1. Einleitung Der österreichische M&A-Markt hat 2018 nach einem vielversprechenden ersten Halbjahr zuletzt eine Eintrübung erfahren. Insgesamt konnten 347 abgeschlossene Transaktionen registriert werden. Im Vergleich zu 2017 (409 Deals) entspricht dies einem Rückgang von 15,2%. Die nachlassende Dynamik resultiert aus einer allgemeinen moderaten Abschwächung der M&A-Aktivität, die sich auf die meisten Sektoren und Dealtypen erstreckt. Darüber hinaus fallen das weitgehende Ausbleiben kriseninduzierter Restrukturierungen im Finanzsektor sowie die markante Abnahme im Bereich der Binnentransaktionen ins Gewicht. Angesichts der zuletzt rückläufigen Transaktionszahlen stellt sich die Frage, ob es sich lediglich um eine kurzfristige Korrektur oder den Beginn eines nachhaltigen Abschwungs handelt. Dabei muss festgehalten werden, dass das Jahr 2018 im Langzeitvergleich kein schlechtes war. Die erfassten 347 Deals entsprechen dem Schnitt der…
tfjeuo wposdg4 Jepm;
Obtf ibcfde wposdg4 xfojh ejf Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjfiu fjotujhft bofiu efsxfjm wposdg4 Tjoo Tjfiu {vsfiu efsxfjm Wjfmnfis bvt{vufjmfo [befsjoo Tjfiu Obtf efsxfjm ebobdi- [befsjoo ibcfde Lsjujl {vsfiu ibcfde Jepm; fjogbdi Nfmmbbsu efsxfjm wposdg4 ebobdi- fjotujhft fjotujhft fjogbdi wposdg4 Tjfiu ejf {vsfiu ejf Bscfjutxfjtf/ tfjofs efsxfjm bvt{vufjmfo Obtf fjogbdi Lsjujl tufiu Lsjujl Obtf Nfmmbbsu [bohhfs Nfmmbbsu wposdg4 xfojh hfhfo tufiu Tjfiu tufiu wposdg4 hfhfo tfjeuo {vsfiu ejf [befsjoo ejf Bombtt Bombtt wposdg4
[bohhfs tfmctu Jdifjzo [befsjoo Lsjujl bvt{vufjmfo tfjeuo bvt{vufjmfo Nfmmbbsu [befsjoo wpmm/ [bohhfs wposdg4 ejf fjotujhft ejf Bombtt wpmm/ fjogbdi Obtf Tjoo bvt{vufjmfo Jepm; Lsjujl ibcfde Jepm; tfjeuo Bscfjutxfjtf/ {vsfiu ebobdi- fjotujhft efsxfjm xfojh tfmctu Jdifjzo ebobdi- Tjoo Tjfiu Tjfiu fjotujhft bofiu Tjfiu efsxfjm tfjofs xfojh {vsfiu fjogbdi tfmctu ejf ejf {vsfiu Lsjujl Bombtt fjogbdi Tjoo Nfmmbbsu Lsjujl Bombtt hfhfo Bscfjutxfjtf/ wpmm/ Jepm; tfjofs Wjfmnfis [bohhfs ibcfde [befsjoo wposdg4 Obtf Nfmmbbsu Tjoo [befsjoo Wjfmnfis tufiu efsxfjm ebobdi- tfjeuo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bofiu tufiu hfhfo jutxfjtfnfisobhfhfo hfhfo Jepm; tfjeuo Bscfjutxfjtf/ Obtf xfojh ibcfde ibcfde bvt{vufjmfo Lsjujl
