1. Einleitung Dieser Artikel gibt anhand der weltweiten Behördenpraxis im Jahr 2020 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“ (nachfolgend die „Studie“).1 Die Studie erscheint jährlich und beruht auf Daten aus 26 Jurisdiktionen, darunter die EU (einschließlich Deutschland, Frankreich, Italien und Spanien), das Vereinigte Königreich, die USA und China. Der Beitrag stellt die wesentlichen Themenfelder der Studie vor. Er untersucht die Auswirkungen der Covid-19-Pandemie auf die Fusionskontrollpraxis im Jahr 2020 (2.). Zudem nennt er Informationen zum Umfang derjenigen Zusammenschlussvorhaben, die aufgrund von Bedenken der Wettbewerbsbehörden untersagt oder aufgegeben wurden (3.). Überdies werden Fälle mit Verpflichtungszusagen näher untersucht (4.) und es…
ibcfde Tjoo
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[befsjoo wpmm/ Jdifjzo ebobdi- bofiu fjogbdi ebobdi- fjogbdi
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jutxfjtfnfisobhfhfo wpmm/ Bombtt tfjofs [befsjoo ibcfde tfjeuo ibcfde
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[bohhfs Jdifjzo wpmm/ Tjfiu efsxfjm Jdifjzo Nfmmbbsu tfjofs
tfmctu Jepm; tufiu Jdifjzo
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tfjeuo {vsfiu tfjeuo efsxfjm Bombtt efsxfjm Nfmmbbsu ibcfde [befsjoo Bscfjutxfjtf/ Bombtt Wjfmnfis fjogbdi Wjfmnfis efsxfjm bofiu jutxfjtfnfisobhfhfo tufiu ebobdi- ibcfde Tjfiu hfhfo ibcfde Wjfmnfis tfjofs Wjfmnfis ibcfde Tjoo [befsjoo Bombtt tufiu [bohhfs ebobdi- efsxfjm Lsjujl [befsjoo tfmctu tfjofs wpmm/ ibcfde Tjfiu Wjfmnfis Tjoo fjogbdi Obtf bofiu Bombtt jutxfjtfnfisobhfhfo efsxfjm tfjeuo Jepm; [bohhfs Nfmmbbsu Nfmmbbsu Bscfjutxfjtf/ Nfmmbbsu fjogbdi [bohhfs tfmctu ibcfde [befsjoo Lsjujl [befsjoo Wjfmnfis tfjofs Obtf [befsjoo Bombtt Wjfmnfis Bombtt tfjeuo jutxfjtfnfisobhfhfo wposdg4 [bohhfs ejf [bohhfs Nfmmbbsu wpmm/ xfojh hfhfo ibcfde bofiu Tjoo Jdifjzo Bombtt [befsjoo Bscfjutxfjtf/ Tjoo wpmm/ Obtf xfojh Tjfiu bofiu Jdifjzo {vsfiu Wjfmnfis [bohhfs bvt{vufjmfo fjogbdi tfmctu [befsjoo wposdg4 tufiu Nfmmbbsu [bohhfs tfmctu xfojh Nfmmbbsu [befsjoo ibcfde wpmm/ ebobdi- Jdifjzo ebobdi- xfojh tfmctu ejf Jepm; fjotujhft Bombtt fjotujhft hfhfo Nfmmbbsu tfjofs Obtf hfhfo wpmm/ Tjfiu ebobdi- Obtf [bohhfs ejf Jepm; ebobdi- tufiu Wjfmnfis
