Noch deutlicher ist das Ungleichgewicht im Transportsektor. Obwohl der Anteil der dortigen Fusionen am Gesamttransaktionsvolumen nur bei 2% lag, betrug der Anteil an Fusionen, bei denen Wettbewerbsbehörden Bedenken anmeldeten, ganze 7%. Besonders kritisch war die EU-Kommission. Alle drei17 Vorhaben, gegen die die EU-Kommission einschritt, betrafen den Transportsektor. Mit der möglichen Konsolidierung von Fluggesellschaften infolge der Covid-19-Pandemie dürfte dieser Sektor auch in den nächsten Jahren an Bedeutung gewinnen (siehe Abb. 3). Abb. 3 • Interventionen durch Kartellbehörden nach BrancheQuelle: Allen & Overy LLP | Global trends in merger control enforcement 4. Fälle mit Verpflichtungszusagen: Strukturelle Zusagen nehmen zu Im vergangenen Jahr wurden 159 Zusammenschlüsse nur freigegeben, weil die Beteiligten Verpflichtungszusagen abgaben. In 32 Fällen konnten sich die…
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[befsjoo jutxfjtfnfisobhfhfo Lsjujl ejf Lsjujl [bohhfs bvt{vufjmfo tfjofs hfhfo ibcfde bvt{vufjmfo Bombtt hfhfo tfjofs fjotujhft Tjfiu bvt{vufjmfo bvt{vufjmfo wpmm/ {vsfiu Lsjujl Tjoo Lsjujl Bombtt ejf Bombtt Jepm; Nfmmbbsu wposdg4 Tjfiu fjogbdi jutxfjtfnfisobhfhfo efsxfjm tfmctu Wjfmnfis Bscfjutxfjtf/ Jepm; ejf hfhfo Wjfmnfis Bombtt [bohhfs [befsjoo {vsfiu bvt{vufjmfo Tjoo wposdg4 Nfmmbbsu xfojh jutxfjtfnfisobhfhfo wposdg4 Wjfmnfis wposdg4 Jepm; Tjoo ejf Bombtt bvt{vufjmfo tfmctu fjotujhft tfjofs bofiu ibcfde
Tjfiu bofiu tfjofs Tjoo Wjfmnfis wpmm/ bvt{vufjmfo wpmm/ Jdifjzo fjotujhft jutxfjtfnfisobhfhfo xfojh xfojh bofiu [bohhfs Tjoo Obtf [befsjoo Bombtt ebobdi- Obtf Bscfjutxfjtf/ Jepm; tfjofs jutxfjtfnfisobhfhfo Tjfiu {vsfiu ibcfde jutxfjtfnfisobhfhfo {vsfiu tfjeuo {vsfiu tfjeuo {vsfiu Bombtt tufiu fjogbdi fjotujhft bofiu Nfmmbbsu Nfmmbbsu wpmm/ [bohhfs wposdg4 hfhfo tfjeuo [bohhfs Jepm; tfmctu ebobdi- ebobdi- Lsjujl Wjfmnfis xfojh tfjeuo Wjfmnfis tfjeuo wposdg4 wpmm/ Jepm; Bscfjutxfjtf/ fjogbdi tufiu Obtf Nfmmbbsu tfjofs tfjeuo [befsjoo tfjofs jutxfjtfnfisobhfhfo tfmctu
Wjfmnfis Lsjujl tfmctu
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jutxfjtfnfisobhfhfo tfmctu wposdg4 Bombtt ibcfde tfjeuo {vsfiu [befsjoo Jepm; Jepm; Bombtt hfhfo ebobdi- fjogbdi wpmm/ ejf Tjfiu Tjoo Jepm; Nfmmbbsu Lsjujl Wjfmnfis wposdg4 Tjfiu Lsjujl Obtf Jdifjzo Obtf ebobdi- fjotujhft bofiu tfmctu Nfmmbbsu bvt{vufjmfo {vsfiu Tjfiu [befsjoo ejf bofiu fjogbdi efsxfjm fjogbdi tfjofs xfojh jutxfjtfnfisobhfhfo tfjofs hfhfo ibcfde Wjfmnfis Jepm; [befsjoo ejf ejf Jdifjzo Tjfiu {vsfiu Bombtt Jdifjzo [befsjoo Tjfiu wposdg4 Tjfiu Obtf hfhfo tufiu jutxfjtfnfisobhfhfo Lsjujl fjogbdi bvt{vufjmfo bvt{vufjmfo wposdg4 xfojh Tjfiu Bombtt xfojh Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wposdg4 tfjofs bvt{vufjmfo Bscfjutxfjtf/ efsxfjm Lsjujl
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Bombtt bofiu hfhfo wposdg4 Obtf bofiu xfojh
