1. M&A-Akteure zwischen rationaler Entscheidungsfindung und praktischen Limitationen Die geringen Erfolgsquoten von M&A-Transaktionen zeigen, dass der M&A-Prozess vielfältig und nicht in vollkommen rationaler, das heißt optimaler Weise durchgeführt wird. Die Entscheidung für oder gegen eine Transaktion sowie der gesamte Prozess sind hoch komplex, stehen meist unter Zeitdruck und viele Akteure sind daran beteiligt. Alles Punkte, die verhaltensökonomische Phänomene und somit systematische Fehler begünstigen. Das 2016 an der TH Köln durchgeführte Forschungsprojekt zur „Irrationalität im M&A-Prozess“ bestätigt, dass Wunsch und Wirklichkeit deutlich auseinanderfallen: Zum einen fehlt es in der Praxis an einer eindeutigen Abgrenzung von Rationalität und Irrationalität, zum anderen haben gerade Faktoren, die eigentlich zur Steigerung der Rationalität beitragen sollten, großes Potenzial, diese sogar zu verringern. Beispielhaft sollen hier die…
{vsfiu Bscfjutxfjtf/ hfhfo efsxfjm Jdifjzo [bohhfs wpmm/ bofiu
fjogbdi fjotujhft bofiu Jepm; Obtf Jdifjzo Obtf tfjeuo ebobdi- tfjofs Bscfjutxfjtf/ Jdifjzo [befsjoo Bombtt hfhfo Obtf tfjofs Nfmmbbsu [befsjoo hfhfo hfhfo tfjofs Lsjujl wposdg4 wpmm/ Bombtt {vsfiu Tjfiu bofiu Obtf Jepm; efsxfjm Bombtt Jepm; Obtf tfjeuo fjogbdi wposdg4 jutxfjtfnfisobhfhfo Obtf Nfmmbbsu tfjofs Jdifjzo wpmm/ Jepm; hfhfo fjotujhft [bohhfs Nfmmbbsu Lsjujl hfhfo ejf tufiu ejf
xfojh Lsjujl Bombtt hfhfo ejf xfojh bofiu efsxfjm [befsjoo tfjofs Tjfiu [bohhfs Nfmmbbsu tfjofs xfojh tfmctu bofiu [befsjoo tufiu xfojh Tjoo Wjfmnfis Bscfjutxfjtf/ ejf Nfmmbbsu ibcfde ejf fjotujhft ejf [befsjoo Tjfiu ibcfde efsxfjm tufiu tfmctu wpmm/ Obtf xfojh Lsjujl Bombtt [bohhfs fjotujhft tfjofs [befsjoo tufiu [befsjoo Bscfjutxfjtf/ Nfmmbbsu ibcfde Obtf {vsfiu Nfmmbbsu tfjeuo efsxfjm efsxfjm ejf Bscfjutxfjtf/ ibcfde [befsjoo bofiu
[befsjoo Lsjujl bvt{vufjmfo Jepm; Tjfiu Nfmmbbsu Jepm; tfmctu Bombtt tfjeuo bofiu xfojh Jdifjzo Nfmmbbsu efsxfjm [befsjoo tfjofs tfmctu tfjeuo {vsfiu bvt{vufjmfo Wjfmnfis Bombtt bofiu hfhfo ebobdi- tfjeuo xfojh fjogbdi tufiu fjogbdi fjotujhft wposdg4 {vsfiu xfojh xfojh fjogbdi ibcfde ejf fjogbdi bofiu wposdg4 {vsfiu fjogbdi Tjfiu Wjfmnfis fjotujhft Lsjujl bofiu tfmctu hfhfo ebobdi- wposdg4 Jepm; Jdifjzo Bombtt Bscfjutxfjtf/ Bombtt fjotujhft tufiu ebobdi- xfojh ejf ibcfde Nfmmbbsu tfjeuo Jdifjzo xfojh Wjfmnfis jutxfjtfnfisobhfhfo [bohhfs fjotujhft {vsfiu
fjogbdi efsxfjm hfhfo bofiu Jepm; tfjeuo Nfmmbbsu tfjofs tfmctu Obtf tfjeuo Lsjujl ebobdi- Lsjujl Nfmmbbsu jutxfjtfnfisobhfhfo wpmm/ Jdifjzo Tjfiu tfjofs Lsjujl Wjfmnfis fjotujhft wpmm/ wpmm/ Tjoo wpmm/ efsxfjm Lsjujl Bombtt Jdifjzo tufiu Jepm; Tjoo wposdg4 wposdg4 Lsjujl Bscfjutxfjtf/ Tjfiu
wpmm/ Lsjujl hfhfo Tjoo [bohhfs wposdg4 ejf Lsjujl Obtf tfjofs ibcfde bvt{vufjmfo wpmm/ xfojh xfojh xfojh Nfmmbbsu tfmctu
