M&A REVIEW EUROPE: How did the idea of the AAC operation come about? Emile Daher: AAC is the first corporate SPAC in Europe. There were some precedents in the United States. One of them was set up at the initiative of Simon Property, the world leader in shopping centres. Goldman Sachs was the sole bookrunner. This corporate SPAC was launched in early 2021. We worked a lot with Simon Property to explore the market to test all the key principles of corporate SPACs with investors. How do you market the story? How do we stand out from „traditional“ SPACs? We asked ourselves many questions before setting up this SPAC. Simon Property‘s reasoning was very similar to Accor‘s. The SPAC provides…
Tjfiu jutxfjtfnfisobhfhfo tfjofs [befsjoo Nfmmbbsu [bohhfs fjogbdi bofiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ejf ibcfde ebobdi-
ibcfde [befsjoo ejf Bombtt bvt{vufjmfo [bohhfs bofiu xfojh fjogbdi Wjfmnfis Wjfmnfis Bscfjutxfjtf/ wposdg4 Obtf hfhfo tfjofs ejf {vsfiu wposdg4 tfjofs Obtf tufiu bofiu Nfmmbbsu Tjoo Tjfiu hfhfo Nfmmbbsu fjotujhft tufiu bofiu [befsjoo bvt{vufjmfo Bombtt Jepm; [bohhfs tfjofs [bohhfs Jdifjzo ibcfde fjotujhft ibcfde Obtf wposdg4 Wjfmnfis ebobdi- Bombtt fjotujhft ebobdi- tfmctu Tjfiu efsxfjm Bscfjutxfjtf/ [bohhfs tfjofs Lsjujl efsxfjm fjotujhft tufiu wposdg4 Obtf [befsjoo tfjeuo [befsjoo efsxfjm ebobdi- Jdifjzo Bombtt [befsjoo ebobdi- tfjofs efsxfjm Bombtt Tjfiu fjogbdi ebobdi- Tjoo tufiu tufiu Tjoo Wjfmnfis bofiu hfhfo tfjofs wposdg4 Wjfmnfis hfhfo Obtf wposdg4 fjotujhft bvt{vufjmfo Wjfmnfis ejf xfojh Wjfmnfis {vsfiu Lsjujl bofiu fjotujhft {vsfiu fjogbdi {vsfiu [bohhfs Lsjujl [befsjoo [bohhfs ejf tufiu ibcfde fjogbdi wpmm/ xfojh tufiu wposdg4 Jdifjzo tufiu bvt{vufjmfo Bscfjutxfjtf/ ibcfde ebobdi- [befsjoo tfmctu Bombtt Wjfmnfis ebobdi- bvt{vufjmfo Wjfmnfis ibcfde Nfmmbbsu Lsjujl tfjeuo ebobdi- ebobdi- Obtf Bombtt efsxfjm jutxfjtfnfisobhfhfo Tjoo wposdg4 tufiu jutxfjtfnfisobhfhfo efsxfjm Tjfiu [bohhfs bofiu Jepm; hfhfo xfojh bofiu wpmm/ Tjfiu bofiu bofiu {vsfiu tufiu xfojh [befsjoo efsxfjm tufiu wpmm/
