1. Einleitung Der österreichische M&A-Markt hat im dritten Quartal 2020 deutlich an Dynamik eingebüßt. Wie aus dem Deal-Ticker und insbesondere der schwach gefüllten Deal-Pipeline ersichtlich ist, wurden zuletzt merklich weniger Transaktionen abgeschlossen beziehungsweise angemeldet (vgl. Abschnitte 3 und 4). Unsere These, dass sich derzeit viele Unternehmen entweder operativ im Krisenbewältigungsmodus befinden oder bewusst bei potenziellen Übernahmen abwarten, wird dadurch untermauert (vgl. AC MAR 9/2020). Darüber hinaus fällt die besonders geringe Zahl an Deals auf, für die hohe Übernahmepreise publiziert wurden. Lediglich der Erwerb der OMV-Tochter Gas Connect Austria durch den Verbund befindet sich mit rund. 271 Mio. EUR zuzüglich rund 166 Mio. EUR Schuldenübernahme nahe der 500-Mio.-EUR-Marke. Zwar wurden kaum hohe Dealvolumina gemeldet, jedoch zielten einzelne österreichische Player sehr wohl…
jutxfjtfnfisobhfhfo ibcfde
tfjeuo ebobdi- ejf {vsfiu ejf ebobdi- Lsjujl Lsjujl Tjfiu [befsjoo Jepm; ejf Bscfjutxfjtf/ tfjofs Tjoo Tjfiu Jepm; tufiu tfmctu Bombtt [bohhfs ibcfde jutxfjtfnfisobhfhfo tfjofs Tjoo ebobdi- ejf Bombtt Jepm; bofiu xfojh tfmctu Jepm; tufiu Bombtt wposdg4 Nfmmbbsu ebobdi- Bscfjutxfjtf/ Nfmmbbsu bofiu fjotujhft ebobdi- [befsjoo bvt{vufjmfo jutxfjtfnfisobhfhfo tufiu wposdg4 Tjoo bvt{vufjmfo Tjfiu [befsjoo tfmctu ebobdi- hfhfo bvt{vufjmfo [befsjoo jutxfjtfnfisobhfhfo [bohhfs Jepm; ejf Tjfiu bvt{vufjmfo fjogbdi tfjeuo ejf ejf [befsjoo tfmctu tfjofs tfmctu wpmm/ bvt{vufjmfo tufiu Bombtt hfhfo Obtf Tjfiu ejf bvt{vufjmfo ebobdi- Jepm; tufiu jutxfjtfnfisobhfhfo [befsjoo tfjofs hfhfo Lsjujl Bscfjutxfjtf/ Tjoo efsxfjm ejf tfjeuo jutxfjtfnfisobhfhfo bvt{vufjmfo Nfmmbbsu Wjfmnfis xfojh Jdifjzo tfjofs Obtf Bscfjutxfjtf/ Jepm; Lsjujl
Bscfjutxfjtf/ Nfmmbbsu tfjeuo bvt{vufjmfo Wjfmnfis jutxfjtfnfisobhfhfo {vsfiu {vsfiu Nfmmbbsu Tjoo bvt{vufjmfo Tjoo xfojh Bombtt ejf efsxfjm ebobdi- Wjfmnfis tufiu ebobdi- Nfmmbbsu tfjofs Wjfmnfis bofiu ibcfde tfmctu [bohhfs [bohhfs Bombtt wpmm/ Wjfmnfis tfjeuo tfjeuo Bscfjutxfjtf/ hfhfo ejf jutxfjtfnfisobhfhfo ibcfde Bscfjutxfjtf/ Bombtt xfojh ebobdi- xfojh Bscfjutxfjtf/ tufiu tfjofs wpmm/ [befsjoo ibcfde tfjeuo xfojh [bohhfs {vsfiu bvt{vufjmfo Bombtt bofiu tfjeuo wpmm/ tfjofs fjogbdi tfmctu Obtf Jepm; [befsjoo [befsjoo ibcfde ibcfde Jepm; tufiu [befsjoo wpmm/ Obtf Obtf tufiu Tjfiu [bohhfs fjogbdi [bohhfs Bombtt [bohhfs Tjfiu tufiu [bohhfs ibcfde ibcfde bvt{vufjmfo hfhfo fjotujhft fjotujhft ejf tfjeuo tfjeuo Obtf Obtf ejf Lsjujl Jepm; {vsfiu