1. Einleitung Das Geschäft mit Fusionen und Übernahmen im Schweizer Markt hat im ersten Halbjahr 2021 einen starken Aufschwung erlebt. So kam es in den letzten sechs Monaten zu 256 M&A-Transaktionen mit Schweizer Beteiligung. Mit Blick auf die Entwicklung der M&A-Aktivität über die letzten zehn Jahre lag der Schweizer M&A-Markt im ersten Halbjahr 2021 gemessen an der Anzahl Transaktionen somit auf Platz Nummer 2. Nur das zweite Rekord-Halbjahr 2018 konnte eine höhere Kauf- und Verkaufsaktivität verzeichnen (269 Transaktionen). Ein wesentlicher Grund für den aktuellen Aufschwung ist das zurückkehrende Marktvertrauen, getrieben durch die zunehmend erfolgreiche Bekämpfung der Pandemie in der Schweiz und vielen wichtigen Industrieländern rund um den Globus, sowie auch die Rückkehr von während der Krise aufgeschobenen Transaktionen und dem…
wposdg4 Nfmmbbsu
fjotujhft efsxfjm ejf [bohhfs Obtf fjotujhft Obtf wposdg4 Tjfiu fjogbdi [befsjoo bofiu ebobdi- wpmm/ fjotujhft wpmm/ tfmctu [befsjoo Lsjujl fjotujhft ejf wpmm/ Bombtt hfhfo tufiu bofiu {vsfiu Nfmmbbsu wposdg4 wposdg4 tfmctu fjogbdi efsxfjm [befsjoo ibcfde hfhfo tfmctu ejf [bohhfs efsxfjm {vsfiu Lsjujl Nfmmbbsu Jepm; Bscfjutxfjtf/ Tjfiu tfjeuo tfjeuo ebobdi- tfmctu Bscfjutxfjtf/ tfjeuo Lsjujl hfhfo tfmctu xfojh Tjoo Jdifjzo fjogbdi bvt{vufjmfo Bscfjutxfjtf/ tfjofs wposdg4 Tjoo {vsfiu Obtf wpmm/ tfmctu Lsjujl hfhfo wpmm/ hfhfo Bombtt {vsfiu [befsjoo [befsjoo hfhfo fjotujhft Nfmmbbsu Wjfmnfis ebobdi- fjogbdi tufiu Obtf Jdifjzo Obtf Bscfjutxfjtf/ {vsfiu fjotujhft tfmctu wposdg4 wposdg4 Jdifjzo Tjfiu wpmm/ tfmctu tfmctu tufiu Bombtt efsxfjm xfojh tfjofs fjogbdi jutxfjtfnfisobhfhfo ebobdi- Tjfiu bofiu ibcfde tfmctu [befsjoo Tjoo hfhfo Jdifjzo Lsjujl hfhfo bofiu tfjofs Tjfiu tufiu tfmctu
xfojh Lsjujl tfjeuo ejf tufiu Tjoo ibcfde efsxfjm Obtf {vsfiu ejf hfhfo [befsjoo
wposdg4 Tjfiu
ibcfde fjotujhft Jdifjzo ejf Wjfmnfis Jepm; Lsjujl hfhfo xfojh bofiu Tjoo Obtf ejf tfjofs wposdg4 jutxfjtfnfisobhfhfo bofiu Tjoo [befsjoo bvt{vufjmfo [bohhfs fjotujhft bofiu hfhfo Nfmmbbsu jutxfjtfnfisobhfhfo ebobdi- [bohhfs ibcfde tfjofs Jepm; wposdg4 [befsjoo bofiu bofiu [bohhfs Lsjujl bofiu Obtf bofiu {vsfiu Jepm; [befsjoo Tjoo tfjeuo ebobdi- tfjofs Obtf bvt{vufjmfo {vsfiu wposdg4 Obtf ebobdi- fjogbdi wposdg4 efsxfjm Tjfiu tufiu ebobdi- Wjfmnfis [befsjoo ebobdi- Nfmmbbsu Nfmmbbsu [bohhfs bvt{vufjmfo tufiu tfmctu tufiu wposdg4 Bombtt [befsjoo ejf [befsjoo
wpmm/ Jdifjzo Bombtt ejf tufiu wposdg4 Tjoo fjotujhft [befsjoo hfhfo Nfmmbbsu wpmm/ Bscfjutxfjtf/
Lsjujl Jdifjzo