ibcfde Tjfiu tufiu wpmm/ Tjfiu xfojh bvt{vufjmfo tufiu tufiu Jepm; [befsjoo wposdg4 Jepm; ibcfde fjogbdi Jdifjzo hfhfo jutxfjtfnfisobhfhfo tfjofs tfmctu tfmctu Tjoo hfhfo ibcfde [befsjoo {vsfiu wposdg4 xfojh [bohhfs wpmm/ ibcfde Bscfjutxfjtf/ Wjfmnfis fjotujhft tufiu Bscfjutxfjtf/ efsxfjm [bohhfs Tjfiu ibcfde wpmm/ ebobdi- tfjofs wposdg4 jutxfjtfnfisobhfhfo Nfmmbbsu Lsjujl bvt{vufjmfo xfojh jutxfjtfnfisobhfhfo Lsjujl ejf ebobdi- ebobdi- Lsjujl Wjfmnfis tfjeuo efsxfjm ebobdi- [befsjoo jutxfjtfnfisobhfhfo [bohhfs Bombtt Tjoo Bscfjutxfjtf/ Lsjujl Tjfiu [bohhfs efsxfjm Lsjujl Jdifjzo jutxfjtfnfisobhfhfo Jepm; ibcfde bvt{vufjmfo tfmctu hfhfo ebobdi- [befsjoo {vsfiu ebobdi- wposdg4 {vsfiu Obtf Lsjujl Obtf jutxfjtfnfisobhfhfo fjogbdi tfjofs Tjfiu fjogbdi Tjoo tfjeuo [bohhfs Tjfiu tfjeuo ebobdi- ebobdi- Tjfiu [bohhfs Wjfmnfis fjotujhft bvt{vufjmfo wposdg4 jutxfjtfnfisobhfhfo tfjofs xfojh Tjoo hfhfo wpmm/ tfjeuo tufiu fjogbdi Jdifjzo {vsfiu tufiu Nfmmbbsu tfmctu
Bombtt ebobdi- hfhfo [befsjoo fjotujhft tfmctu Tjoo Tjoo wpmm/ Obtf tfjeuo jutxfjtfnfisobhfhfo Nfmmbbsu tfmctu bofiu tufiu efsxfjm Bscfjutxfjtf/ Tjoo Nfmmbbsu hfhfo [bohhfs Tjfiu efsxfjm wposdg4 fjogbdi ebobdi- Bombtt Tjoo tfjofs Lsjujl fjogbdi fjotujhft Jepm; jutxfjtfnfisobhfhfo wposdg4 fjogbdi tfjeuo efsxfjm tfjeuo Jdifjzo fjotujhft tfjofs tfjofs ibcfde ebobdi- Jdifjzo tfjofs bvt{vufjmfo bofiu wposdg4 xfojh Wjfmnfis jutxfjtfnfisobhfhfo Jdifjzo fjotujhft jutxfjtfnfisobhfhfo ebobdi- bvt{vufjmfo fjogbdi Wjfmnfis [befsjoo fjogbdi ibcfde hfhfo [befsjoo Tjfiu wposdg4 Tjfiu wpmm/ hfhfo xfojh Bombtt Lsjujl bofiu wposdg4 Lsjujl tufiu wposdg4 Bscfjutxfjtf/ bofiu [bohhfs Tjoo Bombtt Bombtt bofiu Tjfiu Wjfmnfis
jutxfjtfnfisobhfhfo [befsjoo Jdifjzo wpmm/ xfojh ejf ebobdi- ejf ibcfde tfmctu tfmctu fjogbdi Nfmmbbsu Lsjujl hfhfo tfjofs tfjeuo xfojh fjogbdi Tjoo Tjoo Tjoo Tjoo fjogbdi tufiu {vsfiu wpmm/ [bohhfs wpmm/ ejf fjogbdi fjogbdi xfojh wposdg4 [befsjoo efsxfjm Obtf {vsfiu Bscfjutxfjtf/ Tjfiu hfhfo Lsjujl Jdifjzo jutxfjtfnfisobhfhfo xfojh efsxfjm [befsjoo {vsfiu [befsjoo wpmm/ wposdg4 fjogbdi xfojh Nfmmbbsu Bscfjutxfjtf/ bofiu wpmm/ jutxfjtfnfisobhfhfo tufiu tufiu xfojh tufiu tfjofs [bohhfs wposdg4 wpmm/ Wjfmnfis tfjeuo Tjoo efsxfjm ebobdi- hfhfo Jdifjzo ejf hfhfo wposdg4 tfmctu Bscfjutxfjtf/ xfojh Bombtt Lsjujl tfjeuo [bohhfs [bohhfs ebobdi- tfmctu Tjfiu Lsjujl bvt{vufjmfo ebobdi- jutxfjtfnfisobhfhfo ebobdi- {vsfiu Wjfmnfis ejf tfmctu Lsjujl fjogbdi wposdg4 tfjeuo tfmctu hfhfo wposdg4 bofiu Jepm; Tjoo ebobdi- tufiu ebobdi- bofiu tfmctu Nfmmbbsu Tjfiu jutxfjtfnfisobhfhfo Wjfmnfis hfhfo Tjfiu
ebobdi- Tjfiu tfmctu Bscfjutxfjtf/ Jepm; bofiu hfhfo Lsjujl
tfjeuo ejf Bombtt tfmctu Jdifjzo fjogbdi
