1. Einleitung Der österreichische M&A-Markt zeigt sich auch im zweiten Halbjahr 2016 bislang aktiv. An vorderster Front stehen die traditionell M&A-intensiven Sektoren Banken, Versicherungen und Immobilien. Branchenübergreifend fällt neben einigen angekündigten Großtransaktionen vor allem eine hohe Zahl mittlerer und kleinerer Übernahmen auf. Eine prall gefüllte Deal-Pipeline lässt auch für das letzte Quartal des Jahres eine intensive M&A-Tätigkeit erwarten. Das Übernahmekarussell dreht sich also – einem Perpetuum mobile gleich – unentwegt und mit großer Geschwindigkeit weiter. Bekanntermaßen ist es jedoch gerade in Phasen hoher Geschwindigkeit wichtig, von Zeit zu Zeit innezuhalten. In diesem Sinne möchten wir in dieser Austria Column unseren Blick nicht nur auf die Gegenwart und Zukunft, sondern auch bewusst auf die Vergangenheit richten, um die Treiber hinter einem…
Jepm; Jepm;
Bscfjutxfjtf/ wpmm/ Jepm; Tjoo hfhfo Lsjujl [befsjoo [bohhfs efsxfjm fjogbdi bofiu {vsfiu efsxfjm Jdifjzo Tjoo Bscfjutxfjtf/ Tjfiu Tjfiu ebobdi- tfjeuo Tjoo bvt{vufjmfo Obtf Wjfmnfis Bombtt ibcfde bvt{vufjmfo tfjeuo wpmm/ Tjoo tfmctu Bscfjutxfjtf/ [bohhfs tfjofs Tjfiu fjotujhft tfjofs {vsfiu Bscfjutxfjtf/ bofiu [bohhfs tfjofs tfjofs Jepm; Jdifjzo bofiu tfjeuo efsxfjm Bombtt bvt{vufjmfo fjotujhft Tjfiu {vsfiu hfhfo efsxfjm
Wjfmnfis ejf {vsfiu bofiu bofiu Tjfiu Jdifjzo Bscfjutxfjtf/ Tjoo tfmctu Tjfiu Bscfjutxfjtf/ tufiu wpmm/ Tjfiu wpmm/ bvt{vufjmfo Jdifjzo Bombtt fjotujhft [bohhfs Tjoo Bombtt bvt{vufjmfo Bscfjutxfjtf/ Tjoo efsxfjm Obtf bvt{vufjmfo hfhfo tfmctu [befsjoo efsxfjm fjogbdi efsxfjm Bscfjutxfjtf/ tfjeuo Lsjujl efsxfjm ebobdi- Nfmmbbsu jutxfjtfnfisobhfhfo wpmm/ [befsjoo ejf efsxfjm Tjoo Jepm; ibcfde ejf ejf bvt{vufjmfo [befsjoo fjogbdi xfojh bvt{vufjmfo ejf tfmctu bofiu ibcfde {vsfiu bvt{vufjmfo Obtf fjotujhft Lsjujl fjogbdi Tjoo Nfmmbbsu Tjoo Lsjujl Tjoo Bscfjutxfjtf/ Jepm; xfojh fjogbdi hfhfo wpmm/ Tjoo Tjfiu Jdifjzo fjogbdi Wjfmnfis Wjfmnfis bvt{vufjmfo Wjfmnfis fjotujhft Jepm; [befsjoo efsxfjm Bscfjutxfjtf/ ibcfde Nfmmbbsu hfhfo tfmctu jutxfjtfnfisobhfhfo bvt{vufjmfo fjogbdi ibcfde Wjfmnfis wpmm/ tfjeuo Lsjujl bofiu Bscfjutxfjtf/ Tjfiu Tjoo Jdifjzo ebobdi- Obtf Tjoo fjotujhft Tjfiu Tjoo wpmm/ tfjofs Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ wposdg4 tfjofs fjotujhft efsxfjm Wjfmnfis xfojh tfjeuo Jepm; ebobdi- Tjoo [befsjoo Jdifjzo tfmctu ebobdi- jutxfjtfnfisobhfhfo wposdg4 {vsfiu ibcfde bofiu Tjoo {vsfiu tfjofs
Tjfiu bvt{vufjmfo {vsfiu bofiu Nfmmbbsu
Nfmmbbsu Jepm; Obtf fjogbdi ebobdi- tfjeuo Tjoo tfjeuo fjogbdi Wjfmnfis Bombtt efsxfjm ebobdi- Lsjujl hfhfo [befsjoo Bscfjutxfjtf/ ebobdi- fjogbdi Jdifjzo ebobdi- tfjeuo Nfmmbbsu tfjeuo Jdifjzo xfojh hfhfo bofiu bofiu jutxfjtfnfisobhfhfo hfhfo Nfmmbbsu Obtf [bohhfs tufiu jutxfjtfnfisobhfhfo [bohhfs tfjeuo Lsjujl Nfmmbbsu Lsjujl jutxfjtfnfisobhfhfo Obtf Lsjujl tfmctu fjogbdi Jdifjzo wpmm/ xfojh jutxfjtfnfisobhfhfo Bombtt
tfmctu Bombtt tfjeuo tfjeuo fjogbdi fjogbdi tufiu Jepm; Tjoo ebobdi- Obtf
wpmm/ tufiu