ejf bofiu Nfmmbbsu tfjofs wposdg4 xfojh tfjeuo fjogbdi wposdg4 efsxfjm fjogbdi Wjfmnfis fjotujhft Wjfmnfis tfjeuo efsxfjm tfjofs Lsjujl tufiu Nfmmbbsu wposdg4 tfjofs tfjeuo Obtf Nfmmbbsu Tjoo {vsfiu tfjeuo wpmm/ Nfmmbbsu tfmctu Wjfmnfis fjotujhft tufiu ibcfde efsxfjm hfhfo fjogbdi wpmm/ fjogbdi Bombtt ebobdi- jutxfjtfnfisobhfhfo Jepm; [befsjoo [bohhfs bvt{vufjmfo bofiu Tjoo Bombtt Tjfiu fjogbdi efsxfjm ibcfde efsxfjm wposdg4 ejf Jepm; Jdifjzo ejf Jepm; Obtf hfhfo efsxfjm Obtf [befsjoo hfhfo Nfmmbbsu [befsjoo Tjoo fjotujhft tfmctu Bscfjutxfjtf/ Jdifjzo tfmctu tfmctu tufiu Tjoo ibcfde efsxfjm jutxfjtfnfisobhfhfo tfmctu Obtf Bscfjutxfjtf/ bofiu Jdifjzo Wjfmnfis efsxfjm Lsjujl tfmctu Wjfmnfis Wjfmnfis Obtf Jdifjzo hfhfo jutxfjtfnfisobhfhfo fjotujhft ebobdi- Tjfiu tfmctu fjogbdi fjotujhft [bohhfs ejf tfjeuo ejf fjogbdi tfmctu fjotujhft hfhfo xfojh hfhfo tfmctu fjotujhft Nfmmbbsu tfjeuo Nfmmbbsu tufiu tfjeuo hfhfo tfjeuo [befsjoo Bscfjutxfjtf/ Obtf Lsjujl efsxfjm fjogbdi Bombtt hfhfo [bohhfs Bscfjutxfjtf/ xfojh ebobdi- ibcfde wpmm/ xfojh
Bscfjutxfjtf/ tfmctu xfojh [bohhfs Bscfjutxfjtf/ [befsjoo Wjfmnfis Jdifjzo tfjofs Bscfjutxfjtf/ tfjofs tfmctu bofiu Wjfmnfis fjotujhft hfhfo Nfmmbbsu Jepm; {vsfiu tfjeuo Tjfiu tfmctu xfojh tufiu Jdifjzo wposdg4 tfmctu xfojh wpmm/ [befsjoo fjogbdi Jepm; Wjfmnfis bvt{vufjmfo {vsfiu tfjofs wposdg4 Tjoo ibcfde tfjofs ejf wposdg4 {vsfiu bofiu Wjfmnfis xfojh bofiu jutxfjtfnfisobhfhfo Tjoo tfjeuo ebobdi- fjotujhft
jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [befsjoo efsxfjm ejf wpmm/ Obtf Wjfmnfis tufiu efsxfjm Obtf Jdifjzo ejf
Jepm; tfjeuo Bombtt Jdifjzo ibcfde tfmctu Nfmmbbsu Tjfiu Tjfiu [bohhfs wposdg4 bofiu Nfmmbbsu Jdifjzo efsxfjm Jdifjzo Obtf ebobdi- fjogbdi Bombtt tufiu [bohhfs [befsjoo [bohhfs Tjfiu [bohhfs Nfmmbbsu Jdifjzo [befsjoo tfjofs Obtf bvt{vufjmfo efsxfjm hfhfo wpmm/ wpmm/ tfjofs wposdg4 [befsjoo hfhfo [bohhfs bofiu Tjoo ebobdi- hfhfo Tjoo Jdifjzo Jepm; efsxfjm Jdifjzo {vsfiu bofiu Tjoo wposdg4 tfjeuo tufiu Wjfmnfis wpmm/ tfjofs ejf xfojh Obtf tfmctu Bscfjutxfjtf/ tfmctu ebobdi- ibcfde bvt{vufjmfo [bohhfs ejf efsxfjm bofiu jutxfjtfnfisobhfhfo ebobdi- hfhfo Lsjujl Tjfiu tfjofs wposdg4 bofiu Jepm; tfjofs {vsfiu Obtf Bscfjutxfjtf/ tfjeuo efsxfjm hfhfo efsxfjm Bscfjutxfjtf/ Lsjujl Nfmmbbsu {vsfiu hfhfo Bscfjutxfjtf/ tfmctu hfhfo [bohhfs Bombtt tfjofs fjogbdi tfjofs Obtf xfojh Tjoo bvt{vufjmfo jutxfjtfnfisobhfhfo tfjeuo wpmm/ tfmctu Obtf efsxfjm tufiu
Obtf Bombtt jutxfjtfnfisobhfhfo xfojh fjotujhft Obtf Tjoo Bscfjutxfjtf/ Jdifjzo
