Handelsblatt - 14.11.2019

❙✁③✂✄ ☎✆ ✝✁✞✂✁

✥❡✟❈✠❡✡☛❡☞♦✌✍❡✟✌☛✌✈❡✎✏☛❡✟✏

☛✌✌❡✑❡❚❡❝✠✌♦✒ ♦❣ ☛❡✌✑✌✉

☞♦♣♣❡✒ ✏✉ ☛❡❱❡✟❣ r✏✑✌❣

✉ ❡✟❞r✠✟✑✌❣✎☞✟ä✓✏❡❛✌✎❡☛✌❡

❑ ✒ ☛✡❛✍☛❡✒❡✔

❇✕✖✗✘✖ö✙ ✚✛ ✜✢✢❉✣✤✤ s✦ ✧ ★✩✪

✫✬✭✮❧✯✫✬✰✱✫✲✳✴❧✵✶✫✷✳✫✸✹✯✺ ✲✫✬✯✻✴✯♥✫✼✼✇✳❧❧✽✳✼✲✾✷ ❏✴ ✶✬✿❀❁❀✸❧✳✷✴✯✫✾❂✬✴❧✇✳✬❂✺ ✼✵✶✴❃❂✫✯❄✰✵✶✹✯✽✳✼✿❀❅❀✼✹❧❧❆✫✬ ❊✾✼✼❂✹❋●✹✯❍✬✫✳✽✶ ✴✾✼■✴✼✫✯✾✷❆✳✫ ▲▼❧❃❂✫ ✴✾❃ ◆❖P ◗✳❧❧✳✹✯✫✯ ❍✹✯✯✫✯ ❘❯❲✺➘q✾✳●✴❧✫✯❂✫■✫✼✫✯✸❂✇✫✬❆✫✯❄❳✳✼ ✿❀❁❀✇✳❧❧❆✴✼❨✯❂✫✬✯✫✶✷✫✯❆✳✫✼✫✯ ❩✫✬❂✴✾❃✯✾❧❧✼✫✯✸✫✯❄➀❩✳✬✇✫✬❆✫✯ ✾✯✼✫✬✫✬❬✫✬✴✯❂✇✹✬❂✾✯■✴❧✼■❧✹✽✴❧✫✬ ✰✱✫✲✳✴❧✵ ✶✫✷✳✫✸✹✯✲✫✬✯■✫✬✫✵✶❂❭❖✼✴■✺ ❂✫❆✫✬❬✹✬✼❂✴✯❆✼●✹✬✼✳❂✲✫✯❆✫◗✴❂❂✶✳✴✼ ❪✴✵ ✶✫✬❂✴✷◗✳❂❂✇✹✵ ✶✳✯✭✮❧✯❄ ✻✴ ✯♥✫✼✼✇✳❧❧❆✴ ✲✾✸✬▼❃❂✳■✳✯✯✫✾✫ ❫✬✹✲✫✼✼❂✫✵✶✯✹❧✹■✳✫✯✾✯❆❊✯❧✴■✫✯✳✯✺ ●✫✼❂✳✫✬✫✯❄❪✴✵✶✫✬❂●✫✬✼✱✬✳✵✶❂✼✳✵✶❆✴✺ ●✹✯✯✳✵ ✶❂✯✾✬❆✫✯■✫✇❴✯✼✵ ✶❂✫✯✭❧✳✺ ✷✴✫❃❃✫✸❂❖✼✹✯❆✫✬✯❧✴ ✯■❃✬✳✼❂✳■✴✾✵✶ ■✫✬✳✯■✫✬✫✭✹✼❂✫✯❄➀✭❧✳✷✴✼✵✶✾❂✲✳✼❂ ✫✳✯❳✾✼✳✯✫✼✼✺❘✴✼✫❭❖✼✴■❂✫✫✬❄ ❏✫❆✫✼✇✫✳❂✫✬✫❩✴✵✶✼❂✾✷✼✹❧❧✽✫✳ ✻✴ ✯♥✫✼✼✷✳❂✼✳✯✸✫✯❆✫✯❵✷✳✼✼✳✹✯✫✯ ✫✳✯✶ ✫✬■✫✶✫✯❄❜✫✬✭✮❧✯✫✬✭✹✯✲✫✬✯ ✼✫❂✲❂✼✳✵✶✷✳❂❆✫✷✸✹✷✱❧✫❂❂✫✯❊✽✽✴✾ ✳✷❬✫✬■❧✫✳✵✶✲✾✬✭✹✯✸✾✬✬✫✯✲✴✷✽✳❂✳✹✺ ✯✳✫✬❂✫❪✳✫❧✫❄✰✹✱❧✴ ✯❂❳❊✰❢✽✳✼✶ ✫✬❖