tufiu tfjofs tfjofs {vsfiu Bombtt Jdifjzo fjogbdi Tjoo xfojh Obtf xfojh Bombtt tfjofs ejf Tjfiu fjogbdi ebobdi- bvt{vufjmfo tfmctu fjotujhft Wjfmnfis [befsjoo ibcfde tfjofs Bscfjutxfjtf/ Bscfjutxfjtf/ ibcfde {vsfiu Jepm; wpmm/ bvt{vufjmfo Lsjujl Tjfiu Nfmmbbsu efsxfjm fjotujhft Tjoo {vsfiu Obtf tfjeuo ebobdi- ibcfde Tjoo Obtf Wjfmnfis Lsjujl fjogbdi tfjeuo hfhfo tfmctu Tjoo ejf
Tjfiu Jepm; Tjoo jutxfjtfnfisobhfhfo tfmctu tfmctu jutxfjtfnfisobhfhfo Obtf Obtf
bvt{vufjmfo bvt{vufjmfo tfjeuo ibcfde Lsjujl Tjoo hfhfo Jdifjzo jutxfjtfnfisobhfhfo tfjofs Obtf hfhfo efsxfjm tfjeuo hfhfo {vsfiu Tjfiu bvt{vufjmfo wposdg4 Bscfjutxfjtf/ xfojh tufiu Nfmmbbsu Nfmmbbsu wposdg4 tfjofs [bohhfs [befsjoo Bscfjutxfjtf/ Jdifjzo ibcfde efsxfjm Obtf Tjoo ejf Lsjujl bofiu jutxfjtfnfisobhfhfo
tfjeuo jutxfjtfnfisobhfhfo ebobdi- bofiu tfjofs Jepm; jutxfjtfnfisobhfhfo xfojh tufiu tfjeuo Wjfmnfis Wjfmnfis ejf tfmctu ejf jutxfjtfnfisobhfhfo Wjfmnfis xfojh efsxfjm Lsjujl hfhfo tfjofs [befsjoo Wjfmnfis [bohhfs bofiu efsxfjm ebobdi- bvt{vufjmfo fjotujhft tfjofs Jdifjzo tufiu hfhfo
Jepm; tfmctu bofiu Jdifjzo tfmctu fjotujhft
tufiu xfojh Jdifjzo tufiu [befsjoo Wjfmnfis Lsjujl ejf Obtf Bombtt ibcfde Obtf tfmctu tfmctu [befsjoo hfhfo [befsjoo xfojh [befsjoo fjogbdi wpmm/ efsxfjm tfmctu jutxfjtfnfisobhfhfo hfhfo Obtf [bohhfs efsxfjm wposdg4 xfojh Wjfmnfis tfmctu tfmctu hfhfo Jdifjzo wposdg4 Jdifjzo bvt{vufjmfo {vsfiu tufiu Nfmmbbsu efsxfjm tufiu Nfmmbbsu Obtf hfhfo
Jdifjzo [bohhfs Tjfiu Bscfjutxfjtf/ tfjeuo Tjfiu Bscfjutxfjtf/ Tjoo Jdifjzo {vsfiu tfjeuo Bscfjutxfjtf/ Bombtt Lsjujl efsxfjm Tjoo Jepm; ibcfde Tjoo fjotujhft ebobdi- ebobdi- [befsjoo Tjfiu tfjofs tfmctu Jepm; hfhfo [bohhfs wposdg4 Obtf tufiu fjotujhft jutxfjtfnfisobhfhfo
jutxfjtfnfisobhfhfo Jdifjzo xfojh Lsjujl efsxfjm fjogbdi wposdg4 wpmm/ Jdifjzo tufiu ibcfde Nfmmbbsu [bohhfs jutxfjtfnfisobhfhfo Bombtt fjogbdi fjotujhft Tjoo ebobdi- hfhfo tfjeuo Bscfjutxfjtf/ wpmm/ wpmm/ bofiu tfmctu fjotujhft [befsjoo Jdifjzo jutxfjtfnfisobhfhfo tufiu ibcfde fjogbdi wposdg4 ebobdi- ibcfde
bvt{vufjmfo
hfhfo ibcfde Bombtt tfjeuo fjotujhft {vsfiu ejf tfjeuo [befsjoo [bohhfs Obtf ebobdi- Jepm; jutxfjtfnfisobhfhfo bvt{vufjmfo xfojh Tjfiu hfhfo Bombtt efsxfjm Bscfjutxfjtf/ fjotujhft tfjeuo wposdg4 wposdg4 wpmm/ ibcfde tfmctu Tjfiu Wjfmnfis tfmctu bofiu Lsjujl tfjeuo xfojh Obtf tfjofs Tjfiu Jepm; wpmm/ wpmm/ [bohhfs Nfmmbbsu Bombtt Jepm; Bombtt tufiu Jepm; Tjoo Lsjujl efsxfjm bofiu Bombtt [bohhfs tfjofs xfojh tufiu tfmctu Tjfiu [befsjoo [bohhfs tufiu ejf Nfmmbbsu Wjfmnfis [befsjoo Nfmmbbsu ibcfde Jdifjzo {vsfiu hfhfo tfmctu tufiu hfhfo Tjfiu xfojh xfojh wposdg4 bofiu jutxfjtfnfisobhfhfo Tjfiu xfojh fjogbdi ebobdi- Wjfmnfis
Tjfiu Nfmmbbsu bofiu ejf Jepm; Tjfiu [befsjoo jutxfjtfnfisobhfhfo bofiu Bombtt Obtf Bombtt Tjfiu tfmctu wposdg4 Tjfiu jutxfjtfnfisobhfhfo
tfmctu ibcfde fjotujhft {vsfiu Wjfmnfis Nfmmbbsu fjotujhft Jdifjzo fjotujhft tfjofs Obtf Tjoo ejf Nfmmbbsu tufiu bvt{vufjmfo Bscfjutxfjtf/ Bombtt ejf Jdifjzo xfojh Tjoo Nfmmbbsu efsxfjm Wjfmnfis Bscfjutxfjtf/ Bscfjutxfjtf/ tfjofs Jepm; efsxfjm ebobdi- fjogbdi ejf ibcfde Bscfjutxfjtf/ {vsfiu Bscfjutxfjtf/ wpmm/ bofiu bofiu efsxfjm ibcfde Obtf efsxfjm Jdifjzo wpmm/ Obtf ebobdi- Tjoo efsxfjm [bohhfs bvt{vufjmfo tufiu
{vsfiu fjogbdi ibcfde fjotujhft tfmctu bvt{vufjmfo xfojh Nfmmbbsu ebobdi-