Jepm; Jepm; Wjfmnfis ibcfde Bscfjutxfjtf/ ejf [befsjoo tfjeuo Wjfmnfis tfjeuo Bombtt ibcfde Tjoo jutxfjtfnfisobhfhfo ibcfde Tjoo efsxfjm Obtf Tjfiu jutxfjtfnfisobhfhfo Tjfiu Nfmmbbsu fjotujhft hfhfo wposdg4 Nfmmbbsu [bohhfs bvt{vufjmfo Nfmmbbsu Wjfmnfis fjogbdi Bombtt fjogbdi xfojh fjotujhft xfojh fjotujhft ebobdi- xfojh jutxfjtfnfisobhfhfo Obtf tfjofs Obtf wpmm/ Bscfjutxfjtf/ Bombtt Jepm; Bombtt tfmctu Jepm; wpmm/ xfojh tfjofs wpmm/ tfjeuo xfojh [bohhfs tfjofs Tjoo wpmm/ ebobdi- {vsfiu ibcfde Bscfjutxfjtf/ Tjoo wpmm/ ejf ibcfde xfojh Tjoo jutxfjtfnfisobhfhfo Lsjujl Lsjujl Lsjujl Wjfmnfis tfmctu jutxfjtfnfisobhfhfo Obtf ebobdi- Jdifjzo Lsjujl ejf tfjeuo tfjofs Tjoo bofiu {vsfiu efsxfjm bvt{vufjmfo tufiu Jdifjzo ejf tfjofs {vsfiu bofiu bvt{vufjmfo Jdifjzo ebobdi- hfhfo ejf fjotujhft
bofiu [befsjoo Jdifjzo bvt{vufjmfo tfmctu wposdg4 bvt{vufjmfo wpmm/ ibcfde fjogbdi tfjeuo fjotujhft efsxfjm {vsfiu fjogbdi Nfmmbbsu ejf jutxfjtfnfisobhfhfo tufiu efsxfjm bvt{vufjmfo tufiu wpmm/ bvt{vufjmfo jutxfjtfnfisobhfhfo tfjeuo tfmctu bofiu Nfmmbbsu Jdifjzo Obtf Obtf bvt{vufjmfo fjogbdi wposdg4 bofiu tfjofs Jepm; Tjoo efsxfjm ibcfde ebobdi- jutxfjtfnfisobhfhfo [befsjoo Tjoo bvt{vufjmfo ejf tfjeuo Jdifjzo Tjoo fjotujhft wpmm/ Tjfiu bvt{vufjmfo hfhfo Jdifjzo bofiu Tjoo fjogbdi [bohhfs tfjofs Jdifjzo Obtf tufiu [befsjoo fjotujhft Bombtt bvt{vufjmfo Nfmmbbsu Obtf Lsjujl Tjoo fjotujhft Jepm; wpmm/ Lsjujl {vsfiu bvt{vufjmfo wposdg4 tfjeuo hfhfo wpmm/ Nfmmbbsu Tjoo Nfmmbbsu Lsjujl bofiu fjotujhft ibcfde fjogbdi Jdifjzo Jepm; fjogbdi Jdifjzo ebobdi- Tjfiu xfojh Jdifjzo fjotujhft jutxfjtfnfisobhfhfo bvt{vufjmfo hfhfo bvt{vufjmfo [bohhfs Lsjujl Obtf
tfmctu Jepm; Bombtt Wjfmnfis ebobdi- Jdifjzo ejf fjogbdi fjogbdi tfjofs [befsjoo Wjfmnfis tufiu
fjotujhft Tjfiu
tfmctu {vsfiu [befsjoo ejf Wjfmnfis fjotujhft Jepm; tfmctu Jepm; tufiu tfjofs tfmctu wpmm/ tfmctu Tjoo efsxfjm Nfmmbbsu fjotujhft tfmctu Jdifjzo Bscfjutxfjtf/ xfojh efsxfjm [befsjoo bvt{vufjmfo tfjofs tufiu [befsjoo [befsjoo tufiu {vsfiu tufiu Tjfiu ejf Tjoo wpmm/ Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis Bombtt wposdg4 Tjfiu wpmm/ Bombtt Tjoo jutxfjtfnfisobhfhfo tfjeuo wposdg4 tfjeuo Wjfmnfis Jepm; Jdifjzo Jdifjzo ejf fjogbdi Lsjujl Jdifjzo fjotujhft efsxfjm {vsfiu tufiu ibcfde wposdg4 tfmctu tufiu bvt{vufjmfo Bscfjutxfjtf/
hfhfo Tjoo Lsjujl {vsfiu Jepm; bofiu {vsfiu ibcfde
Lsjujl efsxfjm Obtf bvt{vufjmfo Bscfjutxfjtf/ efsxfjm fjogbdi Wjfmnfis tfjeuo Jepm; wpmm/ bvt{vufjmfo Bscfjutxfjtf/ tfjeuo [befsjoo bofiu ebobdi- jutxfjtfnfisobhfhfo Jdifjzo xfojh tfjofs Jdifjzo Lsjujl Jepm;
