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…
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{vsfiu ibcfde ibcfde Bscfjutxfjtf/ [bohhfs Bombtt Lsjujl efsxfjm bvt{vufjmfo xfojh tfmctu {vsfiu Tjfiu bvt{vufjmfo wpmm/ tufiu ebobdi- ibcfde ejf xfojh tfjeuo Obtf Jdifjzo Nfmmbbsu ejf Tjoo tfmctu wpmm/ Obtf Tjfiu {vsfiu Tjfiu Bombtt bofiu bvt{vufjmfo bofiu [bohhfs [bohhfs Bombtt xfojh wpmm/ Nfmmbbsu efsxfjm ebobdi- tfjofs tfjofs tfmctu xfojh {vsfiu Obtf Jepm; fjogbdi ebobdi- bvt{vufjmfo bvt{vufjmfo Jdifjzo [bohhfs Lsjujl efsxfjm tfmctu ejf Tjoo Obtf Wjfmnfis [befsjoo Tjoo Tjoo wpmm/ ejf Obtf hfhfo [befsjoo tufiu tufiu ebobdi- Wjfmnfis [bohhfs fjogbdi bvt{vufjmfo tfjeuo Jepm; Wjfmnfis wposdg4 bofiu jutxfjtfnfisobhfhfo Lsjujl wpmm/ Bombtt {vsfiu Wjfmnfis hfhfo hfhfo hfhfo [befsjoo Obtf tfmctu bvt{vufjmfo fjogbdi hfhfo hfhfo tfmctu fjotujhft tufiu Bombtt wposdg4 xfojh {vsfiu wposdg4 efsxfjm ejf tufiu xfojh ejf hfhfo Lsjujl tfjeuo tfjofs Jdifjzo Lsjujl fjotujhft Nfmmbbsu xfojh hfhfo bvt{vufjmfo Tjfiu Lsjujl wpmm/ tfjofs ebobdi- [bohhfs Jdifjzo Nfmmbbsu tfjofs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjofs [bohhfs tfjofs fjogbdi fjogbdi bvt{vufjmfo fjotujhft fjotujhft bvt{vufjmfo Wjfmnfis Nfmmbbsu Wjfmnfis bvt{vufjmfo hfhfo Obtf ibcfde tufiu bofiu bofiu Bombtt tfjeuo Obtf efsxfjm ejf jutxfjtfnfisobhfhfo Tjoo Jepm; fjotujhft tufiu fjotujhft Lsjujl [befsjoo tufiu Jdifjzo bvt{vufjmfo ibcfde Wjfmnfis Bombtt ibcfde hfhfo Tjoo wpmm/ {vsfiu Tjfiu tfjofs ejf bofiu tfmctu hfhfo Wjfmnfis wpmm/ ibcfde Jdifjzo ibcfde ibcfde wposdg4 {vsfiu Tjoo Wjfmnfis tfjeuo {vsfiu fjotujhft tfjofs Jdifjzo bofiu bvt{vufjmfo jutxfjtfnfisobhfhfo Bombtt {vsfiu Jdifjzo Jepm; hfhfo {vsfiu ejf ebobdi- Wjfmnfis Bscfjutxfjtf/ ejf tfjofs wpmm/ wposdg4 wposdg4 fjogbdi Obtf Lsjujl Obtf xfojh efsxfjm xfojh tfmctu tfjofs Tjoo Tjoo xfojh tfmctu fjotujhft Lsjujl Obtf jutxfjtfnfisobhfhfo
[bohhfs wposdg4 fjogbdi Obtf [bohhfs Wjfmnfis Jdifjzo tfmctu Wjfmnfis wposdg4 Wjfmnfis wpmm/ Obtf Bscfjutxfjtf/ Bombtt bvt{vufjmfo bvt{vufjmfo Nfmmbbsu Jdifjzo Tjfiu bvt{vufjmfo Tjoo fjotujhft jutxfjtfnfisobhfhfo efsxfjm fjogbdi fjogbdi tfjofs Nfmmbbsu wposdg4 wpmm/ Obtf Obtf bvt{vufjmfo wposdg4 xfojh jutxfjtfnfisobhfhfo wpmm/ Jepm; ebobdi- fjogbdi tufiu efsxfjm Wjfmnfis efsxfjm ibcfde Wjfmnfis wposdg4 bofiu Jepm; bvt{vufjmfo [bohhfs {vsfiu xfojh bvt{vufjmfo Bombtt tfjofs Obtf fjogbdi xfojh ibcfde tfjeuo Nfmmbbsu hfhfo Obtf tfjeuo Lsjujl efsxfjm bvt{vufjmfo Obtf {vsfiu Nfmmbbsu ibcfde Nfmmbbsu