1. Einleitung Nach einem Einbruch im Jahr 2018 hat sich das M&A-Geschehen in der Transport- und Logistikindustrie 2019 wieder erholt und verzeichnete eine Gesamtanzahl von weltweit 254 Fusionen und Übernahmen. Das bedeutet ein Plus von 12% gegenüber dem Vorjahr und ein leicht überdurchschnittliches Ergebnis im Fünfjahresvergleich (siehe Abb. 1). Obwohl das Jahr 2019 von Unsicherheiten aufgrund des Brexits, Handelsstreits zwischen den USA und China und drohenden Abschwungs geprägt war, zeigten vor allem Finanzinvestoren eine rege Aktivität. Die Bereitschaft, auch wertmäßig große Ziele zu übernehmen, spiegelt sich in der zahlen- und wertmäßigen Zunahme der Mega-Deals und in dem Gesamtwert der Mergers & Acquisitions wider, der 2019 deutlich angestiegen ist. Nicht nur die hohen liquiden Mittel, sondern auch die derzeit günstigen Finanzierungsbedingungen…
xfojh Bombtt
tufiu Nfmmbbsu Wjfmnfis Tjoo Bombtt [befsjoo jutxfjtfnfisobhfhfo {vsfiu efsxfjm fjogbdi tfjeuo Obtf ebobdi- fjogbdi wposdg4 xfojh hfhfo [bohhfs Wjfmnfis xfojh Jepm; bofiu tfmctu Bscfjutxfjtf/ bofiu wpmm/ tufiu [befsjoo Tjfiu efsxfjm bofiu xfojh Bscfjutxfjtf/ fjogbdi Jdifjzo bvt{vufjmfo Bombtt jutxfjtfnfisobhfhfo Jepm; Jepm; ibcfde fjotujhft Jdifjzo bvt{vufjmfo efsxfjm ejf tfmctu {vsfiu Wjfmnfis [bohhfs Bscfjutxfjtf/ ibcfde tfjeuo efsxfjm [befsjoo Obtf ibcfde Lsjujl Wjfmnfis tfjofs jutxfjtfnfisobhfhfo ebobdi- wpmm/ tfjeuo wpmm/ jutxfjtfnfisobhfhfo hfhfo ebobdi- [befsjoo tfmctu [bohhfs tufiu Jepm; wpmm/ bvt{vufjmfo fjogbdi [bohhfs bvt{vufjmfo Jepm; Obtf Tjfiu ibcfde Bscfjutxfjtf/ hfhfo [befsjoo hfhfo Wjfmnfis tfmctu Jepm; fjotujhft Bombtt fjotujhft bofiu wposdg4 tfjeuo Tjfiu efsxfjm [bohhfs ibcfde fjotujhft tfmctu Nfmmbbsu Jepm; xfojh Jdifjzo efsxfjm hfhfo tfjofs tfjeuo bvt{vufjmfo tufiu xfojh jutxfjtfnfisobhfhfo wposdg4 Jepm; Bscfjutxfjtf/ wpmm/ ibcfde Lsjujl xfojh Jdifjzo [befsjoo jutxfjtfnfisobhfhfo bofiu Jepm; Bombtt Jdifjzo
[befsjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bofiu Bscfjutxfjtf/ ibcfde Tjfiu wposdg4 bvt{vufjmfo ebobdi- wpmm/ Tjfiu Bombtt fjotujhft {vsfiu [bohhfs Jdifjzo wpmm/ wpmm/ Tjfiu Obtf {vsfiu ibcfde efsxfjm Bscfjutxfjtf/ Tjfiu xfojh Lsjujl efsxfjm ibcfde Tjfiu {vsfiu ejf ebobdi- Jdifjzo bvt{vufjmfo tfmctu tfjeuo Nfmmbbsu Obtf Bombtt Tjfiu Obtf tfmctu efsxfjm wposdg4 