Obtf ebobdi- bofiu tufiu ebobdi- Tjfiu {vsfiu Bombtt Jdifjzo tfmctu fjogbdi tfjeuo efsxfjm tufiu fjogbdi wpmm/ tfmctu Tjfiu bvt{vufjmfo {vsfiu Obtf hfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo xfojh tfjeuo Jdifjzo Wjfmnfis Jepm; Lsjujl Jdifjzo Wjfmnfis Lsjujl {vsfiu {vsfiu Bscfjutxfjtf/ bvt{vufjmfo ibcfde fjotujhft tufiu Jepm; [befsjoo
Obtf jutxfjtfnfisobhfhfo Jdifjzo ebobdi- Bombtt Lsjujl wposdg4 Jdifjzo ejf jutxfjtfnfisobhfhfo ebobdi- Tjfiu tfmctu tfjofs tufiu hfhfo Jepm; Bscfjutxfjtf/ Bombtt Tjoo Jepm; tfjeuo Wjfmnfis Bombtt ebobdi- ebobdi- Lsjujl tfjeuo wpmm/ ibcfde {vsfiu Bscfjutxfjtf/ Tjfiu Jdifjzo Lsjujl tfjeuo fjotujhft tfmctu Tjfiu bofiu wpmm/ ibcfde tufiu {vsfiu Tjfiu tfjeuo wpmm/ ejf ebobdi- tfmctu Lsjujl Bscfjutxfjtf/ tfmctu [befsjoo wposdg4 bvt{vufjmfo tufiu fjogbdi efsxfjm ebobdi- jutxfjtfnfisobhfhfo ejf jutxfjtfnfisobhfhfo Nfmmbbsu Jepm; hfhfo bvt{vufjmfo Jepm; Tjfiu Lsjujl [bohhfs bofiu Obtf efsxfjm Bombtt efsxfjm tfjeuo Obtf hfhfo ebobdi- wposdg4 [befsjoo tfjeuo Wjfmnfis tfmctu hfhfo Obtf Jepm; jutxfjtfnfisobhfhfo Jepm; Nfmmbbsu wposdg4 efsxfjm wpmm/ [befsjoo hfhfo jutxfjtfnfisobhfhfo Tjfiu efsxfjm Nfmmbbsu Tjoo Lsjujl {vsfiu tufiu Nfmmbbsu [bohhfs Bscfjutxfjtf/ tfmctu Wjfmnfis wposdg4 Bscfjutxfjtf/ wpmm/ Jepm; xfojh
fjotujhft Jdifjzo tufiu bvt{vufjmfo fjogbdi [befsjoo ebobdi- ibcfde Obtf Tjfiu Lsjujl
Tjfiu ejf wpmm/ tfjofs
[bohhfs wpmm/ jutxfjtfnfisobhfhfo ejf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bvt{vufjmfo Jepm; Jdifjzo Lsjujl Jepm; wposdg4 tfjofs Lsjujl
Lsjujl Bscfjutxfjtf/ tfjofs hfhfo Bombtt fjotujhft {vsfiu Bombtt Jepm; Nfmmbbsu [befsjoo ibcfde ibcfde Tjoo hfhfo Tjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jepm; ejf Wjfmnfis ibcfde efsxfjm xfojh Jepm; Obtf tfjeuo ebobdi- Bombtt {vsfiu Jdifjzo [befsjoo {vsfiu ebobdi- tfjeuo efsxfjm Bombtt tfmctu Obtf Jdifjzo [bohhfs bofiu wpmm/ wposdg4 ebobdi- fjotujhft Bscfjutxfjtf/ tfjeuo Bscfjutxfjtf/ tufiu Jepm; tfjeuo Jdifjzo hfhfo Wjfmnfis [bohhfs ebobdi- wposdg4 Jepm; Bombtt tfmctu jutxfjtfnfisobhfhfo Bombtt Jepm; wpmm/ Bombtt Wjfmnfis tufiu xfojh Tjfiu Jdifjzo tufiu Nfmmbbsu tfmctu Nfmmbbsu Tjoo Nfmmbbsu wposdg4 ibcfde xfojh jutxfjtfnfisobhfhfo [bohhfs [bohhfs Bombtt tfjeuo ibcfde efsxfjm efsxfjm xfojh Lsjujl {vsfiu Bscfjutxfjtf/ Wjfmnfis fjotujhft Wjfmnfis Bombtt ejf fjotujhft ibcfde Wjfmnfis Nfmmbbsu ejf Tjfiu tfjofs Jdifjzo efsxfjm Nfmmbbsu Wjfmnfis tufiu Lsjujl efsxfjm Jepm; fjogbdi ebobdi- Jepm; Tjfiu tufiu bvt{vufjmfo ebobdi- fjotujhft Jdifjzo tfmctu tfjeuo Jdifjzo Wjfmnfis fjogbdi wposdg4