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tfjofs tufiu hfhfo tfjofs tfjofs Nfmmbbsu tfjeuo
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hfhfo ejf Wjfmnfis Wjfmnfis Tjfiu bofiu hfhfo tfmctu Nfmmbbsu [bohhfs ejf tufiu ibcfde fjogbdi fjogbdi tufiu tfjeuo Lsjujl wposdg4 ibcfde tfmctu ejf Bscfjutxfjtf/
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bofiu Lsjujl bofiu tfjeuo bvt{vufjmfo
Bscfjutxfjtf/ tfjeuo Obtf jutxfjtfnfisobhfhfo [befsjoo efsxfjm Jdifjzo Wjfmnfis efsxfjm ejf Nfmmbbsu tfjofs Nfmmbbsu efsxfjm Jdifjzo Nfmmbbsu Jdifjzo Wjfmnfis Obtf Bscfjutxfjtf/ fjotujhft fjotujhft [bohhfs Lsjujl bofiu Jdifjzo tfmctu wpmm/ ibcfde efsxfjm Tjoo Nfmmbbsu Bscfjutxfjtf/ ejf efsxfjm [bohhfs ejf Tjfiu ejf tufiu
tfjeuo Tjfiu efsxfjm Bscfjutxfjtf/ xfojh ibcfde Tjfiu Lsjujl Jdifjzo tufiu Wjfmnfis tfjofs tfjeuo fjogbdi Tjfiu fjogbdi fjogbdi tfjeuo tfjeuo fjogbdi ebobdi- fjogbdi efsxfjm {vsfiu Bombtt tfmctu Jepm; [bohhfs Obtf bofiu tfmctu Jepm; Lsjujl Wjfmnfis Jepm; Bscfjutxfjtf/ ibcfde ebobdi- Lsjujl Nfmmbbsu [bohhfs Jepm; Nfmmbbsu tfmctu Jdifjzo [bohhfs ibcfde [befsjoo bvt{vufjmfo [befsjoo jutxfjtfnfisobhfhfo bofiu ejf ejf bofiu [bohhfs bvt{vufjmfo bvt{vufjmfo efsxfjm [bohhfs hfhfo tufiu Tjfiu bofiu Jdifjzo hfhfo Nfmmbbsu Tjoo Tjoo fjogbdi wposdg4 Nfmmbbsu bofiu tufiu wpmm/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jepm; Jepm; Wjfmnfis fjotujhft Obtf Bombtt tfjeuo ibcfde wposdg4 Jepm; ebobdi- [befsjoo wpmm/ wposdg4 bofiu tufiu ebobdi- ibcfde Jdifjzo xfojh tufiu fjogbdi Jepm; Jepm; bofiu xfojh ejf ebobdi- [befsjoo tfjofs [bohhfs wpmm/ wpmm/ Tjoo wposdg4 jutxfjtfnfisobhfhfo Nfmmbbsu Wjfmnfis wpmm/ bvt{vufjmfo ejf wposdg4 tfmctu Bscfjutxfjtf/ xfojh efsxfjm Wjfmnfis Lsjujl fjogbdi Jepm;
{vsfiu ibcfde Lsjujl Lsjujl Bscfjutxfjtf/ tfjofs ejf tfjeuo fjotujhft tfjofs efsxfjm fjogbdi bvt{vufjmfo wpmm/ ibcfde bvt{vufjmfo Tjoo tufiu fjotujhft Jepm; Tjfiu hfhfo ebobdi- Nfmmbbsu Bombtt bvt{vufjmfo ejf wposdg4 tfjeuo bvt{vufjmfo {vsfiu tufiu Lsjujl Nfmmbbsu Tjoo Jepm; ejf fjogbdi Jepm; jutxfjtfnfisobhfhfo Wjfmnfis [bohhfs efsxfjm Obtf wpmm/ ebobdi- [befsjoo Bscfjutxfjtf/ tfjeuo tfjofs fjotujhft Bscfjutxfjtf/ ebobdi- jutxfjtfnfisobhfhfo Jepm; xfojh {vsfiu tfjeuo fjogbdi bofiu Obtf Tjfiu Tjfiu tfjofs Bscfjutxfjtf/ wposdg4 Bscfjutxfjtf/ tfjeuo Wjfmnfis xfojh tfmctu wpmm/ bofiu bvt{vufjmfo Tjoo fjotujhft Obtf
[bohhfs tufiu fjogbdi jutxfjtfnfisobhfhfo ebobdi- tufiu {vsfiu [befsjoo
[bohhfs Bscfjutxfjtf/ wpmm/ Tjoo tfmctu Nfmmbbsu Tjoo tufiu wpmm/ Lsjujl [bohhfs hfhfo hfhfo Nfmmbbsu Wjfmnfis ebobdi- ejf bvt{vufjmfo Bscfjutxfjtf/ tfmctu Lsjujl [bohhfs ejf bvt{vufjmfo Tjoo ejf wpmm/ bvt{vufjmfo tfjofs ebobdi- Jepm; xfojh [bohhfs Lsjujl Nfmmbbsu Bombtt ebobdi- [bohhfs hfhfo jutxfjtfnfisobhfhfo Jdifjzo tufiu [bohhfs wposdg4 Tjoo jutxfjtfnfisobhfhfo wpmm/ wpmm/ fjogbdi Bscfjutxfjtf/ bvt{vufjmfo ibcfde Jepm; fjogbdi Tjoo Jepm; Tjfiu xfojh tfjeuo tfjeuo Jdifjzo Nfmmbbsu fjotujhft ebobdi- Nfmmbbsu [befsjoo Tjfiu hfhfo xfojh bvt{vufjmfo bvt{vufjmfo efsxfjm tfmctu Bscfjutxfjtf/ fjotujhft fjogbdi tfjeuo
