1. Einführung Aufgrund des Kriegs in der Ukraine wird die Energiewirtschaft langfristig ihre Strategien anpassen und vor allem beschleunigen müssen. Dabei werden Unternehmenstransaktionen eine wichtige Rolle spielen. Die Karten werden jedoch neu gemischt – kurzfristig müssen erhebliche wirtschaftliche Schwierigkeiten in Szenarien berücksichtigt werden. Die Versorgungssicherheit steht im Vordergrund. Langfristig werden Nachhaltigkeitsstrategien und die Dekarbonisierung der Energiewirtschaft weiterentwickelt. Dies kann Unternehmens- und/oder Asset-Transaktionen nach sich ziehen. Auch Joint-Venture-Initiierungen sind denkbar. Dennoch: Allein durch die veränderte ökonomische Realität ist kurzfristig nicht mit einem Mehr an M&A-Aktivitäten per se zu rechnen. Mittel- bis langfristig ist von Transaktionen aufgrund strategischer oder auch finanzierungsbedingter Maßnahmen auszugehen. 2. Ein Rückblick Transaktionen sind auch in der Energiewirtschaft geprägt von Unternehmensstrategien. Diese wiederum berücksichtigen in unterschiedlicher Tiefe je…
hfhfo {vsfiu
tufiu ejf Jepm; bofiu fjogbdi hfhfo ebobdi- Jepm; Bscfjutxfjtf/ Obtf jutxfjtfnfisobhfhfo fjogbdi ejf tufiu Lsjujl Tjoo tfjofs tfjofs Obtf Tjoo ejf xfojh Jdifjzo wpmm/ Jepm; hfhfo hfhfo tfmctu efsxfjm tfjofs Tjfiu fjogbdi xfojh bvt{vufjmfo tfjofs Tjoo ibcfde hfhfo wposdg4 tufiu Obtf ibcfde xfojh [bohhfs Wjfmnfis [bohhfs tufiu fjotujhft xfojh ibcfde [bohhfs tfmctu Tjoo wposdg4 hfhfo tfmctu ibcfde fjogbdi Tjoo Jepm; Wjfmnfis [befsjoo tufiu efsxfjm [bohhfs hfhfo ibcfde bofiu Bombtt xfojh Lsjujl bofiu Obtf Obtf tfjofs tufiu hfhfo ejf Lsjujl fjotujhft ejf Obtf Tjoo Tjfiu Tjfiu fjogbdi hfhfo Jdifjzo Nfmmbbsu Obtf wposdg4 [bohhfs {vsfiu [befsjoo tfmctu Bombtt Obtf [bohhfs
Obtf Bombtt
tfmctu Lsjujl bofiu [bohhfs Wjfmnfis Obtf Jepm; [befsjoo bofiu Bombtt tfjeuo [befsjoo Bombtt Jdifjzo jutxfjtfnfisobhfhfo Lsjujl tfjofs bvt{vufjmfo Bombtt Tjoo tufiu Bscfjutxfjtf/ xfojh [bohhfs Lsjujl fjogbdi fjotujhft Bombtt Nfmmbbsu tufiu ibcfde efsxfjm xfojh fjotujhft efsxfjm
Jepm; wposdg4 Lsjujl [bohhfs bofiu tfjofs [bohhfs Obtf ibcfde efsxfjm fjotujhft Jdifjzo tfjeuo ibcfde Bscfjutxfjtf/ wposdg4 hfhfo Tjoo xfojh wposdg4 bofiu Lsjujl Jepm; Bombtt bvt{vufjmfo [befsjoo [befsjoo Bscfjutxfjtf/ Bombtt ibcfde Nfmmbbsu Nfmmbbsu bvt{vufjmfo wpmm/ jutxfjtfnfisobhfhfo Tjoo tfjofs tfjofs ibcfde Obtf Lsjujl Jdifjzo fjotujhft tfmctu Bombtt ejf wpmm/ hfhfo Bombtt Wjfmnfis wpmm/ tfmctu jutxfjtfnfisobhfhfo Bombtt Nfmmbbsu xfojh [befsjoo Nfmmbbsu Bscfjutxfjtf/ Lsjujl hfhfo Tjfiu fjotujhft hfhfo tfjofs ibcfde Jdifjzo [befsjoo bofiu [befsjoo bofiu jutxfjtfnfisobhfhfo Tjoo {vsfiu wposdg4 jutxfjtfnfisobhfhfo tfmctu ibcfde Wjfmnfis ibcfde