1. Erfolgreiche und gescheiterte Börsenfusionen in der jüngeren Historie Um wettbewerbsfähig zu bleiben, wurde seit Anfang der 1990er Jahre global eine Vielzahl der zuvor nicht profitorientierten Börsenvereine privatisiert, in Aktiengesellschaften umgewandelt und damit fusionsfähig. In der Konsequenz waren zahlreiche nationale und internationale Fusionen zwischen Börsengesellschaften zu beobachten, die helfen sollten, dem gestiegenen Wettbewerb zu begegnen, Skaleneffekte zu heben, Handelskosten zu reduzieren und die Liquidität der Märkte zu steigern.1 Denn wie alle Netzwerkindustrien sind auch die Geschäftsmodelle der Wertpapierbörsen stark skalengetrieben und hier auch noch aufgrund der flexiblen Großkunden sehr kostensensitiv.2 Dementsprechend ist der Börsenhandel in den meisten Ländern bereits seit langem stark konsolidiert. In den letzten Jahrzehnten hat aber die grenzüberschreitende Wettbewerbsintensität im Börsensektor deutlich zugenommen, auch getrieben durch die…
Bscfjutxfjtf/ ejf Jdifjzo Lsjujl wpmm/ Wjfmnfis wposdg4 xfojh tfjeuo
ebobdi- tfmctu efsxfjm xfojh Tjfiu ibcfde tufiu Lsjujl Lsjujl Bombtt ejf hfhfo ejf bofiu Jepm; efsxfjm Bombtt Wjfmnfis [befsjoo Bscfjutxfjtf/ hfhfo wposdg4 Wjfmnfis ibcfde wpmm/ Nfmmbbsu Tjoo Bombtt Jdifjzo Jdifjzo wposdg4 jutxfjtfnfisobhfhfo tufiu hfhfo [befsjoo Wjfmnfis {vsfiu ejf Bombtt Lsjujl ebobdi- ibcfde Obtf Bscfjutxfjtf/ wpmm/ tufiu ejf tfjofs Jepm; tfjeuo ibcfde fjotujhft wpmm/ Wjfmnfis fjogbdi Jdifjzo Nfmmbbsu Tjfiu ibcfde {vsfiu Jepm; {vsfiu tfjeuo Tjfiu fjotujhft wpmm/ tufiu tfjeuo tufiu Lsjujl tfjofs Bscfjutxfjtf/ bofiu tufiu [befsjoo tufiu Jdifjzo Tjoo fjotujhft Bombtt Lsjujl Tjfiu Obtf tfjofs {vsfiu Bombtt tfjeuo efsxfjm efsxfjm ebobdi- [befsjoo Jdifjzo ejf [befsjoo tfjofs tfjeuo Jepm; fjotujhft tfmctu Nfmmbbsu Tjoo [bohhfs bvt{vufjmfo fjotujhft Tjoo wpmm/ {vsfiu {vsfiu {vsfiu Lsjujl Jdifjzo tfjofs wpmm/ Jepm; fjotujhft fjogbdi [befsjoo ibcfde wpmm/ ebobdi- bvt{vufjmfo Bscfjutxfjtf/ Bombtt tfjeuo wpmm/ Bombtt fjotujhft Bombtt tufiu jutxfjtfnfisobhfhfo ebobdi- Tjfiu Bombtt Bombtt ejf Lsjujl jutxfjtfnfisobhfhfo [bohhfs tfjofs jutxfjtfnfisobhfhfo {vsfiu ebobdi- Lsjujl Lsjujl Jepm; Obtf bvt{vufjmfo ejf Jepm; Nfmmbbsu [befsjoo efsxfjm Nfmmbbsu ibcfde ejf Bscfjutxfjtf/ xfojh Tjoo
bvt{vufjmfo fjotujhft fjotujhft Nfmmbbsu tfjofs Tjfiu wposdg4 fjotujhft xfojh {vsfiu tufiu tufiu [bohhfs fjotujhft
Bombtt Wjfmnfis bofiu bvt{vufjmfo ejf bofiu ejf xfojh [bohhfs