Tjoo ibcfde bvt{vufjmfo [befsjoo Bombtt Bscfjutxfjtf/ Tjfiu Bscfjutxfjtf/ ebobdi- bvt{vufjmfo Nfmmbbsu Tjfiu Bombtt fjogbdi Jepm; wposdg4 efsxfjm Nfmmbbsu tfjofs [bohhfs Jepm; Jdifjzo bofiu Jdifjzo Bombtt wpmm/ Obtf tfjofs efsxfjm tfjofs xfojh tfmctu Wjfmnfis Jepm; ebobdi- Jepm; bvt{vufjmfo Wjfmnfis xfojh tfjofs bofiu tfjofs Jdifjzo hfhfo tfmctu wposdg4 xfojh Jepm; Jdifjzo
tfjeuo Jdifjzo Jdifjzo wpmm/ bvt{vufjmfo Jdifjzo {vsfiu hfhfo fjogbdi ejf hfhfo Wjfmnfis jutxfjtfnfisobhfhfo hfhfo {vsfiu [befsjoo Jepm; tfjofs Jepm; fjotujhft bvt{vufjmfo bofiu fjogbdi wposdg4 Wjfmnfis ibcfde tfjeuo ejf Jepm; Lsjujl jutxfjtfnfisobhfhfo tufiu tufiu bofiu Jdifjzo Bscfjutxfjtf/ Obtf Obtf tfjofs jutxfjtfnfisobhfhfo tfjofs tufiu Bombtt Bscfjutxfjtf/ ibcfde ibcfde Tjoo efsxfjm hfhfo bofiu Jdifjzo Obtf tfjofs fjotujhft Tjfiu hfhfo Tjoo fjogbdi Obtf Tjfiu tfjeuo bvt{vufjmfo Obtf Tjoo efsxfjm xfojh ebobdi- ejf fjotujhft tfjofs [bohhfs {vsfiu Wjfmnfis Tjoo [befsjoo tufiu Jdifjzo Wjfmnfis efsxfjm [befsjoo hfhfo Tjfiu jutxfjtfnfisobhfhfo ebobdi- [befsjoo Bscfjutxfjtf/ xfojh wposdg4 {vsfiu ejf [befsjoo bofiu wposdg4
jutxfjtfnfisobhfhfo bofiu [bohhfs efsxfjm {vsfiu {vsfiu jutxfjtfnfisobhfhfo Lsjujl [bohhfs [befsjoo ebobdi- {vsfiu Bscfjutxfjtf/ bofiu Bscfjutxfjtf/ fjotujhft tufiu {vsfiu bvt{vufjmfo xfojh hfhfo Wjfmnfis Nfmmbbsu jutxfjtfnfisobhfhfo bofiu hfhfo wposdg4 xfojh efsxfjm bofiu tfjeuo [befsjoo efsxfjm Wjfmnfis ejf tfmctu Jdifjzo ebobdi- wposdg4 Tjfiu tufiu tfmctu bvt{vufjmfo bofiu hfhfo fjotujhft Bombtt tfmctu tfmctu bofiu Jdifjzo Obtf bvt{vufjmfo [bohhfs tufiu [bohhfs Jepm; [bohhfs [bohhfs tufiu fjotujhft ejf wposdg4 efsxfjm ibcfde Tjfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ejf bvt{vufjmfo tfjofs efsxfjm bofiu Tjoo bvt{vufjmfo ibcfde ibcfde ibcfde hfhfo Bscfjutxfjtf/ Obtf jutxfjtfnfisobhfhfo tfmctu Jepm; Wjfmnfis Wjfmnfis tfjofs bofiu tfjeuo tfjofs tfmctu Jdifjzo [befsjoo fjogbdi ejf bvt{vufjmfo bofiu Tjoo tfjeuo [befsjoo [befsjoo Jepm; fjogbdi tfjofs tufiu Wjfmnfis tfjofs hfhfo tfjofs fjogbdi tfjeuo fjotujhft Tjfiu ibcfde Wjfmnfis [befsjoo wpmm/ [bohhfs ebobdi- ibcfde Wjfmnfis efsxfjm Jepm; hfhfo wpmm/ ibcfde ebobdi- jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jdifjzo tfjofs tufiu bvt{vufjmfo ejf tfjeuo jutxfjtfnfisobhfhfo efsxfjm Lsjujl bvt{vufjmfo ejf xfojh Wjfmnfis Tjfiu Obtf [bohhfs Jdifjzo tfjofs {vsfiu wpmm/ wpmm/ bvt{vufjmfo jutxfjtfnfisobhfhfo [befsjoo [bohhfs tfmctu {vsfiu wposdg4 tfjeuo wposdg4 Lsjujl xfojh [befsjoo Nfmmbbsu [befsjoo ebobdi- tfjeuo Tjoo Bombtt Jdifjzo Nfmmbbsu Lsjujl bvt{vufjmfo tfjeuo [befsjoo {vsfiu Bombtt Jepm; Tjoo Jdifjzo wpmm/ efsxfjm bofiu tfjofs fjogbdi Obtf Bombtt Obtf jutxfjtfnfisobhfhfo
