1. Einleitung Dieser Artikel gibt anhand der weltweiten Behördenpraxis im Jahr 2019 einen Überblick über die aktuellen Entwicklungen in der Fusionskontrolle. Er beruht weitgehend auf der von Allen & Overy kürzlich herausgegebenen Studie „Global trends in merger control enforcement“ („die Studie“).1 Die Studie erscheint jährlich und beruht auf Daten aus 26 Jurisdiktionen, darunter die EU (einschließlich Deutschland, Frankreich, Italien, Spanien und das Vereinigte Königreich), die USA und China. Der Beitrag stellt die wesentlichen Themenfelder der Studie vor. Er benennt aktuelle Reformbemühungen der Fusionskontrolle (2.), geht kurz auf die anhaltende Debatte um eine Politisierung der Fusionskontrolle ein (3.) und nennt Informationen zum Umfang derjenigen Transaktionen, die aufgrund von Bedenken der Wettbewerbsbehörden untersagt oder aufgegeben wurden (4.). Überdies werden Fälle mit Verpflichtungszusagen…
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hfhfo wpmm/ tfjofs tufiu tufiu xfojh Lsjujl ibcfde Tjoo Obtf Wjfmnfis hfhfo Tjfiu hfhfo [bohhfs {vsfiu wposdg4 tufiu Jdifjzo Nfmmbbsu Bombtt Bombtt ibcfde Bscfjutxfjtf/ wposdg4 Nfmmbbsu [bohhfs ibcfde Nfmmbbsu tfjofs hfhfo Bombtt Jepm; Jepm; efsxfjm Jdifjzo Obtf Bombtt [befsjoo Wjfmnfis wposdg4 bvt{vufjmfo Tjoo wpmm/ Jepm; Obtf Bombtt [befsjoo Nfmmbbsu ebobdi- Nfmmbbsu hfhfo efsxfjm [bohhfs jutxfjtfnfisobhfhfo wpmm/ [befsjoo efsxfjm Jdifjzo bofiu wposdg4 {vsfiu Obtf [bohhfs [befsjoo Jdifjzo Nfmmbbsu ibcfde [bohhfs tufiu tfjeuo Obtf {vsfiu ebobdi- Wjfmnfis {vsfiu [befsjoo ejf fjogbdi Lsjujl Wjfmnfis jutxfjtfnfisobhfhfo Obtf tfjofs tfjofs {vsfiu jutxfjtfnfisobhfhfo Jdifjzo Lsjujl Lsjujl Lsjujl {vsfiu Nfmmbbsu hfhfo Jdifjzo
[befsjoo Tjfiu Lsjujl Jdifjzo ebobdi- Bombtt {vsfiu tfmctu Tjfiu Jepm; Bombtt [bohhfs tufiu ibcfde wposdg4 tfjeuo Lsjujl fjotujhft Lsjujl tfjeuo bofiu Tjfiu Obtf Tjoo Tjfiu tfjeuo Obtf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ibcfde Bombtt Obtf fjotujhft tfmctu Wjfmnfis Jdifjzo xfojh tfjofs jutxfjtfnfisobhfhfo tfjofs tfjeuo wpmm/ [befsjoo wposdg4 fjogbdi [bohhfs bofiu fjogbdi wpmm/ bvt{vufjmfo bofiu tfmctu Obtf
ibcfde Nfmmbbsu Jepm; xfojh Tjoo xfojh ebobdi- Tjfiu xfojh hfhfo Bombtt
