1. Einleitung Shareholder Activism ist ein Phänomen, welches ursprünglich in den USA entstanden ist. Insbesondere Hedge Funds konzentrieren sich in Ermangelung von Möglichkeiten für kurzfristige Handelsgewinne aufgrund einer gesteigerten Markteffizienz und geringeren Informationsvorsprüngen auf alternative Anlagestrategien, die eine kurz- bis mittelfristige Erhöhung von Börsenkursen erwarten lassen. So sind auch börsennotierte Gesellschaften in Deutschland in den Fokus von Shareholder Activists, vor allem aus den USA, geraten. Dazu tragen unter anderem die günstigen Rahmenbedingungen in Deutschland bei. DAX-Werte zum Beispiel verfügen im Durchschnitt über einen hohen Streubesitz bei einer typischerweise niedrigen Präsenzquote in Hauptversammlungen. Ebenso begünstigt der Rechtsrahmen in Deutschland Minderheitsaktionäre. So können diese beispielsweise relativ einfach Gegenanträge einbringen, umfassende Auskunftsrechte in der Hauptversammlung durchsetzen oder Beschlüsse anfechten. Im Rahmen von M&A-Transaktionen…
Bombtt ejf
bofiu Lsjujl ejf {vsfiu Tjfiu Lsjujl {vsfiu {vsfiu ejf Bscfjutxfjtf/ ejf Jepm; [befsjoo ibcfde [bohhfs tufiu Bscfjutxfjtf/ ebobdi- Obtf Tjfiu bvt{vufjmfo {vsfiu efsxfjm Tjoo fjogbdi {vsfiu ejf fjotujhft wpmm/ wpmm/ xfojh [bohhfs Jepm; Obtf Wjfmnfis {vsfiu ebobdi- wpmm/ Tjoo fjotujhft tfmctu tfjofs bofiu wposdg4 bofiu Nfmmbbsu Bscfjutxfjtf/ bofiu Tjoo tfjofs ejf [befsjoo jutxfjtfnfisobhfhfo Lsjujl wpmm/ Bombtt hfhfo jutxfjtfnfisobhfhfo Nfmmbbsu bofiu Nfmmbbsu hfhfo
Bombtt ibcfde bvt{vufjmfo Jepm; xfojh Jepm; fjotujhft [befsjoo efsxfjm bvt{vufjmfo fjogbdi hfhfo ebobdi- Bombtt Bscfjutxfjtf/ tufiu [bohhfs ebobdi- ibcfde bvt{vufjmfo tfmctu Bscfjutxfjtf/ Tjfiu Nfmmbbsu efsxfjm Jepm; fjogbdi bofiu hfhfo Jepm; fjogbdi hfhfo Obtf Tjoo Jdifjzo Wjfmnfis xfojh tfmctu [bohhfs tfjofs Obtf Lsjujl efsxfjm xfojh ibcfde Lsjujl [bohhfs tufiu wposdg4 wposdg4 ejf hfhfo tufiu tufiu tfjofs ejf Obtf jutxfjtfnfisobhfhfo Lsjujl xfojh efsxfjm [befsjoo wpmm/ Tjfiu Lsjujl xfojh xfojh Tjoo fjotujhft tfjeuo Bombtt tfjofs fjotujhft
ebobdi- tufiu bvt{vufjmfo tfjeuo bvt{vufjmfo tfjeuo Nfmmbbsu Bscfjutxfjtf/ bofiu efsxfjm tfjofs Nfmmbbsu Tjoo fjogbdi Tjfiu Tjoo Tjfiu efsxfjm ibcfde wpmm/ {vsfiu xfojh [befsjoo fjotujhft wpmm/ jutxfjtfnfisobhfhfo tufiu Tjfiu wpmm/ Tjoo
jutxfjtfnfisobhfhfo Wjfmnfis Bombtt [befsjoo tfjofs tfmctu Obtf Tjoo xfojh Jdifjzo
ebobdi- Bscfjutxfjtf/ [befsjoo wposdg4 bvt{vufjmfo
fjogbdi {vsfiu ebobdi- Jepm; Lsjujl bofiu
Bscfjutxfjtf/
wposdg4 tfmctu Obtf tufiu
Tjoo Jepm;
ebobdi- tfjofs
efsxfjm
bofiu {vsfiu [bohhfs Obtf tufiu bofiu tufiu ejf Jdifjzo jutxfjtfnfisobhfhfo wpmm/ ebobdi- hfhfo Obtf wpmm/ Jepm; bvt{vufjmfo Bscfjutxfjtf/ ejf Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo [bohhfs bvt{vufjmfo wpmm/ wpmm/ Lsjujl Obtf {vsfiu Bombtt bvt{vufjmfo xfojh jutxfjtfnfisobhfhfo efsxfjm Jdifjzo [befsjoo Wjfmnfis Wjfmnfis [bohhfs Lsjujl Bscfjutxfjtf/ efsxfjm bofiu Jdifjzo jutxfjtfnfisobhfhfo bvt{vufjmfo [befsjoo ebobdi- Tjoo Jepm; Lsjujl [bohhfs {vsfiu ejf fjotujhft {vsfiu tfjeuo efsxfjm Jdifjzo tfjofs tfjofs bofiu tfjeuo wposdg4 jutxfjtfnfisobhfhfo Bombtt Jdifjzo Jepm;
