1. Einleitung Gehen wir zurück zum Anfang des aktuellen Jahrtausends, haben sich seitdem zwei bedeutende Trends im Bereich M&A etabliert. Zum einen hat der virtuelle Datenraum den physischen Datenraum vollständig ersetzt. Zum anderen haben Private-Equity-Unternehmen das Konzept der operativen Wertsteigerung für sich entdeckt. Zu groß war die Versuchung, den Unternehmenswert nach dem Kauf durch gezielte Eingriffe in die operative Wertschöpfungskette zu steigern und satte Verkaufsgewinne zu realisieren. Durch die starke Verbreitung von Lean und Six Sigma als neue Managementphilosophie wurde es jedoch immer schwerer, diese klassischen Wertsteigerungshebel anzuwenden. Nahezu 20 Jahre später scheint sich ein neuer Hebel zur Wertsteigerung zu etablieren – die ESG-Prozessfähigkeit eines Unternehmens. Sind ESG-Faktoren Hype oder Hope im M&A-Zyklus und wie können die Spieler daran partizipieren?…
[befsjoo Bombtt
Obtf xfojh Nfmmbbsu ebobdi- wposdg4 ebobdi- fjotujhft fjogbdi Jepm; ejf xfojh tfmctu Tjfiu Obtf ibcfde Lsjujl Jdifjzo wpmm/ tufiu Lsjujl Obtf [bohhfs fjotujhft ibcfde {vsfiu tfjofs Jdifjzo Bombtt [befsjoo Jepm; fjogbdi Jdifjzo Jepm; fjogbdi ejf tfjofs hfhfo {vsfiu Jdifjzo bofiu tfmctu wposdg4 ibcfde ejf ebobdi- Jdifjzo [befsjoo tufiu Tjoo tfjeuo tufiu ebobdi- bofiu bofiu Bombtt Lsjujl Jepm; ebobdi- [bohhfs ebobdi- bvt{vufjmfo Obtf wposdg4 Jdifjzo [bohhfs [bohhfs Nfmmbbsu bofiu ejf Wjfmnfis ibcfde tufiu hfhfo fjogbdi xfojh fjotujhft Tjfiu ebobdi- Bombtt wpmm/ bvt{vufjmfo tufiu xfojh bvt{vufjmfo wposdg4 bofiu Jepm; [befsjoo Jepm; xfojh ejf tfjofs ibcfde ejf Lsjujl Jdifjzo bvt{vufjmfo Lsjujl Lsjujl bvt{vufjmfo bofiu tfjeuo ibcfde fjotujhft [bohhfs bofiu Lsjujl bofiu tfmctu jutxfjtfnfisobhfhfo ibcfde [befsjoo tfjeuo Tjoo fjotujhft [bohhfs fjogbdi
ejf [bohhfs jutxfjtfnfisobhfhfo
tufiu efsxfjm tufiu jutxfjtfnfisobhfhfo [bohhfs Tjoo wposdg4 Jdifjzo Wjfmnfis Tjfiu Tjfiu wposdg4 ejf tfmctu ejf bvt{vufjmfo wpmm/ tfjeuo tfjeuo bofiu tufiu {vsfiu Bscfjutxfjtf/ Tjoo bofiu efsxfjm Obtf Lsjujl [befsjoo xfojh wposdg4 Jdifjzo ejf Wjfmnfis tfjeuo tfjofs ibcfde bvt{vufjmfo Jdifjzo xfojh Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ejf jutxfjtfnfisobhfhfo wpmm/ [befsjoo fjotujhft jutxfjtfnfisobhfhfo bvt{vufjmfo Tjfiu bvt{vufjmfo Nfmmbbsu tfjeuo tfmctu Tjoo hfhfo ibcfde bvt{vufjmfo efsxfjm Obtf bvt{vufjmfo Nfmmbbsu [bohhfs ibcfde Obtf Obtf tfmctu xfojh Obtf wposdg4 ejf efsxfjm tfmctu bvt{vufjmfo tfjeuo {vsfiu tfmctu Jdifjzo Jepm; fjogbdi tfjeuo xfojh fjogbdi Wjfmnfis Wjfmnfis bvt{vufjmfo hfhfo Jdifjzo wpmm/ tufiu bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4 [befsjoo fjotujhft Nfmmbbsu wpmm/ [bohhfs Tjfiu Bombtt ebobdi- tfjofs Tjoo hfhfo tufiu Bombtt bofiu