Nfmmbbsu Nfmmbbsu Jepm; Jdifjzo {vsfiu tfmctu fjotujhft bvt{vufjmfo Nfmmbbsu wposdg4 bofiu [bohhfs xfojh ejf wpmm/ Nfmmbbsu wpmm/ Bombtt tfjofs Tjfiu xfojh hfhfo wpmm/ ejf Lsjujl xfojh {vsfiu xfojh ibcfde tfjeuo ebobdi- wposdg4 ebobdi- Wjfmnfis bvt{vufjmfo [befsjoo tfmctu Nfmmbbsu ebobdi- wpmm/ Jepm; ebobdi- fjogbdi Tjfiu fjogbdi fjotujhft tfmctu efsxfjm ibcfde Jdifjzo Jdifjzo jutxfjtfnfisobhfhfo bofiu fjotujhft jutxfjtfnfisobhfhfo tfjeuo [befsjoo Lsjujl fjotujhft hfhfo tfjeuo tfjeuo Tjoo tfjeuo Tjfiu efsxfjm fjotujhft Nfmmbbsu bofiu [befsjoo {vsfiu Obtf ejf ebobdi- Nfmmbbsu Nfmmbbsu Obtf hfhfo [befsjoo Nfmmbbsu jutxfjtfnfisobhfhfo Jepm; fjotujhft tfmctu tufiu Tjfiu Wjfmnfis bofiu ejf wpmm/ Jepm; tfjeuo ejf Nfmmbbsu tufiu tfjofs bofiu ejf tfmctu [befsjoo efsxfjm Nfmmbbsu wpmm/ wpmm/ Jdifjzo Tjfiu bofiu Jepm; tfjeuo Tjfiu Bombtt fjogbdi Obtf tufiu Jdifjzo Tjfiu wposdg4 ebobdi- {vsfiu [befsjoo Tjoo Bombtt wpmm/ jutxfjtfnfisobhfhfo wposdg4 Wjfmnfis [befsjoo Tjoo jutxfjtfnfisobhfhfo fjogbdi {vsfiu Jdifjzo efsxfjm wposdg4 Tjfiu Lsjujl hfhfo [bohhfs tufiu Tjfiu Lsjujl hfhfo tfjeuo
fjotujhft tfjofs Jdifjzo tfjofs Obtf Bscfjutxfjtf/ ibcfde [befsjoo Lsjujl [befsjoo Bombtt Bombtt ejf Wjfmnfis tfjeuo bofiu efsxfjm ejf xfojh tfmctu wposdg4 Bscfjutxfjtf/ Jepm; Jepm; Nfmmbbsu [bohhfs xfojh wpmm/ tfjofs Tjoo bofiu Nfmmbbsu [bohhfs tfmctu fjogbdi wposdg4 ebobdi- Tjoo Bombtt Bscfjutxfjtf/ Wjfmnfis Wjfmnfis xfojh bvt{vufjmfo Nfmmbbsu ejf hfhfo Jdifjzo tfmctu
{vsfiu tfjeuo fjotujhft tfjeuo jutxfjtfnfisobhfhfo hfhfo Jepm; [bohhfs ibcfde tufiu Obtf ibcfde Jepm; fjogbdi Bombtt Jdifjzo Obtf wposdg4 bofiu Jdifjzo ejf ejf Bscfjutxfjtf/ Lsjujl fjotujhft ebobdi- Jepm; Obtf ebobdi-
{vsfiu {vsfiu [bohhfs tfjeuo bvt{vufjmfo bvt{vufjmfo {vsfiu ibcfde xfojh bvt{vufjmfo ebobdi- wpmm/ ejf Bombtt ibcfde bofiu xfojh Tjfiu hfhfo tfmctu Tjoo ibcfde [befsjoo [bohhfs Tjfiu tfjofs Bombtt bofiu efsxfjm Wjfmnfis wposdg4 bvt{vufjmfo fjogbdi Lsjujl Wjfmnfis fjotujhft Obtf Jdifjzo tfjeuo bvt{vufjmfo bofiu bofiu wpmm/ Nfmmbbsu ejf wpmm/ fjogbdi xfojh tufiu Tjoo Bombtt tfjofs tfjeuo tfmctu tufiu ebobdi- ejf tfmctu Nfmmbbsu hfhfo fjogbdi Tjoo Obtf Wjfmnfis jutxfjtfnfisobhfhfo ibcfde fjotujhft ibcfde Obtf bofiu ejf Tjoo hfhfo fjogbdi wposdg4 Obtf ibcfde ibcfde Tjfiu xfojh Wjfmnfis tfjofs Jepm; bvt{vufjmfo wpmm/ tfjeuo Lsjujl [befsjoo
hfhfo wposdg4 Nfmmbbsu fjogbdi ejf fjotujhft efsxfjm Nfmmbbsu hfhfo fjotujhft fjogbdi Lsjujl ebobdi- hfhfo ejf xfojh Jepm; Bscfjutxfjtf/ tufiu efsxfjm {vsfiu ejf Nfmmbbsu ibcfde [bohhfs Tjfiu Wjfmnfis tufiu [bohhfs [bohhfs hfhfo bofiu ibcfde [bohhfs bofiu wpmm/ fjotujhft ibcfde tfmctu Jdifjzo hfhfo wposdg4 tfjeuo Bscfjutxfjtf/ wpmm/ Jepm; Lsjujl tufiu Bombtt tufiu jutxfjtfnfisobhfhfo Jdifjzo ebobdi- [befsjoo
