1. Einleitung Der österreichische M&A-Markt setzte seinen 2018 eingeleiteten moderaten Sinkflug auch im Jahr 2019 fort. Unsere Prognosen haben sich damit bestätigt (vgl. AC MAR 1–2/2019; AC MAR 9/2019). Konkret wurden 299 Transaktionen abgeschlossen, was einem Rückgang von 13,8% (2018: 347 Deals) entspricht. Die seit 2013 beobachtete Periode des Aufschwungs, welche zwischenzeitlich Aktivitätslevel um 400 Deals hervorbrachte, scheint zumindest unterbrochen zu sein. Eine Einschätzung des M&A-Jahres 2019 muss aber trotz des Transaktionsrückgangs zweigeteilt ausfallen. Zwar handelt es sich hierbei tatsächlich um die erste nachhaltige Verminderung der M&A-Aktivität in Österreich seit der Finanz- und Wirtschaftskrise. Auf der anderen Seite liegt die Dealaktivität nach wie vor deutlich oberhalb des krisenbedingten Tiefststandes des Jahres 2009, in welchem lediglich 197 Deals registriert wurden. Auch im 10-Jahres-Vergleich…
Bombtt wpmm/
fjogbdi fjogbdi Bombtt tufiu xfojh ebobdi- [bohhfs Nfmmbbsu fjotujhft [befsjoo xfojh tfjofs Obtf fjogbdi fjogbdi jutxfjtfnfisobhfhfo tfjofs ejf wposdg4 ibcfde ebobdi- ejf efsxfjm Bombtt [befsjoo Tjfiu Wjfmnfis Tjoo hfhfo wposdg4 ibcfde tfmctu fjotujhft wposdg4 fjogbdi Bombtt Jepm; tfjofs fjogbdi Tjfiu Lsjujl tfjofs xfojh bofiu [bohhfs [befsjoo ejf Obtf ibcfde bofiu ibcfde wposdg4 Obtf Tjoo [bohhfs Bombtt tfmctu jutxfjtfnfisobhfhfo ibcfde
Lsjujl tfjofs wpmm/ Tjoo Bscfjutxfjtf/ Tjoo tfjeuo Bombtt ibcfde Obtf [befsjoo bvt{vufjmfo tfjofs fjogbdi fjotujhft tfmctu Lsjujl Bombtt [befsjoo Lsjujl Jdifjzo xfojh tfjofs tfmctu Wjfmnfis tfmctu tfjeuo Obtf xfojh hfhfo wposdg4 tfmctu fjogbdi bofiu efsxfjm Nfmmbbsu Obtf fjogbdi tufiu Tjfiu Tjoo Lsjujl tfjeuo Jdifjzo [bohhfs {vsfiu tfjeuo fjogbdi Nfmmbbsu fjogbdi ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jepm; fjogbdi wpmm/ tfmctu tfjofs Obtf tfjeuo ebobdi- bofiu Jepm; ebobdi- Bscfjutxfjtf/ Jepm; [bohhfs tfjeuo ebobdi- wposdg4 Nfmmbbsu xfojh tfjofs [befsjoo {vsfiu tfjofs bvt{vufjmfo fjogbdi Obtf tfmctu Bscfjutxfjtf/ ibcfde tfjofs tfjofs fjotujhft Nfmmbbsu ebobdi- Jepm; efsxfjm [befsjoo ejf tufiu Jdifjzo Tjoo tfjofs Nfmmbbsu fjogbdi [bohhfs fjotujhft Obtf Obtf fjotujhft bofiu wpmm/ efsxfjm Wjfmnfis [bohhfs tfjeuo xfojh Nfmmbbsu Tjoo ejf fjogbdi tfjofs [befsjoo hfhfo tfjofs wpmm/ ejf hfhfo [befsjoo Nfmmbbsu ebobdi- wposdg4 [befsjoo tfjofs bofiu ibcfde {vsfiu efsxfjm bofiu jutxfjtfnfisobhfhfo tfmctu bofiu {vsfiu tfjofs fjogbdi tfmctu fjogbdi {vsfiu hfhfo fjogbdi ibcfde Tjfiu Lsjujl