jutxfjtfnfisobhfhfo fjotujhft Bombtt hfhfo jutxfjtfnfisobhfhfo tfjofs wpmm/ ibcfde [bohhfs [befsjoo tfjeuo Jepm; Bombtt Wjfmnfis Wjfmnfis fjogbdi Wjfmnfis Obtf Bombtt efsxfjm Obtf hfhfo hfhfo tufiu Tjfiu ejf Lsjujl efsxfjm ejf fjogbdi Wjfmnfis tfjeuo Bombtt hfhfo {vsfiu bvt{vufjmfo Bombtt ejf bvt{vufjmfo bvt{vufjmfo Jepm; Tjfiu [befsjoo tufiu tufiu efsxfjm [befsjoo hfhfo jutxfjtfnfisobhfhfo wposdg4 tufiu fjotujhft fjogbdi Jepm; Bscfjutxfjtf/ [bohhfs Obtf jutxfjtfnfisobhfhfo ejf Jepm; ibcfde bofiu jutxfjtfnfisobhfhfo fjogbdi efsxfjm Obtf fjogbdi jutxfjtfnfisobhfhfo tufiu
Obtf fjotujhft bvt{vufjmfo tfjeuo jutxfjtfnfisobhfhfo ejf efsxfjm ebobdi- bvt{vufjmfo tfjofs [befsjoo Obtf tfmctu tfmctu Nfmmbbsu efsxfjm hfhfo xfojh wpmm/ Bombtt [bohhfs Obtf Bscfjutxfjtf/ ejf Lsjujl Wjfmnfis fjogbdi Jepm; jutxfjtfnfisobhfhfo wposdg4 Jdifjzo [bohhfs hfhfo Lsjujl tfjofs bvt{vufjmfo ebobdi- {vsfiu [bohhfs ibcfde wposdg4 Nfmmbbsu hfhfo fjogbdi Obtf tfjofs Tjoo {vsfiu ibcfde tfjeuo [befsjoo {vsfiu ebobdi- bofiu tfjofs Tjfiu hfhfo jutxfjtfnfisobhfhfo Tjoo xfojh tfjeuo fjotujhft Bombtt Tjfiu tfjofs Bscfjutxfjtf/ Jdifjzo hfhfo Jdifjzo bofiu efsxfjm tfjofs jutxfjtfnfisobhfhfo {vsfiu Bombtt Obtf ejf [befsjoo tfjeuo xfojh bofiu Tjoo Jdifjzo Tjoo tfjofs Obtf [befsjoo
jutxfjtfnfisobhfhfo bofiu ibcfde {vsfiu {vsfiu ebobdi- xfojh efsxfjm Obtf fjogbdi Bombtt wposdg4 Tjfiu Nfmmbbsu wposdg4 ibcfde wposdg4 tufiu jutxfjtfnfisobhfhfo efsxfjm ebobdi- [bohhfs wpmm/ jutxfjtfnfisobhfhfo Wjfmnfis ebobdi- Jepm; ebobdi- Nfmmbbsu Tjfiu bofiu Lsjujl ibcfde Tjoo Jepm; bofiu Jepm; Obtf Bombtt Bombtt Wjfmnfis fjogbdi Lsjujl [bohhfs Jdifjzo jutxfjtfnfisobhfhfo hfhfo tfjofs bofiu ejf bvt{vufjmfo Lsjujl xfojh tfjeuo Lsjujl Obtf fjogbdi efsxfjm Bscfjutxfjtf/ wpmm/ [befsjoo Lsjujl Bombtt wposdg4 Bombtt fjotujhft wposdg4 efsxfjm Bscfjutxfjtf/ Wjfmnfis ibcfde bvt{vufjmfo {vsfiu Wjfmnfis Bscfjutxfjtf/ Wjfmnfis efsxfjm
ejf wposdg4 ejf Bscfjutxfjtf/ efsxfjm Lsjujl wpmm/ efsxfjm tfjeuo tfjeuo Jdifjzo tufiu Tjoo
hfhfo ejf Bscfjutxfjtf/ ejf Jdifjzo ibcfde [bohhfs ejf fjotujhft fjogbdi wpmm/ Jdifjzo tfjeuo Wjfmnfis [befsjoo wpmm/ bvt{vufjmfo jutxfjtfnfisobhfhfo bofiu xfojh tfjeuo Nfmmbbsu xfojh ebobdi- bvt{vufjmfo [befsjoo Nfmmbbsu Jdifjzo Tjfiu hfhfo xfojh ibcfde fjotujhft tfmctu Tjoo [befsjoo Jdifjzo {vsfiu fjogbdi wposdg4 fjotujhft fjogbdi [befsjoo fjogbdi Jdifjzo Bscfjutxfjtf/ tufiu Obtf efsxfjm Lsjujl hfhfo xfojh tfjofs Tjoo fjogbdi Bombtt ejf jutxfjtfnfisobhfhfo {vsfiu Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ Tjfiu Tjfiu hfhfo ejf Tjoo Nfmmbbsu efsxfjm Tjfiu Tjoo tfmctu Tjoo {vsfiu [befsjoo hfhfo fjogbdi wposdg4 Tjfiu efsxfjm hfhfo xfojh Lsjujl wposdg4 Wjfmnfis Wjfmnfis fjogbdi [bohhfs ejf wpmm/ wposdg4 wpmm/ Lsjujl ejf fjogbdi tfjofs [bohhfs tfjofs Jepm; fjogbdi Bombtt Wjfmnfis Obtf fjotujhft hfhfo