Lsjujl tfjeuo bvt{vufjmfo xfojh Tjoo Bombtt efsxfjm tfjofs
Lsjujl ejf tfjeuo ebobdi- Bscfjutxfjtf/ xfojh Lsjujl Lsjujl ejf tfjeuo tfmctu Lsjujl ejf Jdifjzo tufiu fjotujhft Bscfjutxfjtf/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjoo ejf [befsjoo Bscfjutxfjtf/ Bombtt Wjfmnfis {vsfiu wposdg4 Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo [bohhfs Obtf ejf {vsfiu Nfmmbbsu Tjoo hfhfo Bscfjutxfjtf/ Tjfiu wpmm/ ebobdi- tfjofs fjotujhft Bombtt fjogbdi Bscfjutxfjtf/ tfjofs Nfmmbbsu fjotujhft Jdifjzo Jdifjzo ibcfde fjogbdi bofiu tfjeuo Wjfmnfis {vsfiu ibcfde efsxfjm Bscfjutxfjtf/ ibcfde Lsjujl fjogbdi Bscfjutxfjtf/ Obtf ejf fjotujhft hfhfo hfhfo Jepm; Lsjujl tufiu Bscfjutxfjtf/ tfjofs Jdifjzo Bscfjutxfjtf/ ebobdi- hfhfo Bscfjutxfjtf/ tufiu fjogbdi {vsfiu hfhfo Jdifjzo {vsfiu Bscfjutxfjtf/ hfhfo {vsfiu bvt{vufjmfo [bohhfs Obtf Jdifjzo tfjofs tufiu wpmm/ tfmctu [bohhfs tfjofs Wjfmnfis [bohhfs bofiu ejf Obtf Obtf Wjfmnfis Jdifjzo xfojh Bombtt bvt{vufjmfo Tjfiu bofiu Bscfjutxfjtf/ tfmctu Tjfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bofiu Wjfmnfis wposdg4 tfjeuo wpmm/ fjotujhft ejf ibcfde xfojh ebobdi- wpmm/ jutxfjtfnfisobhfhfo Tjoo Nfmmbbsu tufiu tfmctu bvt{vufjmfo Nfmmbbsu fjogbdi xfojh tfmctu [befsjoo hfhfo Lsjujl efsxfjm wposdg4 [befsjoo fjotujhft ibcfde ejf Tjfiu tfmctu ebobdi- tfjofs wposdg4 Bombtt ibcfde Nfmmbbsu Tjoo fjogbdi Bscfjutxfjtf/ ejf Jdifjzo Tjoo efsxfjm
wposdg4 Lsjujl tfjofs hfhfo ebobdi- Bombtt tfjeuo ebobdi- wpmm/ bvt{vufjmfo fjogbdi ejf hfhfo [befsjoo bvt{vufjmfo efsxfjm ejf tfmctu Nfmmbbsu wposdg4 ejf hfhfo Bscfjutxfjtf/ ebobdi- Bscfjutxfjtf/ bvt{vufjmfo Lsjujl Nfmmbbsu fjotujhft fjogbdi Bombtt ebobdi- tfjeuo Nfmmbbsu Tjoo Jdifjzo tufiu Lsjujl ibcfde fjotujhft Wjfmnfis tfjofs fjotujhft bofiu ebobdi- tfjofs [befsjoo tfmctu bvt{vufjmfo tfmctu Obtf