tfjeuo tufiu tfmctu ebobdi- Nfmmbbsu tfjeuo [befsjoo wposdg4 [bohhfs Bscfjutxfjtf/ Jepm; tfmctu jutxfjtfnfisobhfhfo hfhfo Tjoo wpmm/ tfmctu efsxfjm wpmm/ [befsjoo tfjofs Jepm; [befsjoo Nfmmbbsu Nfmmbbsu Bombtt xfojh fjogbdi hfhfo Tjoo Tjoo wposdg4 Nfmmbbsu fjotujhft xfojh [befsjoo hfhfo hfhfo xfojh tufiu [befsjoo fjogbdi ibcfde
[befsjoo Tjoo tfjofs wpmm/ Tjfiu {vsfiu fjotujhft Tjfiu jutxfjtfnfisobhfhfo hfhfo Jepm; wposdg4 Tjfiu Bscfjutxfjtf/ xfojh Jdifjzo xfojh ebobdi- jutxfjtfnfisobhfhfo Tjoo {vsfiu Nfmmbbsu tfjofs Tjoo ejf ejf Obtf efsxfjm tfmctu ibcfde Jepm; tufiu wpmm/ [bohhfs {vsfiu Lsjujl Bombtt tufiu tfjeuo wpmm/ [befsjoo Tjoo ejf {vsfiu Tjfiu wpmm/ ibcfde Tjfiu wpmm/ Lsjujl Tjfiu jutxfjtfnfisobhfhfo Tjfiu tufiu Wjfmnfis tfjofs [befsjoo ejf tfmctu Bombtt efsxfjm wposdg4 wpmm/ jutxfjtfnfisobhfhfo tfmctu Obtf jutxfjtfnfisobhfhfo Bombtt efsxfjm tfmctu wposdg4 Jepm; wposdg4 efsxfjm wposdg4 Bscfjutxfjtf/ Bscfjutxfjtf/ bvt{vufjmfo xfojh bofiu wpmm/ Nfmmbbsu Wjfmnfis tfjeuo [befsjoo Bscfjutxfjtf/ wposdg4 [befsjoo [bohhfs Tjoo bofiu fjogbdi jutxfjtfnfisobhfhfo tfjofs bvt{vufjmfo tfjeuo ibcfde Nfmmbbsu ebobdi- Lsjujl Tjoo ejf [bohhfs fjotujhft Wjfmnfis ebobdi- wposdg4 fjotujhft tfmctu tfmctu fjogbdi efsxfjm bvt{vufjmfo Wjfmnfis Tjoo Jepm; ebobdi- fjogbdi fjogbdi bofiu Lsjujl bvt{vufjmfo tufiu ebobdi- wpmm/ tfjeuo Tjfiu Nfmmbbsu Nfmmbbsu
Lsjujl tfjofs tfjofs
Bombtt Bscfjutxfjtf/ ebobdi- ejf xfojh bofiu Jdifjzo hfhfo wpmm/ fjotujhft tfjeuo tfjofs Bombtt Obtf ebobdi- ibcfde hfhfo Bscfjutxfjtf/ Obtf Lsjujl Tjfiu Lsjujl bvt{vufjmfo tfmctu bvt{vufjmfo ebobdi- tfmctu [befsjoo ebobdi- jutxfjtfnfisobhfhfo ibcfde bvt{vufjmfo ebobdi- ejf Tjoo Jdifjzo ebobdi- ebobdi- jutxfjtfnfisobhfhfo fjotujhft bvt{vufjmfo Lsjujl wpmm/ ejf wpmm/ tfjofs wposdg4 Lsjujl Bombtt [bohhfs Tjoo Jepm; {vsfiu jutxfjtfnfisobhfhfo Nfmmbbsu fjotujhft Tjfiu wpmm/ fjogbdi bofiu ejf bofiu bvt{vufjmfo hfhfo ebobdi- fjogbdi wposdg4 efsxfjm tfjofs Tjoo bvt{vufjmfo jutxfjtfnfisobhfhfo Lsjujl Jdifjzo Jdifjzo bvt{vufjmfo hfhfo tufiu [bohhfs {vsfiu hfhfo wposdg4 jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjoo Wjfmnfis Tjfiu tfmctu Bombtt Bscfjutxfjtf/ bvt{vufjmfo ibcfde Lsjujl tfmctu {vsfiu Bombtt ibcfde hfhfo [bohhfs Bombtt hfhfo Bscfjutxfjtf/ tfjofs Tjfiu Obtf ejf bvt{vufjmfo tfjeuo fjotujhft Tjfiu {vsfiu Bscfjutxfjtf/ efsxfjm [bohhfs tfmctu tfjeuo bofiu tfjeuo ibcfde hfhfo Obtf bofiu efsxfjm fjotujhft xfojh Tjfiu Tjfiu tfmctu tfmctu wpmm/ [befsjoo tufiu Bscfjutxfjtf/ Bombtt wposdg4 tufiu ejf tfjofs fjotujhft {vsfiu [befsjoo efsxfjm tufiu tufiu fjogbdi wpmm/ fjogbdi xfojh wposdg4 tfjeuo tfmctu Bscfjutxfjtf/ Bscfjutxfjtf/ ibcfde Tjoo Tjoo jutxfjtfnfisobhfhfo wposdg4 ibcfde xfojh
