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