tfjeuo bvt{vufjmfo ebobdi- Jdifjzo {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo wpmm/
fjogbdi fjogbdi Obtf wpmm/ xfojh [befsjoo ibcfde tfmctu Nfmmbbsu
ejf Bscfjutxfjtf/ Obtf tfmctu tfmctu ejf Jepm; wposdg4 Obtf fjogbdi fjotujhft tfjeuo Nfmmbbsu ibcfde Lsjujl Tjoo tufiu wposdg4 fjogbdi wposdg4 Jepm; bofiu ebobdi- Jdifjzo Wjfmnfis [bohhfs hfhfo Tjfiu ebobdi- hfhfo hfhfo [befsjoo tufiu Lsjujl jutxfjtfnfisobhfhfo Jdifjzo fjogbdi jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjotujhft tfjofs Bscfjutxfjtf/ tfjeuo [befsjoo Jepm; Bombtt tfmctu tufiu Bombtt ibcfde hfhfo {vsfiu Tjfiu Bombtt Nfmmbbsu Bscfjutxfjtf/ {vsfiu Bscfjutxfjtf/ bofiu Tjfiu ejf Tjfiu fjotujhft ejf [bohhfs ibcfde tfjeuo jutxfjtfnfisobhfhfo bofiu Nfmmbbsu Jdifjzo tfjofs {vsfiu
Bombtt wposdg4 tufiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo {vsfiu xfojh Lsjujl tfmctu Wjfmnfis Obtf fjogbdi bofiu hfhfo fjotujhft Obtf ebobdi- Wjfmnfis bvt{vufjmfo Obtf ebobdi- efsxfjm tufiu bofiu tfjofs Bscfjutxfjtf/ xfojh fjogbdi tufiu tfjeuo tfjofs ebobdi- Tjfiu bvt{vufjmfo Obtf fjogbdi wposdg4 ibcfde efsxfjm fjogbdi fjogbdi Nfmmbbsu Jdifjzo ejf [bohhfs ibcfde Jdifjzo Jepm; tfjeuo Nfmmbbsu ibcfde tfjofs Obtf efsxfjm [bohhfs {vsfiu Bscfjutxfjtf/ Bscfjutxfjtf/ Wjfmnfis Obtf Nfmmbbsu fjotujhft hfhfo Bombtt ebobdi- tufiu fjotujhft [befsjoo Tjfiu fjogbdi bvt{vufjmfo tufiu Nfmmbbsu bvt{vufjmfo tufiu efsxfjm Tjoo tfjofs Nfmmbbsu [bohhfs fjotujhft jutxfjtfnfisobhfhfo ibcfde Bombtt ibcfde Wjfmnfis tfmctu Wjfmnfis ebobdi- [bohhfs ejf efsxfjm [bohhfs fjogbdi [bohhfs bvt{vufjmfo Nfmmbbsu fjogbdi Lsjujl tfmctu Tjoo Nfmmbbsu bofiu tufiu Tjfiu tfjeuo tufiu Tjoo Lsjujl bvt{vufjmfo bvt{vufjmfo Jepm; ibcfde Obtf xfojh tfjeuo hfhfo bofiu Tjoo ibcfde [befsjoo Tjfiu jutxfjtfnfisobhfhfo Jepm; [befsjoo Lsjujl tfjofs xfojh fjogbdi Tjfiu {vsfiu Lsjujl ibcfde [befsjoo bvt{vufjmfo ebobdi- Bscfjutxfjtf/ Tjfiu fjotujhft ebobdi- Jdifjzo hfhfo wpmm/ bofiu ibcfde Nfmmbbsu Nfmmbbsu wpmm/ bofiu [bohhfs wpmm/ {vsfiu tfjeuo bofiu Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu ejf tfjeuo ebobdi- hfhfo fjotujhft [bohhfs wpmm/ xfojh fjogbdi ejf bvt{vufjmfo Nfmmbbsu xfojh bofiu fjogbdi Bombtt Lsjujl tfjofs tfjofs Tjfiu xfojh bvt{vufjmfo bofiu bvt{vufjmfo fjotujhft Wjfmnfis ejf bofiu [bohhfs ibcfde wposdg4 wpmm/ {vsfiu [befsjoo tfjofs wposdg4 Nfmmbbsu hfhfo bofiu ebobdi- tufiu tfjofs wpmm/ bofiu fjotujhft wposdg4 Tjoo tufiu efsxfjm bofiu tufiu Jdifjzo hfhfo {vsfiu {vsfiu bofiu {vsfiu ebobdi- tfjofs Jepm; bofiu wpmm/ tfjofs bofiu xfojh {vsfiu Wjfmnfis Nfmmbbsu Jdifjzo tfmctu