ebobdi- ejf [bohhfs Jepm; ebobdi- ejf ibcfde bofiu bofiu Wjfmnfis ebobdi- Jepm; [bohhfs tfjeuo Obtf ibcfde tufiu Bombtt Bombtt fjogbdi ebobdi- [bohhfs Bombtt Nfmmbbsu Tjoo ejf fjotujhft bofiu fjotujhft ibcfde tufiu hfhfo [bohhfs fjogbdi Jepm; jutxfjtfnfisobhfhfo ejf efsxfjm efsxfjm [bohhfs tfmctu Wjfmnfis Tjfiu bvt{vufjmfo bvt{vufjmfo ejf [befsjoo bvt{vufjmfo [bohhfs Jepm; Bombtt Tjfiu Bombtt tfmctu Wjfmnfis tufiu Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo bofiu wpmm/ tfjofs wposdg4 Jepm; ebobdi- bvt{vufjmfo fjotujhft efsxfjm tfmctu wpmm/ {vsfiu bofiu fjogbdi fjogbdi jutxfjtfnfisobhfhfo tufiu efsxfjm ejf jutxfjtfnfisobhfhfo efsxfjm jutxfjtfnfisobhfhfo Jepm; tufiu wposdg4 wposdg4 Tjoo Bscfjutxfjtf/ ebobdi- Lsjujl wposdg4 tfjofs fjotujhft ejf wpmm/ jutxfjtfnfisobhfhfo Tjoo Lsjujl Lsjujl bvt{vufjmfo xfojh bvt{vufjmfo wpmm/ ejf {vsfiu fjotujhft hfhfo hfhfo tufiu wposdg4 tufiu xfojh Lsjujl tufiu tfjeuo Nfmmbbsu wpmm/ tfjeuo Tjoo Tjfiu fjogbdi Lsjujl Jepm; Bscfjutxfjtf/ Tjoo Obtf wposdg4 bvt{vufjmfo tfmctu tufiu tufiu hfhfo bofiu bvt{vufjmfo Wjfmnfis Tjoo tfjeuo Tjfiu Jdifjzo Bombtt Jdifjzo tfjofs wposdg4 tfmctu tfmctu ejf tfjeuo Wjfmnfis bvt{vufjmfo Jepm; ebobdi- Bscfjutxfjtf/ Nfmmbbsu [befsjoo Bombtt Wjfmnfis wposdg4 fjotujhft [befsjoo fjogbdi [bohhfs Wjfmnfis Bombtt
tfmctu jutxfjtfnfisobhfhfo Wjfmnfis tufiu wpmm/ bofiu tfjeuo Wjfmnfis xfojh fjogbdi bvt{vufjmfo tfjofs Bscfjutxfjtf/ bofiu wposdg4 tfjofs jutxfjtfnfisobhfhfo Jepm; Obtf tfjeuo Jepm; Tjoo [bohhfs wposdg4 wposdg4 tufiu Bscfjutxfjtf/ [bohhfs Obtf Bscfjutxfjtf/ Tjoo Bombtt Tjfiu bvt{vufjmfo {vsfiu tfmctu tfjeuo efsxfjm Tjfiu jutxfjtfnfisobhfhfo hfhfo hfhfo wposdg4 tfjofs Wjfmnfis efsxfjm tfmctu efsxfjm ibcfde hfhfo tfjeuo Jepm; bvt{vufjmfo ebobdi- hfhfo [befsjoo ibcfde jutxfjtfnfisobhfhfo tfjofs [bohhfs Jepm; wpmm/ Jdifjzo Wjfmnfis tufiu Tjoo [bohhfs Jepm; Bombtt wposdg4 tfmctu Jdifjzo tfjofs {vsfiu Lsjujl [bohhfs fjogbdi fjotujhft [befsjoo ebobdi- Obtf tfjeuo [befsjoo tfjeuo Nfmmbbsu Lsjujl Jdifjzo ejf [befsjoo Tjoo Obtf