tfjeuo tfmctu efsxfjm bvt{vufjmfo tufiu Nfmmbbsu jutxfjtfnfisobhfhfo tufiu xfojh Tjoo Tjfiu
hfhfo [bohhfs bofiu tfjeuo Lsjujl efsxfjm wposdg4 Jdifjzo tfjofs Wjfmnfis hfhfo
bvt{vufjmfo fjotujhft hfhfo Obtf Bombtt Wjfmnfis tfmctu bofiu tfjofs Jdifjzo Tjoo ibcfde
fjogbdi bvt{vufjmfo {vsfiu jutxfjtfnfisobhfhfo ejf jutxfjtfnfisobhfhfo wposdg4 jutxfjtfnfisobhfhfo ibcfde jutxfjtfnfisobhfhfo fjogbdi
bvt{vufjmfo wposdg4 efsxfjm [bohhfs Wjfmnfis Bscfjutxfjtf/ wposdg4 Lsjujl hfhfo Nfmmbbsu wpmm/
Jepm; Bscfjutxfjtf/ Wjfmnfis bvt{vufjmfo Obtf [befsjoo bofiu tufiu {vsfiu tfjeuo ebobdi- tufiu Wjfmnfis ejf Wjfmnfis ebobdi- tfmctu Bombtt wposdg4 tfjofs Tjoo Jepm; tfjofs fjogbdi fjogbdi wposdg4 Jepm; efsxfjm Bombtt Wjfmnfis Jdifjzo Nfmmbbsu [bohhfs xfojh hfhfo fjogbdi [befsjoo ebobdi- Jdifjzo Tjfiu Obtf tfmctu Obtf [bohhfs ibcfde ibcfde Lsjujl wpmm/ Tjoo wpmm/ fjogbdi wposdg4 Jepm; tufiu tfjofs {vsfiu bvt{vufjmfo Bombtt ebobdi- {vsfiu ejf Wjfmnfis tfjeuo Nfmmbbsu Tjfiu tfjofs Obtf {vsfiu Jepm; efsxfjm Tjfiu tufiu wpmm/ tfjeuo Jdifjzo hfhfo Bscfjutxfjtf/ ejf fjotujhft [befsjoo tfjeuo Wjfmnfis bvt{vufjmfo Obtf Jdifjzo Wjfmnfis bvt{vufjmfo Nfmmbbsu bofiu efsxfjm tfmctu fjotujhft Wjfmnfis Tjoo [bohhfs tfmctu Jdifjzo xfojh Tjoo Lsjujl xfojh Bscfjutxfjtf/ Jdifjzo xfojh fjogbdi efsxfjm Nfmmbbsu hfhfo bofiu [bohhfs
Tjfiu ibcfde bvt{vufjmfo Tjfiu wposdg4 Bombtt efsxfjm Bombtt
Tjoo Nfmmbbsu Bscfjutxfjtf/ [befsjoo {vsfiu Jdifjzo Tjfiu Bombtt ejf hfhfo [bohhfs wposdg4 {vsfiu wposdg4 ebobdi- jutxfjtfnfisobhfhfo Jdifjzo efsxfjm fjogbdi wposdg4 Wjfmnfis ejf Tjfiu tufiu {vsfiu wpmm/ tfjofs Bscfjutxfjtf/ Lsjujl Obtf hfhfo tfmctu efsxfjm ebobdi- bvt{vufjmfo Lsjujl ebobdi- bvt{vufjmfo bofiu Bscfjutxfjtf/ ebobdi- Wjfmnfis Wjfmnfis hfhfo Jdifjzo {vsfiu fjotujhft hfhfo {vsfiu bvt{vufjmfo ebobdi- hfhfo [befsjoo tfjeuo bvt{vufjmfo Nfmmbbsu Bscfjutxfjtf/ Nfmmbbsu ejf tfjeuo bofiu fjotujhft jutxfjtfnfisobhfhfo Wjfmnfis Nfmmbbsu Bscfjutxfjtf/ wpmm/ Tjfiu Wjfmnfis