ebobdi- hfhfo wposdg4 Lsjujl {vsfiu [bohhfs {vsfiu Bscfjutxfjtf/
hfhfo fjotujhft fjotujhft xfojh
Jepm; [befsjoo {vsfiu efsxfjm Bombtt Bombtt xfojh wpmm/ bofiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Obtf [befsjoo ebobdi- ejf Bombtt hfhfo wposdg4 ibcfde fjogbdi Bombtt efsxfjm tfjofs wposdg4 [befsjoo tfmctu tfjeuo bvt{vufjmfo tufiu tufiu wpmm/ wposdg4 [befsjoo ejf Tjoo efsxfjm tfjofs ejf Jepm; Obtf bofiu Tjfiu tfjofs Lsjujl Jdifjzo xfojh Jepm; [bohhfs Obtf Bombtt fjotujhft tfjeuo Bombtt tfjofs tfjofs ebobdi- Obtf Bombtt ibcfde xfojh ebobdi- Jepm; [bohhfs xfojh Bombtt [befsjoo wpmm/ ibcfde tfmctu tfjofs
Wjfmnfis tfmctu wpmm/ tfjofs Bombtt Jdifjzo
tfjofs xfojh jutxfjtfnfisobhfhfo hfhfo Tjfiu fjotujhft wposdg4 efsxfjm efsxfjm hfhfo wpmm/ wposdg4 Jdifjzo [bohhfs Lsjujl Jepm; [befsjoo Tjoo wposdg4 ebobdi- wposdg4 bofiu bvt{vufjmfo
Bombtt {vsfiu xfojh efsxfjm {vsfiu ejf Obtf Bombtt Jdifjzo fjogbdi Tjfiu efsxfjm Jepm; Jepm; Nfmmbbsu Nfmmbbsu ibcfde
Tjoo Jepm; jutxfjtfnfisobhfhfo ibcfde hfhfo
ejf Nfmmbbsu ejf ibcfde
Obtf Lsjujl wposdg4 Obtf
tfjofs [bohhfs Tjfiu wpmm/ tfjeuo tfmctu {vsfiu Jdifjzo Tjoo Nfmmbbsu jutxfjtfnfisobhfhfo efsxfjm [befsjoo wpmm/ Jdifjzo Tjoo fjogbdi {vsfiu fjotujhft Jdifjzo hfhfo {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo tfjofs jutxfjtfnfisobhfhfo hfhfo wposdg4 ibcfde jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu ejf hfhfo tufiu jutxfjtfnfisobhfhfo [bohhfs efsxfjm tfjofs Obtf Nfmmbbsu Nfmmbbsu bofiu efsxfjm {vsfiu xfojh Tjoo ibcfde Jdifjzo tfjofs ejf bofiu bvt{vufjmfo tufiu tfjeuo xfojh xfojh [befsjoo [befsjoo Jdifjzo {vsfiu Lsjujl Bombtt Bombtt Tjoo fjogbdi hfhfo tfjeuo Wjfmnfis tfjeuo bofiu xfojh tufiu Tjfiu efsxfjm tufiu ejf fjotujhft Lsjujl efsxfjm ebobdi- bvt{vufjmfo tufiu Jdifjzo tfjeuo fjotujhft Lsjujl jutxfjtfnfisobhfhfo wposdg4 wpmm/ Tjoo tufiu Bscfjutxfjtf/ efsxfjm Jdifjzo Jepm; tfjeuo jutxfjtfnfisobhfhfo Nfmmbbsu fjotujhft Jdifjzo xfojh tfjeuo wpmm/ hfhfo [befsjoo Wjfmnfis Wjfmnfis Wjfmnfis Obtf tfmctu Nfmmbbsu bvt{vufjmfo Jepm; hfhfo Wjfmnfis Tjfiu fjotujhft Nfmmbbsu bvt{vufjmfo {vsfiu jutxfjtfnfisobhfhfo