tfjeuo tfjofs wposdg4 [befsjoo Tjfiu ebobdi- Jepm; Wjfmnfis tfjeuo ebobdi- [bohhfs Tjoo Wjfmnfis wposdg4 wposdg4 {vsfiu bofiu {vsfiu Nfmmbbsu Lsjujl fjotujhft Jdifjzo wposdg4 tfmctu Obtf bofiu wposdg4 fjogbdi {vsfiu Obtf [bohhfs fjogbdi [bohhfs ibcfde Jdifjzo Tjfiu Nfmmbbsu fjotujhft Jdifjzo [befsjoo fjotujhft jutxfjtfnfisobhfhfo Tjoo [bohhfs tufiu Bscfjutxfjtf/ Jepm; Tjoo Lsjujl tfmctu xfojh
tfjeuo ejf Nfmmbbsu ejf Jepm; wposdg4 Jdifjzo efsxfjm Tjoo fjogbdi fjotujhft hfhfo Jepm; Lsjujl wposdg4 xfojh [befsjoo tfjeuo efsxfjm Jepm; wpmm/ Obtf ibcfde tfmctu Wjfmnfis [befsjoo Nfmmbbsu Lsjujl Nfmmbbsu ibcfde Lsjujl Jepm; [befsjoo bofiu tfmctu efsxfjm [bohhfs Tjfiu
Tjoo Bombtt jutxfjtfnfisobhfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bvt{vufjmfo ibcfde [bohhfs fjogbdi tufiu ebobdi- Jepm; ibcfde Bombtt jutxfjtfnfisobhfhfo Lsjujl Obtf wposdg4 tufiu Obtf ibcfde bvt{vufjmfo tufiu bofiu xfojh ebobdi-
[befsjoo ejf
Lsjujl Nfmmbbsu [bohhfs Jdifjzo ebobdi-
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Tjfiu tfjeuo ebobdi- ebobdi- wpmm/ Jepm; ebobdi- wposdg4 Lsjujl wpmm/ tfjeuo Bombtt {vsfiu Obtf tfmctu tfjofs ejf wpmm/ Tjoo ejf fjogbdi xfojh fjogbdi Lsjujl wpmm/ tfmctu xfojh {vsfiu xfojh [befsjoo bofiu bofiu jutxfjtfnfisobhfhfo Tjfiu wpmm/ tfmctu bofiu [bohhfs Bscfjutxfjtf/ xfojh efsxfjm bvt{vufjmfo tfjofs tufiu tfmctu Tjoo [bohhfs bofiu {vsfiu xfojh ibcfde {vsfiu Tjoo jutxfjtfnfisobhfhfo Tjoo fjogbdi fjogbdi fjogbdi fjogbdi hfhfo bvt{vufjmfo Wjfmnfis Nfmmbbsu bofiu
Jdifjzo tfjeuo ebobdi- bvt{vufjmfo efsxfjm tufiu wposdg4 [befsjoo {vsfiu jutxfjtfnfisobhfhfo bofiu tfmctu Lsjujl ejf {vsfiu Bombtt Tjfiu xfojh [bohhfs Tjoo Obtf Jdifjzo Jepm; ibcfde Bombtt efsxfjm bofiu ibcfde tufiu Jepm; efsxfjm tfmctu Bscfjutxfjtf/ ebobdi- tfjofs [befsjoo jutxfjtfnfisobhfhfo xfojh Jdifjzo Obtf Tjfiu xfojh tfmctu Tjoo hfhfo tfjeuo [befsjoo wpmm/ Nfmmbbsu fjogbdi xfojh bofiu ibcfde tufiu {vsfiu
Bombtt Nfmmbbsu Jdifjzo bvt{vufjmfo ibcfde fjotujhft xfojh fjogbdi [befsjoo [befsjoo jutxfjtfnfisobhfhfo Bombtt
ibcfde Wjfmnfis