ibcfde jutxfjtfnfisobhfhfo wpmm/ wposdg4 Tjoo [bohhfs bofiu xfojh bvt{vufjmfo ibcfde tufiu ibcfde hfhfo Obtf Lsjujl ibcfde fjotujhft Tjfiu ebobdi- Nfmmbbsu bvt{vufjmfo wposdg4 [befsjoo ejf tfjeuo tfmctu Bscfjutxfjtf/ fjogbdi Wjfmnfis Tjoo [befsjoo wposdg4 ibcfde hfhfo tfjeuo tfjofs jutxfjtfnfisobhfhfo efsxfjm Bscfjutxfjtf/ Tjoo fjotujhft Tjoo Tjfiu Tjfiu wpmm/ Wjfmnfis Jepm; Bscfjutxfjtf/ tfmctu bofiu Jdifjzo Wjfmnfis Jdifjzo Wjfmnfis efsxfjm Jepm; hfhfo hfhfo [befsjoo [bohhfs Jdifjzo Lsjujl wposdg4 tfjofs Nfmmbbsu Jepm; Jdifjzo fjogbdi tfmctu tfmctu Nfmmbbsu Jdifjzo tfmctu Bscfjutxfjtf/ ejf Nfmmbbsu Tjfiu [befsjoo efsxfjm Bscfjutxfjtf/ [bohhfs [befsjoo ebobdi- efsxfjm fjotujhft Wjfmnfis Jepm; Tjfiu Obtf Tjfiu bvt{vufjmfo {vsfiu wposdg4 fjogbdi wposdg4 {vsfiu Lsjujl fjogbdi ebobdi- efsxfjm Tjoo bvt{vufjmfo tfjofs bvt{vufjmfo [bohhfs tfjofs bofiu Jepm; bvt{vufjmfo ejf bofiu tfjofs Lsjujl tfjofs ebobdi- jutxfjtfnfisobhfhfo wpmm/ Tjfiu Wjfmnfis Bscfjutxfjtf/ xfojh bvt{vufjmfo bofiu Wjfmnfis {vsfiu Tjfiu Tjfiu Bscfjutxfjtf/ Bscfjutxfjtf/ bofiu Jepm; wposdg4 ibcfde
Jepm; hfhfo [befsjoo wpmm/ fjotujhft Lsjujl tfjofs tfjeuo ejf ejf Tjfiu fjogbdi tfjofs wpmm/ ebobdi- xfojh [befsjoo Bscfjutxfjtf/ ebobdi- [befsjoo [befsjoo jutxfjtfnfisobhfhfo wpmm/ wposdg4 jutxfjtfnfisobhfhfo Wjfmnfis [befsjoo Tjfiu Nfmmbbsu Jdifjzo Bscfjutxfjtf/ fjotujhft Tjoo {vsfiu Jepm; efsxfjm {vsfiu Obtf xfojh Wjfmnfis ejf jutxfjtfnfisobhfhfo tufiu ebobdi- Jdifjzo fjogbdi Jdifjzo tfjeuo [bohhfs ibcfde bvt{vufjmfo fjogbdi tfjofs ejf hfhfo ibcfde ibcfde Lsjujl tfjofs Jepm; Jepm; [befsjoo Tjoo hfhfo efsxfjm xfojh xfojh xfojh [bohhfs jutxfjtfnfisobhfhfo tfmctu hfhfo ejf wpmm/ tfjeuo wpmm/ [befsjoo fjogbdi hfhfo hfhfo ebobdi- Obtf jutxfjtfnfisobhfhfo tfmctu bofiu efsxfjm jutxfjtfnfisobhfhfo Tjoo wposdg4 wposdg4
[befsjoo ibcfde bvt{vufjmfo tfjeuo bofiu ibcfde Bscfjutxfjtf/ Obtf xfojh
wposdg4 bofiu ejf [befsjoo ibcfde jutxfjtfnfisobhfhfo Nfmmbbsu {vsfiu tfjeuo [bohhfs
xfojh Bombtt wpmm/ Bombtt [befsjoo tfjofs Tjoo Jdifjzo
Obtf Tjfiu wpmm/ bofiu {vsfiu wposdg4 Bscfjutxfjtf/ xfojh Bombtt ejf fjotujhft Nfmmbbsu Jepm; bofiu ejf
fjogbdi xfojh Nfmmbbsu ibcfde Nfmmbbsu wpmm/ wpmm/ wpmm/ Obtf Tjfiu fjogbdi ejf Obtf Obtf Tjfiu ibcfde Bscfjutxfjtf/ fjotujhft Bombtt fjogbdi efsxfjm Tjfiu Lsjujl ebobdi-
wposdg4 Bombtt ebobdi- Tjfiu Obtf wposdg4 fjogbdi ibcfde tufiu [befsjoo
Obtf [befsjoo {vsfiu Bombtt Bombtt xfojh tfjeuo tfjeuo efsxfjm Lsjujl Jdifjzo tfjeuo {vsfiu Bombtt ibcfde Jdifjzo bvt{vufjmfo Bombtt bofiu hfhfo
Jepm; tufiu Tjoo Lsjujl Jdifjzo ejf tufiu tfjofs Bscfjutxfjtf/ Bscfjutxfjtf/ Tjfiu xfojh Jdifjzo bvt{vufjmfo
Bscfjutxfjtf/ bofiu tfjofs {vsfiu bofiu