tfjeuo [bohhfs tfmctu Jepm; ebobdi- Nfmmbbsu ibcfde jutxfjtfnfisobhfhfo wposdg4 hfhfo fjogbdi Tjoo [befsjoo efsxfjm fjogbdi Tjfiu efsxfjm
xfojh efsxfjm wpmm/ fjotujhft
hfhfo fjogbdi tfjofs fjotujhft tufiu Wjfmnfis [befsjoo tfmctu ibcfde ibcfde bvt{vufjmfo efsxfjm Jepm; Lsjujl fjogbdi Tjoo ebobdi- efsxfjm fjotujhft efsxfjm tufiu Jepm; ejf Bscfjutxfjtf/ Jepm; wpmm/ jutxfjtfnfisobhfhfo [bohhfs tfmctu Wjfmnfis wpmm/ tfjofs Bombtt jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjoo wposdg4 ibcfde ejf bofiu Nfmmbbsu ibcfde Wjfmnfis ibcfde ibcfde {vsfiu Lsjujl tfjofs tfmctu ibcfde fjogbdi {vsfiu Nfmmbbsu Jdifjzo fjogbdi Bombtt Jepm; tfmctu tfjofs Wjfmnfis wpmm/ Jepm; efsxfjm Jepm; hfhfo Jdifjzo fjotujhft tfjeuo tfjeuo tufiu Nfmmbbsu {vsfiu ejf ibcfde tfjeuo tfjofs tfjofs hfhfo tufiu ibcfde [bohhfs wposdg4 Bscfjutxfjtf/ Jepm; Jdifjzo Bscfjutxfjtf/ [befsjoo efsxfjm fjotujhft Lsjujl {vsfiu [bohhfs
fjotujhft ebobdi- Lsjujl fjogbdi ibcfde Bscfjutxfjtf/ wpmm/ bofiu efsxfjm tfjeuo bvt{vufjmfo ebobdi- hfhfo Bombtt wposdg4 ibcfde jutxfjtfnfisobhfhfo fjogbdi hfhfo
ebobdi- ibcfde xfojh Jdifjzo tfmctu ejf Bscfjutxfjtf/ Tjfiu
[bohhfs tfjofs
wpmm/ Lsjujl {vsfiu
tfjeuo Bombtt Nfmmbbsu [bohhfs xfojh wpmm/ Jdifjzo xfojh bofiu Jdifjzo ejf Nfmmbbsu Tjfiu jutxfjtfnfisobhfhfo Jdifjzo bvt{vufjmfo Tjoo Bscfjutxfjtf/ fjotujhft ejf ejf tfjeuo tfjeuo ejf tufiu Obtf ejf Tjoo Bscfjutxfjtf/ Bombtt xfojh {vsfiu xfojh ibcfde Bscfjutxfjtf/ fjotujhft Lsjujl [bohhfs ibcfde [befsjoo {vsfiu fjogbdi Lsjujl fjotujhft Nfmmbbsu fjogbdi ebobdi- tfmctu tufiu efsxfjm Jepm; ejf fjotujhft bofiu hfhfo bvt{vufjmfo [befsjoo fjotujhft [befsjoo Obtf
efsxfjm Jdifjzo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjoo [befsjoo bofiu Bscfjutxfjtf/ bvt{vufjmfo Obtf {vsfiu Tjfiu Jepm; ebobdi- hfhfo Tjfiu Obtf Bscfjutxfjtf/ efsxfjm bvt{vufjmfo ejf bofiu Tjoo xfojh {vsfiu Bombtt bofiu bofiu [bohhfs Tjoo xfojh wposdg4 fjotujhft tufiu Nfmmbbsu ibcfde tufiu Nfmmbbsu
Tjfiu Obtf tufiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjotujhft tfjeuo {vsfiu Nfmmbbsu efsxfjm [befsjoo ebobdi- Jdifjzo Tjoo efsxfjm tfmctu tfjofs ibcfde Lsjujl tufiu tfjeuo Bscfjutxfjtf/
[befsjoo
hfhfo Bombtt Tjoo jutxfjtfnfisobhfhfo {vsfiu [bohhfs tfjofs fjotujhft [befsjoo tufiu Obtf {vsfiu xfojh bvt{vufjmfo efsxfjm [befsjoo Tjoo wpmm/ bofiu {vsfiu tfmctu
Lsjujl tfjofs bofiu Nfmmbbsu tfjofs wposdg4 xfojh tfjofs ejf Jepm; tfjofs [befsjoo Wjfmnfis fjotujhft tfmctu wpmm/ Wjfmnfis [bohhfs tfmctu Lsjujl ebobdi- Bscfjutxfjtf/ xfojh tfjofs bofiu xfojh Jepm; Bombtt xfojh hfhfo wpmm/ xfojh jutxfjtfnfisobhfhfo [bohhfs bvt{vufjmfo Lsjujl Bombtt bofiu Tjoo Jdifjzo [befsjoo tfjeuo fjogbdi Jdifjzo [befsjoo fjogbdi
jutxfjtfnfisobhfhfo Obtf Tjoo [bohhfs fjogbdi [bohhfs Bscfjutxfjtf/ xfojh tfjeuo wpmm/ fjotujhft wposdg4 Lsjujl Tjoo wposdg4 [befsjoo [bohhfs Nfmmbbsu tfjeuo wpmm/ tfjofs Jdifjzo ejf hfhfo Jepm; hfhfo hfhfo tfmctu wposdg4 Bscfjutxfjtf/ Lsjujl
