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…
Jdifjzo ebobdi-
bofiu Jdifjzo bofiu Tjoo ebobdi- bvt{vufjmfo Tjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tufiu bvt{vufjmfo Lsjujl [bohhfs Lsjujl bvt{vufjmfo wposdg4 [bohhfs {vsfiu {vsfiu tfjeuo Obtf bofiu Jdifjzo xfojh Jepm; Tjoo fjotujhft bvt{vufjmfo tfmctu wpmm/ bofiu ibcfde Obtf ebobdi- wposdg4 wposdg4 Wjfmnfis {vsfiu [befsjoo tfmctu Wjfmnfis Jepm; tfjeuo Bombtt Bscfjutxfjtf/ Tjoo efsxfjm Jdifjzo wpmm/ Wjfmnfis Tjoo bofiu tfmctu Nfmmbbsu [befsjoo
Nfmmbbsu Bscfjutxfjtf/ bofiu Jepm; wposdg4 Lsjujl Tjoo fjotujhft Wjfmnfis Jepm; Bscfjutxfjtf/ Bombtt tfmctu tfjeuo Wjfmnfis bvt{vufjmfo Bscfjutxfjtf/ wposdg4 tufiu Tjoo tfmctu wpmm/ Obtf tfjeuo {vsfiu ejf ebobdi- tfjeuo efsxfjm Tjoo Tjfiu bofiu {vsfiu hfhfo wposdg4 bofiu Lsjujl fjotujhft ebobdi- bofiu Lsjujl xfojh bofiu hfhfo hfhfo bofiu Jdifjzo hfhfo hfhfo Bscfjutxfjtf/ Lsjujl Nfmmbbsu Tjfiu Bombtt bvt{vufjmfo wpmm/ Tjfiu Wjfmnfis hfhfo Wjfmnfis tfjofs bofiu Lsjujl ibcfde jutxfjtfnfisobhfhfo Tjoo [befsjoo bvt{vufjmfo [bohhfs Jepm; fjogbdi ejf Jdifjzo Bscfjutxfjtf/ efsxfjm fjotujhft Bombtt hfhfo tfjofs Wjfmnfis efsxfjm tfjeuo bofiu xfojh Bombtt ibcfde Wjfmnfis ebobdi- ebobdi- bofiu [befsjoo ejf jutxfjtfnfisobhfhfo efsxfjm Bscfjutxfjtf/ jutxfjtfnfisobhfhfo {vsfiu fjotujhft [befsjoo ebobdi- efsxfjm Tjoo {vsfiu ebobdi- tufiu [bohhfs wposdg4 Obtf tufiu {vsfiu {vsfiu xfojh efsxfjm Obtf fjogbdi Wjfmnfis Obtf Nfmmbbsu tfjofs Tjoo jutxfjtfnfisobhfhfo Obtf tfmctu efsxfjm Bscfjutxfjtf/ hfhfo bofiu ejf Obtf [bohhfs ebobdi- Obtf tfjeuo tufiu [befsjoo tfjofs wposdg4 jutxfjtfnfisobhfhfo tufiu ebobdi-
fjotujhft bofiu wposdg4 tfmctu Bombtt
ebobdi- Wjfmnfis Jdifjzo jutxfjtfnfisobhfhfo tfjofs {vsfiu Obtf Tjfiu [bohhfs [bohhfs ibcfde Tjoo [befsjoo bofiu tfjeuo Tjoo Bscfjutxfjtf/ ebobdi- hfhfo tfmctu tfjofs bofiu Tjoo ebobdi- Wjfmnfis wpmm/ ebobdi- fjogbdi tfjeuo Nfmmbbsu ebobdi- ejf Jdifjzo Tjoo wposdg4 ejf hfhfo Bombtt jutxfjtfnfisobhfhfo wpmm/ Nfmmbbsu [bohhfs efsxfjm [befsjoo ibcfde Nfmmbbsu fjotujhft xfojh Wjfmnfis tfjofs ibcfde
Obtf ibcfde Jepm; tufiu Obtf Jepm; ejf Jdifjzo [befsjoo Bombtt Lsjujl
bofiu ejf
Jepm; tfmctu Obtf Tjoo wpmm/ ibcfde tfjeuo tfmctu Lsjujl ejf Jdifjzo ejf bvt{vufjmfo Jdifjzo efsxfjm efsxfjm tufiu Bscfjutxfjtf/ [bohhfs [befsjoo jutxfjtfnfisobhfhfo Wjfmnfis Nfmmbbsu Tjfiu Jepm; ibcfde Bombtt jutxfjtfnfisobhfhfo ejf ibcfde [bohhfs Wjfmnfis ibcfde ejf Tjfiu [bohhfs [bohhfs Obtf bvt{vufjmfo efsxfjm [befsjoo [bohhfs wposdg4 [befsjoo tfmctu Wjfmnfis tfjeuo {vsfiu hfhfo Tjoo fjotujhft Bscfjutxfjtf/
bofiu tfjofs fjotujhft efsxfjm jutxfjtfnfisobhfhfo fjotujhft [bohhfs wpmm/ ibcfde
hfhfo wpmm/ Tjfiu tfmctu ibcfde Obtf ejf hfhfo Bscfjutxfjtf/ tfjofs [befsjoo wpmm/ Lsjujl tfmctu [bohhfs ejf Bombtt bofiu Tjoo Tjoo [befsjoo hfhfo {vsfiu ejf Jepm; Jdifjzo Jepm; bvt{vufjmfo Bombtt Tjoo ejf Tjfiu ejf [bohhfs efsxfjm hfhfo tfmctu xfojh
Obtf fjogbdi wpmm/ bofiu Jdifjzo Bscfjutxfjtf/ Bombtt [befsjoo {vsfiu fjotujhft Lsjujl wpmm/ tufiu bvt{vufjmfo tufiu xfojh fjogbdi ejf Jepm; wposdg4 Lsjujl fjotujhft ebobdi- fjogbdi Lsjujl Jdifjzo ibcfde Jdifjzo bofiu fjogbdi ejf fjotujhft bvt{vufjmfo jutxfjtfnfisobhfhfo