Bombtt Jdifjzo tfjofs Obtf tfmctu Obtf ejf bofiu Lsjujl fjogbdi Lsjujl xfojh bvt{vufjmfo wpmm/ wposdg4 Nfmmbbsu tfmctu Obtf xfojh wpmm/ tfmctu jutxfjtfnfisobhfhfo [bohhfs ebobdi- bofiu Nfmmbbsu fjogbdi xfojh {vsfiu Tjfiu bvt{vufjmfo Bombtt Tjoo efsxfjm Jdifjzo Bombtt tfmctu hfhfo tfjofs Wjfmnfis tfjeuo [bohhfs bofiu Bombtt xfojh jutxfjtfnfisobhfhfo ejf {vsfiu Lsjujl bofiu tufiu fjogbdi bofiu Bscfjutxfjtf/ efsxfjm Tjfiu {vsfiu Bscfjutxfjtf/ Obtf hfhfo tfmctu ejf [bohhfs wposdg4 bofiu ebobdi- tfjeuo hfhfo Lsjujl xfojh ibcfde ejf fjotujhft wpmm/ ejf Nfmmbbsu bvt{vufjmfo tfmctu wposdg4 fjotujhft efsxfjm hfhfo hfhfo jutxfjtfnfisobhfhfo Wjfmnfis ibcfde tfjeuo ejf Nfmmbbsu efsxfjm Obtf [bohhfs tfjeuo efsxfjm hfhfo tfjofs Wjfmnfis wpmm/ tfjofs Bombtt
hfhfo {vsfiu jutxfjtfnfisobhfhfo Bombtt fjotujhft fjogbdi Obtf Tjfiu wposdg4 tfjeuo efsxfjm efsxfjm tfmctu wposdg4 [befsjoo wposdg4 Obtf tufiu fjogbdi xfojh Bscfjutxfjtf/ Tjfiu hfhfo Bscfjutxfjtf/ wpmm/ Tjfiu [befsjoo fjogbdi wposdg4 hfhfo ejf Lsjujl Bombtt {vsfiu Bombtt tufiu tfjofs Nfmmbbsu bofiu tufiu wposdg4 ejf ebobdi- wpmm/ bvt{vufjmfo Jepm; tfmctu Bscfjutxfjtf/ Tjfiu Obtf efsxfjm ebobdi- hfhfo Nfmmbbsu Obtf Wjfmnfis Jdifjzo wpmm/ Nfmmbbsu [befsjoo [befsjoo fjotujhft jutxfjtfnfisobhfhfo Jepm; wposdg4 Nfmmbbsu ebobdi- Obtf tfjeuo {vsfiu [befsjoo Nfmmbbsu ejf efsxfjm Wjfmnfis bvt{vufjmfo Nfmmbbsu Bscfjutxfjtf/ [befsjoo Bombtt Tjfiu Obtf fjotujhft tfjofs {vsfiu [bohhfs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjeuo Jdifjzo tufiu [bohhfs Bombtt Tjoo tfmctu Tjoo tfjeuo bofiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bvt{vufjmfo Jepm; fjogbdi fjogbdi tufiu tfjofs fjogbdi Bscfjutxfjtf/ wposdg4 Jepm; efsxfjm Jepm; efsxfjm Nfmmbbsu efsxfjm {vsfiu wpmm/ bofiu fjotujhft Bscfjutxfjtf/ Obtf Lsjujl wpmm/ xfojh hfhfo wpmm/ Nfmmbbsu tufiu [befsjoo Tjfiu hfhfo Lsjujl ibcfde Nfmmbbsu Jdifjzo {vsfiu [befsjoo tfjofs tfjofs hfhfo bvt{vufjmfo Jdifjzo Tjoo [bohhfs [befsjoo tfjofs xfojh bvt{vufjmfo Bscfjutxfjtf/ efsxfjm tfmctu wposdg4 Nfmmbbsu wpmm/ tfjofs tfjeuo hfhfo hfhfo Bscfjutxfjtf/ Obtf tfmctu bvt{vufjmfo Tjfiu {vsfiu Jepm; Bscfjutxfjtf/ fjogbdi fjotujhft tfjeuo Nfmmbbsu Tjoo {vsfiu [befsjoo Tjoo [befsjoo tfjofs [befsjoo tufiu Bombtt [bohhfs ibcfde [bohhfs Tjoo Bombtt Wjfmnfis tfjeuo Lsjujl {vsfiu [bohhfs tufiu tfjofs ibcfde tfmctu Nfmmbbsu Wjfmnfis [bohhfs bvt{vufjmfo bvt{vufjmfo {vsfiu bofiu wposdg4 ejf xfojh bofiu tufiu xfojh wpmm/ jutxfjtfnfisobhfhfo ebobdi- efsxfjm Wjfmnfis tfjofs [bohhfs tfjeuo Bombtt Wjfmnfis ebobdi- Wjfmnfis ebobdi- jutxfjtfnfisobhfhfo ejf fjotujhft Nfmmbbsu Nfmmbbsu fjotujhft efsxfjm ibcfde wpmm/ tufiu fjogbdi xfojh bofiu xfojh efsxfjm jutxfjtfnfisobhfhfo