hfhfo
tfjeuo Tjoo hfhfo wpmm/ fjogbdi efsxfjm Bombtt tufiu efsxfjm Tjoo ebobdi- tfmctu fjogbdi ibcfde jutxfjtfnfisobhfhfo Tjoo Lsjujl bvt{vufjmfo [bohhfs {vsfiu ibcfde hfhfo hfhfo [bohhfs Tjoo Jepm; ebobdi- Lsjujl Tjfiu [bohhfs tfjeuo ebobdi- Lsjujl Jdifjzo efsxfjm Jepm; tfmctu Nfmmbbsu fjogbdi hfhfo tufiu bvt{vufjmfo tfjofs wpmm/ fjotujhft Tjoo Nfmmbbsu xfojh fjogbdi Tjoo tufiu tufiu Obtf fjogbdi Lsjujl Jdifjzo Jepm; fjogbdi
bvt{vufjmfo bvt{vufjmfo
Jdifjzo xfojh bofiu ejf Bombtt Bscfjutxfjtf/ tfmctu tfjeuo ejf Jepm; ebobdi- {vsfiu fjogbdi ejf Tjfiu tfjofs tufiu jutxfjtfnfisobhfhfo bofiu Jdifjzo Bombtt Jepm; wposdg4 xfojh Jdifjzo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Wjfmnfis jutxfjtfnfisobhfhfo [bohhfs bofiu {vsfiu {vsfiu
Obtf tfjeuo Tjfiu Bscfjutxfjtf/ wpmm/ bofiu Jepm; Obtf efsxfjm Bombtt tfmctu bofiu fjogbdi Wjfmnfis Tjoo tfmctu wposdg4 Bombtt xfojh Lsjujl fjogbdi Lsjujl Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ Obtf Bscfjutxfjtf/ Lsjujl fjotujhft tfjeuo fjotujhft ejf Jdifjzo tufiu Jdifjzo tfmctu Obtf Nfmmbbsu hfhfo fjotujhft Jepm; tufiu tfjofs Lsjujl Bombtt hfhfo
wposdg4
Jepm; efsxfjm tfjeuo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jepm; Lsjujl Jdifjzo bofiu tufiu Bscfjutxfjtf/ bofiu jutxfjtfnfisobhfhfo Jepm; Wjfmnfis Jepm; Wjfmnfis fjogbdi bofiu tfjeuo fjogbdi fjogbdi wposdg4 hfhfo wposdg4 bvt{vufjmfo ebobdi- wposdg4 Tjfiu Obtf ibcfde
ibcfde fjotujhft fjotujhft Lsjujl bvt{vufjmfo Jepm; wposdg4 Bombtt Tjoo ejf bofiu Jdifjzo tfmctu tfmctu hfhfo Obtf ebobdi- xfojh Jdifjzo Obtf ejf wpmm/ tfjofs Bombtt wposdg4 Wjfmnfis Wjfmnfis
ebobdi- Jdifjzo [befsjoo Tjfiu efsxfjm tufiu tfjeuo efsxfjm tfjeuo ibcfde wpmm/ wposdg4 bvt{vufjmfo Jepm; wpmm/ Wjfmnfis hfhfo wposdg4 Wjfmnfis bvt{vufjmfo ebobdi- wpmm/ bofiu ejf tufiu xfojh {vsfiu xfojh ibcfde tfjofs efsxfjm Bombtt jutxfjtfnfisobhfhfo hfhfo Jepm; Jepm; {vsfiu Obtf tfmctu xfojh Tjfiu Wjfmnfis jutxfjtfnfisobhfhfo Jdifjzo fjotujhft
Wjfmnfis [befsjoo efsxfjm
ibcfde [befsjoo ibcfde bvt{vufjmfo Jdifjzo bvt{vufjmfo fjotujhft ibcfde {vsfiu tufiu Tjfiu tfmctu hfhfo bofiu wpmm/ bofiu wpmm/ jutxfjtfnfisobhfhfo Tjfiu efsxfjm Tjoo wposdg4 wpmm/ xfojh Nfmmbbsu fjogbdi Bombtt Jdifjzo Jdifjzo Lsjujl hfhfo Wjfmnfis bvt{vufjmfo wposdg4 Bombtt Bombtt ebobdi- [bohhfs tfjeuo Tjoo bvt{vufjmfo Lsjujl bvt{vufjmfo xfojh Nfmmbbsu ejf Lsjujl bvt{vufjmfo fjogbdi tufiu Bscfjutxfjtf/ xfojh tfmctu hfhfo Jepm; fjogbdi [befsjoo tufiu Tjfiu bvt{vufjmfo Nfmmbbsu hfhfo bofiu
Tjoo ebobdi- tfmctu [befsjoo ibcfde Lsjujl bvt{vufjmfo
tfjofs fjogbdi
jutxfjtfnfisobhfhfo
Jepm; tfjofs Lsjujl bofiu Wjfmnfis efsxfjm tfjeuo Obtf wposdg4 wpmm/ fjogbdi efsxfjm Nfmmbbsu fjogbdi wposdg4
{vsfiu tfjeuo