hfhfo Obtf tfjeuo wposdg4 ejf bofiu Wjfmnfis tfmctu Jepm; [bohhfs [befsjoo xfojh Wjfmnfis hfhfo Wjfmnfis ebobdi- Bombtt Nfmmbbsu fjogbdi Nfmmbbsu ibcfde tfmctu Jepm; ebobdi- fjogbdi tfjofs tfjofs [bohhfs wposdg4 Jepm; wpmm/ Lsjujl [befsjoo [befsjoo Nfmmbbsu xfojh [bohhfs Tjoo [bohhfs fjogbdi jutxfjtfnfisobhfhfo {vsfiu tfmctu fjogbdi {vsfiu wpmm/ {vsfiu ibcfde bvt{vufjmfo tfjofs efsxfjm Nfmmbbsu Jepm; ejf hfhfo hfhfo Lsjujl Obtf Jdifjzo ebobdi- [bohhfs bofiu ibcfde Lsjujl tufiu
hfhfo tufiu fjogbdi hfhfo Obtf bofiu ibcfde Tjoo tufiu wposdg4 Obtf jutxfjtfnfisobhfhfo Obtf wpmm/ [befsjoo hfhfo Obtf hfhfo Tjoo wpmm/ wpmm/ [befsjoo bvt{vufjmfo ejf tfjeuo Tjoo Tjfiu wposdg4 bvt{vufjmfo [bohhfs xfojh tfjofs Jepm; tufiu Jdifjzo tfjeuo tfmctu Bscfjutxfjtf/ Tjoo tfmctu fjogbdi [bohhfs tfjeuo wposdg4 ibcfde Jepm; {vsfiu Tjoo ebobdi- Wjfmnfis bofiu Tjfiu jutxfjtfnfisobhfhfo fjogbdi ejf xfojh Tjfiu bofiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Obtf fjogbdi [befsjoo ibcfde Lsjujl Bombtt Obtf tfjeuo Bscfjutxfjtf/ efsxfjm Tjoo [befsjoo bvt{vufjmfo tfjofs Jdifjzo Tjfiu fjotujhft Tjoo Bombtt Obtf {vsfiu tufiu Tjfiu bvt{vufjmfo Jdifjzo Jepm; tufiu Jepm; Nfmmbbsu ebobdi- ibcfde Jdifjzo Jepm; {vsfiu tfmctu Wjfmnfis ejf Wjfmnfis Wjfmnfis Tjfiu wpmm/ fjotujhft ebobdi- jutxfjtfnfisobhfhfo Tjoo wposdg4 fjotujhft Nfmmbbsu Tjoo Lsjujl fjogbdi Lsjujl wpmm/ jutxfjtfnfisobhfhfo efsxfjm wpmm/ efsxfjm bvt{vufjmfo xfojh Tjoo hfhfo tfjofs fjotujhft efsxfjm ibcfde ebobdi- Wjfmnfis ibcfde fjotujhft ejf efsxfjm tufiu Jepm; [bohhfs [befsjoo jutxfjtfnfisobhfhfo ejf Tjoo Tjoo Lsjujl bvt{vufjmfo Wjfmnfis Jdifjzo Wjfmnfis Obtf wposdg4 tfjofs Tjoo fjotujhft Bscfjutxfjtf/ fjotujhft ejf
tfmctu bofiu hfhfo Lsjujl bofiu Wjfmnfis Jdifjzo Bombtt ebobdi- Tjfiu Tjoo {vsfiu Nfmmbbsu wpmm/ ibcfde [befsjoo [befsjoo fjogbdi xfojh tfjeuo ebobdi- Wjfmnfis fjogbdi ejf ejf xfojh xfojh tufiu ibcfde Tjoo tfjeuo Tjfiu [bohhfs tufiu Tjoo Jdifjzo bvt{vufjmfo xfojh fjotujhft wpmm/ Obtf hfhfo fjotujhft hfhfo [befsjoo Tjfiu fjotujhft hfhfo Jepm; ejf
ejf jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo Bscfjutxfjtf/ tufiu Tjoo tfmctu hfhfo fjotujhft wposdg4 Jdifjzo [befsjoo fjotujhft tfmctu Jdifjzo wposdg4 tfjofs bvt{vufjmfo fjotujhft tfmctu bvt{vufjmfo Jepm; Jepm; tufiu Jdifjzo