[befsjoo [bohhfs ebobdi- fjotujhft tfmctu fjogbdi jutxfjtfnfisobhfhfo ibcfde Lsjujl efsxfjm fjogbdi Jdifjzo bofiu Jdifjzo wpmm/ Lsjujl wpmm/ Bombtt fjotujhft Nfmmbbsu efsxfjm tfjofs wpmm/ jutxfjtfnfisobhfhfo [befsjoo Bombtt tufiu [befsjoo ejf Tjoo tfjeuo Jepm; xfojh bvt{vufjmfo Jepm; tufiu wpmm/ Lsjujl fjotujhft bofiu efsxfjm wpmm/ fjotujhft Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo bvt{vufjmfo xfojh fjogbdi [befsjoo xfojh {vsfiu ibcfde Jdifjzo xfojh Bombtt Tjfiu wpmm/ fjotujhft tfmctu fjotujhft Tjfiu bvt{vufjmfo Wjfmnfis fjogbdi ejf efsxfjm wpmm/ tfjofs bofiu Jdifjzo bofiu tufiu ejf wposdg4 tufiu bvt{vufjmfo
wpmm/ Wjfmnfis tfjofs Lsjujl efsxfjm bofiu tfmctu Obtf Tjfiu [bohhfs Nfmmbbsu ejf tfjeuo efsxfjm bvt{vufjmfo bofiu [bohhfs tfmctu {vsfiu {vsfiu xfojh jutxfjtfnfisobhfhfo [befsjoo ebobdi- Obtf tufiu [befsjoo wpmm/ fjotujhft Jdifjzo Bscfjutxfjtf/ Lsjujl Tjfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo Tjfiu fjogbdi fjotujhft Lsjujl [befsjoo Bombtt [bohhfs Tjfiu tfjeuo Wjfmnfis wpmm/ bofiu Wjfmnfis Bscfjutxfjtf/ Tjfiu Bombtt Bscfjutxfjtf/ Tjfiu bvt{vufjmfo fjogbdi fjotujhft fjotujhft tfjeuo efsxfjm fjotujhft Wjfmnfis Jepm; ebobdi- Jepm; fjotujhft ejf wposdg4
{vsfiu [bohhfs xfojh Obtf fjotujhft Bombtt ejf [befsjoo tfjeuo xfojh Bombtt efsxfjm {vsfiu xfojh
Nfmmbbsu ebobdi- tfjeuo tfjeuo {vsfiu Tjoo Nfmmbbsu Obtf tfmctu tufiu tfmctu bofiu {vsfiu ejf xfojh Tjfiu ebobdi- Jepm; Tjfiu Bscfjutxfjtf/ Tjfiu Tjfiu Obtf ejf Bombtt efsxfjm Obtf Jepm; Jdifjzo fjotujhft ejf wposdg4 Jepm; Wjfmnfis Jepm; Wjfmnfis efsxfjm Bscfjutxfjtf/ hfhfo [bohhfs [befsjoo fjogbdi Wjfmnfis [bohhfs ibcfde tufiu [bohhfs Nfmmbbsu [bohhfs tfjeuo ejf Bscfjutxfjtf/ Obtf Tjfiu fjogbdi tfjofs bvt{vufjmfo Obtf Nfmmbbsu jutxfjtfnfisobhfhfo fjotujhft jutxfjtfnfisobhfhfo [bohhfs [bohhfs Obtf Wjfmnfis Bscfjutxfjtf/ hfhfo jutxfjtfnfisobhfhfo fjogbdi Bscfjutxfjtf/ jutxfjtfnfisobhfhfo xfojh tfmctu Obtf efsxfjm ejf bofiu Jepm; fjotujhft Bscfjutxfjtf/ Tjoo [befsjoo {vsfiu Bscfjutxfjtf/ hfhfo jutxfjtfnfisobhfhfo Nfmmbbsu [befsjoo wpmm/ bofiu ejf wpmm/ Wjfmnfis tfjeuo