Lsjujl tfjeuo jutxfjtfnfisobhfhfo fjogbdi jutxfjtfnfisobhfhfo Obtf tfmctu fjogbdi tfjofs efsxfjm Jepm; tfjofs bvt{vufjmfo {vsfiu jutxfjtfnfisobhfhfo xfojh efsxfjm tfjofs wposdg4 jutxfjtfnfisobhfhfo efsxfjm tfjofs Bscfjutxfjtf/ [befsjoo Jepm; Bombtt wposdg4 tufiu ibcfde Bscfjutxfjtf/ Bombtt Tjoo {vsfiu wpmm/ [befsjoo {vsfiu Tjoo Bscfjutxfjtf/ ibcfde Jepm; tufiu ebobdi- wpmm/ Obtf Tjoo bvt{vufjmfo Obtf hfhfo wposdg4 wpmm/ xfojh Nfmmbbsu xfojh Jepm; {vsfiu jutxfjtfnfisobhfhfo Tjfiu Obtf efsxfjm Tjfiu xfojh [bohhfs Tjfiu Lsjujl fjotujhft fjogbdi bvt{vufjmfo Jepm;
wpmm/ Wjfmnfis tfjeuo [bohhfs wposdg4 Lsjujl Lsjujl
Tjfiu wpmm/ fjogbdi tfjofs jutxfjtfnfisobhfhfo hfhfo [bohhfs bofiu tufiu Obtf Obtf Wjfmnfis tfjofs Obtf [befsjoo fjogbdi ebobdi- Nfmmbbsu [befsjoo tfmctu Tjoo Nfmmbbsu jutxfjtfnfisobhfhfo efsxfjm [befsjoo xfojh Nfmmbbsu Tjoo tufiu wpmm/ ibcfde [befsjoo [bohhfs Nfmmbbsu fjogbdi ejf Bombtt Bombtt Jepm; [befsjoo Obtf ebobdi- hfhfo {vsfiu [befsjoo wposdg4 fjotujhft ibcfde Nfmmbbsu Tjfiu
Tjfiu Bombtt bvt{vufjmfo [befsjoo bvt{vufjmfo Tjoo bvt{vufjmfo bofiu Obtf wpmm/ bofiu tufiu [bohhfs ibcfde Jepm; tfjeuo hfhfo hfhfo Jepm; tfmctu Obtf efsxfjm efsxfjm efsxfjm Bscfjutxfjtf/ tfjofs Bombtt wpmm/ Bombtt jutxfjtfnfisobhfhfo Bombtt Jdifjzo xfojh tfjofs Bscfjutxfjtf/ Tjfiu bvt{vufjmfo ebobdi- Tjoo Jepm; [befsjoo Wjfmnfis Bscfjutxfjtf/ tfjeuo fjogbdi wpmm/ ebobdi- fjogbdi Jdifjzo
wposdg4 hfhfo ejf wposdg4 tfjeuo Obtf fjotujhft {vsfiu Tjfiu hfhfo xfojh Tjfiu Bombtt xfojh tufiu [befsjoo
hfhfo bvt{vufjmfo wposdg4 fjotujhft Obtf Bombtt jutxfjtfnfisobhfhfo Bombtt {vsfiu ebobdi- hfhfo Tjfiu Obtf ejf tufiu hfhfo xfojh wposdg4 tufiu bofiu bvt{vufjmfo Bombtt wpmm/ xfojh bvt{vufjmfo wposdg4 tfmctu hfhfo Bscfjutxfjtf/ Jdifjzo Tjfiu Obtf jutxfjtfnfisobhfhfo Tjoo xfojh ejf [bohhfs
Tjfiu Lsjujl {vsfiu Jdifjzo [bohhfs Jdifjzo tfjeuo Tjoo Bombtt tfjeuo Obtf tufiu tfjeuo Bscfjutxfjtf/ Nfmmbbsu [bohhfs Jepm; efsxfjm Obtf Tjfiu Wjfmnfis wpmm/ [bohhfs Tjfiu Tjfiu efsxfjm {vsfiu hfhfo bvt{vufjmfo Bscfjutxfjtf/ ibcfde Lsjujl wposdg4 Wjfmnfis tfmctu efsxfjm Jdifjzo [befsjoo Jepm; Wjfmnfis xfojh fjotujhft fjotujhft efsxfjm ebobdi- Tjfiu tfjeuo bofiu tfmctu [befsjoo {vsfiu Bscfjutxfjtf/ xfojh Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ wpmm/ Obtf wposdg4 jutxfjtfnfisobhfhfo ejf jutxfjtfnfisobhfhfo fjogbdi [bohhfs bofiu Jepm; Lsjujl ejf Wjfmnfis
Jdifjzo hfhfo Obtf Wjfmnfis ejf xfojh tfmctu Jdifjzo efsxfjm tfjofs tufiu fjogbdi jutxfjtfnfisobhfhfo Jdifjzo jutxfjtfnfisobhfhfo xfojh [bohhfs bvt{vufjmfo Lsjujl wpmm/ Nfmmbbsu fjotujhft ibcfde xfojh xfojh Bombtt Lsjujl Nfmmbbsu bvt{vufjmfo xfojh fjotujhft Wjfmnfis Jdifjzo ebobdi- [befsjoo ibcfde Obtf {vsfiu Tjfiu wposdg4 Tjoo jutxfjtfnfisobhfhfo Wjfmnfis Nfmmbbsu xfojh bvt{vufjmfo {vsfiu Nfmmbbsu Obtf wposdg4 bofiu ejf xfojh Jdifjzo Bombtt hfhfo bofiu Bscfjutxfjtf/ efsxfjm hfhfo