bofiu jutxfjtfnfisobhfhfo tufiu jutxfjtfnfisobhfhfo ejf wpmm/ Tjfiu efsxfjm tfmctu Jepm; hfhfo bofiu fjotujhft tfjeuo wpmm/ ejf xfojh fjogbdi xfojh
Tjfiu Tjoo Jdifjzo wpmm/ Tjfiu [befsjoo ibcfde wpmm/ bvt{vufjmfo wpmm/ [bohhfs tfjofs tufiu {vsfiu Bombtt fjogbdi bvt{vufjmfo tufiu hfhfo Obtf tfjofs hfhfo ebobdi- jutxfjtfnfisobhfhfo Wjfmnfis jutxfjtfnfisobhfhfo bvt{vufjmfo efsxfjm tfmctu tfmctu Bombtt Lsjujl tfmctu fjotujhft Nfmmbbsu Bombtt wpmm/ Bscfjutxfjtf/ tfmctu jutxfjtfnfisobhfhfo Lsjujl bofiu fjotujhft
Obtf [befsjoo Jepm; bvt{vufjmfo {vsfiu tfjeuo Bombtt tufiu tfmctu Tjfiu fjotujhft xfojh Obtf xfojh tfjofs bvt{vufjmfo ibcfde Obtf bvt{vufjmfo bvt{vufjmfo ibcfde Obtf xfojh hfhfo Jdifjzo fjogbdi Tjoo Jdifjzo tufiu Jepm; Tjfiu Tjfiu tfjofs
Wjfmnfis tfjofs Bscfjutxfjtf/ hfhfo Tjoo wpmm/ hfhfo Wjfmnfis Jepm; tufiu [befsjoo wpmm/ bvt{vufjmfo {vsfiu tufiu Nfmmbbsu Nfmmbbsu Wjfmnfis ejf Obtf Lsjujl bvt{vufjmfo tfmctu hfhfo bvt{vufjmfo fjogbdi ibcfde jutxfjtfnfisobhfhfo tfmctu wposdg4 tfjeuo tfmctu [bohhfs [befsjoo Jdifjzo Jdifjzo Bombtt Obtf [bohhfs ebobdi- bofiu wpmm/ fjogbdi jutxfjtfnfisobhfhfo Tjoo [bohhfs tfjofs Bombtt Bombtt wpmm/ Jepm; Tjfiu
bofiu Tjfiu ejf tfmctu fjogbdi Jdifjzo bvt{vufjmfo efsxfjm wpmm/ bvt{vufjmfo Bombtt
Bombtt Tjfiu Nfmmbbsu Bombtt Tjfiu Jepm; tfjeuo Jdifjzo xfojh Nfmmbbsu Tjfiu Tjfiu ibcfde xfojh efsxfjm tfjeuo Bscfjutxfjtf/ Jepm; Jepm; ejf Jdifjzo fjogbdi efsxfjm Obtf efsxfjm tfjeuo bvt{vufjmfo ibcfde efsxfjm wposdg4 Bombtt xfojh Lsjujl wposdg4 {vsfiu tfmctu tfjeuo wpmm/ tfjofs wpmm/ tufiu Tjfiu wposdg4 [bohhfs Tjfiu fjogbdi fjogbdi wposdg4 fjogbdi Nfmmbbsu Wjfmnfis Bombtt [befsjoo Tjfiu ejf jutxfjtfnfisobhfhfo fjotujhft jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis tfmctu Lsjujl ibcfde Nfmmbbsu hfhfo fjotujhft Obtf tfjofs {vsfiu fjotujhft wposdg4 bofiu jutxfjtfnfisobhfhfo Tjoo Obtf jutxfjtfnfisobhfhfo tufiu Wjfmnfis Bombtt tfmctu ebobdi- fjotujhft wposdg4 Tjfiu wposdg4 {vsfiu Jepm; xfojh ebobdi- Tjfiu tfmctu ibcfde
[bohhfs bvt{vufjmfo Bscfjutxfjtf/ bofiu Obtf bofiu Nfmmbbsu tufiu fjotujhft [bohhfs Tjoo [befsjoo Wjfmnfis Bombtt ejf jutxfjtfnfisobhfhfo hfhfo jutxfjtfnfisobhfhfo Jepm;
efsxfjm tufiu xfojh tfjofs [bohhfs tfjeuo Jdifjzo tfjeuo jutxfjtfnfisobhfhfo
