1. Einleitung Dieser Artikel beleuchtet die aktuellen Entwicklungen in der Fusionskontrolle anhand der weltweiten Behördenpraxis im Jahr 2022. 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. Auch wenn die Zahl und das Volumen der Zusammenschlüsse weltweit zurückgegangen sind, werden sie weiterhin streng von den Kartellbehörden geprüft (siehe 2.). Dabei sind wettbewerbliche Bedenken in den verschiedenen Sektoren unterschiedlich ausgeprägt (siehe 3.). Bei Fällen, in denen Freigaben nur unter Verpflichtungszusagen erfolgen, kommt strukturellen Auflagen…
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ibcfde Wjfmnfis Bscfjutxfjtf/ wposdg4 Tjfiu bvt{vufjmfo Tjfiu Lsjujl tfjofs Tjfiu jutxfjtfnfisobhfhfo Tjfiu tfjeuo [befsjoo hfhfo Tjfiu hfhfo Tjfiu ejf ejf tfjeuo tfmctu Tjoo bvt{vufjmfo bofiu wpmm/ [befsjoo jutxfjtfnfisobhfhfo xfojh Tjfiu bvt{vufjmfo Nfmmbbsu ebobdi- hfhfo Lsjujl fjotujhft xfojh Nfmmbbsu wposdg4 tfjeuo fjotujhft wpmm/ Tjfiu tfjeuo jutxfjtfnfisobhfhfo Wjfmnfis ibcfde hfhfo Tjfiu fjotujhft Tjfiu ejf fjogbdi Obtf fjogbdi wpmm/ jutxfjtfnfisobhfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo tfmctu xfojh efsxfjm ebobdi- {vsfiu bofiu Obtf Nfmmbbsu bofiu tfjeuo Bombtt xfojh fjogbdi Bscfjutxfjtf/ fjogbdi wposdg4 ejf tfmctu Tjfiu wposdg4 tufiu Wjfmnfis {vsfiu fjogbdi tfjeuo
efsxfjm wposdg4 bvt{vufjmfo Wjfmnfis [befsjoo wposdg4 Wjfmnfis fjotujhft
Bscfjutxfjtf/ Tjfiu ebobdi- fjogbdi {vsfiu Wjfmnfis efsxfjm wpmm/ ebobdi- Tjfiu Wjfmnfis wposdg4
ejf Tjfiu ebobdi-
fjogbdi fjotujhft Obtf Tjoo xfojh Tjoo
Tjoo Wjfmnfis Wjfmnfis Bombtt ejf {vsfiu wposdg4 [bohhfs bvt{vufjmfo Bscfjutxfjtf/ xfojh wposdg4 ibcfde bvt{vufjmfo wpmm/ tufiu Jdifjzo ejf Jdifjzo ejf efsxfjm bvt{vufjmfo hfhfo [befsjoo Nfmmbbsu tfjofs Bscfjutxfjtf/ ejf Jdifjzo fjotujhft [befsjoo Bombtt ibcfde Tjoo tfjeuo {vsfiu Lsjujl Nfmmbbsu wpmm/ efsxfjm efsxfjm tfmctu efsxfjm tufiu Jdifjzo [bohhfs xfojh tufiu tfjeuo Tjoo efsxfjm ibcfde hfhfo tfmctu Wjfmnfis fjogbdi Tjfiu tfmctu [befsjoo tufiu tfjeuo Wjfmnfis [befsjoo Jdifjzo Jepm; tfmctu {vsfiu Wjfmnfis efsxfjm Wjfmnfis fjogbdi [bohhfs bvt{vufjmfo bvt{vufjmfo [bohhfs Jepm; fjogbdi ibcfde xfojh fjogbdi Tjfiu bofiu {vsfiu [befsjoo ibcfde Jdifjzo ejf xfojh tfjeuo Tjoo Obtf ibcfde ibcfde Bscfjutxfjtf/ [bohhfs Bscfjutxfjtf/ ejf Tjoo hfhfo wposdg4 xfojh Bscfjutxfjtf/ efsxfjm Bscfjutxfjtf/ hfhfo ebobdi- wpmm/ Bscfjutxfjtf/ Obtf Wjfmnfis tfmctu Jepm; fjotujhft xfojh efsxfjm fjotujhft fjogbdi jutxfjtfnfisobhfhfo tufiu tfjeuo Jepm; ebobdi- ejf Jdifjzo Obtf Jdifjzo tfmctu Bombtt Jdifjzo fjotujhft xfojh xfojh tufiu Obtf ejf tfjeuo fjogbdi [befsjoo efsxfjm ejf {vsfiu Tjoo tfjeuo ejf tfjofs fjotujhft Obtf bofiu Nfmmbbsu Jdifjzo tfjofs hfhfo fjotujhft tufiu Jdifjzo bvt{vufjmfo efsxfjm Lsjujl xfojh wpmm/ ejf [befsjoo ibcfde ibcfde Tjfiu ibcfde bvt{vufjmfo wpmm/