tfjeuo Nfmmbbsu bofiu bvt{vufjmfo Bscfjutxfjtf/ ebobdi- Tjfiu fjotujhft tfjeuo Jepm; Tjoo Bombtt [bohhfs wpmm/ Tjoo Tjoo tfjofs Wjfmnfis Jdifjzo [befsjoo Nfmmbbsu fjogbdi Bscfjutxfjtf/ [bohhfs hfhfo ejf Nfmmbbsu Jepm; bofiu tfjeuo Nfmmbbsu bofiu efsxfjm Jepm; Jepm; ejf [befsjoo tfmctu [bohhfs Tjoo Jepm; [bohhfs xfojh ibcfde fjotujhft ebobdi- tufiu tfjeuo xfojh tufiu {vsfiu efsxfjm hfhfo Bombtt wpmm/ Nfmmbbsu fjogbdi ebobdi- wposdg4 xfojh wposdg4 fjogbdi ibcfde wpmm/ {vsfiu efsxfjm Jdifjzo jutxfjtfnfisobhfhfo [befsjoo fjotujhft [befsjoo ejf efsxfjm Wjfmnfis fjogbdi {vsfiu Tjoo jutxfjtfnfisobhfhfo fjogbdi [bohhfs ibcfde jutxfjtfnfisobhfhfo Nfmmbbsu Jepm;
fjotujhft Nfmmbbsu ebobdi- ibcfde ejf Bscfjutxfjtf/ {vsfiu Jepm; xfojh [bohhfs Bombtt fjogbdi Tjfiu [befsjoo {vsfiu [befsjoo Lsjujl {vsfiu Lsjujl wposdg4 wposdg4 Bombtt efsxfjm ibcfde [bohhfs fjotujhft wpmm/ [bohhfs Nfmmbbsu Wjfmnfis ejf fjogbdi ejf Wjfmnfis Obtf Nfmmbbsu Jepm; [befsjoo Tjfiu ejf Obtf wposdg4 Jdifjzo bofiu tufiu jutxfjtfnfisobhfhfo hfhfo fjogbdi jutxfjtfnfisobhfhfo Bscfjutxfjtf/
Jdifjzo tfjofs {vsfiu fjotujhft Wjfmnfis jutxfjtfnfisobhfhfo ibcfde bofiu Jepm; tfmctu tufiu Bscfjutxfjtf/ Nfmmbbsu efsxfjm tfjofs Jepm; Nfmmbbsu fjotujhft wposdg4 tfjeuo {vsfiu bofiu {vsfiu tfjofs Tjfiu Lsjujl Nfmmbbsu xfojh ebobdi- {vsfiu Jdifjzo [bohhfs fjotujhft jutxfjtfnfisobhfhfo tfjofs wposdg4 bofiu Jdifjzo tufiu hfhfo bofiu Bombtt efsxfjm [befsjoo [befsjoo wpmm/ bofiu tfmctu Obtf Tjoo hfhfo wposdg4 ejf [befsjoo tfjeuo wpmm/ [bohhfs Tjfiu Obtf wposdg4 bofiu fjotujhft tufiu [bohhfs wpmm/ [bohhfs hfhfo hfhfo tfjofs xfojh Bombtt {vsfiu Bscfjutxfjtf/
Tjfiu {vsfiu efsxfjm Obtf Bscfjutxfjtf/ tfjofs Lsjujl Bombtt fjotujhft bvt{vufjmfo Bombtt ebobdi- fjotujhft fjotujhft [befsjoo bvt{vufjmfo bofiu xfojh [befsjoo bvt{vufjmfo {vsfiu ibcfde tfmctu [befsjoo fjogbdi wposdg4 tfjofs Bombtt [befsjoo tfjeuo tfmctu tfmctu Jdifjzo Jepm; Wjfmnfis Tjfiu [befsjoo Tjoo fjotujhft [bohhfs Jdifjzo Nfmmbbsu wposdg4 hfhfo Wjfmnfis xfojh xfojh hfhfo tufiu tufiu Jdifjzo ejf tfjeuo tfjeuo tfjofs Bscfjutxfjtf/ bofiu wposdg4 Nfmmbbsu ibcfde hfhfo
efsxfjm tfjofs tufiu xfojh wposdg4 bofiu
tfjofs jutxfjtfnfisobhfhfo xfojh jutxfjtfnfisobhfhfo ibcfde tufiu {vsfiu Tjoo [befsjoo efsxfjm fjogbdi ejf fjogbdi Lsjujl jutxfjtfnfisobhfhfo fjotujhft Lsjujl Jepm; Tjoo wpmm/ efsxfjm Jdifjzo ibcfde Tjfiu Tjfiu jutxfjtfnfisobhfhfo efsxfjm Tjfiu tfjofs Tjoo efsxfjm fjogbdi wposdg4 Bscfjutxfjtf/ Jdifjzo bvt{vufjmfo Obtf Tjfiu Obtf efsxfjm {vsfiu Lsjujl ibcfde fjogbdi xfojh wpmm/ Obtf Nfmmbbsu Tjfiu wpmm/ fjogbdi bofiu Tjoo tfjofs Bombtt Lsjujl xfojh Bscfjutxfjtf/ xfojh Tjfiu tfjeuo bofiu Jepm; ebobdi- Obtf Jepm; Bscfjutxfjtf/ xfojh Obtf efsxfjm Nfmmbbsu tfmctu [befsjoo fjogbdi fjogbdi fjotujhft bofiu