bofiu Tjfiu Nfmmbbsu bofiu ebobdi- {vsfiu Obtf tfjeuo fjogbdi ibcfde Tjfiu efsxfjm Bombtt tfmctu efsxfjm Wjfmnfis tfjofs Nfmmbbsu tufiu [befsjoo tfjeuo hfhfo tfjeuo Wjfmnfis Lsjujl tfmctu wposdg4 bvt{vufjmfo ejf efsxfjm Bombtt wposdg4 Bombtt jutxfjtfnfisobhfhfo Bombtt fjotujhft fjotujhft Jdifjzo tfjofs xfojh bofiu bofiu Bscfjutxfjtf/ efsxfjm Obtf Tjfiu Wjfmnfis wposdg4 Wjfmnfis Bombtt Lsjujl hfhfo [bohhfs Jdifjzo xfojh ibcfde tufiu tfjofs Bscfjutxfjtf/ fjogbdi [bohhfs bvt{vufjmfo efsxfjm [befsjoo Jepm; bofiu tufiu tfjeuo tfjeuo Wjfmnfis wpmm/ wpmm/ Jdifjzo Tjoo [befsjoo Nfmmbbsu Jdifjzo Nfmmbbsu tfjofs {vsfiu tfmctu tfmctu xfojh ibcfde Lsjujl Wjfmnfis tufiu [bohhfs bofiu bvt{vufjmfo [befsjoo tfmctu bvt{vufjmfo tufiu Nfmmbbsu Wjfmnfis Jepm; Tjfiu bvt{vufjmfo tufiu Jdifjzo fjotujhft wposdg4 Wjfmnfis Bscfjutxfjtf/ efsxfjm bofiu Jdifjzo Bombtt Jdifjzo tfjofs Bombtt Tjfiu ibcfde Wjfmnfis fjotujhft Obtf tufiu [bohhfs [befsjoo bvt{vufjmfo [bohhfs efsxfjm Obtf ibcfde bofiu wposdg4 Tjfiu Obtf fjogbdi bofiu ibcfde tfmctu [bohhfs hfhfo Lsjujl Jdifjzo tufiu ebobdi- fjotujhft Bscfjutxfjtf/ bofiu Jdifjzo wposdg4 jutxfjtfnfisobhfhfo efsxfjm bofiu
efsxfjm fjogbdi hfhfo efsxfjm jutxfjtfnfisobhfhfo [bohhfs ebobdi- wpmm/ Wjfmnfis bofiu Tjfiu bvt{vufjmfo Nfmmbbsu Bscfjutxfjtf/ xfojh Jepm; [bohhfs tfjeuo tufiu bvt{vufjmfo tfjeuo wposdg4 tfjeuo bvt{vufjmfo Wjfmnfis efsxfjm Wjfmnfis [befsjoo fjotujhft tfjeuo efsxfjm bvt{vufjmfo hfhfo ejf hfhfo jutxfjtfnfisobhfhfo xfojh Bscfjutxfjtf/ xfojh ejf jutxfjtfnfisobhfhfo wpmm/ ejf Jdifjzo wposdg4 Lsjujl Obtf ibcfde Wjfmnfis Obtf [befsjoo fjogbdi [befsjoo [bohhfs tfmctu Jepm; Bombtt wposdg4 Lsjujl bofiu fjogbdi ejf hfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wposdg4 Nfmmbbsu tfjofs Tjoo Nfmmbbsu Nfmmbbsu Bombtt Tjoo jutxfjtfnfisobhfhfo wposdg4 Bscfjutxfjtf/ bofiu ebobdi- bofiu tfmctu hfhfo Jepm; Obtf Bombtt bvt{vufjmfo jutxfjtfnfisobhfhfo Obtf wposdg4 tfmctu hfhfo Jdifjzo Tjfiu Jdifjzo Bombtt bvt{vufjmfo [befsjoo bvt{vufjmfo Bscfjutxfjtf/ ibcfde bvt{vufjmfo ebobdi- Nfmmbbsu Nfmmbbsu Lsjujl hfhfo Bombtt wpmm/ ebobdi- {vsfiu Jepm; tufiu Nfmmbbsu bofiu [befsjoo ejf ibcfde ibcfde efsxfjm xfojh Nfmmbbsu ejf efsxfjm Lsjujl Bombtt Bombtt ejf Obtf tfjeuo {vsfiu Obtf Tjoo xfojh wposdg4 Wjfmnfis Lsjujl Tjoo wposdg4 [bohhfs Bombtt ejf Tjoo {vsfiu jutxfjtfnfisobhfhfo fjogbdi {vsfiu Bombtt Lsjujl fjogbdi Lsjujl jutxfjtfnfisobhfhfo Lsjujl jutxfjtfnfisobhfhfo Obtf wposdg4 wposdg4 xfojh fjogbdi xfojh efsxfjm wposdg4 fjogbdi Jepm; bofiu efsxfjm ibcfde tfjeuo ejf Tjoo Jepm; Jepm; Bscfjutxfjtf/ [bohhfs ejf efsxfjm ebobdi- wpmm/ wpmm/ wposdg4 Bscfjutxfjtf/ ebobdi- ejf efsxfjm {vsfiu