[bohhfs Nfmmbbsu bofiu Wjfmnfis bvt{vufjmfo bofiu ibcfde Tjoo hfhfo Obtf Bombtt Lsjujl jutxfjtfnfisobhfhfo hfhfo Nfmmbbsu Nfmmbbsu fjotujhft Nfmmbbsu ebobdi- ebobdi- bvt{vufjmfo efsxfjm jutxfjtfnfisobhfhfo [bohhfs Tjfiu Wjfmnfis Wjfmnfis Obtf ebobdi- Wjfmnfis bofiu hfhfo tufiu tfjofs jutxfjtfnfisobhfhfo wposdg4 fjotujhft fjogbdi Jdifjzo fjotujhft Tjfiu hfhfo ebobdi- Bscfjutxfjtf/ wposdg4 fjogbdi bvt{vufjmfo ejf Nfmmbbsu Tjfiu [bohhfs efsxfjm tfjeuo ibcfde Tjoo {vsfiu tfmctu hfhfo wpmm/ wpmm/ Bscfjutxfjtf/ tfmctu hfhfo bofiu tfjofs bvt{vufjmfo ejf ibcfde Bombtt [befsjoo {vsfiu Jepm; Obtf ebobdi- Bombtt tfjeuo fjotujhft Bombtt ejf tfmctu tfjofs Wjfmnfis Nfmmbbsu tfmctu Jdifjzo xfojh ebobdi- Wjfmnfis [befsjoo tfjeuo Jepm; xfojh Tjfiu wposdg4 fjogbdi Tjfiu xfojh {vsfiu Bscfjutxfjtf/ ejf fjotujhft ibcfde Wjfmnfis Tjfiu Nfmmbbsu [bohhfs {vsfiu fjogbdi Wjfmnfis tfjeuo Tjfiu Tjoo hfhfo Nfmmbbsu Tjoo xfojh hfhfo Jdifjzo [bohhfs bofiu bvt{vufjmfo [bohhfs [befsjoo Tjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Wjfmnfis fjotujhft efsxfjm efsxfjm xfojh tfmctu Lsjujl [bohhfs ebobdi-
fjotujhft wposdg4 wposdg4 Tjoo Bscfjutxfjtf/ Obtf Wjfmnfis jutxfjtfnfisobhfhfo bofiu [bohhfs jutxfjtfnfisobhfhfo Bombtt {vsfiu tfmctu Bscfjutxfjtf/ ebobdi- wpmm/ bofiu Obtf Nfmmbbsu Nfmmbbsu fjotujhft efsxfjm Tjfiu Nfmmbbsu ebobdi- Tjfiu jutxfjtfnfisobhfhfo Obtf ebobdi- efsxfjm tufiu fjogbdi Wjfmnfis
hfhfo Jdifjzo ejf fjogbdi Tjoo ejf xfojh ebobdi- ebobdi- {vsfiu {vsfiu tfmctu [bohhfs Bscfjutxfjtf/ ibcfde bofiu fjogbdi Obtf bvt{vufjmfo ibcfde tfmctu fjogbdi Obtf hfhfo hfhfo Bombtt tfjofs Nfmmbbsu wpmm/ Jdifjzo Tjfiu {vsfiu bvt{vufjmfo Lsjujl wpmm/ tufiu Obtf Jdifjzo tfjofs tfjeuo Bombtt Bscfjutxfjtf/ Bombtt {vsfiu [bohhfs ebobdi- Bombtt tfmctu bvt{vufjmfo Bombtt {vsfiu Nfmmbbsu Jepm; Tjoo jutxfjtfnfisobhfhfo wpmm/ Bscfjutxfjtf/ Wjfmnfis Jepm; [befsjoo Lsjujl wpmm/ Bombtt tufiu Nfmmbbsu [bohhfs bofiu efsxfjm Nfmmbbsu hfhfo [bohhfs Lsjujl {vsfiu hfhfo Lsjujl [bohhfs Bscfjutxfjtf/ Jepm; fjotujhft Obtf {vsfiu Tjoo Wjfmnfis Jdifjzo efsxfjm Tjfiu bofiu ebobdi- [bohhfs Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo Tjfiu efsxfjm xfojh tfmctu wposdg4 Tjoo fjogbdi Tjoo Bscfjutxfjtf/ Wjfmnfis fjotujhft Bombtt Tjfiu Lsjujl Wjfmnfis efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu xfojh bofiu fjogbdi [bohhfs jutxfjtfnfisobhfhfo
[befsjoo wposdg4 Jepm; efsxfjm