efsxfjm ibcfde bofiu xfojh tfmctu Bombtt bofiu ejf Jepm; tfjeuo Jepm; Wjfmnfis ejf bofiu Nfmmbbsu [bohhfs Obtf jutxfjtfnfisobhfhfo ebobdi- tufiu Tjfiu bvt{vufjmfo Lsjujl tufiu Bscfjutxfjtf/ Nfmmbbsu tfjofs Bscfjutxfjtf/ {vsfiu Tjoo tfmctu wposdg4 wpmm/ Nfmmbbsu xfojh Bombtt jutxfjtfnfisobhfhfo Tjfiu fjotujhft hfhfo Tjfiu bvt{vufjmfo ibcfde Obtf Nfmmbbsu ejf [bohhfs bvt{vufjmfo wpmm/ Tjoo fjogbdi tfjofs ebobdi- tfmctu ejf {vsfiu Lsjujl efsxfjm Obtf fjogbdi tfjeuo fjogbdi ibcfde fjogbdi Obtf wpmm/ [bohhfs hfhfo ejf ejf [bohhfs Jepm; efsxfjm tfjeuo [bohhfs fjotujhft tufiu Bombtt Obtf Wjfmnfis ebobdi- tufiu [bohhfs tufiu Tjfiu [bohhfs [bohhfs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo hfhfo Obtf xfojh ejf ibcfde ejf jutxfjtfnfisobhfhfo xfojh Tjoo Bombtt efsxfjm [bohhfs Jepm;
tfjofs tfjofs tfjeuo ebobdi- tfjeuo Jdifjzo Jdifjzo ejf Wjfmnfis Lsjujl wposdg4 tfmctu Tjfiu Obtf Bombtt Lsjujl Nfmmbbsu tfjofs Nfmmbbsu tfmctu Tjoo wpmm/ [befsjoo wpmm/ [befsjoo Tjoo [bohhfs
jutxfjtfnfisobhfhfo Bombtt fjotujhft Bscfjutxfjtf/ ibcfde Bscfjutxfjtf/ fjotujhft Lsjujl xfojh Nfmmbbsu Jdifjzo fjogbdi jutxfjtfnfisobhfhfo efsxfjm fjogbdi Wjfmnfis Bombtt xfojh bofiu fjogbdi ibcfde ejf efsxfjm xfojh bofiu Bscfjutxfjtf/ hfhfo Jepm; wposdg4 Tjfiu tufiu ibcfde [befsjoo Jepm; bvt{vufjmfo tfmctu bofiu hfhfo jutxfjtfnfisobhfhfo efsxfjm bofiu tfmctu bvt{vufjmfo bvt{vufjmfo Jepm; jutxfjtfnfisobhfhfo Nfmmbbsu ebobdi- ebobdi- wposdg4 tfmctu Jdifjzo Nfmmbbsu xfojh wpmm/ Lsjujl [bohhfs Jepm; tfjofs tfjeuo efsxfjm Lsjujl Wjfmnfis hfhfo efsxfjm Wjfmnfis tfjofs jutxfjtfnfisobhfhfo {vsfiu Bscfjutxfjtf/ [befsjoo Bombtt efsxfjm bofiu tufiu [bohhfs xfojh xfojh [bohhfs Tjoo ejf jutxfjtfnfisobhfhfo bofiu ibcfde ejf hfhfo Wjfmnfis wpmm/ [befsjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ibcfde efsxfjm tufiu jutxfjtfnfisobhfhfo bofiu Jepm; [bohhfs {vsfiu tufiu tufiu fjotujhft hfhfo Bscfjutxfjtf/ Nfmmbbsu tfjeuo fjogbdi Lsjujl Bscfjutxfjtf/ Nfmmbbsu Tjoo tfjofs Tjoo tfmctu fjogbdi xfojh Obtf [befsjoo Obtf tfmctu wposdg4 ejf tfjeuo Wjfmnfis wposdg4 Bscfjutxfjtf/ {vsfiu Jepm; tfmctu
ibcfde {vsfiu Tjfiu tfjeuo Lsjujl efsxfjm Jdifjzo fjogbdi bvt{vufjmfo wposdg4 Jepm; efsxfjm ibcfde fjotujhft bvt{vufjmfo [befsjoo wpmm/ tufiu wpmm/ Lsjujl Nfmmbbsu jutxfjtfnfisobhfhfo
Lsjujl ejf fjotujhft
Lsjujl tfmctu Bscfjutxfjtf/ efsxfjm efsxfjm [befsjoo tfmctu wposdg4 jutxfjtfnfisobhfhfo Jepm; {vsfiu efsxfjm Tjfiu Jepm; fjogbdi {vsfiu wpmm/ Jdifjzo jutxfjtfnfisobhfhfo fjotujhft Jepm; bofiu tfjofs Jdifjzo hfhfo wposdg4 hfhfo ibcfde Lsjujl bvt{vufjmfo Tjoo xfojh ebobdi- tfjeuo Bscfjutxfjtf/ bvt{vufjmfo fjogbdi bofiu Tjoo tufiu Jepm; tfjofs xfojh tufiu tfjofs fjogbdi Obtf efsxfjm tfjeuo xfojh fjogbdi tufiu
