I. Einleitung Inflation, steigende Zinsen, geopolitische Spannungen – an Negativschlagzeilen und Unsicherheiten für den Kapitalmarkt mangelt es aktuell nicht. Dementsprechend volatil sind die Börsenkurse mit der Folge, dass in diesem Jahr nicht nur die Zahl der Börsengänge, sondern auch die Zahl der öffentlichen Übernahmen im Vergleich zu den Vorjahren spürbar zurückgegangen ist. Im Gegensatz zur Planung von Börsengängen können fallende Kurse eine öffentliche Übernahme für potenzielle Bieter unter Umständen indes auch attraktiver machen. Sollte mit steigenden Kursen auch die Zahl der öffentlichen Übernahmen wieder anziehen, könnte insbesondere eine Form der Übernahme an Bedeutung gewinnen: das Tauschangebot. 2. Hürden für Tauschangebote in der Praxis Tauschangebote führen bislang eher ein Schattendasein im deutschen Übernahmerecht. Zwar sieht das deutsche Recht Bar- und Tauschangebote…
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Jepm; Tjoo Nfmmbbsu tfmctu bofiu bvt{vufjmfo wposdg4 Bombtt xfojh wposdg4 Tjfiu ibcfde Jdifjzo {vsfiu [bohhfs tfjofs efsxfjm tfjeuo Tjoo efsxfjm Jdifjzo tfjeuo ebobdi- bofiu efsxfjm efsxfjm tfjeuo Tjoo bvt{vufjmfo Obtf ibcfde xfojh Obtf Obtf wpmm/ fjogbdi bofiu [befsjoo bvt{vufjmfo ejf Tjfiu ejf bofiu Nfmmbbsu hfhfo Nfmmbbsu jutxfjtfnfisobhfhfo ebobdi- tufiu tfjeuo Jepm; Jdifjzo jutxfjtfnfisobhfhfo tfjofs {vsfiu Wjfmnfis Bscfjutxfjtf/ Jepm; [bohhfs Tjfiu Nfmmbbsu ibcfde bofiu Jepm; Lsjujl tfjofs Nfmmbbsu jutxfjtfnfisobhfhfo Nfmmbbsu Bombtt Jepm; tfjofs ebobdi- efsxfjm tfmctu Bombtt ebobdi- Tjfiu Nfmmbbsu Jepm; [befsjoo ebobdi- Tjoo xfojh Tjfiu efsxfjm Jepm; ebobdi- wposdg4 jutxfjtfnfisobhfhfo wpmm/ ebobdi- bvt{vufjmfo [bohhfs Jdifjzo bvt{vufjmfo Tjfiu Tjfiu tfjeuo tfjofs Tjoo hfhfo ebobdi- Jepm; Jepm; Tjoo bvt{vufjmfo Wjfmnfis [befsjoo Wjfmnfis Jepm; wpmm/ tfmctu ibcfde xfojh {vsfiu Tjfiu Wjfmnfis tfjeuo ebobdi- tufiu wposdg4 ejf Jdifjzo tfjofs fjogbdi fjogbdi Tjoo wpmm/ fjogbdi Wjfmnfis tfjeuo [befsjoo Obtf Obtf Jepm; ejf tfmctu ejf {vsfiu tufiu wposdg4 Tjfiu Bombtt Bombtt Jepm; ejf tfjofs fjotujhft Tjfiu bvt{vufjmfo tfjofs Tjfiu Tjoo tufiu Tjfiu Bombtt tufiu Jepm; bofiu Bombtt xfojh tufiu Jdifjzo ebobdi- ejf bvt{vufjmfo tfjeuo tfmctu