❆✴✼✼❆✴✼❩✴✵✶✼❂✾✷✽✳✼✿❀❅❀✯✳✵✶❂ ✷✳❂✼❂✫✳■✫✯❆✫✷❘❯❲✺❊✾✼✼❂✹❋●✫✬✽✾✯✺ ❆✫✯✼✫✳✯✼✹❧❧❄❊❧❧✫✬❆✳✯■✼✶✴❂✻✴✯♥✫✼✼ ✴❧✼✰✱✫✲✳✴❧✵✶✫✷✳✫✶✫✬✼❂✫❧❧✫✬✫✳✯✫✯✇✫✺ ✯✳■✫✬✴✾✼■✫✱✬▼■❂✫✯❘❯❲✺❢✾❋✴✽❆✬✾✵ ✸ ✴❧✼❆✫✬✻✾❆✇✳■✼✶✴❃✫✯✫✬✭✹✯✲✫✬✯❖❆✫✬ ●✳✫❧✫✱✫❂✬✹✵✶ ✫✷✳✼✵✶ ✫❫✬✹❆✾✸❂✫✴✾❃ ❳✴✼✳✼●✹✯❤❧✾✯❆✐✴✼✳✷❫✹✬❂❃✹❧✳✹✶✴❂❄ ❜✫✯❊✽✽✴✾●✹✯❵✷✳✼✼✳✹✯✫✯✷✳✼✼❂ ✻✴✯♥✫✼✼✳✯❘❯❲✺➘q✾✳●✴❧✫✯❂✫✯❄❜✴ ✬✳✯ ✳✼❂✯✫✽✫✯✭✹✶❧✫✯❆✳✹♥✳❆✴✾✵✶✻✴✵✶■✴✼ ✫✯❂✶ ✴❧❂✫✯❖❆✴✼✽✫✳❆✫✯✭✮❧✯✫✬✯✫✳✯✫ ■✬✮❋✫✬✫❥✹❧❧✫✼✱✳✫❧❂❄❜✴✼✐✴✼✶ ✴❂✫✳✺ ✯✫✯❅❀❀✺❃✴ ✵✶✶✮✶✫✬✫✯❵❃❃✫✸❂✴✾❃❆✴✼ ✭❧✳✷✴✴❧✼❘❯❲❄❜✫✬✭✹✯✲✫✬✯✽✴✾❂✯✾✯ ✳✯❊✯❂✇✫✬✱✫✯✫✳✯✫✯✫✾✫❊✯❧✴■✫✲✾✬

❪✫✬✼✫❂✲✾✯■●✹✯✻✴✵✶■✴✼❖❆✳✫✽✳✼✿❀✿❅ ✬✾✯❆❅❀❀❀❀❀❍✹✯✯✫✯✇✫✯✳■✫✬❊✾✼✺ ✼❂✹❋✽✬✳✯■✫✯✼✹❧❧❄ ❦✯✼■✫✼✴ ✷❂✱❧✴✯❂✻✴✯♥✫✼✼✽✳✼✿❀✿♠ ❦✯●✫✼❂✳❂✳✹✯✫✯✳✯▲✮✶✫●✹✯◆❀❀◗✳❧❧✳✹✺ ✯✫✯❵✾✬✹✳✯✭❧✳✷✴✼✵✶✾❂✲✱✬✹t✫✸❂✫❄❜✴✺ ✲✾■✫✶✮✬❂✴✾✵✶❖❆✳✫✰❂✴ ✯❆✹✬❂✫✳✯ ❦✯❆✳✫✯✸✹✷✱❧✫❂❂✴✾❃✫✳✯✫❵✯✫✬■✳✫●✫✬✺ ✼✹✬■✾✯■✷✳❂❳✳✹✷✴✼✼✫✾✯❆✰✹❧✴✬✫✯✫✬✺ ■✳✫✾✷✲✾✼❂✫❧❧✫✯❄❦✯✴❧❧✫✯❊✯❧✴■✫✯✼✹❧❧ ❃❴✬✫✳✯✫✯✽✫✼✼✫✬✫✯❩▼ ✬✷✫✴✾✼❂✴✾✼✵ ✶ ✾✯❂✫✬✫✳✯✴✯❆✫✬■✫✼✹✬■❂✇✫✬❆✫✯❄❦✯●✫✼✺ ❂✳❂✳✹✯✫✯✾✯❆①✽✫✬✯✴✶✷✫✯✇✫✬❆✫✯ ✸❴✯❃❂✳■ ✴✾❃❆✫✯❵✳✯❃❧✾✼✼✴✾❃ ❆✳✫ ❘❯❲✺❳✳❧✴ ✯✲✽✫✇✫✬❂✫❂❄❜✳✫❳✹✯✾✼✲✴✶✺ ❧✾✯■✫✯❃❴✬❢❴✶ ✬✾✯■✼✸✬▼❃❂✫✇✫✬❆✫✯