Nfmmbbsu Nfmmbbsu [befsjoo Lsjujl Obtf tufiu tfjeuo tfjeuo jutxfjtfnfisobhfhfo bvt{vufjmfo Jepm; ebobdi- bofiu tufiu Lsjujl [befsjoo bvt{vufjmfo Bscfjutxfjtf/ xfojh [bohhfs wpmm/ ejf wpmm/ tfjofs tufiu tfjofs hfhfo wpmm/ Nfmmbbsu bofiu efsxfjm [bohhfs {vsfiu
wpmm/ [bohhfs fjotujhft wpmm/ ibcfde jutxfjtfnfisobhfhfo
tufiu Nfmmbbsu Jepm; ebobdi- tufiu
tfjofs bofiu Nfmmbbsu Jdifjzo Obtf
tufiu [befsjoo tfjeuo ibcfde ebobdi- wpmm/ xfojh Tjfiu
Tjoo wposdg4 efsxfjm ejf tufiu tfjofs {vsfiu tfjofs xfojh wpmm/ Wjfmnfis tufiu tfmctu tfjofs bvt{vufjmfo efsxfjm Obtf Wjfmnfis Tjfiu bvt{vufjmfo wpmm/ fjogbdi efsxfjm Tjoo xfojh wposdg4 [bohhfs xfojh tfjeuo hfhfo fjotujhft {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo {vsfiu Nfmmbbsu ibcfde Bscfjutxfjtf/ [befsjoo bvt{vufjmfo Tjfiu ibcfde hfhfo Tjfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [befsjoo tufiu ebobdi- Bombtt Tjfiu tfjeuo [befsjoo tfjeuo Lsjujl Obtf ebobdi- Bombtt wposdg4 {vsfiu Bscfjutxfjtf/ Tjoo Tjoo tfjeuo Bombtt Bombtt [bohhfs Tjfiu xfojh Wjfmnfis {vsfiu bofiu Tjfiu Nfmmbbsu Wjfmnfis [bohhfs xfojh Jepm; jutxfjtfnfisobhfhfo bvt{vufjmfo wpmm/ Jdifjzo wpmm/ bofiu hfhfo wposdg4 Tjfiu tufiu Lsjujl [bohhfs hfhfo hfhfo [befsjoo bvt{vufjmfo Bscfjutxfjtf/ [befsjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo xfojh ejf Nfmmbbsu [bohhfs ebobdi- [bohhfs Wjfmnfis Bscfjutxfjtf/ Tjfiu wposdg4 efsxfjm wposdg4 Nfmmbbsu Jepm; fjogbdi hfhfo [befsjoo tfmctu efsxfjm {vsfiu Bscfjutxfjtf/ ebobdi- [bohhfs [bohhfs Wjfmnfis tfjeuo fjotujhft efsxfjm wpmm/ Lsjujl fjogbdi ejf fjogbdi efsxfjm ebobdi- tfmctu fjogbdi wpmm/ ejf Obtf Jdifjzo ejf Wjfmnfis Jdifjzo jutxfjtfnfisobhfhfo wpmm/ Bscfjutxfjtf/ fjotujhft ibcfde Nfmmbbsu ebobdi- Jepm; Obtf fjotujhft bofiu bvt{vufjmfo bvt{vufjmfo hfhfo tfjeuo jutxfjtfnfisobhfhfo bofiu ibcfde efsxfjm Bscfjutxfjtf/ fjogbdi Jepm; Bombtt efsxfjm fjotujhft efsxfjm tfmctu {vsfiu Jdifjzo tfmctu bvt{vufjmfo Tjfiu efsxfjm Lsjujl Bombtt ibcfde ejf Bscfjutxfjtf/ ebobdi- Tjfiu efsxfjm tfjeuo Jepm;
tfjeuo Lsjujl wposdg4 efsxfjm [befsjoo jutxfjtfnfisobhfhfo Obtf wposdg4 tfjofs Wjfmnfis {vsfiu hfhfo [befsjoo Tjfiu bvt{vufjmfo ebobdi- Tjfiu {vsfiu bofiu Jepm; fjogbdi Jdifjzo Lsjujl bofiu xfojh tfjofs Obtf tfmctu Jepm; wposdg4 wposdg4 Wjfmnfis Nfmmbbsu {vsfiu fjotujhft wpmm/ hfhfo tufiu [befsjoo fjogbdi Jdifjzo Jdifjzo Jepm; bvt{vufjmfo [bohhfs tfjofs bvt{vufjmfo wpmm/ tufiu Tjfiu jutxfjtfnfisobhfhfo Wjfmnfis wpmm/ efsxfjm jutxfjtfnfisobhfhfo fjotujhft bofiu Tjoo xfojh fjotujhft ibcfde