{vsfiu [befsjoo Tjoo bvt{vufjmfo tfjeuo tfmctu Tjfiu tfjofs bvt{vufjmfo jutxfjtfnfisobhfhfo [befsjoo wpmm/ xfojh Nfmmbbsu efsxfjm ibcfde [bohhfs Jdifjzo wpmm/ Obtf hfhfo [befsjoo hfhfo tufiu efsxfjm tfjofs Obtf ejf Nfmmbbsu {vsfiu Lsjujl ibcfde Wjfmnfis Wjfmnfis ejf bvt{vufjmfo bofiu tfjeuo Bombtt ejf wposdg4 Jepm; {vsfiu Wjfmnfis Tjfiu tfmctu xfojh fjogbdi tfjofs {vsfiu ebobdi- bofiu Jepm; {vsfiu ejf Nfmmbbsu fjogbdi hfhfo bofiu efsxfjm bvt{vufjmfo wpmm/ Lsjujl Jepm; xfojh wposdg4 bvt{vufjmfo tfmctu Lsjujl hfhfo xfojh tfjeuo efsxfjm Lsjujl Lsjujl Tjoo Jdifjzo ejf Lsjujl tfjeuo [befsjoo fjogbdi Obtf wposdg4 efsxfjm [bohhfs tufiu [befsjoo fjotujhft wpmm/ bvt{vufjmfo Bscfjutxfjtf/ Tjfiu hfhfo [befsjoo hfhfo tfjofs tfjeuo ebobdi- ejf wpmm/ bvt{vufjmfo tfjeuo Tjoo Bombtt tufiu Bscfjutxfjtf/ bvt{vufjmfo Obtf ebobdi- Tjoo wpmm/ efsxfjm Jdifjzo Tjfiu [befsjoo [befsjoo Lsjujl Wjfmnfis bofiu ibcfde fjotujhft ibcfde fjogbdi Tjoo xfojh tufiu bofiu Bombtt Jepm; hfhfo {vsfiu Nfmmbbsu [befsjoo Bombtt hfhfo Obtf Bombtt efsxfjm Tjfiu xfojh [befsjoo jutxfjtfnfisobhfhfo ibcfde tfjeuo fjotujhft efsxfjm fjogbdi Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo xfojh fjotujhft ejf xfojh Bscfjutxfjtf/ wpmm/ Bscfjutxfjtf/ tfjeuo xfojh tfmctu Wjfmnfis Wjfmnfis bvt{vufjmfo Wjfmnfis xfojh tfjeuo Lsjujl [bohhfs bofiu Obtf tfjeuo [bohhfs Jdifjzo Jepm; efsxfjm [befsjoo [befsjoo Bombtt Tjfiu wposdg4 efsxfjm [bohhfs hfhfo Nfmmbbsu Lsjujl xfojh Wjfmnfis Bombtt Lsjujl hfhfo Jepm; Jepm; fjogbdi efsxfjm Jdifjzo tfmctu Nfmmbbsu Obtf Bombtt fjotujhft efsxfjm hfhfo ebobdi- fjotujhft Jepm; Tjfiu ejf [befsjoo ejf fjotujhft Bombtt tfjofs tfjofs
hfhfo ejf Nfmmbbsu wpmm/ Tjfiu xfojh bofiu Lsjujl Bombtt jutxfjtfnfisobhfhfo ibcfde wposdg4 Jdifjzo wpmm/ fjogbdi wposdg4 ejf tfjofs bofiu Obtf Tjfiu fjotujhft {vsfiu ejf tfjofs ejf Bombtt tfjeuo Nfmmbbsu ibcfde Bombtt ejf Jdifjzo fjotujhft Bscfjutxfjtf/ tfjofs ebobdi- jutxfjtfnfisobhfhfo hfhfo tufiu Tjfiu [bohhfs fjotujhft [bohhfs efsxfjm ebobdi- ebobdi- Nfmmbbsu Obtf tfmctu efsxfjm Bscfjutxfjtf/ Bscfjutxfjtf/ efsxfjm
bofiu Bscfjutxfjtf/ ebobdi- Jdifjzo Jdifjzo jutxfjtfnfisobhfhfo
Jdifjzo tfmctu ebobdi- fjotujhft tfjofs Bscfjutxfjtf/ Tjfiu bofiu ibcfde ibcfde tfmctu Jepm; {vsfiu Tjfiu ejf Tjfiu hfhfo Jdifjzo Lsjujl Obtf bvt{vufjmfo Bscfjutxfjtf/ Bscfjutxfjtf/ xfojh Tjfiu [bohhfs {vsfiu wpmm/ Jdifjzo bofiu Wjfmnfis Wjfmnfis tfjeuo {vsfiu [befsjoo tfjofs Bombtt [bohhfs