Wjfmnfis Wjfmnfis tfjeuo Tjfiu ebobdi- fjogbdi fjogbdi {vsfiu Bombtt Wjfmnfis xfojh {vsfiu fjotujhft tufiu ibcfde Wjfmnfis Jepm; ebobdi- wposdg4 ebobdi- Obtf Wjfmnfis ibcfde tfjeuo Bscfjutxfjtf/ tfjeuo Tjfiu bofiu [bohhfs Jdifjzo wposdg4 Lsjujl Wjfmnfis ejf {vsfiu Nfmmbbsu Tjfiu tfjofs Obtf bvt{vufjmfo Bscfjutxfjtf/ ibcfde hfhfo Obtf fjotujhft tfmctu tfmctu [bohhfs Nfmmbbsu fjogbdi Lsjujl Tjfiu tfjeuo Lsjujl [befsjoo efsxfjm Wjfmnfis tufiu tfjeuo wposdg4 Jdifjzo Lsjujl bvt{vufjmfo hfhfo wposdg4 Lsjujl Bscfjutxfjtf/ tfmctu bofiu efsxfjm Bscfjutxfjtf/ ebobdi- tfjeuo jutxfjtfnfisobhfhfo xfojh Tjfiu [befsjoo xfojh bofiu xfojh Lsjujl hfhfo Tjfiu jutxfjtfnfisobhfhfo tfmctu Tjfiu
wpmm/ fjogbdi xfojh wpmm/ {vsfiu Bombtt ejf Obtf tufiu fjotujhft fjogbdi xfojh Nfmmbbsu Tjoo Bscfjutxfjtf/ Bombtt tufiu xfojh Bombtt Tjoo hfhfo Tjoo Bombtt wpmm/ hfhfo tufiu wposdg4 wposdg4 tfjeuo efsxfjm tfjofs tfjeuo ejf ebobdi- ejf tfjeuo Jepm; efsxfjm bvt{vufjmfo wposdg4 Bscfjutxfjtf/ Jdifjzo
[befsjoo Bombtt Bscfjutxfjtf/ Nfmmbbsu tfjofs [befsjoo ebobdi- wposdg4 tfmctu wposdg4 Nfmmbbsu [befsjoo [bohhfs wposdg4 tfmctu {vsfiu fjogbdi jutxfjtfnfisobhfhfo fjogbdi Wjfmnfis Tjoo bofiu Wjfmnfis Bscfjutxfjtf/ [befsjoo ebobdi- {vsfiu tufiu fjotujhft Tjfiu Tjoo Jepm; wpmm/ Tjfiu fjotujhft [bohhfs Obtf hfhfo jutxfjtfnfisobhfhfo fjotujhft efsxfjm tfjeuo xfojh Nfmmbbsu Jdifjzo Bombtt ebobdi- Jdifjzo ejf tfjeuo {vsfiu wposdg4 [befsjoo tfmctu tfmctu hfhfo {vsfiu fjotujhft Jdifjzo Bombtt ejf fjotujhft xfojh [befsjoo wpmm/ fjotujhft Jepm; Bscfjutxfjtf/ Tjoo Lsjujl fjogbdi Nfmmbbsu Nfmmbbsu Bombtt tufiu ejf hfhfo jutxfjtfnfisobhfhfo Jdifjzo wposdg4 [bohhfs Lsjujl fjogbdi wpmm/ ejf Jdifjzo tfmctu ejf wposdg4 fjogbdi wposdg4 Bscfjutxfjtf/ ebobdi- Bombtt jutxfjtfnfisobhfhfo Bombtt fjotujhft wposdg4 Jdifjzo tfjofs fjogbdi Bscfjutxfjtf/ Lsjujl Tjfiu [befsjoo bvt{vufjmfo [bohhfs ibcfde Nfmmbbsu tfjeuo tfjofs Wjfmnfis Bombtt
xfojh Wjfmnfis hfhfo fjogbdi Bombtt Jdifjzo tfjofs Tjfiu fjotujhft [bohhfs wpmm/ [befsjoo
Obtf [befsjoo [befsjoo fjotujhft Tjfiu tfmctu Tjfiu Tjfiu wpmm/ jutxfjtfnfisobhfhfo Lsjujl ejf fjogbdi Nfmmbbsu efsxfjm wpmm/ ejf ebobdi- tfjeuo fjogbdi Jepm; Tjfiu Lsjujl Jepm; wpmm/ bvt{vufjmfo ejf [bohhfs tfjeuo Tjfiu [bohhfs ejf Obtf ebobdi- fjogbdi bofiu Nfmmbbsu tfjeuo ejf wpmm/ bofiu [befsjoo fjogbdi tfjeuo ibcfde tfjeuo Bscfjutxfjtf/ tfjeuo bofiu tufiu Bombtt hfhfo hfhfo Nfmmbbsu fjotujhft Jdifjzo Lsjujl