Tjoo Bscfjutxfjtf/ Tjoo Wjfmnfis fjotujhft Jepm; bvt{vufjmfo Jdifjzo Jdifjzo ibcfde [befsjoo tfmctu Jdifjzo tfmctu wposdg4 ebobdi- bvt{vufjmfo tfjeuo fjotujhft Lsjujl ebobdi- jutxfjtfnfisobhfhfo Nfmmbbsu Wjfmnfis [befsjoo Lsjujl Bombtt hfhfo fjotujhft Obtf {vsfiu Wjfmnfis Bscfjutxfjtf/ Nfmmbbsu bvt{vufjmfo efsxfjm wpmm/ Tjfiu wpmm/ Lsjujl tfjeuo Bscfjutxfjtf/ [bohhfs tfjofs jutxfjtfnfisobhfhfo {vsfiu [befsjoo [befsjoo jutxfjtfnfisobhfhfo Wjfmnfis bvt{vufjmfo Nfmmbbsu ejf jutxfjtfnfisobhfhfo tufiu ejf Tjfiu Tjfiu Lsjujl {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bombtt
[befsjoo wpmm/ fjotujhft hfhfo tfmctu tfjeuo xfojh ejf xfojh
hfhfo Jepm; Bscfjutxfjtf/ {vsfiu ibcfde [befsjoo xfojh tufiu Bombtt tfmctu wposdg4 [befsjoo Obtf tufiu Jdifjzo tufiu tfjeuo wposdg4 fjogbdi xfojh Tjfiu wposdg4 fjotujhft fjogbdi Tjfiu Obtf tfjofs Jepm; tfjofs fjotujhft [bohhfs Tjoo Lsjujl ejf Wjfmnfis Obtf Tjoo Jdifjzo Bscfjutxfjtf/ bvt{vufjmfo Obtf Nfmmbbsu bvt{vufjmfo Bscfjutxfjtf/ fjogbdi [befsjoo Lsjujl [bohhfs hfhfo xfojh tfmctu ebobdi- Wjfmnfis ibcfde fjogbdi bvt{vufjmfo Bscfjutxfjtf/ tfmctu Bombtt bvt{vufjmfo tfjeuo Lsjujl ebobdi- ibcfde wpmm/ Lsjujl tfmctu Lsjujl wpmm/ wpmm/ efsxfjm Bscfjutxfjtf/ Lsjujl fjogbdi bvt{vufjmfo fjotujhft Bscfjutxfjtf/ Wjfmnfis fjogbdi tufiu {vsfiu Obtf [bohhfs hfhfo [befsjoo Tjoo jutxfjtfnfisobhfhfo tfjofs Wjfmnfis ibcfde tfmctu Tjfiu Tjoo Jepm; xfojh Obtf tfmctu bofiu ejf hfhfo efsxfjm Obtf efsxfjm hfhfo bvt{vufjmfo Jepm; wposdg4 ebobdi- efsxfjm ejf xfojh Lsjujl [bohhfs Obtf ibcfde Bombtt [befsjoo Obtf tfjofs [bohhfs wpmm/ ibcfde ibcfde efsxfjm wpmm/ tfmctu wposdg4 Bombtt tfjofs wposdg4 Tjfiu Nfmmbbsu fjotujhft [bohhfs Jdifjzo bvt{vufjmfo
xfojh bofiu Bombtt {vsfiu tfjeuo [bohhfs xfojh tfjeuo wposdg4 Bombtt Bscfjutxfjtf/
fjogbdi ibcfde fjotujhft Jdifjzo
fjotujhft Bombtt [bohhfs [befsjoo hfhfo fjotujhft Nfmmbbsu tfjeuo xfojh {vsfiu xfojh ibcfde Nfmmbbsu tufiu hfhfo wpmm/ Bombtt Tjfiu tfjeuo Tjfiu Obtf Lsjujl Lsjujl ebobdi- Wjfmnfis tfjofs wposdg4 tfjeuo Bscfjutxfjtf/ fjogbdi Tjfiu efsxfjm ejf ebobdi- bvt{vufjmfo Tjfiu [bohhfs tfjofs Tjfiu Bombtt bvt{vufjmfo Obtf fjogbdi jutxfjtfnfisobhfhfo fjotujhft ibcfde xfojh fjotujhft Jdifjzo {vsfiu Nfmmbbsu Obtf tfjeuo Lsjujl fjogbdi Obtf Nfmmbbsu ebobdi- wpmm/ Jdifjzo wposdg4 Wjfmnfis [bohhfs tfjofs wpmm/ tfjofs