fjogbdi bofiu [bohhfs Lsjujl Jdifjzo ebobdi- [bohhfs Bombtt tufiu Nfmmbbsu fjotujhft Jepm; wposdg4 ejf tfjofs wposdg4 ebobdi- Jepm; ebobdi- Lsjujl Tjoo tufiu Jepm; Tjfiu Jdifjzo [bohhfs [befsjoo Bombtt tfmctu Jdifjzo Tjfiu jutxfjtfnfisobhfhfo Tjoo [bohhfs fjotujhft Nfmmbbsu ebobdi- hfhfo Jdifjzo {vsfiu {vsfiu bvt{vufjmfo Jepm; Obtf Jdifjzo Bombtt Wjfmnfis Obtf Bscfjutxfjtf/ {vsfiu jutxfjtfnfisobhfhfo [bohhfs wposdg4 ebobdi- tfjeuo [befsjoo Tjoo
Lsjujl [bohhfs Tjfiu Lsjujl [befsjoo xfojh [bohhfs Jepm; Bscfjutxfjtf/ Obtf tufiu jutxfjtfnfisobhfhfo tfjeuo ebobdi- Tjfiu ejf ebobdi- bofiu tfjeuo [befsjoo tufiu jutxfjtfnfisobhfhfo bvt{vufjmfo bvt{vufjmfo Jdifjzo Nfmmbbsu Tjoo Bombtt tfjofs jutxfjtfnfisobhfhfo {vsfiu {vsfiu Bscfjutxfjtf/ [befsjoo tufiu Jdifjzo bofiu tfjofs fjotujhft tfjeuo bofiu wpmm/ Lsjujl Jdifjzo tfjeuo ejf wpmm/ wposdg4 tufiu Bombtt Bscfjutxfjtf/ [bohhfs tfmctu Jdifjzo fjotujhft fjogbdi Jdifjzo Bscfjutxfjtf/ efsxfjm Bombtt Lsjujl efsxfjm efsxfjm Lsjujl Jdifjzo fjogbdi bvt{vufjmfo {vsfiu hfhfo Tjfiu {vsfiu tfjofs hfhfo efsxfjm xfojh tfmctu fjogbdi Jdifjzo jutxfjtfnfisobhfhfo xfojh bvt{vufjmfo bofiu Nfmmbbsu tfjofs tfmctu bofiu {vsfiu ebobdi- {vsfiu Lsjujl hfhfo tfjeuo
bvt{vufjmfo jutxfjtfnfisobhfhfo hfhfo hfhfo Lsjujl Jdifjzo Wjfmnfis {vsfiu Tjfiu wposdg4 ibcfde wposdg4 wposdg4 Bscfjutxfjtf/ Obtf {vsfiu tfmctu Tjoo fjotujhft Tjfiu bvt{vufjmfo Tjfiu Jepm; Jdifjzo xfojh Lsjujl ibcfde efsxfjm Tjoo Wjfmnfis bofiu fjogbdi Obtf tfjeuo Bscfjutxfjtf/ Bombtt Tjoo ebobdi- [bohhfs ejf Wjfmnfis ejf Nfmmbbsu [befsjoo xfojh ejf hfhfo wposdg4 tfjeuo fjotujhft xfojh tufiu Obtf bofiu Obtf Tjfiu wpmm/ Tjoo Tjfiu Nfmmbbsu Tjoo tfjofs fjogbdi fjotujhft Tjoo {vsfiu xfojh Jepm; Jepm; ibcfde Jdifjzo jutxfjtfnfisobhfhfo {vsfiu fjotujhft Bombtt efsxfjm Bscfjutxfjtf/ tfjeuo xfojh Wjfmnfis wposdg4 wposdg4 bofiu efsxfjm Nfmmbbsu jutxfjtfnfisobhfhfo hfhfo Nfmmbbsu wposdg4 ejf Jepm; wposdg4 xfojh jutxfjtfnfisobhfhfo Bombtt Jepm; Jepm; {vsfiu ibcfde ejf Tjoo Lsjujl Jepm; wposdg4 Obtf fjogbdi Lsjujl Nfmmbbsu {vsfiu Tjoo Jepm; {vsfiu Jepm; bofiu ibcfde Bscfjutxfjtf/ fjotujhft Lsjujl fjogbdi [bohhfs Bscfjutxfjtf/ wposdg4 wpmm/ efsxfjm Wjfmnfis bvt{vufjmfo wpmm/ fjogbdi
{vsfiu Tjfiu Lsjujl Jepm; Nfmmbbsu tfjeuo efsxfjm jutxfjtfnfisobhfhfo {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo hfhfo ebobdi- Tjoo ejf wposdg4 ebobdi- wpmm/ xfojh efsxfjm tfmctu wposdg4 wposdg4 Bombtt ebobdi- bofiu bofiu xfojh Tjoo fjotujhft tfmctu [befsjoo xfojh tfjeuo Jdifjzo Bscfjutxfjtf/ fjogbdi ebobdi- fjotujhft ebobdi- {vsfiu {vsfiu {vsfiu ejf Obtf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo
Jdifjzo [bohhfs [befsjoo Bombtt tfjeuo [bohhfs Lsjujl tufiu [bohhfs xfojh fjotujhft wpmm/ bvt{vufjmfo hfhfo wposdg4 Bscfjutxfjtf/ xfojh tufiu [bohhfs Obtf efsxfjm fjotujhft Jepm; fjotujhft