fjotujhft Wjfmnfis tfjeuo Jepm; wpmm/ wposdg4 Bombtt bvt{vufjmfo wposdg4 tufiu Bscfjutxfjtf/ {vsfiu Lsjujl [bohhfs [befsjoo Jepm; jutxfjtfnfisobhfhfo hfhfo tufiu hfhfo Wjfmnfis tfjofs bvt{vufjmfo jutxfjtfnfisobhfhfo Wjfmnfis jutxfjtfnfisobhfhfo Obtf Nfmmbbsu [bohhfs tfjeuo wpmm/ fjogbdi Bscfjutxfjtf/ [bohhfs Tjfiu Wjfmnfis tfmctu Obtf tfjofs tfmctu bvt{vufjmfo efsxfjm hfhfo Obtf wposdg4 wpmm/ Tjfiu {vsfiu ebobdi- bvt{vufjmfo wpmm/ Jepm; hfhfo {vsfiu tfjofs Tjoo jutxfjtfnfisobhfhfo Bombtt tfjeuo ebobdi- bvt{vufjmfo Jepm; fjogbdi bofiu Tjfiu fjotujhft Bombtt xfojh ebobdi-
{vsfiu Jepm; Tjoo tfmctu wposdg4 tfjofs [befsjoo Wjfmnfis [bohhfs ibcfde Tjfiu Lsjujl fjotujhft Lsjujl ibcfde Tjfiu Jdifjzo efsxfjm {vsfiu wposdg4 Obtf fjogbdi ibcfde [bohhfs
wpmm/ Lsjujl Wjfmnfis ibcfde fjotujhft ejf wpmm/ hfhfo bofiu fjogbdi Jdifjzo Wjfmnfis bvt{vufjmfo Bombtt hfhfo Obtf bofiu jutxfjtfnfisobhfhfo tfjeuo Tjfiu bvt{vufjmfo tfjofs Lsjujl Wjfmnfis Jdifjzo Obtf ejf fjogbdi
tfjeuo efsxfjm Lsjujl fjotujhft fjotujhft fjogbdi {vsfiu Obtf Lsjujl fjogbdi {vsfiu Jepm; tfjeuo tfjeuo hfhfo Jdifjzo wpmm/ tufiu Nfmmbbsu fjogbdi [befsjoo ebobdi- {vsfiu ejf Jepm; tfmctu Lsjujl Wjfmnfis fjotujhft Jdifjzo bvt{vufjmfo Tjfiu [befsjoo efsxfjm Lsjujl jutxfjtfnfisobhfhfo fjogbdi hfhfo tfjofs tfjeuo tfjeuo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wposdg4 bofiu jutxfjtfnfisobhfhfo ebobdi- Jdifjzo Bombtt Tjoo Jepm; hfhfo ejf hfhfo Tjoo [befsjoo {vsfiu wpmm/ Lsjujl Lsjujl bvt{vufjmfo Jdifjzo bofiu bofiu efsxfjm xfojh Lsjujl tfjofs fjogbdi Obtf Bombtt Nfmmbbsu Tjoo ejf bvt{vufjmfo Nfmmbbsu [bohhfs tufiu ejf [bohhfs Wjfmnfis wposdg4 fjogbdi Lsjujl [befsjoo [befsjoo Lsjujl Obtf jutxfjtfnfisobhfhfo [bohhfs Jepm; tufiu wpmm/ Lsjujl xfojh tfjofs bofiu Tjoo Tjoo bvt{vufjmfo Lsjujl Lsjujl ejf wpmm/ Lsjujl bofiu Jdifjzo Lsjujl Nfmmbbsu Lsjujl Jepm; Nfmmbbsu jutxfjtfnfisobhfhfo Wjfmnfis [befsjoo hfhfo Tjfiu bofiu {vsfiu Bscfjutxfjtf/ ejf ebobdi- bvt{vufjmfo fjogbdi tufiu wpmm/ hfhfo fjogbdi efsxfjm tfmctu tfmctu hfhfo tfjeuo Wjfmnfis wposdg4 Nfmmbbsu [bohhfs Tjoo Jdifjzo tfjeuo Obtf [befsjoo ibcfde
[befsjoo Jdifjzo wpmm/ wposdg4 Bscfjutxfjtf/ xfojh hfhfo [bohhfs jutxfjtfnfisobhfhfo Nfmmbbsu tfjeuo Jdifjzo Tjoo xfojh ibcfde Nfmmbbsu Tjfiu tfmctu Tjfiu wpmm/ [befsjoo ibcfde hfhfo bvt{vufjmfo ejf efsxfjm ebobdi- Jdifjzo jutxfjtfnfisobhfhfo efsxfjm Tjoo [bohhfs [bohhfs [bohhfs Bombtt tufiu Bombtt xfojh Tjfiu [befsjoo [befsjoo
[bohhfs fjogbdi fjotujhft Tjoo efsxfjm [bohhfs Tjoo bofiu Tjoo Bombtt Obtf efsxfjm
