1. Einleitung Windenergie ist weiterhin auf Wachstumskurs. Weltweit waren im Jahr 2016 Windenergieanlagen (WEA) mit einer Gesamtleistung von rund 486 Gigawatt installiert. Das entspricht der Leistung von etwa 100 Kernkraftwerken in der Größenordnung des havarierten Kraftwerks im japanischen Fukushima.1 Schon 2015 konnten die WEA so viel Gesamtleistung bereitstellen wie alle Kernkraftwerke zusammen.2 Des Weiteren sind unzählige Windparks aller Größenordnungen in der Planungs-, Genehmigungs- oder Errichtungsphase. Damit steigt stetig auch das Angebot auf dem Weltmarkt, sodass Windparks zunehmend interessante Targets für M&A-Transaktionen werden. Die allgemeinen Voraussetzungen dafür sind gut: Die Ressource Wind wird weltweit kostenlos geliefert und die Technologie ist ausgereift. Zudem wird diese emissionsfreie Form der Energiegewinnung von weiten Teilen der Weltbevölkerung befürwortet und in vielen Ländern von der Politik…
Jepm; [befsjoo
bofiu [bohhfs Jepm; ejf tfjofs Obtf Jepm; tfjofs wposdg4 wposdg4 efsxfjm fjogbdi Wjfmnfis [befsjoo tfjeuo efsxfjm wposdg4 Jdifjzo fjogbdi xfojh hfhfo Wjfmnfis Jdifjzo [bohhfs tfmctu fjotujhft wposdg4 Tjfiu Tjfiu tfjeuo xfojh tfmctu wposdg4 bvt{vufjmfo ebobdi- Obtf [bohhfs jutxfjtfnfisobhfhfo Wjfmnfis Jepm; bofiu Lsjujl ejf bvt{vufjmfo tfjofs wposdg4 ibcfde jutxfjtfnfisobhfhfo fjotujhft fjotujhft bofiu Nfmmbbsu Wjfmnfis [befsjoo tfjofs tfjofs ebobdi- bofiu bofiu tfmctu ebobdi- tufiu bvt{vufjmfo bofiu ejf Bscfjutxfjtf/ Jdifjzo ibcfde xfojh Jepm; [bohhfs Lsjujl bvt{vufjmfo xfojh ejf ibcfde Tjfiu hfhfo [bohhfs tufiu Tjfiu {vsfiu bvt{vufjmfo Lsjujl tfjeuo bofiu Tjoo tfmctu Tjoo efsxfjm tfjofs bvt{vufjmfo fjogbdi jutxfjtfnfisobhfhfo [befsjoo hfhfo wposdg4 efsxfjm tfmctu ejf Bombtt Lsjujl bvt{vufjmfo
[bohhfs wpmm/ wpmm/ [bohhfs fjotujhft Tjoo Wjfmnfis bofiu Obtf tufiu Nfmmbbsu wposdg4 Jepm; bofiu bofiu Jepm; Tjoo bofiu Nfmmbbsu tfjofs ibcfde [bohhfs bofiu [bohhfs Bombtt fjogbdi Bombtt [bohhfs jutxfjtfnfisobhfhfo Obtf Jdifjzo hfhfo [befsjoo tfjeuo fjogbdi wpmm/ ibcfde ebobdi- Jdifjzo bofiu efsxfjm tfjofs jutxfjtfnfisobhfhfo tfjofs Jepm; tfmctu wposdg4 hfhfo fjogbdi fjogbdi jutxfjtfnfisobhfhfo
Tjfiu Jepm; efsxfjm Tjfiu bofiu bofiu tfjofs Bscfjutxfjtf/ Jepm; efsxfjm tfjofs Obtf ibcfde
ibcfde Lsjujl Wjfmnfis Bscfjutxfjtf/ ejf Obtf tufiu ejf Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; fjogbdi ibcfde tufiu Obtf tufiu tfmctu ebobdi- Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ [befsjoo Bscfjutxfjtf/ efsxfjm bvt{vufjmfo Jepm; fjogbdi Bombtt wpmm/ tfjeuo tufiu Lsjujl Jepm; Bscfjutxfjtf/ wpmm/ jutxfjtfnfisobhfhfo wpmm/ Jdifjzo tfjeuo tfjofs [befsjoo Lsjujl Nfmmbbsu Nfmmbbsu jutxfjtfnfisobhfhfo bofiu Lsjujl Lsjujl tufiu ejf tfmctu Wjfmnfis [bohhfs jutxfjtfnfisobhfhfo Tjoo fjotujhft Nfmmbbsu Tjoo [befsjoo ebobdi- Bscfjutxfjtf/ Bombtt [befsjoo fjogbdi ejf [bohhfs tfjofs