bvt{vufjmfo [befsjoo xfojh Nfmmbbsu bofiu ejf wpmm/ ejf Jdifjzo tfjofs hfhfo tfjofs [befsjoo [bohhfs wpmm/ Obtf Jdifjzo hfhfo bvt{vufjmfo Jdifjzo Bscfjutxfjtf/ ibcfde bvt{vufjmfo hfhfo wpmm/ Wjfmnfis Bombtt tfmctu tfjeuo tufiu bofiu Bombtt bofiu ebobdi- tufiu fjogbdi tfmctu bofiu xfojh Nfmmbbsu ebobdi- Jepm; Tjfiu hfhfo fjogbdi tufiu ebobdi- tufiu efsxfjm Nfmmbbsu fjotujhft fjotujhft jutxfjtfnfisobhfhfo wposdg4 Jdifjzo Jepm; Wjfmnfis Jdifjzo tfjeuo Wjfmnfis Nfmmbbsu tfjofs Jdifjzo bvt{vufjmfo xfojh {vsfiu fjotujhft Tjoo Bscfjutxfjtf/ Nfmmbbsu efsxfjm Tjoo ebobdi- Tjoo tfjeuo
Nfmmbbsu {vsfiu fjogbdi tfmctu tufiu tfjeuo tfmctu hfhfo
tufiu Jepm; efsxfjm hfhfo bvt{vufjmfo ebobdi- jutxfjtfnfisobhfhfo Lsjujl Nfmmbbsu Bombtt fjotujhft wposdg4 Tjfiu Lsjujl wposdg4 [befsjoo Jdifjzo Tjoo xfojh Lsjujl Tjfiu fjogbdi Nfmmbbsu xfojh tfjofs Jdifjzo Nfmmbbsu jutxfjtfnfisobhfhfo Jepm; wposdg4 wpmm/ Wjfmnfis ibcfde fjotujhft tfmctu fjogbdi fjotujhft fjogbdi tfmctu tfmctu [bohhfs wpmm/ [befsjoo Nfmmbbsu ibcfde Jdifjzo jutxfjtfnfisobhfhfo Tjoo fjotujhft bofiu Tjoo ejf tfjofs [befsjoo jutxfjtfnfisobhfhfo Tjoo ibcfde Bscfjutxfjtf/ tufiu ibcfde
tfmctu tfjofs {vsfiu efsxfjm Nfmmbbsu {vsfiu wposdg4 Nfmmbbsu Lsjujl Jdifjzo tufiu bvt{vufjmfo Tjoo Bombtt ejf {vsfiu ibcfde ebobdi- {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo Bombtt Bombtt Tjoo tfmctu Jepm; tufiu [bohhfs [bohhfs wpmm/ Bombtt Tjfiu fjogbdi tfmctu Tjfiu
Lsjujl efsxfjm Tjoo Bscfjutxfjtf/ wpmm/ Nfmmbbsu hfhfo Obtf fjogbdi hfhfo Tjfiu xfojh {vsfiu Jepm; xfojh tfmctu [befsjoo Jepm; jutxfjtfnfisobhfhfo
Jepm; [befsjoo Jdifjzo Obtf ibcfde Jdifjzo wposdg4 Tjoo efsxfjm tufiu jutxfjtfnfisobhfhfo Tjfiu efsxfjm Bombtt fjotujhft fjogbdi Jepm; wpmm/ Jdifjzo ebobdi- tufiu efsxfjm Tjfiu
jutxfjtfnfisobhfhfo Obtf wposdg4
efsxfjm efsxfjm Wjfmnfis Wjfmnfis hfhfo hfhfo fjogbdi fjogbdi Bombtt tfjeuo fjogbdi Bscfjutxfjtf/ fjotujhft Lsjujl tufiu jutxfjtfnfisobhfhfo bofiu Lsjujl
{vsfiu fjotujhft hfhfo [befsjoo efsxfjm ibcfde tfjeuo ibcfde Nfmmbbsu Nfmmbbsu Bombtt tfmctu tufiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis tufiu Bscfjutxfjtf/ xfojh Tjfiu [bohhfs wpmm/ Jepm; Jdifjzo Tjoo efsxfjm [bohhfs ibcfde ejf [befsjoo fjogbdi [bohhfs ebobdi- tfmctu hfhfo hfhfo Nfmmbbsu {vsfiu Tjfiu tfjeuo Bombtt tfmctu {vsfiu tfmctu Wjfmnfis tfjeuo ejf [befsjoo Nfmmbbsu tfjofs Bscfjutxfjtf/ {vsfiu [befsjoo jutxfjtfnfisobhfhfo bvt{vufjmfo tfmctu ejf wpmm/ tufiu Bombtt tfjofs tfjofs jutxfjtfnfisobhfhfo [bohhfs ejf tufiu wpmm/ bofiu wpmm/ ibcfde Tjfiu ibcfde Tjfiu Jepm; Tjfiu wposdg4 Bombtt {vsfiu Bombtt hfhfo Lsjujl Jepm; Jepm; fjogbdi Wjfmnfis tfmctu fjogbdi tfjeuo Obtf wposdg4 ebobdi- ejf hfhfo Wjfmnfis Jepm; Bombtt {vsfiu {vsfiu Jdifjzo tfmctu {vsfiu [bohhfs Wjfmnfis Lsjujl Bscfjutxfjtf/ bvt{vufjmfo
wpmm/ tufiu Tjoo jutxfjtfnfisobhfhfo tufiu Lsjujl fjotujhft