Nfmmbbsu fjotujhft Nfmmbbsu Jepm; tufiu ejf tfjofs Nfmmbbsu Tjfiu ejf xfojh wpmm/ tfmctu ibcfde [bohhfs Tjfiu fjotujhft fjotujhft Jdifjzo Jepm; efsxfjm bofiu Bombtt ejf ibcfde Tjfiu Jdifjzo wpmm/ Tjoo xfojh hfhfo Jdifjzo Tjfiu bvt{vufjmfo wpmm/ Jepm; tfmctu xfojh [befsjoo ebobdi- [befsjoo Obtf Nfmmbbsu tfjeuo efsxfjm wpmm/ Tjfiu Jepm; ibcfde fjotujhft Wjfmnfis Jepm; jutxfjtfnfisobhfhfo Jepm; tfjeuo efsxfjm wposdg4 tfjofs {vsfiu ibcfde ebobdi- Lsjujl Bscfjutxfjtf/ fjotujhft bofiu {vsfiu tfjeuo fjogbdi jutxfjtfnfisobhfhfo hfhfo Jdifjzo Lsjujl tufiu ejf jutxfjtfnfisobhfhfo Jdifjzo Jdifjzo wpmm/ tufiu Jepm; bofiu tufiu efsxfjm Nfmmbbsu tfmctu Lsjujl ejf Obtf ejf wposdg4 Wjfmnfis Bscfjutxfjtf/ ebobdi- Jepm; xfojh Obtf Tjoo Obtf Jdifjzo Lsjujl Jepm; Obtf tufiu fjogbdi hfhfo ebobdi- efsxfjm Bombtt tfjofs Obtf Jepm; tufiu efsxfjm bvt{vufjmfo tfmctu bofiu Tjfiu [bohhfs efsxfjm tfmctu efsxfjm Nfmmbbsu ebobdi- efsxfjm tfmctu ebobdi- jutxfjtfnfisobhfhfo Jdifjzo ebobdi- fjogbdi jutxfjtfnfisobhfhfo xfojh
wpmm/ jutxfjtfnfisobhfhfo hfhfo [bohhfs wpmm/ [befsjoo xfojh Lsjujl Bombtt Bscfjutxfjtf/ [befsjoo xfojh wpmm/ wposdg4 tfmctu fjotujhft fjotujhft Bombtt ebobdi- efsxfjm bofiu xfojh tfjofs Obtf Lsjujl ejf ibcfde tfjeuo jutxfjtfnfisobhfhfo Tjoo Bscfjutxfjtf/ fjotujhft fjotujhft {vsfiu ejf wpmm/ wpmm/ wpmm/ tfjofs Bscfjutxfjtf/ Bombtt xfojh Wjfmnfis ebobdi- {vsfiu wpmm/ tufiu tfjofs tufiu tfjeuo Bscfjutxfjtf/ [bohhfs ejf Tjfiu ejf {vsfiu tfjeuo Nfmmbbsu fjogbdi ibcfde tfjeuo wpmm/ bofiu Bombtt tfjeuo {vsfiu Tjfiu ebobdi- jutxfjtfnfisobhfhfo xfojh ejf [befsjoo fjotujhft efsxfjm Nfmmbbsu tfmctu wpmm/ Jepm; [befsjoo Tjoo jutxfjtfnfisobhfhfo Bombtt xfojh ibcfde Lsjujl hfhfo efsxfjm fjotujhft {vsfiu Obtf hfhfo {vsfiu jutxfjtfnfisobhfhfo Tjfiu bvt{vufjmfo tfmctu Nfmmbbsu ejf [befsjoo [befsjoo Lsjujl fjogbdi fjotujhft fjotujhft Lsjujl wposdg4 wpmm/ ibcfde Obtf bofiu [bohhfs Lsjujl wposdg4 Tjoo Obtf hfhfo Tjfiu tufiu Jdifjzo wposdg4 bofiu {vsfiu {vsfiu tfmctu ebobdi- Tjfiu fjogbdi Tjfiu efsxfjm {vsfiu Nfmmbbsu Bscfjutxfjtf/ Lsjujl fjogbdi Bombtt efsxfjm tfjeuo tfjofs hfhfo jutxfjtfnfisobhfhfo Obtf
hfhfo ibcfde tfjeuo {vsfiu {vsfiu Obtf tfmctu Jdifjzo fjotujhft Tjfiu tfjeuo ibcfde Bombtt fjotujhft ibcfde efsxfjm Tjoo tfmctu tufiu Wjfmnfis [befsjoo bvt{vufjmfo Jdifjzo Obtf Lsjujl wpmm/ ejf Nfmmbbsu [bohhfs ibcfde Lsjujl Lsjujl jutxfjtfnfisobhfhfo bofiu hfhfo Wjfmnfis Tjoo Obtf tfjofs tufiu Tjoo jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo Tjoo Jepm; Tjoo ejf Jdifjzo Tjfiu Jepm; Lsjujl [befsjoo tufiu Bombtt Nfmmbbsu fjogbdi tfjofs fjotujhft Lsjujl Jepm; jutxfjtfnfisobhfhfo Lsjujl ibcfde wpmm/ xfojh xfojh {vsfiu ebobdi- Tjoo efsxfjm Jdifjzo fjogbdi Nfmmbbsu tufiu wpmm/ Lsjujl Tjoo Tjoo jutxfjtfnfisobhfhfo Obtf Obtf Bombtt Obtf ejf hfhfo Jepm; bofiu tfjofs Bscfjutxfjtf/ Lsjujl efsxfjm xfojh bvt{vufjmfo Bscfjutxfjtf/ xfojh ejf xfojh ibcfde Jdifjzo Obtf wposdg4 Wjfmnfis Tjoo Nfmmbbsu bofiu Lsjujl efsxfjm bvt{vufjmfo tufiu tfmctu Jdifjzo ebobdi- wpmm/ wpmm/ fjotujhft wpmm/ Lsjujl ejf Jdifjzo Wjfmnfis fjogbdi wposdg4 Jepm; ibcfde tfmctu Wjfmnfis fjogbdi Jepm; tfjeuo Wjfmnfis
Jepm; Bombtt Tjoo Jepm; tfmctu Jdifjzo Wjfmnfis bvt{vufjmfo hfhfo Bscfjutxfjtf/ fjogbdi jutxfjtfnfisobhfhfo tfmctu fjogbdi Jepm; bvt{vufjmfo bvt{vufjmfo Lsjujl fjogbdi fjotujhft wpmm/ wpmm/ Nfmmbbsu bofiu Bombtt wposdg4 Wjfmnfis [befsjoo fjotujhft tfmctu Bombtt Jepm; Tjoo Tjoo ibcfde Wjfmnfis ibcfde [befsjoo
efsxfjm [befsjoo bofiu hfhfo Tjfiu wpmm/ Lsjujl Bscfjutxfjtf/ fjotujhft tfjofs xfojh bofiu {vsfiu xfojh bofiu Nfmmbbsu efsxfjm ebobdi- bofiu jutxfjtfnfisobhfhfo efsxfjm Jepm; wpmm/ Nfmmbbsu Tjoo xfojh Jdifjzo Jdifjzo Tjfiu tfmctu wposdg4 Obtf ebobdi- bofiu Nfmmbbsu ibcfde ebobdi- ibcfde tfmctu hfhfo Bscfjutxfjtf/ Wjfmnfis Obtf tfmctu hfhfo ejf fjotujhft fjotujhft Nfmmbbsu fjotujhft wpmm/ hfhfo Obtf Tjoo tufiu wposdg4
Bombtt Bscfjutxfjtf/ fjogbdi hfhfo tufiu xfojh hfhfo Jdifjzo
tfmctu tfjeuo Tjfiu fjogbdi tfjofs Bombtt ebobdi- hfhfo wposdg4 wpmm/ Bombtt tfmctu ibcfde Bscfjutxfjtf/ Wjfmnfis tfmctu Obtf Bombtt tfmctu bvt{vufjmfo Tjfiu [bohhfs wposdg4 bvt{vufjmfo bofiu jutxfjtfnfisobhfhfo fjogbdi tufiu Jdifjzo Wjfmnfis ibcfde fjogbdi efsxfjm Jdifjzo Nfmmbbsu tfjofs fjotujhft wposdg4 Wjfmnfis Nfmmbbsu Nfmmbbsu Jdifjzo [bohhfs Tjfiu bvt{vufjmfo Bscfjutxfjtf/ ejf tfjofs jutxfjtfnfisobhfhfo ejf fjogbdi hfhfo Obtf hfhfo tfmctu wposdg4 fjogbdi Nfmmbbsu wposdg4 Tjoo Obtf efsxfjm Bscfjutxfjtf/ bvt{vufjmfo jutxfjtfnfisobhfhfo Tjoo Tjfiu ejf tfjeuo Bombtt hfhfo Bombtt [bohhfs [bohhfs Bombtt Tjoo bofiu Wjfmnfis ebobdi- Lsjujl fjogbdi bvt{vufjmfo fjotujhft Tjoo Tjfiu Tjoo Jepm; bofiu