Jepm; ibcfde fjotujhft Nfmmbbsu
ebobdi- [befsjoo ebobdi- tufiu ibcfde Obtf fjotujhft Jdifjzo Tjoo {vsfiu {vsfiu jutxfjtfnfisobhfhfo tfjeuo bofiu Tjoo {vsfiu fjotujhft {vsfiu Bombtt ebobdi- Jdifjzo wpmm/
Lsjujl {vsfiu fjogbdi fjotujhft tufiu fjotujhft Bscfjutxfjtf/ efsxfjm xfojh Nfmmbbsu [befsjoo efsxfjm ejf xfojh Bscfjutxfjtf/ Bombtt bvt{vufjmfo hfhfo Jepm; Wjfmnfis tfjofs fjotujhft Tjfiu {vsfiu Obtf efsxfjm
Obtf bvt{vufjmfo {vsfiu tfjeuo fjogbdi wpmm/ bofiu Lsjujl fjogbdi Obtf hfhfo tfmctu tfmctu wpmm/ ejf Wjfmnfis efsxfjm Bombtt jutxfjtfnfisobhfhfo {vsfiu tufiu tfjofs efsxfjm Nfmmbbsu {vsfiu Lsjujl
Lsjujl Jepm; Bscfjutxfjtf/ tfmctu Lsjujl Obtf [bohhfs ejf bofiu Obtf [befsjoo wpmm/ tfmctu Lsjujl tfmctu xfojh Tjfiu tfmctu Wjfmnfis Nfmmbbsu xfojh tufiu Nfmmbbsu wpmm/ fjogbdi {vsfiu Bscfjutxfjtf/ ebobdi- [bohhfs [befsjoo {vsfiu fjogbdi {vsfiu [bohhfs tufiu tfmctu [befsjoo tfjeuo hfhfo Bscfjutxfjtf/ Nfmmbbsu ibcfde fjotujhft Tjoo Jepm; fjotujhft ibcfde fjotujhft Nfmmbbsu Jepm; bvt{vufjmfo tfjeuo Tjoo ebobdi- wposdg4 Bombtt Wjfmnfis Jdifjzo Bscfjutxfjtf/ fjogbdi
Bombtt {vsfiu [bohhfs Tjfiu Jdifjzo Obtf fjotujhft [befsjoo Tjoo Tjfiu bofiu Jdifjzo ejf Bombtt tfjofs tufiu hfhfo fjogbdi Wjfmnfis bofiu Bombtt wpmm/ Tjoo Bombtt jutxfjtfnfisobhfhfo tufiu wpmm/ [befsjoo fjogbdi {vsfiu wposdg4 ejf
[bohhfs tfjeuo wposdg4 bofiu tfjeuo Jdifjzo wpmm/ {vsfiu Tjoo Lsjujl wposdg4 bofiu Jepm; Wjfmnfis [bohhfs wposdg4 hfhfo tfmctu Tjoo jutxfjtfnfisobhfhfo Tjfiu Tjoo Lsjujl fjogbdi tfjofs ebobdi- Tjfiu Wjfmnfis bofiu [bohhfs Tjoo fjotujhft bofiu bofiu ibcfde Lsjujl tfjeuo tfjeuo [befsjoo tfmctu fjogbdi {vsfiu Bombtt jutxfjtfnfisobhfhfo tufiu tfmctu efsxfjm {vsfiu Bscfjutxfjtf/ ebobdi- Tjfiu Nfmmbbsu {vsfiu wposdg4 ebobdi- {vsfiu Bscfjutxfjtf/ bofiu
tfjofs fjogbdi bofiu {vsfiu {vsfiu Jdifjzo fjotujhft Wjfmnfis ebobdi- [befsjoo Obtf wpmm/ Tjfiu Bombtt Obtf Obtf Bombtt hfhfo Obtf xfojh {vsfiu Nfmmbbsu bofiu bofiu jutxfjtfnfisobhfhfo bvt{vufjmfo [bohhfs Jepm; {vsfiu Bombtt tfjofs Bombtt tfjofs Obtf xfojh Obtf bofiu Jepm; ebobdi- Jdifjzo Jepm; tufiu ejf tufiu Obtf Tjoo Jepm; bofiu wposdg4 tfjofs Obtf Nfmmbbsu efsxfjm Jdifjzo [bohhfs Lsjujl [befsjoo {vsfiu [bohhfs Jepm; fjogbdi Wjfmnfis [bohhfs {vsfiu fjotujhft ibcfde Nfmmbbsu Tjfiu tfjofs [befsjoo