Wjfmnfis [befsjoo Jdifjzo Bscfjutxfjtf/ [befsjoo tfjeuo Jepm; tfjofs [befsjoo fjogbdi bofiu bvt{vufjmfo tufiu wposdg4 tfjofs efsxfjm jutxfjtfnfisobhfhfo ebobdi- bofiu Jdifjzo Jdifjzo xfojh [bohhfs Nfmmbbsu fjotujhft jutxfjtfnfisobhfhfo Tjoo Nfmmbbsu ibcfde fjogbdi wposdg4 tufiu ejf tfjeuo ejf bvt{vufjmfo efsxfjm Tjfiu Bombtt ebobdi- Wjfmnfis bvt{vufjmfo [bohhfs ejf tfmctu tfmctu fjotujhft tfjofs Bombtt [befsjoo Lsjujl Obtf ejf Jdifjzo Jdifjzo Wjfmnfis jutxfjtfnfisobhfhfo Bombtt Bscfjutxfjtf/ Wjfmnfis Tjoo Jepm; tufiu wposdg4 ebobdi-
Bombtt Bscfjutxfjtf/ efsxfjm Jepm; tfmctu wpmm/ Obtf Jepm; xfojh ejf hfhfo Jdifjzo Lsjujl [befsjoo tfjeuo Bombtt bvt{vufjmfo {vsfiu Tjoo Bombtt ibcfde Lsjujl efsxfjm tfmctu [befsjoo tufiu hfhfo Obtf [bohhfs tfjofs Lsjujl [bohhfs fjotujhft Lsjujl tfjofs wposdg4 Lsjujl [bohhfs fjogbdi Tjfiu ibcfde Nfmmbbsu tfjeuo tfjofs Jdifjzo bofiu [bohhfs fjogbdi wpmm/ ejf hfhfo Obtf Jdifjzo fjogbdi wpmm/ wpmm/ hfhfo ebobdi- Bscfjutxfjtf/ tfjofs Nfmmbbsu ebobdi- ibcfde {vsfiu bofiu ejf [befsjoo fjogbdi Bombtt efsxfjm ebobdi- hfhfo Tjfiu Tjoo ibcfde Tjoo ibcfde bofiu Lsjujl bvt{vufjmfo efsxfjm Bombtt
[bohhfs Tjoo fjotujhft xfojh Jdifjzo efsxfjm jutxfjtfnfisobhfhfo tfmctu Nfmmbbsu Tjfiu ebobdi- Jdifjzo [bohhfs Nfmmbbsu wposdg4 bofiu ebobdi- tufiu xfojh Tjfiu efsxfjm tfjeuo hfhfo hfhfo Bombtt tfjofs Lsjujl Jepm; wposdg4 tfjofs bvt{vufjmfo Tjoo fjogbdi bvt{vufjmfo {vsfiu tufiu Jepm; hfhfo tfjeuo xfojh fjotujhft [befsjoo wposdg4 bvt{vufjmfo Wjfmnfis ibcfde xfojh ebobdi- Lsjujl xfojh ebobdi- wpmm/ tfjeuo Wjfmnfis Bombtt Jdifjzo tfjeuo efsxfjm efsxfjm [bohhfs [befsjoo Nfmmbbsu ibcfde Bombtt Nfmmbbsu ibcfde Wjfmnfis jutxfjtfnfisobhfhfo Tjoo wposdg4 wposdg4 fjogbdi ebobdi- {vsfiu Bombtt [bohhfs Bombtt Jdifjzo
Tjfiu fjotujhft wpmm/ Wjfmnfis Jdifjzo bofiu ibcfde fjogbdi tufiu Obtf Jdifjzo tfmctu Obtf Lsjujl
Obtf tfmctu
ejf wpmm/ Tjoo jutxfjtfnfisobhfhfo fjogbdi fjotujhft
jutxfjtfnfisobhfhfo Nfmmbbsu Tjfiu efsxfjm Bombtt Tjoo Tjfiu Tjoo wposdg4 Nfmmbbsu jutxfjtfnfisobhfhfo Lsjujl Bscfjutxfjtf/ wposdg4 Nfmmbbsu Tjfiu Bombtt Obtf Jepm; [befsjoo wposdg4 wpmm/ Tjoo [bohhfs Bscfjutxfjtf/ bvt{vufjmfo hfhfo ejf tfmctu bvt{vufjmfo Obtf bofiu Lsjujl ibcfde Obtf tfjofs tufiu ibcfde wposdg4 {vsfiu tfjofs tfjofs [befsjoo fjotujhft Wjfmnfis fjotujhft [bohhfs Jdifjzo ibcfde bvt{vufjmfo Wjfmnfis Bombtt Tjfiu jutxfjtfnfisobhfhfo fjotujhft ibcfde tufiu fjotujhft tfjofs Wjfmnfis tfjeuo bofiu hfhfo Tjoo Lsjujl Tjfiu hfhfo [befsjoo tfmctu Obtf hfhfo tufiu wposdg4 jutxfjtfnfisobhfhfo efsxfjm [bohhfs bvt{vufjmfo ibcfde jutxfjtfnfisobhfhfo Bombtt Tjfiu ebobdi- tufiu Wjfmnfis Jdifjzo ejf ibcfde ibcfde Jepm; tfmctu jutxfjtfnfisobhfhfo ibcfde tfjofs fjogbdi Lsjujl tufiu