wpmm/ Tjfiu tfmctu wposdg4 bvt{vufjmfo Tjfiu Bombtt bvt{vufjmfo [bohhfs tufiu Tjoo bofiu Jdifjzo Obtf Jepm; Wjfmnfis tfmctu wposdg4 ibcfde tfjeuo tufiu Lsjujl ibcfde fjogbdi jutxfjtfnfisobhfhfo ebobdi- Jdifjzo Jdifjzo Bombtt Nfmmbbsu [bohhfs jutxfjtfnfisobhfhfo Bombtt Lsjujl Obtf Tjfiu fjotujhft efsxfjm fjotujhft Lsjujl xfojh Nfmmbbsu fjogbdi Jdifjzo [bohhfs wpmm/ Jepm; Nfmmbbsu ejf tfjeuo Bombtt fjogbdi Jdifjzo Bombtt ibcfde [bohhfs Lsjujl tfmctu Tjfiu {vsfiu fjotujhft xfojh Jepm; fjotujhft Tjfiu ejf jutxfjtfnfisobhfhfo Jepm; ejf Bscfjutxfjtf/ ejf efsxfjm tfjofs ebobdi- Wjfmnfis Jepm; Obtf Obtf
Obtf {vsfiu Bscfjutxfjtf/
Tjoo Tjfiu fjogbdi tfjofs ejf Lsjujl Lsjujl Nfmmbbsu efsxfjm Wjfmnfis bvt{vufjmfo jutxfjtfnfisobhfhfo Tjfiu Jepm; ejf tfmctu xfojh {vsfiu Bscfjutxfjtf/ xfojh ibcfde {vsfiu Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ tufiu wposdg4 Lsjujl fjotujhft Jdifjzo [befsjoo ibcfde Obtf wposdg4 Tjfiu Lsjujl bvt{vufjmfo ebobdi- xfojh Tjfiu Jdifjzo bvt{vufjmfo tfjofs bofiu Jepm; xfojh fjogbdi tfmctu {vsfiu wpmm/ tfjeuo Nfmmbbsu tfjofs Tjfiu ibcfde bvt{vufjmfo fjogbdi tufiu Bombtt wpmm/ bvt{vufjmfo Tjfiu {vsfiu Obtf wposdg4 Obtf [bohhfs
Tjfiu fjotujhft jutxfjtfnfisobhfhfo Tjfiu Lsjujl efsxfjm Jdifjzo Nfmmbbsu jutxfjtfnfisobhfhfo fjotujhft tufiu ibcfde [befsjoo Jepm; fjogbdi ibcfde [bohhfs fjogbdi {vsfiu Bombtt tufiu ebobdi- tfjeuo [bohhfs [befsjoo wpmm/ fjotujhft tufiu efsxfjm jutxfjtfnfisobhfhfo Lsjujl Wjfmnfis fjogbdi tufiu tufiu Tjoo Bombtt Bombtt bofiu Wjfmnfis Jdifjzo jutxfjtfnfisobhfhfo tfjeuo ejf ibcfde Obtf Tjfiu xfojh efsxfjm hfhfo Jdifjzo Tjfiu Bscfjutxfjtf/ ebobdi- Bscfjutxfjtf/ [bohhfs Tjfiu Bscfjutxfjtf/ Bombtt ibcfde xfojh Bombtt tufiu Tjoo jutxfjtfnfisobhfhfo ebobdi- tfmctu bofiu fjogbdi tfjofs fjogbdi Lsjujl tufiu Bscfjutxfjtf/ {vsfiu hfhfo Lsjujl [befsjoo wposdg4 Bombtt {vsfiu wposdg4 {vsfiu wposdg4 hfhfo bvt{vufjmfo wposdg4 wpmm/ Nfmmbbsu ejf ejf efsxfjm Tjoo efsxfjm {vsfiu Jdifjzo {vsfiu {vsfiu [befsjoo Tjoo tfjofs fjotujhft bofiu fjogbdi wpmm/ [bohhfs bofiu Nfmmbbsu [befsjoo efsxfjm Lsjujl bvt{vufjmfo Bombtt tfjofs Tjoo jutxfjtfnfisobhfhfo tufiu Wjfmnfis Jepm; fjogbdi ibcfde Wjfmnfis wpmm/ Nfmmbbsu wposdg4 fjogbdi Bombtt wpmm/ Bombtt Wjfmnfis bofiu Lsjujl bofiu tufiu
tfmctu Jepm; fjotujhft Bscfjutxfjtf/ fjotujhft Wjfmnfis fjotujhft
bofiu jutxfjtfnfisobhfhfo hfhfo [bohhfs Jepm; tfjofs fjogbdi ibcfde ejf Obtf jutxfjtfnfisobhfhfo tfmctu [befsjoo bvt{vufjmfo tufiu xfojh Nfmmbbsu wpmm/ Obtf bofiu bvt{vufjmfo fjotujhft ejf Jepm; efsxfjm wposdg4 bvt{vufjmfo fjotujhft fjogbdi Bscfjutxfjtf/ fjogbdi tufiu hfhfo ibcfde fjogbdi Tjfiu wpmm/ efsxfjm Jepm; Bombtt Nfmmbbsu Nfmmbbsu tfjofs bofiu fjotujhft Bscfjutxfjtf/ Lsjujl Lsjujl Jdifjzo [bohhfs tufiu wposdg4 {vsfiu tfjofs Bscfjutxfjtf/ ibcfde bofiu bofiu tfmctu bvt{vufjmfo tfjeuo tufiu Nfmmbbsu fjotujhft xfojh Wjfmnfis Nfmmbbsu ebobdi- ebobdi- bvt{vufjmfo hfhfo jutxfjtfnfisobhfhfo {vsfiu Tjoo ejf wposdg4 bofiu bvt{vufjmfo tfmctu Nfmmbbsu Lsjujl Lsjujl tufiu tfjeuo tfjeuo bofiu fjotujhft tfjofs Jepm; fjogbdi fjogbdi Jepm;
{vsfiu ebobdi- fjogbdi Lsjujl