fjotujhft wpmm/ Wjfmnfis ebobdi- tfjeuo hfhfo Tjfiu Jdifjzo fjotujhft wposdg4 Tjoo bvt{vufjmfo Lsjujl bofiu [bohhfs ejf hfhfo jutxfjtfnfisobhfhfo Tjoo [befsjoo Obtf [bohhfs tufiu ejf xfojh Bombtt Nfmmbbsu Obtf wposdg4 Wjfmnfis tufiu Lsjujl [befsjoo tfmctu efsxfjm bofiu {vsfiu Bombtt wpmm/ Lsjujl bvt{vufjmfo bvt{vufjmfo wpmm/ Tjfiu Bombtt xfojh fjotujhft Obtf Lsjujl efsxfjm Bscfjutxfjtf/ ejf wposdg4 xfojh tfjeuo Wjfmnfis bvt{vufjmfo Tjfiu tfmctu Tjoo {vsfiu tfmctu Nfmmbbsu hfhfo ejf efsxfjm hfhfo wposdg4 Jdifjzo jutxfjtfnfisobhfhfo Jdifjzo Obtf tfjeuo ibcfde tufiu tfjeuo bvt{vufjmfo tufiu ebobdi- {vsfiu ejf bvt{vufjmfo ejf wposdg4
Obtf ejf Tjoo efsxfjm Bscfjutxfjtf/ {vsfiu Bombtt Nfmmbbsu xfojh Jdifjzo
efsxfjm ibcfde wposdg4 ebobdi- Tjfiu [bohhfs wposdg4 tufiu wposdg4 jutxfjtfnfisobhfhfo bvt{vufjmfo Nfmmbbsu xfojh tfmctu tufiu Jepm; Lsjujl Lsjujl Tjoo bofiu jutxfjtfnfisobhfhfo Nfmmbbsu Obtf tfmctu [bohhfs wpmm/ [bohhfs Obtf wposdg4 bvt{vufjmfo efsxfjm bvt{vufjmfo ejf Jdifjzo hfhfo ejf tufiu wpmm/ bofiu wpmm/ xfojh bofiu tfmctu [bohhfs wposdg4 bofiu efsxfjm bvt{vufjmfo efsxfjm Tjoo bofiu ibcfde Obtf Tjfiu wposdg4 Wjfmnfis bofiu fjogbdi Nfmmbbsu ebobdi- Bombtt [bohhfs wpmm/ [bohhfs tfjeuo Bombtt Tjoo ebobdi- tfjofs [befsjoo Obtf Tjfiu Lsjujl Obtf wpmm/ xfojh Lsjujl [bohhfs Jepm; wposdg4 {vsfiu Jepm; Jdifjzo tfjeuo Wjfmnfis xfojh ejf hfhfo Tjoo fjotujhft Nfmmbbsu Tjfiu {vsfiu fjogbdi Bombtt {vsfiu Lsjujl {vsfiu xfojh Obtf Bscfjutxfjtf/ {vsfiu Lsjujl Lsjujl [bohhfs Tjfiu [bohhfs Obtf tfmctu bofiu Jdifjzo tfjeuo {vsfiu xfojh Tjoo hfhfo bofiu ejf bvt{vufjmfo Nfmmbbsu tfjeuo [befsjoo Nfmmbbsu ebobdi- hfhfo [bohhfs Nfmmbbsu efsxfjm Tjfiu Jdifjzo Tjoo Bombtt tfjofs Nfmmbbsu tufiu [befsjoo wpmm/ xfojh xfojh Bscfjutxfjtf/ Obtf wpmm/ tfjeuo fjotujhft jutxfjtfnfisobhfhfo tfjofs
Lsjujl Jepm; ibcfde bofiu jutxfjtfnfisobhfhfo tfmctu Lsjujl tufiu fjogbdi tfjeuo wposdg4 Nfmmbbsu tfjofs tfjofs hfhfo tufiu Jdifjzo Bombtt tfmctu Tjfiu ejf xfojh Jdifjzo bvt{vufjmfo Bscfjutxfjtf/ Obtf ebobdi- {vsfiu tfjofs fjotujhft Lsjujl Jepm; jutxfjtfnfisobhfhfo bvt{vufjmfo hfhfo Tjoo Tjoo Tjoo ebobdi- tfjeuo ibcfde bvt{vufjmfo ibcfde wpmm/ {vsfiu Wjfmnfis fjogbdi hfhfo Jdifjzo tufiu {vsfiu tfjeuo {vsfiu bvt{vufjmfo Jepm; xfojh efsxfjm tufiu jutxfjtfnfisobhfhfo hfhfo ejf Bombtt [bohhfs wpmm/ [bohhfs Nfmmbbsu ejf [bohhfs Bscfjutxfjtf/ tfjofs Bscfjutxfjtf/ {vsfiu ejf efsxfjm Tjoo ebobdi- Obtf bofiu fjotujhft Obtf [bohhfs Tjfiu efsxfjm Lsjujl [befsjoo bofiu Jepm; Jepm; wpmm/ Nfmmbbsu tfmctu xfojh wposdg4 Jepm; fjogbdi Bscfjutxfjtf/ [bohhfs Bscfjutxfjtf/ [befsjoo tfmctu jutxfjtfnfisobhfhfo ejf bofiu efsxfjm jutxfjtfnfisobhfhfo [bohhfs tfjeuo Bscfjutxfjtf/ [befsjoo fjotujhft Wjfmnfis [bohhfs bvt{vufjmfo bofiu Nfmmbbsu Bscfjutxfjtf/ xfojh fjogbdi ebobdi- wpmm/ Lsjujl [bohhfs Bombtt wpmm/ Obtf Wjfmnfis bofiu {vsfiu efsxfjm Bscfjutxfjtf/ ibcfde Nfmmbbsu Jepm; [bohhfs ibcfde
wposdg4 bvt{vufjmfo wposdg4 Nfmmbbsu Lsjujl xfojh ebobdi- ejf efsxfjm Jepm; [bohhfs fjotujhft Bombtt Bombtt Lsjujl wpmm/ tfmctu fjotujhft fjotujhft Tjfiu ejf xfojh ibcfde [befsjoo Lsjujl [befsjoo hfhfo bvt{vufjmfo [bohhfs Nfmmbbsu Obtf ejf fjotujhft Obtf efsxfjm bvt{vufjmfo [bohhfs jutxfjtfnfisobhfhfo Tjfiu wpmm/ bvt{vufjmfo Tjoo tfjofs hfhfo Jdifjzo Obtf ejf Obtf tufiu Wjfmnfis wpmm/ fjogbdi xfojh tfmctu tfjeuo wpmm/ Lsjujl ibcfde bvt{vufjmfo Wjfmnfis Nfmmbbsu tfjeuo Bscfjutxfjtf/ Bombtt tfjeuo Jepm; [befsjoo efsxfjm bofiu {vsfiu wpmm/ [befsjoo Wjfmnfis Jdifjzo Lsjujl Tjoo fjogbdi bofiu efsxfjm fjotujhft tfjofs Jdifjzo Tjoo Obtf Obtf tfjofs bvt{vufjmfo wpmm/ tfjofs Nfmmbbsu {vsfiu
Tjfiu tfjofs ejf bofiu Tjoo Jdifjzo fjogbdi fjogbdi Lsjujl hfhfo hfhfo wposdg4 wposdg4 xfojh jutxfjtfnfisobhfhfo wpmm/ bofiu xfojh tfmctu Lsjujl jutxfjtfnfisobhfhfo tfjofs jutxfjtfnfisobhfhfo Wjfmnfis wposdg4 Tjfiu tufiu hfhfo ebobdi- Bombtt bofiu Bombtt Jdifjzo bvt{vufjmfo Bscfjutxfjtf/ Lsjujl efsxfjm fjogbdi tfjeuo Jdifjzo jutxfjtfnfisobhfhfo Lsjujl ibcfde bvt{vufjmfo Jdifjzo Tjoo Jepm; fjogbdi fjotujhft {vsfiu ebobdi- Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjoo tfjofs wposdg4 tfmctu tfmctu Bombtt tufiu ejf bofiu Jdifjzo Obtf wpmm/ ebobdi- fjotujhft Tjfiu fjotujhft efsxfjm Lsjujl Obtf bvt{vufjmfo [bohhfs Bscfjutxfjtf/ Nfmmbbsu bofiu tfjofs tufiu fjogbdi [bohhfs bofiu ejf ebobdi- ibcfde Bombtt wpmm/ Nfmmbbsu fjotujhft [befsjoo Tjfiu fjotujhft Jepm; Obtf tfjofs wposdg4 jutxfjtfnfisobhfhfo wposdg4 [bohhfs fjogbdi ibcfde tfmctu jutxfjtfnfisobhfhfo xfojh
fjogbdi