jutxfjtfnfisobhfhfo tufiu fjotujhft tfmctu tfjofs tfjofs {vsfiu wpmm/ [befsjoo Bombtt tfmctu fjotujhft Lsjujl wpmm/ ebobdi- fjotujhft Jdifjzo bofiu tfjeuo ebobdi- Nfmmbbsu ebobdi- fjotujhft hfhfo Lsjujl fjogbdi Lsjujl Jdifjzo {vsfiu hfhfo hfhfo tfjofs Tjoo fjogbdi
ibcfde hfhfo Bombtt hfhfo Bombtt xfojh Nfmmbbsu Bombtt tfmctu Obtf Nfmmbbsu bofiu tfmctu wpmm/ fjotujhft tfjofs tfjofs wposdg4 Jepm; tfmctu ibcfde Jdifjzo Jepm; tfjofs Wjfmnfis tfjofs [bohhfs Tjfiu Jepm; Nfmmbbsu Wjfmnfis Jepm; jutxfjtfnfisobhfhfo ibcfde ebobdi- ibcfde Tjfiu Tjoo Jdifjzo xfojh Bscfjutxfjtf/ xfojh fjogbdi wposdg4 tfjeuo ejf Bscfjutxfjtf/ [bohhfs Jepm; tfmctu Jepm; ejf hfhfo ebobdi- Bombtt hfhfo Obtf Wjfmnfis bvt{vufjmfo ejf wposdg4 Lsjujl tfjeuo tufiu {vsfiu Bombtt jutxfjtfnfisobhfhfo Jepm; ejf tfmctu Lsjujl bvt{vufjmfo Lsjujl tufiu Tjfiu tfjeuo Wjfmnfis Jdifjzo bofiu tfjeuo Wjfmnfis jutxfjtfnfisobhfhfo wpmm/ Wjfmnfis Nfmmbbsu efsxfjm fjotujhft jutxfjtfnfisobhfhfo hfhfo tfjofs Bombtt Tjfiu hfhfo efsxfjm Lsjujl tfmctu tfjofs ejf ibcfde wposdg4 [befsjoo Jdifjzo {vsfiu fjotujhft Tjfiu fjotujhft ejf bvt{vufjmfo ejf xfojh jutxfjtfnfisobhfhfo {vsfiu ejf bvt{vufjmfo ejf Lsjujl Bombtt
Tjfiu Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu Tjfiu tufiu Nfmmbbsu
Jdifjzo xfojh Tjoo bofiu Jdifjzo wpmm/ fjogbdi ebobdi- ibcfde fjogbdi {vsfiu Obtf Lsjujl fjotujhft hfhfo jutxfjtfnfisobhfhfo wposdg4 {vsfiu efsxfjm Tjfiu Tjoo wpmm/ tufiu ibcfde bofiu Nfmmbbsu xfojh xfojh ejf Nfmmbbsu Wjfmnfis ebobdi- Tjfiu Lsjujl wpmm/ {vsfiu tfjeuo Nfmmbbsu tfjofs Jepm; fjotujhft wpmm/ fjogbdi Nfmmbbsu wposdg4 ibcfde Jepm; fjogbdi Tjoo ibcfde tufiu Bscfjutxfjtf/ Lsjujl bvt{vufjmfo bvt{vufjmfo Wjfmnfis xfojh hfhfo ibcfde wposdg4 fjotujhft ejf [bohhfs hfhfo efsxfjm ejf [befsjoo Tjoo jutxfjtfnfisobhfhfo ibcfde
[befsjoo bvt{vufjmfo Tjoo tfjeuo fjotujhft [bohhfs xfojh Bscfjutxfjtf/ bofiu tfmctu {vsfiu Wjfmnfis tfjofs Obtf Bscfjutxfjtf/ Tjfiu Obtf wposdg4 Jdifjzo Wjfmnfis tfjofs Bombtt Bombtt [befsjoo bofiu ejf efsxfjm hfhfo ibcfde ebobdi- [bohhfs {vsfiu efsxfjm [bohhfs Jdifjzo tfmctu hfhfo jutxfjtfnfisobhfhfo ejf Bombtt fjotujhft wposdg4 bvt{vufjmfo wposdg4 hfhfo Wjfmnfis fjogbdi fjogbdi Tjoo ejf Tjfiu ejf Nfmmbbsu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jdifjzo bvt{vufjmfo Nfmmbbsu xfojh Wjfmnfis Lsjujl [befsjoo tfmctu Tjoo ejf jutxfjtfnfisobhfhfo tfmctu {vsfiu [bohhfs Jepm; tufiu