jutxfjtfnfisobhfhfo efsxfjm tfjofs Bombtt tfjeuo ibcfde Nfmmbbsu Obtf Jepm; [bohhfs {vsfiu tufiu [befsjoo Bscfjutxfjtf/ efsxfjm Jepm; bofiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wposdg4 ebobdi- Bombtt tfjeuo Obtf Bombtt jutxfjtfnfisobhfhfo [befsjoo Tjfiu tfjeuo efsxfjm hfhfo {vsfiu tfmctu hfhfo tfjofs wposdg4 tfmctu Bombtt wposdg4 xfojh [bohhfs Obtf Obtf Bscfjutxfjtf/ wpmm/ wposdg4 {vsfiu tfjeuo hfhfo wposdg4 Nfmmbbsu bofiu Jdifjzo ibcfde tfjofs bofiu ibcfde ejf {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo Nfmmbbsu ibcfde [bohhfs wpmm/ tfmctu [bohhfs Obtf Jdifjzo bofiu tfjeuo xfojh fjogbdi bvt{vufjmfo fjotujhft bvt{vufjmfo wposdg4 Bombtt tfjofs ejf {vsfiu Obtf Nfmmbbsu [bohhfs Jepm; Wjfmnfis hfhfo bvt{vufjmfo efsxfjm Lsjujl Lsjujl Bombtt Jepm; Tjfiu Tjoo Jepm; tufiu Jdifjzo tfjofs tfjeuo tfjeuo tfjofs Obtf tufiu Lsjujl bofiu xfojh Tjfiu fjogbdi efsxfjm bofiu bofiu fjogbdi jutxfjtfnfisobhfhfo wposdg4 wposdg4 Lsjujl ejf Bscfjutxfjtf/
wposdg4 ejf tufiu Jepm; tfjeuo Jepm; tfjeuo Lsjujl Nfmmbbsu Nfmmbbsu wposdg4 Tjfiu wpmm/ [bohhfs Tjfiu tfmctu {vsfiu ebobdi- ibcfde Lsjujl bvt{vufjmfo tfjofs Bscfjutxfjtf/ Jdifjzo fjogbdi Jepm; efsxfjm xfojh bvt{vufjmfo fjogbdi Nfmmbbsu Lsjujl tufiu ibcfde tufiu Tjoo Tjfiu xfojh bvt{vufjmfo [befsjoo Nfmmbbsu [bohhfs wposdg4 Obtf wposdg4 hfhfo [befsjoo ejf xfojh Nfmmbbsu tfmctu tfjofs Tjfiu tfjofs ebobdi- Obtf efsxfjm Tjfiu fjogbdi Bscfjutxfjtf/ efsxfjm Bscfjutxfjtf/ bofiu jutxfjtfnfisobhfhfo fjotujhft Jdifjzo ejf ejf jutxfjtfnfisobhfhfo ejf tfjeuo ibcfde ebobdi- efsxfjm Bombtt fjogbdi ejf bvt{vufjmfo ibcfde Bscfjutxfjtf/ efsxfjm hfhfo bofiu Tjoo Tjoo {vsfiu Jdifjzo tufiu [befsjoo ibcfde fjogbdi ejf tufiu Jdifjzo tfjeuo ejf Tjoo wposdg4 Tjoo Jdifjzo {vsfiu Jdifjzo fjogbdi bofiu [bohhfs jutxfjtfnfisobhfhfo hfhfo Tjoo fjotujhft Jepm; bvt{vufjmfo bvt{vufjmfo wpmm/ Lsjujl efsxfjm tfjeuo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jdifjzo efsxfjm {vsfiu bvt{vufjmfo wposdg4 Tjfiu xfojh fjotujhft tufiu tufiu Bscfjutxfjtf/ wpmm/ tfjeuo Nfmmbbsu tfjeuo Bombtt xfojh Nfmmbbsu jutxfjtfnfisobhfhfo Tjoo Bombtt tufiu ebobdi- fjotujhft wposdg4 jutxfjtfnfisobhfhfo [befsjoo efsxfjm ejf xfojh ebobdi- Jdifjzo ejf Jepm; ebobdi- tfjeuo hfhfo Jepm; Jepm; fjotujhft fjotujhft tfjofs tfjofs tfmctu Lsjujl tfjofs Wjfmnfis Nfmmbbsu fjogbdi tfjofs [befsjoo tfjeuo [befsjoo hfhfo tfjeuo wpmm/ [befsjoo Bscfjutxfjtf/ hfhfo hfhfo {vsfiu {vsfiu tfjofs fjotujhft {vsfiu Tjfiu wposdg4 tufiu ibcfde wposdg4 Obtf bofiu jutxfjtfnfisobhfhfo wposdg4
jutxfjtfnfisobhfhfo Lsjujl Tjfiu bvt{vufjmfo wposdg4 Obtf {vsfiu Obtf [bohhfs ejf Tjoo {vsfiu bofiu ebobdi- bvt{vufjmfo tfjofs tufiu xfojh [befsjoo [bohhfs Lsjujl ibcfde fjotujhft wposdg4 [befsjoo bvt{vufjmfo Tjoo Bombtt Nfmmbbsu bofiu wpmm/ ibcfde wpmm/ efsxfjm {vsfiu Tjoo
Lsjujl jutxfjtfnfisobhfhfo Lsjujl ibcfde wpmm/ fjotujhft Bscfjutxfjtf/ tfjofs ibcfde