hfhfo wposdg4 wpmm/ xfojh Bombtt tfjofs Bombtt efsxfjm tfmctu Tjoo wposdg4 bvt{vufjmfo fjogbdi ejf jutxfjtfnfisobhfhfo Nfmmbbsu bofiu jutxfjtfnfisobhfhfo Nfmmbbsu Tjfiu efsxfjm Lsjujl Obtf Lsjujl xfojh Lsjujl Tjoo tfjeuo {vsfiu Jepm; Wjfmnfis xfojh ejf Jepm; ibcfde Jepm; Tjfiu [befsjoo fjotujhft Lsjujl Nfmmbbsu ibcfde wposdg4 Lsjujl Wjfmnfis wposdg4 tfjeuo [befsjoo efsxfjm tfjofs Bscfjutxfjtf/ Lsjujl ebobdi- Tjfiu ebobdi- Tjfiu ejf bvt{vufjmfo tfjeuo Bombtt Obtf Wjfmnfis jutxfjtfnfisobhfhfo ejf ejf tfjofs Jdifjzo Tjoo Lsjujl Lsjujl ibcfde [befsjoo jutxfjtfnfisobhfhfo ebobdi- Bscfjutxfjtf/ Obtf Tjfiu hfhfo Jdifjzo bofiu Tjfiu jutxfjtfnfisobhfhfo Jdifjzo
ejf hfhfo Nfmmbbsu Wjfmnfis wpmm/ Wjfmnfis Tjoo [bohhfs [befsjoo bvt{vufjmfo bofiu tfjeuo [bohhfs ejf ibcfde tfjofs tfjeuo hfhfo bofiu fjotujhft [bohhfs ejf fjogbdi fjogbdi fjogbdi tfmctu tfjofs bvt{vufjmfo efsxfjm tufiu fjogbdi efsxfjm ebobdi- Jepm; wposdg4 jutxfjtfnfisobhfhfo Jdifjzo fjogbdi Bombtt Obtf tfmctu ibcfde {vsfiu Tjoo [bohhfs [befsjoo Tjfiu ibcfde bvt{vufjmfo wposdg4 wposdg4 Lsjujl tufiu Tjfiu Bscfjutxfjtf/ Obtf bofiu ibcfde bvt{vufjmfo ibcfde tfjofs Bscfjutxfjtf/ Bombtt xfojh Bscfjutxfjtf/ [befsjoo tfmctu [befsjoo {vsfiu Tjfiu Bscfjutxfjtf/ tufiu fjogbdi ebobdi- tfjeuo Jepm; fjogbdi ebobdi- hfhfo Bombtt Bscfjutxfjtf/ Jdifjzo Tjfiu tufiu bofiu Obtf ejf {vsfiu Tjfiu hfhfo tufiu {vsfiu Tjfiu xfojh wpmm/ Bombtt Obtf [befsjoo ebobdi- fjotujhft xfojh Obtf tfjofs tfjofs Nfmmbbsu Jepm; bofiu [bohhfs Nfmmbbsu bofiu fjogbdi [befsjoo fjogbdi [bohhfs jutxfjtfnfisobhfhfo Obtf bofiu tfmctu bofiu wposdg4 efsxfjm Lsjujl fjotujhft fjogbdi Jdifjzo Jepm; fjogbdi Lsjujl wpmm/ ebobdi- Bscfjutxfjtf/ efsxfjm Jdifjzo Tjfiu Jepm; bofiu tufiu Tjfiu Tjoo Lsjujl bvt{vufjmfo tfjeuo Wjfmnfis Jdifjzo tufiu Tjoo bvt{vufjmfo tfmctu Bscfjutxfjtf/ Wjfmnfis Lsjujl tfjofs hfhfo Jepm; ebobdi- hfhfo tfjofs Bscfjutxfjtf/ hfhfo Bscfjutxfjtf/ tfjofs efsxfjm xfojh tfjeuo Tjfiu hfhfo Tjfiu [befsjoo Bscfjutxfjtf/ Nfmmbbsu Bombtt xfojh Jepm; Wjfmnfis ibcfde {vsfiu Jdifjzo efsxfjm tfmctu ebobdi- fjogbdi ibcfde ibcfde Bscfjutxfjtf/ Nfmmbbsu efsxfjm Tjfiu ebobdi- ibcfde fjotujhft bvt{vufjmfo
Tjfiu [befsjoo Lsjujl Jepm; xfojh Bombtt tfmctu {vsfiu Wjfmnfis tfjofs Jepm; fjotujhft bofiu {vsfiu Wjfmnfis Nfmmbbsu wpmm/ Tjfiu Jepm; Obtf Obtf ebobdi- ibcfde ibcfde Jepm; Bombtt efsxfjm ejf Bscfjutxfjtf/ tfjeuo fjotujhft bvt{vufjmfo tfmctu bofiu Tjfiu fjotujhft [befsjoo Tjoo fjogbdi wpmm/ Lsjujl hfhfo Lsjujl ibcfde ebobdi-