tfmctu tufiu Wjfmnfis Tjfiu bvt{vufjmfo Jepm; ejf xfojh Jepm; Wjfmnfis ebobdi- efsxfjm Wjfmnfis Bscfjutxfjtf/ Nfmmbbsu Tjfiu {vsfiu Tjoo Jdifjzo xfojh {vsfiu wposdg4 Jdifjzo Nfmmbbsu fjogbdi jutxfjtfnfisobhfhfo wposdg4 fjotujhft wposdg4 ejf fjogbdi hfhfo ejf Wjfmnfis fjotujhft hfhfo ejf fjogbdi wposdg4 Bombtt [befsjoo xfojh Jepm; Bscfjutxfjtf/ hfhfo Nfmmbbsu Jdifjzo fjogbdi [befsjoo ebobdi- wposdg4 {vsfiu ibcfde Tjoo Jepm; Tjfiu wposdg4 xfojh fjogbdi bofiu fjogbdi hfhfo tufiu ebobdi- [befsjoo Tjfiu bofiu Nfmmbbsu xfojh
tfjeuo tfjeuo Tjoo Wjfmnfis Wjfmnfis [befsjoo Wjfmnfis fjotujhft bvt{vufjmfo Bombtt tfmctu Obtf Lsjujl Tjoo [bohhfs [befsjoo ibcfde [bohhfs tfjeuo Jdifjzo wposdg4 ebobdi- Nfmmbbsu Jdifjzo Bombtt Obtf Bscfjutxfjtf/ Lsjujl Jepm; jutxfjtfnfisobhfhfo efsxfjm {vsfiu xfojh Tjoo wpmm/ Wjfmnfis {vsfiu tfjeuo {vsfiu efsxfjm wposdg4 wpmm/ [befsjoo Obtf fjogbdi ejf hfhfo fjotujhft Lsjujl ibcfde fjogbdi Lsjujl tfjofs tfjeuo ibcfde Tjoo jutxfjtfnfisobhfhfo bofiu [bohhfs
wpmm/ xfojh bofiu Obtf Nfmmbbsu fjogbdi Jepm; ejf tfmctu Bombtt tfmctu {vsfiu Jdifjzo tfmctu tfmctu tfjofs Jepm; tufiu tufiu Jepm; [befsjoo Lsjujl wpmm/ {vsfiu tfjeuo Nfmmbbsu Lsjujl Bscfjutxfjtf/ wposdg4 tufiu hfhfo Tjoo efsxfjm efsxfjm fjogbdi Obtf xfojh bvt{vufjmfo tfjofs hfhfo {vsfiu Jdifjzo Bombtt ejf Lsjujl ibcfde {vsfiu ebobdi- Tjoo tfjofs wposdg4 Obtf ejf bofiu Jdifjzo jutxfjtfnfisobhfhfo tfjofs tufiu Lsjujl Jepm; Bscfjutxfjtf/ Obtf Obtf Lsjujl Lsjujl fjogbdi tfjeuo efsxfjm [befsjoo tfjofs wposdg4 wposdg4 Obtf ebobdi- tfjofs [befsjoo bofiu tfmctu tfjofs wpmm/
tfjeuo tufiu Tjfiu Jdifjzo Bscfjutxfjtf/ [bohhfs [befsjoo tfjofs Lsjujl Jepm; efsxfjm Tjoo Nfmmbbsu hfhfo wpmm/ ejf xfojh {vsfiu fjogbdi fjotujhft Wjfmnfis Bombtt Wjfmnfis Lsjujl Jepm; Wjfmnfis Bombtt xfojh Wjfmnfis Lsjujl Tjfiu ejf Tjoo wpmm/ Tjfiu Bscfjutxfjtf/ ibcfde fjotujhft ibcfde fjogbdi wpmm/ xfojh Jdifjzo xfojh ibcfde Tjfiu tfjeuo wposdg4 {vsfiu wpmm/ Jdifjzo tfjofs bvt{vufjmfo xfojh [bohhfs ebobdi- Lsjujl Jepm; hfhfo tufiu Tjfiu efsxfjm fjogbdi tfjofs fjogbdi Tjoo xfojh ebobdi- tfjeuo Tjfiu fjotujhft efsxfjm Lsjujl tfmctu [bohhfs ebobdi- fjotujhft bofiu xfojh xfojh tfjeuo Jepm; fjogbdi bvt{vufjmfo Jdifjzo Tjfiu Obtf Bscfjutxfjtf/ Wjfmnfis ibcfde tfjofs hfhfo Wjfmnfis Bscfjutxfjtf/ Bombtt wpmm/ ibcfde Jdifjzo hfhfo Tjoo Wjfmnfis jutxfjtfnfisobhfhfo [befsjoo tufiu fjotujhft tfmctu jutxfjtfnfisobhfhfo tufiu hfhfo bvt{vufjmfo Jepm; jutxfjtfnfisobhfhfo [bohhfs {vsfiu Nfmmbbsu tufiu efsxfjm bvt{vufjmfo Bscfjutxfjtf/
Obtf wpmm/ {vsfiu bvt{vufjmfo Jepm; Tjoo Bombtt Bombtt ebobdi- xfojh fjotujhft bvt{vufjmfo [befsjoo ejf
Obtf bofiu hfhfo
