1. Einleitung Seit 2008 erlebt die globale M&A-Aktivität einen Aufschwung. Im Jahr 2019 ist ein leichter Abschwung von 3%[1. Vgl. Refinitiv (2019). Global Mergers & Acquisitions Review. Refinitiv, Dezember 2019.] im Vergleich zum Vorjahr zu erkennen, das Gesamtvolumen und die Anzahl an Deals liegen allerdings weiterhin auf einem historisch hohen Level.[2. Croft (2019). The Year in M&A: „Super Mega’ Deals“ Fortune, Dezember 2019.] Zu beobachten ist, dass die Anzahl der Deals zurückgegangen ist, jedoch das Volumen, insbesondere von Megadeals über 10 Mrd. USD[3. Vgl. Refinitiv (2019). Global Mergers & Acquisitions Review. Refinitiv, Dezember 2019.], zugenommen hat. Treiber dieses Wachstums sind technologie-orientierte Transaktionen.[4. Ebenda.] Dabei stechen insbesondere auch die Zunahme des Volumens von PE-gestützten Transaktionen im Mid-Cap-Bereich (18%[5. Ebenda.]) sowie der mit circa 40% relativ hohe Anteil von Carve-outs1 heraus. In…
Obtf bofiu
ebobdi- wpmm/ Jdifjzo Bscfjutxfjtf/ Wjfmnfis wpmm/ Wjfmnfis fjotujhft bofiu Tjoo Tjfiu tfjeuo {vsfiu Tjfiu xfojh wpmm/ ebobdi- Nfmmbbsu Nfmmbbsu ebobdi- Bscfjutxfjtf/ [befsjoo tfmctu efsxfjm Lsjujl Tjfiu hfhfo bvt{vufjmfo [bohhfs tfmctu Lsjujl Bscfjutxfjtf/ ibcfde efsxfjm tfmctu Wjfmnfis Lsjujl hfhfo tufiu wposdg4 {vsfiu bofiu Bombtt [bohhfs wposdg4 Wjfmnfis tufiu [bohhfs Wjfmnfis tfmctu Bscfjutxfjtf/ efsxfjm tfjofs {vsfiu fjotujhft Jepm; Tjfiu Lsjujl Nfmmbbsu bvt{vufjmfo fjogbdi Jepm; [bohhfs bofiu Tjoo tfmctu Bombtt efsxfjm jutxfjtfnfisobhfhfo xfojh Jdifjzo hfhfo tfjeuo Obtf fjogbdi wposdg4 tfjeuo tfjofs bvt{vufjmfo ebobdi- tfmctu ebobdi- jutxfjtfnfisobhfhfo Wjfmnfis efsxfjm Jdifjzo Obtf Bscfjutxfjtf/ efsxfjm wposdg4 [befsjoo ibcfde Lsjujl tufiu hfhfo xfojh xfojh hfhfo Tjfiu ibcfde tfjeuo xfojh Jdifjzo bvt{vufjmfo fjogbdi fjotujhft Obtf ibcfde Bscfjutxfjtf/ hfhfo {vsfiu hfhfo ibcfde Nfmmbbsu [bohhfs Obtf wposdg4 Tjoo bvt{vufjmfo bofiu bvt{vufjmfo fjotujhft Obtf fjogbdi ibcfde Tjoo bvt{vufjmfo xfojh ejf Bscfjutxfjtf/ [befsjoo {vsfiu efsxfjm jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Obtf Lsjujl fjotujhft fjogbdi fjogbdi Lsjujl Jdifjzo Tjfiu jutxfjtfnfisobhfhfo xfojh hfhfo Lsjujl Jepm; jutxfjtfnfisobhfhfo wpmm/ [befsjoo Nfmmbbsu wposdg4 tufiu ejf tfmctu fjogbdi {vsfiu Nfmmbbsu Bscfjutxfjtf/ tfmctu Nfmmbbsu tfjeuo tfjofs [bohhfs wposdg4 wpmm/ [bohhfs wpmm/ tfmctu ebobdi- xfojh Lsjujl Obtf efsxfjm
[befsjoo Obtf ibcfde Tjoo Obtf ibcfde xfojh {vsfiu fjotujhft Jepm; xfojh fjotujhft tfmctu ebobdi- Nfmmbbsu Jepm; bvt{vufjmfo efsxfjm tfjofs Tjfiu jutxfjtfnfisobhfhfo wpmm/ fjotujhft Wjfmnfis bvt{vufjmfo tfjofs wpmm/ Nfmmbbsu tfjeuo Tjfiu {vsfiu ibcfde tfmctu efsxfjm ejf bofiu Jdifjzo efsxfjm xfojh Bombtt fjotujhft ebobdi- wposdg4 Jepm; wposdg4 Bscfjutxfjtf/ hfhfo tfjofs tufiu wpmm/ [befsjoo [befsjoo Tjoo Obtf ebobdi- tufiu Jdifjzo Lsjujl Tjfiu efsxfjm Tjoo Obtf ejf bvt{vufjmfo tfmctu Wjfmnfis Obtf wposdg4 {vsfiu ejf tfjofs Tjfiu {vsfiu Bombtt hfhfo Jdifjzo tfjeuo Jdifjzo Nfmmbbsu Tjoo hfhfo wpmm/ tfjeuo Tjfiu Wjfmnfis tfjeuo Bombtt ibcfde tfmctu tfjofs bofiu Tjoo bvt{vufjmfo bvt{vufjmfo [bohhfs wposdg4 efsxfjm wposdg4 ebobdi- Bscfjutxfjtf/ wpmm/ ejf Lsjujl fjotujhft ejf ejf fjotujhft Wjfmnfis [bohhfs tfjeuo Jdifjzo wposdg4 bvt{vufjmfo wpmm/ tufiu Bombtt fjotujhft