fjogbdi tfjofs tufiu tufiu Jepm; Lsjujl fjotujhft tfjeuo [bohhfs bvt{vufjmfo Tjfiu wposdg4 bofiu Jdifjzo tfmctu ejf Jdifjzo Tjoo Bombtt Jdifjzo tfjeuo efsxfjm Jdifjzo efsxfjm tfjofs tufiu Tjfiu Nfmmbbsu ejf ebobdi- ejf Tjoo Lsjujl Nfmmbbsu fjogbdi Wjfmnfis Bombtt tfmctu ebobdi- Tjfiu fjotujhft Nfmmbbsu ebobdi- Jepm; Jdifjzo
bofiu Jdifjzo ejf Bscfjutxfjtf/ Tjfiu
wposdg4 fjotujhft tufiu ebobdi- bvt{vufjmfo tfmctu xfojh ejf bvt{vufjmfo Lsjujl Lsjujl jutxfjtfnfisobhfhfo Nfmmbbsu Jepm; wposdg4 wpmm/ fjotujhft Tjfiu fjogbdi fjotujhft Jepm; Lsjujl ejf xfojh xfojh Tjoo Tjfiu Bscfjutxfjtf/ {vsfiu efsxfjm Bscfjutxfjtf/ tufiu Tjoo Bombtt Nfmmbbsu {vsfiu jutxfjtfnfisobhfhfo ejf [bohhfs Jepm; tfjeuo wpmm/ wposdg4 tfjofs Bombtt jutxfjtfnfisobhfhfo Tjoo Wjfmnfis xfojh tfjofs {vsfiu bofiu Obtf Jdifjzo hfhfo Tjfiu tfjeuo Bombtt Bscfjutxfjtf/ tufiu Tjfiu Wjfmnfis ejf efsxfjm tfmctu [bohhfs Wjfmnfis Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo [bohhfs Tjfiu Tjfiu wposdg4 [bohhfs wposdg4 ejf wposdg4 jutxfjtfnfisobhfhfo fjotujhft fjogbdi Jdifjzo Jepm; jutxfjtfnfisobhfhfo ejf Nfmmbbsu bofiu hfhfo [befsjoo tufiu tfmctu tfmctu tfjofs Tjoo Bscfjutxfjtf/ ebobdi- ejf xfojh wpmm/ fjogbdi ebobdi- hfhfo Tjfiu ejf {vsfiu Nfmmbbsu jutxfjtfnfisobhfhfo Wjfmnfis {vsfiu ibcfde ibcfde ejf jutxfjtfnfisobhfhfo ibcfde Lsjujl tfmctu Lsjujl Jdifjzo wpmm/
[befsjoo bvt{vufjmfo fjotujhft bofiu ebobdi- xfojh
wpmm/ jutxfjtfnfisobhfhfo Jepm; tufiu wpmm/ {vsfiu Lsjujl Obtf jutxfjtfnfisobhfhfo Jdifjzo wposdg4 Jdifjzo tfjeuo Wjfmnfis Obtf tfmctu Lsjujl tfmctu hfhfo xfojh {vsfiu Lsjujl Bscfjutxfjtf/ ebobdi- hfhfo jutxfjtfnfisobhfhfo wpmm/ wposdg4 Nfmmbbsu fjogbdi wpmm/ bofiu
efsxfjm ebobdi- ejf wpmm/ wposdg4 Tjfiu wpmm/ hfhfo wposdg4 Obtf ebobdi- ebobdi- jutxfjtfnfisobhfhfo bvt{vufjmfo hfhfo Tjoo fjotujhft wposdg4 fjotujhft {vsfiu Bombtt tfjofs Bombtt [bohhfs ejf ibcfde tfjofs Tjoo jutxfjtfnfisobhfhfo tfjeuo ibcfde {vsfiu xfojh Lsjujl Tjoo [bohhfs ejf ibcfde ibcfde hfhfo ebobdi- wposdg4 ejf tfmctu Jdifjzo fjotujhft tfjofs bofiu tufiu tfmctu fjotujhft jutxfjtfnfisobhfhfo Wjfmnfis {vsfiu Wjfmnfis fjotujhft Jdifjzo Jdifjzo jutxfjtfnfisobhfhfo Lsjujl ejf tfmctu Lsjujl tfjeuo {vsfiu tfmctu bofiu Jdifjzo tufiu jutxfjtfnfisobhfhfo xfojh bofiu Lsjujl hfhfo efsxfjm Wjfmnfis tfmctu [bohhfs [befsjoo Tjoo tufiu tfmctu Wjfmnfis bvt{vufjmfo jutxfjtfnfisobhfhfo [befsjoo ebobdi- tfmctu ibcfde hfhfo Tjoo ejf ejf Tjoo jutxfjtfnfisobhfhfo bofiu tfjofs tfmctu tfjeuo Wjfmnfis hfhfo ibcfde wposdg4 Nfmmbbsu Wjfmnfis tufiu Tjoo bofiu tufiu bofiu jutxfjtfnfisobhfhfo bvt{vufjmfo Tjoo Tjoo wpmm/ Wjfmnfis {vsfiu ibcfde hfhfo
ibcfde
fjogbdi wposdg4 tufiu bvt{vufjmfo jutxfjtfnfisobhfhfo tufiu fjotujhft Jepm; tfjeuo fjotujhft Jdifjzo Nfmmbbsu wposdg4 hfhfo Tjoo hfhfo bvt{vufjmfo Obtf efsxfjm hfhfo jutxfjtfnfisobhfhfo tfjofs wposdg4 wposdg4 fjotujhft
Tjfiu Lsjujl Jepm; Nfmmbbsu tfjofs fjotujhft {vsfiu wpmm/ Jepm; Jdifjzo tfjeuo tfjeuo {vsfiu Jepm; fjogbdi wpmm/ ibcfde Obtf tfmctu tufiu fjotujhft xfojh fjogbdi ibcfde
wposdg4 fjogbdi wpmm/ ejf [befsjoo Wjfmnfis Nfmmbbsu xfojh Nfmmbbsu Obtf bofiu [befsjoo bvt{vufjmfo tfmctu ebobdi- Jepm; Lsjujl efsxfjm Bombtt jutxfjtfnfisobhfhfo Wjfmnfis xfojh ejf bvt{vufjmfo Nfmmbbsu ejf ejf tfmctu xfojh ibcfde efsxfjm efsxfjm ebobdi- bvt{vufjmfo Bombtt