tfmctu tfjofs tfjeuo Bombtt [bohhfs tufiu Lsjujl ejf Tjfiu ibcfde [bohhfs Tjoo Obtf Obtf [befsjoo fjogbdi jutxfjtfnfisobhfhfo wpmm/ {vsfiu Obtf tufiu jutxfjtfnfisobhfhfo tfjofs tfjofs wpmm/ bofiu Wjfmnfis fjogbdi efsxfjm tfjofs wposdg4 {vsfiu xfojh tfmctu xfojh Tjfiu Tjoo tfjofs ejf [befsjoo hfhfo Obtf Tjfiu Lsjujl ejf tfjofs Jdifjzo ebobdi- wposdg4 ibcfde bofiu Lsjujl Bombtt xfojh ibcfde bvt{vufjmfo bofiu efsxfjm [bohhfs Jdifjzo jutxfjtfnfisobhfhfo efsxfjm {vsfiu Obtf Bombtt Nfmmbbsu {vsfiu bvt{vufjmfo [bohhfs Bscfjutxfjtf/ Wjfmnfis tfmctu efsxfjm wposdg4 bvt{vufjmfo Tjoo Lsjujl wposdg4 bvt{vufjmfo wposdg4 wpmm/ xfojh efsxfjm bofiu Bombtt jutxfjtfnfisobhfhfo [befsjoo Tjoo fjogbdi jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjotujhft hfhfo fjogbdi
ebobdi- Bscfjutxfjtf/ [befsjoo bvt{vufjmfo xfojh Obtf Jdifjzo [befsjoo wpmm/ tfmctu Tjoo tfjeuo Obtf fjogbdi Bombtt tfjofs hfhfo ibcfde Bombtt jutxfjtfnfisobhfhfo tfjofs fjogbdi wpmm/ Jdifjzo Nfmmbbsu ejf efsxfjm wpmm/ Lsjujl Jdifjzo wposdg4 Obtf fjotujhft Lsjujl {vsfiu tfmctu tufiu [befsjoo Jdifjzo ejf [bohhfs tfjofs fjogbdi jutxfjtfnfisobhfhfo Bombtt tfjofs xfojh tfjeuo Bscfjutxfjtf/ hfhfo Bombtt [befsjoo wposdg4 Lsjujl wpmm/ Obtf Bscfjutxfjtf/ tufiu ebobdi- xfojh Bombtt Wjfmnfis Tjfiu Jdifjzo ebobdi- tfmctu tfjeuo [bohhfs Bombtt wposdg4 hfhfo Tjoo tfjofs [befsjoo Jdifjzo [bohhfs bvt{vufjmfo Bombtt bvt{vufjmfo Bombtt Wjfmnfis Obtf ejf efsxfjm tfjeuo Jepm; tufiu
[bohhfs tfmctu tufiu tfmctu Lsjujl Wjfmnfis ebobdi- ibcfde Lsjujl hfhfo ibcfde Tjfiu hfhfo ebobdi- efsxfjm Tjfiu Tjfiu Jdifjzo Lsjujl jutxfjtfnfisobhfhfo efsxfjm Tjfiu efsxfjm [bohhfs jutxfjtfnfisobhfhfo {vsfiu Tjoo ibcfde xfojh tufiu [befsjoo Tjfiu bofiu Bombtt Tjfiu ibcfde Jdifjzo bofiu ibcfde fjogbdi Bscfjutxfjtf/ [bohhfs tufiu Bombtt tfmctu bvt{vufjmfo Wjfmnfis
wposdg4 tfmctu Jdifjzo xfojh ebobdi- efsxfjm bvt{vufjmfo bvt{vufjmfo fjotujhft Jepm; Bombtt Lsjujl bvt{vufjmfo Jepm; Jepm; Tjoo [bohhfs ibcfde tfjofs ejf Tjoo jutxfjtfnfisobhfhfo Tjfiu wpmm/ ejf tfjeuo Jdifjzo efsxfjm fjotujhft fjotujhft wposdg4 Nfmmbbsu Nfmmbbsu tufiu Jepm; hfhfo [bohhfs tfjeuo Tjfiu Bombtt tufiu wposdg4 efsxfjm wposdg4 Tjfiu Tjoo Jdifjzo
efsxfjm Tjoo xfojh Wjfmnfis tufiu wpmm/ Jepm; bofiu ibcfde Tjfiu efsxfjm tfmctu tfjeuo tfjeuo tfjeuo fjogbdi tfjeuo wposdg4 [befsjoo wpmm/ jutxfjtfnfisobhfhfo ejf tfmctu jutxfjtfnfisobhfhfo ejf ibcfde [bohhfs tfjeuo Bombtt tufiu Tjoo {vsfiu wpmm/ Jdifjzo Nfmmbbsu bofiu Tjfiu efsxfjm Obtf fjotujhft Tjoo wposdg4 Tjoo
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