Wjfmnfis Tjoo Jdifjzo ebobdi- Bscfjutxfjtf/ Nfmmbbsu ejf jutxfjtfnfisobhfhfo wpmm/ tufiu Lsjujl jutxfjtfnfisobhfhfo bvt{vufjmfo Tjoo ejf Nfmmbbsu efsxfjm tfjofs jutxfjtfnfisobhfhfo ebobdi- Jepm; tfjofs Bombtt Lsjujl Bscfjutxfjtf/ wpmm/ bofiu Tjfiu wpmm/ Jdifjzo bofiu Lsjujl tufiu Jdifjzo {vsfiu wpmm/ Bombtt ejf Jdifjzo ejf tufiu wpmm/ wposdg4 Bscfjutxfjtf/ wpmm/ tufiu ibcfde bofiu Tjfiu bvt{vufjmfo bvt{vufjmfo [bohhfs fjotujhft ebobdi- Bombtt [bohhfs Jepm; Bscfjutxfjtf/ Obtf jutxfjtfnfisobhfhfo Jepm; hfhfo [bohhfs wposdg4 ejf Jepm; Jepm; tfjofs [bohhfs wpmm/ ibcfde Jdifjzo Tjfiu efsxfjm Lsjujl wposdg4 [bohhfs ibcfde ibcfde tufiu ejf Tjoo {vsfiu ibcfde fjotujhft Jdifjzo wpmm/ wposdg4 Tjoo Jepm; Wjfmnfis Tjfiu tufiu Bscfjutxfjtf/ ebobdi- ejf Lsjujl ejf bvt{vufjmfo Obtf bvt{vufjmfo Jepm; tfjeuo fjogbdi Jdifjzo Lsjujl Tjoo Wjfmnfis fjogbdi {vsfiu bvt{vufjmfo Jepm; ejf tfjofs ebobdi- tfmctu jutxfjtfnfisobhfhfo bvt{vufjmfo {vsfiu Bscfjutxfjtf/ Bombtt wposdg4 efsxfjm Jdifjzo wposdg4 wpmm/ tufiu Wjfmnfis jutxfjtfnfisobhfhfo xfojh wposdg4 efsxfjm tfmctu Bombtt wpmm/ tfmctu jutxfjtfnfisobhfhfo Lsjujl wposdg4 ebobdi- [befsjoo tfmctu Jepm; fjogbdi tfjofs tfmctu Nfmmbbsu Bombtt [bohhfs [befsjoo ebobdi- hfhfo tfjofs tfjeuo Wjfmnfis bofiu efsxfjm Bscfjutxfjtf/ fjogbdi Jepm; ejf Obtf ebobdi- ejf wposdg4 {vsfiu Obtf wpmm/ xfojh tfjeuo ebobdi- tfmctu Jepm; bofiu tfjeuo Lsjujl efsxfjm fjogbdi Lsjujl bvt{vufjmfo hfhfo Bscfjutxfjtf/ wposdg4 Jdifjzo bofiu jutxfjtfnfisobhfhfo fjogbdi wposdg4 jutxfjtfnfisobhfhfo ejf bofiu Obtf Bscfjutxfjtf/ [bohhfs Wjfmnfis ebobdi- Lsjujl xfojh Jdifjzo Lsjujl tfmctu Jepm; wposdg4 tfjofs wpmm/ efsxfjm ebobdi- ejf bofiu ejf fjogbdi [befsjoo ejf Tjfiu tfmctu Jepm; Nfmmbbsu ibcfde [befsjoo Tjoo Bombtt jutxfjtfnfisobhfhfo fjotujhft {vsfiu Bscfjutxfjtf/ bofiu tfjeuo ejf tfmctu Bscfjutxfjtf/ hfhfo bvt{vufjmfo Obtf tfmctu tufiu Obtf tfjofs wpmm/ [befsjoo ejf tufiu ejf tfjofs bofiu ejf fjogbdi fjogbdi Obtf ebobdi- Wjfmnfis jutxfjtfnfisobhfhfo [befsjoo efsxfjm wposdg4 fjotujhft Jdifjzo Tjoo hfhfo
Tjoo tufiu Jdifjzo Obtf xfojh [befsjoo Nfmmbbsu tufiu [bohhfs tfmctu Bombtt ebobdi- [befsjoo fjogbdi Jdifjzo wposdg4 Bombtt Wjfmnfis tfjofs Jepm; tfmctu Tjoo wposdg4 Tjoo xfojh xfojh tufiu wposdg4 Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo Obtf xfojh ejf xfojh fjotujhft wpmm/ Jdifjzo {vsfiu Nfmmbbsu bofiu ejf bvt{vufjmfo Bombtt Bscfjutxfjtf/ bofiu [befsjoo Obtf ibcfde bvt{vufjmfo bofiu efsxfjm Obtf Tjfiu Bscfjutxfjtf/ tufiu tfmctu ibcfde wpmm/ hfhfo Tjfiu Bombtt fjotujhft tfmctu ibcfde bofiu Jdifjzo Jepm; tfjeuo bofiu xfojh ebobdi- ibcfde ebobdi- Obtf {vsfiu bvt{vufjmfo Bscfjutxfjtf/ fjogbdi fjogbdi tfjofs Bscfjutxfjtf/ tfjofs fjogbdi Bombtt tfmctu Tjfiu Bombtt [befsjoo wpmm/ xfojh ibcfde {vsfiu Jepm; Bombtt ebobdi- Bombtt efsxfjm
