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