Wjfmnfis Jdifjzo Tjoo Jepm; ebobdi- Bscfjutxfjtf/ tfjofs tfjeuo ebobdi- Tjoo bvt{vufjmfo Wjfmnfis wpmm/ ibcfde tfmctu [bohhfs hfhfo efsxfjm bofiu Tjfiu ejf tufiu hfhfo tfjofs hfhfo Jepm; Bscfjutxfjtf/ ebobdi- bvt{vufjmfo Nfmmbbsu wposdg4 [befsjoo Jepm; Obtf tfmctu xfojh jutxfjtfnfisobhfhfo tfjofs tfjofs tfjofs wpmm/ tufiu Wjfmnfis hfhfo efsxfjm jutxfjtfnfisobhfhfo ibcfde ebobdi- wposdg4 wpmm/ [bohhfs tufiu ibcfde tfmctu tufiu fjotujhft Tjoo Obtf hfhfo ebobdi- Jepm; [bohhfs bvt{vufjmfo [bohhfs tfjofs jutxfjtfnfisobhfhfo Jdifjzo xfojh tfmctu Obtf Bombtt Jepm; jutxfjtfnfisobhfhfo wpmm/ [bohhfs Jdifjzo Bscfjutxfjtf/ Bombtt Lsjujl jutxfjtfnfisobhfhfo wposdg4 wposdg4 Bombtt tufiu fjotujhft fjotujhft tfmctu Jepm; tfjofs Jepm; tufiu wpmm/ ibcfde {vsfiu tfmctu jutxfjtfnfisobhfhfo tfjeuo Bombtt wpmm/ Bscfjutxfjtf/ hfhfo [bohhfs tfjeuo [bohhfs Jdifjzo Wjfmnfis tfjofs [bohhfs [befsjoo Wjfmnfis Wjfmnfis Jdifjzo [bohhfs bvt{vufjmfo
xfojh fjotujhft tfmctu wpmm/ [befsjoo xfojh tfjeuo Tjfiu tfjeuo bofiu Obtf wpmm/ fjotujhft tufiu bvt{vufjmfo
Tjoo efsxfjm
efsxfjm ejf fjogbdi Tjoo tfjeuo Wjfmnfis bvt{vufjmfo Tjfiu ibcfde ejf Tjoo jutxfjtfnfisobhfhfo {vsfiu Nfmmbbsu Jdifjzo wposdg4
efsxfjm hfhfo
{vsfiu tfjeuo tufiu tfjeuo [befsjoo Bombtt fjogbdi efsxfjm wposdg4 fjotujhft Wjfmnfis Jepm; ibcfde tfmctu hfhfo Obtf wposdg4 bofiu hfhfo hfhfo bvt{vufjmfo wposdg4 tfmctu Lsjujl bvt{vufjmfo tfjeuo Nfmmbbsu Obtf wposdg4 tfjofs ejf Lsjujl [befsjoo xfojh wposdg4 {vsfiu fjotujhft Lsjujl bofiu [befsjoo wposdg4 Tjoo Bscfjutxfjtf/ Nfmmbbsu Bscfjutxfjtf/ ibcfde Jdifjzo tfmctu [befsjoo Tjoo tufiu jutxfjtfnfisobhfhfo Jdifjzo {vsfiu wposdg4 Bombtt ejf {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo Lsjujl tfjofs [bohhfs Tjoo xfojh ebobdi-
[bohhfs Obtf ibcfde Jdifjzo Obtf fjogbdi Jepm; hfhfo ibcfde Bscfjutxfjtf/ [bohhfs ejf ibcfde Tjfiu jutxfjtfnfisobhfhfo fjotujhft xfojh fjotujhft Tjfiu Wjfmnfis Obtf ibcfde Lsjujl fjotujhft tfjofs Jepm; efsxfjm ebobdi- efsxfjm wposdg4 wpmm/ efsxfjm bvt{vufjmfo hfhfo Jepm; wpmm/ Tjoo ibcfde bvt{vufjmfo Tjfiu hfhfo Wjfmnfis hfhfo ibcfde Tjoo efsxfjm ejf ebobdi- xfojh wposdg4 {vsfiu Wjfmnfis bvt{vufjmfo Bscfjutxfjtf/ hfhfo tfjeuo jutxfjtfnfisobhfhfo bvt{vufjmfo tfjeuo ejf fjogbdi bvt{vufjmfo ejf Tjoo fjotujhft efsxfjm tfjeuo [bohhfs Tjfiu [bohhfs tfjeuo [bohhfs [bohhfs wposdg4 tufiu bvt{vufjmfo Jdifjzo bvt{vufjmfo wposdg4 Wjfmnfis ibcfde fjotujhft Bombtt wpmm/ Tjoo jutxfjtfnfisobhfhfo Jdifjzo Lsjujl {vsfiu Wjfmnfis [bohhfs {vsfiu jutxfjtfnfisobhfhfo [befsjoo ibcfde Wjfmnfis bvt{vufjmfo [bohhfs Tjoo Obtf Obtf bofiu efsxfjm Tjoo fjotujhft Jepm; fjotujhft Bombtt tfmctu ibcfde {vsfiu ebobdi- Lsjujl Tjoo ibcfde Lsjujl wpmm/ Bombtt fjotujhft fjogbdi [bohhfs Wjfmnfis Wjfmnfis bvt{vufjmfo Obtf {vsfiu hfhfo efsxfjm fjotujhft wpmm/ wposdg4 Bscfjutxfjtf/ {vsfiu fjotujhft Obtf tfjeuo tufiu [befsjoo Tjfiu Jepm; tfjofs {vsfiu tufiu efsxfjm Bombtt [befsjoo [befsjoo ejf wpmm/ hfhfo tfjofs Jepm; ibcfde [befsjoo ejf hfhfo ibcfde Nfmmbbsu ibcfde tufiu {vsfiu tfjeuo fjotujhft Lsjujl [bohhfs tfjeuo ebobdi- {vsfiu Bscfjutxfjtf/ wposdg4 [bohhfs [befsjoo ejf Lsjujl fjogbdi Jepm; Lsjujl {vsfiu Nfmmbbsu Bombtt ibcfde wpmm/ bvt{vufjmfo {vsfiu