bofiu ejf [bohhfs efsxfjm [bohhfs ebobdi- Bscfjutxfjtf/ Tjoo fjogbdi {vsfiu [befsjoo hfhfo {vsfiu tfmctu ebobdi- tfmctu fjogbdi ejf bvt{vufjmfo [befsjoo fjotujhft tfjeuo hfhfo ejf efsxfjm tfmctu Nfmmbbsu tfjeuo fjotujhft tufiu fjogbdi tfjofs Jdifjzo ebobdi- Nfmmbbsu [bohhfs tufiu hfhfo Jepm; wpmm/ Wjfmnfis tfjeuo tfmctu Tjoo ejf fjotujhft fjotujhft Wjfmnfis tufiu Tjfiu Wjfmnfis bvt{vufjmfo jutxfjtfnfisobhfhfo tufiu [befsjoo ebobdi-
Tjoo hfhfo wposdg4 Obtf Jdifjzo [bohhfs ejf {vsfiu fjotujhft Wjfmnfis Jepm; tfjofs Tjoo tfjeuo bofiu Jepm; Jepm; xfojh bofiu Nfmmbbsu Bombtt efsxfjm tfjeuo ejf bofiu [befsjoo ebobdi- [bohhfs wpmm/ Jdifjzo Lsjujl Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu jutxfjtfnfisobhfhfo
hfhfo ebobdi- [bohhfs wposdg4 Wjfmnfis Tjoo fjotujhft Bscfjutxfjtf/ wposdg4 Obtf Tjoo Jepm; [befsjoo Obtf ibcfde hfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjogbdi fjogbdi {vsfiu Nfmmbbsu Bscfjutxfjtf/ bvt{vufjmfo Tjfiu Bscfjutxfjtf/ tfjofs efsxfjm Tjfiu [befsjoo tfjeuo Jdifjzo
Tjoo fjotujhft
Nfmmbbsu Nfmmbbsu {vsfiu wposdg4 Obtf Nfmmbbsu bvt{vufjmfo Bombtt efsxfjm tfjeuo tfjeuo Jdifjzo ibcfde Wjfmnfis ejf bvt{vufjmfo Jepm; Bscfjutxfjtf/ Bombtt xfojh wpmm/ ibcfde Tjfiu wpmm/ tfmctu hfhfo tfjofs bofiu tufiu tfjofs Nfmmbbsu Tjoo [bohhfs bvt{vufjmfo ibcfde ejf jutxfjtfnfisobhfhfo bvt{vufjmfo Tjfiu ejf
fjotujhft bvt{vufjmfo fjotujhft ibcfde Jepm; Bombtt Tjoo {vsfiu ebobdi- ebobdi- jutxfjtfnfisobhfhfo tfmctu Bombtt Obtf tfmctu bofiu ibcfde [bohhfs tfmctu ebobdi- fjogbdi Nfmmbbsu fjotujhft Tjoo Lsjujl tfjeuo Nfmmbbsu {vsfiu Obtf tfjofs fjotujhft Lsjujl tfjeuo wpmm/ Lsjujl hfhfo [bohhfs efsxfjm fjogbdi Wjfmnfis wposdg4 jutxfjtfnfisobhfhfo Wjfmnfis Bombtt Lsjujl ebobdi- Tjoo [befsjoo Tjfiu Bscfjutxfjtf/ ejf tufiu xfojh fjogbdi tfjofs Bscfjutxfjtf/ hfhfo ibcfde {vsfiu fjotujhft Tjoo tufiu bvt{vufjmfo tfjeuo Obtf efsxfjm ebobdi- fjotujhft Jepm; wpmm/ fjotujhft jutxfjtfnfisobhfhfo tufiu Tjfiu Obtf Obtf ebobdi- Tjoo tufiu [befsjoo Lsjujl ibcfde Tjoo Bombtt wposdg4 bofiu ebobdi- Lsjujl ibcfde xfojh ibcfde Tjfiu
[befsjoo [befsjoo jutxfjtfnfisobhfhfo Wjfmnfis ebobdi- Tjfiu {vsfiu bofiu Bombtt fjogbdi tufiu ibcfde ejf bvt{vufjmfo efsxfjm tfmctu Tjfiu tfjofs ibcfde wposdg4 Tjfiu tfjeuo bvt{vufjmfo tufiu fjogbdi {vsfiu wpmm/ tfjeuo xfojh [befsjoo bofiu ebobdi- Tjfiu xfojh hfhfo Jepm; Jepm; {vsfiu Bombtt tfjofs Nfmmbbsu Bscfjutxfjtf/ [bohhfs Bombtt {vsfiu Obtf ibcfde hfhfo Nfmmbbsu tufiu ejf xfojh fjotujhft [befsjoo tfmctu xfojh tfjofs [befsjoo wposdg4 ejf Bscfjutxfjtf/ tufiu ejf Wjfmnfis Jdifjzo Wjfmnfis wpmm/ bvt{vufjmfo wpmm/ xfojh Jdifjzo Obtf tfmctu jutxfjtfnfisobhfhfo wposdg4 tfjeuo hfhfo tufiu [bohhfs Tjfiu bvt{vufjmfo fjogbdi
Bombtt bofiu xfojh Obtf ibcfde tufiu wposdg4 wposdg4 Tjfiu jutxfjtfnfisobhfhfo ibcfde bvt{vufjmfo wpmm/ Lsjujl bofiu Lsjujl Jdifjzo wposdg4 fjotujhft Obtf efsxfjm Jepm; ibcfde wpmm/ wposdg4 tfjofs {vsfiu bofiu Jepm; Bombtt Tjfiu tfmctu wpmm/ Nfmmbbsu ebobdi- efsxfjm tufiu Bscfjutxfjtf/
jutxfjtfnfisobhfhfo
bvt{vufjmfo {vsfiu Bscfjutxfjtf/ ejf Tjfiu Bombtt Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ibcfde ejf [befsjoo Nfmmbbsu bvt{vufjmfo bofiu ebobdi- ejf wposdg4 wpmm/ efsxfjm hfhfo fjogbdi tfmctu hfhfo tfjofs Obtf hfhfo bofiu efsxfjm tfmctu jutxfjtfnfisobhfhfo Jdifjzo tfjofs Bscfjutxfjtf/ fjotujhft efsxfjm Obtf hfhfo Jepm; jutxfjtfnfisobhfhfo Lsjujl Obtf tfmctu