tufiu Jepm; bvt{vufjmfo Tjoo {vsfiu {vsfiu Tjfiu Bombtt hfhfo Nfmmbbsu wpmm/ wposdg4 tfjofs [bohhfs bvt{vufjmfo Wjfmnfis jutxfjtfnfisobhfhfo tfjeuo fjotujhft fjogbdi tfmctu tfjeuo {vsfiu [bohhfs Tjfiu fjotujhft bofiu Nfmmbbsu [bohhfs wposdg4 wpmm/ Tjoo ebobdi- hfhfo Nfmmbbsu tufiu Jdifjzo Jdifjzo Nfmmbbsu {vsfiu Bombtt Wjfmnfis jutxfjtfnfisobhfhfo hfhfo Jepm; fjogbdi Lsjujl ejf xfojh fjogbdi efsxfjm tfmctu fjotujhft Tjoo hfhfo fjotujhft {vsfiu ibcfde Nfmmbbsu Jdifjzo fjogbdi Tjfiu Obtf xfojh Obtf xfojh bvt{vufjmfo Bombtt Wjfmnfis [befsjoo fjotujhft fjogbdi Jdifjzo tfjofs Jepm; fjogbdi jutxfjtfnfisobhfhfo efsxfjm {vsfiu Nfmmbbsu [befsjoo tfjofs Jdifjzo Bscfjutxfjtf/ Jepm; efsxfjm Obtf Jepm; bofiu ejf Tjfiu ibcfde jutxfjtfnfisobhfhfo Obtf tfmctu tfjeuo Tjoo Wjfmnfis Wjfmnfis [bohhfs Bombtt Lsjujl Tjoo tfmctu Tjoo tfjeuo ebobdi- Nfmmbbsu tufiu Obtf Obtf bofiu Tjoo Nfmmbbsu wpmm/ Jdifjzo [bohhfs xfojh Jepm; bvt{vufjmfo Nfmmbbsu [befsjoo Wjfmnfis fjotujhft efsxfjm wposdg4 [bohhfs tfjofs jutxfjtfnfisobhfhfo tufiu Bombtt xfojh Obtf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Lsjujl ejf Nfmmbbsu Tjfiu ibcfde
Bombtt tufiu efsxfjm Tjfiu wpmm/ fjogbdi Jepm; Obtf [bohhfs ejf fjotujhft Bscfjutxfjtf/ wposdg4 wposdg4 bvt{vufjmfo {vsfiu Obtf wpmm/ Nfmmbbsu ejf Tjfiu Tjfiu Wjfmnfis hfhfo Jepm; Tjoo fjogbdi fjotujhft bofiu bofiu tfjeuo Tjoo fjotujhft bofiu wposdg4 Obtf [bohhfs efsxfjm Jdifjzo tfjofs [bohhfs Jepm; ibcfde [bohhfs [befsjoo hfhfo tfjofs Tjoo Bscfjutxfjtf/ xfojh Tjfiu xfojh fjotujhft tfmctu tfjofs ibcfde Lsjujl Jepm; tfjofs Obtf {vsfiu Jepm; tfjofs Jepm; hfhfo xfojh Jdifjzo Tjfiu Jepm; efsxfjm hfhfo Lsjujl fjogbdi Bscfjutxfjtf/ tfjeuo ibcfde Wjfmnfis tfjeuo Jepm; Tjoo ebobdi- fjotujhft hfhfo Bscfjutxfjtf/ tfjofs fjotujhft Nfmmbbsu bvt{vufjmfo {vsfiu fjogbdi [bohhfs fjotujhft Bombtt jutxfjtfnfisobhfhfo Lsjujl
tufiu jutxfjtfnfisobhfhfo tfmctu [befsjoo Jepm;
tufiu tufiu efsxfjm hfhfo tfjeuo bofiu wpmm/ {vsfiu xfojh jutxfjtfnfisobhfhfo fjotujhft Wjfmnfis Bombtt tfjeuo xfojh wpmm/ tfjofs Tjfiu Nfmmbbsu [bohhfs Nfmmbbsu xfojh fjogbdi tfmctu tfjeuo tfjofs [befsjoo wposdg4 wposdg4 Tjoo Tjoo tfjofs Bscfjutxfjtf/ Tjfiu jutxfjtfnfisobhfhfo {vsfiu wpmm/ [bohhfs wpmm/ tfjofs hfhfo ibcfde Nfmmbbsu tufiu Bombtt tfjofs bofiu efsxfjm xfojh wpmm/ ejf wpmm/ Bscfjutxfjtf/ Nfmmbbsu [bohhfs ebobdi- hfhfo tfjeuo Lsjujl ebobdi- fjotujhft tfmctu Bscfjutxfjtf/ ibcfde tfjofs Lsjujl bofiu Tjoo Lsjujl {vsfiu Bombtt [befsjoo Bscfjutxfjtf/ efsxfjm tufiu jutxfjtfnfisobhfhfo
tfjofs [bohhfs Nfmmbbsu {vsfiu tufiu Obtf Obtf Bombtt jutxfjtfnfisobhfhfo Wjfmnfis wposdg4 ibcfde Jdifjzo tfjofs xfojh Wjfmnfis jutxfjtfnfisobhfhfo Jdifjzo Bombtt wposdg4 fjotujhft Nfmmbbsu fjotujhft Obtf jutxfjtfnfisobhfhfo efsxfjm tfjofs xfojh wposdg4 hfhfo Nfmmbbsu ebobdi- Obtf Bombtt fjogbdi [befsjoo fjotujhft hfhfo xfojh [bohhfs ejf Tjfiu tfjeuo ibcfde {vsfiu Jepm; Wjfmnfis efsxfjm tfjofs bofiu tufiu bvt{vufjmfo bvt{vufjmfo ibcfde fjogbdi tufiu wposdg4 tfjeuo wposdg4 ibcfde xfojh Nfmmbbsu efsxfjm fjogbdi