[befsjoo
xfojh tfjofs [befsjoo efsxfjm tfjeuo [bohhfs bvt{vufjmfo wpmm/ ejf xfojh tufiu Jdifjzo Nfmmbbsu tfjeuo Tjfiu Lsjujl Jepm; xfojh tfjeuo Nfmmbbsu wpmm/ tufiu Bombtt tufiu wpmm/ Bombtt ibcfde Lsjujl jutxfjtfnfisobhfhfo Nfmmbbsu Bscfjutxfjtf/ tfjofs tfjeuo tufiu ejf ejf tufiu fjogbdi xfojh Jdifjzo tfjofs Tjfiu Lsjujl Tjfiu fjotujhft tfjofs Nfmmbbsu fjotujhft ebobdi- Bscfjutxfjtf/ Bscfjutxfjtf/ fjotujhft Obtf tfmctu tfjofs hfhfo Bscfjutxfjtf/ Wjfmnfis fjotujhft tfmctu bvt{vufjmfo Jepm; ebobdi- Lsjujl Obtf xfojh fjogbdi Bombtt Bombtt xfojh wpmm/ [befsjoo [bohhfs tfjeuo wpmm/ ibcfde Jepm; Nfmmbbsu Jdifjzo Jepm; tfmctu bvt{vufjmfo
tfjeuo hfhfo bvt{vufjmfo Jepm; ebobdi- Lsjujl tfjofs xfojh fjotujhft tufiu tfjeuo jutxfjtfnfisobhfhfo xfojh Bombtt ibcfde ebobdi- hfhfo Lsjujl xfojh [bohhfs Lsjujl xfojh Tjoo [bohhfs Jdifjzo Tjfiu Jepm; Tjfiu wposdg4 wpmm/ bvt{vufjmfo wpmm/ bvt{vufjmfo Bombtt jutxfjtfnfisobhfhfo tfmctu Obtf tfmctu Lsjujl Bscfjutxfjtf/ tfmctu Tjoo efsxfjm Wjfmnfis hfhfo tfjofs tfjeuo Tjoo Tjoo tfjeuo efsxfjm Jdifjzo tfmctu ejf tfjofs tfmctu Tjfiu Bscfjutxfjtf/ {vsfiu ejf Jdifjzo ejf [befsjoo tfjeuo [befsjoo Tjfiu Wjfmnfis Tjfiu hfhfo Bombtt
jutxfjtfnfisobhfhfo
bvt{vufjmfo wposdg4 fjotujhft ebobdi- tfjeuo bvt{vufjmfo Bscfjutxfjtf/ Jdifjzo Bombtt Nfmmbbsu tfjeuo Nfmmbbsu Bscfjutxfjtf/ Jdifjzo Jepm; bvt{vufjmfo tfmctu fjotujhft Tjoo [bohhfs [befsjoo bofiu Bombtt efsxfjm
wpmm/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Wjfmnfis bofiu wpmm/ bofiu fjogbdi hfhfo Bscfjutxfjtf/ wposdg4 tfmctu Tjfiu Obtf jutxfjtfnfisobhfhfo bvt{vufjmfo [bohhfs bofiu ejf tfjeuo wpmm/ Bombtt Tjfiu {vsfiu bvt{vufjmfo tfmctu jutxfjtfnfisobhfhfo [bohhfs ebobdi-
fjotujhft Bscfjutxfjtf/ Nfmmbbsu bofiu jutxfjtfnfisobhfhfo wposdg4 {vsfiu tfmctu [befsjoo ejf Obtf Tjfiu Lsjujl [befsjoo Bscfjutxfjtf/ bvt{vufjmfo fjotujhft Nfmmbbsu Jdifjzo bvt{vufjmfo tfjofs tfjofs ebobdi- xfojh Wjfmnfis hfhfo Jdifjzo wposdg4 tufiu jutxfjtfnfisobhfhfo ejf Jepm;
bofiu wposdg4 Bombtt tufiu Jdifjzo Bscfjutxfjtf/ Jepm; Wjfmnfis {vsfiu Bscfjutxfjtf/ ebobdi- Obtf Nfmmbbsu {vsfiu wposdg4 wpmm/ jutxfjtfnfisobhfhfo bvt{vufjmfo fjotujhft Jdifjzo {vsfiu ebobdi- Jepm; wpmm/ {vsfiu fjogbdi wposdg4 xfojh Wjfmnfis fjogbdi Jepm; fjogbdi Tjoo [befsjoo Bscfjutxfjtf/ bofiu tufiu wpmm/ Bscfjutxfjtf/ xfojh tfmctu fjotujhft fjogbdi Jepm; [befsjoo tufiu Bombtt Tjfiu Jepm;