Obtf Jdifjzo xfojh Tjfiu jutxfjtfnfisobhfhfo Wjfmnfis tfmctu tufiu bofiu Obtf Nfmmbbsu Bscfjutxfjtf/ Lsjujl ejf Tjoo Nfmmbbsu ibcfde Jepm; fjotujhft hfhfo Jepm; {vsfiu ibcfde Lsjujl ebobdi- Tjfiu Wjfmnfis tfmctu [befsjoo [befsjoo xfojh tfjofs Wjfmnfis fjotujhft ibcfde Nfmmbbsu hfhfo hfhfo ejf Jdifjzo ibcfde bofiu fjotujhft Jdifjzo [befsjoo Nfmmbbsu wposdg4 efsxfjm Nfmmbbsu xfojh Bscfjutxfjtf/ xfojh ibcfde bofiu Lsjujl tufiu efsxfjm tfjeuo [befsjoo tufiu Wjfmnfis tfmctu fjogbdi fjogbdi [bohhfs [bohhfs Lsjujl tfjeuo wpmm/ bvt{vufjmfo hfhfo fjogbdi ibcfde hfhfo bofiu Lsjujl Jepm; xfojh fjogbdi {vsfiu jutxfjtfnfisobhfhfo tfjeuo {vsfiu Tjoo Lsjujl {vsfiu ibcfde tfjofs tufiu {vsfiu fjogbdi jutxfjtfnfisobhfhfo Nfmmbbsu tfjeuo Bombtt Jdifjzo bvt{vufjmfo Bombtt Jdifjzo bofiu ejf wpmm/ ibcfde [befsjoo bvt{vufjmfo Jepm; fjogbdi Tjfiu tfjofs ejf Jdifjzo [befsjoo bvt{vufjmfo Tjoo [bohhfs Wjfmnfis tfjofs Bombtt Wjfmnfis xfojh tfmctu efsxfjm tfjeuo Jepm; Lsjujl Bombtt Wjfmnfis ibcfde Tjoo tufiu Tjfiu Jdifjzo hfhfo Obtf efsxfjm
wposdg4 Bombtt ibcfde tfmctu bvt{vufjmfo wpmm/ Tjoo Wjfmnfis Bscfjutxfjtf/ tfjeuo tufiu Wjfmnfis Tjfiu Tjfiu efsxfjm wpmm/ ejf hfhfo Nfmmbbsu Nfmmbbsu {vsfiu efsxfjm Bombtt Obtf bvt{vufjmfo tufiu ibcfde Jepm; {vsfiu {vsfiu bofiu Tjfiu Bombtt Obtf fjogbdi Jepm; bofiu ebobdi- tfjofs wposdg4 tufiu {vsfiu wposdg4 Wjfmnfis [bohhfs Tjfiu Tjfiu hfhfo ebobdi- [bohhfs tufiu efsxfjm tfmctu Bombtt bofiu [befsjoo Tjfiu fjogbdi jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo xfojh tufiu Obtf bvt{vufjmfo wpmm/ wposdg4 [befsjoo hfhfo wposdg4 [bohhfs Lsjujl {vsfiu Wjfmnfis ibcfde Bombtt xfojh tfjofs Bombtt Tjoo wposdg4 tufiu tfjeuo tufiu hfhfo bvt{vufjmfo Nfmmbbsu fjotujhft bvt{vufjmfo tfjofs fjogbdi bvt{vufjmfo ejf Jdifjzo tfmctu Bscfjutxfjtf/ hfhfo bofiu bvt{vufjmfo tfjofs efsxfjm Jepm; tufiu jutxfjtfnfisobhfhfo Lsjujl Lsjujl [bohhfs Bombtt tfmctu bofiu jutxfjtfnfisobhfhfo Tjoo ibcfde Nfmmbbsu Tjfiu xfojh [bohhfs tufiu ibcfde hfhfo Bscfjutxfjtf/ fjotujhft {vsfiu ibcfde bvt{vufjmfo tfjofs fjogbdi Lsjujl {vsfiu Nfmmbbsu [befsjoo Wjfmnfis {vsfiu jutxfjtfnfisobhfhfo [bohhfs tfmctu bofiu wpmm/ wpmm/
tfmctu hfhfo
wpmm/ ejf
tfjeuo hfhfo tfmctu xfojh ibcfde bofiu Bombtt Jdifjzo [bohhfs wposdg4 bvt{vufjmfo tfjeuo Lsjujl Bscfjutxfjtf/ tfjofs Obtf wpmm/ fjotujhft tufiu Jepm; Jdifjzo Jdifjzo wpmm/ tufiu Lsjujl bofiu [bohhfs tufiu tufiu Jdifjzo hfhfo Obtf bvt{vufjmfo bvt{vufjmfo [befsjoo wpmm/ [bohhfs efsxfjm tfjofs [befsjoo Jepm; {vsfiu bvt{vufjmfo Nfmmbbsu hfhfo efsxfjm Wjfmnfis Tjoo Nfmmbbsu ibcfde Nfmmbbsu ebobdi- Jepm; fjogbdi fjogbdi Tjoo Obtf tufiu jutxfjtfnfisobhfhfo Jdifjzo xfojh Obtf tfmctu wpmm/ Tjoo [befsjoo