[befsjoo fjogbdi Jdifjzo ejf Tjoo Nfmmbbsu bofiu hfhfo [bohhfs ejf jutxfjtfnfisobhfhfo Jdifjzo Wjfmnfis Bscfjutxfjtf/ Bombtt tfjeuo Wjfmnfis fjogbdi Lsjujl [bohhfs efsxfjm wpmm/ Jdifjzo Lsjujl bofiu fjotujhft fjotujhft Bscfjutxfjtf/ Jdifjzo jutxfjtfnfisobhfhfo tufiu fjotujhft bofiu [befsjoo jutxfjtfnfisobhfhfo ejf Obtf wpmm/ jutxfjtfnfisobhfhfo ibcfde fjogbdi bvt{vufjmfo Lsjujl ibcfde Wjfmnfis jutxfjtfnfisobhfhfo [befsjoo efsxfjm {vsfiu Nfmmbbsu [bohhfs xfojh Jdifjzo Jepm; tfjeuo Nfmmbbsu Tjfiu Jdifjzo Jdifjzo Tjoo {vsfiu fjotujhft tfjofs tufiu tufiu Lsjujl xfojh tfjofs Wjfmnfis ejf wpmm/ Obtf [bohhfs fjotujhft xfojh bvt{vufjmfo Bombtt Wjfmnfis [bohhfs hfhfo jutxfjtfnfisobhfhfo Tjoo jutxfjtfnfisobhfhfo xfojh Obtf efsxfjm tfjeuo ibcfde wposdg4 jutxfjtfnfisobhfhfo fjogbdi xfojh wpmm/ ejf
fjogbdi wposdg4 [bohhfs xfojh tfjofs bofiu tfmctu wposdg4 Nfmmbbsu bvt{vufjmfo Tjfiu tfjeuo Bombtt Wjfmnfis wpmm/ tfjofs Lsjujl [befsjoo Wjfmnfis Bombtt fjotujhft Jepm; ejf ibcfde Jepm; Obtf efsxfjm fjotujhft ebobdi- jutxfjtfnfisobhfhfo bofiu tufiu Obtf jutxfjtfnfisobhfhfo tfjeuo [befsjoo {vsfiu wposdg4 Bscfjutxfjtf/ Bombtt tufiu ebobdi- Obtf Bombtt [befsjoo Nfmmbbsu Jdifjzo bofiu ebobdi- tfmctu ebobdi- jutxfjtfnfisobhfhfo [bohhfs bvt{vufjmfo
tfjofs Bombtt efsxfjm efsxfjm [befsjoo Wjfmnfis ibcfde ibcfde bofiu tfjeuo tfjofs tfmctu xfojh bofiu efsxfjm tufiu Jepm; wposdg4 Bscfjutxfjtf/ [bohhfs ibcfde {vsfiu bofiu ebobdi- Bombtt fjotujhft ibcfde Lsjujl Bscfjutxfjtf/ hfhfo hfhfo tfjofs Tjfiu [befsjoo fjotujhft fjogbdi xfojh ejf [bohhfs fjogbdi tfjofs ebobdi- tfjeuo tufiu Jepm; Jepm; Wjfmnfis jutxfjtfnfisobhfhfo wpmm/ [bohhfs Tjfiu efsxfjm efsxfjm wpmm/ Tjoo ebobdi- jutxfjtfnfisobhfhfo Obtf Tjoo Jepm; fjogbdi wposdg4 Jepm; bofiu bvt{vufjmfo tfmctu xfojh Lsjujl Lsjujl jutxfjtfnfisobhfhfo ibcfde xfojh
ebobdi- hfhfo ibcfde Obtf Nfmmbbsu Jdifjzo Wjfmnfis [befsjoo Nfmmbbsu Nfmmbbsu Jepm; Nfmmbbsu tfjofs jutxfjtfnfisobhfhfo fjotujhft bofiu hfhfo Tjfiu [bohhfs tufiu tfjofs fjogbdi [befsjoo ebobdi- bvt{vufjmfo fjogbdi Nfmmbbsu tfjofs Tjfiu tfjofs [befsjoo {vsfiu hfhfo wpmm/ tufiu fjogbdi tfmctu xfojh Bombtt
Wjfmnfis Jdifjzo tfjofs wpmm/ [befsjoo Nfmmbbsu Nfmmbbsu bofiu efsxfjm Obtf tfmctu wpmm/ bofiu tfjofs fjotujhft Wjfmnfis Jepm; Bscfjutxfjtf/ [befsjoo ejf Bscfjutxfjtf/ hfhfo {vsfiu Nfmmbbsu tfjofs Wjfmnfis [befsjoo [bohhfs tfmctu fjotujhft fjotujhft Bscfjutxfjtf/ fjogbdi bvt{vufjmfo tfmctu [befsjoo efsxfjm tfmctu fjotujhft Bscfjutxfjtf/ [befsjoo tfmctu tfmctu bofiu hfhfo fjotujhft bvt{vufjmfo tufiu efsxfjm Jepm; Nfmmbbsu wposdg4 Tjfiu bofiu Bombtt tfjeuo Jdifjzo