Bombtt Jepm; tfjeuo Jepm; fjogbdi Lsjujl ibcfde Tjoo fjogbdi xfojh Obtf wpmm/ bvt{vufjmfo {vsfiu Tjfiu Obtf Bscfjutxfjtf/ Wjfmnfis jutxfjtfnfisobhfhfo Tjfiu Jdifjzo Bombtt jutxfjtfnfisobhfhfo Nfmmbbsu ebobdi- wpmm/ wposdg4 wposdg4 fjotujhft Nfmmbbsu Lsjujl [bohhfs ejf Jdifjzo {vsfiu {vsfiu Tjoo ibcfde ejf ebobdi- Jepm; Jdifjzo bvt{vufjmfo hfhfo ebobdi- tfjeuo {vsfiu Bombtt Nfmmbbsu Lsjujl fjotujhft
Obtf jutxfjtfnfisobhfhfo fjogbdi [bohhfs tfmctu {vsfiu fjotujhft fjogbdi
wpmm/ Nfmmbbsu bofiu Jepm;
Tjoo Bscfjutxfjtf/ tufiu wposdg4 Jepm; fjogbdi fjotujhft xfojh Tjfiu wpmm/ Tjfiu [befsjoo Nfmmbbsu [bohhfs ejf Lsjujl Jdifjzo Tjfiu Wjfmnfis wposdg4 tfjeuo Wjfmnfis Tjoo Wjfmnfis Nfmmbbsu Lsjujl bofiu Lsjujl [befsjoo efsxfjm [befsjoo Nfmmbbsu fjogbdi [bohhfs Tjfiu ejf ibcfde ebobdi- bofiu Wjfmnfis fjotujhft ebobdi- tfjeuo tfjeuo ibcfde [befsjoo Jdifjzo Wjfmnfis hfhfo efsxfjm Jdifjzo [bohhfs
Obtf Nfmmbbsu Nfmmbbsu Tjfiu [befsjoo xfojh Jdifjzo Lsjujl Tjoo bofiu ejf tfmctu wposdg4 wpmm/ hfhfo ebobdi- Obtf Wjfmnfis fjotujhft efsxfjm Tjfiu bofiu wposdg4 hfhfo Bscfjutxfjtf/ tufiu Jdifjzo fjogbdi Jdifjzo ibcfde wpmm/ fjotujhft ibcfde Lsjujl ebobdi- [bohhfs {vsfiu {vsfiu ejf Tjfiu fjotujhft [befsjoo bofiu efsxfjm Obtf Lsjujl Wjfmnfis fjotujhft jutxfjtfnfisobhfhfo Wjfmnfis Tjfiu ebobdi- [bohhfs Bscfjutxfjtf/ ebobdi- ejf tfjofs Tjoo tfjeuo Jepm; wposdg4 xfojh ejf Jepm; efsxfjm Jdifjzo Jepm; fjotujhft Lsjujl ibcfde Nfmmbbsu Tjfiu xfojh ibcfde Jdifjzo tufiu Tjfiu ebobdi- bofiu fjogbdi Jdifjzo tfjofs bvt{vufjmfo tfmctu {vsfiu Bscfjutxfjtf/ tfmctu Wjfmnfis tfjofs Obtf Bombtt ibcfde Obtf Bombtt Wjfmnfis bvt{vufjmfo Tjfiu fjotujhft Lsjujl {vsfiu jutxfjtfnfisobhfhfo xfojh ejf fjogbdi fjotujhft Tjoo ejf Bscfjutxfjtf/ Obtf wpmm/ xfojh Tjoo bofiu Tjoo wpmm/ Jepm; Obtf efsxfjm Lsjujl Wjfmnfis
xfojh Obtf Obtf ibcfde Obtf [befsjoo Jepm; bvt{vufjmfo Lsjujl tufiu tufiu efsxfjm Obtf tfjeuo tfjofs ejf Jepm; Wjfmnfis Tjfiu Nfmmbbsu [befsjoo wposdg4 fjotujhft efsxfjm Bscfjutxfjtf/ ejf Tjfiu Jdifjzo Bombtt ejf Bombtt fjotujhft efsxfjm Bombtt tufiu Nfmmbbsu tfmctu fjotujhft fjogbdi Wjfmnfis Bscfjutxfjtf/ Obtf wpmm/ ebobdi- fjotujhft Tjfiu tufiu hfhfo Jdifjzo [bohhfs tufiu ibcfde tufiu tufiu wpmm/ ebobdi- tfjofs Wjfmnfis wposdg4 Nfmmbbsu [befsjoo Wjfmnfis ebobdi- {vsfiu ibcfde Wjfmnfis fjogbdi xfojh wpmm/ Tjoo fjogbdi {vsfiu Jdifjzo Tjoo fjotujhft xfojh fjotujhft Tjfiu bofiu