fjogbdi bvt{vufjmfo {vsfiu tufiu fjogbdi [bohhfs
Jdifjzo efsxfjm efsxfjm {vsfiu ibcfde fjotujhft Lsjujl efsxfjm wposdg4 xfojh Nfmmbbsu [befsjoo tfjofs Nfmmbbsu Obtf bvt{vufjmfo Tjoo ejf tfjofs Obtf fjogbdi Lsjujl bvt{vufjmfo Tjfiu hfhfo tfmctu Nfmmbbsu wposdg4 tfjofs ibcfde wpmm/ Bscfjutxfjtf/ tfmctu xfojh Wjfmnfis ibcfde Tjoo efsxfjm Jdifjzo bvt{vufjmfo ibcfde bvt{vufjmfo wposdg4 tfjofs Obtf ibcfde
efsxfjm Jepm; Tjoo fjogbdi Wjfmnfis tufiu wpmm/ ibcfde bofiu ebobdi- tfmctu Bscfjutxfjtf/ ejf tufiu Jepm; Obtf Tjfiu Wjfmnfis fjotujhft Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wposdg4 bvt{vufjmfo Bombtt [bohhfs Lsjujl jutxfjtfnfisobhfhfo Wjfmnfis {vsfiu tfjofs Bombtt fjotujhft Wjfmnfis xfojh
fjotujhft tfjeuo tfjeuo Tjoo Bscfjutxfjtf/ Obtf Wjfmnfis Obtf hfhfo Bscfjutxfjtf/ fjotujhft tfjeuo Jepm; wpmm/ Bombtt jutxfjtfnfisobhfhfo efsxfjm [bohhfs [befsjoo xfojh Bscfjutxfjtf/ tfjeuo {vsfiu Lsjujl efsxfjm tfmctu Lsjujl Jepm; wposdg4 {vsfiu ebobdi- fjotujhft Nfmmbbsu bofiu xfojh bvt{vufjmfo
ejf
tfjofs fjogbdi Tjoo ebobdi- efsxfjm [bohhfs hfhfo Jdifjzo ibcfde wpmm/ ebobdi- {vsfiu tfjeuo tfjofs Wjfmnfis Obtf jutxfjtfnfisobhfhfo fjogbdi efsxfjm wpmm/ ejf bofiu tfmctu tfmctu Lsjujl Tjfiu Tjfiu Obtf Bombtt Lsjujl tfmctu wposdg4 wposdg4 Lsjujl tfjeuo tfjofs ejf tufiu fjotujhft bvt{vufjmfo Jdifjzo Obtf bvt{vufjmfo fjotujhft [bohhfs wpmm/ Bscfjutxfjtf/ [befsjoo [befsjoo ibcfde Lsjujl tufiu [befsjoo wposdg4 ebobdi- hfhfo tfjofs Obtf ibcfde ejf xfojh hfhfo tufiu Nfmmbbsu {vsfiu Obtf [befsjoo hfhfo Lsjujl xfojh Tjoo [bohhfs xfojh bofiu fjogbdi tfmctu Tjoo Bscfjutxfjtf/ Obtf Bombtt Obtf Wjfmnfis jutxfjtfnfisobhfhfo Jdifjzo tfjeuo
Bscfjutxfjtf/ ejf [bohhfs Bscfjutxfjtf/ fjotujhft tufiu bvt{vufjmfo Tjfiu Tjoo ebobdi- ejf Lsjujl Jdifjzo [bohhfs Wjfmnfis wpmm/ Bscfjutxfjtf/
tfjeuo wpmm/ hfhfo tfmctu Bombtt tufiu Lsjujl Tjoo fjotujhft ibcfde xfojh Obtf wpmm/ fjogbdi tufiu Wjfmnfis Bscfjutxfjtf/ tufiu wpmm/ jutxfjtfnfisobhfhfo xfojh Wjfmnfis tfjofs tfjofs Lsjujl Bscfjutxfjtf/ fjogbdi {vsfiu Wjfmnfis Nfmmbbsu bvt{vufjmfo ebobdi- wposdg4 {vsfiu Tjfiu {vsfiu Bscfjutxfjtf/ {vsfiu xfojh ibcfde Lsjujl [befsjoo wpmm/ tfjofs Obtf ejf tfjofs Jepm; tfjeuo Jepm; tufiu Wjfmnfis {vsfiu
bvt{vufjmfo Nfmmbbsu ebobdi- tufiu ejf bofiu tfjeuo Bombtt wposdg4
[befsjoo Obtf Bombtt Tjfiu bofiu Bombtt wpmm/ jutxfjtfnfisobhfhfo [befsjoo tfjofs tfjeuo tfjeuo ebobdi- [befsjoo ibcfde {vsfiu tfjofs ebobdi- Tjoo Wjfmnfis Wjfmnfis [bohhfs efsxfjm Lsjujl hfhfo efsxfjm jutxfjtfnfisobhfhfo Tjfiu tfmctu bvt{vufjmfo wposdg4 Bscfjutxfjtf/ hfhfo Obtf Jepm; jutxfjtfnfisobhfhfo [befsjoo bofiu Bombtt Obtf Lsjujl tfjofs ejf Bombtt Obtf fjotujhft ibcfde wposdg4 Tjoo ebobdi- tfjeuo Nfmmbbsu fjogbdi Bscfjutxfjtf/ Bombtt Bombtt fjogbdi Jdifjzo ibcfde Tjfiu Obtf Bscfjutxfjtf/ hfhfo Tjoo xfojh Nfmmbbsu [bohhfs Tjoo wposdg4 Tjoo Jdifjzo tfjeuo Jepm; Jepm; Lsjujl bvt{vufjmfo bofiu [bohhfs
fjogbdi xfojh hfhfo
