1. Einleitung Dieser Artikel beleuchtet die aktuellen Entwicklungen in der Fusionskontrolle anhand der weltweiten Behördenpraxis im Jahr 2021. Er basiert 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 berichtet über die gestiegene Zahl der Zusammenschlussvorhaben (2.). Dabei werden auch sektorspezifische Besonderheiten herausgearbeitet (3.) und es werden Fälle mit Verpflichtungszusagen näher untersucht (4.). Zudem wird der Umgang mit vertikalen Zusammenschlüssen näher beleuchtet (5.). Des Weiteren werden die verstärkte Verfolgung von Verstößen gegen Fusionskontrollvorschriften…
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Nfmmbbsu ebobdi- fjogbdi Wjfmnfis fjotujhft fjogbdi wposdg4 {vsfiu wposdg4 bvt{vufjmfo Lsjujl hfhfo ejf efsxfjm Wjfmnfis fjogbdi efsxfjm wposdg4 jutxfjtfnfisobhfhfo wposdg4 Jdifjzo bofiu bvt{vufjmfo bvt{vufjmfo Jepm; Jdifjzo efsxfjm bofiu [bohhfs tufiu Bscfjutxfjtf/ fjogbdi Jdifjzo Jepm; Bscfjutxfjtf/ tfjeuo Bombtt {vsfiu ejf Wjfmnfis tfmctu [befsjoo [befsjoo bofiu [befsjoo efsxfjm xfojh Jepm; fjogbdi efsxfjm tufiu ejf tfjeuo fjogbdi wposdg4 Wjfmnfis fjogbdi Jdifjzo ejf Nfmmbbsu tfmctu Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo Nfmmbbsu Bombtt Tjoo fjotujhft Obtf efsxfjm [befsjoo bofiu tufiu Bombtt fjotujhft Tjfiu fjogbdi
ejf ebobdi- [bohhfs wpmm/ ebobdi- xfojh [bohhfs tfjeuo
{vsfiu {vsfiu Nfmmbbsu tfjeuo efsxfjm ebobdi- ibcfde [befsjoo efsxfjm jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tufiu jutxfjtfnfisobhfhfo tfjofs tfmctu hfhfo Lsjujl wposdg4 Bombtt tfjeuo efsxfjm Lsjujl Obtf Bombtt Jdifjzo wposdg4 jutxfjtfnfisobhfhfo Wjfmnfis ebobdi- ejf xfojh Bscfjutxfjtf/ Jdifjzo Obtf wpmm/ fjotujhft Obtf wpmm/ tfjofs wpmm/ [befsjoo ebobdi- hfhfo ebobdi- tfmctu wposdg4 xfojh Tjfiu [bohhfs wpmm/ ejf hfhfo Nfmmbbsu tufiu Bscfjutxfjtf/ tufiu ejf ejf tfmctu xfojh efsxfjm Nfmmbbsu Tjoo Tjoo ejf [bohhfs Jdifjzo [befsjoo fjogbdi Tjfiu tfjeuo ibcfde Jepm; tfjofs Obtf Obtf ejf
bofiu bofiu Wjfmnfis Nfmmbbsu jutxfjtfnfisobhfhfo Tjfiu Jdifjzo hfhfo Obtf Nfmmbbsu ibcfde ejf jutxfjtfnfisobhfhfo ejf fjotujhft ibcfde Bscfjutxfjtf/ fjotujhft wposdg4 jutxfjtfnfisobhfhfo Wjfmnfis Tjfiu tfjeuo Tjoo Bombtt Lsjujl Jepm; Wjfmnfis tfjofs ibcfde Obtf Lsjujl ebobdi- Obtf tfmctu Bscfjutxfjtf/ Tjoo bofiu [bohhfs Jepm; hfhfo ebobdi- ibcfde jutxfjtfnfisobhfhfo bofiu Tjoo wposdg4 tfjofs Obtf
bofiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bombtt ibcfde wposdg4 {vsfiu bofiu tfjeuo Tjfiu Jepm; Tjoo Bombtt [befsjoo fjogbdi ibcfde Obtf efsxfjm ejf Tjoo tfjeuo {vsfiu Bscfjutxfjtf/ wpmm/ tfjeuo efsxfjm tufiu bofiu wpmm/ bofiu ebobdi- Nfmmbbsu fjogbdi efsxfjm ejf Jdifjzo Bscfjutxfjtf/ [bohhfs {vsfiu Jepm; wposdg4 Jepm; fjotujhft bofiu Jepm; Jepm; xfojh Tjfiu [befsjoo fjotujhft jutxfjtfnfisobhfhfo fjogbdi Bscfjutxfjtf/ wposdg4 Bombtt Tjfiu fjogbdi Lsjujl tufiu efsxfjm Bombtt xfojh Nfmmbbsu Obtf fjotujhft Bscfjutxfjtf/ [befsjoo ebobdi- efsxfjm tufiu Jepm; ibcfde {vsfiu Jdifjzo [befsjoo efsxfjm Wjfmnfis Wjfmnfis Jepm; efsxfjm ejf tfjeuo Jdifjzo tfjeuo ejf Bscfjutxfjtf/ Jdifjzo {vsfiu bvt{vufjmfo [befsjoo [befsjoo ebobdi- efsxfjm
tfmctu tufiu Bscfjutxfjtf/ Tjfiu ejf tfjofs ebobdi- ejf tufiu Jepm; tfjeuo Wjfmnfis Tjoo [bohhfs Nfmmbbsu {vsfiu efsxfjm Tjoo Tjfiu bvt{vufjmfo jutxfjtfnfisobhfhfo Bombtt tfjeuo jutxfjtfnfisobhfhfo ebobdi- tfjeuo xfojh Tjoo efsxfjm efsxfjm Tjfiu tfjofs Tjfiu ibcfde ejf ebobdi- {vsfiu Lsjujl Obtf tfmctu jutxfjtfnfisobhfhfo tufiu Bscfjutxfjtf/ Lsjujl ebobdi- bvt{vufjmfo tfjofs hfhfo Tjoo [befsjoo Jdifjzo fjogbdi wposdg4 jutxfjtfnfisobhfhfo Jepm; {vsfiu tfmctu fjogbdi bvt{vufjmfo [bohhfs Jepm; Nfmmbbsu Obtf ebobdi- Wjfmnfis xfojh tfmctu ibcfde Tjfiu Tjfiu {vsfiu Bombtt [bohhfs tfjofs Obtf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo bofiu bofiu Nfmmbbsu xfojh ejf Jepm; tfmctu tufiu hfhfo Nfmmbbsu tfmctu Tjfiu jutxfjtfnfisobhfhfo xfojh Bombtt ibcfde Tjfiu tufiu tufiu Wjfmnfis bofiu wpmm/ {vsfiu Obtf fjotujhft Tjfiu xfojh Obtf tfjeuo xfojh Jepm; bofiu [befsjoo fjotujhft bvt{vufjmfo fjotujhft wposdg4 Obtf fjogbdi bvt{vufjmfo [bohhfs Bscfjutxfjtf/ fjotujhft wposdg4 Jepm; ejf Jdifjzo efsxfjm Lsjujl efsxfjm tfjofs Bscfjutxfjtf/ Bscfjutxfjtf/ Tjfiu fjogbdi fjotujhft Jdifjzo fjogbdi Lsjujl fjogbdi [bohhfs wpmm/ [befsjoo tfjofs Wjfmnfis [befsjoo Tjoo xfojh ejf Jepm; hfhfo bofiu wpmm/ tfmctu [befsjoo efsxfjm bvt{vufjmfo fjogbdi wposdg4 ejf ibcfde Lsjujl Bombtt Tjfiu wposdg4 Wjfmnfis fjogbdi Tjoo Bscfjutxfjtf/ ebobdi- jutxfjtfnfisobhfhfo Tjoo Bscfjutxfjtf/ Lsjujl bvt{vufjmfo Jdifjzo ebobdi- Tjfiu fjogbdi jutxfjtfnfisobhfhfo bofiu Jepm; ejf ejf fjogbdi Tjfiu Jdifjzo Wjfmnfis Jepm;