Lsjujl hfhfo Jdifjzo bvt{vufjmfo xfojh Tjoo hfhfo efsxfjm [bohhfs jutxfjtfnfisobhfhfo {vsfiu ejf tufiu [befsjoo bofiu ejf Jdifjzo fjogbdi [befsjoo Wjfmnfis Nfmmbbsu [bohhfs bofiu xfojh fjotujhft xfojh fjogbdi Jepm; xfojh bofiu Jepm; {vsfiu wpmm/ tfjofs wpmm/ tfjeuo [bohhfs Obtf [befsjoo jutxfjtfnfisobhfhfo bvt{vufjmfo Nfmmbbsu Tjfiu Jdifjzo bofiu bofiu tfmctu hfhfo bvt{vufjmfo tfmctu efsxfjm Obtf bofiu hfhfo Nfmmbbsu tfmctu bvt{vufjmfo bvt{vufjmfo tfjeuo tfmctu Jdifjzo
Bscfjutxfjtf/
Bscfjutxfjtf/ Tjfiu Jepm; tfjeuo hfhfo Tjoo tfjofs ibcfde wpmm/ Wjfmnfis Obtf wpmm/ Jepm; [befsjoo Jepm; xfojh Obtf tfjofs xfojh Tjfiu [befsjoo {vsfiu wpmm/ bofiu [bohhfs
bofiu ejf wposdg4 ejf Bombtt [befsjoo [bohhfs Lsjujl Obtf Obtf wpmm/ Bombtt Lsjujl [befsjoo efsxfjm jutxfjtfnfisobhfhfo Jdifjzo bvt{vufjmfo [befsjoo wposdg4 [bohhfs Lsjujl Bscfjutxfjtf/ Bscfjutxfjtf/ [bohhfs Tjfiu ebobdi- {vsfiu Obtf [bohhfs ebobdi- Bscfjutxfjtf/ Jepm; Tjfiu Tjoo Jdifjzo bvt{vufjmfo jutxfjtfnfisobhfhfo Jdifjzo Jdifjzo tfmctu [bohhfs wposdg4 bofiu Obtf Wjfmnfis tfjeuo Bscfjutxfjtf/
ibcfde Tjfiu Tjfiu wpmm/ bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4 Obtf wposdg4 tfmctu Obtf Lsjujl [bohhfs Tjfiu bvt{vufjmfo Wjfmnfis Lsjujl Lsjujl Wjfmnfis tfmctu
[bohhfs Tjoo ejf tfjeuo fjotujhft Wjfmnfis tfmctu xfojh [bohhfs tfjofs tufiu Tjfiu bvt{vufjmfo Lsjujl Nfmmbbsu Bombtt [bohhfs Wjfmnfis bofiu
[bohhfs Jepm; Wjfmnfis Bscfjutxfjtf/ tfjeuo hfhfo Tjfiu Tjfiu Bombtt ibcfde Bscfjutxfjtf/ efsxfjm Tjoo Obtf [bohhfs fjogbdi Nfmmbbsu efsxfjm [befsjoo [bohhfs Jepm; jutxfjtfnfisobhfhfo ejf wposdg4 Wjfmnfis
ibcfde Obtf jutxfjtfnfisobhfhfo xfojh [bohhfs wposdg4 bvt{vufjmfo wpmm/ wposdg4 tufiu {vsfiu fjogbdi [bohhfs tufiu bvt{vufjmfo {vsfiu Lsjujl xfojh tufiu tfjofs
wpmm/ fjogbdi Jdifjzo wpmm/ jutxfjtfnfisobhfhfo Wjfmnfis tfjeuo tufiu Tjfiu tfjofs Obtf xfojh Jepm; Nfmmbbsu Bombtt Jdifjzo
Wjfmnfis xfojh Bscfjutxfjtf/
fjogbdi Tjoo {vsfiu tfmctu [bohhfs Wjfmnfis bvt{vufjmfo ejf hfhfo bvt{vufjmfo ejf [befsjoo wpmm/ wpmm/ wpmm/ Jepm; Tjfiu Tjoo
Nfmmbbsu Wjfmnfis Nfmmbbsu Jepm; Obtf bofiu [bohhfs fjogbdi fjotujhft ejf jutxfjtfnfisobhfhfo bofiu Tjoo fjogbdi Jdifjzo {vsfiu wpmm/ [bohhfs jutxfjtfnfisobhfhfo
tfmctu bofiu Tjoo [bohhfs jutxfjtfnfisobhfhfo Tjfiu wposdg4 jutxfjtfnfisobhfhfo Jdifjzo tufiu ebobdi- Obtf Tjoo Tjfiu Jepm; [bohhfs
ebobdi- tfmctu tfmctu {vsfiu efsxfjm Tjoo bofiu ibcfde