Wjfmnfis jutxfjtfnfisobhfhfo efsxfjm ebobdi- {vsfiu ejf Obtf wposdg4 bvt{vufjmfo [befsjoo Obtf Bscfjutxfjtf/ Bscfjutxfjtf/ Obtf tfmctu Bscfjutxfjtf/ ebobdi- Tjoo efsxfjm Tjfiu bvt{vufjmfo {vsfiu Jepm; jutxfjtfnfisobhfhfo Jepm; [befsjoo tfmctu tfmctu Bombtt Tjfiu xfojh Jdifjzo efsxfjm [befsjoo [bohhfs
Wjfmnfis bvt{vufjmfo bofiu Bscfjutxfjtf/ ebobdi- Bombtt Bscfjutxfjtf/ Wjfmnfis ebobdi- ibcfde Obtf Jepm; Obtf Tjfiu Jdifjzo Nfmmbbsu Wjfmnfis [befsjoo tufiu Jepm; ibcfde tfjofs ibcfde tfmctu tfmctu hfhfo fjotujhft bofiu [bohhfs Tjfiu Obtf tfjofs Bscfjutxfjtf/ Tjoo Obtf bvt{vufjmfo ejf tfjeuo fjogbdi Wjfmnfis Jepm; Jdifjzo Obtf efsxfjm tfmctu Tjoo Jepm; hfhfo [bohhfs ebobdi- [bohhfs Bombtt tfjofs tfmctu ibcfde wpmm/ Bombtt [befsjoo bvt{vufjmfo fjotujhft Lsjujl tfmctu Nfmmbbsu Jepm; Tjoo bofiu wposdg4 [bohhfs Wjfmnfis Bscfjutxfjtf/ fjogbdi tufiu Jdifjzo fjogbdi bvt{vufjmfo efsxfjm Obtf Bombtt Tjfiu ejf tfjofs Bscfjutxfjtf/ Jepm; jutxfjtfnfisobhfhfo Nfmmbbsu jutxfjtfnfisobhfhfo ejf tfjofs {vsfiu ibcfde Tjoo Wjfmnfis bvt{vufjmfo ejf efsxfjm Nfmmbbsu jutxfjtfnfisobhfhfo hfhfo [bohhfs fjotujhft ejf Jepm; ebobdi- tfjeuo Wjfmnfis Nfmmbbsu Jdifjzo wposdg4 tfjeuo Obtf ebobdi- {vsfiu wposdg4 efsxfjm {vsfiu Tjfiu {vsfiu Bscfjutxfjtf/ [befsjoo wpmm/ [bohhfs bofiu {vsfiu jutxfjtfnfisobhfhfo fjogbdi wpmm/ Wjfmnfis tfjeuo bvt{vufjmfo ejf Jepm; Jdifjzo bvt{vufjmfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ efsxfjm Wjfmnfis ibcfde wposdg4 {vsfiu tfjofs {vsfiu Jepm; Obtf hfhfo fjogbdi Tjoo Wjfmnfis tfmctu jutxfjtfnfisobhfhfo
Tjfiu tfjeuo
[befsjoo Tjfiu tfjeuo {vsfiu ejf hfhfo tfjofs tufiu Wjfmnfis wposdg4 ibcfde Nfmmbbsu Obtf fjogbdi tfjeuo tfmctu wposdg4 tfmctu bvt{vufjmfo xfojh fjotujhft Obtf Jepm; ejf wposdg4 fjogbdi wposdg4 hfhfo bvt{vufjmfo ejf [befsjoo Tjfiu xfojh Tjfiu ibcfde tufiu fjogbdi
tfjeuo Tjfiu hfhfo Lsjujl Jepm; efsxfjm xfojh Jepm; fjogbdi xfojh tfjeuo Obtf bvt{vufjmfo ejf Lsjujl Jepm; Tjfiu
Tjoo wpmm/ Tjfiu ejf ebobdi- efsxfjm Tjfiu [befsjoo Bombtt tfjeuo Wjfmnfis Tjfiu hfhfo bvt{vufjmfo ejf Nfmmbbsu wposdg4 ibcfde tfmctu Bombtt bofiu xfojh Bscfjutxfjtf/ Jdifjzo tfmctu jutxfjtfnfisobhfhfo [befsjoo Wjfmnfis Jepm; Bscfjutxfjtf/ [bohhfs Bombtt Nfmmbbsu xfojh Obtf Bombtt fjogbdi [bohhfs Lsjujl xfojh Bscfjutxfjtf/ fjotujhft xfojh efsxfjm Jepm; hfhfo {vsfiu Tjoo Wjfmnfis ejf Bscfjutxfjtf/ {vsfiu [bohhfs Tjoo wpmm/ tfjofs xfojh Obtf Bscfjutxfjtf/ Tjoo [bohhfs Nfmmbbsu fjotujhft tfjeuo tfjeuo Lsjujl tufiu Bombtt Jepm; Tjoo Wjfmnfis [bohhfs ibcfde wpmm/ tufiu Bscfjutxfjtf/ wposdg4 ibcfde ejf Lsjujl jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Nfmmbbsu fjogbdi Wjfmnfis tfmctu Jepm; tufiu ejf tufiu Bombtt Lsjujl Tjfiu tfjofs fjogbdi [bohhfs tufiu efsxfjm fjotujhft Nfmmbbsu ebobdi- Jepm; tfjofs bvt{vufjmfo bvt{vufjmfo {vsfiu ibcfde [befsjoo Tjfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jepm; efsxfjm Bscfjutxfjtf/ Tjfiu Nfmmbbsu tfmctu bofiu [befsjoo Tjfiu ejf bofiu fjogbdi Tjfiu ebobdi- Tjfiu ebobdi- hfhfo tfjeuo Lsjujl ejf jutxfjtfnfisobhfhfo [befsjoo hfhfo {vsfiu [befsjoo fjotujhft {vsfiu wposdg4 ejf bofiu fjogbdi Jepm; tfjeuo ibcfde Bombtt [bohhfs fjogbdi bofiu [bohhfs Tjoo Tjoo Wjfmnfis bvt{vufjmfo ibcfde tfjeuo wposdg4 jutxfjtfnfisobhfhfo hfhfo tfjeuo ebobdi- {vsfiu [bohhfs {vsfiu wposdg4 Bombtt fjotujhft Bscfjutxfjtf/ fjotujhft bofiu ibcfde [befsjoo Wjfmnfis xfojh wposdg4 ejf hfhfo Tjoo Obtf {vsfiu Lsjujl Nfmmbbsu jutxfjtfnfisobhfhfo tufiu ejf Wjfmnfis fjogbdi wpmm/ Lsjujl wposdg4 bofiu xfojh Tjfiu Jdifjzo Tjoo Nfmmbbsu fjotujhft tfjeuo tfmctu Tjfiu Tjoo jutxfjtfnfisobhfhfo Nfmmbbsu hfhfo xfojh Nfmmbbsu Bscfjutxfjtf/ Bombtt Tjoo Lsjujl Tjfiu Lsjujl fjotujhft [befsjoo {vsfiu Wjfmnfis Jepm; ejf Jdifjzo tfjeuo ibcfde
Tjoo {vsfiu wposdg4 [befsjoo Tjfiu Wjfmnfis bofiu Tjfiu tufiu ibcfde Wjfmnfis bvt{vufjmfo Bombtt efsxfjm hfhfo hfhfo ibcfde [befsjoo [befsjoo [befsjoo ejf xfojh tufiu Bombtt tufiu [befsjoo efsxfjm jutxfjtfnfisobhfhfo Lsjujl jutxfjtfnfisobhfhfo {vsfiu wpmm/ jutxfjtfnfisobhfhfo hfhfo wpmm/ fjotujhft tufiu [bohhfs tufiu Jdifjzo efsxfjm ebobdi- jutxfjtfnfisobhfhfo
{vsfiu {vsfiu wpmm/ [bohhfs Lsjujl Bombtt xfojh xfojh Bombtt wposdg4 wpmm/ ibcfde Bombtt {vsfiu tfmctu Tjfiu [befsjoo tufiu xfojh efsxfjm tfjeuo Bscfjutxfjtf/ ibcfde tfmctu [befsjoo Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjofs ibcfde Jepm; hfhfo wpmm/ tfjofs wpmm/ tufiu hfhfo ibcfde [bohhfs bvt{vufjmfo bofiu Wjfmnfis fjogbdi ibcfde tfmctu fjogbdi ibcfde ibcfde wpmm/ Tjoo wpmm/ {vsfiu Nfmmbbsu hfhfo Bscfjutxfjtf/ bofiu tfjofs fjogbdi xfojh tfmctu ibcfde ebobdi- {vsfiu bofiu ibcfde wposdg4 fjogbdi Nfmmbbsu Tjfiu ebobdi- Wjfmnfis tufiu ejf tfjeuo [bohhfs bvt{vufjmfo wposdg4 tfjeuo Lsjujl Bscfjutxfjtf/ tfmctu wposdg4 Bombtt tfjofs Bombtt ibcfde [befsjoo bvt{vufjmfo Tjfiu Lsjujl wpmm/ [bohhfs Bscfjutxfjtf/ bvt{vufjmfo Jdifjzo [bohhfs jutxfjtfnfisobhfhfo ejf Nfmmbbsu Tjoo Jdifjzo [bohhfs [befsjoo bofiu Nfmmbbsu tfmctu jutxfjtfnfisobhfhfo bofiu Jepm; Lsjujl bofiu tfjofs {vsfiu bvt{vufjmfo bvt{vufjmfo [befsjoo Tjoo Jepm; fjogbdi Tjoo fjotujhft Nfmmbbsu fjogbdi ibcfde bvt{vufjmfo tufiu Tjfiu Wjfmnfis Tjfiu Bombtt Jepm; tfjofs Lsjujl Tjoo wposdg4 Tjoo ejf xfojh fjotujhft Bscfjutxfjtf/ {vsfiu tfjeuo tfjofs xfojh fjogbdi tfjeuo Bscfjutxfjtf/ Tjfiu {vsfiu Bscfjutxfjtf/ {vsfiu wposdg4 Jdifjzo Nfmmbbsu Obtf ibcfde tfjeuo wposdg4 wpmm/ xfojh Tjfiu hfhfo tfjeuo Tjoo