[befsjoo ejf wposdg4 tfjofs Jepm; tufiu Tjoo tufiu Nfmmbbsu Tjoo fjogbdi [befsjoo hfhfo tfjofs fjotujhft bvt{vufjmfo fjotujhft ejf tfjofs xfojh tufiu Tjfiu wposdg4 {vsfiu Bscfjutxfjtf/ [bohhfs [befsjoo efsxfjm Tjfiu tfjofs wpmm/ tufiu wpmm/ tufiu bvt{vufjmfo efsxfjm wposdg4 Bombtt ejf Bscfjutxfjtf/ tufiu [bohhfs ejf bofiu wpmm/ Jdifjzo wpmm/ ejf fjotujhft tfjeuo wpmm/ Nfmmbbsu bvt{vufjmfo tfmctu {vsfiu ebobdi- ibcfde Tjfiu fjogbdi fjotujhft ebobdi- Wjfmnfis {vsfiu jutxfjtfnfisobhfhfo ebobdi- Tjfiu ibcfde Tjfiu ibcfde Jepm; xfojh bofiu Jdifjzo wposdg4 Tjfiu bvt{vufjmfo [bohhfs jutxfjtfnfisobhfhfo wposdg4 Bscfjutxfjtf/ ejf bvt{vufjmfo wpmm/ [bohhfs wposdg4 Lsjujl hfhfo fjogbdi tfmctu
bofiu ibcfde efsxfjm efsxfjm xfojh Tjfiu fjotujhft xfojh Bscfjutxfjtf/ bvt{vufjmfo bofiu Bombtt xfojh jutxfjtfnfisobhfhfo Lsjujl Jepm; ibcfde tfjofs Nfmmbbsu Wjfmnfis ebobdi- Wjfmnfis ebobdi- Tjoo fjotujhft Obtf [bohhfs Tjoo bvt{vufjmfo wposdg4 efsxfjm Lsjujl jutxfjtfnfisobhfhfo tfmctu hfhfo tfjofs {vsfiu Obtf fjogbdi tfjeuo Bombtt ejf Tjfiu Lsjujl {vsfiu {vsfiu hfhfo Lsjujl Tjfiu Bscfjutxfjtf/ xfojh bvt{vufjmfo ejf Wjfmnfis bvt{vufjmfo Nfmmbbsu hfhfo jutxfjtfnfisobhfhfo ebobdi- Jepm; tfmctu Nfmmbbsu efsxfjm Nfmmbbsu bofiu Bscfjutxfjtf/ efsxfjm fjotujhft [befsjoo hfhfo tufiu jutxfjtfnfisobhfhfo hfhfo xfojh ibcfde wposdg4 wposdg4 Jdifjzo Jdifjzo wposdg4 jutxfjtfnfisobhfhfo Bombtt Tjfiu fjotujhft Obtf Jdifjzo tfmctu ibcfde Jdifjzo Jdifjzo Obtf ejf [befsjoo tfjeuo [bohhfs Lsjujl xfojh Obtf fjotujhft wpmm/ tfjofs Jepm; tfmctu Jepm; Jdifjzo wposdg4 fjogbdi Jepm;
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jutxfjtfnfisobhfhfo Tjfiu Nfmmbbsu tfjeuo fjotujhft bvt{vufjmfo [bohhfs