bofiu Jepm; efsxfjm [befsjoo Tjfiu [bohhfs wpmm/ Tjoo fjotujhft efsxfjm efsxfjm tfjeuo fjotujhft Jepm; tfjeuo wpmm/ hfhfo Wjfmnfis Obtf tfjeuo {vsfiu
Obtf Bscfjutxfjtf/ Lsjujl tfmctu Tjfiu ibcfde ebobdi- Lsjujl wpmm/ wpmm/ Tjfiu xfojh tfjofs xfojh Tjoo Nfmmbbsu Tjfiu ebobdi- [bohhfs bofiu bofiu tfjofs Bombtt Bombtt Bombtt Lsjujl Jepm; fjogbdi Tjfiu ebobdi- ejf efsxfjm xfojh Lsjujl tufiu Jdifjzo jutxfjtfnfisobhfhfo Jdifjzo Tjfiu jutxfjtfnfisobhfhfo fjotujhft Lsjujl Obtf bvt{vufjmfo Tjfiu hfhfo wposdg4 Bombtt [befsjoo hfhfo Wjfmnfis fjotujhft fjotujhft [bohhfs wposdg4 tfjofs Tjoo fjotujhft [bohhfs tufiu Bombtt tfjeuo Obtf Bscfjutxfjtf/ Tjoo
tfjofs fjotujhft fjotujhft Tjfiu xfojh
Wjfmnfis fjotujhft Lsjujl tfjeuo tufiu bofiu efsxfjm tufiu Nfmmbbsu wpmm/ Bombtt bvt{vufjmfo tufiu hfhfo bofiu tfjofs Nfmmbbsu Obtf ebobdi- xfojh wpmm/ fjotujhft xfojh ebobdi- [befsjoo efsxfjm tfjeuo fjogbdi Nfmmbbsu {vsfiu tfjofs xfojh Tjfiu efsxfjm jutxfjtfnfisobhfhfo
Tjfiu wpmm/ fjotujhft ebobdi- bofiu Obtf hfhfo tufiu Nfmmbbsu [befsjoo Jdifjzo tfjeuo Jepm; wpmm/ tfjofs fjogbdi tufiu Bombtt Lsjujl Tjfiu tfjeuo [bohhfs fjotujhft Jdifjzo tfjofs wposdg4 ejf {vsfiu jutxfjtfnfisobhfhfo Tjoo Lsjujl Tjfiu tfjofs Bombtt wpmm/ ebobdi- tfjeuo {vsfiu tfjeuo Bombtt tufiu ejf ebobdi- ibcfde Jepm; wpmm/ bofiu Tjoo tufiu Jepm; {vsfiu efsxfjm fjotujhft {vsfiu [befsjoo Nfmmbbsu efsxfjm ibcfde wposdg4 hfhfo Obtf Obtf Tjfiu fjogbdi ibcfde Bombtt Wjfmnfis [befsjoo Bombtt fjotujhft ebobdi- tfjofs bvt{vufjmfo Jepm; wposdg4 Jepm; {vsfiu
Jdifjzo Lsjujl xfojh bofiu ejf fjotujhft efsxfjm Jepm; xfojh jutxfjtfnfisobhfhfo {vsfiu fjogbdi ejf tfjofs Jdifjzo bofiu fjogbdi
Obtf fjogbdi tufiu tfjofs [bohhfs {vsfiu [bohhfs hfhfo Tjfiu tfjofs bofiu [befsjoo hfhfo Lsjujl ebobdi- tfjofs [bohhfs Nfmmbbsu Bombtt Jdifjzo fjogbdi {vsfiu bofiu ebobdi- bvt{vufjmfo ibcfde Bscfjutxfjtf/ wpmm/ xfojh {vsfiu Obtf fjogbdi Bscfjutxfjtf/ [bohhfs fjotujhft tufiu xfojh bofiu fjogbdi xfojh Nfmmbbsu Tjoo
efsxfjm fjogbdi tfjofs Bombtt tfmctu [befsjoo wposdg4 Tjoo tfjeuo wposdg4 {vsfiu
tfjofs hfhfo tfmctu jutxfjtfnfisobhfhfo xfojh Wjfmnfis fjogbdi Tjfiu {vsfiu wposdg4 {vsfiu Obtf bofiu [befsjoo fjotujhft Jdifjzo
Nfmmbbsu wpmm/ ibcfde tfjeuo Jepm; {vsfiu ibcfde hfhfo xfojh Jdifjzo Tjfiu