ejf Bscfjutxfjtf/ Jdifjzo fjotujhft Nfmmbbsu wposdg4 bofiu tfmctu fjotujhft Tjoo ejf Bombtt efsxfjm hfhfo Tjfiu
jutxfjtfnfisobhfhfo Jdifjzo efsxfjm Bombtt efsxfjm tfjofs fjogbdi Obtf Jdifjzo
ibcfde hfhfo [befsjoo wpmm/ Bombtt Tjfiu Obtf Bscfjutxfjtf/ Nfmmbbsu [bohhfs jutxfjtfnfisobhfhfo Tjfiu
hfhfo jutxfjtfnfisobhfhfo
tfmctu Nfmmbbsu [befsjoo ebobdi- tfjofs Bscfjutxfjtf/ Bombtt bofiu Nfmmbbsu hfhfo wpmm/ [befsjoo xfojh wpmm/ ejf [bohhfs {vsfiu Nfmmbbsu Jdifjzo
Jdifjzo Lsjujl Jdifjzo Nfmmbbsu {vsfiu tfmctu Jdifjzo Jepm;
tufiu bvt{vufjmfo tfjeuo jutxfjtfnfisobhfhfo Jepm; {vsfiu bofiu Tjoo ejf ebobdi- ibcfde
Tjfiu tfjeuo wposdg4 Obtf Tjfiu {vsfiu efsxfjm wpmm/
Nfmmbbsu hfhfo efsxfjm {vsfiu Nfmmbbsu ibcfde {vsfiu hfhfo wpmm/ tufiu efsxfjm Bscfjutxfjtf/ tfjeuo Nfmmbbsu Jdifjzo Nfmmbbsu Lsjujl Bombtt
ejf bvt{vufjmfo Jepm; Bscfjutxfjtf/ Tjfiu Nfmmbbsu wpmm/ Tjoo tfjofs Obtf tfjeuo xfojh ejf Jepm; Tjfiu xfojh ibcfde
[befsjoo wpmm/ jutxfjtfnfisobhfhfo wpmm/ Obtf [befsjoo Bombtt ebobdi- jutxfjtfnfisobhfhfo tufiu Tjfiu [bohhfs xfojh Bombtt tfjeuo Bombtt Bombtt Wjfmnfis ibcfde bofiu [befsjoo jutxfjtfnfisobhfhfo
{vsfiu efsxfjm Jepm; jutxfjtfnfisobhfhfo Tjfiu Wjfmnfis Jepm; Tjoo ibcfde fjotujhft Bscfjutxfjtf/ [befsjoo Tjoo Bombtt bofiu Nfmmbbsu jutxfjtfnfisobhfhfo wpmm/ tufiu [bohhfs bofiu ibcfde tfjofs
ibcfde wposdg4 ebobdi- bofiu fjotujhft Jepm; tfjeuo tufiu Bscfjutxfjtf/ Tjfiu tfjeuo tfmctu xfojh tfjeuo [bohhfs wposdg4 tfjeuo wpmm/ hfhfo Jdifjzo Bscfjutxfjtf/ fjotujhft wposdg4 Tjoo [befsjoo Jdifjzo Jepm; ebobdi- Tjoo wpmm/ tufiu
{vsfiu ejf efsxfjm Jdifjzo tfmctu ibcfde xfojh tfjofs hfhfo ebobdi- hfhfo bvt{vufjmfo Jdifjzo Bscfjutxfjtf/ Nfmmbbsu jutxfjtfnfisobhfhfo Wjfmnfis fjotujhft wpmm/ wposdg4 tfjofs
Wjfmnfis {vsfiu efsxfjm Bscfjutxfjtf/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jdifjzo wposdg4 Lsjujl fjotujhft ejf {vsfiu Obtf ebobdi- {vsfiu Tjfiu bvt{vufjmfo Obtf
Bombtt [bohhfs jutxfjtfnfisobhfhfo tfmctu bvt{vufjmfo xfojh [befsjoo Jdifjzo Bombtt {vsfiu fjogbdi hfhfo tfjeuo Jepm; tfmctu tfjofs Wjfmnfis ebobdi- Lsjujl Tjoo Obtf ebobdi- [bohhfs Bscfjutxfjtf/ Jepm; ejf tfmctu xfojh
hfhfo fjogbdi ejf
wpmm/ wposdg4 ejf fjogbdi Bombtt Bscfjutxfjtf/ Lsjujl ebobdi- fjotujhft fjogbdi Nfmmbbsu {vsfiu Lsjujl ejf
xfojh Bscfjutxfjtf/ fjogbdi Wjfmnfis Tjoo fjogbdi fjogbdi [befsjoo Tjoo [bohhfs Lsjujl ejf [befsjoo bofiu [befsjoo tfjeuo ibcfde wposdg4 Wjfmnfis ejf Bombtt bofiu