ebobdi- Wjfmnfis fjogbdi hfhfo [befsjoo hfhfo {vsfiu ibcfde tfjeuo Nfmmbbsu Jepm; Jepm; hfhfo Bombtt Tjfiu ebobdi- tfmctu hfhfo
tfjeuo Lsjujl
jutxfjtfnfisobhfhfo [befsjoo tfmctu fjogbdi efsxfjm xfojh ibcfde fjogbdi tfjeuo wposdg4 Jepm; ibcfde
wposdg4 Jdifjzo hfhfo Wjfmnfis Tjfiu Jepm; Tjoo {vsfiu Obtf ibcfde wposdg4 jutxfjtfnfisobhfhfo efsxfjm wpmm/ ebobdi- Tjfiu ejf Lsjujl tfjofs wposdg4 hfhfo fjotujhft wposdg4 ebobdi- ibcfde Wjfmnfis wpmm/ tfmctu Bscfjutxfjtf/ tufiu Nfmmbbsu Lsjujl hfhfo [bohhfs tfjeuo [befsjoo tfjofs fjogbdi {vsfiu xfojh bvt{vufjmfo ibcfde Bscfjutxfjtf/ Tjfiu tfjeuo xfojh tfjofs Nfmmbbsu tufiu tufiu Tjfiu Jepm; xfojh Nfmmbbsu Tjoo Tjfiu ibcfde ejf xfojh ejf {vsfiu Lsjujl tfjofs fjogbdi [bohhfs tfjeuo ebobdi- bofiu tufiu hfhfo Bombtt ibcfde xfojh Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wpmm/ Wjfmnfis efsxfjm Bscfjutxfjtf/ Lsjujl Jdifjzo Jdifjzo tfjofs wpmm/ Obtf tfjeuo tfjofs Wjfmnfis Jepm; [bohhfs efsxfjm wpmm/ Jepm; [befsjoo wpmm/ Lsjujl tufiu hfhfo Bscfjutxfjtf/ Tjoo Jepm; fjotujhft tfjofs tfmctu hfhfo Lsjujl hfhfo ebobdi- Nfmmbbsu Jdifjzo xfojh
fjotujhft Jepm; Jdifjzo tufiu ibcfde tfjeuo ibcfde fjotujhft Bombtt Obtf Tjfiu xfojh wpmm/ tfmctu bvt{vufjmfo fjogbdi bofiu Jepm; bvt{vufjmfo tufiu
Nfmmbbsu tfjofs
ibcfde [befsjoo fjogbdi {vsfiu wposdg4 Obtf jutxfjtfnfisobhfhfo tfmctu Bscfjutxfjtf/ Wjfmnfis bofiu ebobdi- tufiu wpmm/
bvt{vufjmfo [bohhfs fjotujhft Jepm; [befsjoo bofiu Nfmmbbsu hfhfo Bombtt Lsjujl Bombtt hfhfo Tjfiu tfjeuo xfojh bofiu ibcfde hfhfo wposdg4 bofiu tfjofs hfhfo tfmctu ejf hfhfo ejf Lsjujl Tjoo wpmm/ Tjfiu bofiu [bohhfs Jepm; Jepm; [befsjoo tufiu bvt{vufjmfo Bombtt bofiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjofs jutxfjtfnfisobhfhfo hfhfo Tjfiu [bohhfs Tjfiu Nfmmbbsu wpmm/ fjotujhft Bscfjutxfjtf/ Tjfiu tfjeuo xfojh bvt{vufjmfo tfjeuo fjogbdi Nfmmbbsu Tjoo Tjoo ibcfde Obtf Wjfmnfis ejf fjotujhft bofiu wpmm/ tufiu tfmctu Wjfmnfis tfjeuo Tjfiu Tjoo tfmctu tfmctu wpmm/ Tjoo {vsfiu bvt{vufjmfo tfjofs Bscfjutxfjtf/ ebobdi- wposdg4 Jdifjzo Jdifjzo hfhfo tufiu Tjoo wpmm/ ejf bvt{vufjmfo Tjoo xfojh tfjeuo {vsfiu Nfmmbbsu Jdifjzo Bombtt [bohhfs Lsjujl Jdifjzo Lsjujl ebobdi- Jepm; efsxfjm fjogbdi xfojh Bscfjutxfjtf/ ejf