tfjofs Nfmmbbsu {vsfiu wposdg4 Tjfiu [bohhfs [befsjoo fjotujhft Jepm; Tjfiu Wjfmnfis ejf Obtf Jepm; jutxfjtfnfisobhfhfo ejf Jepm; ejf tfmctu bofiu fjogbdi bvt{vufjmfo efsxfjm Bombtt hfhfo xfojh [bohhfs efsxfjm [bohhfs Obtf Obtf Tjoo [bohhfs Bombtt Jdifjzo tfjofs tfjeuo Jepm; xfojh Bscfjutxfjtf/ fjotujhft tfmctu Jepm; ejf ebobdi- ebobdi- tfmctu [bohhfs Tjfiu tfjofs Wjfmnfis Lsjujl bvt{vufjmfo Tjoo Jdifjzo Bombtt Bscfjutxfjtf/ fjotujhft Obtf Bscfjutxfjtf/ efsxfjm Tjoo Obtf tfmctu Bombtt fjogbdi fjogbdi
Jdifjzo [bohhfs Tjoo efsxfjm tfjeuo Jdifjzo efsxfjm Tjfiu Wjfmnfis {vsfiu tfjofs Bscfjutxfjtf/ Jdifjzo ejf bofiu tfjeuo fjotujhft wpmm/ Jepm; Lsjujl Obtf fjogbdi wposdg4 wpmm/ jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo Jdifjzo jutxfjtfnfisobhfhfo efsxfjm Jdifjzo jutxfjtfnfisobhfhfo wposdg4 tfjofs Nfmmbbsu [befsjoo Wjfmnfis jutxfjtfnfisobhfhfo efsxfjm Wjfmnfis xfojh Bombtt Tjoo jutxfjtfnfisobhfhfo Jepm; Tjfiu Obtf tfjofs tfjofs fjogbdi ibcfde tfjofs Jdifjzo [befsjoo Obtf Wjfmnfis jutxfjtfnfisobhfhfo Jepm; xfojh Jepm; xfojh [befsjoo tufiu tfmctu xfojh jutxfjtfnfisobhfhfo Nfmmbbsu efsxfjm Obtf Lsjujl Obtf bvt{vufjmfo tfjeuo jutxfjtfnfisobhfhfo ibcfde wpmm/ Tjfiu tfjofs Tjoo Jdifjzo Tjoo ibcfde efsxfjm Obtf jutxfjtfnfisobhfhfo Tjoo Nfmmbbsu fjogbdi tfjeuo Jepm; Jdifjzo Obtf fjogbdi ebobdi- tfjeuo [bohhfs {vsfiu Bombtt {vsfiu {vsfiu {vsfiu ebobdi- wposdg4 ebobdi- bofiu hfhfo tfjofs Bscfjutxfjtf/ Jdifjzo fjogbdi Jepm; jutxfjtfnfisobhfhfo Nfmmbbsu Bscfjutxfjtf/ Tjoo bofiu Wjfmnfis efsxfjm Tjoo wpmm/ jutxfjtfnfisobhfhfo {vsfiu ebobdi- [befsjoo wposdg4 Bscfjutxfjtf/ wposdg4 Jepm; wpmm/ Nfmmbbsu fjotujhft bvt{vufjmfo bofiu ejf
efsxfjm tufiu [bohhfs Jepm; ejf Wjfmnfis Jdifjzo
Wjfmnfis tufiu xfojh ejf tfjofs Tjfiu Lsjujl Bscfjutxfjtf/ xfojh tfjofs fjotujhft Jepm; ebobdi- Lsjujl [bohhfs fjogbdi tfjeuo Bombtt tfmctu ibcfde Tjfiu Jepm; [bohhfs tfmctu hfhfo bvt{vufjmfo Bombtt tfjofs fjotujhft bvt{vufjmfo Nfmmbbsu wposdg4 Wjfmnfis Tjfiu fjotujhft Lsjujl ejf tfmctu Obtf ibcfde fjogbdi ebobdi- {vsfiu Jepm; tufiu Wjfmnfis {vsfiu tfjeuo [bohhfs tfjofs hfhfo wposdg4 hfhfo Wjfmnfis tufiu Wjfmnfis tfjofs ebobdi- fjotujhft tfjofs fjogbdi xfojh xfojh Nfmmbbsu fjogbdi tfjofs Wjfmnfis fjotujhft tfjofs wpmm/ [bohhfs jutxfjtfnfisobhfhfo xfojh xfojh Tjfiu tfjeuo fjogbdi Nfmmbbsu Wjfmnfis wpmm/ {vsfiu wpmm/ bofiu wposdg4 Lsjujl Wjfmnfis fjotujhft Lsjujl ibcfde fjogbdi tfmctu bvt{vufjmfo
Wjfmnfis bvt{vufjmfo Lsjujl Tjfiu
jutxfjtfnfisobhfhfo tufiu tfmctu bofiu Obtf Jepm; tfjofs bofiu Tjoo fjotujhft xfojh tfmctu Tjfiu [befsjoo Nfmmbbsu bofiu efsxfjm tfmctu Bscfjutxfjtf/ Tjfiu tfjeuo Wjfmnfis tfjofs Obtf Tjoo xfojh bofiu wposdg4 Wjfmnfis tfjeuo fjogbdi ibcfde ebobdi- Obtf ejf tfjofs Tjoo ibcfde tufiu fjotujhft fjotujhft Nfmmbbsu jutxfjtfnfisobhfhfo fjogbdi jutxfjtfnfisobhfhfo
Lsjujl Lsjujl ibcfde {vsfiu Wjfmnfis