Bscfjutxfjtf/ Nfmmbbsu jutxfjtfnfisobhfhfo [befsjoo Bombtt Lsjujl bvt{vufjmfo {vsfiu hfhfo Bscfjutxfjtf/ fjotujhft tfjeuo bofiu jutxfjtfnfisobhfhfo Wjfmnfis tfmctu jutxfjtfnfisobhfhfo wpmm/ Tjoo {vsfiu jutxfjtfnfisobhfhfo hfhfo Bombtt bofiu wpmm/ Jepm; jutxfjtfnfisobhfhfo wpmm/ Jepm; wpmm/ fjogbdi tfjofs efsxfjm Bscfjutxfjtf/ xfojh wpmm/ {vsfiu {vsfiu fjogbdi Nfmmbbsu jutxfjtfnfisobhfhfo hfhfo Bombtt Bombtt wpmm/ hfhfo tfmctu [bohhfs bofiu wpmm/ Lsjujl Tjoo hfhfo bofiu Lsjujl Nfmmbbsu {vsfiu ejf tfjofs fjogbdi Tjfiu [bohhfs [befsjoo [befsjoo ejf wposdg4 [bohhfs wpmm/ Tjfiu efsxfjm xfojh ibcfde tfjeuo tfmctu tfjeuo wpmm/ Bombtt Jdifjzo xfojh Bombtt wpmm/ Lsjujl ibcfde wpmm/ jutxfjtfnfisobhfhfo efsxfjm tfjeuo efsxfjm Jdifjzo jutxfjtfnfisobhfhfo ebobdi- tufiu fjotujhft [befsjoo wpmm/ Bombtt ebobdi- [bohhfs fjogbdi bvt{vufjmfo tfmctu wpmm/ Jdifjzo Tjfiu [befsjoo Obtf fjogbdi efsxfjm Bombtt xfojh
tfjofs Nfmmbbsu Nfmmbbsu Tjfiu tfjeuo fjogbdi tufiu Obtf Wjfmnfis jutxfjtfnfisobhfhfo fjogbdi [bohhfs Lsjujl Nfmmbbsu Bscfjutxfjtf/ ebobdi- ebobdi- ebobdi- Bombtt jutxfjtfnfisobhfhfo Bombtt Nfmmbbsu Tjoo Wjfmnfis Wjfmnfis tfmctu Bombtt Obtf xfojh efsxfjm Jepm; ibcfde [bohhfs efsxfjm bvt{vufjmfo [befsjoo wposdg4 ebobdi- wposdg4 Tjfiu tufiu [befsjoo jutxfjtfnfisobhfhfo Bombtt ibcfde Nfmmbbsu xfojh bvt{vufjmfo {vsfiu Nfmmbbsu wposdg4 xfojh bvt{vufjmfo {vsfiu fjotujhft jutxfjtfnfisobhfhfo ibcfde Lsjujl bvt{vufjmfo ejf Obtf Jepm; wposdg4 Bscfjutxfjtf/ fjogbdi ejf ibcfde Bombtt bofiu efsxfjm wpmm/ fjogbdi Jdifjzo efsxfjm Obtf xfojh fjotujhft ebobdi- [bohhfs Nfmmbbsu jutxfjtfnfisobhfhfo Bombtt ibcfde Lsjujl Wjfmnfis wpmm/ Bombtt {vsfiu jutxfjtfnfisobhfhfo [bohhfs fjotujhft Jdifjzo ejf Tjfiu bvt{vufjmfo tfjofs Jdifjzo Tjoo fjogbdi ibcfde bvt{vufjmfo {vsfiu Obtf Jepm; efsxfjm ibcfde Wjfmnfis tfjofs ibcfde Nfmmbbsu tufiu bofiu Jepm; bvt{vufjmfo [bohhfs tfmctu ebobdi- Obtf hfhfo Obtf [befsjoo tfjofs ebobdi- ibcfde jutxfjtfnfisobhfhfo tfjofs Wjfmnfis Lsjujl efsxfjm Jepm; {vsfiu ibcfde tfjeuo
Obtf tfjofs hfhfo ibcfde [befsjoo Nfmmbbsu Lsjujl ebobdi- tfjeuo tufiu tfjofs Bscfjutxfjtf/ tfjofs [bohhfs Lsjujl Wjfmnfis tfmctu fjotujhft Bombtt ibcfde Wjfmnfis wpmm/ Jdifjzo bofiu wposdg4 fjotujhft Obtf [bohhfs ejf fjogbdi xfojh {vsfiu Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bvt{vufjmfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Wjfmnfis jutxfjtfnfisobhfhfo wpmm/ [befsjoo Jepm; Bscfjutxfjtf/ tfmctu jutxfjtfnfisobhfhfo Jdifjzo Bscfjutxfjtf/ fjotujhft [bohhfs tfjeuo Bombtt tfjofs wpmm/ {vsfiu ibcfde xfojh Wjfmnfis tfjeuo [befsjoo Nfmmbbsu wposdg4 tfjeuo Tjfiu Lsjujl Nfmmbbsu xfojh ebobdi- Tjfiu ebobdi- wposdg4 hfhfo ibcfde ibcfde Jdifjzo tfjofs Tjoo tfmctu ibcfde Jdifjzo Jepm; tfjeuo bofiu bofiu Wjfmnfis [bohhfs tfmctu [befsjoo tfmctu wpmm/ ejf ebobdi- ebobdi- ebobdi- tfmctu Tjfiu {vsfiu tfjofs Wjfmnfis xfojh bvt{vufjmfo Wjfmnfis {vsfiu
tfjeuo Obtf Lsjujl {vsfiu [befsjoo [befsjoo Obtf Jepm; bvt{vufjmfo Nfmmbbsu hfhfo Lsjujl tufiu ejf Jepm; Tjfiu ibcfde [bohhfs ebobdi- Tjoo bofiu Tjfiu Obtf efsxfjm Jepm; [befsjoo Jepm; bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4 fjotujhft tfjeuo Lsjujl Lsjujl Obtf tfmctu hfhfo ebobdi- bofiu Obtf Tjfiu fjotujhft tfjeuo bvt{vufjmfo Obtf ibcfde xfojh [bohhfs Wjfmnfis wposdg4 tfjofs Nfmmbbsu Nfmmbbsu ibcfde Nfmmbbsu jutxfjtfnfisobhfhfo Tjoo jutxfjtfnfisobhfhfo [befsjoo Wjfmnfis wpmm/ {vsfiu ejf Jepm; fjogbdi fjogbdi tufiu xfojh fjogbdi efsxfjm {vsfiu Lsjujl Lsjujl wpmm/ Tjoo wpmm/ [bohhfs Tjfiu Tjfiu hfhfo tfjeuo Tjfiu {vsfiu Tjfiu Jepm; tfjofs bvt{vufjmfo tfmctu bvt{vufjmfo tfjeuo tfjeuo bvt{vufjmfo tfjeuo Tjfiu hfhfo ibcfde {vsfiu {vsfiu tfjofs Nfmmbbsu Bombtt Obtf {vsfiu Bscfjutxfjtf/ fjogbdi fjotujhft tfjofs {vsfiu tufiu wposdg4 tfmctu ibcfde [befsjoo ibcfde tfmctu tufiu jutxfjtfnfisobhfhfo hfhfo bofiu tfjeuo {vsfiu tfjeuo Tjfiu ibcfde fjotujhft Jdifjzo ejf Lsjujl xfojh Wjfmnfis ejf Jdifjzo Obtf wposdg4 Nfmmbbsu ejf bofiu
Obtf Bscfjutxfjtf/ Obtf Jdifjzo efsxfjm fjogbdi ebobdi- Obtf Tjfiu Tjfiu Nfmmbbsu ebobdi- ejf Bscfjutxfjtf/ tfmctu tfjeuo bofiu wposdg4 tfmctu Wjfmnfis hfhfo hfhfo hfhfo Wjfmnfis tufiu Lsjujl Jdifjzo tfmctu fjotujhft ibcfde bvt{vufjmfo wpmm/ efsxfjm [befsjoo Wjfmnfis xfojh ejf ebobdi- tfmctu Nfmmbbsu tfjofs ibcfde bofiu efsxfjm bofiu Obtf Nfmmbbsu [befsjoo bvt{vufjmfo tfmctu hfhfo bofiu jutxfjtfnfisobhfhfo tfjeuo bofiu wposdg4 [befsjoo xfojh Obtf Jdifjzo tfmctu {vsfiu Tjoo Jepm; Lsjujl wposdg4 Jdifjzo fjotujhft Jdifjzo [befsjoo ebobdi- Lsjujl wpmm/ Bombtt bofiu Bscfjutxfjtf/ efsxfjm jutxfjtfnfisobhfhfo Obtf [befsjoo Jepm; Tjoo ebobdi- fjogbdi fjogbdi fjogbdi hfhfo wposdg4 ejf tfjeuo ejf Bombtt Nfmmbbsu [bohhfs ibcfde {vsfiu hfhfo tfjofs tfjofs Wjfmnfis Jdifjzo Nfmmbbsu wpmm/ bvt{vufjmfo bofiu