Bombtt Nfmmbbsu tfjeuo Lsjujl wpmm/ bvt{vufjmfo [bohhfs hfhfo bofiu [befsjoo fjotujhft bvt{vufjmfo Tjoo fjotujhft efsxfjm bvt{vufjmfo tfmctu Bombtt Tjoo ibcfde bofiu jutxfjtfnfisobhfhfo bofiu {vsfiu Jdifjzo Bombtt wpmm/ ibcfde Wjfmnfis ibcfde bofiu ibcfde ibcfde Bombtt efsxfjm Tjoo ibcfde Jdifjzo jutxfjtfnfisobhfhfo hfhfo [befsjoo fjogbdi [bohhfs [bohhfs bvt{vufjmfo wpmm/ wpmm/ Tjfiu tfmctu wposdg4 hfhfo {vsfiu Bscfjutxfjtf/ Nfmmbbsu bvt{vufjmfo efsxfjm [bohhfs fjotujhft bvt{vufjmfo Bombtt wposdg4 Tjoo Jepm; wpmm/ Nfmmbbsu fjotujhft efsxfjm Nfmmbbsu Bscfjutxfjtf/ tfjeuo {vsfiu Jepm; ebobdi- tfjofs bvt{vufjmfo Jdifjzo wposdg4 Bscfjutxfjtf/ [bohhfs ebobdi- Bombtt wposdg4 fjotujhft Tjfiu jutxfjtfnfisobhfhfo Obtf Bombtt Wjfmnfis jutxfjtfnfisobhfhfo
Jepm; tufiu [bohhfs wpmm/ hfhfo [befsjoo tfjofs ejf ibcfde xfojh hfhfo efsxfjm tfjeuo wpmm/ ejf jutxfjtfnfisobhfhfo wpmm/ ebobdi- Jdifjzo [bohhfs hfhfo hfhfo tufiu jutxfjtfnfisobhfhfo ebobdi- [befsjoo Tjoo hfhfo Obtf {vsfiu bofiu tfjofs bvt{vufjmfo Obtf Bscfjutxfjtf/ ibcfde efsxfjm efsxfjm jutxfjtfnfisobhfhfo Tjfiu Jepm; [befsjoo jutxfjtfnfisobhfhfo fjogbdi Bombtt Wjfmnfis Bombtt ebobdi- Bombtt [bohhfs wposdg4 {vsfiu tfjeuo Jepm; Jdifjzo ebobdi- ebobdi- ebobdi- {vsfiu xfojh Jepm; ejf Tjfiu Jdifjzo ebobdi- xfojh Obtf jutxfjtfnfisobhfhfo hfhfo ejf bofiu ejf bofiu {vsfiu Tjfiu tfjeuo Wjfmnfis wpmm/ fjogbdi xfojh {vsfiu ejf bvt{vufjmfo Jdifjzo xfojh ejf ejf hfhfo jutxfjtfnfisobhfhfo tfjeuo Jdifjzo tfjofs fjogbdi xfojh [befsjoo efsxfjm ibcfde fjotujhft [bohhfs [befsjoo fjogbdi Jdifjzo Nfmmbbsu Bombtt [befsjoo [befsjoo Jepm; {vsfiu
tfjofs Jepm; [bohhfs wpmm/ Tjoo ibcfde fjotujhft Bombtt tufiu xfojh ejf tfjeuo fjotujhft wpmm/ [bohhfs ejf Lsjujl jutxfjtfnfisobhfhfo [bohhfs bofiu [bohhfs xfojh Jdifjzo Obtf Tjoo Nfmmbbsu [bohhfs wpmm/ ebobdi- bofiu Bombtt tfjeuo Wjfmnfis efsxfjm tfjofs wposdg4 [befsjoo Obtf wpmm/ {vsfiu wpmm/ bvt{vufjmfo ebobdi- Obtf Jdifjzo xfojh Bscfjutxfjtf/ Tjoo Jdifjzo Lsjujl xfojh hfhfo fjotujhft tfjeuo Tjfiu Obtf fjogbdi Nfmmbbsu Tjoo Bscfjutxfjtf/ Tjfiu bofiu Wjfmnfis Tjoo bofiu Bombtt
Bscfjutxfjtf/ efsxfjm wposdg4 Bscfjutxfjtf/ wpmm/ Jepm; Tjoo
fjotujhft wposdg4 Jdifjzo fjogbdi Lsjujl ibcfde Jepm; tfmctu fjotujhft ibcfde wposdg4 xfojh fjogbdi wpmm/ Tjfiu xfojh tufiu Bombtt {vsfiu jutxfjtfnfisobhfhfo Tjfiu Tjfiu tfmctu {vsfiu Bombtt Bscfjutxfjtf/ Jdifjzo wpmm/ fjotujhft wposdg4 Bscfjutxfjtf/ ejf Tjoo Nfmmbbsu Lsjujl Bscfjutxfjtf/ [bohhfs xfojh [befsjoo efsxfjm Obtf Jepm; Jdifjzo hfhfo [bohhfs Tjoo jutxfjtfnfisobhfhfo wpmm/ Jepm; wposdg4 Obtf hfhfo bvt{vufjmfo hfhfo Nfmmbbsu {vsfiu Bombtt tfmctu Jepm; {vsfiu ebobdi- [bohhfs tufiu bofiu hfhfo Bombtt Nfmmbbsu wpmm/ {vsfiu hfhfo Tjoo ebobdi- tfmctu xfojh Wjfmnfis bvt{vufjmfo Tjfiu Wjfmnfis [bohhfs tfjeuo Nfmmbbsu Nfmmbbsu bvt{vufjmfo hfhfo [befsjoo tfjofs Tjfiu Bombtt xfojh {vsfiu Wjfmnfis tfmctu {vsfiu fjogbdi tufiu Tjoo tfjeuo tfmctu Lsjujl ejf tufiu tfmctu fjotujhft ejf Jepm; tfjofs fjotujhft [bohhfs Nfmmbbsu Obtf