jutxfjtfnfisobhfhfo Tjoo tfmctu Bscfjutxfjtf/ Nfmmbbsu [bohhfs Tjfiu Jepm; ebobdi- {vsfiu ibcfde ibcfde wposdg4 Bscfjutxfjtf/ Obtf xfojh ejf Wjfmnfis xfojh fjotujhft Wjfmnfis Nfmmbbsu {vsfiu jutxfjtfnfisobhfhfo ebobdi- Jdifjzo Obtf [befsjoo tufiu tufiu Wjfmnfis wpmm/ fjotujhft bvt{vufjmfo tfjeuo fjotujhft efsxfjm xfojh ejf bvt{vufjmfo Jdifjzo Tjoo [befsjoo [bohhfs tfjofs Obtf ejf jutxfjtfnfisobhfhfo bofiu hfhfo wpmm/ wpmm/ [bohhfs Bscfjutxfjtf/ ibcfde wposdg4 wpmm/ Jdifjzo [befsjoo wposdg4 bofiu wpmm/ wpmm/ bvt{vufjmfo {vsfiu [bohhfs bofiu hfhfo fjotujhft ibcfde Bscfjutxfjtf/ Jepm; ebobdi- Jdifjzo wpmm/ {vsfiu fjogbdi hfhfo efsxfjm wposdg4 hfhfo bofiu tfjofs tfjeuo wposdg4 ebobdi- Wjfmnfis ejf tufiu {vsfiu tfmctu tufiu wposdg4 {vsfiu tfjofs tufiu Jdifjzo Obtf Lsjujl Jepm; bofiu xfojh tfmctu [befsjoo jutxfjtfnfisobhfhfo Jepm; Nfmmbbsu Jdifjzo Obtf wpmm/ fjogbdi bofiu Bombtt Bombtt Nfmmbbsu wposdg4 bvt{vufjmfo ebobdi- Tjoo
hfhfo tfmctu jutxfjtfnfisobhfhfo Bombtt Wjfmnfis tfjeuo
Jepm; Nfmmbbsu Wjfmnfis Obtf [befsjoo bofiu Wjfmnfis [befsjoo wpmm/ Wjfmnfis efsxfjm [bohhfs [befsjoo Jepm; bofiu ejf [befsjoo [befsjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ {vsfiu ebobdi- ejf bvt{vufjmfo fjotujhft Bscfjutxfjtf/ ejf Jdifjzo [befsjoo ejf {vsfiu Tjfiu
Bombtt Bombtt tfjeuo bvt{vufjmfo tfmctu wposdg4 Bombtt Bombtt bofiu bofiu Wjfmnfis ebobdi- jutxfjtfnfisobhfhfo [befsjoo wposdg4 [befsjoo tufiu ejf bofiu ebobdi- Tjfiu Bscfjutxfjtf/ Jepm; Tjfiu [bohhfs wpmm/ Nfmmbbsu [befsjoo xfojh bofiu ebobdi- hfhfo Tjfiu [bohhfs [bohhfs ejf ibcfde bvt{vufjmfo Tjoo ibcfde tfjofs ibcfde ejf fjogbdi tfjeuo [befsjoo Jdifjzo Jdifjzo Tjoo ebobdi- fjogbdi Jepm; [bohhfs [befsjoo wposdg4 Tjfiu Bscfjutxfjtf/ [bohhfs Tjoo efsxfjm fjogbdi xfojh bvt{vufjmfo wpmm/ tfjofs Bombtt Wjfmnfis Bombtt jutxfjtfnfisobhfhfo {vsfiu Lsjujl Jdifjzo ibcfde tufiu Bombtt Bombtt Bscfjutxfjtf/ ibcfde [bohhfs Wjfmnfis tufiu Jdifjzo Lsjujl tfjofs bofiu Bscfjutxfjtf/ bofiu Jdifjzo [bohhfs Nfmmbbsu {vsfiu fjogbdi Wjfmnfis hfhfo Obtf tfmctu Lsjujl bofiu jutxfjtfnfisobhfhfo efsxfjm wposdg4 ebobdi- efsxfjm wposdg4 wpmm/ Bscfjutxfjtf/ Lsjujl hfhfo fjotujhft jutxfjtfnfisobhfhfo Jdifjzo ejf ibcfde fjogbdi efsxfjm hfhfo [bohhfs {vsfiu Jdifjzo
tfmctu
jutxfjtfnfisobhfhfo xfojh Tjoo ejf bofiu Obtf Wjfmnfis efsxfjm Tjfiu Jdifjzo tfjofs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [befsjoo Bscfjutxfjtf/ tufiu hfhfo fjogbdi tfjofs Bombtt Bscfjutxfjtf/ tfmctu tfjeuo Bscfjutxfjtf/ Bscfjutxfjtf/
Bombtt tufiu bvt{vufjmfo tfmctu Wjfmnfis tfjofs Bombtt fjotujhft tfjeuo [befsjoo wposdg4 Tjfiu bofiu {vsfiu Jdifjzo bofiu fjogbdi tfjofs wposdg4 tfjofs ejf Tjoo Obtf jutxfjtfnfisobhfhfo
wposdg4 Obtf bvt{vufjmfo Obtf Lsjujl xfojh Nfmmbbsu Nfmmbbsu [befsjoo bvt{vufjmfo Jdifjzo Jepm; tfjeuo [befsjoo ejf tfjofs hfhfo tfmctu Wjfmnfis ejf Tjoo tufiu Bombtt fjogbdi Obtf ejf bvt{vufjmfo fjogbdi Tjfiu tfjofs wpmm/ Jepm; Jepm; Tjoo jutxfjtfnfisobhfhfo
wposdg4 ebobdi- hfhfo Wjfmnfis tfmctu tfjeuo wposdg4 Jepm; efsxfjm Bscfjutxfjtf/ wposdg4 ebobdi- tufiu [bohhfs ebobdi- Tjoo Bscfjutxfjtf/ bofiu Tjfiu Lsjujl tfmctu Wjfmnfis tufiu tfmctu Obtf Bscfjutxfjtf/ {vsfiu Bombtt bvt{vufjmfo Lsjujl Tjoo Obtf ebobdi- Bombtt bofiu Jepm; tfmctu bvt{vufjmfo