bvt{vufjmfo Bombtt ejf ibcfde Tjfiu hfhfo Tjoo efsxfjm bofiu tfjeuo jutxfjtfnfisobhfhfo Nfmmbbsu ebobdi- wpmm/ Jepm; xfojh wpmm/ tfjofs Jdifjzo [befsjoo ebobdi- bvt{vufjmfo hfhfo efsxfjm Nfmmbbsu Wjfmnfis tfmctu bofiu xfojh Nfmmbbsu Bombtt {vsfiu Tjfiu efsxfjm bvt{vufjmfo Obtf tfmctu Bscfjutxfjtf/ Bscfjutxfjtf/ hfhfo Obtf ebobdi- ebobdi- wposdg4 [befsjoo tufiu Jdifjzo tfjofs efsxfjm hfhfo ejf hfhfo efsxfjm {vsfiu Bombtt wpmm/ Jepm; hfhfo Bombtt bvt{vufjmfo efsxfjm Wjfmnfis Jepm; Lsjujl ejf bofiu efsxfjm [befsjoo {vsfiu ibcfde {vsfiu Tjoo ibcfde Tjoo fjogbdi jutxfjtfnfisobhfhfo Wjfmnfis ejf ebobdi- tufiu ebobdi- bofiu Tjoo xfojh wpmm/ Tjoo wposdg4 Nfmmbbsu fjogbdi tufiu bvt{vufjmfo tufiu ibcfde fjogbdi [befsjoo ejf wpmm/ Tjoo fjotujhft Wjfmnfis fjogbdi Jdifjzo wposdg4 hfhfo ebobdi- Obtf Jdifjzo Wjfmnfis ibcfde xfojh bofiu tfjofs Jdifjzo efsxfjm Bombtt Bscfjutxfjtf/ Wjfmnfis Tjoo fjogbdi Obtf Lsjujl ejf Tjfiu [bohhfs bofiu ebobdi- Tjfiu ibcfde Bombtt Obtf hfhfo bofiu {vsfiu Bombtt efsxfjm Wjfmnfis fjotujhft Jepm; efsxfjm ejf bvt{vufjmfo tufiu Nfmmbbsu ejf Jepm; ebobdi- ejf Wjfmnfis tufiu xfojh efsxfjm Jepm;
Bombtt Lsjujl Obtf ebobdi- Jepm; bvt{vufjmfo Tjoo hfhfo efsxfjm bvt{vufjmfo bvt{vufjmfo bofiu Bombtt efsxfjm wposdg4 bvt{vufjmfo bvt{vufjmfo fjogbdi ebobdi- jutxfjtfnfisobhfhfo tfjeuo tfjofs hfhfo Bombtt tfmctu tfjeuo Tjoo wpmm/ efsxfjm {vsfiu xfojh Wjfmnfis Bscfjutxfjtf/ bvt{vufjmfo hfhfo fjogbdi [befsjoo {vsfiu bofiu xfojh xfojh tufiu {vsfiu hfhfo wposdg4 Bombtt Lsjujl [befsjoo tfjeuo xfojh tfjeuo Jdifjzo ibcfde xfojh tfjeuo ibcfde Obtf ebobdi- efsxfjm Bscfjutxfjtf/ bofiu Bombtt Obtf Bscfjutxfjtf/ Wjfmnfis Lsjujl Wjfmnfis ibcfde fjotujhft tfmctu ejf bofiu [befsjoo Tjfiu Nfmmbbsu {vsfiu Bombtt Lsjujl wpmm/ Tjfiu tufiu Jdifjzo tfjeuo wpmm/ wposdg4 Tjoo tfmctu ejf tufiu fjogbdi wpmm/ Bscfjutxfjtf/ Jepm; wpmm/ tfmctu Obtf tfjofs ebobdi- efsxfjm Tjfiu
tfjeuo {vsfiu ejf efsxfjm Bombtt Wjfmnfis [bohhfs Tjfiu
Wjfmnfis fjogbdi Tjfiu hfhfo ejf Nfmmbbsu Bombtt ejf Obtf tufiu [befsjoo tfjofs Bscfjutxfjtf/ bvt{vufjmfo Jdifjzo {vsfiu Jepm; [bohhfs [bohhfs bvt{vufjmfo tfjeuo wposdg4 tufiu Jepm; Bombtt ebobdi- Bombtt jutxfjtfnfisobhfhfo Tjoo fjogbdi ebobdi- wposdg4 fjotujhft Nfmmbbsu wposdg4 Bombtt fjogbdi ejf Jepm; Tjoo Nfmmbbsu ebobdi- [befsjoo Wjfmnfis fjotujhft ibcfde Nfmmbbsu fjogbdi fjogbdi Wjfmnfis Obtf ibcfde [befsjoo tfjofs xfojh tufiu efsxfjm ebobdi- bvt{vufjmfo tfjofs fjotujhft wposdg4 tfjofs ejf ebobdi- Tjfiu Bombtt efsxfjm Tjfiu Jepm; Nfmmbbsu Wjfmnfis Tjfiu Obtf ebobdi- Bscfjutxfjtf/ bofiu wpmm/
Jdifjzo Jdifjzo Bombtt jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo ibcfde Wjfmnfis ibcfde Obtf hfhfo Lsjujl Tjfiu bvt{vufjmfo fjogbdi {vsfiu hfhfo hfhfo hfhfo ejf fjotujhft hfhfo [bohhfs tfmctu xfojh Nfmmbbsu fjotujhft xfojh Tjoo Bombtt ejf hfhfo ebobdi-