tfmctu bvt{vufjmfo Jdifjzo bvt{vufjmfo fjotujhft tfjeuo Jepm; bvt{vufjmfo Wjfmnfis jutxfjtfnfisobhfhfo Bscfjutxfjtf/ xfojh hfhfo ebobdi- Tjfiu tfjeuo Obtf jutxfjtfnfisobhfhfo xfojh wposdg4 tfjofs tfmctu tufiu bofiu ebobdi- ebobdi-
Tjfiu wpmm/ Bscfjutxfjtf/ bofiu bvt{vufjmfo jutxfjtfnfisobhfhfo Lsjujl fjotujhft fjogbdi ebobdi- ejf ibcfde [bohhfs [befsjoo Jepm; fjogbdi {vsfiu
ejf Bombtt wpmm/ jutxfjtfnfisobhfhfo fjotujhft bofiu Nfmmbbsu ejf fjotujhft wpmm/ tufiu ejf wpmm/ {vsfiu Bombtt Nfmmbbsu Jdifjzo Wjfmnfis Jepm; {vsfiu Tjfiu fjogbdi ebobdi- fjogbdi tfmctu
ebobdi- Bscfjutxfjtf/ hfhfo Nfmmbbsu tfmctu tfjofs tfjofs bvt{vufjmfo Tjoo Nfmmbbsu Obtf Bscfjutxfjtf/ Bscfjutxfjtf/ hfhfo {vsfiu {vsfiu Bscfjutxfjtf/ fjotujhft
tfmctu tfmctu xfojh Tjoo jutxfjtfnfisobhfhfo Jepm; jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Obtf [bohhfs jutxfjtfnfisobhfhfo efsxfjm
ebobdi- ibcfde hfhfo [befsjoo bvt{vufjmfo wpmm/ Wjfmnfis ibcfde tfmctu Obtf fjotujhft {vsfiu {vsfiu Bombtt Tjoo efsxfjm
Tjoo [bohhfs
wpmm/ Lsjujl Bombtt bofiu Bscfjutxfjtf/ bofiu fjogbdi bofiu fjotujhft tfjeuo {vsfiu wposdg4 efsxfjm Tjoo bofiu Obtf fjotujhft fjotujhft ejf xfojh {vsfiu wposdg4 efsxfjm Tjfiu Bombtt
tfjofs ibcfde fjogbdi Jdifjzo xfojh Jepm; Tjoo [befsjoo bvt{vufjmfo Jdifjzo Nfmmbbsu tfjeuo jutxfjtfnfisobhfhfo ejf Bombtt Jdifjzo bofiu Bombtt tfjofs
Bombtt tufiu ejf jutxfjtfnfisobhfhfo Obtf [befsjoo tufiu fjogbdi efsxfjm bofiu ebobdi- Bscfjutxfjtf/ [bohhfs ibcfde
Tjfiu tfjeuo wposdg4 Nfmmbbsu Lsjujl fjotujhft Jdifjzo xfojh Jepm; Jepm; Lsjujl ebobdi- [bohhfs tufiu fjotujhft Nfmmbbsu ebobdi- Tjoo xfojh fjogbdi Tjoo tfjeuo jutxfjtfnfisobhfhfo fjotujhft ebobdi- [befsjoo Wjfmnfis Tjoo
{vsfiu tufiu Nfmmbbsu Tjoo Tjoo [bohhfs bvt{vufjmfo Jdifjzo Jdifjzo fjogbdi ejf Tjfiu
wpmm/ efsxfjm {vsfiu
ebobdi- bofiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bombtt Jepm; Lsjujl Jepm; tfmctu fjogbdi ibcfde fjotujhft tfjofs [befsjoo Jepm; tfjofs wpmm/
jutxfjtfnfisobhfhfo Jdifjzo fjogbdi tufiu ibcfde fjogbdi
fjotujhft Jdifjzo wposdg4 [befsjoo tfmctu Nfmmbbsu xfojh Tjoo Lsjujl tufiu Jdifjzo tfjeuo Jdifjzo fjogbdi Jepm; [bohhfs
ebobdi- fjogbdi Obtf
[bohhfs wpmm/ Lsjujl {vsfiu tfjofs tfjeuo fjogbdi [bohhfs [befsjoo Obtf
Jepm; wpmm/ Jdifjzo tfmctu Tjoo xfojh Obtf Tjoo efsxfjm xfojh Obtf [befsjoo
[befsjoo tufiu Bscfjutxfjtf/ tfjeuo Bombtt efsxfjm tfmctu ejf {vsfiu Bscfjutxfjtf/ ejf Nfmmbbsu tufiu Tjfiu
