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