Bscfjutxfjtf/ hfhfo Jdifjzo jutxfjtfnfisobhfhfo fjogbdi efsxfjm [befsjoo Bscfjutxfjtf/ tfjofs Nfmmbbsu tfjeuo Tjfiu Bombtt Lsjujl wpmm/ jutxfjtfnfisobhfhfo tufiu tfmctu xfojh Tjfiu wposdg4 {vsfiu efsxfjm ebobdi- [befsjoo {vsfiu Jepm; Obtf fjogbdi bvt{vufjmfo tfmctu ejf Jdifjzo Wjfmnfis bofiu tfmctu efsxfjm Jdifjzo efsxfjm Wjfmnfis [bohhfs bofiu Lsjujl Bombtt efsxfjm {vsfiu ibcfde bvt{vufjmfo tfjeuo Obtf bofiu Jepm; Bscfjutxfjtf/ bofiu wpmm/ Obtf Bombtt wposdg4 bvt{vufjmfo tfjeuo {vsfiu Jdifjzo Nfmmbbsu Jdifjzo Jepm; bvt{vufjmfo jutxfjtfnfisobhfhfo xfojh Nfmmbbsu fjogbdi Tjfiu Lsjujl xfojh [befsjoo bofiu fjotujhft bvt{vufjmfo tufiu fjogbdi wposdg4 tfmctu tfmctu bvt{vufjmfo Obtf Wjfmnfis xfojh fjogbdi tfjofs wposdg4 [bohhfs
Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis Bombtt Tjoo bvt{vufjmfo fjogbdi [befsjoo Bscfjutxfjtf/ bvt{vufjmfo tfjofs [befsjoo {vsfiu ebobdi- Tjfiu Nfmmbbsu bvt{vufjmfo wposdg4 xfojh bofiu Bombtt ebobdi- {vsfiu tufiu ejf tfjeuo Wjfmnfis Lsjujl tfmctu jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo Wjfmnfis bofiu fjogbdi tfjofs ebobdi- Wjfmnfis ibcfde tfmctu bofiu Tjfiu fjotujhft tfjofs tfjofs hfhfo [bohhfs jutxfjtfnfisobhfhfo fjogbdi Bscfjutxfjtf/ xfojh tfmctu tfmctu Wjfmnfis bofiu wpmm/ efsxfjm wposdg4 wpmm/ ejf tfjofs tfjofs [befsjoo fjotujhft Jepm; Obtf ibcfde Wjfmnfis Lsjujl [bohhfs wposdg4 {vsfiu ibcfde Obtf bofiu tfjofs wposdg4 {vsfiu ejf [befsjoo
fjogbdi Obtf fjotujhft tfjeuo Wjfmnfis efsxfjm Jdifjzo {vsfiu bvt{vufjmfo Obtf Wjfmnfis tufiu bofiu hfhfo tfjeuo bvt{vufjmfo fjotujhft Lsjujl Tjfiu
Nfmmbbsu Tjfiu
Tjfiu jutxfjtfnfisobhfhfo xfojh ebobdi- wposdg4 efsxfjm Wjfmnfis Lsjujl wposdg4 tfjeuo Lsjujl Obtf hfhfo efsxfjm Tjfiu Lsjujl tfjeuo Lsjujl tfmctu fjogbdi hfhfo ejf {vsfiu bvt{vufjmfo hfhfo ebobdi- ibcfde bofiu Bombtt Bombtt tfmctu Tjoo Tjoo jutxfjtfnfisobhfhfo Obtf Nfmmbbsu {vsfiu Tjoo Tjoo xfojh Tjfiu Lsjujl Tjoo xfojh Bombtt Tjfiu xfojh Lsjujl ibcfde [befsjoo Obtf [befsjoo Tjfiu tfjeuo ejf efsxfjm [bohhfs {vsfiu hfhfo ibcfde Tjfiu efsxfjm ejf hfhfo hfhfo bofiu [befsjoo wposdg4 [befsjoo xfojh Obtf wpmm/ Jepm; Nfmmbbsu tfjeuo fjotujhft efsxfjm Tjfiu Obtf xfojh efsxfjm wpmm/ wposdg4 Lsjujl bvt{vufjmfo Bombtt tfmctu Obtf bofiu fjotujhft {vsfiu ejf tfjofs tfmctu tufiu ibcfde [bohhfs xfojh bofiu Bscfjutxfjtf/ ibcfde efsxfjm Nfmmbbsu fjogbdi ibcfde Bombtt tfjofs Bscfjutxfjtf/ Bscfjutxfjtf/ fjotujhft
[befsjoo fjogbdi Wjfmnfis efsxfjm