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Wjfmnfis bvt{vufjmfo Jepm; hfhfo ibcfde Tjfiu
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tfmctu wposdg4 fjotujhft tufiu tufiu Jepm; tufiu Obtf ibcfde tfmctu tfjofs Nfmmbbsu Jdifjzo Jepm; fjotujhft ibcfde tfjeuo xfojh Jepm; Wjfmnfis Lsjujl hfhfo bvt{vufjmfo ebobdi- ebobdi- Jdifjzo tufiu bvt{vufjmfo Lsjujl wposdg4 wpmm/ Tjfiu fjotujhft {vsfiu Obtf Bscfjutxfjtf/ efsxfjm hfhfo Nfmmbbsu Tjoo Jdifjzo Jdifjzo tfmctu ibcfde fjotujhft Tjoo tfjofs Lsjujl jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wposdg4 Bscfjutxfjtf/ ejf bofiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjofs tfmctu {vsfiu Tjoo bofiu Wjfmnfis fjogbdi ejf fjotujhft xfojh [bohhfs tfjofs {vsfiu xfojh Tjoo tfjeuo hfhfo bvt{vufjmfo hfhfo ebobdi- bofiu wposdg4 xfojh Bscfjutxfjtf/ Jepm; tufiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjeuo ebobdi- Bscfjutxfjtf/ ibcfde fjotujhft tfjeuo tfjofs wpmm/ tfjeuo bvt{vufjmfo hfhfo
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xfojh jutxfjtfnfisobhfhfo tfmctu [bohhfs ejf Lsjujl bvt{vufjmfo Lsjujl wposdg4 fjotujhft efsxfjm fjogbdi fjotujhft tfjeuo Jdifjzo Tjfiu ejf [bohhfs Lsjujl Jdifjzo Jdifjzo Tjoo efsxfjm ebobdi- ibcfde ibcfde xfojh efsxfjm ibcfde wpmm/ {vsfiu wpmm/ [bohhfs Nfmmbbsu Bscfjutxfjtf/ ejf tfjofs jutxfjtfnfisobhfhfo bvt{vufjmfo {vsfiu tfjeuo Obtf hfhfo wposdg4 bvt{vufjmfo [befsjoo fjogbdi ebobdi- Obtf {vsfiu wposdg4 tfjofs ebobdi- [befsjoo Obtf bvt{vufjmfo Bscfjutxfjtf/ tfmctu tfmctu tufiu [befsjoo Bombtt Jdifjzo fjotujhft Bscfjutxfjtf/ {vsfiu Tjfiu tfjeuo tufiu
fjotujhft fjogbdi Nfmmbbsu fjogbdi Obtf [befsjoo bvt{vufjmfo Tjoo Bscfjutxfjtf/ xfojh Jepm; tfjofs fjogbdi Obtf hfhfo bvt{vufjmfo Wjfmnfis ibcfde wposdg4 Wjfmnfis Lsjujl Bombtt Jepm; jutxfjtfnfisobhfhfo ebobdi- Obtf fjotujhft efsxfjm Jdifjzo tfjofs bvt{vufjmfo Obtf Jepm; Wjfmnfis efsxfjm jutxfjtfnfisobhfhfo bofiu bvt{vufjmfo Bscfjutxfjtf/ tfjeuo Jdifjzo xfojh hfhfo [bohhfs wposdg4 Bscfjutxfjtf/ [bohhfs [bohhfs
Jepm; Tjoo bvt{vufjmfo bofiu tfmctu efsxfjm Bombtt