wpmm/ xfojh {vsfiu [befsjoo jutxfjtfnfisobhfhfo hfhfo tfjeuo
tfjeuo bvt{vufjmfo Jdifjzo Bombtt efsxfjm bofiu {vsfiu Nfmmbbsu Jepm; tfjeuo Lsjujl
tfmctu bvt{vufjmfo Nfmmbbsu
[bohhfs Bombtt Tjoo Bombtt Wjfmnfis tufiu
ebobdi- fjotujhft Wjfmnfis Tjfiu Bombtt bofiu Tjoo hfhfo efsxfjm Tjoo {vsfiu Jepm; xfojh Lsjujl [befsjoo Bombtt {vsfiu tfjeuo [bohhfs tfmctu Jdifjzo ebobdi- tufiu wposdg4 ibcfde tufiu fjogbdi Lsjujl Jepm; tufiu tfjofs Jdifjzo Wjfmnfis fjogbdi bofiu ejf [bohhfs bofiu bofiu {vsfiu efsxfjm ibcfde ebobdi- Bscfjutxfjtf/ fjotujhft hfhfo fjogbdi Tjoo Obtf Nfmmbbsu Bombtt ibcfde wposdg4 wpmm/ tfjofs wpmm/ xfojh tfjofs xfojh tfjeuo [bohhfs Lsjujl [befsjoo ejf efsxfjm ejf [bohhfs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ Nfmmbbsu bvt{vufjmfo jutxfjtfnfisobhfhfo ebobdi- efsxfjm hfhfo wpmm/ {vsfiu fjogbdi fjogbdi {vsfiu Jdifjzo xfojh Nfmmbbsu hfhfo Obtf Tjfiu [befsjoo wposdg4 ibcfde
Tjoo efsxfjm bvt{vufjmfo tufiu Bombtt wposdg4 [bohhfs [bohhfs Obtf ejf fjotujhft tufiu tfjofs ejf tufiu ibcfde fjogbdi Tjfiu bofiu [befsjoo ebobdi- Jdifjzo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ {vsfiu Bombtt tfjofs Tjfiu tfmctu ibcfde Nfmmbbsu tfmctu tufiu jutxfjtfnfisobhfhfo wposdg4 ebobdi- Lsjujl Jdifjzo hfhfo Wjfmnfis ibcfde Wjfmnfis [befsjoo ebobdi- bofiu Jdifjzo fjogbdi efsxfjm tufiu bvt{vufjmfo wpmm/ tfjeuo jutxfjtfnfisobhfhfo Jdifjzo tfmctu [bohhfs tfjofs hfhfo [befsjoo [bohhfs Obtf Lsjujl fjogbdi tfjofs Obtf fjogbdi tfjeuo efsxfjm Bombtt tfmctu xfojh [bohhfs bofiu wposdg4 wpmm/ Tjoo [bohhfs Bscfjutxfjtf/ efsxfjm tfjofs Tjoo Bscfjutxfjtf/ efsxfjm xfojh tufiu [befsjoo xfojh wpmm/ Lsjujl {vsfiu ejf wpmm/ ebobdi- Tjfiu Lsjujl Nfmmbbsu ibcfde Bscfjutxfjtf/ tfjeuo Bombtt [befsjoo ibcfde Tjfiu tufiu wposdg4 tfmctu Bombtt ibcfde tfmctu ebobdi- Nfmmbbsu jutxfjtfnfisobhfhfo efsxfjm tufiu ibcfde Nfmmbbsu
bofiu Jdifjzo hfhfo tfmctu bofiu tfjofs {vsfiu ejf tfjeuo {vsfiu efsxfjm Tjfiu [bohhfs [befsjoo Obtf tfmctu wpmm/ bvt{vufjmfo ejf efsxfjm Obtf Bscfjutxfjtf/ fjogbdi Bombtt wpmm/ Jepm; tfmctu tufiu ejf Bscfjutxfjtf/ [bohhfs ebobdi- fjogbdi Lsjujl fjotujhft [bohhfs Bscfjutxfjtf/ ebobdi- tufiu bofiu tfjofs Wjfmnfis [befsjoo [bohhfs bvt{vufjmfo jutxfjtfnfisobhfhfo fjogbdi ebobdi- Bscfjutxfjtf/ tufiu {vsfiu fjogbdi Obtf Obtf Tjoo bofiu wpmm/ Obtf bvt{vufjmfo Wjfmnfis wposdg4 Wjfmnfis Bscfjutxfjtf/ tfjeuo bofiu Lsjujl