✴ ✯❆✳✫❥✫❆✾✸❂✳✹✯●✹✯❍✬✫✳✽✶✴✾✼■✴✺ ✼✫✯■✫✸✹✱✱✫❧❂❄ ❪✾✬✰❂✬✴❂✫■✳✫■✫✶✮✬❂❖❆✴✼✼❆✫✬✭✹✯✺ ✲✫✬✯✷✮■❧✳✵✶ ✫✬✇✫✳✼✫✐✫✼✵✶▼❃❂✫✴✽✺ ■✳✽❂❄❜✫✬❬✫✬✸✴✾❃❆✫✼✫✬❆✮❧✽✴✼✳✫✬❂✫✯ ✭✴✾❂✼✵ ✶✾✸■✫✼✵ ✶▼❃❂✼●✹✬✫✳✯✳■✫✯❏✴ ✶✺ ✬✫✯✶✴❂❂✫✽✫✬✫✳❂✼■✬✹❋✫✯❵❃❃✫✸❂✴✾❃ ❆✳✫❘❯❲✺❳✳❧✴✯✲❄❊✷◗✳❂❂✇✹✵✶✸❴✯❆✳■✺ ❂✫✻✴✯♥✫✼✼❆✫✯❬✫✬✸✴✾❃❆✫✼✐✫✼✵✶▼❃❂✼ ✷✳❂✲✳✯✯✽✴✼✳✫✬❂✫✯❯✬■✴✯✹✷✫❂✴❧❧✫✯ ✴✷✰❂✴✯❆✹✬❂❳✫✬■✸✴✷✫✯✴✯❄➀❩✳✬ ✇✫✬❆✫✯✾✯✼●✹✯✼✵✶✷✾❂✲✳■✫✬❘✶✫✷✳✫ ❂✬✫✯✯✫✯❭❖✼✴■❂✫❪✴✵ ✶✫✬❂❆✴✲✾❄ ❜✫✬✭✹✯✲✫✬✯✵✶✫❃✽✫❂✹✯❂✫❖❆✳✫❘✶✫✺ ✷✳✫✳✯❆✾✼❂✬✳✫✼✫✳✫✳✯✇✳✵✶❂✳■✫✬❍✫✳❧ ❆✫✬✻✮✼✾✯■❆✫✬✭❧✳✷✴❃✬✴■✫❖✫❂✇✴ ❆✾✬✵ ✶✭✾✯✼❂✼❂✹❃❃✫❃❴✬❆✫✯✻✫✳✵ ✶❂✽✴✾ ●✹✯❵❧✫✸❂✬✹✴✾❂✹✼❖❆✾✬✵✶❩▼✬✷✫❆▼✷✺ ✷✾✯■●✹✯✐✫✽▼✾❆✫✯✾✯❆◗✴❂✫✬✳✴❧✳✫✯ ❃❴✬❩✳✯❆✸✬✴❃❂✴✯❧✴■✫✯❄❵✬❃✹✬❆✫✬❂✫❆✳✫ ❫✹❧✳❂✳✸✴✾❃❖❆✳✫❩✫❂❂✽✫✇✫✬✽✼❃▼ ✶✳■✸✫✳❂ ❆✫✬❦✯❆✾✼❂✬✳✫✲✾✼❂▼ ✬✸✫✯❄ ❦✷❃✾✯✸❂✳✹✯✳✫✬✫✯❆✫✯✫✾✬✹✱▼✳✼✵✶✫✯ ❵✷✳✼✼✳✹✯✼✶✴✯❆✫❧✷❴✼✼✫✫✳✯✫❜✹✱✱✫❧✺ ✽✫❧✴✼❂✾✯■❆✫✬❦✯❆✾✼❂✬✳✫❆✾✬✵ ✶✯✴❂✳✹✺ ✯✴ ❧✫✰②✼❂✫✷✫●✫✬✷✳✫❆✫✯✇✫✬❆✫✯❄ ❜✳✫✼✫✼✼✫✳❆✫✬✲ ✫✳❂✯✹✵✶✳✷✴ ✸❂✾✫❧❧✫✯ ✐✫✼✫❂✲✫✯❂✇✾✬❃❴✽✫✬✫✳✯✯✴❂✳✹✯✴❧✫✼ ▲✴✯❆✫❧✼✼②✼❂✫✷❃❴✬❳✬✫✯✯✼❂✹❃❃✺❵✷✳✼✺ ✼✳✹✯✫✯✫✯❂✶✴❧❂✫✯❄➀❜✳✫✵✶✫✷✳✼✵✶✫❦✯✺ ❆✾✼❂✬✳✫✷✾✼✼✳✯❵✾✬✹✱✴■✫✶✴❧❂✫✯✇✫✬✺ ❆✫✯❭❖✼✴■❂✫❪✴ ✵ ✶✫✬❂❄➀❩✴✯❆✫✬❂✼✳✫✳✯ ✴ ✯❆✫✬✫❥✫■✳✹✯✫✯❆✫✬❩✫❧❂❖✇✫✬❆✫✯ ❆✳✫✼✫❧✽✫✯❫✬✹❆✾✸❂✫✷✳❂●✳✫❧✷✫✶✬ ❵✷✳✼✼✳✹✯✫✯✶✫✬■✫✼❂✫❧❧❂❄❭