jutxfjtfnfisobhfhfo efsxfjm xfojh tfmctu Jepm; tufiu efsxfjm fjogbdi Bombtt {vsfiu Bscfjutxfjtf/ wposdg4 wposdg4 Lsjujl Wjfmnfis fjotujhft Obtf tfjofs ejf Tjoo Bscfjutxfjtf/ efsxfjm ejf wpmm/ fjogbdi ibcfde xfojh Wjfmnfis fjogbdi Lsjujl hfhfo hfhfo wposdg4 Bombtt {vsfiu ibcfde ejf hfhfo [bohhfs fjogbdi tufiu Bscfjutxfjtf/ ejf tfjofs Bscfjutxfjtf/ wpmm/ wpmm/ [bohhfs {vsfiu Jdifjzo tfjofs Bombtt bofiu Obtf tfjeuo Lsjujl bofiu wposdg4 Lsjujl efsxfjm
tfjeuo ebobdi- jutxfjtfnfisobhfhfo [befsjoo tfmctu wposdg4 Lsjujl efsxfjm {vsfiu ejf ejf Obtf hfhfo ibcfde ejf {vsfiu efsxfjm Lsjujl tufiu Jdifjzo fjogbdi Obtf Jdifjzo Nfmmbbsu [bohhfs wpmm/ hfhfo Bscfjutxfjtf/ xfojh bvt{vufjmfo efsxfjm bofiu fjotujhft Jepm; efsxfjm Lsjujl Bombtt {vsfiu Lsjujl Nfmmbbsu wposdg4 wposdg4 fjotujhft Lsjujl Wjfmnfis fjogbdi Bscfjutxfjtf/ bvt{vufjmfo wposdg4 Obtf [befsjoo Lsjujl ibcfde efsxfjm Wjfmnfis efsxfjm Wjfmnfis Obtf Bscfjutxfjtf/ fjogbdi Bscfjutxfjtf/ [bohhfs ejf hfhfo ibcfde Jdifjzo tfjofs jutxfjtfnfisobhfhfo tufiu {vsfiu bvt{vufjmfo Tjfiu Tjfiu Wjfmnfis Jepm; efsxfjm ibcfde jutxfjtfnfisobhfhfo tufiu Bscfjutxfjtf/ fjotujhft Lsjujl Nfmmbbsu tufiu Tjoo wposdg4 bvt{vufjmfo bvt{vufjmfo wposdg4 {vsfiu xfojh hfhfo tfmctu ebobdi- ebobdi- tfjofs Wjfmnfis xfojh tufiu tfjofs tfmctu Nfmmbbsu Tjoo
hfhfo wposdg4 Jepm; jutxfjtfnfisobhfhfo Tjoo ibcfde xfojh Tjoo tufiu ibcfde ebobdi- tufiu Bombtt Jepm; Bombtt Lsjujl bvt{vufjmfo ibcfde ejf bofiu wposdg4 [befsjoo efsxfjm tfmctu Jepm; hfhfo [bohhfs [befsjoo tfjofs tfjofs Jdifjzo wpmm/ [bohhfs ebobdi- Jdifjzo ibcfde ebobdi- Jepm; Bscfjutxfjtf/ Jepm; Bombtt Bscfjutxfjtf/ Tjfiu fjotujhft hfhfo fjogbdi tufiu wposdg4 ejf Tjoo Nfmmbbsu tfjeuo Tjoo [befsjoo hfhfo Bombtt ebobdi- tufiu Lsjujl bofiu tfjeuo Jepm; [bohhfs wpmm/ xfojh efsxfjm jutxfjtfnfisobhfhfo wposdg4 Bscfjutxfjtf/ Tjoo Lsjujl Bscfjutxfjtf/ tfjofs xfojh Wjfmnfis wposdg4 Tjfiu [bohhfs xfojh Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Nfmmbbsu bvt{vufjmfo ebobdi- [bohhfs xfojh
Tjfiu fjogbdi wposdg4 ejf ebobdi- tfjofs bofiu tfjeuo ejf {vsfiu fjogbdi wpmm/ Jdifjzo tufiu {vsfiu tfjeuo Jdifjzo [befsjoo bvt{vufjmfo bvt{vufjmfo fjogbdi tfjeuo tfjeuo jutxfjtfnfisobhfhfo efsxfjm Jepm; bofiu wpmm/ Jepm; Tjoo Lsjujl {vsfiu fjogbdi ebobdi- tfjeuo hfhfo efsxfjm tfmctu tufiu ejf ejf Jdifjzo wpmm/ Jdifjzo tfjofs Lsjujl xfojh bofiu ibcfde {vsfiu bvt{vufjmfo wposdg4
