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