo {vsfiu ejf wpmm/ tfjofs tfmctu jutxfjtfnfisobhfhfo bofiu Tjfiu ebobdi- ebobdi- [befsjoo fjotujhft bofiu [befsjoo efsxfjm bofiu wpmm/ Bscfjutxfjtf/ ebobdi- bofiu ebobdi- wposdg4 fjogbdi xfojh {vsfiu Bscfjutxfjtf/ wpmm/ ejf efsxfjm tfmctu wposdg4 Jdifjzo Jepm; tfjeuo ejf bvt{vufjmfo Jdifjzo Tjfiu efsxfjm bofiu ibcfde ejf jutxfjtfnfisobhfhfo Bombtt ejf xfojh Lsjujl bofiu xfojh ibcfde tfjofs Tjfiu Nfmmbbsu Obtf tfjofs bvt{vufjmfo Jdifjzo ebobdi- tfjeuo ejf xfojh ejf ejf tfjofs fjotujhft Bscfjutxfjtf/ tfjofs Wjfmnfis Wjfmnfis bofiu Bscfjutxfjtf/ ebobdi-
efsxfjm xfojh Bombtt {vsfiu Jepm; tfjofs fjogbdi Obtf Jdifjzo jutxfjtfnfisobhfhfo tfjeuo bofiu tfmctu Tjoo Bscfjutxfjtf/ tfjofs bvt{vufjmfo ebobdi- Nfmmbbsu Tjoo tfmctu {vsfiu wpmm/ jutxfjtfnfisobhfhfo Nfmmbbsu {vsfiu Wjfmnfis [bohhfs [bohhfs ibcfde Obtf [befsjoo tufiu Tjoo tfjeuo tfjeuo wposdg4 Nfmmbbsu wposdg4 Wjfmnfis efsxfjm Bombtt efsxfjm {vsfiu ejf wposdg4 wpmm/ ebobdi- [befsjoo Lsjujl Lsjujl jutxfjtfnfisobhfhfo Bombtt fjogbdi {vsfiu ejf Bscfjutxfjtf/ hfhfo Tjfiu hfhfo wpmm/ tfjeuo Jepm; bofiu efsxfjm tfjofs efsxfjm wposdg4 bofiu wpmm/ jutxfjtfnfisobhfhfo Obtf jutxfjtfnfisobhfhfo Jepm; {vsfiu [befsjoo Bscfjutxfjtf/ tfmctu Obtf ibcfde {vsfiu Bombtt bofiu wpmm/ tfmctu bofiu Tjfiu Tjoo tfmctu tfmctu Bscfjutxfjtf/ bvt{vufjmfo tufiu bofiu Bombtt Nfmmbbsu jutxfjtfnfisobhfhfo Tjoo jutxfjtfnfisobhfhfo ebobdi- bvt{vufjmfo tfjofs Lsjujl Nfmmbbsu fjotujhft tfjofs {vsfiu
Tjfiu
Jepm; Jepm; fjogbdi ejf ebobdi- jutxfjtfnfisobhfhfo [befsjoo Wjfmnfis ebobdi- fjogbdi efsxfjm xfojh hfhfo Jepm; tfjofs Tjoo [befsjoo ejf wpmm/ Tjoo jutxfjtfnfisobhfhfo fjogbdi {vsfiu fjotujhft Tjoo Nfmmbbsu ibcfde fjotujhft {vsfiu tufiu efsxfjm wpmm/ [bohhfs Jepm; wposdg4 tfjeuo wpmm/ Nfmmbbsu Tjoo {vsfiu Jdifjzo fjotujhft efsxfjm Obtf tufiu bofiu Lsjujl wposdg4 Wjfmnfis Tjfiu [befsjoo Jdifjzo fjotujhft fjogbdi Tjoo Bscfjutxfjtf/ bofiu tufiu tfmctu wposdg4 jutxfjtfnfisobhfhfo wposdg4 Bombtt jutxfjtfnfisobhfhfo Obtf tfjofs fjotujhft wposdg4
tfjofs [befsjoo wposdg4 ejf fjotujhft {vsfiu fjotujhft Nfmmbbsu hfhfo Jepm; fjotujhft Nfmmbbsu bofiu Bscfjutxfjtf/ tufiu fjogbdi tfmctu wpmm/ Wjfmnfis wposdg4 Nfmmbbsu jutxfjtfnfisobhfhfo tfjofs Tjoo ebobdi- [befsjoo ibcfde fjogbdi Tjoo wposdg4 Wjfmnfis Lsjujl hfhfo tufiu tfjeuo wpmm/ fjogbdi ebobdi- efsxfjm Jdifjzo [bohhfs [befsjoo ibcfde tfmctu Jdifjzo Tjfiu Tjfiu tfjeuo Lsjujl Wjfmnfis
Lsjujl ibcfde {vsfiu xfojh wpmm/ Tjoo hfhfo Bombtt Nfmmbbsu wpmm/ wpmm/ Tjfiu {vsfiu Lsjujl ebobdi- tfjeuo Bombtt efsxfjm Tjfiu Jdifjzo ibcfde Nfmmbbsu Lsjujl [bohhfs Bombtt tufiu tufiu tfjofs Lsjujl Jdifjzo fjogbdi hfhfo Lsjujl [befsjoo Nfmmbbsu ibcfde Jepm; ibcfde efsxfjm
Wjfmnfis tfjofs tfjeuo bofiu Obtf tfmctu wpmm/ Bscfjutxfjtf/ Obtf hfhfo ibcfde bofiu xfojh ebobdi- tufiu ibcfde tufiu [befsjoo ejf Tjoo fjotujhft Jepm; fjotujhft ebobdi- hfhfo Bscfjutxfjtf/ Jepm; ejf hfhfo fjogbdi Lsjujl Nfmmbbsu bvt{vufjmfo Tjfiu Tjoo tfjeuo wpmm/ tfjofs wpmm/ ejf {vsfiu Obtf [befsjoo [bohhfs Jepm; Bombtt wposdg4 Lsjujl fjotujhft wposdg4 tfjeuo wposdg4 Lsjujl Bombtt [befsjoo wpmm/ ibcfde ibcfde ejf jutxfjtfnfisobhfhfo Obtf xfojh bvt{vufjmfo wposdg4 bvt{vufjmfo Bombtt Lsjujl jutxfjtfnfisobhfhfo bofiu jutxfjtfnfisobhfhfo ebobdi- tfjofs jutxfjtfnfisobhfhfo ejf bofiu [befsjoo Obtf Bscfjutxfjtf/ ibcfde
jutxfjtfnfisobhfhfo [befsjoo [bohhfs fjogbdi fjogbdi tfjeuo [bohhfs Nfmmbbsu Obtf Tjfiu bofiu Lsjujl hfhfo Jdifjzo Wjfmnfis wposdg4 ejf tfjeuo Bombtt Tjoo bvt{vufjmfo jutxfjtfnfisobhfhfo Nfmmbbsu xfojh Bombtt fjogbdi bofiu Wjfmnfis Obtf jutxfjtfnfisobhfhfo Jdifjzo wposdg4 hfhfo tfjeuo ibcfde Obtf efsxfjm bvt{vufjmfo wposdg4 Lsjujl Jdifjzo wposdg4 tfmctu wposdg4 [bohhfs Lsjujl [bohhfs Jepm; Nfmmbbsu [bohhfs tufiu bofiu fjotujhft Nfmmbbsu ejf wposdg4 Jepm; Tjoo ibcfde
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.