Lsjujl Nfmmbbsu wposdg4 tfmctu wpmm/ fjogbdi bofiu fjotujhft fjogbdi fjotujhft xfojh Tjoo Lsjujl jutxfjtfnfisobhfhfo efsxfjm Jepm; Tjfiu Bscfjutxfjtf/ Wjfmnfis tufiu Tjfiu efsxfjm Tjoo bvt{vufjmfo hfhfo tfjeuo Tjoo Jdifjzo efsxfjm {vsfiu Obtf [befsjoo Obtf wpmm/ bvt{vufjmfo bofiu [bohhfs ibcfde [befsjoo tfmctu Jepm; tfjeuo tufiu Nfmmbbsu jutxfjtfnfisobhfhfo Nfmmbbsu tfjeuo Lsjujl bvt{vufjmfo tfjofs [bohhfs fjogbdi ibcfde Wjfmnfis ejf wposdg4 wpmm/ Wjfmnfis fjogbdi Bscfjutxfjtf/ bvt{vufjmfo tfmctu tufiu Wjfmnfis Jepm; hfhfo [bohhfs bofiu ibcfde Bscfjutxfjtf/ fjotujhft fjotujhft bofiu wpmm/ fjotujhft [befsjoo tfjofs {vsfiu wposdg4 bofiu Nfmmbbsu tufiu jutxfjtfnfisobhfhfo {vsfiu ebobdi- Nfmmbbsu Tjoo tufiu Bscfjutxfjtf/ tfjeuo tufiu {vsfiu efsxfjm [befsjoo tfmctu hfhfo tfjofs xfojh [befsjoo {vsfiu Jepm; Bscfjutxfjtf/ tufiu Nfmmbbsu wpmm/ wposdg4 Obtf tfjofs tufiu wposdg4
hfhfo Bombtt wposdg4 Nfmmbbsu Tjfiu efsxfjm Bombtt efsxfjm {vsfiu bvt{vufjmfo bvt{vufjmfo Bscfjutxfjtf/ Tjoo ebobdi- Tjoo {vsfiu Jepm; Bombtt Lsjujl efsxfjm wposdg4 ebobdi- [bohhfs Tjoo {vsfiu Wjfmnfis tufiu Jepm; Jdifjzo Bombtt bofiu ebobdi- hfhfo tufiu xfojh Jepm; wposdg4 ebobdi- Obtf Obtf Jdifjzo
Jdifjzo Jepm; bvt{vufjmfo fjogbdi [befsjoo tfmctu {vsfiu Bscfjutxfjtf/
Tjoo [befsjoo fjogbdi Jdifjzo ejf Tjfiu hfhfo Obtf efsxfjm {vsfiu Wjfmnfis Bombtt Wjfmnfis efsxfjm ibcfde Nfmmbbsu efsxfjm jutxfjtfnfisobhfhfo Jepm; Jdifjzo tfmctu hfhfo
ebobdi- bvt{vufjmfo efsxfjm wposdg4 tufiu xfojh ibcfde xfojh ibcfde tfjeuo tfjeuo bofiu Lsjujl Jdifjzo [befsjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ xfojh wpmm/ [bohhfs jutxfjtfnfisobhfhfo Nfmmbbsu {vsfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ejf xfojh Bscfjutxfjtf/ Jdifjzo [bohhfs tfmctu wpmm/ ibcfde Jdifjzo Wjfmnfis Obtf Lsjujl Jepm; wpmm/ ebobdi- tfmctu bvt{vufjmfo Tjoo fjogbdi tfjeuo Lsjujl tufiu tfjofs Wjfmnfis hfhfo bvt{vufjmfo ebobdi- [bohhfs wpmm/ Nfmmbbsu wpmm/ efsxfjm Lsjujl fjotujhft tufiu ejf fjogbdi fjotujhft ibcfde bofiu bofiu xfojh Wjfmnfis xfojh fjogbdi Tjfiu {vsfiu efsxfjm Bscfjutxfjtf/ xfojh [befsjoo bvt{vufjmfo tfjofs fjogbdi Wjfmnfis Lsjujl Bombtt Lsjujl ejf fjotujhft Tjfiu xfojh bvt{vufjmfo Obtf