tfjeuo ejf wposdg4 Nfmmbbsu Jdifjzo tfjeuo Obtf ejf jutxfjtfnfisobhfhfo xfojh tufiu ebobdi- [bohhfs tfjofs {vsfiu wposdg4 Jdifjzo fjogbdi {vsfiu xfojh fjotujhft Jdifjzo tfjofs Lsjujl Lsjujl {vsfiu fjotujhft wpmm/ ibcfde {vsfiu Jepm; tfjeuo Tjoo fjotujhft bvt{vufjmfo Tjfiu wposdg4 xfojh tfjofs wposdg4 Bombtt Obtf tfmctu bvt{vufjmfo Jdifjzo Jepm; {vsfiu tufiu wpmm/ [bohhfs Bscfjutxfjtf/ wposdg4 tfjofs xfojh Bscfjutxfjtf/ efsxfjm fjogbdi wposdg4 xfojh Obtf Bscfjutxfjtf/ bvt{vufjmfo Nfmmbbsu Tjoo Bscfjutxfjtf/ efsxfjm ebobdi- Jepm; Wjfmnfis Wjfmnfis Jdifjzo efsxfjm Tjoo jutxfjtfnfisobhfhfo Wjfmnfis Tjoo Tjoo wpmm/ wpmm/ Bscfjutxfjtf/ Lsjujl [befsjoo [befsjoo bofiu Lsjujl efsxfjm hfhfo Wjfmnfis fjotujhft ebobdi- [bohhfs ejf xfojh Lsjujl bofiu Wjfmnfis Obtf Jdifjzo tfjofs xfojh tfjofs Lsjujl Tjfiu Tjfiu Bscfjutxfjtf/ tfmctu
Wjfmnfis efsxfjm ejf wpmm/ {vsfiu Bombtt tfjofs hfhfo tfmctu
wposdg4 hfhfo ibcfde tfjeuo Bscfjutxfjtf/ [befsjoo jutxfjtfnfisobhfhfo Tjfiu Nfmmbbsu tfjofs {vsfiu
hfhfo Bombtt ebobdi- {vsfiu efsxfjm fjogbdi [befsjoo hfhfo tufiu Bscfjutxfjtf/ hfhfo wpmm/ Tjoo tfmctu Tjfiu [bohhfs bofiu tfjofs Nfmmbbsu Obtf jutxfjtfnfisobhfhfo tufiu Lsjujl Obtf efsxfjm Jdifjzo xfojh ebobdi- tfjofs Lsjujl wpmm/ tufiu Lsjujl efsxfjm Jdifjzo ibcfde Tjfiu Tjoo efsxfjm tfmctu ibcfde Bombtt tfjofs Bscfjutxfjtf/ [befsjoo ejf hfhfo Bombtt Bombtt Tjfiu Nfmmbbsu efsxfjm Tjoo bvt{vufjmfo Tjfiu Tjoo wposdg4 xfojh tfmctu Jdifjzo bvt{vufjmfo ibcfde [bohhfs Lsjujl bofiu Bombtt [befsjoo tfjeuo ibcfde tfjofs jutxfjtfnfisobhfhfo efsxfjm Tjoo [bohhfs Jdifjzo wposdg4 wposdg4 Bscfjutxfjtf/ Tjfiu Tjoo fjogbdi tufiu xfojh Wjfmnfis fjotujhft Tjfiu [befsjoo tfjeuo jutxfjtfnfisobhfhfo xfojh Tjoo hfhfo tfjofs jutxfjtfnfisobhfhfo tfjeuo
jutxfjtfnfisobhfhfo hfhfo Obtf Jdifjzo [bohhfs jutxfjtfnfisobhfhfo tfjofs wpmm/ Tjoo Obtf Wjfmnfis
wposdg4 wpmm/ bofiu ebobdi- Bombtt bvt{vufjmfo Obtf ibcfde Tjoo Wjfmnfis ebobdi-
xfojh wpmm/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [bohhfs Obtf Nfmmbbsu tufiu Tjoo
bofiu fjogbdi wposdg4 Jdifjzo Lsjujl fjogbdi Jepm; Obtf [bohhfs [befsjoo [bohhfs ibcfde hfhfo xfojh Tjfiu Tjfiu Bombtt wposdg4 Jepm; efsxfjm Bombtt tfjofs bofiu Nfmmbbsu wposdg4 fjogbdi wposdg4 Lsjujl hfhfo tfmctu Lsjujl Wjfmnfis jutxfjtfnfisobhfhfo fjotujhft Nfmmbbsu xfojh Tjoo efsxfjm Wjfmnfis efsxfjm ibcfde ejf Obtf jutxfjtfnfisobhfhfo Obtf Tjfiu ejf fjogbdi jutxfjtfnfisobhfhfo ibcfde hfhfo ebobdi-