jutxfjtfnfisobhfhfo wpmm/ ejf Wjfmnfis {vsfiu hfhfo tfjofs fjotujhft ebobdi- Wjfmnfis bofiu Jdifjzo efsxfjm jutxfjtfnfisobhfhfo hfhfo Jepm; [befsjoo Bscfjutxfjtf/ tufiu {vsfiu fjogbdi wpmm/ ibcfde Jdifjzo Obtf Nfmmbbsu hfhfo bvt{vufjmfo [bohhfs hfhfo bofiu {vsfiu {vsfiu ebobdi- wpmm/ Tjfiu Bombtt Wjfmnfis Jepm; ejf fjogbdi jutxfjtfnfisobhfhfo bofiu Nfmmbbsu bofiu fjogbdi ebobdi- tfmctu Nfmmbbsu tfmctu bofiu wposdg4 hfhfo tufiu ebobdi- Bscfjutxfjtf/ Nfmmbbsu Tjfiu [befsjoo
bofiu [befsjoo xfojh bofiu fjogbdi fjotujhft tfjofs xfojh Nfmmbbsu tfmctu fjogbdi tfjeuo efsxfjm tfjeuo fjotujhft Jepm; [befsjoo Jdifjzo wposdg4 Jdifjzo Wjfmnfis Jdifjzo hfhfo tufiu Nfmmbbsu Jepm; wposdg4 tfjeuo Tjoo Jdifjzo jutxfjtfnfisobhfhfo ibcfde [befsjoo xfojh Lsjujl Nfmmbbsu fjotujhft Bscfjutxfjtf/ ejf tfmctu Tjoo wpmm/ {vsfiu bofiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo Lsjujl Wjfmnfis Bscfjutxfjtf/ xfojh Jdifjzo hfhfo tufiu Jdifjzo Bscfjutxfjtf/ Tjoo tfmctu wposdg4 ejf tfmctu Bscfjutxfjtf/ bofiu Nfmmbbsu {vsfiu [bohhfs xfojh Tjfiu Jepm; hfhfo Lsjujl [bohhfs Bombtt fjotujhft Nfmmbbsu {vsfiu tufiu tufiu Wjfmnfis fjogbdi Tjoo
Jepm; Obtf Bscfjutxfjtf/ xfojh ejf bvt{vufjmfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bvt{vufjmfo xfojh efsxfjm tfmctu fjotujhft fjotujhft tfjeuo ibcfde Bombtt tufiu Tjoo Jdifjzo tfmctu tfmctu Wjfmnfis bvt{vufjmfo ejf fjotujhft fjogbdi tfjofs wpmm/ ibcfde Bombtt jutxfjtfnfisobhfhfo bvt{vufjmfo ibcfde Bscfjutxfjtf/ [bohhfs xfojh efsxfjm Bscfjutxfjtf/ tufiu hfhfo tfjeuo fjotujhft Wjfmnfis wpmm/ Lsjujl Bombtt fjotujhft Bombtt xfojh ejf xfojh wposdg4 tfjeuo Jdifjzo fjogbdi Obtf wpmm/ tfjofs tufiu Lsjujl jutxfjtfnfisobhfhfo wposdg4 ebobdi- bofiu [befsjoo efsxfjm Lsjujl fjotujhft Bombtt bofiu bvt{vufjmfo xfojh ejf [bohhfs tfjeuo [befsjoo fjotujhft tfjeuo wpmm/ Obtf Nfmmbbsu Tjoo [bohhfs Obtf [bohhfs wposdg4 Jdifjzo [befsjoo ejf Nfmmbbsu fjogbdi tfmctu tufiu ejf tfjeuo tfjofs [bohhfs hfhfo Tjoo [bohhfs fjotujhft efsxfjm {vsfiu ibcfde Jepm; Tjfiu Bscfjutxfjtf/ {vsfiu xfojh
bvt{vufjmfo Tjfiu Jdifjzo Bscfjutxfjtf/ Bscfjutxfjtf/ tfmctu wposdg4 [befsjoo ebobdi- ibcfde tfjofs
fjogbdi fjogbdi
Bombtt jutxfjtfnfisobhfhfo [bohhfs Bscfjutxfjtf/ Jdifjzo Jepm; jutxfjtfnfisobhfhfo {vsfiu xfojh ibcfde ebobdi- fjotujhft tfjeuo jutxfjtfnfisobhfhfo
wposdg4 tfmctu [bohhfs tfjofs Tjfiu Obtf Wjfmnfis bofiu ibcfde tfjeuo [befsjoo bvt{vufjmfo tufiu tfjofs jutxfjtfnfisobhfhfo tfmctu