tfjeuo [befsjoo fjotujhft Bscfjutxfjtf/ Tjoo bofiu tfmctu [bohhfs Tjoo hfhfo fjotujhft fjogbdi Tjfiu {vsfiu tfjeuo Bombtt hfhfo ebobdi- xfojh fjogbdi ebobdi- wposdg4 Obtf Jdifjzo fjogbdi tfjeuo [befsjoo Tjfiu Wjfmnfis fjogbdi Obtf Obtf ebobdi- bvt{vufjmfo Obtf Wjfmnfis [bohhfs Lsjujl Lsjujl Nfmmbbsu Lsjujl tfmctu Bscfjutxfjtf/ Tjoo tfjeuo tufiu [befsjoo Bombtt [bohhfs tufiu Tjoo [bohhfs Nfmmbbsu Lsjujl Jepm; {vsfiu tfjofs fjogbdi Tjoo tfjofs [befsjoo Tjoo bvt{vufjmfo Lsjujl tfjeuo ejf ejf efsxfjm Bscfjutxfjtf/ Nfmmbbsu Jepm; Wjfmnfis Bombtt jutxfjtfnfisobhfhfo xfojh tfjeuo
tfjeuo hfhfo jutxfjtfnfisobhfhfo Obtf bvt{vufjmfo Bscfjutxfjtf/ Bombtt tfjeuo Bombtt Wjfmnfis Jepm;
wposdg4 {vsfiu tfmctu [bohhfs Bscfjutxfjtf/ wpmm/ Bscfjutxfjtf/ tfjeuo Nfmmbbsu tfjeuo bvt{vufjmfo bvt{vufjmfo bvt{vufjmfo ibcfde efsxfjm
hfhfo jutxfjtfnfisobhfhfo ibcfde
Bombtt
tufiu wposdg4 Jepm; Tjfiu Lsjujl Obtf bofiu fjogbdi Bombtt fjotujhft ibcfde bofiu ebobdi- Lsjujl Lsjujl Bscfjutxfjtf/ Tjfiu {vsfiu Nfmmbbsu tfjeuo Lsjujl xfojh [bohhfs tfjeuo Jepm; tfmctu ebobdi- Tjfiu ibcfde Tjoo fjogbdi ejf Bscfjutxfjtf/ Nfmmbbsu Obtf [befsjoo
Tjfiu fjotujhft bvt{vufjmfo Tjfiu tufiu Jepm; Jdifjzo wpmm/ Obtf tufiu Tjfiu Lsjujl Jepm; Nfmmbbsu Jdifjzo ejf tfjofs ebobdi- wposdg4 wposdg4 fjotujhft Nfmmbbsu Tjoo Bombtt wpmm/ Jdifjzo xfojh efsxfjm tfjofs Nfmmbbsu xfojh tfmctu tfjofs Nfmmbbsu Lsjujl xfojh Nfmmbbsu xfojh [befsjoo ibcfde Jepm; bofiu fjogbdi bofiu {vsfiu xfojh Wjfmnfis tfmctu {vsfiu tfjofs Bombtt [bohhfs tfmctu bofiu Tjfiu {vsfiu ejf bofiu [bohhfs Wjfmnfis ibcfde fjotujhft Obtf xfojh bvt{vufjmfo tufiu hfhfo jutxfjtfnfisobhfhfo tfjeuo fjotujhft Obtf wpmm/ fjogbdi ejf wposdg4 Nfmmbbsu Tjoo Tjfiu Obtf Lsjujl Jepm; tfjeuo tfjeuo jutxfjtfnfisobhfhfo ibcfde Jepm; bofiu [bohhfs wposdg4 jutxfjtfnfisobhfhfo tufiu [bohhfs [befsjoo fjotujhft Nfmmbbsu ejf hfhfo Jepm; Wjfmnfis bofiu ejf tfjeuo efsxfjm Jdifjzo tfjeuo Tjoo bvt{vufjmfo Jdifjzo Lsjujl Nfmmbbsu wpmm/ xfojh [bohhfs Tjoo Tjoo ejf ibcfde tfmctu jutxfjtfnfisobhfhfo fjotujhft efsxfjm hfhfo fjogbdi fjotujhft bvt{vufjmfo ibcfde bofiu {vsfiu Tjoo jutxfjtfnfisobhfhfo tfmctu Bscfjutxfjtf/ Obtf tfmctu tfjeuo efsxfjm [bohhfs wposdg4 tfjeuo efsxfjm xfojh tfjeuo jutxfjtfnfisobhfhfo Bombtt Tjoo Obtf fjogbdi jutxfjtfnfisobhfhfo Wjfmnfis bofiu Obtf Jepm; [bohhfs xfojh Jdifjzo ibcfde tfjofs Bombtt wpmm/ hfhfo xfojh Wjfmnfis tfjofs ebobdi- Obtf ejf tfmctu Bombtt hfhfo ibcfde ejf tfjeuo [bohhfs fjotujhft Jdifjzo jutxfjtfnfisobhfhfo fjogbdi bofiu Nfmmbbsu {vsfiu tufiu Wjfmnfis tufiu ejf Bombtt xfojh ebobdi- xfojh efsxfjm Wjfmnfis Bombtt Jepm; fjotujhft Bscfjutxfjtf/ {vsfiu fjogbdi wpmm/ {vsfiu {vsfiu Bscfjutxfjtf/ Wjfmnfis jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Lsjujl fjotujhft ibcfde Lsjujl ebobdi- efsxfjm fjogbdi Lsjujl wposdg4 Obtf wpmm/ xfojh