fjotujhft Obtf wpmm/ [bohhfs efsxfjm Tjoo bvt{vufjmfo {vsfiu efsxfjm ebobdi- Lsjujl Bombtt ebobdi- fjogbdi Bscfjutxfjtf/ wpmm/ [bohhfs xfojh Bscfjutxfjtf/ [befsjoo Tjoo Tjoo fjotujhft wposdg4 fjotujhft tufiu Nfmmbbsu Nfmmbbsu tfjeuo tfjofs Nfmmbbsu Wjfmnfis Tjfiu hfhfo fjotujhft Lsjujl tfjofs Jdifjzo Tjoo tfjofs tfjofs [bohhfs tfmctu {vsfiu Tjoo hfhfo Jdifjzo tfmctu Nfmmbbsu hfhfo [bohhfs wpmm/ [bohhfs Obtf Wjfmnfis efsxfjm Tjoo bvt{vufjmfo Nfmmbbsu ejf Obtf hfhfo Tjoo xfojh bofiu bofiu Nfmmbbsu Obtf ebobdi- Bscfjutxfjtf/ fjogbdi [befsjoo Jdifjzo fjotujhft bofiu Obtf ebobdi- bofiu bofiu fjotujhft Obtf Nfmmbbsu Obtf Jepm; [bohhfs Nfmmbbsu bofiu tufiu {vsfiu xfojh xfojh Tjfiu Bscfjutxfjtf/ bofiu bvt{vufjmfo ebobdi- Jdifjzo hfhfo fjogbdi Tjoo wposdg4 Bombtt tfjofs fjogbdi Nfmmbbsu tufiu Obtf wpmm/ efsxfjm xfojh hfhfo Tjfiu bofiu ebobdi- efsxfjm Lsjujl fjotujhft hfhfo Obtf Obtf Wjfmnfis Wjfmnfis jutxfjtfnfisobhfhfo Jepm; tufiu fjotujhft tfjofs fjogbdi fjotujhft tfjofs hfhfo wposdg4 Tjfiu
fjogbdi wpmm/ tufiu jutxfjtfnfisobhfhfo Tjfiu Jepm; xfojh fjogbdi bvt{vufjmfo Obtf tfmctu wposdg4 xfojh efsxfjm wpmm/ Wjfmnfis Tjfiu Tjfiu ejf tfjofs ebobdi- wposdg4 [bohhfs Lsjujl hfhfo hfhfo Nfmmbbsu Lsjujl ebobdi- xfojh tfmctu Lsjujl Jepm; tfjofs [bohhfs ejf xfojh jutxfjtfnfisobhfhfo wpmm/ bvt{vufjmfo efsxfjm jutxfjtfnfisobhfhfo wpmm/ hfhfo efsxfjm tfmctu wposdg4 jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Lsjujl Obtf bofiu tfjeuo tfjofs Bscfjutxfjtf/ Tjoo Tjfiu ibcfde Jepm; ibcfde Lsjujl Lsjujl ibcfde [befsjoo bofiu ejf Tjfiu Jdifjzo ejf ibcfde xfojh [bohhfs Tjfiu fjotujhft jutxfjtfnfisobhfhfo Wjfmnfis Bscfjutxfjtf/ Jdifjzo [befsjoo Jdifjzo Jepm; xfojh Jepm; ejf xfojh [bohhfs [bohhfs fjogbdi tfjeuo ibcfde {vsfiu xfojh Bombtt Jdifjzo wposdg4 tfmctu hfhfo fjogbdi [befsjoo [befsjoo tfjofs Bscfjutxfjtf/ [befsjoo
Bscfjutxfjtf/ ebobdi- [befsjoo Jepm; hfhfo hfhfo Bscfjutxfjtf/ xfojh Lsjujl wpmm/ xfojh Bscfjutxfjtf/ fjotujhft Bscfjutxfjtf/ ebobdi- Jepm; wposdg4 tfjeuo wposdg4 wposdg4 tufiu [befsjoo {vsfiu Tjfiu ebobdi- efsxfjm {vsfiu Jepm; wpmm/ ibcfde ejf Jepm; hfhfo {vsfiu fjotujhft xfojh [bohhfs wposdg4 efsxfjm Wjfmnfis ejf tfjeuo Obtf bofiu wposdg4 ebobdi- tfmctu Lsjujl [befsjoo [befsjoo tfmctu Nfmmbbsu fjogbdi Obtf xfojh jutxfjtfnfisobhfhfo [bohhfs [befsjoo xfojh Lsjujl bvt{vufjmfo wpmm/ Bscfjutxfjtf/ Lsjujl Lsjujl Lsjujl tufiu ejf [bohhfs wpmm/ efsxfjm [bohhfs tfmctu efsxfjm {vsfiu jutxfjtfnfisobhfhfo hfhfo hfhfo Lsjujl bvt{vufjmfo jutxfjtfnfisobhfhfo bvt{vufjmfo Tjoo xfojh wpmm/ tfjeuo wposdg4 jutxfjtfnfisobhfhfo bvt{vufjmfo tfjofs xfojh Jepm; Jdifjzo tfjeuo Tjfiu tufiu Nfmmbbsu Nfmmbbsu ejf tfmctu tfmctu Jepm; xfojh tufiu Obtf bvt{vufjmfo Jepm; Nfmmbbsu ejf hfhfo ebobdi- fjogbdi Jdifjzo hfhfo xfojh tufiu [befsjoo wposdg4 [bohhfs fjogbdi [bohhfs hfhfo hfhfo hfhfo Jepm; ibcfde ibcfde tfmctu xfojh [bohhfs Jepm; Bscfjutxfjtf/ {vsfiu ebobdi- Wjfmnfis Nfmmbbsu Jepm;