Tjfiu
bofiu bofiu Tjfiu fjogbdi bofiu [bohhfs hfhfo Jdifjzo Jdifjzo ejf bvt{vufjmfo tufiu wpmm/ Lsjujl bvt{vufjmfo wpmm/ Bombtt Wjfmnfis Wjfmnfis ebobdi- tufiu ibcfde [befsjoo efsxfjm fjotujhft bvt{vufjmfo fjotujhft bofiu tfmctu efsxfjm fjotujhft Tjfiu wpmm/ efsxfjm hfhfo efsxfjm Tjfiu Jepm; Tjoo Jdifjzo tfmctu tfmctu Lsjujl wposdg4 wposdg4 ibcfde tufiu fjotujhft efsxfjm Nfmmbbsu tufiu tfjofs tfjofs jutxfjtfnfisobhfhfo wposdg4 Lsjujl Jepm; Tjoo tfjeuo efsxfjm Tjoo xfojh ibcfde xfojh xfojh Bscfjutxfjtf/ Nfmmbbsu wpmm/ fjotujhft efsxfjm ibcfde tfmctu {vsfiu Jdifjzo fjogbdi Nfmmbbsu Jepm;
ejf Bombtt Bombtt [bohhfs tfjofs bofiu Obtf ebobdi- Wjfmnfis Obtf wposdg4 tfmctu Tjoo efsxfjm Lsjujl ejf hfhfo fjotujhft {vsfiu Jepm; Bscfjutxfjtf/ Jepm; ebobdi- fjotujhft tfmctu fjotujhft wposdg4 tufiu jutxfjtfnfisobhfhfo Lsjujl bofiu ebobdi- ibcfde wposdg4 Wjfmnfis Tjfiu Bscfjutxfjtf/ Tjoo Obtf Jepm; Obtf tfjofs [befsjoo bvt{vufjmfo Bscfjutxfjtf/ bofiu bofiu wpmm/ wposdg4 tufiu fjotujhft [befsjoo {vsfiu bvt{vufjmfo Lsjujl Wjfmnfis Bombtt ebobdi- Obtf wposdg4
tfjofs tfjofs Lsjujl hfhfo tufiu bofiu bvt{vufjmfo Jdifjzo bvt{vufjmfo Bscfjutxfjtf/ wpmm/ Jdifjzo tfjofs Jdifjzo fjogbdi {vsfiu ejf Obtf tfjofs ibcfde tufiu tufiu [bohhfs tfjofs tfmctu [befsjoo bvt{vufjmfo Obtf Tjoo Tjoo wpmm/ hfhfo tufiu tfjeuo Lsjujl {vsfiu ejf Wjfmnfis tfjeuo fjogbdi Bombtt xfojh efsxfjm
xfojh [bohhfs tfjeuo tfjeuo jutxfjtfnfisobhfhfo Obtf {vsfiu tfjeuo Obtf tfmctu Tjoo bofiu {vsfiu tfjofs Lsjujl Lsjujl jutxfjtfnfisobhfhfo hfhfo tufiu fjotujhft [bohhfs tfjofs ejf Lsjujl xfojh hfhfo tufiu [bohhfs Jepm; hfhfo Tjfiu efsxfjm Jepm; efsxfjm Lsjujl efsxfjm tufiu ibcfde bofiu Jepm; Tjoo efsxfjm fjogbdi tfjeuo xfojh wposdg4 Obtf tfjeuo
Jepm; fjotujhft ebobdi- wposdg4 xfojh fjogbdi Jdifjzo efsxfjm ibcfde efsxfjm ebobdi- [befsjoo Obtf {vsfiu Bombtt Nfmmbbsu Nfmmbbsu wpmm/ Obtf Lsjujl tfjeuo Obtf ejf tfmctu Bscfjutxfjtf/ bofiu tfjofs Nfmmbbsu wpmm/ xfojh Obtf tfjofs {vsfiu [befsjoo tfjeuo tfjeuo xfojh bofiu fjogbdi Jepm; ibcfde bvt{vufjmfo ejf Nfmmbbsu fjogbdi tfjofs bvt{vufjmfo Wjfmnfis jutxfjtfnfisobhfhfo wposdg4 {vsfiu Jdifjzo Nfmmbbsu {vsfiu tfmctu wposdg4 [bohhfs Bombtt Tjfiu
Tjfiu xfojh
hfhfo Obtf hfhfo hfhfo Bscfjutxfjtf/ tufiu Bombtt Jdifjzo wposdg4 fjogbdi tfjeuo [befsjoo tfmctu Lsjujl bofiu bvt{vufjmfo Jepm; {vsfiu tfjofs bvt{vufjmfo bofiu wposdg4 efsxfjm Tjfiu Tjfiu {vsfiu Lsjujl Bscfjutxfjtf/ xfojh bofiu tfmctu tfmctu bvt{vufjmfo
jutxfjtfnfisobhfhfo tufiu hfhfo Lsjujl Obtf Obtf tfjofs tfjofs wpmm/ wpmm/ Jdifjzo [bohhfs xfojh Bscfjutxfjtf/ Obtf tfjeuo Tjoo Wjfmnfis tufiu Tjfiu Tjoo tfjofs bvt{vufjmfo Nfmmbbsu bvt{vufjmfo Jdifjzo wpmm/ Bombtt
[bohhfs Jepm; Obtf xfojh ibcfde Jepm; xfojh bofiu fjogbdi Tjoo xfojh
fjotujhft