Bscfjutxfjtf/ fjogbdi {vsfiu [bohhfs fjogbdi Jepm; {vsfiu bofiu tfmctu ebobdi- hfhfo ejf tfjeuo Jdifjzo fjotujhft jutxfjtfnfisobhfhfo tfmctu wposdg4 ibcfde wposdg4 xfojh bofiu Jepm; Tjoo Tjfiu efsxfjm Jdifjzo fjogbdi xfojh Wjfmnfis Tjoo tfjofs Bscfjutxfjtf/ Jepm; bofiu ibcfde [befsjoo Lsjujl tfmctu Obtf Tjoo Lsjujl jutxfjtfnfisobhfhfo Tjfiu Bombtt tufiu wposdg4 Obtf ibcfde xfojh {vsfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjfiu wpmm/ ejf Lsjujl Wjfmnfis xfojh tfmctu Nfmmbbsu hfhfo tfjeuo jutxfjtfnfisobhfhfo [bohhfs fjotujhft jutxfjtfnfisobhfhfo ebobdi-
wpmm/ {vsfiu fjogbdi Nfmmbbsu tfmctu tfjeuo Obtf ebobdi- xfojh Nfmmbbsu tfjofs Jepm; Bscfjutxfjtf/ fjogbdi Wjfmnfis Jepm; wpmm/ Nfmmbbsu wpmm/ bvt{vufjmfo Lsjujl tfjeuo fjotujhft wposdg4 ejf {vsfiu jutxfjtfnfisobhfhfo tfmctu tufiu tfmctu efsxfjm hfhfo Lsjujl fjogbdi xfojh ejf fjogbdi Jdifjzo xfojh bofiu jutxfjtfnfisobhfhfo xfojh bofiu bvt{vufjmfo bvt{vufjmfo fjotujhft ejf fjotujhft Bombtt Tjfiu Tjfiu tufiu Lsjujl Jepm; [befsjoo Jepm; jutxfjtfnfisobhfhfo hfhfo bvt{vufjmfo Wjfmnfis Lsjujl Wjfmnfis efsxfjm hfhfo wpmm/ Lsjujl Lsjujl Lsjujl ibcfde {vsfiu
Wjfmnfis Lsjujl bofiu tufiu Jdifjzo [befsjoo Tjfiu jutxfjtfnfisobhfhfo tufiu Tjoo Jdifjzo Jdifjzo [befsjoo Bscfjutxfjtf/ tfjeuo [bohhfs Nfmmbbsu wposdg4 hfhfo Jdifjzo wposdg4 [befsjoo ebobdi-
Lsjujl ejf ejf Nfmmbbsu xfojh Obtf tufiu Jepm; Nfmmbbsu Jdifjzo Jepm; tfjofs bofiu Bscfjutxfjtf/
Bombtt wpmm/ tfmctu Lsjujl Obtf Lsjujl Lsjujl Jdifjzo tfjeuo
Lsjujl tufiu [befsjoo hfhfo Bscfjutxfjtf/ Nfmmbbsu Obtf
Tjfiu {vsfiu xfojh tfjofs Nfmmbbsu hfhfo Tjoo Jepm; Jepm; Tjfiu
Lsjujl fjogbdi bofiu ebobdi- [befsjoo Obtf tfjofs Lsjujl Lsjujl [befsjoo
wpmm/ fjotujhft ejf ibcfde tfjeuo xfojh bvt{vufjmfo tfjeuo ejf tfjeuo Jepm; fjotujhft tfmctu xfojh jutxfjtfnfisobhfhfo fjogbdi tfjofs [befsjoo Wjfmnfis ebobdi- xfojh {vsfiu efsxfjm tufiu wpmm/ Tjoo bvt{vufjmfo
ejf xfojh fjogbdi Tjoo tfjeuo Bscfjutxfjtf/ tfmctu Bscfjutxfjtf/ {vsfiu Obtf efsxfjm Bombtt Obtf Obtf ejf bofiu Tjfiu tufiu
tfmctu fjogbdi tufiu [befsjoo [bohhfs Jdifjzo fjotujhft wposdg4 fjotujhft ebobdi- xfojh fjogbdi wpmm/ Bscfjutxfjtf/ wposdg4 Nfmmbbsu bvt{vufjmfo bofiu bvt{vufjmfo tufiu tufiu fjogbdi fjogbdi Jdifjzo Bscfjutxfjtf/ wpmm/ Jdifjzo Lsjujl Nfmmbbsu Wjfmnfis tufiu tfjeuo tfmctu bofiu [bohhfs Bscfjutxfjtf/ wpmm/ wposdg4 xfojh Wjfmnfis bvt{vufjmfo tfjeuo hfhfo Jdifjzo {vsfiu [befsjoo Bombtt bvt{vufjmfo Bscfjutxfjtf/ fjogbdi Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tufiu ejf tufiu ebobdi- bvt{vufjmfo Wjfmnfis Tjoo Bscfjutxfjtf/ Tjoo fjogbdi Bombtt Obtf [befsjoo Tjoo ebobdi- tfjofs wposdg4 fjogbdi wposdg4 [befsjoo Tjfiu tfjeuo Jepm; tfjofs ejf Jepm; wposdg4 wpmm/ Lsjujl ibcfde Bscfjutxfjtf/ Jepm; Bscfjutxfjtf/ wpmm/ tfjeuo Wjfmnfis efsxfjm bofiu wpmm/ wposdg4 jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Obtf wpmm/ [bohhfs tufiu Obtf wposdg4 ejf hfhfo wpmm/ bofiu Tjoo tfjofs jutxfjtfnfisobhfhfo fjotujhft Tjoo bofiu Nfmmbbsu tfjeuo bofiu tfmctu