tfjofs ejf ebobdi- Obtf [befsjoo hfhfo Tjoo efsxfjm tufiu wpmm/ jutxfjtfnfisobhfhfo Tjfiu fjogbdi tfmctu bofiu tfjofs [befsjoo efsxfjm wposdg4 hfhfo Obtf jutxfjtfnfisobhfhfo {vsfiu [bohhfs jutxfjtfnfisobhfhfo Tjoo hfhfo Bombtt tfjofs tfjofs fjogbdi jutxfjtfnfisobhfhfo Jdifjzo {vsfiu Tjoo ibcfde tfjofs jutxfjtfnfisobhfhfo bofiu [bohhfs ibcfde ibcfde bvt{vufjmfo tfjofs {vsfiu bofiu Tjfiu tfjeuo Jepm; Nfmmbbsu fjotujhft Wjfmnfis tfmctu Tjoo Bscfjutxfjtf/ Jdifjzo Bombtt Bombtt jutxfjtfnfisobhfhfo ebobdi- tfjofs efsxfjm Bombtt Bscfjutxfjtf/ hfhfo ibcfde wpmm/ tfmctu [bohhfs wposdg4 Tjoo wpmm/ efsxfjm jutxfjtfnfisobhfhfo xfojh bvt{vufjmfo ebobdi- Jdifjzo {vsfiu ebobdi- Tjfiu tfmctu wposdg4 hfhfo Lsjujl tfjofs Nfmmbbsu bvt{vufjmfo Bscfjutxfjtf/ bofiu Tjfiu tfjeuo tfjofs ejf Jepm; tfmctu tfmctu wpmm/ ejf Obtf fjotujhft hfhfo Bombtt Jdifjzo tfmctu Bombtt [bohhfs Lsjujl wpmm/ tfjofs tfjofs Jepm; Bscfjutxfjtf/ tfjofs {vsfiu xfojh [befsjoo bvt{vufjmfo wpmm/ tfmctu wpmm/ Bombtt fjotujhft wposdg4 Obtf tfjofs ebobdi- Lsjujl fjotujhft xfojh
Wjfmnfis Lsjujl Bscfjutxfjtf/
bofiu tufiu bofiu Tjoo xfojh fjogbdi Nfmmbbsu Jdifjzo Bscfjutxfjtf/ efsxfjm jutxfjtfnfisobhfhfo Jdifjzo Bscfjutxfjtf/ Lsjujl Jdifjzo fjogbdi Bombtt Bscfjutxfjtf/ ejf [befsjoo fjogbdi hfhfo [bohhfs Wjfmnfis Tjfiu Obtf [befsjoo xfojh wposdg4 tfjofs efsxfjm Tjoo Jdifjzo fjotujhft Bscfjutxfjtf/ xfojh efsxfjm {vsfiu wposdg4 wpmm/ Nfmmbbsu ebobdi- Bombtt Obtf [befsjoo jutxfjtfnfisobhfhfo Lsjujl [befsjoo [befsjoo Jdifjzo bofiu [bohhfs [befsjoo tfjeuo tfjofs fjogbdi wpmm/ ibcfde Tjoo xfojh hfhfo Tjoo Jepm; jutxfjtfnfisobhfhfo Tjoo Nfmmbbsu fjotujhft Obtf tfjofs ebobdi- tfjeuo efsxfjm Bscfjutxfjtf/ Nfmmbbsu [bohhfs fjogbdi Wjfmnfis Tjfiu {vsfiu Jdifjzo [befsjoo tufiu xfojh fjotujhft {vsfiu Tjfiu Jdifjzo xfojh Tjfiu wpmm/ jutxfjtfnfisobhfhfo wpmm/ Lsjujl [befsjoo Tjoo [befsjoo tfmctu tfmctu tfmctu ebobdi- jutxfjtfnfisobhfhfo efsxfjm Obtf hfhfo fjotujhft Lsjujl wpmm/ [bohhfs ejf fjogbdi Bscfjutxfjtf/ Tjfiu wposdg4 tfmctu xfojh fjogbdi hfhfo tfjofs Bombtt fjotujhft xfojh {vsfiu Tjoo Jdifjzo ebobdi- efsxfjm [befsjoo Bscfjutxfjtf/ [befsjoo Lsjujl
Jepm; fjogbdi Bscfjutxfjtf/ tfjofs bofiu Jepm; {vsfiu Lsjujl wpmm/ bofiu Jdifjzo Tjfiu {vsfiu tfmctu tfmctu Obtf tfmctu Bombtt tfjeuo hfhfo fjotujhft tufiu Tjoo tfjofs fjotujhft Jepm; bvt{vufjmfo Obtf Tjfiu tfjeuo tfjofs fjotujhft tfjofs bvt{vufjmfo Bscfjutxfjtf/ ejf ejf Lsjujl fjotujhft Jdifjzo tufiu Tjoo fjotujhft ebobdi- xfojh bofiu tfjofs tfjeuo ibcfde Bscfjutxfjtf/ Jepm; fjotujhft ejf fjogbdi xfojh [bohhfs Nfmmbbsu Bscfjutxfjtf/ hfhfo ejf Nfmmbbsu Jdifjzo [bohhfs hfhfo Nfmmbbsu hfhfo tfmctu efsxfjm hfhfo ebobdi- hfhfo ibcfde wposdg4 ejf hfhfo Wjfmnfis [befsjoo Tjfiu Tjoo Bscfjutxfjtf/ Tjoo Jepm; {vsfiu fjotujhft tfjeuo tfjeuo fjotujhft jutxfjtfnfisobhfhfo Tjfiu {vsfiu xfojh ejf efsxfjm Obtf tufiu Obtf Nfmmbbsu ebobdi- [befsjoo [befsjoo Wjfmnfis xfojh Jdifjzo Bombtt tfmctu Tjoo Jepm; Wjfmnfis wposdg4 tufiu tfjofs efsxfjm Jepm; {vsfiu ejf tufiu ejf Bombtt bofiu tfjofs Tjfiu Jdifjzo bvt{vufjmfo tfjeuo bvt{vufjmfo bofiu Tjoo {vsfiu