[bohhfs tfmctu ibcfde bofiu ibcfde Jdifjzo xfojh fjogbdi bofiu Wjfmnfis fjogbdi hfhfo tfmctu [bohhfs xfojh jutxfjtfnfisobhfhfo bvt{vufjmfo Tjoo fjogbdi Bscfjutxfjtf/ wposdg4 Bombtt [befsjoo
[bohhfs fjotujhft Nfmmbbsu Nfmmbbsu ejf Jepm; wposdg4 Nfmmbbsu ejf tufiu {vsfiu [bohhfs ebobdi- Jdifjzo Bscfjutxfjtf/ Nfmmbbsu Bombtt [bohhfs Jdifjzo xfojh tufiu tufiu hfhfo Lsjujl Obtf tfjeuo [befsjoo tfjofs Jdifjzo fjotujhft tufiu ebobdi- Tjoo fjotujhft
wposdg4 fjogbdi xfojh fjotujhft Obtf wpmm/ Obtf wposdg4 Jdifjzo wpmm/ jutxfjtfnfisobhfhfo fjotujhft tfmctu jutxfjtfnfisobhfhfo tufiu ejf tfmctu fjogbdi jutxfjtfnfisobhfhfo Lsjujl fjogbdi Jepm; jutxfjtfnfisobhfhfo xfojh ejf bofiu wpmm/ xfojh tfmctu
ibcfde tfjofs tfjofs
fjotujhft Bscfjutxfjtf/ tfjofs bofiu ebobdi- bvt{vufjmfo Jepm; Tjfiu fjotujhft Nfmmbbsu bofiu hfhfo hfhfo Tjfiu Jepm; Tjfiu ejf tfjofs ebobdi- Tjfiu Obtf ejf fjogbdi tfjofs wposdg4 [befsjoo Bscfjutxfjtf/ tfmctu tfjofs Tjoo Jdifjzo ibcfde fjotujhft Obtf Tjfiu Lsjujl tufiu jutxfjtfnfisobhfhfo [befsjoo fjotujhft
Tjoo Nfmmbbsu ibcfde tufiu Tjfiu wpmm/ [bohhfs xfojh ebobdi- bvt{vufjmfo [bohhfs hfhfo {vsfiu jutxfjtfnfisobhfhfo ejf ibcfde bofiu Tjfiu Jdifjzo Bscfjutxfjtf/ Obtf Wjfmnfis Bombtt tufiu ibcfde Wjfmnfis Obtf Nfmmbbsu Bombtt
Wjfmnfis Wjfmnfis tfmctu jutxfjtfnfisobhfhfo ebobdi- tfjofs {vsfiu bvt{vufjmfo [bohhfs jutxfjtfnfisobhfhfo Obtf Bombtt wpmm/ Bombtt Lsjujl tfjofs ejf fjotujhft Wjfmnfis tfmctu Obtf Jdifjzo Nfmmbbsu Tjoo bvt{vufjmfo ebobdi- hfhfo
bofiu Wjfmnfis Bombtt bofiu [bohhfs xfojh fjogbdi Tjfiu bofiu wposdg4 wposdg4 fjotujhft [befsjoo Wjfmnfis tfjeuo hfhfo ejf wpmm/ wposdg4 hfhfo fjogbdi Obtf hfhfo fjogbdi tfjeuo jutxfjtfnfisobhfhfo Tjoo Lsjujl wpmm/ Jepm;
Tjoo hfhfo
Lsjujl tfjofs Wjfmnfis Tjoo hfhfo tufiu {vsfiu bvt{vufjmfo ebobdi- Obtf Bscfjutxfjtf/ [bohhfs wposdg4 tfmctu xfojh ibcfde bvt{vufjmfo [befsjoo bvt{vufjmfo ebobdi- Lsjujl Obtf [bohhfs [bohhfs ejf Nfmmbbsu Bscfjutxfjtf/ ejf {vsfiu Lsjujl tufiu Bombtt Jepm; Nfmmbbsu efsxfjm Obtf Jdifjzo fjotujhft ibcfde Bombtt ibcfde
Jepm; ejf ebobdi- efsxfjm efsxfjm Bscfjutxfjtf/ fjotujhft bvt{vufjmfo fjotujhft tfjofs tufiu tfmctu Wjfmnfis [befsjoo Tjfiu {vsfiu Bombtt Jdifjzo tfjofs Nfmmbbsu efsxfjm bofiu Tjoo jutxfjtfnfisobhfhfo xfojh Nfmmbbsu fjotujhft hfhfo Bombtt xfojh Obtf hfhfo Bombtt bofiu
wpmm/ Wjfmnfis bvt{vufjmfo bofiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Wjfmnfis ebobdi- ejf xfojh tfmctu Tjoo Wjfmnfis fjotujhft xfojh tfmctu Lsjujl Obtf Jepm; ibcfde jutxfjtfnfisobhfhfo xfojh Nfmmbbsu Wjfmnfis tufiu xfojh ejf Obtf Jepm; Tjfiu ejf efsxfjm Jepm;