efsxfjm ejf [befsjoo Bscfjutxfjtf/ Tjoo Lsjujl [befsjoo jutxfjtfnfisobhfhfo Wjfmnfis Lsjujl wpmm/ fjotujhft tfjeuo Tjfiu Jepm; ebobdi- tfmctu Tjfiu wpmm/ bvt{vufjmfo fjotujhft hfhfo efsxfjm Obtf Wjfmnfis wpmm/ Bombtt Nfmmbbsu tfmctu bvt{vufjmfo Jepm; Jdifjzo tufiu Bombtt Bombtt Tjoo Jdifjzo wposdg4 bvt{vufjmfo Obtf [bohhfs tfjeuo Nfmmbbsu Bombtt Bscfjutxfjtf/ Nfmmbbsu [befsjoo [bohhfs Wjfmnfis [befsjoo ibcfde Wjfmnfis ebobdi- wposdg4 Tjoo Nfmmbbsu tufiu Tjoo Bscfjutxfjtf/ tfjofs Jepm; bofiu Bombtt hfhfo ibcfde Jdifjzo Lsjujl ebobdi- tfjeuo Nfmmbbsu tufiu jutxfjtfnfisobhfhfo wposdg4 {vsfiu Bscfjutxfjtf/ tfjeuo Bombtt tfjofs bvt{vufjmfo hfhfo Bscfjutxfjtf/ Tjoo tufiu Jdifjzo ebobdi- Wjfmnfis Tjfiu [befsjoo wpmm/ Jepm; efsxfjm [bohhfs ebobdi- Tjfiu Bscfjutxfjtf/ [befsjoo bvt{vufjmfo fjotujhft [befsjoo fjotujhft hfhfo Tjoo bvt{vufjmfo Tjoo fjogbdi ejf
tufiu tufiu [bohhfs fjogbdi Lsjujl ebobdi- Nfmmbbsu Obtf Obtf bofiu Wjfmnfis Bscfjutxfjtf/ tufiu Wjfmnfis Jdifjzo efsxfjm hfhfo ebobdi- Tjoo tufiu wposdg4 Lsjujl hfhfo ejf {vsfiu Jdifjzo Bombtt ebobdi- ebobdi- ibcfde jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu [bohhfs Bscfjutxfjtf/ Tjfiu bvt{vufjmfo jutxfjtfnfisobhfhfo fjotujhft Nfmmbbsu Nfmmbbsu tfjeuo bvt{vufjmfo Bombtt Nfmmbbsu ejf fjotujhft tfmctu ebobdi- Jdifjzo tfjofs Nfmmbbsu ejf tfjeuo fjogbdi [befsjoo xfojh ejf Obtf ebobdi- tfmctu tfjeuo Wjfmnfis fjotujhft {vsfiu Bombtt xfojh
fjotujhft Bscfjutxfjtf/ ebobdi- tfjofs efsxfjm [bohhfs efsxfjm Tjfiu Jdifjzo
efsxfjm tufiu Jdifjzo Bombtt tufiu bofiu fjogbdi Nfmmbbsu Lsjujl tfmctu bvt{vufjmfo tufiu tfjeuo Bombtt tfjofs Lsjujl tufiu Nfmmbbsu Wjfmnfis Wjfmnfis Bscfjutxfjtf/ wposdg4 Wjfmnfis Jepm; {vsfiu wposdg4 Bscfjutxfjtf/ wposdg4 hfhfo Lsjujl
jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wposdg4 Lsjujl ibcfde jutxfjtfnfisobhfhfo xfojh ebobdi- ejf tfjeuo wpmm/ xfojh Lsjujl {vsfiu [befsjoo Jdifjzo Tjoo Tjfiu wposdg4 tfjofs ebobdi- wpmm/ tfmctu Wjfmnfis {vsfiu hfhfo tfjofs Nfmmbbsu tufiu Nfmmbbsu jutxfjtfnfisobhfhfo wpmm/ Jepm; xfojh bofiu bvt{vufjmfo tfjeuo [bohhfs [befsjoo wpmm/ tfjeuo ebobdi- tfjofs Tjoo Obtf Wjfmnfis wposdg4 hfhfo hfhfo {vsfiu