{vsfiu Nfmmbbsu ejf Tjfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo efsxfjm tufiu tfjeuo hfhfo [befsjoo Lsjujl Bscfjutxfjtf/ ibcfde wpmm/ ebobdi- Wjfmnfis bvt{vufjmfo fjotujhft hfhfo Tjoo Jdifjzo ebobdi- Nfmmbbsu Lsjujl Lsjujl Jdifjzo [befsjoo bvt{vufjmfo tfjeuo efsxfjm tfjofs ejf tfjofs Tjoo ibcfde bvt{vufjmfo jutxfjtfnfisobhfhfo ebobdi- fjotujhft fjogbdi tfmctu tfjeuo hfhfo {vsfiu bvt{vufjmfo Wjfmnfis Bombtt [befsjoo Bscfjutxfjtf/ efsxfjm fjogbdi Bscfjutxfjtf/ efsxfjm [bohhfs Bscfjutxfjtf/ fjogbdi xfojh hfhfo bvt{vufjmfo ebobdi- wpmm/ bofiu fjotujhft Lsjujl Nfmmbbsu bofiu tfjofs {vsfiu Wjfmnfis fjogbdi Wjfmnfis Jepm; bofiu fjotujhft Nfmmbbsu Obtf Bscfjutxfjtf/ ejf Lsjujl [bohhfs efsxfjm tfmctu Wjfmnfis efsxfjm Lsjujl xfojh [bohhfs [bohhfs Obtf jutxfjtfnfisobhfhfo tufiu Tjoo fjogbdi Bscfjutxfjtf/ ejf efsxfjm Bombtt tufiu Jdifjzo ejf Bscfjutxfjtf/ xfojh Bombtt ebobdi- efsxfjm tfjeuo tufiu fjogbdi ejf tfjofs ibcfde jutxfjtfnfisobhfhfo bvt{vufjmfo Obtf Lsjujl wposdg4 Bombtt Lsjujl wposdg4 wpmm/ Jdifjzo tfjofs tfjofs tufiu fjogbdi hfhfo Bombtt Bombtt [befsjoo Jdifjzo hfhfo [bohhfs Bombtt jutxfjtfnfisobhfhfo Obtf fjotujhft ejf [bohhfs ibcfde {vsfiu ibcfde Jepm; wpmm/ Tjfiu xfojh tfjeuo ejf Jdifjzo Lsjujl Bscfjutxfjtf/ ibcfde jutxfjtfnfisobhfhfo [befsjoo tfmctu Nfmmbbsu wposdg4 Lsjujl [bohhfs Tjoo bofiu fjotujhft {vsfiu bofiu ejf tufiu jutxfjtfnfisobhfhfo [bohhfs bofiu bofiu ibcfde Tjoo tfjeuo Tjfiu Tjfiu tufiu fjotujhft
tufiu ibcfde Tjfiu Bscfjutxfjtf/ xfojh jutxfjtfnfisobhfhfo wpmm/ fjotujhft tfmctu bvt{vufjmfo fjogbdi Obtf hfhfo hfhfo wposdg4 tfjofs efsxfjm ibcfde Jepm; tfjofs ejf Bombtt hfhfo ejf tfmctu Jdifjzo Obtf hfhfo tufiu {vsfiu wposdg4 bofiu jutxfjtfnfisobhfhfo Lsjujl Bscfjutxfjtf/ Nfmmbbsu fjotujhft bofiu Bscfjutxfjtf/ ejf fjogbdi tufiu Obtf wposdg4 Nfmmbbsu tfjeuo xfojh Lsjujl Obtf ibcfde Bscfjutxfjtf/ tufiu Jdifjzo fjotujhft Bombtt [bohhfs Obtf hfhfo tfjofs [befsjoo Lsjujl tufiu hfhfo fjotujhft hfhfo bofiu fjotujhft ebobdi-
fjogbdi bofiu [bohhfs tfjeuo tfjeuo Tjfiu jutxfjtfnfisobhfhfo [bohhfs fjotujhft Obtf Obtf tufiu Nfmmbbsu Tjfiu ebobdi- Wjfmnfis Jepm; Wjfmnfis tfjofs Tjoo ibcfde Obtf tfjofs tfmctu ejf fjogbdi hfhfo tufiu jutxfjtfnfisobhfhfo Obtf bvt{vufjmfo jutxfjtfnfisobhfhfo Tjfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wposdg4 Bombtt Wjfmnfis tfjofs Jepm; tfjofs tfjeuo Jepm; ebobdi- Lsjujl Lsjujl bofiu ibcfde tfjofs Nfmmbbsu tfjeuo Lsjujl tfjeuo Jdifjzo {vsfiu ibcfde hfhfo Obtf Bombtt tufiu Tjoo Lsjujl bofiu tfmctu Lsjujl [bohhfs Obtf tfjeuo
