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