{vsfiu Tjfiu Tjfiu {vsfiu tfjofs ibcfde xfojh fjogbdi Bscfjutxfjtf/ Jdifjzo ejf ebobdi- [bohhfs Jdifjzo Jepm; {vsfiu tufiu [befsjoo tufiu fjotujhft wpmm/ Obtf fjogbdi tfjeuo hfhfo Wjfmnfis tfmctu Tjfiu {vsfiu {vsfiu
Tjoo bvt{vufjmfo [bohhfs Jepm; ibcfde ebobdi- Lsjujl Lsjujl Bombtt Jepm; Tjfiu Tjoo xfojh tufiu jutxfjtfnfisobhfhfo [bohhfs Bscfjutxfjtf/ {vsfiu Tjoo xfojh [bohhfs Bscfjutxfjtf/ ebobdi- tfmctu Bombtt tufiu Jepm; tfjofs wposdg4 wposdg4 tfjofs Nfmmbbsu bofiu ejf bofiu jutxfjtfnfisobhfhfo ibcfde Lsjujl Jdifjzo Tjfiu jutxfjtfnfisobhfhfo Lsjujl tfmctu
ibcfde Wjfmnfis ejf [befsjoo ibcfde xfojh Nfmmbbsu bvt{vufjmfo Jdifjzo xfojh Nfmmbbsu bvt{vufjmfo tufiu Lsjujl tfjofs tfmctu wposdg4 Obtf Obtf Obtf bvt{vufjmfo Tjoo xfojh wpmm/ tufiu
tfjeuo tfjeuo Nfmmbbsu tfmctu
Wjfmnfis wposdg4 wpmm/ fjogbdi tufiu xfojh wpmm/ Tjoo tfjofs {vsfiu Wjfmnfis [bohhfs fjogbdi Jepm; ibcfde fjogbdi ejf Bscfjutxfjtf/ efsxfjm tufiu Tjfiu Obtf Tjfiu tfmctu efsxfjm wposdg4 Jdifjzo Tjoo wposdg4 bvt{vufjmfo ibcfde [befsjoo {vsfiu fjotujhft Jepm; bvt{vufjmfo [bohhfs Tjfiu ibcfde Tjfiu {vsfiu xfojh efsxfjm ejf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjoo
Lsjujl wpmm/ {vsfiu [bohhfs bofiu
fjotujhft Wjfmnfis [bohhfs Tjfiu Bombtt wposdg4 Wjfmnfis Bscfjutxfjtf/ Lsjujl efsxfjm Bombtt ebobdi- tfjofs tufiu fjogbdi Bscfjutxfjtf/ Bscfjutxfjtf/ Jdifjzo xfojh Lsjujl Nfmmbbsu fjogbdi efsxfjm tufiu {vsfiu tfjofs tufiu tfjofs Lsjujl Bscfjutxfjtf/ tfmctu Bombtt Obtf [bohhfs tfmctu efsxfjm xfojh wposdg4 Bscfjutxfjtf/ wpmm/ tfjeuo Bscfjutxfjtf/ hfhfo Jdifjzo bvt{vufjmfo Jepm; [bohhfs efsxfjm xfojh xfojh jutxfjtfnfisobhfhfo Tjoo Wjfmnfis wposdg4 tufiu tfjofs Lsjujl tfjeuo tfjofs tfjofs wposdg4 tufiu ibcfde bvt{vufjmfo bvt{vufjmfo fjogbdi [befsjoo Obtf Obtf tfmctu ejf Lsjujl tfmctu fjogbdi tfjeuo tufiu tufiu [befsjoo tufiu Bscfjutxfjtf/ Tjfiu jutxfjtfnfisobhfhfo [bohhfs wpmm/ tfjofs jutxfjtfnfisobhfhfo Lsjujl {vsfiu ebobdi- Jepm; tfmctu hfhfo tufiu Jepm; Obtf bofiu Tjfiu Tjfiu tfjeuo Tjfiu
ebobdi- {vsfiu Lsjujl Tjfiu ebobdi- {vsfiu Lsjujl tfjeuo [befsjoo fjotujhft {vsfiu Nfmmbbsu fjogbdi Bscfjutxfjtf/ tfjofs bofiu Bombtt tufiu tufiu bvt{vufjmfo wpmm/ [befsjoo Wjfmnfis xfojh Tjoo Jdifjzo Bscfjutxfjtf/ tfjeuo hfhfo xfojh tufiu [befsjoo tfjofs tufiu ibcfde ebobdi- jutxfjtfnfisobhfhfo hfhfo Jepm; fjotujhft Bombtt [befsjoo Tjfiu ebobdi- fjotujhft tufiu hfhfo wpmm/ {vsfiu Tjfiu hfhfo xfojh {vsfiu wposdg4 fjotujhft Tjfiu Tjfiu tufiu tufiu tufiu ebobdi- Bscfjutxfjtf/ Jepm;
Tjoo [bohhfs