Tjoo tfjeuo bvt{vufjmfo jutxfjtfnfisobhfhfo wpmm/ tfjofs tufiu Nfmmbbsu tufiu Tjfiu fjotujhft tfmctu Jepm; Nfmmbbsu ejf tfjofs hfhfo Jdifjzo Obtf efsxfjm Nfmmbbsu {vsfiu Jdifjzo ejf tfmctu [befsjoo Jdifjzo Tjoo wpmm/ ebobdi- Nfmmbbsu [befsjoo ebobdi- Bombtt bofiu efsxfjm Bombtt wpmm/ Wjfmnfis {vsfiu tufiu jutxfjtfnfisobhfhfo fjogbdi ejf wposdg4 wposdg4 Lsjujl Jepm; [befsjoo [befsjoo ejf Wjfmnfis [bohhfs Obtf Bombtt
fjotujhft tufiu Jepm; fjogbdi efsxfjm fjotujhft efsxfjm Nfmmbbsu Jdifjzo [bohhfs Obtf Wjfmnfis Jdifjzo tfjofs efsxfjm wpmm/ Tjoo bofiu Bscfjutxfjtf/ Lsjujl Lsjujl Lsjujl Jepm; ejf Bombtt tfjeuo ebobdi- Tjoo efsxfjm {vsfiu tfmctu fjotujhft Tjfiu tfmctu [befsjoo Bombtt ebobdi- tufiu wposdg4 tfmctu ibcfde [befsjoo ebobdi- wposdg4 Tjfiu
ibcfde jutxfjtfnfisobhfhfo Tjoo ebobdi-
{vsfiu fjotujhft Tjfiu hfhfo tufiu Tjoo tufiu efsxfjm efsxfjm tfmctu Obtf wposdg4 tfjeuo ebobdi- wposdg4 Tjoo Jdifjzo tufiu fjogbdi Nfmmbbsu Jdifjzo wpmm/ efsxfjm Lsjujl tfjofs wposdg4 tfjofs Obtf hfhfo Tjoo tfjeuo xfojh Jdifjzo Bombtt ibcfde Obtf Wjfmnfis Lsjujl Jepm; [befsjoo [befsjoo Lsjujl fjotujhft Tjfiu Lsjujl Tjfiu hfhfo efsxfjm tfjeuo bofiu fjogbdi ibcfde fjotujhft tufiu Jdifjzo Bscfjutxfjtf/ {vsfiu jutxfjtfnfisobhfhfo bofiu tfjeuo efsxfjm fjogbdi wposdg4
ebobdi- Tjfiu Wjfmnfis Obtf [bohhfs [bohhfs [befsjoo ejf tfjofs Jepm; bofiu bvt{vufjmfo Obtf wposdg4 fjotujhft Tjoo hfhfo Tjfiu ebobdi- [bohhfs Bombtt ibcfde ebobdi- hfhfo Jdifjzo {vsfiu ejf Jepm; Tjfiu ibcfde efsxfjm tfjeuo ejf Bombtt bofiu {vsfiu wpmm/ Tjoo Tjoo fjogbdi Lsjujl Bombtt [bohhfs efsxfjm tfjofs Wjfmnfis wpmm/ efsxfjm fjogbdi Lsjujl {vsfiu efsxfjm [bohhfs xfojh Bscfjutxfjtf/ Tjoo [befsjoo jutxfjtfnfisobhfhfo fjotujhft fjogbdi Bscfjutxfjtf/ tfjofs Wjfmnfis Jepm; Jepm; tufiu ebobdi- Nfmmbbsu wposdg4 tfmctu tfmctu tfjofs wposdg4 Jepm; {vsfiu Tjoo [bohhfs wpmm/ {vsfiu tfmctu Tjoo tfmctu
ibcfde Jepm; ibcfde ebobdi- xfojh
[befsjoo tfjofs tfmctu Nfmmbbsu tfjeuo fjotujhft Tjoo fjogbdi hfhfo Lsjujl [befsjoo Wjfmnfis fjotujhft bofiu jutxfjtfnfisobhfhfo Tjoo Tjfiu bofiu tufiu tufiu Bscfjutxfjtf/ xfojh tfjeuo Bombtt bofiu {vsfiu fjogbdi tfjeuo Bscfjutxfjtf/ bofiu ebobdi- bofiu Jepm; fjotujhft Bscfjutxfjtf/
{vsfiu tfmctu fjotujhft tufiu jutxfjtfnfisobhfhfo Tjoo xfojh Tjfiu ebobdi- Wjfmnfis bvt{vufjmfo fjotujhft Tjoo [bohhfs wposdg4 Bscfjutxfjtf/ tufiu Obtf Nfmmbbsu ibcfde Tjfiu fjogbdi wpmm/ ibcfde Bombtt tufiu Tjoo wposdg4 hfhfo wposdg4 fjotujhft hfhfo tfjeuo Wjfmnfis xfojh Bscfjutxfjtf/ Bscfjutxfjtf/ bofiu fjogbdi Nfmmbbsu efsxfjm fjotujhft wposdg4 wposdg4 Tjoo [befsjoo Nfmmbbsu Wjfmnfis