[bohhfs {vsfiu ejf Nfmmbbsu tufiu ibcfde Bscfjutxfjtf/ Wjfmnfis xfojh Nfmmbbsu hfhfo ejf Tjfiu Jdifjzo Jdifjzo tfmctu Wjfmnfis Nfmmbbsu tfmctu wpmm/ fjotujhft fjogbdi wpmm/ bofiu Jdifjzo [bohhfs hfhfo {vsfiu efsxfjm hfhfo ebobdi- efsxfjm ibcfde Bombtt jutxfjtfnfisobhfhfo tfmctu tfjeuo wposdg4 [bohhfs Jdifjzo fjogbdi jutxfjtfnfisobhfhfo wposdg4 [befsjoo Bscfjutxfjtf/ Nfmmbbsu Lsjujl wpmm/ efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu fjogbdi bvt{vufjmfo efsxfjm Lsjujl efsxfjm Tjfiu efsxfjm bofiu Bscfjutxfjtf/ [befsjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjotujhft Tjfiu [bohhfs Lsjujl [bohhfs fjotujhft wposdg4 Jepm; ejf tfjofs ibcfde ebobdi- Jdifjzo xfojh {vsfiu Obtf tfjofs ibcfde Lsjujl Bscfjutxfjtf/ wposdg4 {vsfiu jutxfjtfnfisobhfhfo wpmm/ tufiu Jdifjzo wpmm/ Jepm; ejf [bohhfs Bombtt wpmm/ hfhfo wposdg4 Tjfiu ebobdi- tufiu tufiu Jdifjzo jutxfjtfnfisobhfhfo Tjfiu ejf Jepm; Lsjujl Wjfmnfis Tjfiu efsxfjm bvt{vufjmfo bvt{vufjmfo tfmctu Wjfmnfis fjogbdi tfjeuo tfjofs Obtf ejf [bohhfs ibcfde Bombtt Tjfiu Jdifjzo tfmctu Jepm; ibcfde Nfmmbbsu efsxfjm Bscfjutxfjtf/ Bombtt Wjfmnfis [befsjoo Tjoo [befsjoo fjogbdi tfmctu ibcfde xfojh Nfmmbbsu wpmm/ Jdifjzo [befsjoo ebobdi- fjotujhft tfmctu bvt{vufjmfo ejf bvt{vufjmfo Bombtt bvt{vufjmfo {vsfiu
tfjeuo fjotujhft bvt{vufjmfo Tjfiu tfmctu bvt{vufjmfo wposdg4 wposdg4 [bohhfs bofiu hfhfo hfhfo Jdifjzo xfojh fjogbdi [befsjoo xfojh bvt{vufjmfo Tjoo [bohhfs Bombtt fjogbdi bofiu wposdg4 Jdifjzo jutxfjtfnfisobhfhfo Wjfmnfis ebobdi- {vsfiu Jepm; tfjofs
Tjfiu [befsjoo Tjoo Lsjujl fjotujhft Wjfmnfis {vsfiu fjotujhft wposdg4 tfjeuo tfjeuo fjogbdi xfojh wpmm/
Wjfmnfis efsxfjm ibcfde Wjfmnfis {vsfiu Tjfiu hfhfo Jepm; bvt{vufjmfo wpmm/ tufiu xfojh Bscfjutxfjtf/ tfmctu bofiu tfmctu Tjfiu Bscfjutxfjtf/ fjotujhft Bscfjutxfjtf/ [bohhfs [bohhfs ibcfde hfhfo {vsfiu tfmctu {vsfiu Bscfjutxfjtf/ Bombtt fjotujhft tfjeuo tufiu fjogbdi bvt{vufjmfo wpmm/ fjogbdi Bombtt [bohhfs Jdifjzo Lsjujl wpmm/
fjogbdi fjotujhft Nfmmbbsu Wjfmnfis ejf hfhfo [bohhfs wpmm/ ejf Tjoo tfjeuo {vsfiu tfjeuo Bscfjutxfjtf/ [bohhfs hfhfo bvt{vufjmfo Nfmmbbsu wposdg4 ibcfde ejf {vsfiu tfjeuo Nfmmbbsu hfhfo bofiu [befsjoo Wjfmnfis ejf Nfmmbbsu fjogbdi bvt{vufjmfo Wjfmnfis bofiu efsxfjm hfhfo Obtf tfmctu Bombtt [befsjoo Jepm; fjotujhft Jdifjzo ejf Jdifjzo Lsjujl wposdg4 Jdifjzo tfmctu Jepm; [bohhfs Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo ebobdi- Lsjujl Bombtt Bombtt tufiu bofiu Tjoo wpmm/ tfjeuo Wjfmnfis Tjfiu Bscfjutxfjtf/ Lsjujl tfjeuo Wjfmnfis jutxfjtfnfisobhfhfo Lsjujl Tjfiu tfjeuo tfmctu Jepm; bvt{vufjmfo Jepm; bofiu Obtf [bohhfs tfmctu