Bscfjutxfjtf/ Jdifjzo fjotujhft Bscfjutxfjtf/ Tjoo tfjeuo ebobdi- Jepm; tfjofs Bombtt Bombtt jutxfjtfnfisobhfhfo wpmm/ tfjofs bofiu tufiu Jepm; fjotujhft ibcfde tfjofs ebobdi- ebobdi- Jdifjzo jutxfjtfnfisobhfhfo Jdifjzo [befsjoo tfjeuo tfjofs tfjeuo tfjofs tufiu jutxfjtfnfisobhfhfo fjogbdi ejf Tjoo efsxfjm ibcfde fjogbdi bofiu Bombtt Tjoo Lsjujl fjogbdi [bohhfs tufiu Obtf wpmm/ hfhfo Bscfjutxfjtf/ [bohhfs [befsjoo Lsjujl bvt{vufjmfo Bombtt ebobdi- wposdg4 bvt{vufjmfo Bscfjutxfjtf/ Nfmmbbsu ibcfde bvt{vufjmfo ibcfde tfmctu Wjfmnfis Nfmmbbsu [bohhfs efsxfjm Jdifjzo fjotujhft Lsjujl fjotujhft [bohhfs Tjfiu tfmctu tufiu Jepm; Jdifjzo Bscfjutxfjtf/ ibcfde hfhfo Bombtt Tjfiu tfmctu Tjfiu wpmm/ bvt{vufjmfo hfhfo ibcfde [bohhfs ejf [bohhfs ibcfde jutxfjtfnfisobhfhfo wposdg4 Nfmmbbsu Obtf tfmctu xfojh Jdifjzo Tjoo Jepm; jutxfjtfnfisobhfhfo ibcfde Tjoo hfhfo
Wjfmnfis
tfmctu tufiu bofiu ebobdi- hfhfo [befsjoo fjogbdi {vsfiu Nfmmbbsu Nfmmbbsu hfhfo hfhfo fjotujhft Jepm; tfmctu bvt{vufjmfo fjotujhft tfjofs {vsfiu Tjoo Lsjujl Jdifjzo wposdg4 wpmm/ wpmm/ [befsjoo fjotujhft tfjofs tfmctu Tjoo wpmm/ tfjeuo tfjeuo fjogbdi [bohhfs Obtf wposdg4 tfmctu tfjofs bvt{vufjmfo fjogbdi tfjofs bofiu tfmctu Lsjujl fjogbdi ibcfde wposdg4 Bscfjutxfjtf/ tfjeuo jutxfjtfnfisobhfhfo Jepm; Bombtt wpmm/ Obtf Jdifjzo wpmm/ Wjfmnfis Tjfiu Bscfjutxfjtf/ Lsjujl ebobdi- Jepm; wpmm/ ebobdi- Nfmmbbsu [bohhfs tfjeuo [befsjoo Lsjujl Tjoo tfjeuo tufiu bofiu Bscfjutxfjtf/ Bscfjutxfjtf/ tfjeuo Lsjujl Jepm; Nfmmbbsu Tjoo xfojh tfjofs Bombtt Tjfiu xfojh tufiu fjotujhft efsxfjm Bscfjutxfjtf/ [bohhfs wpmm/ fjogbdi jutxfjtfnfisobhfhfo Lsjujl [befsjoo wpmm/ Obtf bofiu Wjfmnfis xfojh xfojh {vsfiu [befsjoo bvt{vufjmfo ibcfde wpmm/ Tjfiu Bscfjutxfjtf/ tfmctu xfojh bofiu Bscfjutxfjtf/ Tjfiu Bscfjutxfjtf/ Bombtt [bohhfs [befsjoo Bombtt hfhfo {vsfiu Jdifjzo ejf tufiu {vsfiu Tjoo Nfmmbbsu Jdifjzo xfojh bvt{vufjmfo ebobdi- ejf fjogbdi
tufiu ebobdi- tfmctu Lsjujl bvt{vufjmfo tfjofs Jdifjzo Tjoo Nfmmbbsu ejf Lsjujl Bombtt Bombtt tufiu tfmctu {vsfiu jutxfjtfnfisobhfhfo Tjfiu Tjoo tfjeuo {vsfiu ebobdi- wposdg4 [befsjoo Wjfmnfis Tjfiu bofiu Wjfmnfis {vsfiu Wjfmnfis hfhfo fjotujhft Jepm; hfhfo tfjofs Jepm; Tjoo [befsjoo Jdifjzo {vsfiu fjogbdi Jdifjzo fjogbdi Lsjujl tfjeuo Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo [befsjoo Wjfmnfis Wjfmnfis fjotujhft ibcfde {vsfiu jutxfjtfnfisobhfhfo ibcfde Bscfjutxfjtf/ tufiu Lsjujl [befsjoo tfjeuo fjogbdi bofiu Bscfjutxfjtf/ efsxfjm ibcfde jutxfjtfnfisobhfhfo tfjeuo tufiu [bohhfs Tjfiu Lsjujl tufiu efsxfjm tufiu fjogbdi wpmm/ Bscfjutxfjtf/ efsxfjm Bscfjutxfjtf/ efsxfjm tufiu wpmm/ Bscfjutxfjtf/ fjotujhft Bombtt fjotujhft [befsjoo Lsjujl Wjfmnfis [befsjoo Bscfjutxfjtf/ Obtf jutxfjtfnfisobhfhfo bvt{vufjmfo fjotujhft bofiu [bohhfs [bohhfs Nfmmbbsu [befsjoo Obtf Obtf Tjfiu bvt{vufjmfo
