I haven't seen this accordion-style noisemaker with handles before. Looking closely at the photos, the handles do appear as if they were originally with the noisemaker when produced. Virtually all of these sort of noisemakers I've seen with such handles were made in Japan, so it is possible that the original design was used by an unauthorized manufacturer in Japan which added these handles. (This is entirely conjecture on my part, however.) In any event, it is an interesting variant on a hard-to-find, typically German-made noisemaker.
08/08 Update: This sold for $110, indicative of the fact the buyer felt it was made in Japan, in my opinion.