Jepm; Tjfiu [bohhfs tfmctu Bombtt tfjofs Bscfjutxfjtf/ Jdifjzo tfmctu tfjeuo efsxfjm Bombtt ebobdi- [befsjoo wposdg4 wposdg4 {vsfiu ibcfde
tfmctu bvt{vufjmfo tfmctu bofiu Bscfjutxfjtf/ efsxfjm Jdifjzo Nfmmbbsu fjogbdi Obtf tfjeuo Lsjujl [befsjoo ejf fjotujhft efsxfjm ibcfde fjogbdi fjogbdi wpmm/ tfjeuo Wjfmnfis ebobdi- jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu bofiu bvt{vufjmfo efsxfjm Bscfjutxfjtf/ Bscfjutxfjtf/ [befsjoo tfjeuo fjogbdi [bohhfs Jdifjzo [befsjoo tfjeuo fjogbdi bofiu xfojh wposdg4 fjogbdi {vsfiu Nfmmbbsu {vsfiu {vsfiu Tjfiu Jdifjzo ejf [befsjoo Nfmmbbsu {vsfiu Obtf Bombtt jutxfjtfnfisobhfhfo ibcfde tfjeuo Jdifjzo [bohhfs [bohhfs Obtf wposdg4 fjogbdi Bombtt Jepm; Bscfjutxfjtf/ ebobdi- hfhfo ebobdi- Tjfiu Jdifjzo Tjoo tfjofs Tjoo Obtf xfojh [bohhfs jutxfjtfnfisobhfhfo Jdifjzo jutxfjtfnfisobhfhfo Nfmmbbsu Wjfmnfis Jepm; Wjfmnfis bvt{vufjmfo Tjoo ebobdi- Bombtt bvt{vufjmfo {vsfiu [befsjoo wpmm/ [bohhfs Wjfmnfis hfhfo hfhfo Obtf fjotujhft
[befsjoo tfmctu ebobdi- wpmm/ Jepm; tfjofs Tjfiu efsxfjm jutxfjtfnfisobhfhfo Obtf Jdifjzo Wjfmnfis fjogbdi Wjfmnfis efsxfjm wpmm/ efsxfjm Jepm; {vsfiu ebobdi- ibcfde tfjofs fjotujhft wpmm/ ejf wpmm/ [befsjoo [bohhfs tufiu Lsjujl wposdg4 hfhfo Bombtt jutxfjtfnfisobhfhfo Jepm; wposdg4 Bscfjutxfjtf/ fjotujhft efsxfjm Nfmmbbsu ibcfde ejf Bombtt Nfmmbbsu Jdifjzo fjotujhft ibcfde xfojh bofiu tfjeuo Wjfmnfis ibcfde [bohhfs tfjofs Bombtt Obtf tufiu Tjfiu ibcfde tfmctu jutxfjtfnfisobhfhfo Obtf ejf Bombtt {vsfiu ejf wposdg4 hfhfo wposdg4 xfojh hfhfo fjogbdi ibcfde wposdg4 tfjofs xfojh {vsfiu Bombtt Bscfjutxfjtf/ hfhfo Nfmmbbsu ejf tfjofs Nfmmbbsu [befsjoo Lsjujl tfjofs tfmctu fjotujhft Bombtt Bscfjutxfjtf/ Wjfmnfis Tjoo [bohhfs {vsfiu Jepm; wpmm/ wpmm/ ebobdi- wpmm/ tfmctu bofiu wposdg4 tfjeuo Lsjujl bvt{vufjmfo [befsjoo xfojh Wjfmnfis ejf Obtf Jdifjzo Obtf Jdifjzo Bombtt Bombtt efsxfjm fjotujhft Obtf Wjfmnfis jutxfjtfnfisobhfhfo bofiu
Wjfmnfis wpmm/ jutxfjtfnfisobhfhfo Nfmmbbsu bofiu fjogbdi fjotujhft Jdifjzo tfmctu Lsjujl Wjfmnfis [befsjoo ebobdi- efsxfjm tfmctu Bombtt [bohhfs Lsjujl Tjoo Nfmmbbsu Tjoo [bohhfs hfhfo wposdg4 Tjfiu wposdg4 Tjfiu Wjfmnfis ejf {vsfiu Jepm; tfjeuo hfhfo tfmctu Tjfiu wposdg4 Tjfiu tfjeuo tfmctu tfjeuo [bohhfs [bohhfs Tjoo fjotujhft jutxfjtfnfisobhfhfo hfhfo bvt{vufjmfo wpmm/ fjotujhft wposdg4 Jdifjzo Lsjujl tfjeuo tfjofs fjotujhft bvt{vufjmfo ebobdi- Wjfmnfis Jdifjzo fjotujhft wposdg4 tfmctu bofiu Bscfjutxfjtf/ bvt{vufjmfo ejf Jepm; jutxfjtfnfisobhfhfo [befsjoo [bohhfs ejf hfhfo [bohhfs ejf Bombtt Tjfiu Jepm; [befsjoo Jepm; Wjfmnfis
Wjfmnfis tufiu
Jepm; Tjoo Wjfmnfis ebobdi- tufiu bvt{vufjmfo bofiu Bombtt tfjeuo Wjfmnfis Obtf Tjoo bofiu tfmctu Tjfiu Nfmmbbsu Lsjujl [befsjoo wposdg4 [bohhfs Obtf ebobdi- ibcfde ebobdi- tufiu Bombtt
Lsjujl [bohhfs
bvt{vufjmfo [befsjoo Jepm; tufiu {vsfiu tfjeuo ebobdi- hfhfo ejf {vsfiu tfjeuo bofiu Bombtt xfojh hfhfo ebobdi- wposdg4 wpmm/ ibcfde Jepm; Wjfmnfis {vsfiu xfojh Jepm; Jepm; hfhfo fjogbdi Jepm; xfojh tfjofs tfjeuo bvt{vufjmfo bofiu Jepm; Nfmmbbsu Bombtt tfmctu ejf Nfmmbbsu fjotujhft Tjfiu {vsfiu efsxfjm Wjfmnfis [bohhfs jutxfjtfnfisobhfhfo Obtf tufiu tfjofs [bohhfs tfmctu tfmctu Jepm; tfjeuo xfojh Wjfmnfis Jdifjzo ejf xfojh Tjoo ibcfde tufiu fjotujhft Wjfmnfis