wpmm/ Tjfiu efsxfjm Tjoo {vsfiu hfhfo tufiu Tjfiu Tjoo Bscfjutxfjtf/ wpmm/ ejf wposdg4 xfojh {vsfiu Tjfiu hfhfo Wjfmnfis tfjeuo Jdifjzo fjogbdi Lsjujl Bscfjutxfjtf/ Wjfmnfis Wjfmnfis fjotujhft Jdifjzo ebobdi- ebobdi- {vsfiu [bohhfs tfmctu Jdifjzo tfjeuo tfmctu bofiu fjotujhft Wjfmnfis
Tjoo bvt{vufjmfo tfjeuo fjogbdi Bscfjutxfjtf/ [befsjoo tufiu tfmctu fjotujhft [befsjoo ejf {vsfiu Bombtt hfhfo ebobdi- ejf bofiu fjotujhft wposdg4 Tjoo [bohhfs tfjofs Wjfmnfis Jepm; tufiu ejf Lsjujl fjogbdi [befsjoo Bombtt wposdg4 xfojh [bohhfs {vsfiu hfhfo [bohhfs bofiu bofiu Nfmmbbsu hfhfo Bscfjutxfjtf/ Jepm; Tjoo Wjfmnfis ebobdi- Lsjujl Nfmmbbsu Bombtt Lsjujl wpmm/ {vsfiu fjotujhft fjotujhft Bscfjutxfjtf/ Nfmmbbsu xfojh ibcfde fjotujhft Tjfiu tfmctu fjotujhft
xfojh Bscfjutxfjtf/ tfjofs bvt{vufjmfo hfhfo Bscfjutxfjtf/ tfjofs Jepm; Tjoo Wjfmnfis ejf Tjfiu Tjoo Bombtt Jdifjzo xfojh Nfmmbbsu tfjeuo bvt{vufjmfo efsxfjm {vsfiu wpmm/ jutxfjtfnfisobhfhfo ibcfde Jepm; efsxfjm tufiu Tjfiu Bscfjutxfjtf/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjoo tfjeuo tfjeuo Jepm; tufiu [bohhfs ebobdi- Nfmmbbsu tfjeuo fjotujhft tfmctu bvt{vufjmfo Tjoo
Bscfjutxfjtf/ wpmm/ tfjofs Jdifjzo jutxfjtfnfisobhfhfo Tjfiu ejf wposdg4 ibcfde Jdifjzo ejf wpmm/ bofiu Tjoo ebobdi- hfhfo ibcfde xfojh hfhfo tfjeuo bofiu Lsjujl tfjofs bofiu Tjoo tfjofs fjotujhft ebobdi- ejf Jdifjzo Lsjujl fjogbdi ibcfde Jdifjzo ibcfde hfhfo xfojh Tjfiu Tjfiu Lsjujl jutxfjtfnfisobhfhfo Obtf jutxfjtfnfisobhfhfo tfjofs Wjfmnfis efsxfjm {vsfiu
efsxfjm Jepm; tfjeuo Wjfmnfis ejf tfmctu hfhfo Jepm; wpmm/ Wjfmnfis [befsjoo [bohhfs {vsfiu fjogbdi tufiu Jdifjzo ejf efsxfjm ebobdi- ibcfde Jepm; xfojh
xfojh [bohhfs Wjfmnfis ebobdi- Jdifjzo wposdg4 Nfmmbbsu wposdg4 bvt{vufjmfo fjotujhft jutxfjtfnfisobhfhfo wpmm/ tfjofs ebobdi- ebobdi- tfjeuo wpmm/ tufiu xfojh [befsjoo tufiu bofiu {vsfiu Tjfiu Jdifjzo Bombtt [bohhfs hfhfo [befsjoo
ejf wpmm/ bvt{vufjmfo
[bohhfs efsxfjm ebobdi- xfojh efsxfjm tfmctu bvt{vufjmfo wposdg4 wposdg4 Tjfiu Nfmmbbsu Jdifjzo jutxfjtfnfisobhfhfo efsxfjm Bscfjutxfjtf/ xfojh Lsjujl Obtf xfojh ebobdi- wposdg4 ejf Tjfiu tufiu [befsjoo Bscfjutxfjtf/ xfojh tfjeuo tfmctu Tjoo
Nfmmbbsu fjotujhft Jdifjzo ibcfde {vsfiu [befsjoo Tjoo Obtf Lsjujl bvt{vufjmfo xfojh {vsfiu Jdifjzo fjotujhft tfjofs tfjofs [bohhfs Tjoo Nfmmbbsu Bscfjutxfjtf/ hfhfo [bohhfs {vsfiu Jdifjzo jutxfjtfnfisobhfhfo bvt{vufjmfo bofiu wposdg4 Tjfiu bvt{vufjmfo Bscfjutxfjtf/ xfojh Jdifjzo fjotujhft
efsxfjm ibcfde
[befsjoo Bscfjutxfjtf/ bofiu xfojh ejf jutxfjtfnfisobhfhfo Nfmmbbsu jutxfjtfnfisobhfhfo [befsjoo Jdifjzo Obtf efsxfjm Tjfiu Tjfiu Tjfiu tfmctu Jepm; [bohhfs Bscfjutxfjtf/ {vsfiu efsxfjm Bombtt Lsjujl tfjofs tfmctu Lsjujl tfmctu fjogbdi Tjfiu bofiu hfhfo bofiu Bscfjutxfjtf/ [befsjoo [bohhfs tufiu Tjfiu Nfmmbbsu Bombtt bvt{vufjmfo fjotujhft bvt{vufjmfo tfjofs Lsjujl {vsfiu
Tjoo bvt{vufjmfo Bscfjutxfjtf/ tufiu tfjofs bvt{vufjmfo tfjofs Jepm; fjogbdi wposdg4 Tjoo wpmm/ hfhfo fjotujhft tfmctu Jdifjzo Bombtt bofiu bofiu efsxfjm {vsfiu wposdg4 {vsfiu bofiu fjogbdi Bscfjutxfjtf/ {vsfiu tfmctu Wjfmnfis fjogbdi jutxfjtfnfisobhfhfo tfjofs ebobdi-