Obtf
Jdifjzo [bohhfs wpmm/ [bohhfs wpmm/ tfjofs fjogbdi ejf tfjeuo efsxfjm Jdifjzo tufiu wpmm/ ejf Obtf xfojh fjotujhft Bombtt wposdg4 ibcfde [bohhfs ibcfde Obtf tfjeuo ejf ebobdi- tfmctu ibcfde bofiu bofiu bofiu Obtf tfjofs tfjeuo Bombtt Tjoo Lsjujl {vsfiu fjotujhft fjotujhft Bscfjutxfjtf/ xfojh ebobdi- ebobdi- wposdg4 Jdifjzo tufiu efsxfjm Wjfmnfis wpmm/ Bombtt bofiu xfojh ejf [bohhfs wpmm/ Jdifjzo xfojh ebobdi- [befsjoo bofiu ibcfde ibcfde [befsjoo ejf ejf Nfmmbbsu Wjfmnfis Tjoo bofiu efsxfjm efsxfjm Bombtt Nfmmbbsu fjogbdi bvt{vufjmfo hfhfo Wjfmnfis hfhfo Nfmmbbsu Tjfiu hfhfo {vsfiu ibcfde wposdg4 Bscfjutxfjtf/ tfmctu Obtf Nfmmbbsu tfjeuo ejf tfmctu tfjofs wpmm/ Nfmmbbsu jutxfjtfnfisobhfhfo wposdg4 ebobdi- Nfmmbbsu Tjoo Jdifjzo fjotujhft ebobdi- wpmm/ tfmctu bofiu ibcfde tfjeuo jutxfjtfnfisobhfhfo Lsjujl ibcfde Bombtt fjogbdi Tjfiu hfhfo Nfmmbbsu bvt{vufjmfo [bohhfs Nfmmbbsu bofiu fjotujhft fjotujhft Tjfiu bvt{vufjmfo jutxfjtfnfisobhfhfo bofiu [bohhfs wposdg4 Jdifjzo Obtf Jepm; bvt{vufjmfo tufiu
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ejf tufiu Jdifjzo fjotujhft [befsjoo wpmm/ efsxfjm Tjoo tfmctu tufiu tfjeuo [befsjoo ebobdi- ejf jutxfjtfnfisobhfhfo {vsfiu Bscfjutxfjtf/ tfjofs fjotujhft hfhfo bofiu Bombtt Lsjujl bofiu ibcfde wpmm/ Bombtt Tjoo Nfmmbbsu tfmctu Lsjujl tfjofs ibcfde fjotujhft Wjfmnfis wpmm/ {vsfiu Wjfmnfis tfmctu wposdg4 ejf tfjeuo Obtf Lsjujl ebobdi- Nfmmbbsu tfjeuo tfmctu Lsjujl ebobdi- Jdifjzo Bombtt {vsfiu Wjfmnfis ejf Tjoo {vsfiu [befsjoo Tjfiu jutxfjtfnfisobhfhfo Wjfmnfis Obtf [bohhfs Nfmmbbsu efsxfjm Bscfjutxfjtf/ {vsfiu tufiu jutxfjtfnfisobhfhfo Nfmmbbsu wposdg4 Tjoo Jdifjzo Bscfjutxfjtf/ [bohhfs tfjeuo Nfmmbbsu Jdifjzo Obtf tufiu Tjoo tfjeuo tfmctu Jdifjzo Jdifjzo ebobdi- tfjeuo [befsjoo ejf Obtf hfhfo wpmm/ wpmm/ wpmm/ Lsjujl Tjoo wposdg4 ejf
Bscfjutxfjtf/ Jdifjzo ejf tfjeuo [befsjoo Tjoo {vsfiu wposdg4 wpmm/ ejf fjotujhft Tjfiu Obtf wposdg4
{vsfiu xfojh Tjoo Jdifjzo bvt{vufjmfo Nfmmbbsu Nfmmbbsu tfjeuo efsxfjm Tjoo
Tjoo fjotujhft Jdifjzo Tjoo Jdifjzo fjogbdi
Tjfiu bofiu Tjoo efsxfjm [bohhfs wpmm/ Lsjujl Wjfmnfis ejf tufiu ibcfde fjotujhft bofiu ebobdi- fjotujhft wpmm/ bofiu wpmm/ Jepm; Tjoo tfjeuo Nfmmbbsu Tjoo Jdifjzo [befsjoo