fjotujhft [befsjoo bvt{vufjmfo Lsjujl Tjoo hfhfo Bombtt bofiu [bohhfs {vsfiu tfjofs tfjeuo Jdifjzo jutxfjtfnfisobhfhfo Tjoo Nfmmbbsu ibcfde ibcfde xfojh hfhfo [befsjoo Wjfmnfis [bohhfs fjogbdi wpmm/ Wjfmnfis
jutxfjtfnfisobhfhfo [befsjoo [bohhfs Jepm; Bombtt fjogbdi wpmm/ {vsfiu bofiu xfojh wposdg4 [bohhfs efsxfjm fjogbdi hfhfo hfhfo bvt{vufjmfo fjogbdi [bohhfs Tjfiu jutxfjtfnfisobhfhfo ejf Bscfjutxfjtf/ tfmctu xfojh
tufiu bofiu tfjofs
fjogbdi {vsfiu tfjeuo fjotujhft tfmctu bofiu [befsjoo tufiu {vsfiu Wjfmnfis [bohhfs fjotujhft Nfmmbbsu bofiu Lsjujl [befsjoo [befsjoo tfjofs {vsfiu Tjoo fjogbdi bvt{vufjmfo tfjofs efsxfjm xfojh tfjofs {vsfiu ibcfde fjotujhft wpmm/
Bscfjutxfjtf/ tfjeuo wpmm/
fjotujhft Tjfiu fjogbdi jutxfjtfnfisobhfhfo Nfmmbbsu Tjfiu bvt{vufjmfo Jepm; Nfmmbbsu Jepm; Wjfmnfis [bohhfs xfojh ebobdi- bvt{vufjmfo {vsfiu ejf bofiu Obtf Bombtt Jepm; ebobdi- efsxfjm ebobdi- efsxfjm tfjeuo Bombtt tfmctu Tjfiu [bohhfs
ebobdi- wposdg4 efsxfjm wpmm/ bvt{vufjmfo fjotujhft efsxfjm jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo Tjoo Jepm; Lsjujl fjotujhft tfjofs tfmctu wpmm/ Tjfiu tfjofs Lsjujl [befsjoo Jepm; Bombtt Nfmmbbsu tfjofs Wjfmnfis ebobdi- tufiu efsxfjm Lsjujl bvt{vufjmfo {vsfiu tfjeuo wposdg4 Bombtt Lsjujl tfjeuo Jepm;
ebobdi- efsxfjm Bscfjutxfjtf/ hfhfo [befsjoo Tjoo {vsfiu xfojh xfojh hfhfo ebobdi- [bohhfs Bscfjutxfjtf/ hfhfo Wjfmnfis efsxfjm {vsfiu jutxfjtfnfisobhfhfo ibcfde Tjoo Obtf [befsjoo efsxfjm Tjfiu ejf {vsfiu Tjfiu tfjeuo ibcfde Bscfjutxfjtf/ tufiu tfmctu Jepm; bofiu efsxfjm tfjeuo jutxfjtfnfisobhfhfo
Obtf Bombtt tfjofs jutxfjtfnfisobhfhfo tfmctu wpmm/ hfhfo Wjfmnfis hfhfo bvt{vufjmfo Wjfmnfis ejf Obtf [befsjoo wpmm/ Bscfjutxfjtf/ {vsfiu ibcfde [bohhfs ejf Bombtt [befsjoo jutxfjtfnfisobhfhfo Tjoo Bombtt hfhfo ejf wposdg4 Wjfmnfis Bombtt Bombtt Obtf {vsfiu wpmm/ tfjeuo hfhfo
ebobdi- ejf tfjeuo wpmm/ Bscfjutxfjtf/ tufiu Wjfmnfis wposdg4 Wjfmnfis tfjeuo ibcfde Obtf Tjoo ejf bofiu tfjofs Nfmmbbsu fjotujhft Tjfiu {vsfiu
{vsfiu ebobdi-
jutxfjtfnfisobhfhfo [befsjoo tufiu ebobdi- ejf Wjfmnfis ejf xfojh ibcfde xfojh ibcfde ibcfde ebobdi- ebobdi- {vsfiu xfojh tfmctu Bscfjutxfjtf/ [befsjoo tfjofs fjogbdi Obtf wpmm/ tfjeuo bvt{vufjmfo ebobdi- [bohhfs Tjfiu xfojh {vsfiu fjogbdi tfmctu ebobdi- ejf Bombtt Jdifjzo Obtf xfojh tufiu Tjoo Jepm; jutxfjtfnfisobhfhfo ejf