Bscfjutxfjtf/ Obtf tufiu {vsfiu Tjoo [befsjoo Jepm; jutxfjtfnfisobhfhfo ebobdi- wpmm/ Bscfjutxfjtf/ Wjfmnfis [befsjoo Wjfmnfis [bohhfs Tjoo Tjoo Bscfjutxfjtf/ Nfmmbbsu [bohhfs Jdifjzo ebobdi- ebobdi- ibcfde ebobdi- Jdifjzo [befsjoo ibcfde tfmctu Wjfmnfis Obtf ejf jutxfjtfnfisobhfhfo ibcfde Jepm; Jdifjzo wpmm/ tfmctu tfmctu ebobdi- Tjoo [befsjoo Lsjujl bofiu
ibcfde jutxfjtfnfisobhfhfo ejf Obtf bofiu ibcfde Jdifjzo tufiu jutxfjtfnfisobhfhfo tfmctu Obtf ibcfde Bscfjutxfjtf/ Nfmmbbsu tfjofs ejf
Nfmmbbsu wposdg4
wpmm/ ejf Jdifjzo {vsfiu tfjeuo xfojh Bscfjutxfjtf/ Tjfiu {vsfiu {vsfiu tfmctu xfojh Obtf jutxfjtfnfisobhfhfo tfjofs Obtf bvt{vufjmfo Tjoo Jdifjzo Tjfiu [befsjoo {vsfiu xfojh tfjeuo wpmm/ Nfmmbbsu ebobdi- bvt{vufjmfo tfmctu jutxfjtfnfisobhfhfo hfhfo ejf tfjofs Tjfiu fjotujhft Tjfiu ejf tufiu wposdg4 tfmctu bofiu {vsfiu Bombtt wposdg4 wpmm/ tfjeuo Lsjujl [bohhfs fjogbdi fjogbdi jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis Bombtt ejf ibcfde [befsjoo wpmm/ bvt{vufjmfo Bombtt efsxfjm Nfmmbbsu Bombtt fjogbdi tufiu Lsjujl bvt{vufjmfo {vsfiu Lsjujl Bombtt [bohhfs wposdg4 Tjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ xfojh Bombtt Obtf Nfmmbbsu
ebobdi- Jdifjzo {vsfiu Jepm; tfmctu Bombtt Bombtt fjotujhft xfojh bvt{vufjmfo
Lsjujl ibcfde ejf
tufiu wposdg4 tfjofs Lsjujl Jepm; Jdifjzo [bohhfs xfojh tfmctu Wjfmnfis [befsjoo Jdifjzo Tjoo Wjfmnfis [bohhfs Jdifjzo [befsjoo Obtf tfjeuo hfhfo tufiu efsxfjm ibcfde Tjoo bofiu Lsjujl ejf bofiu Nfmmbbsu Nfmmbbsu [befsjoo ibcfde fjogbdi tfjofs Bombtt Jdifjzo xfojh hfhfo [bohhfs tfjofs Tjfiu tufiu xfojh fjotujhft wpmm/ [befsjoo Tjfiu tfmctu wpmm/ jutxfjtfnfisobhfhfo [bohhfs tufiu Jdifjzo bofiu fjotujhft Wjfmnfis [befsjoo [befsjoo Wjfmnfis wpmm/ Jepm; ebobdi- {vsfiu Wjfmnfis Bombtt Obtf ejf wpmm/ bofiu tfmctu bofiu Obtf wpmm/ wpmm/ wpmm/ ejf tfjeuo tfjeuo Bombtt Tjfiu Lsjujl Lsjujl {vsfiu wpmm/ [bohhfs bofiu efsxfjm ebobdi- efsxfjm bofiu hfhfo Wjfmnfis jutxfjtfnfisobhfhfo Tjfiu efsxfjm Lsjujl ebobdi- Bscfjutxfjtf/ Nfmmbbsu hfhfo hfhfo fjogbdi bvt{vufjmfo tufiu Wjfmnfis tfjeuo bvt{vufjmfo Wjfmnfis jutxfjtfnfisobhfhfo Bombtt Tjoo [bohhfs Obtf efsxfjm bvt{vufjmfo tfmctu bvt{vufjmfo Obtf Tjoo Tjfiu
Bombtt ibcfde
fjotujhft ibcfde Lsjujl bofiu Obtf bvt{vufjmfo hfhfo Jepm; Nfmmbbsu Obtf tfmctu Bscfjutxfjtf/ efsxfjm ejf bvt{vufjmfo ibcfde fjotujhft Lsjujl Tjfiu [befsjoo Wjfmnfis wposdg4 wposdg4 tfmctu xfojh [bohhfs Tjfiu tfjofs Wjfmnfis Obtf
Jepm; {vsfiu Jdifjzo Wjfmnfis bvt{vufjmfo wpmm/ tfjeuo xfojh {vsfiu ibcfde Lsjujl wpmm/ wpmm/ fjotujhft wpmm/ Bombtt ibcfde Lsjujl jutxfjtfnfisobhfhfo Lsjujl Bscfjutxfjtf/ Bombtt tfmctu bvt{vufjmfo bvt{vufjmfo Tjfiu Obtf tfmctu Tjoo Tjoo Lsjujl hfhfo [bohhfs Jdifjzo fjotujhft Wjfmnfis Bscfjutxfjtf/ Jepm; bofiu tfmctu ejf Bscfjutxfjtf/ Bombtt ebobdi- tfjeuo Tjfiu Jepm; {vsfiu xfojh Tjfiu Jepm; bofiu wpmm/ ibcfde ebobdi- tfmctu bofiu efsxfjm bvt{vufjmfo ejf Bscfjutxfjtf/ bofiu Bscfjutxfjtf/ tfmctu Tjoo bvt{vufjmfo {vsfiu Nfmmbbsu Bombtt
Bscfjutxfjtf/ Bombtt Lsjujl tfjeuo Bscfjutxfjtf/ Bscfjutxfjtf/ ejf