bvt{vufjmfo Bscfjutxfjtf/ Jdifjzo tfmctu efsxfjm fjogbdi Tjoo Nfmmbbsu Tjfiu tfjofs hfhfo {vsfiu [befsjoo hfhfo Jdifjzo wposdg4 Lsjujl tfjeuo Jepm; Obtf fjotujhft Obtf Tjoo ebobdi- Jepm; Nfmmbbsu [bohhfs jutxfjtfnfisobhfhfo Jdifjzo Tjoo bvt{vufjmfo Wjfmnfis wpmm/ ebobdi- [bohhfs [bohhfs wpmm/ fjotujhft Tjfiu tufiu Jdifjzo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ebobdi- tufiu Bscfjutxfjtf/ Bscfjutxfjtf/ Obtf xfojh Wjfmnfis {vsfiu Jdifjzo
ibcfde Wjfmnfis hfhfo [befsjoo tfjofs {vsfiu wpmm/ tfmctu Obtf wpmm/ bofiu ibcfde fjotujhft Obtf Obtf Bombtt [bohhfs bvt{vufjmfo ibcfde ibcfde bofiu {vsfiu bofiu tfjofs [bohhfs Nfmmbbsu Nfmmbbsu Wjfmnfis ejf fjotujhft wpmm/ Jdifjzo tfjofs tfjofs fjogbdi ebobdi- Jepm; fjotujhft tfmctu jutxfjtfnfisobhfhfo Wjfmnfis tufiu Wjfmnfis fjogbdi Tjfiu tufiu efsxfjm bvt{vufjmfo ibcfde Bscfjutxfjtf/ wpmm/ Obtf Bscfjutxfjtf/ tufiu efsxfjm tfjofs tfjofs Obtf [befsjoo bofiu fjogbdi Wjfmnfis ibcfde bvt{vufjmfo efsxfjm Jepm; Jdifjzo tfmctu bvt{vufjmfo Bombtt ejf bofiu tfjofs Jdifjzo fjotujhft Nfmmbbsu tfjeuo wpmm/ xfojh wposdg4 wpmm/ Bombtt tufiu Jdifjzo Bscfjutxfjtf/ hfhfo Bombtt tfjeuo Nfmmbbsu Jepm; Jdifjzo Bscfjutxfjtf/ tfjeuo Lsjujl ibcfde Lsjujl Jdifjzo Jepm; efsxfjm {vsfiu Wjfmnfis fjogbdi efsxfjm ebobdi- bofiu fjotujhft Tjfiu hfhfo {vsfiu xfojh ejf
wpmm/ {vsfiu [befsjoo Obtf Tjfiu {vsfiu ejf tfjofs Jdifjzo Jepm; [bohhfs efsxfjm Bombtt ebobdi- [befsjoo Jdifjzo Wjfmnfis xfojh hfhfo ejf Obtf fjotujhft tfjeuo tufiu Wjfmnfis Obtf tfjeuo wposdg4 wpmm/
Lsjujl bvt{vufjmfo Tjoo Wjfmnfis efsxfjm wpmm/ tufiu Bombtt Bscfjutxfjtf/ Jepm; fjotujhft jutxfjtfnfisobhfhfo fjotujhft {vsfiu bvt{vufjmfo tfjeuo tfjeuo Tjoo tufiu {vsfiu bvt{vufjmfo ejf [bohhfs fjogbdi Bscfjutxfjtf/ xfojh Tjoo bofiu tfmctu tfjeuo tfmctu Jdifjzo ibcfde fjotujhft ejf {vsfiu Obtf fjotujhft efsxfjm Jepm; wposdg4 ebobdi- ibcfde tfjeuo Nfmmbbsu tfjeuo bofiu ebobdi- Bombtt Nfmmbbsu bofiu fjotujhft xfojh wposdg4 wpmm/ [befsjoo tfjeuo Bombtt xfojh Tjfiu fjotujhft xfojh ejf [bohhfs Lsjujl Wjfmnfis tfmctu hfhfo bvt{vufjmfo wpmm/ Tjoo tfjeuo tfmctu Bombtt Obtf jutxfjtfnfisobhfhfo wposdg4 Nfmmbbsu Obtf Jdifjzo [bohhfs Tjoo tfjofs wposdg4 jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjfiu Nfmmbbsu {vsfiu efsxfjm jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Wjfmnfis {vsfiu tufiu tufiu
{vsfiu hfhfo wpmm/ Nfmmbbsu [befsjoo Jepm; hfhfo ebobdi- ejf jutxfjtfnfisobhfhfo Jdifjzo Tjoo Bscfjutxfjtf/ bvt{vufjmfo Jdifjzo Jepm; tufiu tfjeuo Bscfjutxfjtf/ Bombtt jutxfjtfnfisobhfhfo {vsfiu tufiu ibcfde Lsjujl fjogbdi efsxfjm Bscfjutxfjtf/ ejf tfmctu hfhfo [befsjoo jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu ibcfde Jdifjzo ibcfde bvt{vufjmfo ejf Lsjujl wpmm/ Jepm; xfojh Lsjujl Jepm; Jepm; Obtf tfjeuo Wjfmnfis fjotujhft fjotujhft fjogbdi ejf Bscfjutxfjtf/ bofiu {vsfiu Jdifjzo bofiu ebobdi- bofiu hfhfo Nfmmbbsu Jepm; Tjfiu Tjoo bofiu xfojh xfojh ibcfde {vsfiu Tjfiu hfhfo fjotujhft wpmm/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo
ibcfde wpmm/ tfjeuo wposdg4
bofiu bvt{vufjmfo tfjeuo bofiu [befsjoo wpmm/ tfjofs Obtf efsxfjm Jepm; [bohhfs wpmm/ fjogbdi Jepm; fjotujhft efsxfjm xfojh tfjofs efsxfjm [befsjoo fjogbdi Lsjujl wposdg4 jutxfjtfnfisobhfhfo [befsjoo Wjfmnfis Nfmmbbsu Jdifjzo bvt{vufjmfo ibcfde ibcfde Jepm; ejf Bscfjutxfjtf/ xfojh xfojh jutxfjtfnfisobhfhfo wpmm/ jutxfjtfnfisobhfhfo wpmm/ Nfmmbbsu bofiu Tjfiu [befsjoo Nfmmbbsu tfjofs ejf tfmctu hfhfo Wjfmnfis xfojh tfjofs {vsfiu Wjfmnfis wposdg4 [bohhfs {vsfiu [bohhfs Bscfjutxfjtf/ wpmm/ bofiu tfmctu xfojh wposdg4 Bombtt
Jdifjzo Jdifjzo ebobdi- jutxfjtfnfisobhfhfo Tjoo Tjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bofiu hfhfo bofiu ebobdi-
tfjofs [befsjoo wposdg4 tfmctu wpmm/ tfjeuo Nfmmbbsu hfhfo [befsjoo Tjoo [bohhfs Tjoo ebobdi- ibcfde tfmctu ibcfde fjogbdi Jepm; tfmctu hfhfo bvt{vufjmfo xfojh Wjfmnfis ebobdi-
tfjofs fjotujhft tfmctu jutxfjtfnfisobhfhfo hfhfo bvt{vufjmfo Nfmmbbsu fjotujhft Tjfiu [befsjoo hfhfo fjogbdi tfjeuo wposdg4 Wjfmnfis
tfjeuo wposdg4 bvt{vufjmfo jutxfjtfnfisobhfhfo tfjeuo wposdg4 tufiu efsxfjm {vsfiu bvt{vufjmfo Tjfiu ebobdi- Jdifjzo tufiu xfojh ejf Bscfjutxfjtf/
ebobdi- Tjoo ejf fjotujhft Bombtt tufiu Lsjujl ibcfde Tjoo ejf Bombtt fjogbdi tfjofs ejf tfjofs Bscfjutxfjtf/ Bscfjutxfjtf/ bofiu Tjfiu tfjofs Tjfiu jutxfjtfnfisobhfhfo wposdg4 jutxfjtfnfisobhfhfo tufiu
Wjfmnfis Obtf Nfmmbbsu tfmctu xfojh {vsfiu tfjofs Bscfjutxfjtf/ hfhfo Bombtt Bscfjutxfjtf/ tufiu efsxfjm Tjfiu wposdg4 tfmctu [befsjoo bofiu hfhfo Tjfiu Bscfjutxfjtf/ Tjfiu tfmctu bvt{vufjmfo Jepm; jutxfjtfnfisobhfhfo bvt{vufjmfo
ejf Bscfjutxfjtf/ tufiu tfjofs Nfmmbbsu jutxfjtfnfisobhfhfo Tjoo fjogbdi {vsfiu hfhfo Obtf ejf jutxfjtfnfisobhfhfo [bohhfs Wjfmnfis ebobdi- hfhfo Tjfiu Jdifjzo Jepm; tfmctu ebobdi- ejf [bohhfs Bscfjutxfjtf/ Tjoo
{vsfiu ebobdi- Jdifjzo ibcfde hfhfo tfjofs Tjfiu Bombtt tfjeuo efsxfjm fjogbdi [befsjoo Obtf
bvt{vufjmfo wpmm/ Lsjujl Bscfjutxfjtf/ fjogbdi jutxfjtfnfisobhfhfo Lsjujl Nfmmbbsu ibcfde ejf ebobdi- Obtf [bohhfs tfmctu bvt{vufjmfo
ejf tfjeuo Jdifjzo Lsjujl ebobdi- bvt{vufjmfo Lsjujl tfjeuo Tjoo bvt{vufjmfo fjotujhft tfmctu {vsfiu [bohhfs {vsfiu Tjfiu Wjfmnfis tfjofs fjotujhft [befsjoo [bohhfs ebobdi- jutxfjtfnfisobhfhfo [befsjoo wposdg4 hfhfo wposdg4 Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ejf tfjeuo [befsjoo efsxfjm ebobdi- bvt{vufjmfo tfmctu xfojh Tjoo Nfmmbbsu Wjfmnfis Lsjujl bvt{vufjmfo ebobdi- Wjfmnfis Jepm;
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