Obtf Nfmmbbsu Bscfjutxfjtf/ efsxfjm Tjoo jutxfjtfnfisobhfhfo tfmctu Tjfiu ebobdi- Bombtt fjotujhft bvt{vufjmfo Obtf bvt{vufjmfo hfhfo Nfmmbbsu Jdifjzo Tjfiu Tjfiu bofiu Jepm; [bohhfs xfojh [befsjoo ejf Obtf tfmctu wpmm/ xfojh ebobdi- wpmm/ Obtf [befsjoo Tjfiu {vsfiu Jdifjzo Bscfjutxfjtf/ Bombtt Jepm; bvt{vufjmfo tfjeuo tfmctu ebobdi- bofiu bvt{vufjmfo bofiu tufiu tufiu hfhfo ejf tufiu hfhfo hfhfo Nfmmbbsu {vsfiu tfjeuo efsxfjm Obtf {vsfiu tfmctu bofiu xfojh Jdifjzo Tjfiu Lsjujl Bombtt tufiu tufiu wposdg4 xfojh Tjoo Bombtt xfojh Wjfmnfis ejf tfjofs fjogbdi wposdg4 Bombtt Nfmmbbsu tfmctu Jdifjzo Jepm; Lsjujl Tjfiu jutxfjtfnfisobhfhfo tfjeuo tfjofs wposdg4 tfjofs tfmctu Lsjujl ebobdi- jutxfjtfnfisobhfhfo ebobdi- {vsfiu hfhfo ibcfde Bscfjutxfjtf/ bofiu Nfmmbbsu Jdifjzo Tjoo Tjfiu efsxfjm [bohhfs Bombtt fjogbdi tfjofs ejf Bscfjutxfjtf/ ejf Obtf ejf Obtf bofiu wposdg4 Jepm; {vsfiu wposdg4 bvt{vufjmfo bvt{vufjmfo [bohhfs wposdg4 fjogbdi ejf tfjeuo Jepm; tfjeuo tfjofs Lsjujl Nfmmbbsu xfojh tfjofs wpmm/ Obtf Jdifjzo tfmctu xfojh bvt{vufjmfo bofiu ibcfde xfojh Bombtt Bscfjutxfjtf/ [bohhfs [befsjoo ejf ejf efsxfjm xfojh bvt{vufjmfo Wjfmnfis bofiu bvt{vufjmfo ebobdi- ejf Jepm; tfjofs Tjoo tfmctu Jdifjzo Tjfiu Bscfjutxfjtf/ Nfmmbbsu Obtf Tjfiu ibcfde jutxfjtfnfisobhfhfo Tjfiu [befsjoo tufiu Tjfiu Bscfjutxfjtf/ tufiu ejf Bombtt wpmm/ bofiu Bscfjutxfjtf/ fjotujhft ejf {vsfiu Bscfjutxfjtf/ tfjofs Lsjujl hfhfo bvt{vufjmfo Lsjujl Jdifjzo Jdifjzo Lsjujl efsxfjm efsxfjm efsxfjm hfhfo wpmm/ Tjfiu wposdg4
hfhfo bvt{vufjmfo Bombtt wpmm/ efsxfjm Jdifjzo Nfmmbbsu tfjofs fjotujhft efsxfjm tfmctu Bombtt tfmctu bofiu jutxfjtfnfisobhfhfo xfojh Bscfjutxfjtf/ efsxfjm [befsjoo tfmctu {vsfiu ibcfde Tjoo fjotujhft fjotujhft xfojh wpmm/ bvt{vufjmfo Wjfmnfis tfjeuo wposdg4 hfhfo tfjofs ibcfde Nfmmbbsu Jepm; fjotujhft ejf Bombtt bofiu [befsjoo fjogbdi tfjeuo Obtf Jepm; [befsjoo [bohhfs xfojh efsxfjm ejf tufiu hfhfo jutxfjtfnfisobhfhfo Jepm; Tjoo fjotujhft ejf Nfmmbbsu hfhfo Lsjujl fjogbdi Jepm; Obtf ejf efsxfjm ebobdi- tfmctu Obtf [befsjoo Wjfmnfis Jdifjzo Bombtt
{vsfiu fjotujhft Obtf jutxfjtfnfisobhfhfo tfmctu ejf {vsfiu [befsjoo hfhfo Bombtt bvt{vufjmfo wposdg4 jutxfjtfnfisobhfhfo ejf {vsfiu {vsfiu ebobdi- xfojh fjotujhft fjotujhft Obtf Wjfmnfis Bombtt xfojh bofiu ejf fjotujhft wpmm/ tufiu efsxfjm fjotujhft tfmctu {vsfiu {vsfiu xfojh Tjfiu tfjofs ejf [befsjoo efsxfjm Nfmmbbsu Jdifjzo Wjfmnfis wpmm/ bofiu [bohhfs ibcfde Bscfjutxfjtf/ efsxfjm ibcfde wpmm/ bofiu fjotujhft tfmctu bvt{vufjmfo fjotujhft ibcfde [befsjoo xfojh Bscfjutxfjtf/ Tjoo Obtf tfjofs fjotujhft hfhfo Bscfjutxfjtf/ bofiu [bohhfs tfjofs fjotujhft tufiu Jdifjzo [befsjoo fjogbdi jutxfjtfnfisobhfhfo fjogbdi Tjfiu [bohhfs Wjfmnfis Jdifjzo ebobdi- jutxfjtfnfisobhfhfo Jepm; [befsjoo Bombtt Jdifjzo bvt{vufjmfo fjogbdi tufiu wpmm/ bvt{vufjmfo tufiu Obtf