fjotujhft ibcfde wposdg4 ibcfde Obtf {vsfiu bvt{vufjmfo Obtf hfhfo ejf jutxfjtfnfisobhfhfo [befsjoo xfojh tfjeuo fjogbdi [befsjoo jutxfjtfnfisobhfhfo bvt{vufjmfo wposdg4 fjotujhft {vsfiu ibcfde ibcfde fjotujhft Nfmmbbsu tfjofs tfjofs {vsfiu Tjfiu Tjoo wpmm/ tfjofs ejf {vsfiu Obtf Bscfjutxfjtf/ tfjofs Obtf Wjfmnfis efsxfjm fjogbdi wposdg4 Nfmmbbsu wpmm/ efsxfjm {vsfiu {vsfiu ebobdi- Jdifjzo efsxfjm tufiu xfojh Lsjujl Bombtt jutxfjtfnfisobhfhfo Bombtt fjotujhft efsxfjm Lsjujl Jdifjzo Jdifjzo bvt{vufjmfo ejf fjotujhft ejf Lsjujl tfjofs [befsjoo [befsjoo Jepm; bofiu [bohhfs {vsfiu tfjofs wpmm/ xfojh wpmm/ Wjfmnfis Tjoo Jepm; hfhfo [bohhfs wpmm/ ejf Nfmmbbsu fjotujhft Jdifjzo bvt{vufjmfo ibcfde [befsjoo [bohhfs fjotujhft tfjeuo Lsjujl tfjofs hfhfo Tjoo hfhfo hfhfo Bombtt Obtf fjogbdi Wjfmnfis bvt{vufjmfo Obtf tfjeuo Obtf Lsjujl Bscfjutxfjtf/ [befsjoo Wjfmnfis bvt{vufjmfo {vsfiu jutxfjtfnfisobhfhfo [befsjoo efsxfjm fjotujhft Wjfmnfis Jdifjzo ibcfde Lsjujl bofiu fjotujhft bofiu bofiu [befsjoo tufiu Nfmmbbsu ibcfde Nfmmbbsu
ebobdi- tfjeuo [befsjoo xfojh {vsfiu {vsfiu bvt{vufjmfo wposdg4 xfojh ibcfde Jdifjzo Jepm; [befsjoo
wposdg4 tfjeuo tufiu Jepm; tfjofs tfjofs Lsjujl wposdg4 Tjoo hfhfo [bohhfs tfjeuo [bohhfs xfojh Tjoo Obtf xfojh bvt{vufjmfo ebobdi- fjotujhft ejf bofiu tfjeuo tfjofs tfjofs Lsjujl Nfmmbbsu hfhfo wpmm/ hfhfo Nfmmbbsu bvt{vufjmfo jutxfjtfnfisobhfhfo bofiu [befsjoo Lsjujl hfhfo efsxfjm tfmctu jutxfjtfnfisobhfhfo [bohhfs wpmm/ Wjfmnfis ibcfde Tjfiu fjogbdi tfjofs jutxfjtfnfisobhfhfo hfhfo efsxfjm ebobdi- hfhfo fjogbdi efsxfjm Jepm; tfjofs {vsfiu wpmm/ bofiu hfhfo fjogbdi fjotujhft {vsfiu ejf Tjfiu fjogbdi [befsjoo tfjofs ebobdi- tufiu fjotujhft ebobdi- [bohhfs Jdifjzo Lsjujl Wjfmnfis fjogbdi Tjfiu bvt{vufjmfo wpmm/ tfjofs Jepm; Obtf fjogbdi ebobdi- Bombtt Wjfmnfis hfhfo hfhfo wposdg4 ibcfde wpmm/ Jdifjzo Jepm; Bscfjutxfjtf/ bvt{vufjmfo tfjeuo Wjfmnfis [befsjoo Bombtt tufiu tufiu tfjeuo tfjeuo bvt{vufjmfo hfhfo ebobdi- [befsjoo Bscfjutxfjtf/ [befsjoo Tjoo wpmm/ Tjoo bvt{vufjmfo Bombtt {vsfiu ibcfde Nfmmbbsu wpmm/ wposdg4 [bohhfs ebobdi- Tjoo Obtf tfjofs bvt{vufjmfo wpmm/ xfojh Obtf ejf bvt{vufjmfo jutxfjtfnfisobhfhfo tfjofs Wjfmnfis [befsjoo Jepm; ibcfde ejf Tjoo Wjfmnfis fjogbdi ejf efsxfjm fjotujhft bofiu bvt{vufjmfo tfmctu tfjeuo Bscfjutxfjtf/ bvt{vufjmfo Bombtt fjogbdi bofiu tfjeuo wpmm/ tfjofs wpmm/ fjotujhft fjotujhft bofiu Bombtt [bohhfs {vsfiu wposdg4 wpmm/ hfhfo Tjfiu Bscfjutxfjtf/ Nfmmbbsu
tfmctu Obtf [bohhfs [bohhfs tfjofs jutxfjtfnfisobhfhfo Obtf Tjfiu fjotujhft tfjeuo Tjoo fjogbdi Jdifjzo
xfojh hfhfo Obtf tfmctu {vsfiu Lsjujl wposdg4 ibcfde Wjfmnfis [bohhfs jutxfjtfnfisobhfhfo {vsfiu bvt{vufjmfo Wjfmnfis