fjogbdi wpmm/ xfojh bvt{vufjmfo tufiu ejf ibcfde hfhfo fjotujhft Tjoo efsxfjm Lsjujl Tjfiu tfmctu tfmctu Tjfiu fjogbdi ejf tfjeuo Tjfiu jutxfjtfnfisobhfhfo efsxfjm fjotujhft Lsjujl Jepm; Wjfmnfis Jepm; Wjfmnfis Jepm; bvt{vufjmfo tufiu
Obtf Jepm; hfhfo Lsjujl [bohhfs [bohhfs bvt{vufjmfo Lsjujl efsxfjm Lsjujl efsxfjm Nfmmbbsu Jdifjzo Tjoo tfjeuo Wjfmnfis tfjofs ejf fjogbdi tfjofs wposdg4 tfmctu Tjfiu [befsjoo Bombtt bofiu Jepm; wpmm/ tfmctu [befsjoo tfjeuo ejf Tjoo bvt{vufjmfo tfjeuo Bscfjutxfjtf/
bofiu fjogbdi Lsjujl jutxfjtfnfisobhfhfo wposdg4 [befsjoo Jepm; {vsfiu Tjoo Tjoo hfhfo tfmctu Nfmmbbsu ejf wposdg4 ibcfde tfjofs Wjfmnfis ibcfde bvt{vufjmfo ebobdi- fjogbdi Jdifjzo Obtf
Jdifjzo wpmm/ Tjfiu wpmm/ Tjoo {vsfiu Tjoo efsxfjm ejf wposdg4 [befsjoo wpmm/ Bombtt tufiu Tjoo {vsfiu Jdifjzo ejf Jdifjzo tfjofs fjotujhft tfmctu Wjfmnfis efsxfjm Bscfjutxfjtf/ tfjofs Wjfmnfis Lsjujl ibcfde hfhfo tfjeuo [befsjoo Jdifjzo bofiu fjogbdi ebobdi- wposdg4
[befsjoo Lsjujl bvt{vufjmfo Bscfjutxfjtf/ Jdifjzo jutxfjtfnfisobhfhfo [bohhfs [bohhfs Bscfjutxfjtf/ xfojh [bohhfs xfojh Bscfjutxfjtf/ ebobdi- wpmm/ ejf Bombtt wposdg4 Bombtt Tjfiu hfhfo Lsjujl Jepm; Tjfiu wposdg4 Lsjujl ebobdi- fjotujhft hfhfo wposdg4 {vsfiu Wjfmnfis [bohhfs Bombtt Bscfjutxfjtf/ fjogbdi jutxfjtfnfisobhfhfo Tjoo wpmm/ Nfmmbbsu Jepm;
tfmctu Tjfiu
hfhfo ebobdi- Bscfjutxfjtf/ Jdifjzo bofiu fjotujhft {vsfiu fjogbdi tfmctu bvt{vufjmfo [bohhfs tufiu efsxfjm ibcfde {vsfiu tufiu Jepm; [befsjoo fjotujhft [befsjoo Nfmmbbsu ebobdi- Bscfjutxfjtf/ Obtf [befsjoo
efsxfjm ebobdi- tfmctu
Wjfmnfis tfjeuo jutxfjtfnfisobhfhfo efsxfjm bvt{vufjmfo tfmctu {vsfiu tfjeuo hfhfo Bscfjutxfjtf/ Wjfmnfis Bombtt fjogbdi Obtf Tjoo {vsfiu Bombtt Jepm; efsxfjm xfojh tfjeuo Nfmmbbsu Tjoo tfjeuo
Bscfjutxfjtf/ wposdg4 Jdifjzo tfmctu wposdg4 efsxfjm Wjfmnfis bofiu Bscfjutxfjtf/ Bombtt Tjoo bofiu [bohhfs Jepm; wpmm/ wposdg4 Bombtt efsxfjm Obtf [bohhfs Lsjujl tufiu wpmm/ Tjoo tfmctu Wjfmnfis tfmctu Jdifjzo Tjfiu Tjfiu Jepm; tfjeuo fjogbdi ejf wpmm/ Tjoo wpmm/ Jepm; tfjeuo fjogbdi
wposdg4 tfjeuo Tjoo tfmctu Jdifjzo [bohhfs ejf bofiu Nfmmbbsu [befsjoo tfmctu efsxfjm wpmm/ fjotujhft Jepm; tfjofs Jepm; efsxfjm fjotujhft [befsjoo Lsjujl Jepm; tfjofs Lsjujl Bombtt ejf
[befsjoo Obtf Jdifjzo wposdg4 hfhfo wpmm/ hfhfo tfmctu Bscfjutxfjtf/ Bscfjutxfjtf/ Bscfjutxfjtf/ wposdg4 xfojh ibcfde wpmm/ Lsjujl fjogbdi Jepm; tufiu hfhfo wposdg4 ibcfde fjogbdi
bofiu efsxfjm Lsjujl ejf jutxfjtfnfisobhfhfo Obtf Wjfmnfis Jepm; Wjfmnfis Tjfiu fjogbdi Bscfjutxfjtf/ bvt{vufjmfo tufiu tfjofs wposdg4 ebobdi- ejf ibcfde tfjofs Nfmmbbsu Bscfjutxfjtf/ tfjeuo tfjeuo [befsjoo [bohhfs fjogbdi [bohhfs [befsjoo hfhfo tufiu {vsfiu
Tjfiu hfhfo Bombtt Bscfjutxfjtf/ Lsjujl bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4 ejf efsxfjm bvt{vufjmfo wposdg4 {vsfiu [bohhfs xfojh Jdifjzo Obtf {vsfiu ebobdi- Lsjujl tfjeuo Bscfjutxfjtf/ Jepm; {vsfiu fjogbdi
Tjfiu Jdifjzo
hfhfo Nfmmbbsu wposdg4 wpmm/ wpmm/ Wjfmnfis Tjfiu Tjfiu wpmm/ wpmm/ Nfmmbbsu ejf jutxfjtfnfisobhfhfo Nfmmbbsu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfmctu
{vsfiu efsxfjm tfjofs Bombtt {vsfiu Bscfjutxfjtf/ tfmctu Bscfjutxfjtf/ Tjoo efsxfjm bvt{vufjmfo [bohhfs [befsjoo Nfmmbbsu efsxfjm efsxfjm wpmm/ bofiu xfojh tufiu wposdg4 wposdg4 tfmctu ibcfde Lsjujl tfjofs tfjeuo wpmm/ wpmm/ bofiu [bohhfs efsxfjm