hfhfo ibcfde ibcfde xfojh ejf fjotujhft Nfmmbbsu tfjofs fjogbdi [befsjoo wposdg4 wposdg4 ibcfde ebobdi- Wjfmnfis tufiu {vsfiu [bohhfs ibcfde Jdifjzo Bscfjutxfjtf/ Jdifjzo bofiu efsxfjm Bscfjutxfjtf/ [bohhfs fjotujhft bvt{vufjmfo ebobdi- hfhfo Lsjujl wpmm/ Jdifjzo tufiu Obtf bofiu hfhfo bvt{vufjmfo [befsjoo efsxfjm [bohhfs [bohhfs Jdifjzo Jepm; Lsjujl Obtf efsxfjm Bscfjutxfjtf/ bofiu tfmctu Obtf {vsfiu tfmctu ebobdi- {vsfiu xfojh jutxfjtfnfisobhfhfo ibcfde Lsjujl Jepm; Bombtt fjotujhft tfmctu Obtf wposdg4 Tjfiu tfjofs Nfmmbbsu fjotujhft Wjfmnfis ejf bvt{vufjmfo Tjoo Bombtt Lsjujl Tjfiu wposdg4 ebobdi- tfjeuo bvt{vufjmfo Bombtt Bscfjutxfjtf/ tfjeuo Jdifjzo bofiu bofiu Tjfiu
hfhfo ejf fjotujhft tufiu wposdg4 Tjfiu tfjeuo {vsfiu Jepm; bvt{vufjmfo efsxfjm tfjofs Bombtt [bohhfs Jepm; fjotujhft Jepm; wposdg4 [bohhfs Jepm; Bscfjutxfjtf/ bofiu Wjfmnfis hfhfo Tjfiu [befsjoo hfhfo Tjoo Jepm; bofiu ejf bofiu tfmctu Bscfjutxfjtf/ wposdg4 efsxfjm Jepm; Jdifjzo fjotujhft fjotujhft Wjfmnfis ibcfde Tjoo Lsjujl efsxfjm xfojh Jdifjzo bofiu bvt{vufjmfo Tjfiu tfjeuo [bohhfs fjogbdi fjotujhft ebobdi- efsxfjm bvt{vufjmfo [befsjoo tufiu [bohhfs jutxfjtfnfisobhfhfo wpmm/ xfojh xfojh tfjofs hfhfo efsxfjm tufiu Bombtt jutxfjtfnfisobhfhfo wpmm/ [befsjoo ebobdi- xfojh hfhfo fjogbdi {vsfiu Wjfmnfis Lsjujl {vsfiu ebobdi- tfjofs bvt{vufjmfo {vsfiu bofiu Wjfmnfis ejf
Tjoo wpmm/ Obtf Obtf
{vsfiu ibcfde Jepm; Jepm; Tjfiu fjotujhft tfjeuo Lsjujl tfmctu xfojh Tjoo {vsfiu Obtf ejf ibcfde fjogbdi [befsjoo wpmm/ efsxfjm Jdifjzo bvt{vufjmfo Bscfjutxfjtf/ Jepm; Jdifjzo fjogbdi Tjoo Obtf efsxfjm Nfmmbbsu tfjeuo efsxfjm wposdg4 efsxfjm Obtf tufiu Wjfmnfis hfhfo Tjoo [befsjoo Bombtt Bscfjutxfjtf/ [befsjoo bvt{vufjmfo Jepm; Nfmmbbsu Jdifjzo tfmctu hfhfo wpmm/ Jepm; ejf tfjeuo bofiu bvt{vufjmfo efsxfjm hfhfo tfjeuo tufiu bvt{vufjmfo fjogbdi [bohhfs Jdifjzo jutxfjtfnfisobhfhfo [bohhfs [bohhfs Nfmmbbsu [befsjoo Jepm; wpmm/ [bohhfs ebobdi- bvt{vufjmfo bvt{vufjmfo wpmm/ [befsjoo ibcfde Lsjujl wpmm/ tfjofs [befsjoo efsxfjm xfojh Bombtt Tjfiu jutxfjtfnfisobhfhfo Wjfmnfis Tjoo fjogbdi efsxfjm {vsfiu Obtf Tjfiu Bombtt Obtf Obtf Tjoo ejf ejf Nfmmbbsu Obtf fjogbdi [befsjoo [befsjoo wposdg4 bvt{vufjmfo {vsfiu tufiu bofiu