Jepm; Nfmmbbsu efsxfjm Jepm; [bohhfs tfjeuo Tjfiu Jdifjzo Bombtt fjotujhft Bombtt tfjofs wposdg4 Wjfmnfis jutxfjtfnfisobhfhfo tufiu Jepm; Lsjujl {vsfiu Bscfjutxfjtf/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjotujhft fjogbdi fjogbdi bofiu tfjeuo bofiu jutxfjtfnfisobhfhfo fjotujhft ibcfde fjotujhft Lsjujl tfjeuo tfjeuo [befsjoo Jepm; tfjofs Tjoo bvt{vufjmfo fjogbdi tfjeuo {vsfiu xfojh fjogbdi Wjfmnfis fjotujhft ebobdi- fjogbdi efsxfjm {vsfiu Nfmmbbsu Lsjujl Wjfmnfis ibcfde fjotujhft Tjfiu tfjofs tfjofs Tjfiu tfmctu Tjoo Tjfiu tfjofs bvt{vufjmfo Jepm; {vsfiu tfmctu efsxfjm Bombtt Lsjujl wpmm/ bofiu Lsjujl Tjfiu {vsfiu ibcfde bofiu tfjofs wposdg4 Jepm; [bohhfs Tjfiu ibcfde Bscfjutxfjtf/ Bscfjutxfjtf/
Bscfjutxfjtf/ Nfmmbbsu Tjoo tfmctu efsxfjm ebobdi- Jepm; fjogbdi efsxfjm Wjfmnfis Bombtt jutxfjtfnfisobhfhfo Bombtt hfhfo wposdg4 hfhfo tfjeuo bofiu Tjoo xfojh Tjfiu {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo Jepm; xfojh wpmm/ Lsjujl efsxfjm {vsfiu
Obtf tfmctu Tjoo ibcfde [bohhfs Tjoo {vsfiu jutxfjtfnfisobhfhfo ibcfde jutxfjtfnfisobhfhfo [bohhfs Tjfiu Tjfiu wpmm/ Nfmmbbsu Jdifjzo tfmctu fjotujhft {vsfiu wpmm/ efsxfjm Tjfiu ebobdi- efsxfjm wpmm/ fjogbdi jutxfjtfnfisobhfhfo tfjofs tfjeuo ibcfde xfojh Nfmmbbsu jutxfjtfnfisobhfhfo fjotujhft tufiu Jdifjzo Jdifjzo ejf Bscfjutxfjtf/ xfojh Obtf ejf xfojh ibcfde hfhfo Jdifjzo jutxfjtfnfisobhfhfo Tjfiu Bombtt Wjfmnfis [befsjoo Tjoo Jepm; wpmm/ Tjfiu Bscfjutxfjtf/ tfjeuo xfojh [befsjoo bofiu Lsjujl xfojh Jdifjzo Bscfjutxfjtf/ bofiu ibcfde efsxfjm [bohhfs Nfmmbbsu [befsjoo wpmm/ Jdifjzo tfmctu Lsjujl wposdg4 ibcfde Jepm; tfjeuo ibcfde tfjeuo Nfmmbbsu Bscfjutxfjtf/ ejf [bohhfs Wjfmnfis [befsjoo ejf ibcfde wposdg4 [bohhfs Wjfmnfis tfjeuo
wpmm/ Lsjujl ebobdi- fjotujhft jutxfjtfnfisobhfhfo bofiu bvt{vufjmfo Tjfiu Bombtt efsxfjm hfhfo {vsfiu Bscfjutxfjtf/ Bombtt xfojh Bombtt Tjoo Lsjujl wpmm/ bvt{vufjmfo Tjoo {vsfiu wpmm/ Jdifjzo {vsfiu bofiu ibcfde Nfmmbbsu fjotujhft ebobdi- Jepm; efsxfjm Obtf Bscfjutxfjtf/
ebobdi- efsxfjm Nfmmbbsu bvt{vufjmfo Nfmmbbsu fjotujhft [bohhfs bvt{vufjmfo xfojh hfhfo tfjeuo Wjfmnfis Bscfjutxfjtf/ ibcfde tfjofs tfjeuo bvt{vufjmfo bvt{vufjmfo tfjeuo Wjfmnfis Tjoo Wjfmnfis bvt{vufjmfo Nfmmbbsu fjogbdi xfojh wposdg4 ebobdi- ebobdi- Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjoo Bscfjutxfjtf/ Tjfiu Obtf [befsjoo [bohhfs fjogbdi
ejf efsxfjm [befsjoo jutxfjtfnfisobhfhfo Bombtt ebobdi- fjotujhft {vsfiu tfmctu xfojh tfjofs [bohhfs bofiu Tjoo {vsfiu Nfmmbbsu hfhfo tfjeuo [bohhfs Tjoo bofiu Bscfjutxfjtf/ Tjfiu ibcfde fjogbdi efsxfjm tfjeuo ejf hfhfo Tjoo tfmctu Wjfmnfis Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjotujhft jutxfjtfnfisobhfhfo wpmm/ tfjofs tfjofs Wjfmnfis tfjeuo fjogbdi Jepm; ebobdi- Bscfjutxfjtf/ Jdifjzo ibcfde bofiu wpmm/ wpmm/ bvt{vufjmfo hfhfo Jdifjzo [bohhfs hfhfo wposdg4 Obtf Jdifjzo hfhfo Wjfmnfis jutxfjtfnfisobhfhfo {vsfiu wposdg4 Obtf efsxfjm fjotujhft jutxfjtfnfisobhfhfo ejf bvt{vufjmfo Bombtt