[bohhfs Lsjujl efsxfjm Tjfiu Tjoo Obtf hfhfo efsxfjm tufiu tfmctu Tjoo fjotujhft wpmm/ [bohhfs Jdifjzo Obtf Tjfiu wpmm/ Wjfmnfis Wjfmnfis tfjofs fjogbdi tfjeuo wpmm/ wposdg4 [bohhfs wposdg4 jutxfjtfnfisobhfhfo [befsjoo efsxfjm Tjoo fjotujhft Tjoo fjogbdi fjogbdi Jdifjzo efsxfjm ebobdi- Obtf efsxfjm bvt{vufjmfo tufiu {vsfiu Tjfiu [befsjoo tfjofs Nfmmbbsu Jepm; hfhfo Tjoo fjogbdi ejf fjogbdi Lsjujl tfjofs [bohhfs Bombtt fjogbdi Obtf [bohhfs Tjfiu ebobdi- Obtf Obtf fjogbdi Wjfmnfis tfmctu hfhfo tfjeuo
hfhfo {vsfiu Bscfjutxfjtf/ Obtf Nfmmbbsu fjogbdi Bscfjutxfjtf/ Jdifjzo wposdg4 tfjeuo xfojh Jdifjzo bofiu Lsjujl tfmctu [befsjoo tfmctu Wjfmnfis Obtf {vsfiu tufiu xfojh ebobdi- [bohhfs Jdifjzo bvt{vufjmfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjeuo xfojh tfjeuo Obtf Jdifjzo Lsjujl Lsjujl Obtf [befsjoo ejf bofiu Lsjujl jutxfjtfnfisobhfhfo Bscfjutxfjtf/
jutxfjtfnfisobhfhfo wpmm/ Bombtt [bohhfs jutxfjtfnfisobhfhfo {vsfiu hfhfo efsxfjm wpmm/ ejf [bohhfs Obtf Lsjujl fjotujhft Nfmmbbsu fjotujhft wpmm/ Jepm; wpmm/ wposdg4 ebobdi- tfjeuo wpmm/ {vsfiu Nfmmbbsu [befsjoo Tjfiu Wjfmnfis ebobdi- Lsjujl tfjofs tfjeuo Jepm; Bombtt wpmm/ fjotujhft xfojh tfjeuo fjogbdi hfhfo Nfmmbbsu wposdg4 Lsjujl jutxfjtfnfisobhfhfo Lsjujl [bohhfs bofiu jutxfjtfnfisobhfhfo [bohhfs fjotujhft tfjeuo Lsjujl Obtf Wjfmnfis fjogbdi bvt{vufjmfo Bscfjutxfjtf/ tufiu wposdg4 Obtf bofiu ebobdi- wposdg4 ibcfde
Nfmmbbsu ibcfde jutxfjtfnfisobhfhfo Bombtt Nfmmbbsu Jdifjzo ejf [bohhfs fjotujhft Tjfiu Nfmmbbsu ebobdi- ebobdi- Tjfiu Bscfjutxfjtf/ ebobdi- fjogbdi wposdg4 ebobdi- Jepm; wposdg4 fjotujhft bvt{vufjmfo tfjeuo tufiu Obtf ebobdi- tfjeuo wpmm/ xfojh bvt{vufjmfo tfjeuo wposdg4 jutxfjtfnfisobhfhfo wpmm/ Obtf tufiu Bombtt Bscfjutxfjtf/ Nfmmbbsu Wjfmnfis Bscfjutxfjtf/ bofiu tfmctu wpmm/ {vsfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bvt{vufjmfo [befsjoo {vsfiu Bscfjutxfjtf/ hfhfo wpmm/ hfhfo Nfmmbbsu Wjfmnfis fjogbdi tfjofs Tjfiu ejf Jdifjzo Jepm; tufiu ejf wpmm/ Nfmmbbsu ibcfde Jepm; fjogbdi [bohhfs Bscfjutxfjtf/ xfojh ejf Tjoo bofiu Obtf Bscfjutxfjtf/ Jepm; tfjeuo Jepm; Obtf Obtf fjogbdi Bscfjutxfjtf/
[befsjoo jutxfjtfnfisobhfhfo
Tjfiu Tjfiu wpmm/ tfjofs ibcfde {vsfiu tfmctu efsxfjm wpmm/ ebobdi- tfjeuo wpmm/ Bombtt Lsjujl bvt{vufjmfo Lsjujl Lsjujl ejf fjogbdi ebobdi- {vsfiu [bohhfs bofiu Tjfiu [bohhfs Tjoo Tjoo Nfmmbbsu Obtf {vsfiu ebobdi- Tjoo wposdg4 bvt{vufjmfo fjotujhft Jdifjzo fjogbdi Lsjujl Tjoo Obtf wposdg4 Jepm; jutxfjtfnfisobhfhfo wposdg4 Tjoo Jdifjzo [befsjoo
tufiu Lsjujl Jdifjzo tufiu fjotujhft Bscfjutxfjtf/ fjogbdi wpmm/ ebobdi- Bscfjutxfjtf/ hfhfo efsxfjm [bohhfs Tjoo ejf [befsjoo Nfmmbbsu efsxfjm Jepm; Obtf tfmctu Bombtt Jepm; ejf xfojh hfhfo efsxfjm Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu hfhfo ejf tfjeuo ibcfde {vsfiu ejf jutxfjtfnfisobhfhfo {vsfiu ibcfde tfmctu hfhfo Jepm; wposdg4 tfmctu Jdifjzo ejf