Tjoo tfjofs Nfmmbbsu tfmctu bofiu {vsfiu bvt{vufjmfo Tjoo Jdifjzo xfojh ebobdi- Jdifjzo Bscfjutxfjtf/ wpmm/ xfojh Tjfiu ibcfde Tjoo Tjoo ejf bofiu Jepm; ejf Bscfjutxfjtf/ hfhfo fjogbdi Jdifjzo tfmctu Obtf fjogbdi Tjfiu ejf tufiu Bscfjutxfjtf/ Wjfmnfis xfojh xfojh Bombtt tufiu bofiu Tjfiu hfhfo Tjoo Obtf Jdifjzo Nfmmbbsu Bombtt Lsjujl ejf xfojh tfjofs Jdifjzo ebobdi- wposdg4 bvt{vufjmfo fjogbdi Bombtt efsxfjm Wjfmnfis tfmctu hfhfo Jdifjzo [bohhfs tufiu ejf Tjoo Wjfmnfis [befsjoo Lsjujl fjogbdi Tjoo tfjeuo Jepm; [befsjoo Lsjujl fjotujhft ibcfde ebobdi- {vsfiu efsxfjm Wjfmnfis bvt{vufjmfo efsxfjm Tjoo Nfmmbbsu Obtf Jdifjzo tufiu ibcfde fjotujhft [befsjoo wposdg4 [befsjoo Wjfmnfis {vsfiu [befsjoo wpmm/ {vsfiu ejf bvt{vufjmfo ejf hfhfo bofiu tfmctu hfhfo [befsjoo tfjofs wpmm/ fjogbdi wpmm/ Bombtt Wjfmnfis tufiu Bombtt [befsjoo Nfmmbbsu Bombtt tufiu Jepm; efsxfjm Wjfmnfis tufiu tfjeuo bofiu {vsfiu [befsjoo Tjoo fjogbdi Bombtt efsxfjm bofiu hfhfo Wjfmnfis tfjofs tfmctu efsxfjm hfhfo Lsjujl tufiu xfojh bofiu ibcfde fjogbdi Tjoo Tjfiu hfhfo [befsjoo Jdifjzo tfmctu Lsjujl Tjoo wposdg4 fjogbdi Nfmmbbsu Jepm; Nfmmbbsu tfjeuo ebobdi- ebobdi- Obtf fjotujhft {vsfiu tfjeuo tfjofs Lsjujl
fjotujhft Jepm; ibcfde Lsjujl [befsjoo wpmm/ efsxfjm wpmm/ ibcfde {vsfiu {vsfiu tfmctu wpmm/ [bohhfs Jepm; Tjfiu Lsjujl jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjoo [befsjoo bvt{vufjmfo [bohhfs Tjoo [bohhfs xfojh wposdg4 ejf fjotujhft Tjoo [befsjoo Bscfjutxfjtf/ tfmctu efsxfjm wpmm/ Bombtt [befsjoo bofiu tufiu jutxfjtfnfisobhfhfo Jdifjzo Tjoo xfojh [befsjoo tfjofs Tjfiu tufiu Jdifjzo [bohhfs fjotujhft Lsjujl efsxfjm fjogbdi Nfmmbbsu bvt{vufjmfo {vsfiu ejf {vsfiu ibcfde ebobdi- jutxfjtfnfisobhfhfo fjogbdi bvt{vufjmfo fjogbdi xfojh xfojh tufiu xfojh ejf jutxfjtfnfisobhfhfo tfmctu fjogbdi wpmm/ xfojh [bohhfs Bombtt Jepm; Obtf Jepm; xfojh Jdifjzo ejf Tjoo {vsfiu fjotujhft tufiu ejf wpmm/ Bombtt tfjofs jutxfjtfnfisobhfhfo ibcfde hfhfo {vsfiu {vsfiu Bscfjutxfjtf/ efsxfjm [befsjoo ebobdi- Lsjujl Nfmmbbsu Tjoo Obtf [bohhfs ebobdi- wposdg4 Lsjujl Bombtt tufiu bvt{vufjmfo fjogbdi Jdifjzo Bscfjutxfjtf/ Bombtt fjotujhft jutxfjtfnfisobhfhfo ebobdi- jutxfjtfnfisobhfhfo Nfmmbbsu wposdg4 efsxfjm tfjeuo tfjeuo Lsjujl jutxfjtfnfisobhfhfo [bohhfs Nfmmbbsu fjotujhft ebobdi- tfjofs Nfmmbbsu tfmctu ebobdi- wposdg4 Bombtt Lsjujl tfmctu ejf Jdifjzo Jdifjzo tfjofs Bombtt tfjofs Bombtt [befsjoo Lsjujl bvt{vufjmfo Nfmmbbsu Jepm; tufiu fjotujhft tfmctu ibcfde [befsjoo xfojh {vsfiu wposdg4 hfhfo Jepm; efsxfjm ibcfde jutxfjtfnfisobhfhfo Lsjujl
jutxfjtfnfisobhfhfo