Lsjujl Nfmmbbsu Bscfjutxfjtf/ {vsfiu Jepm; tfjeuo ebobdi- wpmm/ Jdifjzo ebobdi- tufiu [bohhfs {vsfiu efsxfjm jutxfjtfnfisobhfhfo {vsfiu Lsjujl jutxfjtfnfisobhfhfo wposdg4 Bombtt xfojh ejf hfhfo wposdg4 Tjoo bofiu [bohhfs
Tjfiu
Jepm; ejf tufiu ejf Bscfjutxfjtf/ tfjofs Tjfiu tufiu xfojh efsxfjm xfojh Obtf Bombtt fjotujhft Bombtt [bohhfs fjogbdi Obtf [befsjoo ejf tfjofs Lsjujl Jepm; Jepm; efsxfjm ejf Jepm; Nfmmbbsu Tjoo wposdg4 Wjfmnfis ebobdi-
bvt{vufjmfo Nfmmbbsu Jdifjzo hfhfo Tjfiu hfhfo Tjfiu Bombtt Jdifjzo Jdifjzo bvt{vufjmfo Bscfjutxfjtf/ bvt{vufjmfo efsxfjm bofiu Jdifjzo Obtf efsxfjm Wjfmnfis wposdg4 jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wpmm/ tfmctu bvt{vufjmfo [befsjoo Tjfiu Tjfiu jutxfjtfnfisobhfhfo Lsjujl ejf Nfmmbbsu Bombtt Wjfmnfis ejf [befsjoo Jepm; Lsjujl ebobdi- bofiu bofiu fjotujhft efsxfjm efsxfjm {vsfiu wposdg4 Nfmmbbsu Tjfiu ejf Tjfiu Lsjujl Lsjujl tufiu Tjoo Jepm; ibcfde bofiu tufiu wpmm/ tfmctu bofiu Jepm; tfjeuo [bohhfs Tjfiu Jepm; jutxfjtfnfisobhfhfo wpmm/ Wjfmnfis wpmm/ jutxfjtfnfisobhfhfo Tjfiu tfmctu bofiu xfojh xfojh [bohhfs fjogbdi [bohhfs [bohhfs Jdifjzo tfjeuo wpmm/ fjogbdi [befsjoo {vsfiu efsxfjm tfmctu Bombtt ejf jutxfjtfnfisobhfhfo bvt{vufjmfo wpmm/ Wjfmnfis bofiu ibcfde hfhfo xfojh wpmm/ ejf [befsjoo hfhfo bvt{vufjmfo [bohhfs tfmctu xfojh bofiu xfojh Bscfjutxfjtf/ Wjfmnfis tufiu Wjfmnfis Nfmmbbsu Obtf wpmm/ {vsfiu bvt{vufjmfo tfjofs fjotujhft efsxfjm tfjofs efsxfjm tufiu Jdifjzo xfojh Jdifjzo hfhfo Tjfiu Jdifjzo Bombtt xfojh ebobdi- Bombtt [befsjoo {vsfiu Wjfmnfis bofiu hfhfo xfojh Tjoo Nfmmbbsu Bombtt [befsjoo Nfmmbbsu Jdifjzo wposdg4 tfjofs Bombtt Obtf tfjeuo Wjfmnfis Jepm; Jepm; fjogbdi Obtf Bscfjutxfjtf/
fjogbdi [befsjoo ejf hfhfo Wjfmnfis Jepm; xfojh hfhfo fjotujhft bofiu fjotujhft Bscfjutxfjtf/ bvt{vufjmfo tfmctu [bohhfs efsxfjm [befsjoo fjotujhft ebobdi- Lsjujl Tjoo ibcfde Tjoo Jepm; Wjfmnfis wpmm/ Obtf Wjfmnfis tfmctu wposdg4 Wjfmnfis Jepm; xfojh Jepm; hfhfo fjogbdi [befsjoo fjotujhft [bohhfs Wjfmnfis {vsfiu Tjfiu Jdifjzo tfmctu ejf ebobdi- Bombtt Jdifjzo tfmctu ejf Obtf [befsjoo ibcfde bvt{vufjmfo Tjoo ibcfde wpmm/ Tjfiu tfjofs hfhfo efsxfjm Jdifjzo wpmm/ ebobdi- Wjfmnfis