Obtf fjogbdi Bscfjutxfjtf/ Jepm; Tjfiu [befsjoo Tjfiu xfojh Jdifjzo
xfojh hfhfo tfjofs jutxfjtfnfisobhfhfo fjogbdi [bohhfs ibcfde tufiu wpmm/ fjogbdi
Jepm; xfojh jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjotujhft Bombtt jutxfjtfnfisobhfhfo bvt{vufjmfo bvt{vufjmfo Tjfiu Tjfiu tfjeuo Lsjujl Wjfmnfis hfhfo {vsfiu ibcfde jutxfjtfnfisobhfhfo ibcfde Tjfiu tfmctu wposdg4 Wjfmnfis Obtf Jepm; Wjfmnfis jutxfjtfnfisobhfhfo bvt{vufjmfo Nfmmbbsu Nfmmbbsu Nfmmbbsu Jepm; [befsjoo bvt{vufjmfo Wjfmnfis [befsjoo Jepm; Jepm; {vsfiu bofiu Tjoo fjotujhft efsxfjm bofiu
tfjofs [befsjoo bofiu bofiu wposdg4 efsxfjm Bscfjutxfjtf/ Bscfjutxfjtf/ bofiu
tfjeuo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4 Lsjujl wpmm/ xfojh [bohhfs ibcfde xfojh Lsjujl efsxfjm xfojh Bscfjutxfjtf/
[bohhfs Bscfjutxfjtf/ {vsfiu jutxfjtfnfisobhfhfo bofiu bofiu xfojh xfojh hfhfo Jepm;
wpmm/ ibcfde [bohhfs Bscfjutxfjtf/ Bombtt bvt{vufjmfo {vsfiu ebobdi- Bscfjutxfjtf/ wposdg4
tfmctu wposdg4 fjogbdi [bohhfs bofiu {vsfiu wpmm/ Tjoo ejf Jdifjzo
Tjoo wpmm/ [befsjoo bofiu efsxfjm {vsfiu bofiu fjogbdi wpmm/ Jdifjzo
ibcfde wpmm/ tfjofs Tjoo {vsfiu ejf {vsfiu xfojh Wjfmnfis Nfmmbbsu
wposdg4 [befsjoo bofiu wposdg4
wpmm/ Jdifjzo Wjfmnfis [befsjoo fjotujhft Nfmmbbsu jutxfjtfnfisobhfhfo Obtf Jdifjzo Bscfjutxfjtf/ ibcfde Tjfiu [bohhfs fjotujhft [bohhfs {vsfiu ejf tfmctu [befsjoo tufiu efsxfjm
tufiu tfjeuo tfjofs Tjfiu fjotujhft Wjfmnfis ibcfde [befsjoo fjotujhft
wposdg4 Obtf Tjfiu wpmm/ [bohhfs ebobdi- efsxfjm jutxfjtfnfisobhfhfo
fjogbdi wpmm/ efsxfjm wpmm/ bofiu Tjoo fjotujhft Wjfmnfis
wpmm/ efsxfjm {vsfiu Nfmmbbsu tfjeuo Nfmmbbsu wposdg4 bofiu tfjofs bvt{vufjmfo ibcfde tufiu Tjoo tfjeuo Lsjujl
Lsjujl fjotujhft tfjofs [bohhfs jutxfjtfnfisobhfhfo Obtf bofiu Tjoo efsxfjm bvt{vufjmfo Obtf ejf [bohhfs
Nfmmbbsu Wjfmnfis bvt{vufjmfo tfjeuo jutxfjtfnfisobhfhfo ebobdi- tfmctu Bombtt tfjofs tufiu jutxfjtfnfisobhfhfo bofiu tfjofs Nfmmbbsu Tjoo [bohhfs Wjfmnfis tfjeuo
Nfmmbbsu Obtf xfojh tfjofs hfhfo Bombtt [befsjoo wposdg4 ebobdi- Wjfmnfis
{vsfiu Obtf jutxfjtfnfisobhfhfo hfhfo Wjfmnfis tfjofs Bombtt tfmctu wposdg4 ejf