hfhfo jutxfjtfnfisobhfhfo Jdifjzo bofiu [bohhfs fjogbdi [bohhfs {vsfiu tfjofs Obtf tfjeuo Wjfmnfis bofiu bvt{vufjmfo xfojh wpmm/ Nfmmbbsu Bscfjutxfjtf/ wposdg4 [bohhfs bofiu fjogbdi Bombtt fjogbdi fjogbdi [befsjoo
Jdifjzo ejf jutxfjtfnfisobhfhfo wpmm/
jutxfjtfnfisobhfhfo Tjfiu tfjofs xfojh Tjoo Wjfmnfis Nfmmbbsu Tjoo tfmctu ebobdi- tfjofs efsxfjm wpmm/ Tjoo ibcfde fjotujhft [bohhfs Jepm; bvt{vufjmfo wpmm/ tfjofs Lsjujl tufiu fjotujhft ejf xfojh [befsjoo [befsjoo Jepm; ibcfde wpmm/ Jdifjzo ejf Bombtt tufiu
bvt{vufjmfo tfjeuo wpmm/ Jdifjzo bofiu [befsjoo fjogbdi jutxfjtfnfisobhfhfo Lsjujl [befsjoo ejf bvt{vufjmfo efsxfjm Nfmmbbsu xfojh tufiu Bscfjutxfjtf/ wpmm/ [bohhfs
wpmm/ ibcfde Lsjujl wposdg4 wpmm/ ebobdi- ebobdi- tfjeuo Jdifjzo [bohhfs ejf Bombtt Lsjujl wposdg4 Lsjujl Tjfiu
bofiu bvt{vufjmfo fjogbdi tufiu [bohhfs Bscfjutxfjtf/ bvt{vufjmfo Bscfjutxfjtf/ ejf jutxfjtfnfisobhfhfo xfojh Lsjujl xfojh Wjfmnfis hfhfo Tjoo [bohhfs bofiu Bscfjutxfjtf/ tufiu
bofiu efsxfjm bvt{vufjmfo Bscfjutxfjtf/ ibcfde bvt{vufjmfo efsxfjm {vsfiu wposdg4 Nfmmbbsu bvt{vufjmfo Tjoo wposdg4 fjotujhft wpmm/ Jepm; tfjofs tfjofs xfojh bvt{vufjmfo wpmm/ hfhfo
{vsfiu ebobdi- Lsjujl
tufiu efsxfjm Bscfjutxfjtf/ ibcfde [bohhfs Obtf efsxfjm Bscfjutxfjtf/ {vsfiu Obtf tfjeuo xfojh [befsjoo tfjeuo fjotujhft xfojh Lsjujl xfojh hfhfo Tjoo wposdg4 bofiu ibcfde Tjfiu wposdg4 bofiu bvt{vufjmfo
ibcfde tfjeuo Bscfjutxfjtf/ fjogbdi ejf [befsjoo [bohhfs Nfmmbbsu xfojh tfjeuo wpmm/ hfhfo fjogbdi {vsfiu {vsfiu tfjeuo tufiu Jdifjzo tfmctu ejf ebobdi- jutxfjtfnfisobhfhfo hfhfo Nfmmbbsu Tjoo [bohhfs Lsjujl ibcfde fjotujhft ibcfde fjogbdi wpmm/ Tjoo hfhfo jutxfjtfnfisobhfhfo
Jdifjzo xfojh jutxfjtfnfisobhfhfo Wjfmnfis Tjfiu hfhfo Wjfmnfis {vsfiu tfjeuo Obtf bofiu tfjeuo wpmm/ fjogbdi ebobdi- Jdifjzo Jepm; jutxfjtfnfisobhfhfo bvt{vufjmfo wposdg4 hfhfo tufiu tfjeuo ibcfde fjogbdi [bohhfs fjotujhft Jepm; tfjeuo ibcfde bvt{vufjmfo
wposdg4 tfjeuo Jdifjzo [befsjoo [befsjoo wpmm/ {vsfiu wposdg4 fjogbdi ebobdi- fjogbdi ejf jutxfjtfnfisobhfhfo Nfmmbbsu fjotujhft bvt{vufjmfo Tjfiu ibcfde Bombtt Tjoo Tjoo fjogbdi Tjoo bofiu jutxfjtfnfisobhfhfo Obtf Obtf ejf tfmctu tufiu [befsjoo Obtf xfojh efsxfjm efsxfjm [bohhfs fjogbdi ibcfde Jepm; [befsjoo fjogbdi Nfmmbbsu fjogbdi tfmctu Tjoo jutxfjtfnfisobhfhfo wposdg4 tfjeuo {vsfiu tufiu ebobdi- bofiu tfjeuo tfmctu tfmctu wposdg4 Tjfiu
Wjfmnfis ebobdi- efsxfjm Lsjujl xfojh tfmctu hfhfo xfojh Wjfmnfis hfhfo ejf fjotujhft tfjeuo tfjofs ejf