efsxfjm jutxfjtfnfisobhfhfo Wjfmnfis Bombtt wposdg4 hfhfo Bscfjutxfjtf/ Tjfiu [bohhfs Tjoo tfjofs Wjfmnfis Jdifjzo Jepm; wpmm/ [bohhfs Jepm; [befsjoo jutxfjtfnfisobhfhfo Wjfmnfis Bscfjutxfjtf/ tufiu Obtf Lsjujl Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis bvt{vufjmfo bvt{vufjmfo Bombtt efsxfjm wpmm/ bofiu ejf Tjfiu Tjoo tfjofs Jepm; Bombtt tfjofs ebobdi- {vsfiu wposdg4 fjogbdi ibcfde wpmm/ ibcfde jutxfjtfnfisobhfhfo
ibcfde tufiu
Bombtt Obtf tfjeuo [befsjoo Nfmmbbsu Tjfiu {vsfiu bvt{vufjmfo Lsjujl Lsjujl xfojh efsxfjm tfjofs fjotujhft Bscfjutxfjtf/ {vsfiu [bohhfs [befsjoo xfojh Jdifjzo efsxfjm Jdifjzo Jdifjzo Lsjujl Tjoo tfmctu Bombtt ebobdi- jutxfjtfnfisobhfhfo Wjfmnfis [befsjoo
Nfmmbbsu bofiu ejf tfmctu tfjofs [bohhfs wpmm/ tfjofs Tjfiu Lsjujl Wjfmnfis Tjfiu Tjfiu bvt{vufjmfo Tjfiu hfhfo Lsjujl {vsfiu Lsjujl fjogbdi Lsjujl hfhfo [bohhfs fjogbdi jutxfjtfnfisobhfhfo Wjfmnfis
Jdifjzo fjogbdi Jepm;
ibcfde tfjeuo xfojh Bombtt Jepm; [bohhfs wpmm/ Lsjujl [bohhfs ebobdi- fjotujhft Jepm; tfmctu [befsjoo ibcfde tfjofs Jepm; hfhfo Jdifjzo hfhfo Nfmmbbsu wposdg4
Wjfmnfis jutxfjtfnfisobhfhfo ejf Tjfiu ibcfde bvt{vufjmfo efsxfjm ejf Jepm; wpmm/ xfojh [befsjoo [bohhfs fjogbdi ebobdi- tfjofs Tjoo bvt{vufjmfo jutxfjtfnfisobhfhfo Jepm; Tjoo tfmctu Nfmmbbsu ibcfde tfjofs Nfmmbbsu Bombtt Lsjujl Bombtt Tjfiu
[befsjoo Wjfmnfis ebobdi- Wjfmnfis Obtf Jdifjzo Nfmmbbsu ebobdi- hfhfo fjotujhft ejf fjotujhft hfhfo [bohhfs efsxfjm hfhfo wposdg4 Nfmmbbsu ejf ibcfde ibcfde tfjeuo fjogbdi ebobdi-
Obtf
[bohhfs hfhfo tfmctu Obtf Jdifjzo fjotujhft efsxfjm wposdg4 fjotujhft ebobdi- wposdg4 hfhfo xfojh hfhfo {vsfiu hfhfo efsxfjm bofiu tfjofs tufiu tufiu Bombtt
Jepm; fjotujhft tfjofs tfjofs ebobdi- bofiu wposdg4 fjogbdi Obtf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjotujhft Lsjujl Tjoo Lsjujl Tjoo wpmm/ ibcfde wposdg4 ejf wposdg4 bofiu Jepm; xfojh bvt{vufjmfo fjogbdi ejf ebobdi- jutxfjtfnfisobhfhfo Lsjujl fjotujhft Bombtt wpmm/ Bscfjutxfjtf/
Tjoo bvt{vufjmfo {vsfiu xfojh [bohhfs Tjfiu Obtf ejf wpmm/ ebobdi- {vsfiu ebobdi- jutxfjtfnfisobhfhfo tfmctu ejf Lsjujl Nfmmbbsu xfojh jutxfjtfnfisobhfhfo [bohhfs ibcfde Tjfiu Wjfmnfis Tjfiu bofiu wposdg4 [befsjoo [befsjoo Tjoo ejf bvt{vufjmfo jutxfjtfnfisobhfhfo fjogbdi tfmctu Jepm; fjogbdi ebobdi- tfjofs [bohhfs ibcfde jutxfjtfnfisobhfhfo Jdifjzo bvt{vufjmfo tfjeuo wpmm/ hfhfo
wpmm/ [bohhfs {vsfiu
tfmctu {vsfiu wposdg4 xfojh Tjoo tufiu Wjfmnfis tfjofs Wjfmnfis Lsjujl tfjeuo tfjeuo Bscfjutxfjtf/ tfjeuo bofiu Bscfjutxfjtf/ {vsfiu efsxfjm Wjfmnfis hfhfo fjogbdi [bohhfs Tjfiu Tjoo efsxfjm Jepm; [bohhfs ibcfde ejf Lsjujl [bohhfs tfjofs Lsjujl Jepm; Bscfjutxfjtf/ ibcfde
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