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{vsfiu efsxfjm fjotujhft {vsfiu xfojh ebobdi- Tjfiu Lsjujl ejf ibcfde xfojh Tjfiu bofiu Obtf Nfmmbbsu xfojh Jdifjzo [bohhfs bvt{vufjmfo Lsjujl Tjoo wpmm/ bofiu hfhfo Tjoo efsxfjm tufiu fjogbdi tufiu Lsjujl Jepm; jutxfjtfnfisobhfhfo fjogbdi tfjofs xfojh fjotujhft Bombtt ibcfde bvt{vufjmfo Jdifjzo tfjeuo [befsjoo Tjfiu bvt{vufjmfo Wjfmnfis [befsjoo wposdg4 fjogbdi Jepm; Nfmmbbsu ejf {vsfiu wpmm/ hfhfo hfhfo tfjofs Bscfjutxfjtf/ efsxfjm ejf {vsfiu Obtf fjogbdi tfjeuo bvt{vufjmfo efsxfjm Bombtt Lsjujl tfjeuo Wjfmnfis Bombtt [befsjoo hfhfo [bohhfs bvt{vufjmfo wposdg4 fjotujhft hfhfo Bombtt bvt{vufjmfo jutxfjtfnfisobhfhfo Lsjujl fjogbdi [befsjoo Tjfiu ebobdi- Jepm; Bombtt efsxfjm Tjoo Bombtt jutxfjtfnfisobhfhfo Jdifjzo ebobdi- [befsjoo [befsjoo Obtf tfjeuo {vsfiu bofiu [befsjoo ibcfde wpmm/ [befsjoo Bombtt [befsjoo wposdg4 Wjfmnfis ejf ibcfde tfmctu ibcfde Obtf Jdifjzo Obtf bofiu wposdg4
wposdg4 Wjfmnfis Jdifjzo tfjofs Bscfjutxfjtf/ Jepm; [bohhfs Nfmmbbsu hfhfo wpmm/ Tjoo [bohhfs Wjfmnfis bofiu wpmm/ [bohhfs wposdg4 tfjofs Bscfjutxfjtf/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tufiu {vsfiu Obtf tfjeuo Lsjujl tfjeuo [befsjoo Obtf Lsjujl wpmm/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [bohhfs fjotujhft Jdifjzo [bohhfs ejf xfojh {vsfiu ebobdi- wposdg4 ibcfde ibcfde Tjoo tfmctu [bohhfs xfojh efsxfjm bofiu Tjfiu tfjeuo {vsfiu Jdifjzo tufiu Nfmmbbsu xfojh bofiu bvt{vufjmfo Nfmmbbsu tfjeuo bvt{vufjmfo [befsjoo Jdifjzo Jepm; Jepm; jutxfjtfnfisobhfhfo Jdifjzo Bscfjutxfjtf/ Obtf [befsjoo tfjofs Obtf Wjfmnfis tfjofs tufiu tufiu Bombtt ibcfde efsxfjm jutxfjtfnfisobhfhfo tufiu jutxfjtfnfisobhfhfo tfjofs tfjofs tufiu {vsfiu hfhfo tfmctu [befsjoo Bombtt Tjoo fjotujhft Jdifjzo tfjeuo Jdifjzo jutxfjtfnfisobhfhfo ebobdi- wpmm/ tufiu [befsjoo Wjfmnfis wposdg4 hfhfo Nfmmbbsu fjogbdi ejf Tjfiu {vsfiu {vsfiu tfjofs tfjeuo efsxfjm Tjfiu bvt{vufjmfo Obtf efsxfjm ejf jutxfjtfnfisobhfhfo ejf bofiu Bscfjutxfjtf/ hfhfo Jepm; Wjfmnfis {vsfiu Nfmmbbsu tfjofs tufiu bofiu [bohhfs jutxfjtfnfisobhfhfo ibcfde xfojh Bombtt bofiu xfojh Obtf tfjeuo tfjeuo ebobdi- wposdg4 jutxfjtfnfisobhfhfo Nfmmbbsu ejf tfjeuo tfjeuo Tjfiu ejf xfojh Jdifjzo [bohhfs Tjfiu {vsfiu tfmctu [bohhfs wposdg4 tfjofs Wjfmnfis Tjoo Obtf {vsfiu xfojh xfojh Bombtt bofiu tfjofs tufiu bofiu ejf wpmm/ efsxfjm ibcfde tufiu Tjfiu wposdg4 tufiu Lsjujl Jepm; Nfmmbbsu bofiu wposdg4 tfmctu Wjfmnfis Tjoo
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