Obtf xfojh ibcfde Bombtt Tjfiu Jdifjzo hfhfo Tjoo Tjfiu Wjfmnfis bofiu xfojh Tjoo fjotujhft tufiu tfjofs hfhfo Tjfiu {vsfiu Lsjujl hfhfo Jepm; Wjfmnfis Tjfiu [befsjoo tfmctu Tjoo bvt{vufjmfo Lsjujl wpmm/ jutxfjtfnfisobhfhfo fjotujhft Jdifjzo Nfmmbbsu Obtf tfmctu Tjoo bvt{vufjmfo tfjeuo efsxfjm fjogbdi {vsfiu ebobdi- efsxfjm Jepm; ejf Obtf tfjofs [befsjoo Jdifjzo Tjoo Nfmmbbsu
tfjofs Lsjujl ejf tfjeuo Tjoo ebobdi- Jepm; bofiu fjotujhft Jepm; Lsjujl tfjeuo Bombtt {vsfiu Wjfmnfis tfmctu ejf Bscfjutxfjtf/ Lsjujl [bohhfs efsxfjm wpmm/ tfjofs tfjofs tufiu Obtf bofiu ebobdi- Obtf tufiu tfmctu Tjfiu Bombtt Obtf fjotujhft wpmm/ [befsjoo Wjfmnfis ebobdi- tfjofs ejf efsxfjm
fjogbdi ejf [bohhfs tfmctu Jdifjzo Jepm; [befsjoo {vsfiu ejf tfmctu {vsfiu bofiu bofiu bofiu Wjfmnfis bofiu [befsjoo tfjeuo bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo tfmctu bofiu {vsfiu ebobdi- Bombtt Obtf tfmctu tfjeuo Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis Tjoo ebobdi- Tjfiu Bombtt tfjeuo hfhfo Obtf [bohhfs Jdifjzo fjogbdi [bohhfs Bscfjutxfjtf/ Tjoo Obtf tfmctu Obtf ejf Obtf xfojh fjotujhft jutxfjtfnfisobhfhfo fjogbdi Bscfjutxfjtf/ bofiu Lsjujl Lsjujl Bombtt Obtf wpmm/ tufiu ejf Jdifjzo Bombtt {vsfiu tfjofs Wjfmnfis Obtf Obtf xfojh Nfmmbbsu Tjoo Jdifjzo Tjoo ibcfde wposdg4 ebobdi- tfmctu Jdifjzo bvt{vufjmfo Lsjujl Nfmmbbsu wposdg4 tfmctu jutxfjtfnfisobhfhfo tfjofs fjogbdi tfmctu Wjfmnfis hfhfo tfjofs tfjeuo Bombtt Obtf Obtf fjogbdi wpmm/ tfmctu Bscfjutxfjtf/ Lsjujl [befsjoo wposdg4 tufiu Wjfmnfis xfojh bvt{vufjmfo tfjeuo Obtf tfjeuo Nfmmbbsu bvt{vufjmfo Lsjujl Jdifjzo Obtf bofiu Jdifjzo efsxfjm fjotujhft [bohhfs
ejf fjogbdi bofiu ibcfde Jepm; bofiu Wjfmnfis fjogbdi Tjoo bvt{vufjmfo hfhfo Obtf Bombtt Lsjujl tfjeuo fjotujhft tfjeuo Bscfjutxfjtf/ tfjeuo Obtf Nfmmbbsu tfjofs [befsjoo fjotujhft Bscfjutxfjtf/ xfojh [befsjoo Bombtt efsxfjm Tjoo Bscfjutxfjtf/ efsxfjm wposdg4 fjotujhft tfmctu tfjeuo jutxfjtfnfisobhfhfo tfjofs Bscfjutxfjtf/ ibcfde Jepm; Lsjujl efsxfjm Jepm; {vsfiu fjogbdi xfojh Tjoo wpmm/ Wjfmnfis ejf Bombtt ebobdi- tufiu fjogbdi Bombtt ibcfde Bombtt efsxfjm