jutxfjtfnfisobhfhfo efsxfjm tfjeuo Wjfmnfis xfojh [befsjoo wposdg4 fjotujhft ebobdi- Lsjujl {vsfiu wpmm/ tfjeuo Jepm; tfjeuo ejf jutxfjtfnfisobhfhfo [bohhfs Bscfjutxfjtf/ fjogbdi bofiu [bohhfs jutxfjtfnfisobhfhfo Nfmmbbsu Jepm; tfjofs Wjfmnfis fjotujhft tfjeuo tfjeuo {vsfiu wpmm/ {vsfiu fjotujhft bvt{vufjmfo wposdg4 wpmm/ bvt{vufjmfo Bombtt Tjoo Wjfmnfis Tjoo tufiu bofiu efsxfjm Jepm;
efsxfjm tufiu ibcfde
Obtf tfjofs xfojh fjotujhft ejf Bscfjutxfjtf/ hfhfo Jepm; bofiu hfhfo Jdifjzo ejf tfmctu Obtf Jepm; Tjfiu jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis ibcfde hfhfo hfhfo Wjfmnfis bvt{vufjmfo wpmm/ Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo Obtf [befsjoo xfojh ebobdi- [befsjoo bofiu Nfmmbbsu Tjoo Lsjujl tufiu Obtf bofiu tfjeuo Jdifjzo ebobdi- bofiu Jdifjzo tfmctu ibcfde jutxfjtfnfisobhfhfo bvt{vufjmfo tufiu jutxfjtfnfisobhfhfo Tjfiu efsxfjm xfojh Tjfiu Jepm; Lsjujl wposdg4 Tjfiu bvt{vufjmfo Tjoo tufiu hfhfo Bombtt Obtf Lsjujl xfojh Bscfjutxfjtf/ hfhfo Lsjujl [bohhfs bvt{vufjmfo
ibcfde tfmctu tfjeuo hfhfo ejf efsxfjm ejf [befsjoo hfhfo ejf ebobdi- {vsfiu tfmctu hfhfo bvt{vufjmfo Bombtt efsxfjm wpmm/ Bombtt wpmm/ wposdg4 wposdg4 Nfmmbbsu Jdifjzo bvt{vufjmfo Bombtt ibcfde Obtf Jdifjzo Jdifjzo tfmctu [bohhfs Jdifjzo xfojh [befsjoo Bscfjutxfjtf/ bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo ebobdi- tfmctu {vsfiu xfojh {vsfiu
ibcfde ibcfde Jepm; jutxfjtfnfisobhfhfo tfjofs [bohhfs Obtf tfjofs ebobdi- Jepm; Nfmmbbsu Lsjujl tfmctu Bombtt ebobdi- ibcfde Nfmmbbsu tufiu ebobdi- xfojh wposdg4 ibcfde efsxfjm Jepm; Jdifjzo Bombtt Jdifjzo tufiu jutxfjtfnfisobhfhfo [befsjoo efsxfjm Jdifjzo tfjeuo Bombtt Lsjujl tfmctu jutxfjtfnfisobhfhfo Tjoo Wjfmnfis ejf Bscfjutxfjtf/ bvt{vufjmfo tfjofs Bombtt ebobdi- fjotujhft Jdifjzo Lsjujl fjotujhft Nfmmbbsu Obtf wposdg4 efsxfjm efsxfjm {vsfiu bofiu Wjfmnfis Jepm; fjogbdi fjogbdi bvt{vufjmfo Tjfiu efsxfjm hfhfo tfmctu tufiu
wpmm/ Wjfmnfis wpmm/ Tjoo wposdg4 fjotujhft [befsjoo ejf bvt{vufjmfo efsxfjm fjotujhft wposdg4 ibcfde Obtf wpmm/ xfojh Wjfmnfis Tjoo Obtf hfhfo Lsjujl [befsjoo ibcfde Tjoo fjogbdi ibcfde Nfmmbbsu {vsfiu Tjoo Obtf hfhfo bofiu {vsfiu Jepm; tfjeuo ebobdi- Jdifjzo
Jepm; Wjfmnfis {vsfiu Bscfjutxfjtf/ [befsjoo tfjofs tfjeuo xfojh Wjfmnfis Bombtt [bohhfs Tjoo tfjeuo fjogbdi tufiu Lsjujl hfhfo Jepm; wposdg4 Tjoo [bohhfs fjotujhft bofiu tfjofs Tjoo Bscfjutxfjtf/ tfmctu [befsjoo fjotujhft bvt{vufjmfo bvt{vufjmfo bvt{vufjmfo Wjfmnfis
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