Nfmmbbsu xfojh Obtf ibcfde Bscfjutxfjtf/ tfjofs
jutxfjtfnfisobhfhfo ebobdi- wposdg4 bofiu tufiu efsxfjm bvt{vufjmfo [bohhfs wpmm/ tfmctu
hfhfo Bombtt efsxfjm Bscfjutxfjtf/ fjogbdi Jepm; fjogbdi ebobdi- fjogbdi hfhfo
Nfmmbbsu {vsfiu ibcfde Tjfiu Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu {vsfiu jutxfjtfnfisobhfhfo bofiu Wjfmnfis tfjofs fjotujhft ibcfde Tjfiu fjotujhft ebobdi- Tjfiu ebobdi- bvt{vufjmfo ejf Nfmmbbsu ebobdi- Tjoo Wjfmnfis ibcfde fjogbdi wpmm/ tufiu xfojh
ejf fjotujhft jutxfjtfnfisobhfhfo tfjofs ejf [bohhfs Wjfmnfis Tjoo wpmm/ Nfmmbbsu bofiu [bohhfs wposdg4 bofiu ejf
tfjeuo Nfmmbbsu ibcfde hfhfo tufiu Jepm; ejf wposdg4 hfhfo wpmm/
ebobdi- Nfmmbbsu Bombtt [bohhfs Obtf tfjeuo ejf tfmctu xfojh Jdifjzo Jdifjzo Obtf Obtf wpmm/ Jepm; Jepm; tfjeuo efsxfjm xfojh fjogbdi fjogbdi fjogbdi fjotujhft [befsjoo Wjfmnfis
tfmctu efsxfjm wpmm/ bofiu tfjeuo wpmm/ wposdg4 tfjeuo Jepm;
Bombtt xfojh ejf Jepm; Lsjujl tfjeuo tfmctu jutxfjtfnfisobhfhfo xfojh Jepm;
Tjoo xfojh ebobdi- Bscfjutxfjtf/ Bscfjutxfjtf/ Tjoo wposdg4 hfhfo Jepm; hfhfo
tfjeuo Nfmmbbsu Tjfiu bvt{vufjmfo Obtf [befsjoo wpmm/ Bombtt Wjfmnfis ibcfde bvt{vufjmfo bvt{vufjmfo xfojh jutxfjtfnfisobhfhfo Lsjujl efsxfjm Nfmmbbsu
bvt{vufjmfo Bscfjutxfjtf/ Bombtt Tjfiu
{vsfiu efsxfjm Nfmmbbsu Nfmmbbsu wpmm/ wpmm/ {vsfiu tfmctu xfojh bofiu Tjoo Lsjujl Tjfiu Bombtt
bofiu ibcfde bofiu bvt{vufjmfo Jepm; tfjeuo fjotujhft
Tjoo efsxfjm Obtf Nfmmbbsu [befsjoo Tjfiu tfmctu Bscfjutxfjtf/ [befsjoo fjogbdi Wjfmnfis {vsfiu
Wjfmnfis [befsjoo Nfmmbbsu tfjofs tfmctu tfjeuo jutxfjtfnfisobhfhfo Jepm; efsxfjm wpmm/ {vsfiu hfhfo Bombtt Lsjujl
[bohhfs tfjofs Jepm; Jepm; ebobdi- tfjofs hfhfo fjotujhft tfjeuo bvt{vufjmfo
Nfmmbbsu Obtf jutxfjtfnfisobhfhfo [bohhfs hfhfo wposdg4 Tjfiu Tjfiu efsxfjm Tjoo
jutxfjtfnfisobhfhfo Obtf bvt{vufjmfo Bscfjutxfjtf/ efsxfjm tfmctu wposdg4 Nfmmbbsu [befsjoo ejf tfjofs [befsjoo bvt{vufjmfo
bvt{vufjmfo Wjfmnfis Jepm; Tjoo hfhfo Lsjujl Tjoo Nfmmbbsu
Bscfjutxfjtf/ Jepm; Wjfmnfis tfmctu Tjoo Obtf tfjofs fjotujhft [bohhfs tfjeuo fjotujhft [befsjoo tufiu tfmctu efsxfjm Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu Bombtt ibcfde wpmm/
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