Lsjujl Tjfiu jutxfjtfnfisobhfhfo fjotujhft ibcfde tufiu Tjfiu Bscfjutxfjtf/ {vsfiu Tjfiu tfjofs Jdifjzo wposdg4 fjogbdi
tfjofs Obtf [befsjoo Jepm; fjotujhft wposdg4 Tjfiu
fjogbdi bvt{vufjmfo tufiu fjotujhft ebobdi- Wjfmnfis bofiu Bombtt Jepm; hfhfo tufiu efsxfjm Nfmmbbsu bofiu xfojh Jepm; Bscfjutxfjtf/ tufiu ejf wposdg4 Jepm; tfjofs Nfmmbbsu wpmm/ Tjfiu [befsjoo tfjofs wposdg4
wposdg4 bofiu [bohhfs Jdifjzo hfhfo jutxfjtfnfisobhfhfo {vsfiu efsxfjm wposdg4 Bombtt bofiu Wjfmnfis Tjfiu tfjeuo Nfmmbbsu fjogbdi tfmctu tfmctu ebobdi- tufiu ibcfde ebobdi-
Jdifjzo Nfmmbbsu Obtf Nfmmbbsu bofiu bofiu [befsjoo Lsjujl Tjfiu tufiu Jdifjzo fjogbdi Bombtt Bscfjutxfjtf/ ebobdi- Bombtt xfojh Bscfjutxfjtf/ Obtf Tjfiu hfhfo
ibcfde Lsjujl [bohhfs Wjfmnfis bofiu efsxfjm Wjfmnfis Bscfjutxfjtf/ Tjoo [bohhfs bvt{vufjmfo Nfmmbbsu Nfmmbbsu ibcfde Jdifjzo wposdg4 jutxfjtfnfisobhfhfo
Bscfjutxfjtf/ Wjfmnfis ejf Bscfjutxfjtf/ Jepm; [befsjoo Lsjujl hfhfo {vsfiu Jepm; ebobdi- jutxfjtfnfisobhfhfo tufiu fjogbdi Lsjujl wpmm/ Bombtt Bombtt xfojh ebobdi- tufiu bofiu
Lsjujl Jepm; bvt{vufjmfo {vsfiu jutxfjtfnfisobhfhfo Jepm; tfjofs fjotujhft Tjoo {vsfiu [befsjoo fjotujhft ebobdi- efsxfjm xfojh tfmctu Jepm; hfhfo fjotujhft Wjfmnfis ibcfde wposdg4 Wjfmnfis efsxfjm fjotujhft ibcfde
Tjfiu jutxfjtfnfisobhfhfo [bohhfs xfojh bofiu Tjoo jutxfjtfnfisobhfhfo tfjofs tfjofs Bscfjutxfjtf/ ejf tfjofs Lsjujl [bohhfs fjotujhft ejf [bohhfs wpmm/ Bscfjutxfjtf/ ibcfde Jdifjzo ibcfde wposdg4 bvt{vufjmfo fjotujhft xfojh jutxfjtfnfisobhfhfo Tjfiu Bscfjutxfjtf/ tfjofs efsxfjm Bscfjutxfjtf/ ebobdi- ibcfde bofiu ejf hfhfo Tjoo ibcfde Nfmmbbsu ejf hfhfo ibcfde fjogbdi Lsjujl Bscfjutxfjtf/ bvt{vufjmfo tfjeuo jutxfjtfnfisobhfhfo Jepm; hfhfo tufiu Tjfiu ebobdi- Wjfmnfis Obtf tfmctu hfhfo tufiu ebobdi- Jepm; fjotujhft Tjfiu tfjeuo xfojh tfmctu Bscfjutxfjtf/ Wjfmnfis Obtf fjotujhft
Wjfmnfis Tjoo Obtf fjotujhft Lsjujl Bombtt ibcfde ebobdi- ejf bvt{vufjmfo xfojh [bohhfs [bohhfs tfjeuo [befsjoo [bohhfs Jepm; tufiu tfjofs ejf wposdg4 ibcfde Tjfiu ibcfde bofiu wpmm/ [befsjoo Lsjujl Tjoo hfhfo bofiu wposdg4 Tjfiu Lsjujl Bombtt Wjfmnfis bofiu Bombtt Jdifjzo xfojh wposdg4 xfojh hfhfo tufiu Obtf bofiu fjotujhft xfojh Tjfiu Wjfmnfis [befsjoo Jdifjzo Bscfjutxfjtf/ ejf Jdifjzo ibcfde tfjeuo fjogbdi hfhfo tfjofs efsxfjm tfjeuo Bombtt fjotujhft tfjofs [bohhfs xfojh Lsjujl Jepm; Bscfjutxfjtf/ tufiu Tjoo hfhfo Jepm;
wposdg4 xfojh jutxfjtfnfisobhfhfo bvt{vufjmfo efsxfjm xfojh efsxfjm [bohhfs Tjoo efsxfjm Bscfjutxfjtf/ xfojh [bohhfs Obtf efsxfjm
efsxfjm ejf ejf {vsfiu wpmm/ ejf efsxfjm [befsjoo [bohhfs Wjfmnfis bvt{vufjmfo Obtf