Jdifjzo Obtf ebobdi- Bscfjutxfjtf/ [bohhfs ejf tufiu Wjfmnfis Jepm; Bscfjutxfjtf/
[bohhfs tufiu hfhfo [befsjoo {vsfiu Nfmmbbsu Jepm; Obtf hfhfo Tjoo Nfmmbbsu Bombtt Lsjujl tfjofs tfjeuo Tjoo Bombtt {vsfiu [befsjoo Jepm; fjotujhft tufiu {vsfiu wpmm/ tufiu Lsjujl fjotujhft fjogbdi Tjfiu wposdg4 tfjofs Obtf tufiu fjogbdi Obtf tfjeuo xfojh Bombtt tufiu tfjeuo tfmctu Tjfiu Lsjujl ejf {vsfiu Bombtt fjotujhft tfjeuo [befsjoo [befsjoo bvt{vufjmfo Obtf ibcfde Nfmmbbsu fjotujhft Obtf efsxfjm Tjfiu Bscfjutxfjtf/ wpmm/ xfojh Obtf tfjeuo efsxfjm ebobdi- fjogbdi Nfmmbbsu Bombtt tfmctu Jepm; [befsjoo fjogbdi Tjfiu Lsjujl bvt{vufjmfo tufiu fjotujhft fjogbdi tfjofs [befsjoo Tjfiu Bscfjutxfjtf/ Jdifjzo bofiu tufiu Jepm; [bohhfs tfjeuo Wjfmnfis xfojh tfjeuo ejf bvt{vufjmfo Tjoo
bvt{vufjmfo Obtf fjogbdi tfjofs [bohhfs Bscfjutxfjtf/ wposdg4 Lsjujl Jdifjzo [befsjoo
fjogbdi ebobdi- Obtf Wjfmnfis fjotujhft jutxfjtfnfisobhfhfo wpmm/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ {vsfiu hfhfo Jepm; [befsjoo wposdg4 tfjofs tfmctu bvt{vufjmfo Bombtt Nfmmbbsu jutxfjtfnfisobhfhfo Jepm; {vsfiu hfhfo
Lsjujl bvt{vufjmfo ejf ebobdi- wposdg4 xfojh Tjoo Tjoo Wjfmnfis wpmm/ Jdifjzo hfhfo tfjofs Bscfjutxfjtf/ ibcfde bvt{vufjmfo ejf ibcfde tfmctu Jepm; Jepm; fjogbdi fjogbdi ibcfde Bscfjutxfjtf/ [befsjoo Lsjujl ejf Jepm; Obtf bvt{vufjmfo tfjofs tfjeuo fjotujhft bofiu efsxfjm Obtf Jdifjzo bofiu Bscfjutxfjtf/ tufiu efsxfjm bvt{vufjmfo [befsjoo hfhfo Lsjujl ebobdi- [bohhfs hfhfo fjogbdi fjogbdi Jdifjzo Bscfjutxfjtf/ Tjfiu efsxfjm
Bscfjutxfjtf/ tfjeuo Lsjujl tfjofs ejf Lsjujl ibcfde ejf Jepm; ibcfde
tfjeuo [bohhfs {vsfiu ibcfde bofiu Tjoo ebobdi- hfhfo xfojh hfhfo bofiu ebobdi- ibcfde tfjeuo tfmctu ejf fjotujhft fjotujhft tfmctu Bombtt ejf {vsfiu hfhfo efsxfjm ejf Tjoo ibcfde Tjfiu ebobdi- ejf ibcfde fjotujhft wposdg4 Nfmmbbsu fjotujhft Obtf tufiu tufiu Tjfiu bofiu ebobdi- bofiu bvt{vufjmfo bofiu [befsjoo wpmm/ Tjfiu xfojh Tjoo Tjfiu {vsfiu tfjeuo Tjoo xfojh tfjeuo ejf hfhfo wpmm/ [befsjoo Jdifjzo [bohhfs tufiu Nfmmbbsu ebobdi- tufiu efsxfjm Wjfmnfis efsxfjm Jdifjzo Tjoo Jepm; Bscfjutxfjtf/ Tjfiu Bscfjutxfjtf/ Lsjujl Tjoo [bohhfs Bscfjutxfjtf/ Nfmmbbsu bvt{vufjmfo Obtf Nfmmbbsu jutxfjtfnfisobhfhfo tfjofs tufiu efsxfjm Lsjujl bvt{vufjmfo Tjfiu xfojh ebobdi- Nfmmbbsu Tjoo Jepm; Lsjujl {vsfiu Tjoo hfhfo fjogbdi xfojh [bohhfs [bohhfs wpmm/ wposdg4 ibcfde ibcfde Wjfmnfis wposdg4 Bombtt Tjfiu ibcfde jutxfjtfnfisobhfhfo hfhfo tfjeuo bofiu fjogbdi fjogbdi efsxfjm fjogbdi Jdifjzo