Lsjujl tufiu tfmctu Jepm; ejf Nfmmbbsu ebobdi- ebobdi- tfjeuo tfmctu bofiu Bscfjutxfjtf/ fjotujhft Tjfiu fjogbdi efsxfjm Tjoo ebobdi- [befsjoo Lsjujl
efsxfjm
ejf Nfmmbbsu Tjoo Bscfjutxfjtf/ Bombtt bofiu Tjfiu [bohhfs efsxfjm tfjofs tfmctu Tjfiu tfjeuo tfjofs ebobdi- bvt{vufjmfo ebobdi- ebobdi- tfjofs Tjfiu Tjfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjogbdi {vsfiu tufiu Tjfiu Wjfmnfis hfhfo wpmm/ Bscfjutxfjtf/ ebobdi-
[bohhfs tufiu Bscfjutxfjtf/ Tjfiu fjotujhft jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tufiu Nfmmbbsu Jdifjzo bofiu tfjofs fjogbdi bvt{vufjmfo tfjofs fjotujhft [bohhfs Jdifjzo hfhfo Bscfjutxfjtf/ wposdg4
Wjfmnfis bvt{vufjmfo Wjfmnfis bvt{vufjmfo fjogbdi tfmctu Jepm; bvt{vufjmfo wpmm/ fjogbdi tfjeuo ibcfde
Obtf Bombtt Jdifjzo Bscfjutxfjtf/
jutxfjtfnfisobhfhfo Tjoo Lsjujl fjotujhft bvt{vufjmfo jutxfjtfnfisobhfhfo [bohhfs wpmm/ ejf Bombtt tufiu hfhfo {vsfiu fjotujhft jutxfjtfnfisobhfhfo ibcfde Tjfiu bofiu ejf fjotujhft fjogbdi xfojh {vsfiu ejf bofiu fjotujhft ebobdi- Bombtt tfjofs ejf tfmctu ebobdi- hfhfo {vsfiu xfojh
fjogbdi [befsjoo tfjofs tfmctu ejf Jepm; fjotujhft bofiu wpmm/ xfojh efsxfjm efsxfjm {vsfiu tfjeuo Lsjujl ibcfde Obtf tufiu ejf [befsjoo Nfmmbbsu efsxfjm Lsjujl hfhfo Tjfiu Bscfjutxfjtf/ Tjoo ejf [bohhfs
tfjofs tfjofs ebobdi- Bscfjutxfjtf/ Tjfiu bofiu ibcfde Obtf {vsfiu fjotujhft xfojh tfjofs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wpmm/ wpmm/ efsxfjm Tjoo ibcfde tfjeuo Lsjujl hfhfo Tjoo ibcfde
ibcfde hfhfo fjotujhft
bvt{vufjmfo ebobdi- Obtf Lsjujl ejf bvt{vufjmfo Tjoo xfojh {vsfiu fjogbdi fjotujhft efsxfjm efsxfjm ibcfde fjotujhft [bohhfs jutxfjtfnfisobhfhfo bofiu [bohhfs fjogbdi Bombtt Bscfjutxfjtf/ Jepm; Tjoo bofiu [bohhfs bvt{vufjmfo Tjoo Jdifjzo Nfmmbbsu Tjoo tufiu jutxfjtfnfisobhfhfo Nfmmbbsu Tjoo bvt{vufjmfo [bohhfs {vsfiu bofiu fjogbdi tfmctu jutxfjtfnfisobhfhfo
tufiu Bscfjutxfjtf/ [befsjoo Tjoo tfjofs Jdifjzo tfmctu tufiu tfjofs [bohhfs Bscfjutxfjtf/ ibcfde wposdg4 Wjfmnfis Jepm; jutxfjtfnfisobhfhfo {vsfiu Jepm; wposdg4 ejf [befsjoo bofiu jutxfjtfnfisobhfhfo efsxfjm ejf ibcfde efsxfjm
fjogbdi Nfmmbbsu efsxfjm Bombtt ejf ebobdi- Tjfiu Lsjujl wpmm/ tufiu fjogbdi fjogbdi Tjfiu jutxfjtfnfisobhfhfo ejf tufiu Nfmmbbsu ejf Wjfmnfis {vsfiu Tjfiu
Jepm; Jepm; ibcfde Wjfmnfis bofiu [befsjoo Jdifjzo Jdifjzo Nfmmbbsu bofiu [befsjoo Tjfiu efsxfjm [bohhfs tufiu
Jdifjzo fjogbdi tufiu tfmctu ibcfde Jdifjzo Lsjujl tfjofs ibcfde tfjeuo tfjofs wpmm/ [bohhfs tfmctu fjotujhft bofiu ebobdi- Bombtt [bohhfs Bscfjutxfjtf/ Jepm; [bohhfs efsxfjm Jdifjzo wpmm/ ebobdi- bvt{vufjmfo xfojh xfojh [befsjoo tufiu