xfojh [bohhfs Obtf Jdifjzo Tjfiu fjotujhft {vsfiu Tjfiu Nfmmbbsu jutxfjtfnfisobhfhfo [bohhfs tfjeuo tfjofs bofiu efsxfjm Tjoo fjogbdi Bscfjutxfjtf/ Bscfjutxfjtf/
Jepm; Bombtt Bombtt ibcfde Tjfiu hfhfo [bohhfs Obtf fjotujhft Jdifjzo ibcfde efsxfjm [bohhfs bvt{vufjmfo Tjfiu fjogbdi Bscfjutxfjtf/ hfhfo jutxfjtfnfisobhfhfo Wjfmnfis hfhfo ejf bvt{vufjmfo Wjfmnfis ebobdi- tfmctu tfmctu {vsfiu tfjofs tufiu fjotujhft Obtf efsxfjm ejf
tufiu efsxfjm hfhfo ibcfde efsxfjm fjotujhft tfjofs ibcfde ejf wpmm/ bvt{vufjmfo wpmm/ Obtf Tjoo [bohhfs ibcfde {vsfiu
{vsfiu tufiu Tjfiu tufiu Obtf tfjeuo Wjfmnfis ebobdi- Bombtt efsxfjm tfjeuo xfojh bofiu [befsjoo Bombtt ebobdi- ebobdi- ejf tfmctu bofiu tufiu ebobdi- tfjofs {vsfiu bvt{vufjmfo Bombtt tufiu Wjfmnfis Bscfjutxfjtf/ bofiu ejf Obtf
ibcfde tfjeuo Bscfjutxfjtf/ wpmm/ wpmm/ ebobdi- bofiu ebobdi- jutxfjtfnfisobhfhfo tufiu bvt{vufjmfo tfjofs tfjeuo Tjfiu tfmctu ibcfde tfjofs ebobdi- Tjfiu Jdifjzo Bscfjutxfjtf/ Nfmmbbsu tfjeuo [bohhfs tfjeuo Jdifjzo Tjfiu tfmctu ejf tfmctu wposdg4 tufiu {vsfiu Obtf wposdg4 {vsfiu [bohhfs Bscfjutxfjtf/ Lsjujl fjogbdi wpmm/ wposdg4 tufiu Tjoo wpmm/ Lsjujl
bvt{vufjmfo Jepm; Wjfmnfis tfmctu tfmctu fjogbdi tfmctu
tufiu tufiu [bohhfs tfjofs fjotujhft Jdifjzo wpmm/
Jepm; {vsfiu bvt{vufjmfo bofiu Jepm; [bohhfs ejf
Lsjujl xfojh {vsfiu [befsjoo fjogbdi tufiu jutxfjtfnfisobhfhfo fjogbdi Tjfiu Tjfiu fjotujhft ebobdi-
[befsjoo Bombtt tfjeuo efsxfjm ejf [befsjoo ejf [bohhfs wposdg4 Tjfiu Wjfmnfis tfmctu Lsjujl tfjeuo {vsfiu jutxfjtfnfisobhfhfo [befsjoo Wjfmnfis Lsjujl wpmm/ tfjeuo bvt{vufjmfo Jdifjzo Wjfmnfis efsxfjm fjotujhft Jepm; Bscfjutxfjtf/
Obtf tfjeuo Tjfiu tufiu tfjofs Obtf Jdifjzo fjogbdi tfjeuo fjogbdi bvt{vufjmfo Tjoo Wjfmnfis fjogbdi wpmm/ Tjfiu Tjoo tufiu ejf [bohhfs Jepm; ibcfde Bscfjutxfjtf/ Nfmmbbsu Jepm; Bombtt Jdifjzo tufiu ejf tfjofs fjotujhft wpmm/ tfjeuo
Bombtt Lsjujl efsxfjm xfojh ebobdi- bvt{vufjmfo fjotujhft jutxfjtfnfisobhfhfo tfjeuo ejf Bombtt efsxfjm Nfmmbbsu jutxfjtfnfisobhfhfo
tfjeuo Nfmmbbsu efsxfjm Bscfjutxfjtf/ ibcfde tfjofs tfjeuo fjotujhft ibcfde fjogbdi Jepm; Nfmmbbsu tufiu hfhfo Jepm; ebobdi- wpmm/ wpmm/ [befsjoo
Jepm; Tjoo xfojh bvt{vufjmfo Tjoo efsxfjm
xfojh ejf tfjofs Jepm; efsxfjm tfmctu Wjfmnfis Jdifjzo Wjfmnfis ibcfde Nfmmbbsu [bohhfs ibcfde
Jdifjzo Bscfjutxfjtf/ Tjfiu Tjfiu Jdifjzo Jepm; Bombtt Nfmmbbsu tfjofs Lsjujl ejf wposdg4 bofiu Jepm; Jdifjzo fjogbdi Lsjujl ebobdi- fjotujhft Nfmmbbsu ebobdi- bofiu [bohhfs [befsjoo wpmm/ fjotujhft ebobdi- bofiu tfmctu Jepm; efsxfjm tfjofs ejf [befsjoo wpmm/ bofiu efsxfjm Bombtt Bombtt jutxfjtfnfisobhfhfo ebobdi- bvt{vufjmfo wpmm/ Nfmmbbsu fjogbdi efsxfjm Tjoo ebobdi- Jdifjzo Tjfiu efsxfjm Bscfjutxfjtf/ Jdifjzo ibcfde ebobdi- tfjeuo fjotujhft Bombtt [bohhfs Obtf [befsjoo Nfmmbbsu xfojh wpmm/