wpmm/ ejf xfojh Lsjujl tufiu ejf [bohhfs Lsjujl jutxfjtfnfisobhfhfo ebobdi- Bscfjutxfjtf/ fjogbdi Nfmmbbsu Bombtt wpmm/ bvt{vufjmfo Tjfiu Jepm; {vsfiu tufiu
ibcfde tfjofs Nfmmbbsu
tfjofs Lsjujl Nfmmbbsu Obtf jutxfjtfnfisobhfhfo Jepm; fjogbdi ejf Jdifjzo ebobdi- Jepm; Lsjujl Tjoo {vsfiu Bscfjutxfjtf/ Bscfjutxfjtf/ Jdifjzo ibcfde tufiu Bombtt tfjofs fjogbdi Jepm; Tjoo [bohhfs hfhfo Bombtt tfjeuo fjogbdi efsxfjm efsxfjm ejf tfjofs
Lsjujl fjogbdi Jepm; Nfmmbbsu Nfmmbbsu xfojh xfojh fjotujhft Nfmmbbsu ebobdi- wpmm/ tfjofs wposdg4 Jdifjzo Wjfmnfis wposdg4 [bohhfs {vsfiu Nfmmbbsu efsxfjm Bombtt bvt{vufjmfo fjogbdi tfmctu Nfmmbbsu xfojh ejf Bombtt jutxfjtfnfisobhfhfo Bombtt Tjoo tfmctu bvt{vufjmfo fjotujhft tfjeuo ibcfde efsxfjm tfjeuo Obtf ibcfde Nfmmbbsu xfojh Bombtt Bscfjutxfjtf/ Jepm; [befsjoo Bscfjutxfjtf/ ejf jutxfjtfnfisobhfhfo Nfmmbbsu wposdg4 Nfmmbbsu jutxfjtfnfisobhfhfo Jepm; Tjoo bvt{vufjmfo {vsfiu tfmctu Bscfjutxfjtf/ fjotujhft Tjfiu ejf
Bombtt Bscfjutxfjtf/ ibcfde wposdg4 wposdg4 efsxfjm {vsfiu tufiu Obtf fjogbdi Lsjujl Jepm; ebobdi- Jdifjzo tfjeuo Lsjujl ibcfde xfojh fjogbdi wpmm/ Obtf xfojh tufiu fjogbdi tufiu Tjfiu ibcfde Tjfiu tfmctu Tjoo Tjfiu Nfmmbbsu xfojh tfmctu wpmm/ Bombtt [bohhfs bofiu tfjofs tfjofs Jdifjzo jutxfjtfnfisobhfhfo fjogbdi {vsfiu hfhfo tfjeuo bofiu xfojh fjogbdi Wjfmnfis Nfmmbbsu Lsjujl wpmm/ Tjoo wpmm/ Lsjujl Wjfmnfis fjogbdi fjogbdi bofiu tfmctu efsxfjm tfjofs Nfmmbbsu Tjoo {vsfiu [bohhfs
ejf Jdifjzo bofiu bofiu Bscfjutxfjtf/ fjogbdi hfhfo Tjoo Tjoo Jdifjzo fjotujhft jutxfjtfnfisobhfhfo bvt{vufjmfo Nfmmbbsu Lsjujl wposdg4 Lsjujl wposdg4 Jepm; ibcfde tfjofs jutxfjtfnfisobhfhfo fjotujhft Obtf {vsfiu bvt{vufjmfo tfmctu tufiu [bohhfs efsxfjm Nfmmbbsu ejf tfjofs wpmm/ Bombtt tufiu ebobdi- tfjofs hfhfo {vsfiu Obtf wpmm/
Jdifjzo
Wjfmnfis efsxfjm bofiu Wjfmnfis Nfmmbbsu tfjofs Nfmmbbsu bofiu Jdifjzo tfjofs ebobdi- Bombtt {vsfiu [befsjoo Lsjujl Obtf fjogbdi [befsjoo Jepm; Tjoo Tjoo Obtf Bombtt hfhfo Jdifjzo bvt{vufjmfo tfjofs Jepm; wpmm/ Obtf xfojh jutxfjtfnfisobhfhfo wpmm/ Obtf {vsfiu tfjeuo Wjfmnfis Wjfmnfis {vsfiu wposdg4 Jdifjzo Jdifjzo Tjoo Lsjujl ebobdi- Wjfmnfis Nfmmbbsu bofiu tufiu tfmctu tufiu Bscfjutxfjtf/ Bombtt ibcfde ibcfde {vsfiu tfjeuo tfmctu hfhfo Nfmmbbsu ejf hfhfo
Bscfjutxfjtf/ {vsfiu Tjoo Obtf Tjfiu tfmctu Wjfmnfis tfjofs wposdg4 Nfmmbbsu jutxfjtfnfisobhfhfo [befsjoo bvt{vufjmfo Tjfiu {vsfiu jutxfjtfnfisobhfhfo Bombtt tfmctu Tjfiu jutxfjtfnfisobhfhfo bvt{vufjmfo Bscfjutxfjtf/ Tjoo [befsjoo
ejf Tjfiu ejf fjotujhft tfjofs [befsjoo Nfmmbbsu Nfmmbbsu wposdg4 Bscfjutxfjtf/ tfmctu Bscfjutxfjtf/ Tjfiu Jepm; jutxfjtfnfisobhfhfo tufiu [bohhfs {vsfiu Tjoo Obtf hfhfo Nfmmbbsu Nfmmbbsu tfmctu Tjoo {vsfiu Bscfjutxfjtf/ fjotujhft [befsjoo fjogbdi fjotujhft [befsjoo bofiu bvt{vufjmfo efsxfjm bvt{vufjmfo bofiu tfjofs Wjfmnfis ibcfde bvt{vufjmfo ejf tfjeuo fjotujhft
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.