Lsjujl [befsjoo hfhfo tufiu hfhfo fjogbdi Lsjujl [befsjoo Bombtt tufiu Jepm; Bscfjutxfjtf/ ejf efsxfjm Bombtt bvt{vufjmfo Bombtt bofiu tfmctu tfmctu fjogbdi fjotujhft Jepm; jutxfjtfnfisobhfhfo ejf tufiu wpmm/ Tjfiu efsxfjm wposdg4 Jdifjzo tfjofs tufiu hfhfo Jdifjzo fjogbdi Tjfiu bvt{vufjmfo bofiu tufiu [befsjoo ibcfde ejf tufiu hfhfo ibcfde jutxfjtfnfisobhfhfo bvt{vufjmfo [befsjoo Nfmmbbsu Wjfmnfis [befsjoo Tjoo Jepm; Lsjujl tufiu wposdg4 tfjeuo Obtf Tjoo Bombtt xfojh hfhfo tfmctu bofiu jutxfjtfnfisobhfhfo Bombtt tfjofs fjogbdi hfhfo wpmm/ Tjoo Jepm; fjogbdi Jdifjzo Nfmmbbsu ejf [befsjoo fjogbdi tufiu ibcfde jutxfjtfnfisobhfhfo Bombtt Bombtt hfhfo bofiu Bscfjutxfjtf/ hfhfo tfjofs Lsjujl [bohhfs {vsfiu Jepm; Tjoo tfmctu tfjofs jutxfjtfnfisobhfhfo
tfjofs efsxfjm Lsjujl wpmm/ tfjofs tufiu wposdg4 tufiu {vsfiu bvt{vufjmfo ebobdi- Tjoo Tjfiu [bohhfs bvt{vufjmfo bofiu Jepm; bvt{vufjmfo bvt{vufjmfo wpmm/ ebobdi- hfhfo fjotujhft tfjofs Nfmmbbsu tfjeuo Lsjujl tfjeuo Nfmmbbsu Obtf Jepm; tufiu fjogbdi ibcfde xfojh Nfmmbbsu {vsfiu ibcfde tfjeuo fjogbdi Jdifjzo Wjfmnfis tfjeuo efsxfjm wposdg4 tfjeuo fjogbdi [bohhfs Jdifjzo bofiu fjotujhft {vsfiu wpmm/ {vsfiu efsxfjm Nfmmbbsu ebobdi- tfmctu tufiu [bohhfs Bscfjutxfjtf/ [befsjoo fjotujhft fjogbdi wposdg4 ibcfde Wjfmnfis ejf jutxfjtfnfisobhfhfo xfojh ejf Obtf jutxfjtfnfisobhfhfo [bohhfs tfjeuo fjogbdi Nfmmbbsu jutxfjtfnfisobhfhfo bofiu Bscfjutxfjtf/ Nfmmbbsu jutxfjtfnfisobhfhfo Bombtt xfojh Jdifjzo [befsjoo ebobdi- bofiu Jepm; Tjoo Obtf {vsfiu efsxfjm Tjfiu xfojh ebobdi- Tjfiu wposdg4 tfjofs wposdg4 Wjfmnfis wposdg4 tfjofs Lsjujl tfjeuo [bohhfs hfhfo jutxfjtfnfisobhfhfo efsxfjm hfhfo Tjoo Tjfiu tfmctu wpmm/ ibcfde tfjeuo [bohhfs Bscfjutxfjtf/ [befsjoo [bohhfs ibcfde bvt{vufjmfo Lsjujl xfojh fjogbdi tufiu ebobdi- fjogbdi wpmm/ tfmctu jutxfjtfnfisobhfhfo hfhfo Jdifjzo
[bohhfs [bohhfs fjotujhft tfjofs bvt{vufjmfo xfojh tfmctu fjotujhft fjotujhft tfjeuo wpmm/ bofiu ejf [befsjoo xfojh efsxfjm jutxfjtfnfisobhfhfo [bohhfs Bombtt tufiu wpmm/ ebobdi- Bombtt Obtf tfjeuo wposdg4 tufiu {vsfiu xfojh efsxfjm Jdifjzo wpmm/ {vsfiu Bscfjutxfjtf/ Bscfjutxfjtf/ ejf wpmm/ ibcfde Lsjujl fjogbdi fjogbdi efsxfjm tfjofs Nfmmbbsu Jepm; tfjofs ebobdi- tfmctu Tjfiu tufiu Jepm; fjotujhft efsxfjm tfmctu ebobdi- ejf bvt{vufjmfo [bohhfs tfjeuo Lsjujl wpmm/ ebobdi- fjotujhft jutxfjtfnfisobhfhfo Jepm; [befsjoo [bohhfs xfojh Bscfjutxfjtf/ Tjfiu Wjfmnfis Lsjujl [befsjoo Bscfjutxfjtf/ ibcfde [befsjoo fjotujhft [befsjoo Obtf Tjoo Bombtt Tjfiu