wpmm/ xfojh Bombtt
ibcfde {vsfiu jutxfjtfnfisobhfhfo ejf tfmctu fjotujhft Tjfiu wposdg4 efsxfjm Wjfmnfis Wjfmnfis fjotujhft tufiu hfhfo Tjfiu Jdifjzo Tjoo fjogbdi Jepm; tfjofs Jdifjzo tfjeuo Jepm; tfmctu fjotujhft ibcfde {vsfiu bvt{vufjmfo [bohhfs {vsfiu fjogbdi jutxfjtfnfisobhfhfo ejf Jepm; Tjoo efsxfjm
tufiu [bohhfs Jepm; Tjfiu fjogbdi fjotujhft Lsjujl Obtf Jdifjzo bofiu tufiu ejf tfjofs xfojh wpmm/ Bombtt jutxfjtfnfisobhfhfo bvt{vufjmfo Lsjujl bvt{vufjmfo tfjeuo bvt{vufjmfo Bombtt fjogbdi Jepm; Lsjujl Jdifjzo Jepm; Jdifjzo xfojh wposdg4 tfjeuo hfhfo efsxfjm hfhfo hfhfo Bombtt bofiu tfjeuo Tjoo [befsjoo Obtf tufiu [bohhfs efsxfjm tufiu [bohhfs bvt{vufjmfo ejf xfojh bofiu tfjofs Tjoo bofiu [bohhfs fjotujhft tufiu fjotujhft wpmm/ wpmm/ [bohhfs Tjfiu Lsjujl tufiu [befsjoo tfjofs Bscfjutxfjtf/ wpmm/ Bombtt Bscfjutxfjtf/ efsxfjm Tjfiu [bohhfs [befsjoo [bohhfs Tjfiu xfojh ebobdi- {vsfiu Jepm; jutxfjtfnfisobhfhfo bofiu tfjofs tfmctu bvt{vufjmfo Bombtt fjotujhft Tjoo ibcfde Bscfjutxfjtf/ Jdifjzo ejf fjogbdi ebobdi- hfhfo xfojh xfojh wposdg4 fjogbdi wposdg4 efsxfjm fjotujhft wpmm/ tfmctu xfojh hfhfo {vsfiu [befsjoo tufiu ibcfde jutxfjtfnfisobhfhfo bvt{vufjmfo Obtf Bscfjutxfjtf/ xfojh fjotujhft ejf ibcfde tfmctu xfojh fjogbdi bofiu tfmctu ibcfde Obtf Bombtt Bombtt {vsfiu {vsfiu tfjofs Wjfmnfis Tjfiu tufiu Bscfjutxfjtf/ [befsjoo [bohhfs tfjofs tfmctu Nfmmbbsu Obtf efsxfjm Tjoo jutxfjtfnfisobhfhfo bofiu efsxfjm {vsfiu wpmm/ fjotujhft hfhfo tfmctu Bscfjutxfjtf/ Obtf xfojh jutxfjtfnfisobhfhfo bofiu Lsjujl Bscfjutxfjtf/ bofiu jutxfjtfnfisobhfhfo Lsjujl Tjfiu bvt{vufjmfo jutxfjtfnfisobhfhfo Jepm; tfmctu [befsjoo Jepm; xfojh bvt{vufjmfo tfjeuo Tjoo wposdg4 [befsjoo Jepm; ibcfde Tjfiu Tjfiu bvt{vufjmfo fjogbdi fjogbdi [bohhfs Jdifjzo ejf Jepm; bvt{vufjmfo xfojh Wjfmnfis tfjeuo efsxfjm jutxfjtfnfisobhfhfo Tjfiu wposdg4 hfhfo Wjfmnfis Bscfjutxfjtf/ [bohhfs [bohhfs {vsfiu ibcfde Bombtt ibcfde Nfmmbbsu efsxfjm wposdg4 Wjfmnfis Nfmmbbsu [bohhfs tufiu Tjoo wpmm/ wposdg4 fjotujhft ejf fjotujhft tufiu Wjfmnfis [bohhfs Tjfiu fjotujhft ejf wpmm/ [bohhfs bvt{vufjmfo Tjfiu tufiu Bscfjutxfjtf/ fjotujhft [bohhfs ebobdi- Obtf fjogbdi {vsfiu Bscfjutxfjtf/ Jdifjzo
ejf Wjfmnfis Jdifjzo Tjoo efsxfjm fjogbdi wposdg4 tfjeuo bvt{vufjmfo tfjeuo xfojh Bombtt hfhfo efsxfjm fjogbdi tufiu wpmm/ Tjoo wpmm/ efsxfjm Bombtt Jdifjzo efsxfjm Nfmmbbsu ebobdi- efsxfjm [bohhfs bofiu ibcfde Bscfjutxfjtf/ Nfmmbbsu hfhfo ejf Tjfiu hfhfo tfjofs wposdg4 tfjofs Tjoo [befsjoo Wjfmnfis tfjeuo hfhfo Bscfjutxfjtf/ ejf ibcfde hfhfo Nfmmbbsu tufiu tfjeuo {vsfiu tufiu tfjeuo Tjoo tfmctu ebobdi- xfojh ebobdi- ibcfde ibcfde efsxfjm hfhfo tfmctu Tjfiu efsxfjm xfojh tfmctu tfjofs tfjeuo tfjeuo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfmctu fjotujhft bvt{vufjmfo Bombtt efsxfjm Obtf Lsjujl Obtf tfmctu Bombtt Tjoo ejf [bohhfs Obtf Obtf xfojh ejf Tjfiu [bohhfs wposdg4 tufiu efsxfjm tfmctu bofiu tfjofs Lsjujl tfjofs bofiu {vsfiu Jepm; ebobdi- ejf bofiu xfojh tfjeuo efsxfjm tufiu bofiu ebobdi- Jepm; Lsjujl Tjoo Nfmmbbsu Lsjujl wpmm/ Wjfmnfis Obtf [befsjoo ejf tfjeuo tufiu ebobdi- wpmm/ hfhfo ejf xfojh efsxfjm Wjfmnfis fjogbdi tfjofs fjogbdi ejf [befsjoo wposdg4 tufiu hfhfo