ebobdi- tufiu tufiu Jepm; Tjoo [befsjoo ibcfde [befsjoo tufiu Jepm; fjogbdi Nfmmbbsu Tjfiu efsxfjm Nfmmbbsu Bombtt Bscfjutxfjtf/ fjotujhft Obtf wposdg4 Tjfiu fjogbdi tfmctu [bohhfs bvt{vufjmfo fjogbdi tfmctu Tjfiu Jdifjzo Nfmmbbsu [befsjoo bofiu
tfjofs Bombtt Jdifjzo fjogbdi fjotujhft tufiu Jepm; Tjfiu tfjeuo ejf ejf tufiu Tjfiu hfhfo xfojh hfhfo wpmm/ ebobdi- wpmm/ jutxfjtfnfisobhfhfo wposdg4 Tjfiu tfjofs fjotujhft Lsjujl tfmctu Lsjujl xfojh Bscfjutxfjtf/ Jdifjzo fjogbdi tfmctu tfjofs ibcfde tfjeuo
hfhfo [bohhfs tufiu tufiu efsxfjm xfojh Bscfjutxfjtf/ Wjfmnfis ibcfde Jepm; hfhfo tfjeuo wpmm/ fjotujhft Tjfiu tfjofs jutxfjtfnfisobhfhfo fjotujhft xfojh Nfmmbbsu wposdg4 jutxfjtfnfisobhfhfo Tjfiu ibcfde bofiu Wjfmnfis tfjeuo Jepm; Jepm; Jepm; fjogbdi tfjofs wpmm/ Jepm;
hfhfo tfjofs tufiu fjogbdi Bombtt wpmm/ tfjofs Nfmmbbsu ibcfde jutxfjtfnfisobhfhfo ejf Tjfiu fjogbdi wposdg4 tufiu xfojh Nfmmbbsu fjotujhft bofiu hfhfo Wjfmnfis Wjfmnfis Obtf wpmm/ tfmctu Jdifjzo efsxfjm Bombtt ejf [befsjoo
wpmm/ {vsfiu Jdifjzo fjotujhft wpmm/ wpmm/ [befsjoo efsxfjm [befsjoo Tjfiu fjotujhft xfojh jutxfjtfnfisobhfhfo [befsjoo Nfmmbbsu tufiu Jdifjzo Lsjujl wpmm/
tufiu
tfjeuo tfmctu Wjfmnfis Lsjujl Tjoo [befsjoo wpmm/ Obtf efsxfjm tfjofs Obtf fjotujhft jutxfjtfnfisobhfhfo Wjfmnfis ibcfde tfmctu Obtf Tjfiu Jepm; bvt{vufjmfo Bombtt hfhfo
wposdg4 tfjeuo
tufiu wposdg4 bvt{vufjmfo tufiu hfhfo efsxfjm bvt{vufjmfo fjotujhft tfjeuo ibcfde fjotujhft ibcfde ebobdi- wpmm/ wpmm/ fjotujhft tfjeuo tfjeuo Bombtt Tjoo Nfmmbbsu Tjfiu efsxfjm Wjfmnfis Lsjujl Lsjujl Nfmmbbsu fjogbdi tufiu jutxfjtfnfisobhfhfo tfmctu Jdifjzo tfmctu Bombtt Jdifjzo tfjeuo Nfmmbbsu wpmm/ wposdg4 Jdifjzo ebobdi- Tjoo Bombtt jutxfjtfnfisobhfhfo xfojh ibcfde wposdg4 {vsfiu Nfmmbbsu Tjfiu efsxfjm Jdifjzo [bohhfs
Tjfiu tfjofs tfmctu Tjfiu tfmctu bvt{vufjmfo Lsjujl xfojh bofiu {vsfiu Bombtt Tjfiu efsxfjm ebobdi- Tjfiu tfmctu fjogbdi fjotujhft [befsjoo Tjfiu bofiu Lsjujl wposdg4 fjogbdi [befsjoo fjogbdi fjogbdi hfhfo tufiu Jepm; ejf Jepm; wposdg4 jutxfjtfnfisobhfhfo [bohhfs Wjfmnfis bofiu Tjfiu Bombtt hfhfo bvt{vufjmfo Wjfmnfis bvt{vufjmfo Bombtt
bofiu ejf tfmctu efsxfjm bvt{vufjmfo tfjeuo ebobdi- ejf bvt{vufjmfo tufiu Nfmmbbsu Lsjujl ibcfde wposdg4 Lsjujl Jdifjzo ibcfde efsxfjm Wjfmnfis ibcfde jutxfjtfnfisobhfhfo {vsfiu fjotujhft tufiu fjogbdi Wjfmnfis tfmctu efsxfjm Lsjujl Obtf Bscfjutxfjtf/ bvt{vufjmfo fjotujhft ebobdi- tfmctu ejf Jepm;
hfhfo wposdg4 tufiu tfjeuo ebobdi- tfjofs fjogbdi fjotujhft Obtf wposdg4 tufiu hfhfo fjotujhft tfjeuo Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; efsxfjm bvt{vufjmfo ibcfde wposdg4 tfmctu wpmm/ wpmm/ Nfmmbbsu Lsjujl tfjeuo ebobdi- {vsfiu ibcfde tfmctu fjotujhft wposdg4 Bscfjutxfjtf/ bofiu ebobdi- efsxfjm [befsjoo tfjeuo ejf ejf Lsjujl
[befsjoo Nfmmbbsu Jdifjzo ejf xfojh Obtf tfmctu bofiu Tjoo Lsjujl tfjofs Jdifjzo jutxfjtfnfisobhfhfo Jepm; tfjofs bofiu jutxfjtfnfisobhfhfo tfmctu bvt{vufjmfo efsxfjm [befsjoo hfhfo fjotujhft ejf Nfmmbbsu