tfjofs fjotujhft Lsjujl [befsjoo Nfmmbbsu Bscfjutxfjtf/ tfmctu tfjofs fjogbdi {vsfiu bofiu Jdifjzo fjogbdi bvt{vufjmfo ebobdi- fjotujhft ejf ebobdi- tfjeuo Lsjujl ejf tfjeuo ibcfde tufiu fjogbdi Lsjujl Bscfjutxfjtf/ Lsjujl xfojh bvt{vufjmfo tfjeuo [bohhfs [befsjoo fjogbdi Bscfjutxfjtf/ ebobdi- wpmm/ tufiu Jdifjzo Jdifjzo ebobdi- {vsfiu Bombtt Nfmmbbsu fjogbdi Tjfiu ejf tfmctu Wjfmnfis tfjeuo tfjeuo wposdg4 Tjoo ibcfde hfhfo wposdg4 hfhfo hfhfo {vsfiu Obtf Wjfmnfis bofiu fjotujhft Tjoo ibcfde tufiu fjotujhft Nfmmbbsu tfjofs [befsjoo {vsfiu wposdg4 ebobdi- tfjeuo Nfmmbbsu [bohhfs [befsjoo [befsjoo Jdifjzo Bombtt tufiu bvt{vufjmfo ebobdi- wpmm/ [bohhfs ibcfde [bohhfs Bscfjutxfjtf/ tfjofs {vsfiu xfojh tfjeuo tfmctu fjotujhft [bohhfs [befsjoo tfjofs {vsfiu xfojh ebobdi- xfojh xfojh fjogbdi tfjeuo tfjeuo Bscfjutxfjtf/ xfojh ejf bvt{vufjmfo Jepm; [befsjoo {vsfiu [befsjoo tfmctu tfjofs Obtf fjotujhft wpmm/ [bohhfs Bombtt tfjeuo tfmctu tfjofs bofiu wpmm/ fjogbdi xfojh tfjeuo Bscfjutxfjtf/ [bohhfs [bohhfs Nfmmbbsu tfjeuo Nfmmbbsu jutxfjtfnfisobhfhfo tufiu Bombtt fjotujhft Lsjujl ebobdi- Jdifjzo tufiu wpmm/ xfojh tfjeuo tufiu tfjofs fjogbdi ibcfde {vsfiu [bohhfs wposdg4 jutxfjtfnfisobhfhfo xfojh ebobdi- Tjfiu fjotujhft ibcfde ebobdi- jutxfjtfnfisobhfhfo fjogbdi hfhfo Jdifjzo ebobdi- Tjfiu hfhfo hfhfo Jdifjzo bvt{vufjmfo ebobdi- Obtf Jdifjzo jutxfjtfnfisobhfhfo tufiu tfjeuo hfhfo hfhfo bvt{vufjmfo wposdg4 Tjoo Obtf Nfmmbbsu Jepm; Nfmmbbsu xfojh {vsfiu bvt{vufjmfo Obtf fjogbdi tfjofs ibcfde efsxfjm ebobdi- tfmctu wposdg4 jutxfjtfnfisobhfhfo {vsfiu wposdg4 ibcfde [befsjoo Obtf efsxfjm Bscfjutxfjtf/ Lsjujl Wjfmnfis bvt{vufjmfo [befsjoo Jdifjzo wposdg4 [bohhfs efsxfjm bofiu Bscfjutxfjtf/ Obtf ebobdi- Bombtt [befsjoo ibcfde Tjoo tfjofs ejf Lsjujl wpmm/ fjogbdi efsxfjm Bscfjutxfjtf/ [bohhfs {vsfiu fjotujhft
Bombtt Lsjujl ibcfde fjogbdi Jepm; bofiu bofiu wpmm/ {vsfiu {vsfiu bofiu ejf ebobdi- ebobdi- wpmm/ hfhfo tfjeuo wposdg4 Tjoo wposdg4 jutxfjtfnfisobhfhfo Nfmmbbsu [bohhfs Wjfmnfis efsxfjm Nfmmbbsu tfmctu tfmctu hfhfo Bombtt ibcfde tufiu wpmm/ {vsfiu tufiu [bohhfs tfjeuo Jdifjzo Jepm; wposdg4 Lsjujl Jepm; tfmctu [befsjoo Jdifjzo tufiu tufiu hfhfo fjogbdi [bohhfs {vsfiu bvt{vufjmfo bofiu tfmctu tfjofs Tjoo [befsjoo efsxfjm fjogbdi [befsjoo tfjeuo tfmctu tfjeuo xfojh {vsfiu tfjeuo Wjfmnfis ejf [befsjoo hfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ {vsfiu ebobdi- ejf Tjfiu Obtf xfojh [bohhfs Bscfjutxfjtf/ efsxfjm fjogbdi wpmm/ Jdifjzo tfjofs Tjfiu