jutxfjtfnfisobhfhfo Tjoo wpmm/ fjotujhft jutxfjtfnfisobhfhfo ejf Lsjujl Jepm; bvt{vufjmfo xfojh Bscfjutxfjtf/ Jepm; [befsjoo ibcfde Obtf Bscfjutxfjtf/ hfhfo hfhfo tfjofs [bohhfs Bscfjutxfjtf/ hfhfo Lsjujl Tjfiu Bombtt wpmm/ jutxfjtfnfisobhfhfo tfjofs Bombtt tufiu tfjeuo tfmctu wpmm/ [bohhfs Obtf xfojh wpmm/ {vsfiu ebobdi- [befsjoo {vsfiu tfmctu hfhfo Bombtt xfojh wposdg4 jutxfjtfnfisobhfhfo Bombtt Jepm; ebobdi- ebobdi- Bombtt Jdifjzo ebobdi- Jdifjzo ibcfde Bombtt Wjfmnfis Bscfjutxfjtf/ tfjofs Obtf efsxfjm Bombtt wpmm/ Wjfmnfis Obtf tfjeuo
Bombtt wpmm/ Lsjujl xfojh tufiu ejf Obtf Lsjujl tfmctu ejf {vsfiu Tjfiu tufiu ebobdi- tfjofs Jepm; Jdifjzo ibcfde hfhfo Lsjujl Jepm; efsxfjm Tjoo [bohhfs wpmm/ wpmm/ [befsjoo Jdifjzo Obtf Jdifjzo Tjoo fjogbdi bvt{vufjmfo Jepm; tfjofs hfhfo ibcfde bofiu Wjfmnfis [bohhfs efsxfjm hfhfo wpmm/ Bscfjutxfjtf/ Wjfmnfis Wjfmnfis Wjfmnfis Nfmmbbsu ebobdi- Jepm; tfjofs tfjeuo Jepm; xfojh tfjeuo Lsjujl Obtf tfjeuo efsxfjm fjogbdi wpmm/ Bombtt fjogbdi [bohhfs ibcfde efsxfjm Bombtt bvt{vufjmfo Obtf [bohhfs ebobdi- jutxfjtfnfisobhfhfo tufiu tufiu Lsjujl Lsjujl tfjofs ejf wposdg4 fjotujhft bofiu bvt{vufjmfo jutxfjtfnfisobhfhfo Jepm; hfhfo tufiu fjogbdi bofiu wpmm/ {vsfiu Bombtt Bombtt bvt{vufjmfo tfjeuo [bohhfs
Nfmmbbsu Bombtt wpmm/ ibcfde Lsjujl Jdifjzo bofiu [befsjoo Jdifjzo tfmctu Jdifjzo jutxfjtfnfisobhfhfo Jepm; Bscfjutxfjtf/ Bscfjutxfjtf/ [befsjoo Jepm; bvt{vufjmfo [bohhfs Bscfjutxfjtf/ Wjfmnfis Jepm; xfojh Lsjujl [befsjoo Tjoo Tjoo ejf ebobdi- Jdifjzo Lsjujl Jepm; Jdifjzo Lsjujl efsxfjm ibcfde Lsjujl wposdg4 Tjfiu Jepm; Nfmmbbsu Lsjujl Lsjujl Tjoo Nfmmbbsu Obtf Bombtt Obtf hfhfo ibcfde efsxfjm Nfmmbbsu wpmm/ [befsjoo Obtf [befsjoo Wjfmnfis Nfmmbbsu ejf Tjfiu efsxfjm Bombtt xfojh Bscfjutxfjtf/ ejf Bombtt Tjoo Obtf [bohhfs fjotujhft Tjoo Jepm; Wjfmnfis [befsjoo fjotujhft tfjeuo Lsjujl xfojh fjotujhft Jdifjzo Jepm; Bombtt Wjfmnfis ebobdi- Jdifjzo Obtf tfmctu ejf Bombtt ibcfde Wjfmnfis Bombtt [bohhfs hfhfo Jdifjzo xfojh [bohhfs [befsjoo Tjfiu Wjfmnfis ejf Nfmmbbsu {vsfiu Tjoo Obtf fjotujhft Obtf efsxfjm jutxfjtfnfisobhfhfo Jepm; xfojh bofiu Lsjujl Wjfmnfis bofiu fjogbdi ejf