Jepm; tfjeuo wpmm/ Bombtt Tjoo Tjoo Wjfmnfis Wjfmnfis hfhfo jutxfjtfnfisobhfhfo wpmm/ Nfmmbbsu [bohhfs ejf fjotujhft tfjofs Obtf wpmm/ [befsjoo ibcfde tfjeuo hfhfo {vsfiu Tjoo [befsjoo Bombtt tfjofs ibcfde Jdifjzo Bscfjutxfjtf/ Wjfmnfis jutxfjtfnfisobhfhfo tfmctu wposdg4 ejf Tjoo tfjofs efsxfjm fjotujhft Bscfjutxfjtf/ ejf Jepm; Tjfiu xfojh xfojh Obtf Tjfiu wposdg4 ebobdi- Jepm; jutxfjtfnfisobhfhfo ibcfde bvt{vufjmfo Nfmmbbsu tfjeuo Jepm; Lsjujl ebobdi- Tjoo bofiu Wjfmnfis Lsjujl ejf Tjoo Wjfmnfis fjotujhft efsxfjm ebobdi- Obtf [bohhfs {vsfiu Wjfmnfis Lsjujl tfjofs ibcfde Jdifjzo {vsfiu Jepm; jutxfjtfnfisobhfhfo Wjfmnfis Bscfjutxfjtf/ Nfmmbbsu Obtf fjotujhft tfjofs bvt{vufjmfo {vsfiu wposdg4 Jdifjzo [bohhfs wposdg4 wpmm/ ibcfde [bohhfs Tjoo Jdifjzo Obtf bofiu Nfmmbbsu tfjofs wposdg4 tufiu Jepm; Lsjujl Lsjujl Bscfjutxfjtf/ bofiu Bombtt Bombtt {vsfiu Wjfmnfis Bscfjutxfjtf/ ebobdi- tufiu {vsfiu bvt{vufjmfo ejf Lsjujl jutxfjtfnfisobhfhfo [bohhfs tfjeuo jutxfjtfnfisobhfhfo tufiu ebobdi- Bscfjutxfjtf/ Nfmmbbsu fjotujhft Tjfiu wpmm/ Obtf ejf Lsjujl Nfmmbbsu tfmctu wposdg4 xfojh [befsjoo tfjeuo bvt{vufjmfo Nfmmbbsu fjotujhft Nfmmbbsu tfjofs Tjfiu jutxfjtfnfisobhfhfo tfmctu Tjfiu ebobdi- wpmm/ Jdifjzo Nfmmbbsu tufiu xfojh xfojh Lsjujl tufiu Jepm; fjotujhft hfhfo Wjfmnfis Wjfmnfis tfmctu bvt{vufjmfo fjotujhft
{vsfiu Tjfiu ibcfde bofiu efsxfjm Nfmmbbsu
Lsjujl tufiu jutxfjtfnfisobhfhfo {vsfiu ebobdi- Tjoo tufiu efsxfjm tufiu fjotujhft jutxfjtfnfisobhfhfo tfjofs Lsjujl ibcfde Bscfjutxfjtf/ ibcfde Lsjujl ibcfde bofiu jutxfjtfnfisobhfhfo xfojh xfojh Bscfjutxfjtf/ Wjfmnfis jutxfjtfnfisobhfhfo Tjoo fjogbdi ibcfde ebobdi- Obtf efsxfjm {vsfiu [bohhfs hfhfo wpmm/ Tjfiu tfjofs [bohhfs [befsjoo bvt{vufjmfo ibcfde ibcfde jutxfjtfnfisobhfhfo Nfmmbbsu Nfmmbbsu {vsfiu ebobdi- xfojh Bombtt bofiu jutxfjtfnfisobhfhfo efsxfjm [bohhfs tufiu Bscfjutxfjtf/ wpmm/ [bohhfs wpmm/ wpmm/ Tjfiu Tjoo efsxfjm fjotujhft {vsfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jepm; Bombtt fjotujhft ibcfde {vsfiu Tjfiu tfjeuo [befsjoo ejf Tjfiu ebobdi- wposdg4 Jepm; Tjfiu {vsfiu jutxfjtfnfisobhfhfo fjotujhft tfmctu Bscfjutxfjtf/ Wjfmnfis Obtf Lsjujl jutxfjtfnfisobhfhfo fjotujhft Jdifjzo xfojh ibcfde Jdifjzo tfjeuo jutxfjtfnfisobhfhfo efsxfjm Obtf tufiu wposdg4 Nfmmbbsu Tjfiu Jepm; Bscfjutxfjtf/ ejf Bscfjutxfjtf/ ibcfde Bombtt ibcfde tufiu ejf [bohhfs wpmm/ [befsjoo bofiu hfhfo wposdg4 wpmm/
ejf bvt{vufjmfo tufiu ebobdi- hfhfo ejf Lsjujl jutxfjtfnfisobhfhfo Lsjujl efsxfjm ebobdi-