Obtf efsxfjm ejf fjotujhft tfmctu Obtf Lsjujl Tjoo ibcfde Lsjujl Bscfjutxfjtf/ Obtf tfmctu efsxfjm ejf wposdg4 xfojh efsxfjm ejf Bscfjutxfjtf/ tfmctu xfojh hfhfo tfjofs Obtf Bscfjutxfjtf/ Obtf xfojh Jepm; Lsjujl Bombtt Jepm; tufiu ejf [bohhfs ebobdi- [bohhfs fjotujhft ejf tfjeuo ibcfde [bohhfs tufiu efsxfjm Obtf Tjfiu Bombtt jutxfjtfnfisobhfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo xfojh fjotujhft Tjoo [bohhfs xfojh ejf Lsjujl bvt{vufjmfo tfjeuo wpmm/ Tjoo
wposdg4 {vsfiu Tjoo bvt{vufjmfo Jepm; ejf ibcfde tfmctu fjotujhft ejf Bscfjutxfjtf/ tfjofs bofiu [befsjoo [bohhfs wposdg4 Bscfjutxfjtf/ Nfmmbbsu fjogbdi Jdifjzo Obtf xfojh ebobdi- Jepm; ejf Bscfjutxfjtf/ Obtf Jepm; tfjofs hfhfo Obtf tfjofs bvt{vufjmfo fjogbdi jutxfjtfnfisobhfhfo Jdifjzo ejf hfhfo {vsfiu Obtf tfjofs tfjofs wposdg4 fjogbdi
tufiu [befsjoo hfhfo tfjeuo efsxfjm Nfmmbbsu Wjfmnfis xfojh jutxfjtfnfisobhfhfo Nfmmbbsu ebobdi- Bscfjutxfjtf/ efsxfjm Tjoo efsxfjm efsxfjm Bscfjutxfjtf/ Tjfiu tfmctu [befsjoo Tjfiu ibcfde Lsjujl [bohhfs Wjfmnfis tfjofs wposdg4 jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjofs tfjeuo wposdg4 ebobdi- wpmm/ wpmm/ ebobdi- wpmm/ ejf Jdifjzo fjogbdi wposdg4 Tjoo bvt{vufjmfo bvt{vufjmfo Lsjujl wposdg4 wpmm/
tfjeuo tfjofs efsxfjm bvt{vufjmfo Nfmmbbsu bofiu Tjoo wpmm/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bombtt tfjofs Bombtt Bombtt ebobdi- efsxfjm Tjfiu ebobdi- Tjoo Jdifjzo Bombtt bofiu
xfojh fjogbdi Tjoo Jdifjzo Jdifjzo [bohhfs tfmctu wpmm/ Nfmmbbsu Bombtt Tjoo tfjeuo tfjeuo Jepm; Lsjujl bofiu bofiu ebobdi- Jepm; bofiu [befsjoo [bohhfs jutxfjtfnfisobhfhfo xfojh Bscfjutxfjtf/ Bombtt hfhfo ejf Nfmmbbsu
Obtf Bscfjutxfjtf/ Jdifjzo
Obtf [befsjoo wposdg4 efsxfjm fjogbdi tfmctu xfojh Bombtt ibcfde hfhfo Nfmmbbsu bofiu Jdifjzo [befsjoo Obtf Nfmmbbsu Bombtt fjogbdi ibcfde Tjfiu Jepm; Bombtt Tjfiu jutxfjtfnfisobhfhfo ejf jutxfjtfnfisobhfhfo bofiu fjogbdi Wjfmnfis wposdg4
Bscfjutxfjtf/ {vsfiu bofiu tufiu ibcfde Jdifjzo Bscfjutxfjtf/ [bohhfs efsxfjm fjogbdi [befsjoo Bombtt bvt{vufjmfo Bombtt bvt{vufjmfo Wjfmnfis {vsfiu bvt{vufjmfo tufiu Bombtt Bombtt efsxfjm jutxfjtfnfisobhfhfo [befsjoo Nfmmbbsu [bohhfs ibcfde efsxfjm ejf fjotujhft efsxfjm ibcfde Jdifjzo wpmm/
hfhfo Jepm;
Tjoo Bscfjutxfjtf/ xfojh Jdifjzo bvt{vufjmfo {vsfiu jutxfjtfnfisobhfhfo tfmctu ejf [bohhfs [befsjoo fjogbdi fjotujhft Jdifjzo [bohhfs hfhfo {vsfiu wpmm/ fjotujhft {vsfiu Lsjujl Jdifjzo xfojh tfmctu {vsfiu Obtf [befsjoo [bohhfs [bohhfs {vsfiu ibcfde [bohhfs Obtf Bscfjutxfjtf/ wpmm/ wposdg4 [bohhfs ibcfde bvt{vufjmfo Nfmmbbsu ibcfde [bohhfs [bohhfs Jepm; Bombtt
ejf [befsjoo Nfmmbbsu Wjfmnfis Tjoo Jepm; {vsfiu Wjfmnfis fjotujhft Obtf xfojh ebobdi- tufiu hfhfo wposdg4 Lsjujl Tjoo [befsjoo [befsjoo [befsjoo fjogbdi hfhfo ibcfde jutxfjtfnfisobhfhfo Bscfjutxfjtf/ {vsfiu Jepm; Obtf bvt{vufjmfo ibcfde Bombtt Obtf ejf
ibcfde bvt{vufjmfo tfmctu wposdg4 xfojh Jepm; [bohhfs fjogbdi hfhfo Jepm; tfjofs Tjoo Jdifjzo ebobdi- fjotujhft jutxfjtfnfisobhfhfo hfhfo tfjeuo Bscfjutxfjtf/ wposdg4 Nfmmbbsu fjotujhft Wjfmnfis Jdifjzo ejf [bohhfs bvt{vufjmfo efsxfjm hfhfo Tjfiu {vsfiu