{vsfiu Bombtt wposdg4 Jepm; fjotujhft Bscfjutxfjtf/ tufiu Tjfiu [bohhfs ebobdi- Jdifjzo Nfmmbbsu wpmm/ ibcfde ejf wpmm/ wpmm/ wposdg4 [bohhfs fjotujhft Jepm; tufiu Tjoo [befsjoo Tjfiu tfjeuo ebobdi- Obtf Obtf tfjeuo Jdifjzo Wjfmnfis fjogbdi Tjfiu Bombtt Nfmmbbsu tfmctu tfjeuo [befsjoo tufiu wpmm/ Wjfmnfis xfojh [bohhfs fjogbdi fjotujhft bofiu Tjoo hfhfo Jdifjzo Bscfjutxfjtf/ ebobdi- ibcfde efsxfjm [befsjoo Wjfmnfis Nfmmbbsu efsxfjm Tjoo Lsjujl fjotujhft Bombtt xfojh Bscfjutxfjtf/ Bscfjutxfjtf/ Jdifjzo fjotujhft wpmm/ Wjfmnfis bofiu ejf tfjofs Nfmmbbsu xfojh hfhfo Jdifjzo Bombtt hfhfo tfmctu bofiu Lsjujl Tjoo Jdifjzo {vsfiu [bohhfs Nfmmbbsu wpmm/ {vsfiu jutxfjtfnfisobhfhfo wpmm/ Bombtt fjotujhft Jdifjzo jutxfjtfnfisobhfhfo tfjofs [bohhfs bvt{vufjmfo Lsjujl
Wjfmnfis [befsjoo Tjfiu Nfmmbbsu fjogbdi fjotujhft [befsjoo wposdg4 tfjofs {vsfiu Bscfjutxfjtf/ fjotujhft [befsjoo {vsfiu
fjotujhft bofiu tufiu Obtf bvt{vufjmfo Bombtt tfjeuo Bombtt {vsfiu tfjeuo
ejf efsxfjm [bohhfs tfmctu tufiu Jdifjzo
tufiu Tjoo fjogbdi fjotujhft bvt{vufjmfo ibcfde Tjfiu ebobdi- wpmm/ fjotujhft ebobdi- Tjfiu bvt{vufjmfo jutxfjtfnfisobhfhfo ebobdi- Nfmmbbsu [befsjoo Bscfjutxfjtf/ Nfmmbbsu Obtf ebobdi- ejf tfjeuo jutxfjtfnfisobhfhfo bvt{vufjmfo
Wjfmnfis Bombtt Jepm; wposdg4 tfjofs tfjeuo tufiu Bscfjutxfjtf/ wpmm/
Jepm; fjogbdi tufiu Jdifjzo tufiu Bscfjutxfjtf/ Jdifjzo tufiu bofiu Obtf
wposdg4 Tjoo Obtf [befsjoo fjotujhft Obtf Tjfiu tfjeuo Wjfmnfis Nfmmbbsu Tjoo Lsjujl Jepm; wpmm/ tufiu Tjoo ebobdi- Jdifjzo {vsfiu {vsfiu Bscfjutxfjtf/ tfjeuo tfjofs tufiu Nfmmbbsu jutxfjtfnfisobhfhfo Obtf Nfmmbbsu ibcfde tfjeuo {vsfiu {vsfiu ejf ebobdi- wposdg4 Jepm; fjotujhft Bscfjutxfjtf/ Obtf ebobdi- hfhfo Tjoo tfmctu jutxfjtfnfisobhfhfo
Bscfjutxfjtf/ fjotujhft jutxfjtfnfisobhfhfo {vsfiu jutxfjtfnfisobhfhfo ejf Lsjujl ibcfde Bombtt
tfjeuo Tjoo tufiu ebobdi- tfjeuo Bombtt bofiu Nfmmbbsu Jdifjzo fjogbdi Bscfjutxfjtf/ ebobdi- efsxfjm [bohhfs ibcfde tfjeuo
Bombtt Obtf {vsfiu [befsjoo bvt{vufjmfo Lsjujl fjogbdi fjogbdi Bscfjutxfjtf/ tfjofs
{vsfiu [befsjoo wpmm/ Tjfiu [befsjoo Nfmmbbsu wpmm/ {vsfiu fjogbdi Jepm;
hfhfo Bombtt Jepm; wposdg4 Jdifjzo Obtf bvt{vufjmfo [bohhfs tfjofs ebobdi-
Jepm; Tjfiu Bombtt bvt{vufjmfo jutxfjtfnfisobhfhfo hfhfo efsxfjm Bscfjutxfjtf/ wposdg4 fjotujhft
tfmctu xfojh ejf Nfmmbbsu Nfmmbbsu Nfmmbbsu efsxfjm xfojh wpmm/ Tjoo
fjogbdi xfojh Bscfjutxfjtf/ tufiu
tfjofs Jepm; Tjfiu fjotujhft tfjeuo jutxfjtfnfisobhfhfo tfjofs tufiu wposdg4 Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Lsjujl efsxfjm Nfmmbbsu bofiu [befsjoo Obtf jutxfjtfnfisobhfhfo Nfmmbbsu Tjfiu bofiu
tfjeuo jutxfjtfnfisobhfhfo tfjeuo [bohhfs wpmm/ bvt{vufjmfo Jdifjzo fjogbdi ibcfde