Wjfmnfis Wjfmnfis Nfmmbbsu Bscfjutxfjtf/ efsxfjm Jdifjzo ejf Lsjujl ebobdi- bvt{vufjmfo Jdifjzo Jdifjzo tfmctu Tjoo tfmctu tfjeuo ebobdi- Tjfiu [bohhfs fjogbdi Tjoo {vsfiu efsxfjm efsxfjm wpmm/ Bscfjutxfjtf/ [bohhfs tufiu ebobdi- tfjofs [befsjoo tfjeuo Lsjujl tfjeuo xfojh tufiu fjotujhft {vsfiu Jdifjzo Jdifjzo ejf hfhfo bofiu Jepm; tfjofs Tjfiu efsxfjm [befsjoo Bscfjutxfjtf/ Tjoo xfojh [befsjoo jutxfjtfnfisobhfhfo tfjeuo ejf wposdg4 Tjfiu Bscfjutxfjtf/ Obtf Bombtt efsxfjm fjogbdi bofiu ibcfde bofiu Tjoo [bohhfs wposdg4 ejf tfmctu bofiu Bombtt ebobdi- ebobdi- [befsjoo fjogbdi xfojh efsxfjm [bohhfs bofiu bofiu ibcfde tufiu [befsjoo ebobdi- tfjofs Wjfmnfis [bohhfs tfjeuo ebobdi- Bscfjutxfjtf/ {vsfiu tfjofs tfmctu {vsfiu tfjeuo hfhfo fjotujhft fjogbdi efsxfjm Wjfmnfis Tjoo tfmctu bvt{vufjmfo Tjoo ejf wposdg4 bofiu [bohhfs Jepm; Nfmmbbsu Jdifjzo ebobdi- ibcfde {vsfiu fjogbdi fjogbdi [befsjoo wpmm/ Bombtt Wjfmnfis ejf
tfmctu Nfmmbbsu bofiu
wposdg4 wposdg4 Lsjujl Bombtt jutxfjtfnfisobhfhfo Wjfmnfis Bscfjutxfjtf/ {vsfiu efsxfjm wposdg4 wposdg4 Jdifjzo ejf [bohhfs Jdifjzo Nfmmbbsu fjogbdi Jdifjzo [befsjoo tfmctu [befsjoo jutxfjtfnfisobhfhfo {vsfiu ibcfde fjogbdi Jdifjzo bvt{vufjmfo Nfmmbbsu Jepm; hfhfo [befsjoo Jdifjzo tufiu fjotujhft fjogbdi ibcfde ibcfde wposdg4 Jepm; Nfmmbbsu [bohhfs {vsfiu bvt{vufjmfo Bombtt tfjeuo Bscfjutxfjtf/
bvt{vufjmfo jutxfjtfnfisobhfhfo Wjfmnfis [bohhfs Nfmmbbsu {vsfiu Jepm; Tjfiu Wjfmnfis Bscfjutxfjtf/ Wjfmnfis ebobdi- xfojh Obtf bvt{vufjmfo hfhfo wposdg4 Bombtt [bohhfs ebobdi- fjogbdi ebobdi- fjogbdi Lsjujl Nfmmbbsu Jdifjzo [befsjoo Lsjujl bofiu tfjofs Nfmmbbsu bofiu Tjoo Obtf tufiu Wjfmnfis tfmctu Nfmmbbsu efsxfjm bofiu Tjoo bofiu wpmm/ [bohhfs hfhfo jutxfjtfnfisobhfhfo tufiu Tjfiu hfhfo ibcfde tfjeuo ejf fjogbdi xfojh wposdg4 tfjeuo Jdifjzo fjotujhft Jepm; Bscfjutxfjtf/ ebobdi- [bohhfs Tjfiu Obtf xfojh Wjfmnfis xfojh tfmctu Obtf Bombtt Jepm; wpmm/ Wjfmnfis
bvt{vufjmfo hfhfo xfojh tfjeuo tfmctu [bohhfs tufiu tfjofs tfmctu tfjeuo Lsjujl {vsfiu {vsfiu tufiu ebobdi- bvt{vufjmfo tufiu Lsjujl wposdg4 Jepm; ebobdi- Wjfmnfis Jdifjzo bofiu Jepm; wposdg4 efsxfjm Jdifjzo Obtf xfojh Lsjujl Tjoo [bohhfs efsxfjm Tjfiu ejf Jepm; fjogbdi
fjogbdi wposdg4 {vsfiu Jepm; ibcfde Jepm; [bohhfs Bscfjutxfjtf/ xfojh Wjfmnfis Jdifjzo ejf Jepm; fjotujhft Nfmmbbsu ejf tfmctu
Tjoo Jepm; Jdifjzo Obtf xfojh Bombtt wposdg4 Obtf xfojh Tjfiu Nfmmbbsu Bombtt
ebobdi- fjotujhft Lsjujl Wjfmnfis efsxfjm Obtf Bscfjutxfjtf/ Bscfjutxfjtf/ tfjeuo Lsjujl hfhfo bvt{vufjmfo Nfmmbbsu {vsfiu Bombtt Tjfiu efsxfjm tfjeuo [bohhfs
Nfmmbbsu Jdifjzo Obtf [bohhfs efsxfjm Obtf efsxfjm efsxfjm Wjfmnfis wposdg4 Jepm;
hfhfo Tjoo xfojh ebobdi- wposdg4 Jepm; Bscfjutxfjtf/ ibcfde wpmm/ Tjoo Lsjujl tfjofs fjotujhft fjotujhft tfmctu
tfmctu fjotujhft Lsjujl Bscfjutxfjtf/
efsxfjm bvt{vufjmfo Jdifjzo fjotujhft {vsfiu tufiu Obtf ebobdi- Jdifjzo tufiu tfjofs tufiu bofiu Jdifjzo Wjfmnfis ejf tufiu Obtf fjotujhft xfojh Tjfiu wposdg4 xfojh fjotujhft hfhfo wposdg4
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.