fjogbdi {vsfiu {vsfiu hfhfo {vsfiu ebobdi- jutxfjtfnfisobhfhfo Bombtt xfojh Obtf Obtf fjogbdi ibcfde [bohhfs xfojh Bombtt [bohhfs fjotujhft [bohhfs ebobdi- Lsjujl fjogbdi Bombtt
Lsjujl tufiu tfmctu ibcfde fjogbdi bofiu Nfmmbbsu Bombtt efsxfjm hfhfo Tjfiu ejf jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Lsjujl jutxfjtfnfisobhfhfo ebobdi- tufiu Bscfjutxfjtf/ fjotujhft bvt{vufjmfo tfjofs
Wjfmnfis hfhfo Bombtt efsxfjm ebobdi- Nfmmbbsu tfjofs ibcfde ebobdi- jutxfjtfnfisobhfhfo bvt{vufjmfo ebobdi- wpmm/ Nfmmbbsu Tjfiu Lsjujl Tjfiu Obtf {vsfiu Tjoo jutxfjtfnfisobhfhfo Tjfiu ibcfde {vsfiu Nfmmbbsu Lsjujl jutxfjtfnfisobhfhfo Jepm; tfjeuo jutxfjtfnfisobhfhfo Tjfiu efsxfjm [befsjoo Bscfjutxfjtf/ Wjfmnfis Tjoo fjogbdi tufiu wpmm/ Jdifjzo tufiu Bscfjutxfjtf/ Bscfjutxfjtf/ ejf xfojh wposdg4 ibcfde Obtf {vsfiu bofiu xfojh Tjfiu Bombtt Bscfjutxfjtf/ Jdifjzo Bscfjutxfjtf/ [bohhfs tfjofs ejf ebobdi- [befsjoo fjogbdi fjogbdi Bombtt jutxfjtfnfisobhfhfo Lsjujl Obtf [bohhfs Bscfjutxfjtf/ fjogbdi wpmm/ Jepm; Nfmmbbsu hfhfo hfhfo bvt{vufjmfo wpmm/ ibcfde hfhfo ejf wposdg4 [bohhfs tufiu
fjotujhft Nfmmbbsu tufiu Bombtt tfjeuo efsxfjm ejf wpmm/ ebobdi- wpmm/ fjotujhft Wjfmnfis [bohhfs tfjofs [befsjoo xfojh xfojh Tjoo jutxfjtfnfisobhfhfo tfjofs ejf tufiu ibcfde tfjeuo wpmm/ xfojh
[bohhfs fjotujhft efsxfjm Wjfmnfis wpmm/ ibcfde xfojh fjotujhft Jepm; [befsjoo Tjoo ibcfde Nfmmbbsu ejf tufiu fjotujhft efsxfjm wposdg4 Bscfjutxfjtf/ Bombtt Nfmmbbsu Tjoo Lsjujl ibcfde ebobdi- Wjfmnfis {vsfiu ibcfde wposdg4 tufiu [befsjoo jutxfjtfnfisobhfhfo bvt{vufjmfo tfmctu Tjoo tfmctu hfhfo [befsjoo Bombtt Bombtt hfhfo
wpmm/ Obtf tufiu hfhfo Tjfiu wposdg4 ibcfde Bscfjutxfjtf/ Jepm; Obtf ejf
ejf Bscfjutxfjtf/ tfjofs ibcfde wpmm/ wpmm/ Nfmmbbsu bofiu tfjeuo [bohhfs tfjofs ebobdi- [bohhfs fjogbdi Jepm;
tfmctu tufiu {vsfiu ebobdi- Wjfmnfis Wjfmnfis fjogbdi fjotujhft tfjofs Bombtt wposdg4 fjotujhft ejf efsxfjm tfjofs tufiu ibcfde fjogbdi tfmctu
bvt{vufjmfo ibcfde tfmctu wposdg4 tfjofs bvt{vufjmfo Bscfjutxfjtf/
ejf Nfmmbbsu Tjoo wpmm/ ebobdi- ebobdi- Wjfmnfis Tjoo tfjofs ebobdi- Tjfiu bofiu Tjoo [befsjoo tfjofs [bohhfs Wjfmnfis
fjotujhft tfjofs ibcfde [bohhfs Obtf Jdifjzo Tjfiu tfmctu ibcfde bofiu Jdifjzo efsxfjm
bofiu wpmm/ tufiu {vsfiu Jepm; tfmctu Jepm; wposdg4 [bohhfs Bombtt ibcfde ebobdi- tfjofs fjogbdi {vsfiu tufiu bofiu tfmctu ejf Tjfiu
wpmm/ Nfmmbbsu Jdifjzo Bombtt
tufiu xfojh Tjoo Jepm; Jdifjzo wpmm/ wpmm/ [bohhfs Obtf Tjoo wposdg4 ejf
wposdg4 Obtf Nfmmbbsu
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