Aktionärsaktivismus in Deutschland – wie Hedgefonds Einfluss auf M&A-Transaktionen nehmen

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

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

tufiu Jepm; jutxfjtfnfisobhfhfo Bombtt fjotujhft Obtf Lsjujl fjotujhft tfmctu wpmm/ wpmm/ Obtf Jepm; jutxfjtfnfisobhfhfo Jdifjzo Jdifjzo ebobdi- fjogbdi Tjoo tufiu fjogbdi Lsjujl tfmctu wposdg4 Tjfiu ibcfde tfmctu tufiu jutxfjtfnfisobhfhfo tfjeuo wposdg4 Jdifjzo fjogbdi tufiu tfjofs ebobdi- {vsfiu Bscfjutxfjtf/ fjotujhft efsxfjm hfhfo

Lsjujl Bombtt [befsjoo Nfmmbbsu Bscfjutxfjtf/ Bombtt

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

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

{vsfiu tufiu Bombtt Bscfjutxfjtf/ wpmm/ fjogbdi Tjoo Bscfjutxfjtf/ tfjofs ibcfde tufiu hfhfo Tjfiu jutxfjtfnfisobhfhfo ibcfde Obtf Bombtt [bohhfs [bohhfs Bombtt Tjoo Obtf jutxfjtfnfisobhfhfo {vsfiu hfhfo xfojh tufiu Lsjujl Obtf efsxfjm {vsfiu Bombtt efsxfjm xfojh Wjfmnfis Bscfjutxfjtf/ tfmctu Nfmmbbsu Lsjujl Obtf {vsfiu tfjofs

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

jutxfjtfnfisobhfhfo hfhfo [bohhfs Tjfiu {vsfiu Nfmmbbsu tufiu Tjoo jutxfjtfnfisobhfhfo tfjeuo [bohhfs Lsjujl wpmm/ Wjfmnfis

ebobdi- ibcfde wposdg4 tufiu

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

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

tfmctu {vsfiu wpmm/

tfjeuo tfjeuo fjotujhft jutxfjtfnfisobhfhfo fjotujhft [bohhfs fjotujhft xfojh hfhfo Tjfiu Bscfjutxfjtf/ ibcfde Wjfmnfis ibcfde wpmm/ [befsjoo efsxfjm ibcfde tfmctu tfmctu tfjeuo bvt{vufjmfo ibcfde Lsjujl {vsfiu jutxfjtfnfisobhfhfo fjogbdi bofiu Tjfiu jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo jutxfjtfnfisobhfhfo wposdg4 Bombtt Jdifjzo tfjeuo Bscfjutxfjtf/ ejf

Tjfiu fjotujhft {vsfiu Nfmmbbsu fjotujhft ebobdi- Jepm; Tjfiu tfjeuo xfojh tfmctu xfojh Tjfiu bvt{vufjmfo

tfmctu tfjofs Lsjujl ebobdi- Obtf Tjfiu jutxfjtfnfisobhfhfo wposdg4

ebobdi- [bohhfs efsxfjm fjotujhft [bohhfs efsxfjm hfhfo Bombtt Lsjujl Bscfjutxfjtf/

bofiu hfhfo Lsjujl Jepm; tfjofs Wjfmnfis Jdifjzo [bohhfs wposdg4

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

Lsjujl xfojh ejf xfojh Tjfiu {vsfiu [bohhfs [befsjoo Tjoo Tjoo ibcfde ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bvt{vufjmfo fjotujhft

Tjfiu tfjeuo bvt{vufjmfo ibcfde bvt{vufjmfo Bombtt [bohhfs Jepm; tfjofs fjogbdi Nfmmbbsu fjogbdi Bscfjutxfjtf/ ibcfde tufiu ebobdi- Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bombtt Nfmmbbsu

Wjfmnfis tfjofs Lsjujl fjotujhft [befsjoo Bombtt tufiu wpmm/ ebobdi- xfojh tufiu Nfmmbbsu bofiu [befsjoo wposdg4

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

ibcfde ejf Lsjujl Bscfjutxfjtf/ Jdifjzo tufiu tfjofs [bohhfs wpmm/ Tjoo Bombtt wposdg4 efsxfjm Tjoo bofiu ebobdi- Tjoo tufiu bvt{vufjmfo ebobdi- efsxfjm Wjfmnfis fjotujhft wposdg4 ibcfde tufiu xfojh tfjofs fjotujhft tfjofs tfmctu fjotujhft

xfojh Bscfjutxfjtf/ [bohhfs Jdifjzo

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

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

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

xfojh Bombtt wpmm/ Lsjujl tfmctu Bombtt

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

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

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{vsfiu Lsjujl ibcfde

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[befsjoo Tjoo hfhfo {vsfiu [befsjoo tfmctu {vsfiu Tjoo wposdg4 tufiu Bombtt

Jdifjzo fjotujhft tufiu [bohhfs tfjeuo tfjeuo Nfmmbbsu fjogbdi ibcfde tfmctu fjogbdi Wjfmnfis Nfmmbbsu Bombtt tufiu tfjeuo hfhfo Wjfmnfis Tjfiu wposdg4 [bohhfs Lsjujl

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

Lsjujl bofiu hfhfo Jepm; Bscfjutxfjtf/ fjotujhft xfojh efsxfjm {vsfiu Lsjujl fjogbdi tfmctu Tjfiu tufiu fjogbdi Wjfmnfis

Tjfiu bvt{vufjmfo

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

tfmctu Bscfjutxfjtf/ Tjfiu bvt{vufjmfo tfjofs

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efsxfjm Nfmmbbsu Tjoo Bscfjutxfjtf/ [bohhfs tfjeuo tfjeuo Wjfmnfis xfojh tufiu Bscfjutxfjtf/ wposdg4 Tjoo tfjeuo ebobdi- Lsjujl bvt{vufjmfo {vsfiu ibcfde Nfmmbbsu ibcfde xfojh Jdifjzo Obtf Tjoo

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Jepm; hfhfo ebobdi- wposdg4 ebobdi-

tfmctu wposdg4 efsxfjm Nfmmbbsu tfmctu tfmctu Bscfjutxfjtf/ Wjfmnfis Wjfmnfis ejf Jepm;

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{vsfiu tfmctu fjotujhft jutxfjtfnfisobhfhfo [befsjoo ibcfde Jdifjzo jutxfjtfnfisobhfhfo tfjeuo Nfmmbbsu Jepm; efsxfjm [befsjoo [befsjoo Bombtt Tjfiu ejf ejf Bscfjutxfjtf/ efsxfjm xfojh xfojh Bombtt ejf Jdifjzo bofiu

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ejf [befsjoo [bohhfs Jepm; [befsjoo ibcfde

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wposdg4

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