④⑤ ⑥⑦⑧⑨⑨⑩❶⑧⑥❷❸⑤❹⑧❺⑥❻❼❹⑥❽❾❿➁➂➃➄➅➆➇➈➉➃ ➉➊➋➈➊➌➈➊➍➆➉➃➃ ➉➎➊➈➊➏

➐

➑➒➓

➔➑→

➣

➐

➑➔↔

↕➙

➑➛

➜➝

→➞

➟➠

➡➢

➟ ➙➤

➜➔ ➑➥

➑➛

➜➝

→➦

➧➨➩➩➨➫➭➯➭

➍➅➲➎➉➊➳➈➃➄➉➈➲➄ ➵❿➊➸➈➃➃➇➉➃➺ ➻➺ ➼➉➊ ➽➈➁➂➊➎ ➾➎➚➉➈➪➅➲➽➲➈➉➇➶ ➂❿➅➃ ➚❿➃➶➹➈➌➅➋➄➉➎➊➏

➴➷➬➮➮➬➱✃❐❒❮❰❐❮ÏÐ❮❐

ÑÒÓÔÕÖ×ØÙÚÛÓÜÓÛÓÚ ÝÞßÑÕà áàâãÒÜåÒÖ×âÒÛ

æçèéêçëëìíêëîïé

ðñò óôõ ÷øùúø ú ôñ ô ôø

ûüýþÿ✁✂✄✄☎

❯♥ t✆✝♥✆ ✞ ✟✆♥✠✡☛✝❦t✆ ❉☞✌✌✍✎✏✑✒✓✔✕✖✗✌☞✘✍✙✚✍✎✛✜✕✢✔✌✎✗✛✛✜

✶✣

❆✤✥❡✦✧❡

★✩✪✫✬✭✮✯✰✮✪✱✱✲✭✬✳✪✴✵✷✸✹✴✺✰✩✻✼✷✽✾✴✽✿✮✮✭❀✭❁ ❂✱✭❃✷✵✰✭❂✪✮✱✭✫✽❄✸✺❅✵❇✭✵✰❇✭✳✱✭✵❈✭❂✭✫✬✭✵❀✭❁❂✱✭❇✭✫✬✭✫❊✳✭✯✳❁ ❂✰✳✱✱✭✪✫✫✸✱❋ ✸✫❈✯✵✭❁ ❂✱✭●❂✪✫✬✭✮✯✰✮✪✱✱❈✵✷✸✹✽❁ ✷✺

Handelsblatt - 14.11.2019

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