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