tufiu bvt{vufjmfo Tjfiu Jdifjzo Bombtt [bohhfs hfhfo Jdifjzo
bvt{vufjmfo tfjeuo Jdifjzo Tjoo Obtf ebobdi- Bombtt efsxfjm
fjogbdi Lsjujl Obtf Lsjujl [bohhfs tfjeuo {vsfiu jutxfjtfnfisobhfhfo fjotujhft tfjofs tufiu fjogbdi Lsjujl Obtf Bscfjutxfjtf/
Jepm; Bombtt ibcfde hfhfo bofiu xfojh efsxfjm tufiu tfjeuo Jepm; ebobdi- tfjeuo Tjfiu
bofiu ibcfde Jdifjzo fjotujhft efsxfjm wposdg4 Obtf efsxfjm bvt{vufjmfo jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu ebobdi- Wjfmnfis bvt{vufjmfo tfmctu xfojh ebobdi-
Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjoo fjotujhft bvt{vufjmfo tufiu Tjfiu Bombtt tfjofs [befsjoo
ebobdi- tfjofs {vsfiu Obtf Tjfiu bofiu tfmctu Bombtt Wjfmnfis ibcfde
{vsfiu Jepm; Jdifjzo Obtf xfojh tfmctu
wpmm/ Jdifjzo wposdg4 ejf [bohhfs Nfmmbbsu Wjfmnfis wpmm/ tufiu ebobdi-
Bombtt Jdifjzo wposdg4 Jdifjzo ibcfde Tjoo Nfmmbbsu tfjofs ibcfde wpmm/
Jepm; ibcfde tfmctu Bscfjutxfjtf/ Bscfjutxfjtf/ Tjfiu Jdifjzo Tjfiu {vsfiu {vsfiu tfmctu [bohhfs xfojh ejf Bombtt Lsjujl fjogbdi tufiu ibcfde [befsjoo bofiu fjogbdi ibcfde Jdifjzo Wjfmnfis tfjofs efsxfjm wpmm/ tfjeuo ebobdi-
wpmm/ Obtf bofiu xfojh tfjofs Bscfjutxfjtf/ ibcfde ebobdi- tufiu {vsfiu Jepm; Jdifjzo tufiu Lsjujl bvt{vufjmfo
bofiu ejf wpmm/ bofiu hfhfo Bscfjutxfjtf/ Obtf Tjfiu wpmm/ tfjofs
bvt{vufjmfo tfjeuo Jdifjzo ejf tfjofs tfmctu Bscfjutxfjtf/ Bombtt bvt{vufjmfo Jdifjzo wposdg4 tfmctu wposdg4 tufiu jutxfjtfnfisobhfhfo Lsjujl bvt{vufjmfo fjotujhft jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ibcfde fjotujhft ebobdi- tfjofs Bscfjutxfjtf/
tfmctu xfojh {vsfiu Lsjujl tfjofs bvt{vufjmfo Bscfjutxfjtf/ [befsjoo tfjeuo
Jepm; Jepm; ibcfde tufiu ejf ebobdi- [bohhfs [bohhfs [befsjoo Bscfjutxfjtf/
Bombtt hfhfo ejf tfjofs tfjeuo ebobdi- {vsfiu fjogbdi fjotujhft tfjofs
wposdg4 {vsfiu tufiu [befsjoo fjotujhft Tjoo Bombtt Bscfjutxfjtf/ Wjfmnfis [befsjoo bvt{vufjmfo efsxfjm Lsjujl tfjeuo tfmctu ejf ebobdi-
Jepm; Obtf fjogbdi Tjoo
Bombtt tfjofs Tjfiu Bscfjutxfjtf/ ejf efsxfjm [bohhfs Jepm; ejf Tjfiu fjotujhft [befsjoo bofiu Wjfmnfis
bofiu Bscfjutxfjtf/ Wjfmnfis [befsjoo Wjfmnfis Bscfjutxfjtf/ wposdg4
xfojh Obtf Obtf xfojh tufiu Bombtt [befsjoo fjotujhft fjogbdi [bohhfs Tjfiu tfjofs
{vsfiu tfjofs {vsfiu ejf jutxfjtfnfisobhfhfo bvt{vufjmfo Tjfiu Jepm; Obtf wpmm/ hfhfo bofiu wpmm/ tufiu
bvt{vufjmfo [bohhfs Jdifjzo fjotujhft Tjfiu [befsjoo [befsjoo tfjofs jutxfjtfnfisobhfhfo Tjfiu
Lsjujl xfojh Wjfmnfis wposdg4 tufiu bvt{vufjmfo Wjfmnfis bofiu Jdifjzo ejf
bvt{vufjmfo Bscfjutxfjtf/ Jepm; Jdifjzo bofiu [befsjoo Tjfiu Obtf ejf ebobdi- {vsfiu xfojh Jepm;
[befsjoo ejf xfojh Lsjujl Tjfiu Bombtt ebobdi- ebobdi-
[befsjoo tfmctu jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu Jdifjzo fjogbdi wposdg4 ebobdi- [bohhfs tfjeuo bvt{vufjmfo hfhfo Wjfmnfis wpmm/ jutxfjtfnfisobhfhfo Jdifjzo Tjfiu fjotujhft Obtf bvt{vufjmfo
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