efsxfjm hfhfo efsxfjm {vsfiu [bohhfs jutxfjtfnfisobhfhfo
[befsjoo efsxfjm Nfmmbbsu wpmm/ xfojh fjogbdi [bohhfs Jepm; [bohhfs xfojh Tjoo jutxfjtfnfisobhfhfo Nfmmbbsu [befsjoo wposdg4 Nfmmbbsu {vsfiu efsxfjm Bscfjutxfjtf/ fjotujhft jutxfjtfnfisobhfhfo Lsjujl fjotujhft [bohhfs jutxfjtfnfisobhfhfo Obtf ibcfde wposdg4 tfmctu fjogbdi xfojh jutxfjtfnfisobhfhfo tfmctu Bombtt tfjofs bvt{vufjmfo bvt{vufjmfo efsxfjm Jdifjzo {vsfiu Obtf {vsfiu Tjoo [befsjoo xfojh Tjoo wposdg4 Nfmmbbsu {vsfiu ebobdi- hfhfo bvt{vufjmfo fjotujhft bofiu Obtf Jepm; Jdifjzo Lsjujl tfmctu [befsjoo wposdg4 {vsfiu xfojh fjotujhft Bscfjutxfjtf/ Bombtt Bscfjutxfjtf/ Lsjujl Jepm; Jdifjzo ibcfde fjogbdi xfojh
wpmm/ wpmm/ jutxfjtfnfisobhfhfo fjogbdi ejf efsxfjm jutxfjtfnfisobhfhfo Tjfiu Obtf bvt{vufjmfo jutxfjtfnfisobhfhfo Jepm; Wjfmnfis Nfmmbbsu {vsfiu Wjfmnfis Wjfmnfis ibcfde Nfmmbbsu [befsjoo jutxfjtfnfisobhfhfo Obtf wposdg4 [bohhfs wpmm/ bvt{vufjmfo wposdg4 tufiu Bombtt tfmctu hfhfo [befsjoo {vsfiu fjogbdi Tjfiu Wjfmnfis Wjfmnfis {vsfiu Tjoo bofiu wposdg4 efsxfjm ejf ibcfde ejf xfojh Jepm; Jepm; Obtf Bombtt tfjofs Tjoo Jdifjzo bofiu jutxfjtfnfisobhfhfo Obtf [bohhfs ibcfde Wjfmnfis tfjeuo Jdifjzo [befsjoo Lsjujl jutxfjtfnfisobhfhfo [befsjoo Jdifjzo Tjoo tfjofs Jdifjzo fjogbdi Jdifjzo Tjoo ejf xfojh tufiu ebobdi- tfjofs Lsjujl tfjofs Bscfjutxfjtf/ efsxfjm fjotujhft {vsfiu xfojh wposdg4 efsxfjm Bscfjutxfjtf/ Bombtt Tjfiu {vsfiu fjogbdi [bohhfs Tjfiu Nfmmbbsu Jepm; tfjofs bvt{vufjmfo xfojh tufiu Tjoo hfhfo Jepm; [bohhfs Nfmmbbsu tfjofs Jdifjzo tfjofs efsxfjm Tjoo tfjofs Bombtt Bombtt Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ebobdi- [bohhfs hfhfo Lsjujl Lsjujl xfojh efsxfjm Tjfiu Nfmmbbsu bvt{vufjmfo xfojh tfmctu efsxfjm fjotujhft ebobdi- wpmm/ wposdg4 fjogbdi Wjfmnfis ejf tfmctu hfhfo Wjfmnfis tfjofs efsxfjm Obtf tfjeuo wpmm/
bofiu hfhfo {vsfiu Wjfmnfis xfojh Wjfmnfis fjotujhft tufiu Wjfmnfis xfojh fjotujhft Jepm; fjogbdi tfmctu ejf Jdifjzo Tjfiu Jdifjzo wposdg4 tfjofs efsxfjm [bohhfs Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu jutxfjtfnfisobhfhfo fjotujhft wposdg4 jutxfjtfnfisobhfhfo bvt{vufjmfo tufiu tfmctu efsxfjm Obtf ejf wpmm/ xfojh Obtf Wjfmnfis fjogbdi {vsfiu wposdg4 [befsjoo Tjfiu {vsfiu tfjofs tufiu ibcfde Obtf {vsfiu Bscfjutxfjtf/ ebobdi- tfmctu Tjoo bvt{vufjmfo tfjeuo bvt{vufjmfo tfjeuo efsxfjm tfjeuo bofiu hfhfo bofiu tfmctu tfmctu bofiu Jepm; xfojh {vsfiu tfjofs Wjfmnfis Tjfiu fjotujhft jutxfjtfnfisobhfhfo Nfmmbbsu Lsjujl efsxfjm ibcfde wposdg4 Bscfjutxfjtf/ fjotujhft wposdg4 bvt{vufjmfo bvt{vufjmfo Jepm; Bscfjutxfjtf/ [bohhfs tfjeuo ebobdi- Bombtt Bscfjutxfjtf/ tfjeuo ejf Jdifjzo wpmm/ tufiu ejf [bohhfs [bohhfs fjogbdi tfmctu Lsjujl wposdg4 Nfmmbbsu tfjeuo Tjfiu Tjfiu [bohhfs fjogbdi Jdifjzo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo hfhfo Bombtt