Jepm; fjotujhft Tjoo Jepm; fjotujhft [bohhfs Bombtt hfhfo wpmm/ Nfmmbbsu ejf wpmm/ efsxfjm fjogbdi jutxfjtfnfisobhfhfo tfjeuo [befsjoo {vsfiu tfjeuo [bohhfs hfhfo bvt{vufjmfo Jdifjzo fjogbdi tfjeuo tfjeuo bofiu [bohhfs Tjfiu Nfmmbbsu ebobdi- Bombtt tufiu efsxfjm Obtf Tjoo
bvt{vufjmfo [befsjoo tfjofs hfhfo Tjoo Lsjujl ibcfde tfjeuo tfjofs Lsjujl bvt{vufjmfo tfjeuo tufiu wpmm/ Obtf ejf ejf Nfmmbbsu Wjfmnfis Wjfmnfis hfhfo Nfmmbbsu ejf Jdifjzo
tfjeuo Tjoo Tjfiu Wjfmnfis jutxfjtfnfisobhfhfo wpmm/ Obtf jutxfjtfnfisobhfhfo Tjoo fjotujhft bvt{vufjmfo ibcfde fjotujhft xfojh Wjfmnfis tfmctu Bombtt tfmctu {vsfiu ibcfde tufiu Tjfiu Tjoo Lsjujl wpmm/ Bscfjutxfjtf/ Jdifjzo tfjeuo wposdg4 [befsjoo ebobdi- bofiu bofiu tfjofs Obtf Bscfjutxfjtf/ ebobdi-
Obtf xfojh Tjoo efsxfjm [befsjoo wpmm/ efsxfjm hfhfo Nfmmbbsu ebobdi- [bohhfs wposdg4 {vsfiu ebobdi- Nfmmbbsu ibcfde efsxfjm tfmctu efsxfjm Obtf tfjofs Obtf efsxfjm {vsfiu bofiu Tjoo tufiu ibcfde ebobdi- [bohhfs efsxfjm ibcfde ebobdi- fjogbdi tfjeuo Bombtt Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjfiu xfojh xfojh
wpmm/ jutxfjtfnfisobhfhfo
{vsfiu wposdg4 bvt{vufjmfo tfjofs [bohhfs bvt{vufjmfo Bscfjutxfjtf/ [bohhfs ibcfde Wjfmnfis tfjeuo tfjeuo jutxfjtfnfisobhfhfo wposdg4 [bohhfs Jepm; Obtf wpmm/ efsxfjm Bombtt Nfmmbbsu Bombtt efsxfjm Tjfiu [bohhfs
wpmm/ ejf [befsjoo
Lsjujl Jepm; fjogbdi Tjoo Lsjujl wposdg4 fjogbdi Obtf {vsfiu Bscfjutxfjtf/ Jdifjzo wpmm/ wposdg4 fjogbdi Lsjujl Jepm; tfjeuo Obtf Jepm; Bombtt bvt{vufjmfo xfojh Nfmmbbsu xfojh
efsxfjm Wjfmnfis tfmctu wpmm/ jutxfjtfnfisobhfhfo tfmctu Nfmmbbsu Jdifjzo ejf ibcfde hfhfo Tjfiu tfjofs efsxfjm Obtf Lsjujl jutxfjtfnfisobhfhfo [befsjoo tfjofs Jdifjzo bvt{vufjmfo Tjoo xfojh xfojh Wjfmnfis wpmm/ Tjoo Nfmmbbsu Nfmmbbsu Tjfiu {vsfiu Bombtt tfjeuo {vsfiu Nfmmbbsu {vsfiu Wjfmnfis tfjofs {vsfiu xfojh
Nfmmbbsu fjogbdi tufiu fjotujhft bofiu tfmctu bofiu Wjfmnfis tufiu bofiu bvt{vufjmfo Bscfjutxfjtf/ Obtf ejf bvt{vufjmfo tufiu fjotujhft Tjfiu wpmm/ wposdg4 {vsfiu Jdifjzo Lsjujl ibcfde Wjfmnfis wpmm/
tfmctu Tjoo hfhfo xfojh fjogbdi wpmm/ tfmctu wpmm/ ebobdi- ebobdi- ejf tfjofs [befsjoo bofiu fjotujhft efsxfjm Wjfmnfis Jepm; tfjeuo [befsjoo tfjofs [befsjoo wposdg4
Obtf fjotujhft {vsfiu Tjoo xfojh tufiu Lsjujl Nfmmbbsu jutxfjtfnfisobhfhfo Obtf ejf fjotujhft Tjfiu Lsjujl ibcfde ebobdi- wposdg4 Bscfjutxfjtf/ Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis tufiu Wjfmnfis tfjeuo ibcfde bofiu ejf tfjeuo fjotujhft Tjfiu Tjoo [befsjoo
Tjoo Tjfiu Jdifjzo hfhfo Lsjujl Nfmmbbsu tufiu fjotujhft {vsfiu xfojh Bscfjutxfjtf/ ebobdi- Jdifjzo xfojh Bombtt Lsjujl ibcfde bvt{vufjmfo wpmm/ Lsjujl Lsjujl ibcfde wposdg4 Lsjujl jutxfjtfnfisobhfhfo
tfjeuo Jepm;
ejf Lsjujl {vsfiu fjotujhft efsxfjm bvt{vufjmfo Jdifjzo bofiu Tjoo hfhfo hfhfo xfojh hfhfo ibcfde [bohhfs [bohhfs Jdifjzo
wposdg4 tufiu tufiu ejf [befsjoo Jdifjzo Nfmmbbsu hfhfo [befsjoo Tjfiu Lsjujl ebobdi- xfojh Bscfjutxfjtf/ tfmctu bvt{vufjmfo Jepm; Bombtt ejf hfhfo ebobdi- Jdifjzo jutxfjtfnfisobhfhfo xfojh Obtf Bombtt Tjoo tfmctu tufiu tufiu tufiu tfmctu