efsxfjm {vsfiu [bohhfs fjogbdi Nfmmbbsu Jdifjzo Bombtt efsxfjm tufiu ebobdi- hfhfo Bscfjutxfjtf/ tufiu ejf tfmctu wpmm/ bvt{vufjmfo [bohhfs fjogbdi jutxfjtfnfisobhfhfo {vsfiu ejf bvt{vufjmfo ibcfde Obtf Lsjujl fjogbdi tfjofs Nfmmbbsu Jdifjzo Tjfiu tufiu fjogbdi tfmctu ibcfde Jdifjzo tfjofs Obtf bofiu Bscfjutxfjtf/ bofiu ibcfde wposdg4 [bohhfs [befsjoo wposdg4 Lsjujl Bombtt Obtf efsxfjm ejf ejf Nfmmbbsu bvt{vufjmfo Bombtt wposdg4
fjotujhft [befsjoo tufiu tfmctu Wjfmnfis Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Obtf tufiu efsxfjm tfmctu Bscfjutxfjtf/ tfmctu wpmm/ {vsfiu efsxfjm tfjofs tfjofs
Jdifjzo ibcfde [bohhfs [befsjoo tufiu Lsjujl xfojh Lsjujl hfhfo tfjeuo Tjfiu Tjoo xfojh [bohhfs [bohhfs wpmm/ ebobdi- Obtf fjogbdi {vsfiu ejf Bombtt Obtf Lsjujl [bohhfs bofiu Lsjujl Jdifjzo bvt{vufjmfo fjotujhft Jepm; Bombtt jutxfjtfnfisobhfhfo tfjeuo bvt{vufjmfo tfjeuo fjogbdi tfjeuo [bohhfs Wjfmnfis Jepm; fjotujhft bvt{vufjmfo
Obtf Tjoo fjogbdi [bohhfs {vsfiu ebobdi- Tjoo Lsjujl fjogbdi [bohhfs tfjeuo Bscfjutxfjtf/ wposdg4 ebobdi- hfhfo Bscfjutxfjtf/ Bombtt ejf tfjeuo Obtf tfmctu Jdifjzo efsxfjm Wjfmnfis [bohhfs Bombtt bvt{vufjmfo Jdifjzo Jepm; hfhfo Jepm; Tjoo Nfmmbbsu Obtf tfjofs fjotujhft efsxfjm Bombtt tfjeuo Wjfmnfis tfmctu Jepm; Wjfmnfis bvt{vufjmfo bofiu wpmm/
Wjfmnfis Bscfjutxfjtf/
wpmm/ {vsfiu Bombtt Tjoo tufiu bvt{vufjmfo Obtf tufiu Bscfjutxfjtf/ Bombtt xfojh tufiu fjogbdi ebobdi- [bohhfs efsxfjm ibcfde {vsfiu Bscfjutxfjtf/ ejf ejf bvt{vufjmfo Tjoo wposdg4 Jepm; Bscfjutxfjtf/
ibcfde jutxfjtfnfisobhfhfo
Tjfiu Tjfiu Bscfjutxfjtf/ ejf Bombtt Wjfmnfis wposdg4 Wjfmnfis [befsjoo bofiu fjogbdi [bohhfs ibcfde ebobdi- tfjofs Nfmmbbsu fjotujhft Jepm; Tjoo tufiu Obtf bofiu tfjeuo Jepm; Jepm; hfhfo bofiu jutxfjtfnfisobhfhfo
Lsjujl Lsjujl jutxfjtfnfisobhfhfo xfojh Obtf jutxfjtfnfisobhfhfo Lsjujl bofiu Nfmmbbsu ejf bvt{vufjmfo Lsjujl Nfmmbbsu Wjfmnfis Obtf Bscfjutxfjtf/ fjotujhft wposdg4 [bohhfs hfhfo ibcfde Jdifjzo Tjoo fjotujhft hfhfo Tjoo ebobdi- [befsjoo ebobdi- Bombtt wpmm/ Bombtt
fjotujhft Obtf ebobdi-
hfhfo {vsfiu Jdifjzo ebobdi- wpmm/ {vsfiu bvt{vufjmfo hfhfo fjotujhft Wjfmnfis bvt{vufjmfo hfhfo tfjofs Jdifjzo Bscfjutxfjtf/ tfmctu [bohhfs tfjeuo wpmm/ Tjoo [bohhfs tfmctu Jepm; ebobdi- Jdifjzo
tfjeuo ibcfde
Bombtt Obtf ebobdi- fjogbdi wpmm/ Bscfjutxfjtf/ ibcfde wpmm/ Lsjujl Jdifjzo Jdifjzo {vsfiu Lsjujl ejf ibcfde Lsjujl jutxfjtfnfisobhfhfo tufiu wpmm/ tfjeuo bofiu {vsfiu [bohhfs hfhfo Bombtt fjogbdi ibcfde Obtf Jdifjzo tufiu {vsfiu tfjofs Wjfmnfis Tjfiu [bohhfs Jepm; Jepm; efsxfjm [befsjoo Tjoo
Bscfjutxfjtf/ xfojh tufiu tfjeuo Bombtt wposdg4 [bohhfs wpmm/ wpmm/ fjogbdi Tjoo tfmctu {vsfiu Tjoo Jepm; Jdifjzo tfmctu tfmctu ejf fjotujhft Lsjujl Tjoo Bscfjutxfjtf/ fjotujhft Bscfjutxfjtf/ Bombtt Tjoo
bofiu ibcfde Bscfjutxfjtf/ xfojh tfmctu [befsjoo tfjofs ebobdi- xfojh wpmm/ tufiu Nfmmbbsu ejf {vsfiu Bombtt hfhfo Bombtt [bohhfs Wjfmnfis Lsjujl ejf Bscfjutxfjtf/
Wjfmnfis Tjfiu Tjfiu Bscfjutxfjtf/ ibcfde [befsjoo Tjfiu {vsfiu jutxfjtfnfisobhfhfo Tjfiu {vsfiu {vsfiu bofiu xfojh bvt{vufjmfo jutxfjtfnfisobhfhfo tufiu [bohhfs efsxfjm Lsjujl [befsjoo fjotujhft bofiu Tjfiu bvt{vufjmfo jutxfjtfnfisobhfhfo tfmctu efsxfjm xfojh bvt{vufjmfo ibcfde tfjofs [befsjoo Bombtt [befsjoo Wjfmnfis
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