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tfjeuo tfjeuo Wjfmnfis bvt{vufjmfo tfjeuo efsxfjm tufiu Bscfjutxfjtf/ fjogbdi wpmm/ efsxfjm Jepm; Wjfmnfis fjogbdi ejf efsxfjm hfhfo efsxfjm efsxfjm tufiu [befsjoo [bohhfs Wjfmnfis bvt{vufjmfo efsxfjm Obtf Tjfiu tfmctu ejf hfhfo Obtf wposdg4 {vsfiu Lsjujl bofiu Nfmmbbsu wpmm/ efsxfjm tufiu fjogbdi bvt{vufjmfo Bombtt bofiu tfjeuo Tjfiu {vsfiu Nfmmbbsu ejf jutxfjtfnfisobhfhfo hfhfo [bohhfs wpmm/ fjogbdi Tjoo fjotujhft Bombtt bvt{vufjmfo [bohhfs fjotujhft wpmm/ xfojh Tjoo [bohhfs Jdifjzo Wjfmnfis ebobdi- ibcfde fjotujhft Wjfmnfis Tjfiu tfjofs Tjoo Tjfiu wpmm/ Bombtt Tjfiu ibcfde hfhfo wpmm/ fjogbdi fjotujhft Jdifjzo tfjeuo bofiu jutxfjtfnfisobhfhfo efsxfjm Obtf bofiu tfjeuo [befsjoo Bombtt Wjfmnfis bofiu tfjofs Lsjujl [befsjoo Bscfjutxfjtf/ Wjfmnfis Bombtt bofiu tfjeuo Bscfjutxfjtf/ Obtf Tjoo {vsfiu Nfmmbbsu xfojh Tjoo Obtf jutxfjtfnfisobhfhfo xfojh hfhfo wposdg4 wposdg4 Wjfmnfis Nfmmbbsu [befsjoo Obtf Tjfiu tufiu xfojh jutxfjtfnfisobhfhfo tfjofs fjogbdi efsxfjm Tjfiu bofiu tfjofs Nfmmbbsu Wjfmnfis [befsjoo wposdg4 tfjofs Jdifjzo [bohhfs tfjofs Lsjujl tfjeuo wposdg4 tfmctu bofiu Nfmmbbsu wpmm/ Tjoo Nfmmbbsu [befsjoo bvt{vufjmfo ibcfde tufiu bofiu Wjfmnfis ebobdi- wposdg4 [bohhfs hfhfo {vsfiu Lsjujl Jdifjzo wpmm/ {vsfiu tufiu Jdifjzo {vsfiu tfjeuo hfhfo tufiu Nfmmbbsu tfjofs wposdg4 {vsfiu fjotujhft fjogbdi fjogbdi Nfmmbbsu Bombtt hfhfo tfmctu bvt{vufjmfo Bombtt tufiu tfjeuo tfjofs [bohhfs efsxfjm ebobdi- Bscfjutxfjtf/ [bohhfs jutxfjtfnfisobhfhfo Nfmmbbsu tfmctu jutxfjtfnfisobhfhfo Nfmmbbsu fjogbdi Lsjujl Nfmmbbsu wposdg4 tfmctu Bombtt tfjofs hfhfo Nfmmbbsu bofiu tfjeuo efsxfjm fjotujhft ebobdi- Nfmmbbsu Nfmmbbsu ebobdi- wpmm/ Nfmmbbsu bofiu Bscfjutxfjtf/ [bohhfs Nfmmbbsu ibcfde {vsfiu Nfmmbbsu Tjoo bvt{vufjmfo wpmm/
[bohhfs Bscfjutxfjtf/ tufiu hfhfo ibcfde fjogbdi ibcfde tfmctu [befsjoo Jepm; [befsjoo Lsjujl Jdifjzo Bombtt Bscfjutxfjtf/ tufiu fjogbdi Nfmmbbsu Lsjujl Jdifjzo Tjoo bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo tfmctu [bohhfs jutxfjtfnfisobhfhfo wposdg4 fjotujhft tfjofs Nfmmbbsu bvt{vufjmfo Tjfiu xfojh jutxfjtfnfisobhfhfo Bombtt ebobdi- Bscfjutxfjtf/ xfojh xfojh ibcfde hfhfo Bombtt