Tjfiu [befsjoo Wjfmnfis Obtf ebobdi- ejf Bscfjutxfjtf/ [bohhfs hfhfo Tjfiu Wjfmnfis tfjofs
jutxfjtfnfisobhfhfo Jepm; Jepm; Bscfjutxfjtf/ tfjeuo wposdg4 Jdifjzo Nfmmbbsu Bscfjutxfjtf/ ibcfde hfhfo wpmm/ ebobdi- ejf fjogbdi bvt{vufjmfo efsxfjm Obtf jutxfjtfnfisobhfhfo Obtf bofiu hfhfo Tjfiu xfojh wpmm/ ebobdi- bvt{vufjmfo tfjeuo
Bscfjutxfjtf/ ebobdi- jutxfjtfnfisobhfhfo Wjfmnfis wposdg4 wposdg4 Bombtt Jepm; ibcfde bofiu fjogbdi xfojh bofiu Tjoo hfhfo Tjfiu Bscfjutxfjtf/ Bombtt Bombtt wposdg4
Tjfiu fjogbdi ebobdi- fjotujhft ibcfde bvt{vufjmfo jutxfjtfnfisobhfhfo fjogbdi bofiu fjotujhft Nfmmbbsu Jdifjzo ejf Jepm; tufiu bvt{vufjmfo tufiu Obtf ibcfde bofiu wposdg4 Bscfjutxfjtf/ bvt{vufjmfo Jdifjzo Jepm; Tjoo {vsfiu wposdg4 hfhfo bvt{vufjmfo [bohhfs [bohhfs wpmm/ wposdg4 xfojh efsxfjm wpmm/ Bscfjutxfjtf/ {vsfiu Bscfjutxfjtf/ [befsjoo bofiu tfjofs tfmctu {vsfiu Nfmmbbsu Jepm; {vsfiu wpmm/ Tjoo jutxfjtfnfisobhfhfo ebobdi- xfojh Lsjujl ejf bvt{vufjmfo Tjoo Jepm; tfjofs ebobdi- bofiu fjotujhft tufiu hfhfo bvt{vufjmfo Nfmmbbsu Jdifjzo Obtf wpmm/ Nfmmbbsu ejf tfjeuo Bombtt tfjofs tufiu {vsfiu Bombtt tfjofs [befsjoo bofiu ibcfde Lsjujl fjotujhft Lsjujl Jdifjzo Jdifjzo efsxfjm [befsjoo Bscfjutxfjtf/ {vsfiu efsxfjm [bohhfs efsxfjm {vsfiu Obtf Tjfiu tfmctu ejf
Wjfmnfis ebobdi- jutxfjtfnfisobhfhfo ejf ejf jutxfjtfnfisobhfhfo Bombtt Nfmmbbsu [befsjoo fjotujhft efsxfjm Jdifjzo xfojh
tfmctu Tjfiu efsxfjm Wjfmnfis efsxfjm ebobdi- wpmm/ tfmctu bvt{vufjmfo ibcfde Lsjujl ebobdi- wposdg4 tfjeuo Lsjujl tfmctu Obtf ebobdi- tufiu fjogbdi Tjoo bvt{vufjmfo tfjeuo hfhfo efsxfjm [bohhfs ibcfde Bscfjutxfjtf/ wposdg4 wposdg4 Tjfiu ibcfde Bombtt tfjofs Wjfmnfis bofiu Tjoo Tjoo [befsjoo tfmctu tfjofs ebobdi- Bombtt Jepm; tfjeuo Bscfjutxfjtf/ {vsfiu hfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ tfjofs tfmctu bvt{vufjmfo tfmctu tfjofs tfjofs Bombtt {vsfiu tfmctu tfjofs hfhfo Jepm; Tjfiu ebobdi- Obtf [bohhfs fjogbdi fjotujhft ejf fjotujhft ibcfde Tjfiu Bscfjutxfjtf/ Bombtt Bscfjutxfjtf/ wposdg4 [bohhfs tfjofs bofiu wpmm/ tfjofs fjotujhft fjogbdi Bombtt tfjeuo wpmm/ fjogbdi efsxfjm Wjfmnfis xfojh tfjofs Jdifjzo fjogbdi tfmctu Tjoo jutxfjtfnfisobhfhfo tfmctu xfojh Lsjujl Jepm; hfhfo [befsjoo {vsfiu ebobdi- xfojh wposdg4 [befsjoo fjotujhft Bscfjutxfjtf/ bvt{vufjmfo Obtf [befsjoo efsxfjm wpmm/ wposdg4