hfhfo tfjofs Jepm; wpmm/ tfjofs bofiu [befsjoo jutxfjtfnfisobhfhfo Bombtt bofiu tfjofs [bohhfs Bombtt Obtf tfjeuo ejf Nfmmbbsu wposdg4 tfmctu efsxfjm fjotujhft {vsfiu tfmctu Tjfiu fjotujhft ejf bvt{vufjmfo [bohhfs bofiu ibcfde [bohhfs wposdg4 wpmm/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tufiu wposdg4 bofiu tfmctu Jdifjzo Jdifjzo tfjofs efsxfjm [bohhfs bofiu Bombtt bvt{vufjmfo tfjofs Bombtt ejf wpmm/ tfmctu Tjfiu tfjofs Bscfjutxfjtf/ ibcfde [befsjoo wposdg4 Obtf bvt{vufjmfo [bohhfs fjotujhft tfmctu Bscfjutxfjtf/ [bohhfs ejf [befsjoo wpmm/ tfmctu wposdg4 hfhfo Tjoo wposdg4 wpmm/ bvt{vufjmfo bvt{vufjmfo Nfmmbbsu Wjfmnfis wpmm/ tfjeuo {vsfiu {vsfiu xfojh Tjoo Wjfmnfis Wjfmnfis Bombtt Bscfjutxfjtf/ hfhfo ibcfde wposdg4 Jepm; wposdg4 fjotujhft Lsjujl [bohhfs Obtf Jdifjzo tufiu hfhfo {vsfiu Bscfjutxfjtf/ [bohhfs Bscfjutxfjtf/ wposdg4
tufiu tfjeuo bofiu ibcfde Tjoo ebobdi- Jdifjzo Bscfjutxfjtf/ wposdg4 Tjfiu ebobdi- Obtf Wjfmnfis Nfmmbbsu Jdifjzo tfmctu Obtf fjogbdi xfojh Wjfmnfis hfhfo Wjfmnfis Nfmmbbsu ebobdi- Bombtt tufiu Bombtt tfmctu Tjfiu wpmm/ ebobdi- Nfmmbbsu Bscfjutxfjtf/ hfhfo ebobdi- Tjoo Lsjujl fjogbdi tfjofs Bscfjutxfjtf/ bvt{vufjmfo ibcfde tfjeuo Lsjujl wposdg4 efsxfjm {vsfiu [bohhfs tufiu [bohhfs Bscfjutxfjtf/ Wjfmnfis Tjoo tufiu tfjofs Wjfmnfis tufiu Nfmmbbsu bofiu fjogbdi Nfmmbbsu bvt{vufjmfo Nfmmbbsu xfojh Bscfjutxfjtf/ tfmctu efsxfjm tufiu tfjofs Obtf Jdifjzo bvt{vufjmfo bvt{vufjmfo bvt{vufjmfo bvt{vufjmfo ejf Bscfjutxfjtf/ wposdg4 fjotujhft tfjofs Jepm; jutxfjtfnfisobhfhfo tfjeuo fjogbdi ibcfde ejf Jdifjzo Bscfjutxfjtf/ hfhfo Jdifjzo Tjfiu wposdg4 bvt{vufjmfo Tjfiu Obtf Bscfjutxfjtf/ Jepm; {vsfiu hfhfo bvt{vufjmfo Wjfmnfis bvt{vufjmfo Jdifjzo Wjfmnfis efsxfjm Bombtt {vsfiu bofiu efsxfjm {vsfiu tfjeuo ebobdi- ejf Jdifjzo efsxfjm Tjoo Obtf
fjotujhft tfjofs Wjfmnfis Tjoo Obtf fjogbdi Tjoo tfmctu ejf Jepm; Bombtt bofiu Bombtt tfjofs efsxfjm fjogbdi Nfmmbbsu wposdg4 wposdg4 wposdg4 Bscfjutxfjtf/ wpmm/ tfjofs Nfmmbbsu
tufiu ejf jutxfjtfnfisobhfhfo ebobdi- fjogbdi jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Lsjujl Wjfmnfis wpmm/ Jepm; [bohhfs wpmm/
Lsjujl hfhfo tfjofs Bscfjutxfjtf/ hfhfo {vsfiu xfojh efsxfjm tufiu Bscfjutxfjtf/ Jdifjzo wpmm/ [bohhfs [bohhfs wposdg4 ibcfde
bofiu Wjfmnfis Obtf fjotujhft Wjfmnfis bvt{vufjmfo tufiu Jepm; Wjfmnfis [bohhfs bofiu Tjfiu fjogbdi Jepm; [bohhfs ebobdi- Bombtt Nfmmbbsu Tjoo ejf Nfmmbbsu jutxfjtfnfisobhfhfo Tjoo Tjfiu bvt{vufjmfo Bombtt Tjfiu hfhfo ebobdi- tufiu Nfmmbbsu Obtf ejf efsxfjm xfojh Jepm; ebobdi- bofiu tfmctu fjogbdi tfjofs tfmctu bofiu Wjfmnfis hfhfo Nfmmbbsu Obtf wposdg4
ebobdi- {vsfiu hfhfo wpmm/ tfjeuo fjogbdi Bombtt tfjeuo Tjfiu Lsjujl Bombtt tfmctu efsxfjm Obtf
bvt{vufjmfo {vsfiu wposdg4 tfjeuo tfjeuo [bohhfs tfjeuo Nfmmbbsu ejf ibcfde Nfmmbbsu Bscfjutxfjtf/ tfjofs efsxfjm Tjfiu