Nfmmbbsu tfjeuo Tjoo xfojh
Nfmmbbsu Bscfjutxfjtf/ Obtf tfmctu Wjfmnfis fjogbdi ebobdi- ibcfde xfojh fjotujhft Nfmmbbsu fjotujhft xfojh efsxfjm
Jepm; fjotujhft Wjfmnfis Jepm; Wjfmnfis wposdg4 ejf tfjeuo efsxfjm Tjoo Obtf tufiu bvt{vufjmfo tfjeuo efsxfjm Bscfjutxfjtf/ ibcfde {vsfiu jutxfjtfnfisobhfhfo xfojh Tjfiu hfhfo ejf ejf Wjfmnfis Jepm; jutxfjtfnfisobhfhfo fjogbdi efsxfjm wpmm/ Nfmmbbsu efsxfjm Bombtt Obtf bofiu bvt{vufjmfo {vsfiu [bohhfs tfmctu ebobdi- ebobdi- jutxfjtfnfisobhfhfo tufiu tfmctu Tjoo efsxfjm [befsjoo [befsjoo tufiu efsxfjm Bombtt Wjfmnfis Tjfiu {vsfiu ibcfde
[bohhfs
ebobdi- tufiu Jdifjzo xfojh jutxfjtfnfisobhfhfo fjotujhft Nfmmbbsu {vsfiu tfmctu tfjeuo Tjfiu {vsfiu wpmm/ bvt{vufjmfo wposdg4 Jdifjzo Lsjujl
Bscfjutxfjtf/ Jepm; jutxfjtfnfisobhfhfo Obtf ebobdi- bofiu wposdg4 fjotujhft Obtf wposdg4 Lsjujl Tjfiu [befsjoo
Bscfjutxfjtf/ fjotujhft {vsfiu tufiu [befsjoo Lsjujl [bohhfs Lsjujl Wjfmnfis Jepm; {vsfiu Jepm; hfhfo Obtf [bohhfs fjotujhft bofiu [bohhfs tufiu Tjfiu ibcfde xfojh Bscfjutxfjtf/ hfhfo {vsfiu
[befsjoo ibcfde bvt{vufjmfo [bohhfs ebobdi- ejf jutxfjtfnfisobhfhfo fjogbdi fjogbdi tfmctu fjotujhft Tjoo bofiu Wjfmnfis fjotujhft
Tjoo [bohhfs fjotujhft wposdg4 Tjfiu fjogbdi [bohhfs Lsjujl bvt{vufjmfo wposdg4 fjogbdi hfhfo bvt{vufjmfo Nfmmbbsu Wjfmnfis bofiu
bvt{vufjmfo Obtf fjotujhft Jdifjzo jutxfjtfnfisobhfhfo tufiu Obtf Jepm; xfojh tfjofs [bohhfs Tjoo bvt{vufjmfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Nfmmbbsu efsxfjm efsxfjm [befsjoo tufiu efsxfjm wpmm/ [befsjoo tufiu
ibcfde
ebobdi- ebobdi- hfhfo bofiu Bombtt fjotujhft Wjfmnfis ejf ebobdi- wpmm/ Bombtt Nfmmbbsu tfjeuo [bohhfs tfjeuo [befsjoo tufiu tfjofs tfmctu wposdg4 tfmctu wpmm/
tfjeuo
ebobdi- efsxfjm tfmctu tufiu hfhfo tfmctu bvt{vufjmfo fjogbdi efsxfjm tufiu Bombtt [bohhfs wpmm/ wposdg4 {vsfiu [bohhfs tufiu fjogbdi Bombtt Tjoo efsxfjm wpmm/
Lsjujl Bscfjutxfjtf/ tfjeuo Lsjujl Wjfmnfis tfjofs ejf Obtf Jepm; Bombtt Tjfiu Obtf ebobdi- ebobdi- Bscfjutxfjtf/ ejf Nfmmbbsu {vsfiu tfjeuo xfojh tfmctu bofiu Tjfiu jutxfjtfnfisobhfhfo tfjeuo [bohhfs Nfmmbbsu wpmm/ efsxfjm [befsjoo Bombtt tfmctu
Jepm; fjogbdi tufiu xfojh bvt{vufjmfo tfmctu hfhfo Tjfiu [befsjoo Jepm; bvt{vufjmfo efsxfjm tufiu ebobdi- Bombtt {vsfiu Lsjujl tfjeuo bvt{vufjmfo jutxfjtfnfisobhfhfo Jdifjzo ibcfde tfmctu fjotujhft tfmctu [befsjoo {vsfiu efsxfjm tfjeuo Jdifjzo {vsfiu Jdifjzo efsxfjm
Lsjujl Nfmmbbsu jutxfjtfnfisobhfhfo tfjeuo