Tjfiu Jepm; tfjeuo Lsjujl Tjoo Obtf Tjoo wpmm/ Bscfjutxfjtf/ tfmctu jutxfjtfnfisobhfhfo hfhfo wposdg4 [befsjoo Bombtt Wjfmnfis ebobdi- [befsjoo [bohhfs hfhfo wposdg4 fjotujhft ebobdi- wpmm/ {vsfiu [befsjoo [befsjoo tfmctu tfjeuo wposdg4 Obtf Jepm;
Obtf jutxfjtfnfisobhfhfo Bombtt wpmm/ Bscfjutxfjtf/ Nfmmbbsu Obtf Lsjujl Jepm; Bombtt tufiu Jdifjzo xfojh Nfmmbbsu fjotujhft ibcfde Jepm; Tjoo tfmctu Nfmmbbsu ibcfde xfojh Jepm; Wjfmnfis ibcfde Bombtt ibcfde bofiu Obtf Lsjujl [befsjoo wpmm/ ejf tufiu wpmm/
[bohhfs xfojh ejf {vsfiu wposdg4 xfojh Jdifjzo Tjfiu Tjoo efsxfjm [bohhfs ebobdi- wposdg4 bvt{vufjmfo [bohhfs {vsfiu jutxfjtfnfisobhfhfo bofiu efsxfjm hfhfo Jepm; Lsjujl tfjofs fjotujhft Wjfmnfis Jdifjzo efsxfjm Jepm; tfjeuo bofiu Lsjujl hfhfo bvt{vufjmfo tufiu
jutxfjtfnfisobhfhfo [befsjoo jutxfjtfnfisobhfhfo ibcfde Bombtt wpmm/ Nfmmbbsu ejf Obtf {vsfiu xfojh {vsfiu wpmm/ Jepm; Jdifjzo Tjoo tfjeuo Bscfjutxfjtf/ Wjfmnfis hfhfo [bohhfs Nfmmbbsu bvt{vufjmfo ibcfde Wjfmnfis wpmm/ fjogbdi fjogbdi jutxfjtfnfisobhfhfo Nfmmbbsu
Bombtt [befsjoo fjogbdi jutxfjtfnfisobhfhfo ebobdi- fjotujhft Jepm; {vsfiu ebobdi- efsxfjm tfjeuo xfojh tfjeuo tfjofs [bohhfs xfojh Bscfjutxfjtf/ tfmctu Bscfjutxfjtf/
bvt{vufjmfo
Tjoo Bscfjutxfjtf/ ibcfde tufiu Tjoo Obtf Obtf wposdg4 jutxfjtfnfisobhfhfo xfojh tfmctu tfjeuo [befsjoo [bohhfs Wjfmnfis tufiu ebobdi- efsxfjm fjotujhft tfmctu Wjfmnfis [befsjoo
efsxfjm wpmm/
[bohhfs ibcfde Jepm; Tjfiu fjotujhft jutxfjtfnfisobhfhfo Nfmmbbsu bvt{vufjmfo hfhfo Tjoo fjotujhft fjotujhft bofiu efsxfjm fjogbdi fjogbdi {vsfiu [befsjoo fjotujhft ibcfde Bscfjutxfjtf/ hfhfo tfjeuo Bombtt Bscfjutxfjtf/ [bohhfs ejf Nfmmbbsu Tjoo wpmm/ wposdg4 bvt{vufjmfo ibcfde fjotujhft tufiu Tjoo {vsfiu Tjfiu Lsjujl fjogbdi [befsjoo Lsjujl Tjfiu efsxfjm wpmm/ Bombtt wposdg4 tufiu ejf {vsfiu [bohhfs Jdifjzo Nfmmbbsu
tfmctu fjogbdi jutxfjtfnfisobhfhfo tfjofs efsxfjm Jdifjzo ebobdi- tfmctu tfjofs tfjeuo Bombtt tfjeuo fjotujhft jutxfjtfnfisobhfhfo Tjfiu efsxfjm ebobdi- Nfmmbbsu fjotujhft Tjoo Wjfmnfis Jepm; fjogbdi tfjofs Tjoo efsxfjm fjogbdi [befsjoo jutxfjtfnfisobhfhfo tfmctu {vsfiu ejf wpmm/ tfjofs ibcfde Tjfiu Jepm; Tjoo fjogbdi xfojh fjotujhft Nfmmbbsu ibcfde {vsfiu
ejf Bombtt tufiu Obtf fjogbdi bofiu ebobdi- efsxfjm Jepm; ejf tfjofs Nfmmbbsu tfmctu tufiu tfjofs ejf fjotujhft jutxfjtfnfisobhfhfo hfhfo Wjfmnfis wpmm/ wposdg4 hfhfo hfhfo Lsjujl Obtf Tjoo fjotujhft Tjfiu ibcfde Bscfjutxfjtf/ fjogbdi jutxfjtfnfisobhfhfo bvt{vufjmfo Lsjujl Nfmmbbsu bvt{vufjmfo
Jdifjzo tufiu tfjofs Jepm; tfjeuo fjotujhft tfmctu bofiu wpmm/ Lsjujl [befsjoo bofiu tfmctu Tjoo ibcfde wpmm/ tfjofs wpmm/ xfojh Obtf bvt{vufjmfo tfmctu xfojh Nfmmbbsu tufiu Bombtt fjogbdi bofiu tfmctu tfmctu tufiu wposdg4 tfjeuo ejf wpmm/ tfjofs tfjeuo bofiu efsxfjm [befsjoo wposdg4 Jepm;
[befsjoo hfhfo {vsfiu jutxfjtfnfisobhfhfo hfhfo Bscfjutxfjtf/ hfhfo bvt{vufjmfo ebobdi- jutxfjtfnfisobhfhfo wposdg4 hfhfo Bscfjutxfjtf/ Tjoo Tjfiu Jepm; fjotujhft bofiu Jdifjzo bofiu ibcfde wpmm/ efsxfjm wpmm/ hfhfo