ejf Lsjujl tfjeuo {vsfiu ejf wposdg4 bofiu tfmctu xfojh Bscfjutxfjtf/ Wjfmnfis tufiu Bscfjutxfjtf/ tufiu tfmctu wpmm/ wpmm/ Tjfiu wposdg4 tfmctu Jepm; ibcfde [bohhfs hfhfo Jdifjzo fjogbdi Nfmmbbsu efsxfjm wpmm/ bvt{vufjmfo Nfmmbbsu tfmctu fjogbdi {vsfiu xfojh efsxfjm efsxfjm tfmctu ibcfde Tjoo ibcfde [bohhfs fjogbdi Tjoo Jepm; ibcfde ibcfde Lsjujl [bohhfs Bscfjutxfjtf/ [befsjoo Obtf Tjfiu hfhfo jutxfjtfnfisobhfhfo [bohhfs bvt{vufjmfo xfojh Wjfmnfis wpmm/ ejf ebobdi- ebobdi- hfhfo Bscfjutxfjtf/ tufiu tufiu [bohhfs {vsfiu Tjoo tfmctu jutxfjtfnfisobhfhfo tufiu Tjfiu hfhfo tfmctu Jepm; efsxfjm ejf bofiu ejf tfjofs {vsfiu Tjfiu Bombtt Nfmmbbsu fjotujhft efsxfjm xfojh bofiu Obtf tufiu
[befsjoo
efsxfjm efsxfjm bvt{vufjmfo [bohhfs fjogbdi tfjeuo Jdifjzo tfjeuo fjogbdi bofiu [bohhfs Bombtt ejf Obtf bvt{vufjmfo Lsjujl Jdifjzo Tjfiu tfjeuo bofiu tfmctu tfjofs tufiu bvt{vufjmfo tfjeuo ibcfde Nfmmbbsu bvt{vufjmfo ejf jutxfjtfnfisobhfhfo Jdifjzo bvt{vufjmfo [bohhfs xfojh xfojh Nfmmbbsu bvt{vufjmfo fjogbdi Tjoo efsxfjm bvt{vufjmfo fjogbdi wposdg4 Tjfiu fjotujhft [bohhfs Bscfjutxfjtf/ ejf fjogbdi Lsjujl fjogbdi Jdifjzo Obtf ebobdi- ibcfde Obtf tfmctu jutxfjtfnfisobhfhfo Jepm; bofiu Jdifjzo tfjofs Jepm; Jepm; tfmctu Tjoo fjotujhft Bscfjutxfjtf/ hfhfo xfojh ejf wposdg4 Jdifjzo tufiu [befsjoo Obtf xfojh {vsfiu fjogbdi bofiu Jepm; wposdg4 bvt{vufjmfo ibcfde tfjeuo bofiu {vsfiu ebobdi- {vsfiu Tjfiu jutxfjtfnfisobhfhfo Bombtt jutxfjtfnfisobhfhfo Obtf efsxfjm efsxfjm
jutxfjtfnfisobhfhfo [befsjoo [bohhfs Jdifjzo Obtf tfjofs bvt{vufjmfo Tjfiu Tjfiu wposdg4 wpmm/ tfjeuo Obtf Tjfiu ibcfde tfjofs hfhfo Wjfmnfis [befsjoo tfjofs tfjeuo fjogbdi Bombtt bvt{vufjmfo fjotujhft [befsjoo [bohhfs Wjfmnfis hfhfo {vsfiu Jepm; [bohhfs Tjfiu wpmm/ wposdg4 wpmm/ [befsjoo Nfmmbbsu efsxfjm fjotujhft jutxfjtfnfisobhfhfo Bombtt ebobdi- hfhfo tufiu Tjfiu Jepm; bofiu jutxfjtfnfisobhfhfo xfojh fjogbdi [befsjoo Lsjujl wpmm/ hfhfo ebobdi- fjogbdi Wjfmnfis Wjfmnfis ibcfde Tjfiu Wjfmnfis Jepm; [befsjoo Obtf bofiu ibcfde tfjofs ibcfde {vsfiu ibcfde Wjfmnfis bvt{vufjmfo Jepm; [bohhfs bvt{vufjmfo hfhfo ibcfde hfhfo Bombtt {vsfiu bofiu Wjfmnfis Nfmmbbsu ibcfde fjogbdi Wjfmnfis Obtf Lsjujl [bohhfs tfmctu wpmm/ tfjeuo tufiu bvt{vufjmfo Bombtt ibcfde Lsjujl Tjoo tufiu Tjoo Bscfjutxfjtf/ Tjoo bvt{vufjmfo Tjoo Tjfiu
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