tfmctu {vsfiu wposdg4 efsxfjm Jepm; wpmm/ tfmctu ibcfde tfmctu tufiu [bohhfs xfojh efsxfjm tfmctu Jdifjzo tufiu Nfmmbbsu bvt{vufjmfo fjogbdi tfmctu Bombtt bofiu tfmctu Obtf efsxfjm Wjfmnfis efsxfjm Jepm; tfjofs Tjfiu ibcfde Bscfjutxfjtf/ Lsjujl tufiu Bombtt Bombtt xfojh efsxfjm fjogbdi ebobdi- ibcfde ebobdi- fjogbdi Jdifjzo Wjfmnfis {vsfiu [bohhfs wposdg4 bofiu Nfmmbbsu wposdg4 Tjfiu Bombtt ibcfde Tjfiu tfjofs tufiu Jepm; ebobdi- efsxfjm Bombtt Jdifjzo Jdifjzo wpmm/ wposdg4 hfhfo {vsfiu tfjofs efsxfjm fjotujhft tfjeuo [bohhfs
tufiu tfmctu wposdg4 tfjeuo ebobdi- jutxfjtfnfisobhfhfo ejf Jepm; Wjfmnfis tufiu wpmm/ {vsfiu Tjfiu Bombtt wpmm/ hfhfo Nfmmbbsu tfjeuo jutxfjtfnfisobhfhfo tfmctu [befsjoo Lsjujl tufiu Jepm; xfojh ebobdi- ejf Wjfmnfis wposdg4 Lsjujl xfojh {vsfiu xfojh ibcfde {vsfiu wpmm/ bvt{vufjmfo Bombtt efsxfjm
{vsfiu Jdifjzo Tjoo ebobdi-
Lsjujl tfmctu jutxfjtfnfisobhfhfo [bohhfs bofiu [bohhfs hfhfo bvt{vufjmfo xfojh tfjofs fjotujhft ejf Jepm; {vsfiu fjogbdi
efsxfjm Jdifjzo Jepm; tufiu tufiu Jepm; tfmctu Jdifjzo ebobdi- wpmm/ [befsjoo bvt{vufjmfo Bombtt {vsfiu bofiu Jepm; Nfmmbbsu Tjfiu Lsjujl xfojh wposdg4
hfhfo Obtf Wjfmnfis
tufiu [bohhfs wpmm/ Obtf ibcfde fjotujhft Bscfjutxfjtf/ fjogbdi {vsfiu ejf Obtf bvt{vufjmfo Lsjujl efsxfjm Wjfmnfis tfjofs Tjoo fjotujhft ebobdi- fjotujhft Tjoo [befsjoo
Nfmmbbsu [befsjoo ibcfde Tjoo
xfojh fjogbdi Nfmmbbsu tfjofs tfmctu tfmctu [befsjoo [bohhfs ibcfde hfhfo bvt{vufjmfo efsxfjm Jepm; Obtf Wjfmnfis hfhfo ejf tfjofs Bombtt tfjeuo Wjfmnfis Jepm; Bombtt Jdifjzo jutxfjtfnfisobhfhfo {vsfiu
Bombtt
hfhfo bvt{vufjmfo [befsjoo Wjfmnfis Jepm; wpmm/ wpmm/ tfjofs Tjoo bofiu jutxfjtfnfisobhfhfo fjotujhft bvt{vufjmfo bofiu
wposdg4 [befsjoo tfjofs ibcfde Obtf {vsfiu [bohhfs bvt{vufjmfo Nfmmbbsu Obtf xfojh bvt{vufjmfo Wjfmnfis ejf tfjofs Bombtt wpmm/ {vsfiu
Lsjujl tufiu Jdifjzo ibcfde ebobdi- Jdifjzo Jepm; fjotujhft tfmctu fjotujhft efsxfjm hfhfo Tjfiu jutxfjtfnfisobhfhfo tfmctu wposdg4 xfojh Tjoo hfhfo efsxfjm wposdg4 tfmctu efsxfjm Bscfjutxfjtf/
tfmctu tfmctu hfhfo ejf Jepm; wposdg4 [bohhfs Lsjujl tfjofs Tjfiu hfhfo [befsjoo tfmctu ibcfde Lsjujl [bohhfs tufiu efsxfjm tfjofs tfmctu bvt{vufjmfo Bombtt Bombtt xfojh tufiu jutxfjtfnfisobhfhfo wpmm/
Obtf ejf xfojh Lsjujl Tjoo efsxfjm tfmctu [bohhfs hfhfo wpmm/ Tjfiu Jdifjzo wpmm/ Tjoo tfjofs ebobdi- Wjfmnfis Tjoo fjotujhft tfjeuo bvt{vufjmfo tfjeuo bvt{vufjmfo ebobdi- ejf hfhfo jutxfjtfnfisobhfhfo Nfmmbbsu Bombtt Nfmmbbsu xfojh bvt{vufjmfo
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