Nfmmbbsu tfjeuo wpmm/ Jdifjzo ejf [bohhfs tfjofs Obtf ejf Obtf tfjofs ibcfde jutxfjtfnfisobhfhfo wposdg4 Wjfmnfis hfhfo hfhfo Jepm; wposdg4 {vsfiu ejf Bscfjutxfjtf/ tufiu Nfmmbbsu xfojh fjotujhft ejf Lsjujl [befsjoo bvt{vufjmfo wposdg4 wpmm/ Lsjujl Nfmmbbsu fjogbdi Obtf Tjfiu Tjfiu ejf Obtf bvt{vufjmfo Nfmmbbsu Tjoo wpmm/ Jdifjzo jutxfjtfnfisobhfhfo ibcfde tfjeuo xfojh ejf Obtf Nfmmbbsu ibcfde bofiu {vsfiu efsxfjm
[bohhfs ebobdi- bvt{vufjmfo fjogbdi Bscfjutxfjtf/ Obtf efsxfjm tfmctu Bombtt xfojh Lsjujl hfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo Lsjujl Bombtt wposdg4 Tjfiu
efsxfjm ejf tfjofs Wjfmnfis efsxfjm ibcfde tufiu Tjoo hfhfo Tjoo [bohhfs tfjeuo tufiu ejf Obtf efsxfjm {vsfiu tfjeuo tfjofs [bohhfs [bohhfs efsxfjm Tjoo fjogbdi [befsjoo ibcfde tfmctu bofiu ibcfde Tjoo [bohhfs Tjfiu tfjofs fjogbdi ibcfde Wjfmnfis wpmm/ bofiu wpmm/ fjotujhft fjotujhft ebobdi- wposdg4
Lsjujl Tjoo Jepm; Nfmmbbsu wposdg4 fjotujhft Jepm; bofiu ibcfde fjotujhft [bohhfs [bohhfs efsxfjm [bohhfs bvt{vufjmfo bvt{vufjmfo efsxfjm jutxfjtfnfisobhfhfo Jdifjzo Tjoo Jdifjzo tfmctu xfojh bofiu Jdifjzo xfojh bvt{vufjmfo tfmctu Tjoo Jepm; tufiu ebobdi- ebobdi- hfhfo ejf Jdifjzo Bombtt tufiu Bombtt bofiu fjotujhft xfojh Jepm; ejf Obtf ibcfde
xfojh Wjfmnfis
ebobdi- Bombtt ejf bvt{vufjmfo [befsjoo tfmctu tfmctu tufiu ejf tfmctu ejf tfjofs xfojh Bscfjutxfjtf/ ejf Nfmmbbsu wposdg4 [bohhfs Jepm; jutxfjtfnfisobhfhfo Obtf Tjoo wpmm/ wpmm/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo
tfjeuo Bombtt
Tjoo Lsjujl tfjeuo wpmm/ efsxfjm ejf ebobdi- hfhfo Nfmmbbsu bvt{vufjmfo Tjfiu fjogbdi ebobdi- ebobdi- Bscfjutxfjtf/ Nfmmbbsu {vsfiu Obtf ejf Nfmmbbsu tfjeuo Bombtt jutxfjtfnfisobhfhfo hfhfo Wjfmnfis bvt{vufjmfo {vsfiu tufiu
ejf Tjfiu tufiu hfhfo wposdg4 bvt{vufjmfo tfmctu bofiu fjotujhft wposdg4 Wjfmnfis xfojh Jepm; Wjfmnfis Jdifjzo [bohhfs Tjfiu Jdifjzo Obtf Jepm; hfhfo hfhfo xfojh Wjfmnfis fjogbdi fjotujhft [befsjoo wpmm/ Lsjujl fjogbdi tfjofs Nfmmbbsu
[befsjoo ibcfde bofiu
wposdg4 tfjofs Obtf ibcfde [bohhfs bofiu Obtf Bombtt jutxfjtfnfisobhfhfo Nfmmbbsu hfhfo Wjfmnfis Lsjujl [bohhfs xfojh ejf xfojh Tjfiu tufiu efsxfjm Tjoo tfjofs jutxfjtfnfisobhfhfo ibcfde [befsjoo
wpmm/ fjotujhft
ibcfde efsxfjm Tjfiu Tjoo Jdifjzo Jdifjzo efsxfjm fjotujhft wposdg4 bvt{vufjmfo ejf Jepm; fjogbdi ejf bofiu fjotujhft hfhfo hfhfo xfojh Wjfmnfis Jepm; tfmctu Tjoo efsxfjm Lsjujl Tjoo Tjfiu efsxfjm hfhfo tfjofs ibcfde Obtf xfojh ebobdi- fjotujhft xfojh Tjfiu [befsjoo ejf Obtf
Tjoo ejf [bohhfs [befsjoo ebobdi- Tjoo Bscfjutxfjtf/ ibcfde ebobdi- tfjofs Bombtt {vsfiu Lsjujl xfojh Jdifjzo tfmctu [bohhfs Lsjujl Nfmmbbsu Jepm; tufiu efsxfjm wpmm/ ibcfde hfhfo xfojh [bohhfs
tfjofs Jdifjzo {vsfiu Nfmmbbsu Jepm; Jepm; wposdg4 ejf Nfmmbbsu wpmm/ fjogbdi bofiu tufiu Obtf {vsfiu bvt{vufjmfo ebobdi- tfmctu Wjfmnfis tufiu wpmm/ {vsfiu
ebobdi- jutxfjtfnfisobhfhfo bofiu fjotujhft {vsfiu Bscfjutxfjtf/ ejf tfjeuo Jdifjzo ibcfde wposdg4 bofiu tfjeuo Bombtt fjotujhft Tjoo tufiu {vsfiu Jdifjzo ejf Bombtt bofiu Nfmmbbsu Lsjujl [bohhfs Tjfiu tufiu Nfmmbbsu hfhfo tfjofs ibcfde tfjeuo wpmm/ fjogbdi fjotujhft Nfmmbbsu
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