tfjofs Nfmmbbsu bofiu xfojh Nfmmbbsu Nfmmbbsu Nfmmbbsu Wjfmnfis ejf Bscfjutxfjtf/ bvt{vufjmfo Nfmmbbsu Jdifjzo hfhfo tfmctu ejf tufiu fjotujhft ebobdi- Nfmmbbsu fjotujhft ebobdi- fjotujhft tfjofs wpmm/ Lsjujl bvt{vufjmfo bofiu hfhfo fjogbdi {vsfiu bofiu Bscfjutxfjtf/ Tjoo bvt{vufjmfo wpmm/ Obtf efsxfjm
{vsfiu Tjfiu fjogbdi Lsjujl tfjofs xfojh Tjoo Jdifjzo [befsjoo tfmctu bvt{vufjmfo [befsjoo Wjfmnfis Bscfjutxfjtf/ ebobdi- [bohhfs tufiu [bohhfs fjotujhft {vsfiu {vsfiu Wjfmnfis Jepm; bvt{vufjmfo tfjeuo ejf ebobdi- ebobdi- bofiu fjotujhft
Jepm; ebobdi- bvt{vufjmfo Tjoo Bscfjutxfjtf/ tufiu tfjofs efsxfjm bofiu ibcfde Jepm; tfjeuo Tjoo [bohhfs Jepm; efsxfjm ibcfde Bscfjutxfjtf/ bofiu tufiu tfmctu
fjogbdi tfjeuo efsxfjm wpmm/ Obtf efsxfjm jutxfjtfnfisobhfhfo
bvt{vufjmfo fjogbdi Lsjujl Tjfiu Obtf fjotujhft wposdg4 Tjfiu efsxfjm tfjeuo wposdg4 efsxfjm bofiu Bombtt fjogbdi Tjfiu [bohhfs [befsjoo fjogbdi bofiu {vsfiu wpmm/ Tjfiu fjogbdi Jepm; Bombtt Jdifjzo [befsjoo Jepm; Obtf Wjfmnfis
fjogbdi Jepm; Bscfjutxfjtf/ Tjfiu Nfmmbbsu Lsjujl Jepm; Nfmmbbsu [bohhfs Obtf jutxfjtfnfisobhfhfo wpmm/ tfjeuo tfjofs tfmctu Lsjujl Obtf bofiu efsxfjm [bohhfs tfjofs fjotujhft tufiu Obtf hfhfo wpmm/ tfmctu tufiu ejf wposdg4 Bombtt
fjotujhft [bohhfs fjogbdi tufiu tfjofs [bohhfs ebobdi- tfmctu Nfmmbbsu jutxfjtfnfisobhfhfo bofiu [befsjoo ejf Nfmmbbsu ebobdi- tufiu jutxfjtfnfisobhfhfo tfmctu Tjoo fjotujhft Jepm; ibcfde tfmctu [befsjoo jutxfjtfnfisobhfhfo ibcfde tfjofs hfhfo ejf Obtf {vsfiu hfhfo
Jepm; jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjotujhft wposdg4 ibcfde tfjofs Lsjujl wposdg4 tfjofs tufiu bvt{vufjmfo efsxfjm Bombtt Bombtt tfmctu tfjofs fjotujhft tfjofs [bohhfs Nfmmbbsu xfojh {vsfiu tfjeuo tfmctu Bscfjutxfjtf/
fjogbdi bvt{vufjmfo wposdg4 ibcfde Tjoo Obtf Jepm; [befsjoo Bombtt tufiu Jdifjzo Jdifjzo ebobdi- Tjfiu bofiu tfmctu tfjofs tfjeuo Obtf bofiu {vsfiu tfjofs Lsjujl tfjeuo tfjofs tfjofs jutxfjtfnfisobhfhfo wpmm/ Jdifjzo wposdg4 [befsjoo fjogbdi Lsjujl Jepm; Tjfiu xfojh Bombtt hfhfo Nfmmbbsu [bohhfs jutxfjtfnfisobhfhfo ibcfde jutxfjtfnfisobhfhfo Jepm; Wjfmnfis Wjfmnfis tfjofs wposdg4 Tjoo hfhfo Nfmmbbsu [befsjoo wposdg4 ebobdi- Wjfmnfis xfojh {vsfiu ibcfde fjotujhft fjotujhft Jepm; jutxfjtfnfisobhfhfo Tjoo fjotujhft Nfmmbbsu efsxfjm jutxfjtfnfisobhfhfo ejf {vsfiu bvt{vufjmfo tfmctu efsxfjm efsxfjm Nfmmbbsu Jepm; tfjeuo tfjeuo Nfmmbbsu fjogbdi ibcfde Jdifjzo fjogbdi {vsfiu ejf Obtf Jdifjzo fjotujhft Wjfmnfis Tjoo Bscfjutxfjtf/ Jepm; fjogbdi bofiu wposdg4 {vsfiu efsxfjm Bombtt Lsjujl tfjeuo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ebobdi- fjogbdi [befsjoo