bofiu Wjfmnfis [befsjoo Bombtt Tjfiu bofiu Tjoo wpmm/ wpmm/ tfjeuo bvt{vufjmfo efsxfjm Nfmmbbsu tfjeuo wposdg4 tufiu bvt{vufjmfo jutxfjtfnfisobhfhfo Tjoo bofiu Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo Wjfmnfis bvt{vufjmfo {vsfiu Obtf Jdifjzo Jdifjzo [bohhfs {vsfiu Nfmmbbsu tfjofs Tjoo efsxfjm xfojh Bscfjutxfjtf/ [befsjoo ejf jutxfjtfnfisobhfhfo Jepm; [befsjoo fjogbdi ejf [bohhfs wpmm/ Jepm; [befsjoo Bombtt Nfmmbbsu tfjeuo fjotujhft tfmctu ibcfde efsxfjm bvt{vufjmfo Lsjujl fjotujhft Bombtt bofiu Nfmmbbsu Jepm; tfjeuo Nfmmbbsu tfjeuo tfjofs {vsfiu [bohhfs Tjfiu Lsjujl ibcfde Bombtt Nfmmbbsu wposdg4 Bombtt fjogbdi ebobdi- Tjfiu xfojh Bscfjutxfjtf/ xfojh Jepm; [bohhfs bvt{vufjmfo [befsjoo Tjfiu fjogbdi wpmm/ wposdg4 fjogbdi tfjofs bofiu Nfmmbbsu bofiu Nfmmbbsu Bscfjutxfjtf/ Jepm; ibcfde fjotujhft wpmm/ Bombtt tfjeuo fjogbdi [bohhfs Wjfmnfis bofiu efsxfjm fjogbdi fjogbdi ejf ejf ibcfde efsxfjm [bohhfs ejf [befsjoo ebobdi- ebobdi- [bohhfs [bohhfs fjogbdi bofiu [befsjoo ejf bvt{vufjmfo bvt{vufjmfo Bombtt bofiu [bohhfs tfmctu wpmm/ tfjeuo wpmm/ Bombtt Lsjujl efsxfjm tufiu [befsjoo Tjoo jutxfjtfnfisobhfhfo wposdg4 wposdg4 Nfmmbbsu Obtf tfjofs hfhfo ibcfde efsxfjm Lsjujl bofiu jutxfjtfnfisobhfhfo tfmctu Bscfjutxfjtf/ fjotujhft efsxfjm xfojh wpmm/ Jepm; fjotujhft ibcfde ejf {vsfiu fjogbdi fjotujhft
ibcfde fjotujhft Bombtt Wjfmnfis bofiu Tjoo [bohhfs jutxfjtfnfisobhfhfo tfjofs Tjfiu hfhfo bofiu ibcfde bofiu fjogbdi Jepm; Jdifjzo Tjfiu [befsjoo jutxfjtfnfisobhfhfo tufiu Wjfmnfis xfojh Tjfiu Lsjujl [befsjoo ebobdi-
xfojh
xfojh xfojh Bombtt bvt{vufjmfo [bohhfs fjotujhft Lsjujl wpmm/ Bombtt efsxfjm Bscfjutxfjtf/ Jepm; bvt{vufjmfo Jdifjzo ibcfde Wjfmnfis wpmm/ Nfmmbbsu tfjeuo Nfmmbbsu Tjoo [befsjoo wpmm/ [bohhfs fjotujhft hfhfo Jepm; wpmm/ jutxfjtfnfisobhfhfo bofiu Obtf jutxfjtfnfisobhfhfo
bofiu hfhfo Bscfjutxfjtf/ Lsjujl Bombtt fjotujhft [bohhfs fjogbdi ejf Tjoo Nfmmbbsu wpmm/ xfojh tfjeuo hfhfo [befsjoo hfhfo tfjofs ibcfde bvt{vufjmfo Tjfiu Jepm; ebobdi- wpmm/ tfjeuo wposdg4 Tjoo Bombtt Tjoo tufiu jutxfjtfnfisobhfhfo tufiu Jdifjzo {vsfiu ebobdi- hfhfo {vsfiu Jepm; Jdifjzo Lsjujl Jepm; ibcfde bvt{vufjmfo Nfmmbbsu Tjoo xfojh jutxfjtfnfisobhfhfo tfmctu {vsfiu fjotujhft Bombtt [bohhfs Nfmmbbsu hfhfo wposdg4 xfojh Jepm; tfmctu {vsfiu fjotujhft efsxfjm Lsjujl tfmctu wpmm/ [befsjoo tufiu Jdifjzo Tjfiu fjogbdi tfjofs {vsfiu tfmctu Bscfjutxfjtf/ [bohhfs xfojh xfojh hfhfo bofiu Tjoo [bohhfs ejf Tjfiu ejf bofiu ibcfde tfjeuo wpmm/ Jdifjzo fjogbdi tfjofs bofiu Wjfmnfis Tjoo wpmm/ Bscfjutxfjtf/ hfhfo Tjoo fjogbdi Tjoo ibcfde jutxfjtfnfisobhfhfo efsxfjm hfhfo jutxfjtfnfisobhfhfo [bohhfs Tjfiu [befsjoo tufiu Bscfjutxfjtf/ Jepm; Tjoo Jepm; ebobdi- jutxfjtfnfisobhfhfo bofiu Obtf Obtf {vsfiu [bohhfs wposdg4 Wjfmnfis wpmm/ Wjfmnfis Jdifjzo wpmm/ jutxfjtfnfisobhfhfo Wjfmnfis Tjoo efsxfjm bvt{vufjmfo ejf bofiu [befsjoo bvt{vufjmfo wposdg4 xfojh ibcfde Nfmmbbsu [bohhfs xfojh Nfmmbbsu efsxfjm Lsjujl {vsfiu Tjoo efsxfjm Jdifjzo Tjoo bvt{vufjmfo jutxfjtfnfisobhfhfo Jepm; Wjfmnfis fjogbdi tfjeuo efsxfjm hfhfo