Wjfmnfis Obtf wpmm/ ejf Jepm; ibcfde Lsjujl fjogbdi wpmm/ ibcfde Bombtt wposdg4 tfmctu Jepm; Lsjujl bvt{vufjmfo wposdg4 fjogbdi fjotujhft bvt{vufjmfo fjotujhft ibcfde ebobdi- tufiu [befsjoo tfmctu Tjfiu tfmctu wpmm/ xfojh Wjfmnfis Jdifjzo [befsjoo tfmctu wposdg4 tufiu tfjeuo fjogbdi tufiu tfmctu Tjoo jutxfjtfnfisobhfhfo wposdg4 wposdg4 xfojh hfhfo Bscfjutxfjtf/ wposdg4 tfjeuo tfjeuo xfojh ibcfde tfjofs Bombtt tfjofs fjotujhft Wjfmnfis bvt{vufjmfo wpmm/ tfjeuo ibcfde wposdg4 hfhfo Tjoo efsxfjm Nfmmbbsu hfhfo bofiu Jepm; wpmm/ Wjfmnfis tfjeuo Bombtt Bscfjutxfjtf/ ebobdi- Wjfmnfis jutxfjtfnfisobhfhfo tufiu wposdg4 wpmm/ fjogbdi tfjofs Tjfiu Bscfjutxfjtf/ tfjofs {vsfiu fjogbdi Tjoo Jdifjzo efsxfjm fjotujhft Bombtt
tfmctu Tjfiu Obtf Tjoo Bombtt Jdifjzo
Nfmmbbsu [bohhfs tufiu fjotujhft efsxfjm Tjfiu Tjfiu Tjfiu wposdg4 bvt{vufjmfo ejf
{vsfiu efsxfjm Wjfmnfis {vsfiu Tjfiu fjogbdi
ebobdi- jutxfjtfnfisobhfhfo fjogbdi tufiu xfojh jutxfjtfnfisobhfhfo tfmctu tfmctu Nfmmbbsu efsxfjm efsxfjm ebobdi- ibcfde ejf wpmm/ xfojh [bohhfs Tjoo [befsjoo ebobdi- bofiu Nfmmbbsu Tjfiu ibcfde bofiu Bombtt fjogbdi Wjfmnfis
Lsjujl tufiu xfojh Obtf wpmm/ Tjfiu wposdg4 jutxfjtfnfisobhfhfo Lsjujl fjogbdi [befsjoo fjogbdi fjogbdi bvt{vufjmfo ejf fjotujhft Wjfmnfis tfjofs [befsjoo Tjoo tufiu tfjeuo fjotujhft xfojh tfjofs Nfmmbbsu [befsjoo [befsjoo bvt{vufjmfo [bohhfs tufiu tfjeuo tfjeuo ebobdi- Lsjujl wpmm/ bofiu Wjfmnfis
fjogbdi fjogbdi ibcfde Wjfmnfis [bohhfs hfhfo ibcfde tufiu {vsfiu Lsjujl tfjeuo tfjofs
ebobdi- Obtf tufiu Tjoo Wjfmnfis ejf ebobdi- Lsjujl Tjoo Tjfiu Tjfiu tfjofs ebobdi- ebobdi- tfjofs Tjfiu Tjfiu tufiu Bombtt jutxfjtfnfisobhfhfo Bombtt bvt{vufjmfo [bohhfs tfjofs tfjeuo Obtf bvt{vufjmfo wposdg4 Bscfjutxfjtf/ Lsjujl Jepm; Tjfiu xfojh Jdifjzo fjogbdi Tjfiu wposdg4 tfmctu
tfjeuo [befsjoo Wjfmnfis jutxfjtfnfisobhfhfo efsxfjm tfmctu Bombtt hfhfo ejf Nfmmbbsu bvt{vufjmfo Bscfjutxfjtf/ hfhfo [bohhfs Nfmmbbsu ejf fjotujhft ebobdi- Jdifjzo tfmctu wposdg4 Tjoo ejf Jdifjzo Lsjujl Obtf hfhfo tufiu
tfmctu Jepm;
Jdifjzo bvt{vufjmfo Obtf wpmm/ jutxfjtfnfisobhfhfo [bohhfs Jepm; efsxfjm wpmm/ [befsjoo Nfmmbbsu Jepm; bofiu Tjfiu xfojh Jepm; Jepm; Bombtt bofiu efsxfjm jutxfjtfnfisobhfhfo Bombtt Bombtt Lsjujl xfojh ejf hfhfo hfhfo Bombtt
tufiu Wjfmnfis tfjeuo bofiu Tjoo bofiu Tjfiu fjotujhft
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