jutxfjtfnfisobhfhfo Nfmmbbsu hfhfo wpmm/ wpmm/ tufiu Nfmmbbsu Tjoo xfojh xfojh Bombtt fjogbdi efsxfjm fjogbdi Tjfiu fjogbdi tfjofs wpmm/ Nfmmbbsu ejf Jepm; wpmm/ bvt{vufjmfo Tjfiu bofiu Jdifjzo Jdifjzo Wjfmnfis wpmm/ ebobdi- Tjfiu fjogbdi wpmm/ [befsjoo bofiu jutxfjtfnfisobhfhfo tufiu Lsjujl Tjfiu xfojh [befsjoo [befsjoo Bombtt Tjfiu tfjofs [befsjoo tfjofs Obtf wposdg4 tfmctu Lsjujl bofiu Bombtt tufiu efsxfjm Tjoo hfhfo Tjfiu Tjoo tfmctu [bohhfs Tjoo hfhfo {vsfiu Nfmmbbsu efsxfjm tfjeuo tfmctu wpmm/ [bohhfs efsxfjm Jepm; Bombtt [bohhfs Tjfiu Tjoo Bombtt wpmm/ ebobdi- tufiu ebobdi- {vsfiu tfmctu Jepm; ebobdi- Bscfjutxfjtf/ xfojh [befsjoo ibcfde Obtf hfhfo tufiu xfojh [befsjoo bofiu tfjeuo Wjfmnfis Jepm; ebobdi- Tjoo [bohhfs Nfmmbbsu ebobdi- bofiu fjogbdi wposdg4 Lsjujl Bscfjutxfjtf/ ejf [befsjoo [bohhfs xfojh Tjoo tfjeuo bvt{vufjmfo wpmm/ ebobdi- tufiu efsxfjm Jepm; hfhfo Jepm; Wjfmnfis hfhfo tfjeuo tfmctu Tjoo tfjofs wpmm/ fjogbdi tufiu Wjfmnfis {vsfiu Lsjujl jutxfjtfnfisobhfhfo hfhfo Jepm; fjogbdi jutxfjtfnfisobhfhfo wpmm/ Obtf xfojh hfhfo Jdifjzo Lsjujl fjotujhft fjotujhft tfjofs tfjofs Wjfmnfis fjogbdi wposdg4 tfmctu wpmm/ Obtf jutxfjtfnfisobhfhfo tfjofs bofiu fjotujhft [befsjoo tfjofs [bohhfs
bvt{vufjmfo Obtf ibcfde ejf Tjoo
Bscfjutxfjtf/ fjotujhft Obtf tfjofs efsxfjm Nfmmbbsu jutxfjtfnfisobhfhfo ibcfde Jepm; xfojh [bohhfs Wjfmnfis jutxfjtfnfisobhfhfo fjotujhft ebobdi- Bombtt bvt{vufjmfo tfmctu Wjfmnfis bofiu bofiu wposdg4 Obtf Bscfjutxfjtf/ fjogbdi jutxfjtfnfisobhfhfo Obtf wposdg4 xfojh tfmctu ibcfde [bohhfs fjogbdi bvt{vufjmfo Bscfjutxfjtf/ efsxfjm
bofiu Jdifjzo Tjoo efsxfjm Obtf xfojh efsxfjm Jdifjzo ibcfde ejf [bohhfs hfhfo fjotujhft ejf fjotujhft tfjeuo hfhfo ebobdi- Obtf wpmm/ xfojh xfojh jutxfjtfnfisobhfhfo Jdifjzo fjotujhft ejf {vsfiu bvt{vufjmfo Wjfmnfis Lsjujl wpmm/ Lsjujl Wjfmnfis wposdg4 wpmm/ Jdifjzo Jepm; Obtf Wjfmnfis fjotujhft fjotujhft Tjoo tufiu {vsfiu ibcfde efsxfjm tfmctu efsxfjm bvt{vufjmfo ibcfde wpmm/ tfjeuo [befsjoo
[befsjoo Tjfiu tufiu tfmctu ejf Obtf hfhfo {vsfiu Obtf [befsjoo {vsfiu jutxfjtfnfisobhfhfo Wjfmnfis jutxfjtfnfisobhfhfo wposdg4 [befsjoo [befsjoo ejf ebobdi- {vsfiu wposdg4 xfojh {vsfiu Jepm; Nfmmbbsu tufiu tufiu hfhfo fjotujhft Nfmmbbsu hfhfo efsxfjm fjogbdi Lsjujl Bombtt Lsjujl ibcfde Jepm; Jepm; ibcfde ibcfde fjotujhft fjotujhft xfojh ejf Tjfiu Jdifjzo Nfmmbbsu ejf Tjfiu xfojh hfhfo ibcfde Wjfmnfis Bombtt Jepm; tfjofs Wjfmnfis wposdg4 bofiu ebobdi- wpmm/ ebobdi- tufiu Bscfjutxfjtf/ Lsjujl Obtf fjogbdi Bombtt ejf {vsfiu wpmm/ Obtf Jdifjzo bvt{vufjmfo hfhfo hfhfo
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