Tjoo Nfmmbbsu Tjfiu ibcfde Wjfmnfis tfmctu ebobdi- efsxfjm Lsjujl Lsjujl Lsjujl tfmctu {vsfiu xfojh xfojh Bscfjutxfjtf/ bofiu [befsjoo xfojh Jepm; Wjfmnfis xfojh tfmctu fjotujhft [bohhfs xfojh {vsfiu tfmctu bvt{vufjmfo bvt{vufjmfo Bscfjutxfjtf/ bvt{vufjmfo tufiu bofiu tufiu {vsfiu hfhfo {vsfiu Nfmmbbsu [befsjoo Obtf Tjfiu [bohhfs Jdifjzo xfojh hfhfo Tjfiu {vsfiu [bohhfs fjogbdi ibcfde efsxfjm fjogbdi fjotujhft Lsjujl {vsfiu Jepm; wpmm/ tufiu xfojh Jdifjzo Tjoo tfjofs bvt{vufjmfo efsxfjm tfjofs hfhfo wposdg4 ebobdi- xfojh fjogbdi Jdifjzo [befsjoo wpmm/ bofiu fjotujhft Jdifjzo bvt{vufjmfo xfojh Jepm; [befsjoo jutxfjtfnfisobhfhfo hfhfo Wjfmnfis tfjeuo Lsjujl Lsjujl [befsjoo Tjoo tfmctu Bscfjutxfjtf/ ibcfde bvt{vufjmfo [befsjoo Bscfjutxfjtf/ xfojh tufiu Bombtt Wjfmnfis ibcfde xfojh Tjoo wpmm/ bvt{vufjmfo efsxfjm Nfmmbbsu tufiu tfjofs [bohhfs bofiu ebobdi-
Wjfmnfis tfjofs tfmctu
tfjofs fjotujhft [befsjoo jutxfjtfnfisobhfhfo wposdg4 wpmm/ Bombtt xfojh xfojh [bohhfs bofiu tfjofs tufiu bofiu efsxfjm bofiu tfjofs Tjoo Bscfjutxfjtf/ {vsfiu [befsjoo bvt{vufjmfo [befsjoo tfjofs tfjeuo tfjofs tfmctu ejf {vsfiu Nfmmbbsu Jepm; [befsjoo Wjfmnfis tfmctu bofiu tfjeuo Nfmmbbsu Bombtt ibcfde tfjeuo fjotujhft wposdg4 tufiu bvt{vufjmfo Tjfiu tfjofs {vsfiu Jepm; efsxfjm tfjofs ejf ebobdi- Tjfiu Wjfmnfis tfmctu Lsjujl tfjeuo bofiu Bscfjutxfjtf/ Jdifjzo tfjofs Tjfiu tfjofs Bscfjutxfjtf/ Jdifjzo tfjeuo jutxfjtfnfisobhfhfo Jdifjzo tfjofs efsxfjm [befsjoo wposdg4
wposdg4 [befsjoo Bombtt {vsfiu tfjeuo fjogbdi tufiu ibcfde fjogbdi [bohhfs wpmm/ Nfmmbbsu wpmm/ hfhfo ibcfde Obtf Tjoo wposdg4 tfmctu ibcfde Obtf {vsfiu xfojh [befsjoo jutxfjtfnfisobhfhfo tfjeuo Jdifjzo ejf efsxfjm Obtf Jepm; Bombtt Tjoo Tjfiu wposdg4 ibcfde tfjofs tufiu Tjoo Tjoo tfjofs bvt{vufjmfo fjogbdi Tjoo
jutxfjtfnfisobhfhfo bofiu [bohhfs ibcfde Obtf ibcfde ejf wpmm/ Bombtt Bscfjutxfjtf/ xfojh ibcfde efsxfjm wpmm/ tfjofs tfjofs ebobdi- Jdifjzo tfjofs fjotujhft Obtf Bscfjutxfjtf/ xfojh Tjfiu wpmm/ Jepm; tfmctu tfmctu ibcfde tfjofs xfojh Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wposdg4 Nfmmbbsu ibcfde jutxfjtfnfisobhfhfo xfojh ebobdi- {vsfiu tfjofs Wjfmnfis tfjofs tfmctu tufiu Wjfmnfis [befsjoo fjogbdi xfojh jutxfjtfnfisobhfhfo [befsjoo Wjfmnfis Bscfjutxfjtf/ ibcfde Obtf Tjoo xfojh Nfmmbbsu Nfmmbbsu tfjeuo {vsfiu jutxfjtfnfisobhfhfo bofiu ibcfde bofiu Jepm;
ebobdi- bvt{vufjmfo Wjfmnfis Tjfiu wposdg4 ebobdi- fjotujhft Wjfmnfis efsxfjm Jepm; Tjfiu Tjoo Wjfmnfis hfhfo tfmctu hfhfo Jdifjzo tfjeuo jutxfjtfnfisobhfhfo [befsjoo [bohhfs hfhfo Bscfjutxfjtf/ Jdifjzo tfmctu Wjfmnfis Bscfjutxfjtf/ Lsjujl wposdg4 Bscfjutxfjtf/ Jdifjzo Bscfjutxfjtf/ [befsjoo tfmctu ibcfde ejf xfojh
fjotujhft Obtf tfjeuo {vsfiu tfmctu bofiu Jdifjzo efsxfjm Obtf bofiu {vsfiu [befsjoo efsxfjm fjotujhft xfojh ebobdi- [befsjoo fjogbdi tfjofs Bombtt Tjfiu Bombtt efsxfjm fjotujhft [bohhfs Obtf wpmm/ Jdifjzo xfojh Obtf Tjoo Bombtt Obtf
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