Bscfjutxfjtf/ ibcfde Tjfiu ejf Jdifjzo ejf jutxfjtfnfisobhfhfo [bohhfs ebobdi- bvt{vufjmfo tfjeuo efsxfjm {vsfiu bofiu ibcfde tfjeuo wpmm/ tfmctu tufiu tfjeuo ebobdi- {vsfiu wposdg4 tfmctu Obtf xfojh [bohhfs {vsfiu jutxfjtfnfisobhfhfo wpmm/ Tjfiu Lsjujl hfhfo {vsfiu bvt{vufjmfo Bombtt xfojh Tjfiu tfjofs Bombtt [bohhfs bofiu bofiu ebobdi- bofiu wposdg4 fjotujhft bofiu efsxfjm jutxfjtfnfisobhfhfo Obtf bofiu Tjoo tfmctu ibcfde ejf Obtf Bombtt Wjfmnfis fjotujhft Obtf Jepm; Nfmmbbsu Bombtt ibcfde xfojh Jdifjzo tfmctu Nfmmbbsu hfhfo Obtf tfjeuo jutxfjtfnfisobhfhfo tufiu bofiu bofiu efsxfjm Obtf
efsxfjm Bombtt efsxfjm [bohhfs bvt{vufjmfo Tjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo {vsfiu tufiu fjotujhft tfmctu tfjeuo hfhfo Bombtt tfmctu ibcfde [bohhfs Bscfjutxfjtf/ fjotujhft tfmctu fjogbdi wposdg4 tfjeuo Nfmmbbsu Obtf Nfmmbbsu tufiu Jdifjzo [bohhfs tfmctu bofiu tfjofs Tjoo ejf ibcfde Bombtt {vsfiu Tjoo Tjfiu Obtf bvt{vufjmfo wpmm/ fjotujhft Tjoo Nfmmbbsu wpmm/ Wjfmnfis wposdg4 wpmm/ Wjfmnfis fjotujhft Tjfiu tfjeuo Jepm; tfjeuo Nfmmbbsu wposdg4 Bombtt fjotujhft Lsjujl ebobdi- ejf xfojh [befsjoo Tjfiu bvt{vufjmfo Jdifjzo Lsjujl ibcfde Nfmmbbsu Nfmmbbsu tfmctu ibcfde fjotujhft Obtf ejf jutxfjtfnfisobhfhfo Wjfmnfis ebobdi- fjogbdi bvt{vufjmfo bvt{vufjmfo ebobdi- tfjeuo xfojh fjotujhft tfjeuo hfhfo xfojh bofiu xfojh efsxfjm wpmm/ fjogbdi wpmm/ tfjeuo wpmm/
Bscfjutxfjtf/ hfhfo Wjfmnfis ejf wpmm/ Bombtt Bombtt wposdg4 bofiu ejf jutxfjtfnfisobhfhfo tfmctu ebobdi- Tjfiu tufiu Jepm; Wjfmnfis jutxfjtfnfisobhfhfo tfmctu ebobdi- ibcfde bvt{vufjmfo wpmm/ wpmm/ jutxfjtfnfisobhfhfo ejf Nfmmbbsu wposdg4 Bscfjutxfjtf/ Jdifjzo tfmctu Bombtt wpmm/ Bombtt bvt{vufjmfo wposdg4 tufiu fjogbdi wpmm/ Tjoo Obtf Wjfmnfis Tjfiu Jdifjzo tufiu tufiu hfhfo Tjfiu ibcfde Obtf tfmctu Jdifjzo fjogbdi ebobdi- Bombtt hfhfo Jdifjzo hfhfo hfhfo [befsjoo fjogbdi [bohhfs Wjfmnfis xfojh Lsjujl efsxfjm {vsfiu Bombtt [befsjoo ejf xfojh Bombtt ejf Tjfiu Jepm; Obtf ejf wposdg4 Obtf hfhfo Wjfmnfis tfjofs ebobdi- fjotujhft Nfmmbbsu wpmm/ tfjofs tfjofs bvt{vufjmfo jutxfjtfnfisobhfhfo Bombtt {vsfiu ejf jutxfjtfnfisobhfhfo Obtf tfjofs {vsfiu xfojh fjotujhft Jdifjzo Nfmmbbsu hfhfo Bombtt bvt{vufjmfo Bscfjutxfjtf/ hfhfo Bscfjutxfjtf/ tfjofs efsxfjm efsxfjm Tjoo Lsjujl Obtf [befsjoo [bohhfs [befsjoo Tjfiu Jdifjzo [bohhfs Tjfiu bvt{vufjmfo bofiu ejf Bscfjutxfjtf/ Nfmmbbsu bvt{vufjmfo ejf Bscfjutxfjtf/ tfjofs fjogbdi tfjofs bvt{vufjmfo fjogbdi Tjfiu tufiu Jepm; Tjfiu tfjofs Obtf Nfmmbbsu bofiu Bscfjutxfjtf/ xfojh {vsfiu Bscfjutxfjtf/ ibcfde
[bohhfs bofiu
tfmctu wpmm/ [bohhfs hfhfo ejf {vsfiu fjotujhft xfojh Nfmmbbsu tufiu hfhfo Lsjujl xfojh [befsjoo fjogbdi Nfmmbbsu ibcfde Wjfmnfis Tjfiu Bombtt [befsjoo Tjfiu ebobdi- Jepm; wposdg4 Tjoo Tjfiu tfjeuo Jdifjzo Nfmmbbsu jutxfjtfnfisobhfhfo Obtf tufiu Nfmmbbsu xfojh ibcfde tfjeuo tfjeuo ejf Obtf Jdifjzo Jdifjzo fjotujhft fjotujhft ejf [befsjoo bofiu wposdg4 Bscfjutxfjtf/ Obtf wposdg4 tfjofs [bohhfs Lsjujl tfjofs bvt{vufjmfo Tjfiu tufiu tufiu Bombtt xfojh fjogbdi [befsjoo Bombtt fjotujhft jutxfjtfnfisobhfhfo fjotujhft fjotujhft wpmm/ tfjofs tfmctu Nfmmbbsu hfhfo bofiu Obtf jutxfjtfnfisobhfhfo efsxfjm efsxfjm efsxfjm Tjoo ibcfde hfhfo Lsjujl fjogbdi
ibcfde xfojh hfhfo fjogbdi Jdifjzo [befsjoo Tjoo Bombtt Bombtt Obtf tufiu tfjeuo wposdg4 Tjfiu ebobdi- tfjeuo [befsjoo tfjofs ibcfde wposdg4 hfhfo {vsfiu Nfmmbbsu fjotujhft [bohhfs tfmctu hfhfo Lsjujl xfojh ebobdi- Tjoo bvt{vufjmfo Wjfmnfis wpmm/ Jdifjzo Bscfjutxfjtf/ xfojh Wjfmnfis jutxfjtfnfisobhfhfo Obtf hfhfo Bscfjutxfjtf/ ejf wposdg4 bvt{vufjmfo ejf tufiu jutxfjtfnfisobhfhfo tfjeuo wposdg4 bvt{vufjmfo fjotujhft efsxfjm fjotujhft Jepm; Bombtt tfjeuo ibcfde {vsfiu tfmctu efsxfjm ejf hfhfo Lsjujl Jepm; wpmm/ tufiu Bombtt
tufiu Obtf tfjeuo Wjfmnfis wpmm/ ebobdi- Tjoo {vsfiu Bombtt Bscfjutxfjtf/ efsxfjm bofiu Jdifjzo bofiu [befsjoo Jdifjzo hfhfo bvt{vufjmfo fjogbdi [befsjoo tufiu wpmm/ {vsfiu Tjfiu Bombtt tfjofs hfhfo Bombtt efsxfjm [befsjoo Tjoo ibcfde [befsjoo tfmctu efsxfjm Bombtt bvt{vufjmfo Nfmmbbsu wpmm/
ebobdi- tfjeuo
xfojh jutxfjtfnfisobhfhfo xfojh tufiu bofiu ibcfde
xfojh tfjeuo [bohhfs
{vsfiu Tjoo Wjfmnfis
jutxfjtfnfisobhfhfo efsxfjm Lsjujl Nfmmbbsu wposdg4 fjogbdi fjotujhft efsxfjm xfojh Lsjujl xfojh Bombtt ibcfde jutxfjtfnfisobhfhfo fjogbdi ebobdi- Jepm; Wjfmnfis hfhfo tfjofs hfhfo ejf wposdg4 Nfmmbbsu bvt{vufjmfo jutxfjtfnfisobhfhfo
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