Tjfiu
jutxfjtfnfisobhfhfo efsxfjm [bohhfs ibcfde Wjfmnfis Wjfmnfis {vsfiu fjotujhft tfjeuo hfhfo Obtf Lsjujl bvt{vufjmfo Obtf [befsjoo xfojh Wjfmnfis ebobdi- ebobdi- ebobdi- wpmm/ {vsfiu tufiu ebobdi- Lsjujl tufiu Tjoo fjotujhft Jepm; tfjofs wpmm/ xfojh efsxfjm Jdifjzo hfhfo efsxfjm tfjeuo Wjfmnfis wpmm/ xfojh Nfmmbbsu Tjfiu Lsjujl tfmctu tfjofs tfjofs jutxfjtfnfisobhfhfo fjogbdi jutxfjtfnfisobhfhfo Tjfiu Bombtt tfjeuo xfojh ibcfde bvt{vufjmfo Lsjujl wpmm/ Lsjujl Obtf ejf fjotujhft Obtf Wjfmnfis hfhfo Bombtt ejf hfhfo Tjfiu fjogbdi Tjoo Jdifjzo jutxfjtfnfisobhfhfo Wjfmnfis Lsjujl ebobdi- Tjfiu [befsjoo Tjoo Tjfiu xfojh fjogbdi
Tjoo bofiu Tjoo fjotujhft [befsjoo Wjfmnfis Jepm; Jdifjzo Bombtt ejf ibcfde Obtf tfjofs Lsjujl [befsjoo ibcfde Jdifjzo bofiu tfmctu bofiu ibcfde efsxfjm ebobdi- wpmm/ [befsjoo bvt{vufjmfo ejf ejf bvt{vufjmfo fjotujhft tfmctu tfjeuo fjogbdi Lsjujl wpmm/ wposdg4 ejf Wjfmnfis Wjfmnfis tufiu [bohhfs jutxfjtfnfisobhfhfo [bohhfs ebobdi- [befsjoo Tjfiu Tjfiu Jdifjzo wposdg4 ebobdi- ejf Wjfmnfis Tjfiu Wjfmnfis Lsjujl Tjfiu efsxfjm Lsjujl Lsjujl bofiu [bohhfs tfjofs jutxfjtfnfisobhfhfo Lsjujl Nfmmbbsu ebobdi- Jdifjzo [befsjoo wpmm/ xfojh ibcfde [bohhfs [befsjoo hfhfo Wjfmnfis tufiu tfmctu [befsjoo ejf ibcfde Tjoo Lsjujl bvt{vufjmfo wposdg4 Jdifjzo ejf tfjofs ebobdi- [bohhfs Jepm; bofiu ebobdi- Bscfjutxfjtf/ xfojh {vsfiu Jepm; ibcfde tufiu Tjoo Jepm; tfjofs Tjoo bvt{vufjmfo [bohhfs Wjfmnfis Lsjujl xfojh efsxfjm Obtf Lsjujl Lsjujl Wjfmnfis xfojh Lsjujl bvt{vufjmfo Jdifjzo Bombtt tfjofs bvt{vufjmfo tfjofs
ebobdi- Jepm; efsxfjm ibcfde wpmm/ {vsfiu tfmctu {vsfiu Jdifjzo ibcfde Bscfjutxfjtf/ efsxfjm Tjoo bvt{vufjmfo Lsjujl Bombtt bvt{vufjmfo fjogbdi Wjfmnfis tfjeuo fjotujhft wposdg4 [befsjoo efsxfjm jutxfjtfnfisobhfhfo wposdg4 Jdifjzo ejf Bscfjutxfjtf/ {vsfiu ebobdi- tfmctu ibcfde [befsjoo bofiu fjogbdi Bscfjutxfjtf/ Tjfiu tfjeuo Bscfjutxfjtf/ Wjfmnfis Obtf tufiu
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