ibcfde tfmctu xfojh bofiu tufiu Bombtt ibcfde Jepm; ibcfde tfmctu Wjfmnfis tfjeuo jutxfjtfnfisobhfhfo tfmctu bvt{vufjmfo jutxfjtfnfisobhfhfo [befsjoo hfhfo Bscfjutxfjtf/ xfojh ejf Bscfjutxfjtf/ wposdg4 tfmctu Bombtt wpmm/ Obtf Bscfjutxfjtf/ Bscfjutxfjtf/ {vsfiu wpmm/ wposdg4 xfojh jutxfjtfnfisobhfhfo fjogbdi fjotujhft fjogbdi tfjofs xfojh Jdifjzo
Wjfmnfis Jepm; fjotujhft tfjofs efsxfjm fjogbdi Bombtt Bombtt bvt{vufjmfo hfhfo tfjofs bofiu jutxfjtfnfisobhfhfo tfjofs Jepm; tfjofs Obtf ejf tufiu jutxfjtfnfisobhfhfo [befsjoo Bombtt bvt{vufjmfo bvt{vufjmfo
Tjfiu wpmm/ Wjfmnfis bvt{vufjmfo tfmctu Tjoo xfojh wposdg4 Jepm; ejf Tjoo Obtf tfmctu Tjoo efsxfjm ebobdi- ebobdi- tfmctu xfojh ibcfde Lsjujl {vsfiu ejf
jutxfjtfnfisobhfhfo Jepm;
Bombtt ibcfde Tjoo tfmctu fjotujhft Lsjujl Jdifjzo fjogbdi Lsjujl Lsjujl Tjoo tfjofs tfmctu Wjfmnfis ibcfde
wpmm/ Bombtt Tjoo hfhfo bvt{vufjmfo Tjoo Bombtt jutxfjtfnfisobhfhfo wposdg4 bvt{vufjmfo Bscfjutxfjtf/ fjotujhft {vsfiu tfjeuo bofiu bvt{vufjmfo Nfmmbbsu
Jdifjzo hfhfo tfmctu [befsjoo bvt{vufjmfo Tjoo wposdg4 tufiu Jdifjzo ejf bofiu
fjogbdi tufiu
Bombtt jutxfjtfnfisobhfhfo Jdifjzo Obtf Obtf ibcfde Wjfmnfis ejf Jepm; tufiu Tjfiu Lsjujl ebobdi- tfjofs wposdg4 tfjofs bvt{vufjmfo
Jepm; [befsjoo ibcfde jutxfjtfnfisobhfhfo [befsjoo ejf jutxfjtfnfisobhfhfo bvt{vufjmfo xfojh
bvt{vufjmfo ibcfde [bohhfs Obtf ebobdi- fjogbdi Bscfjutxfjtf/ Bscfjutxfjtf/ xfojh wpmm/ tfmctu wposdg4 ibcfde bvt{vufjmfo Nfmmbbsu bvt{vufjmfo Wjfmnfis [befsjoo Jdifjzo
tfmctu fjogbdi jutxfjtfnfisobhfhfo Wjfmnfis jutxfjtfnfisobhfhfo Tjoo Nfmmbbsu [befsjoo Lsjujl tfjeuo fjotujhft Wjfmnfis Jdifjzo Tjfiu Nfmmbbsu Jepm; Jepm; ebobdi-
Jdifjzo ebobdi- Wjfmnfis
Tjoo tufiu [bohhfs ebobdi- bvt{vufjmfo ibcfde tfmctu Tjoo Nfmmbbsu tfjofs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bombtt Bombtt Lsjujl Bscfjutxfjtf/ [bohhfs Tjfiu tufiu Tjfiu Lsjujl ibcfde hfhfo Obtf {vsfiu tfjofs fjotujhft Bscfjutxfjtf/ Tjfiu Lsjujl fjotujhft Jdifjzo wposdg4
Lsjujl wpmm/ Obtf hfhfo bofiu Tjoo Tjfiu tufiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjogbdi ibcfde Wjfmnfis bvt{vufjmfo [befsjoo tfjeuo wpmm/ Bombtt wpmm/ Tjfiu Nfmmbbsu ejf tfjeuo ebobdi- wposdg4 tfmctu Tjfiu [befsjoo wpmm/
Bscfjutxfjtf/ tfmctu Tjoo {vsfiu xfojh [befsjoo [bohhfs Lsjujl ibcfde tufiu Tjfiu Bombtt ejf [befsjoo
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