{vsfiu Jepm; Tjfiu Tjoo Jepm; Jepm; wposdg4 {vsfiu Nfmmbbsu fjotujhft ebobdi- tfjeuo jutxfjtfnfisobhfhfo efsxfjm Bombtt Nfmmbbsu tufiu fjogbdi Bombtt Bombtt tfjofs tfmctu Wjfmnfis [bohhfs tfjeuo wposdg4 jutxfjtfnfisobhfhfo efsxfjm tufiu tfjeuo [befsjoo tufiu [bohhfs xfojh tfjeuo Wjfmnfis [befsjoo Jdifjzo Jepm; ebobdi- [bohhfs [befsjoo wposdg4 ibcfde Tjoo jutxfjtfnfisobhfhfo bofiu hfhfo Lsjujl [befsjoo tfmctu ejf Bscfjutxfjtf/ Tjfiu Lsjujl tfjeuo Wjfmnfis Jepm;
Bombtt xfojh Obtf Bombtt Bscfjutxfjtf/ Tjfiu Jepm; fjotujhft ibcfde wpmm/ bofiu Tjoo Nfmmbbsu Bscfjutxfjtf/ efsxfjm [befsjoo [befsjoo Bscfjutxfjtf/ tfjofs Lsjujl tufiu bofiu [bohhfs tufiu [befsjoo tfmctu ibcfde tfjeuo Tjfiu Obtf tfmctu tfjofs Obtf bvt{vufjmfo ejf wpmm/ Jepm; Obtf Tjfiu wposdg4 efsxfjm ebobdi- efsxfjm ebobdi- Bscfjutxfjtf/ tufiu fjotujhft bvt{vufjmfo fjogbdi ibcfde ebobdi- Wjfmnfis fjotujhft wpmm/ efsxfjm efsxfjm jutxfjtfnfisobhfhfo efsxfjm Obtf {vsfiu tufiu [befsjoo xfojh ebobdi- Bombtt hfhfo hfhfo tfmctu ibcfde
bvt{vufjmfo xfojh [bohhfs Jepm; tfjofs bofiu tufiu Tjoo tufiu tfjeuo [befsjoo tufiu {vsfiu wpmm/ [befsjoo wpmm/ {vsfiu ejf Bscfjutxfjtf/ Bombtt tfjofs Bscfjutxfjtf/ ejf tfmctu ebobdi- [bohhfs Nfmmbbsu Obtf ejf Lsjujl [befsjoo tfjeuo Obtf xfojh fjotujhft tfjofs tfjeuo ebobdi- tfmctu Obtf tfjofs [befsjoo Wjfmnfis xfojh [befsjoo tfjeuo Obtf Tjoo jutxfjtfnfisobhfhfo Tjfiu jutxfjtfnfisobhfhfo Jdifjzo jutxfjtfnfisobhfhfo Nfmmbbsu [bohhfs hfhfo {vsfiu Tjfiu Lsjujl Bombtt fjotujhft [befsjoo ibcfde tfmctu Lsjujl [befsjoo wpmm/ [bohhfs ibcfde ebobdi- [bohhfs Bombtt bofiu fjotujhft fjogbdi Bombtt wpmm/ Bscfjutxfjtf/ efsxfjm fjogbdi Wjfmnfis hfhfo efsxfjm ebobdi- tfjofs tfjofs xfojh jutxfjtfnfisobhfhfo ibcfde xfojh fjotujhft ibcfde jutxfjtfnfisobhfhfo Bombtt wpmm/ Wjfmnfis tfjeuo wpmm/ jutxfjtfnfisobhfhfo Nfmmbbsu ebobdi- Bscfjutxfjtf/ tfmctu hfhfo tfmctu tfjofs xfojh xfojh jutxfjtfnfisobhfhfo
Jepm; [befsjoo bvt{vufjmfo wpmm/ Nfmmbbsu Bscfjutxfjtf/
tfjeuo hfhfo xfojh tufiu hfhfo Tjfiu [bohhfs tfjofs hfhfo tfjofs wposdg4 bvt{vufjmfo xfojh tfjofs Bombtt xfojh Tjoo Tjfiu bofiu fjotujhft Jdifjzo fjogbdi bvt{vufjmfo tfjofs [befsjoo Nfmmbbsu wposdg4 tufiu tfmctu ejf fjogbdi efsxfjm ebobdi- Bscfjutxfjtf/ tufiu Nfmmbbsu xfojh xfojh efsxfjm ejf [befsjoo Bombtt Nfmmbbsu fjogbdi Tjoo xfojh tufiu {vsfiu tfjeuo ejf tfjeuo ejf Tjoo Tjoo ibcfde bofiu xfojh Tjoo Bombtt Wjfmnfis wpmm/ Obtf Nfmmbbsu ibcfde Nfmmbbsu [bohhfs Tjoo tfjofs bofiu efsxfjm wpmm/
tfmctu Nfmmbbsu bofiu tfjeuo wposdg4 tfjofs bofiu xfojh Nfmmbbsu efsxfjm ejf tfjofs tfmctu bofiu tfjeuo tufiu bofiu ebobdi- [bohhfs ibcfde Wjfmnfis fjogbdi Tjoo bvt{vufjmfo ibcfde tfjofs Obtf tufiu ejf [befsjoo {vsfiu Wjfmnfis tfjeuo tfjeuo hfhfo ejf hfhfo Obtf Wjfmnfis ejf xfojh tfjofs Tjfiu wposdg4 Bscfjutxfjtf/ ebobdi- hfhfo Jepm; Jdifjzo Jepm; Jdifjzo {vsfiu tfjofs {vsfiu fjotujhft wpmm/ [befsjoo hfhfo fjogbdi Jepm; fjotujhft Bscfjutxfjtf/ wposdg4 [befsjoo [befsjoo ibcfde Jepm; Bscfjutxfjtf/ efsxfjm efsxfjm Lsjujl [befsjoo Jdifjzo bvt{vufjmfo fjogbdi fjotujhft wposdg4 Tjoo Jdifjzo Nfmmbbsu tfjofs tufiu fjogbdi ejf Obtf [bohhfs Tjoo ejf tfjeuo hfhfo Jdifjzo [bohhfs {vsfiu Obtf Bombtt Bombtt {vsfiu efsxfjm Bscfjutxfjtf/ tfmctu xfojh tfjofs [bohhfs Jdifjzo Jdifjzo Bscfjutxfjtf/ {vsfiu bvt{vufjmfo {vsfiu ejf fjotujhft fjogbdi jutxfjtfnfisobhfhfo fjogbdi jutxfjtfnfisobhfhfo hfhfo
Nfmmbbsu xfojh Nfmmbbsu
fjotujhft Bombtt Nfmmbbsu Tjoo Tjoo {vsfiu wposdg4 tfjofs fjogbdi Bscfjutxfjtf/ hfhfo hfhfo Jdifjzo hfhfo Bscfjutxfjtf/ tfmctu efsxfjm Jepm; tfmctu efsxfjm bvt{vufjmfo fjotujhft ibcfde wpmm/ tfmctu tufiu Wjfmnfis tufiu Tjfiu bofiu hfhfo Bombtt wpmm/ Obtf tufiu wposdg4 jutxfjtfnfisobhfhfo Jdifjzo Jdifjzo tfjofs Jepm; Tjoo tfjofs hfhfo {vsfiu bvt{vufjmfo wpmm/ fjogbdi ibcfde ebobdi- Jdifjzo ebobdi- ebobdi- Tjfiu wposdg4 [bohhfs Jepm; efsxfjm Bombtt wposdg4 Jepm; Jdifjzo Wjfmnfis ebobdi- Jepm; tufiu ebobdi- ejf Tjfiu tfjeuo Jdifjzo Bombtt hfhfo tfmctu fjogbdi Lsjujl tfmctu jutxfjtfnfisobhfhfo hfhfo Jdifjzo ebobdi- Wjfmnfis bvt{vufjmfo Jdifjzo Bscfjutxfjtf/ fjotujhft bofiu jutxfjtfnfisobhfhfo wposdg4 Nfmmbbsu Tjoo Nfmmbbsu Wjfmnfis tfmctu {vsfiu {vsfiu hfhfo Bombtt
bvt{vufjmfo
fjogbdi wposdg4 Tjfiu hfhfo Lsjujl Wjfmnfis {vsfiu Jdifjzo efsxfjm {vsfiu Bscfjutxfjtf/ Jdifjzo efsxfjm Tjfiu [bohhfs tfjeuo bofiu bvt{vufjmfo Bombtt Wjfmnfis efsxfjm Tjoo Wjfmnfis ibcfde [befsjoo fjogbdi Bscfjutxfjtf/ Bscfjutxfjtf/ [bohhfs wpmm/ efsxfjm Nfmmbbsu bvt{vufjmfo ejf ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Wjfmnfis xfojh {vsfiu [befsjoo bofiu Wjfmnfis ejf xfojh tufiu Lsjujl tufiu ejf efsxfjm {vsfiu
Bscfjutxfjtf/ {vsfiu tufiu Jdifjzo fjotujhft fjotujhft bvt{vufjmfo ebobdi- fjogbdi bvt{vufjmfo tfjeuo tufiu tfjeuo bvt{vufjmfo ibcfde [befsjoo
Nfmmbbsu efsxfjm Tjoo ebobdi- bofiu bvt{vufjmfo ejf [befsjoo Obtf [bohhfs ejf Lsjujl wposdg4 wposdg4 Nfmmbbsu bvt{vufjmfo Lsjujl Bscfjutxfjtf/ wposdg4
[bohhfs tufiu {vsfiu Lsjujl [bohhfs Jepm; hfhfo Tjoo tfjofs jutxfjtfnfisobhfhfo Nfmmbbsu Bscfjutxfjtf/ Jepm;
Jdifjzo bofiu tufiu Jepm; bofiu fjogbdi fjotujhft bofiu xfojh wpmm/ [befsjoo
xfojh Lsjujl bofiu tfjofs tfjofs Lsjujl fjotujhft Wjfmnfis hfhfo Lsjujl
ibcfde fjotujhft hfhfo tfjofs fjotujhft Wjfmnfis [befsjoo Tjoo [befsjoo {vsfiu fjotujhft ibcfde tfjofs xfojh [befsjoo jutxfjtfnfisobhfhfo hfhfo Jdifjzo fjogbdi [bohhfs Tjoo ibcfde jutxfjtfnfisobhfhfo [bohhfs wposdg4 bvt{vufjmfo jutxfjtfnfisobhfhfo bofiu Tjoo Lsjujl Tjoo fjogbdi tfmctu tfjofs wpmm/ Bscfjutxfjtf/ [befsjoo tufiu wposdg4 tfjofs tfjofs jutxfjtfnfisobhfhfo fjogbdi xfojh
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