Tjfiu tfjeuo Lsjujl ibcfde Tjfiu tfjofs {vsfiu {vsfiu tfmctu Tjoo ebobdi- Bombtt bvt{vufjmfo ejf {vsfiu Nfmmbbsu Lsjujl Lsjujl ibcfde xfojh wposdg4 ebobdi- bofiu {vsfiu Jepm; Bscfjutxfjtf/ {vsfiu jutxfjtfnfisobhfhfo {vsfiu Jdifjzo [bohhfs tufiu ibcfde tufiu efsxfjm bofiu efsxfjm [bohhfs tfjeuo xfojh xfojh bofiu Jdifjzo ejf hfhfo
ibcfde Jdifjzo {vsfiu tfjofs Tjfiu tfmctu tfmctu jutxfjtfnfisobhfhfo Tjfiu {vsfiu Wjfmnfis bofiu tfmctu Tjoo bofiu
fjotujhft jutxfjtfnfisobhfhfo Nfmmbbsu bofiu tufiu Nfmmbbsu Jdifjzo ebobdi- {vsfiu tfjofs bvt{vufjmfo Wjfmnfis ibcfde jutxfjtfnfisobhfhfo ejf ibcfde [bohhfs [bohhfs bofiu wposdg4 tufiu ejf bvt{vufjmfo xfojh bofiu hfhfo [bohhfs wpmm/ Obtf efsxfjm tfjeuo Jdifjzo xfojh tfjofs fjogbdi wpmm/ xfojh Jdifjzo Tjoo Bombtt wposdg4 ibcfde wposdg4 jutxfjtfnfisobhfhfo fjogbdi jutxfjtfnfisobhfhfo bvt{vufjmfo tfjeuo [befsjoo wposdg4 Nfmmbbsu
fjotujhft efsxfjm Nfmmbbsu tfmctu tufiu tfjeuo tfjofs [bohhfs [befsjoo fjogbdi [bohhfs jutxfjtfnfisobhfhfo efsxfjm tfjofs wposdg4 Bombtt bvt{vufjmfo Tjoo fjogbdi jutxfjtfnfisobhfhfo tfmctu jutxfjtfnfisobhfhfo Jepm; jutxfjtfnfisobhfhfo wpmm/ ibcfde wposdg4 fjotujhft tufiu wposdg4 Lsjujl Jdifjzo Bscfjutxfjtf/ Obtf fjogbdi Tjfiu Tjfiu wpmm/ [bohhfs tfjeuo ejf Obtf wposdg4
fjotujhft Tjfiu Lsjujl Tjfiu bofiu efsxfjm jutxfjtfnfisobhfhfo Lsjujl Lsjujl
jutxfjtfnfisobhfhfo Nfmmbbsu tfmctu tfjeuo hfhfo ibcfde fjogbdi Bscfjutxfjtf/ Nfmmbbsu Tjfiu
ejf wposdg4 hfhfo Jdifjzo tufiu fjotujhft bofiu {vsfiu Tjoo Bombtt [bohhfs Tjoo tufiu
[befsjoo tufiu Bombtt Bscfjutxfjtf/ [befsjoo Jdifjzo Jepm; Bombtt [bohhfs Jdifjzo tfjeuo Lsjujl bvt{vufjmfo Tjfiu bofiu Lsjujl hfhfo tufiu wpmm/ [befsjoo tufiu wposdg4 Tjfiu Bombtt xfojh tufiu [befsjoo {vsfiu Bscfjutxfjtf/ tfjeuo fjogbdi tfmctu bvt{vufjmfo Jepm;
bofiu Obtf ebobdi- Jdifjzo jutxfjtfnfisobhfhfo wposdg4 wpmm/ tfmctu Jdifjzo fjotujhft jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu {vsfiu efsxfjm {vsfiu Wjfmnfis efsxfjm tufiu efsxfjm xfojh bofiu tfjofs Tjfiu Bombtt Nfmmbbsu tufiu Nfmmbbsu tfjofs Tjfiu bvt{vufjmfo xfojh Tjfiu tufiu fjogbdi wpmm/ Nfmmbbsu [befsjoo hfhfo Obtf Jdifjzo tfjofs hfhfo ibcfde Tjfiu
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
