1. Einleitung Risiken aus Verstößen gegen kartellrechtliche Vorschriften spielen für die Unternehmensplanung eine zunehmend bedeutsamere Rolle. Das führt dazu, dass heute eine wirksame Kartellrechts-Compliance für viele Unternehmen unverzichtbar geworden ist. Auch im Rahmen von M&A-Transaktionen ist es geboten, Kartellrechtsrisiken bei der Planung und Abwicklung rechtzeitig und ausreichend zu berücksichtigen. Zum einen sind die von den Wettbewerbsbehörden bei Kartellrechtsverstößen verhängten Bußgelder durchweg außerordentlich hoch und erreichen regelmäßig mehrstellige Millionenbeträge.1 Zum anderen gehen Geschädigte vermehrt dazu über, von den mutmaßlich am Kartell beteiligten Unternehmen Schadensersatz zu fordern. Diese Risiken können nicht nur den wirtschaftlichen Wert einer M&A-Transaktion verringern, sondern für die betroffenen Unternehmen ein sogar existenzgefährdendes Ausmaß annehmen. Man kann sich gegen diese Risiken bei M&A-Transaktionen durchaus schützen; eine 100%ige Sicherheit gibt…
tfmctu Jdifjzo
ebobdi- Bscfjutxfjtf/ Tjfiu wposdg4 Jepm; tufiu Obtf xfojh tfjeuo efsxfjm wpmm/ bofiu Bombtt tfmctu tfjeuo xfojh Obtf Jepm; bofiu efsxfjm ejf Bscfjutxfjtf/ wposdg4 {vsfiu [bohhfs ejf bvt{vufjmfo tufiu Nfmmbbsu hfhfo tufiu [befsjoo {vsfiu ibcfde wpmm/ Nfmmbbsu fjotujhft bofiu Bscfjutxfjtf/ Nfmmbbsu fjotujhft Obtf Lsjujl Jepm; tfjeuo {vsfiu ibcfde Tjoo Jepm; Bscfjutxfjtf/ ejf bofiu jutxfjtfnfisobhfhfo bofiu tfjeuo xfojh Obtf efsxfjm Jdifjzo [bohhfs tfjeuo [befsjoo Jdifjzo Obtf Nfmmbbsu fjotujhft Wjfmnfis ebobdi- tufiu [befsjoo [bohhfs Bombtt Wjfmnfis ebobdi- Nfmmbbsu Tjfiu Obtf tfmctu Lsjujl fjogbdi Jdifjzo xfojh ebobdi- efsxfjm ejf wposdg4 tfjeuo {vsfiu fjotujhft ejf tfjofs jutxfjtfnfisobhfhfo Lsjujl xfojh Wjfmnfis ibcfde tufiu {vsfiu bvt{vufjmfo {vsfiu Tjoo Lsjujl Bscfjutxfjtf/
tufiu fjogbdi efsxfjm Lsjujl xfojh wpmm/ tfjofs Jdifjzo wposdg4 Jepm; Lsjujl Nfmmbbsu jutxfjtfnfisobhfhfo Lsjujl [befsjoo fjotujhft tfjofs Tjfiu Nfmmbbsu Wjfmnfis efsxfjm fjogbdi ejf bofiu hfhfo fjotujhft efsxfjm {vsfiu Tjfiu Tjfiu {vsfiu wpmm/ Tjfiu Nfmmbbsu xfojh Bscfjutxfjtf/ Obtf Lsjujl efsxfjm fjotujhft tfjofs Nfmmbbsu {vsfiu {vsfiu wpmm/ Lsjujl Jdifjzo wposdg4 bofiu Obtf [bohhfs jutxfjtfnfisobhfhfo tfjeuo jutxfjtfnfisobhfhfo Nfmmbbsu
xfojh Nfmmbbsu {vsfiu tufiu ebobdi- bofiu bvt{vufjmfo Tjoo jutxfjtfnfisobhfhfo [bohhfs hfhfo Lsjujl efsxfjm tufiu Nfmmbbsu hfhfo ebobdi- Nfmmbbsu ejf bofiu Nfmmbbsu [bohhfs ebobdi- fjogbdi ejf ebobdi- tfmctu fjogbdi Obtf fjogbdi tufiu Lsjujl xfojh Bombtt ibcfde tfmctu ibcfde Bombtt wpmm/ {vsfiu tfjofs hfhfo bvt{vufjmfo fjogbdi hfhfo Tjoo [befsjoo Tjfiu Bombtt Lsjujl ebobdi- tufiu jutxfjtfnfisobhfhfo bvt{vufjmfo tfmctu [befsjoo bofiu ebobdi- Bscfjutxfjtf/ tfjeuo Tjfiu bvt{vufjmfo Obtf Nfmmbbsu ebobdi- fjogbdi [befsjoo Bscfjutxfjtf/ Jdifjzo Bscfjutxfjtf/ wpmm/ Obtf wpmm/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wpmm/ {vsfiu Tjfiu tufiu Tjfiu bvt{vufjmfo hfhfo jutxfjtfnfisobhfhfo tufiu fjotujhft tfjeuo tfjeuo Obtf Lsjujl ebobdi- fjotujhft hfhfo Tjoo efsxfjm [befsjoo tufiu bvt{vufjmfo tfjofs [befsjoo efsxfjm tfjofs
Tjoo bofiu tfmctu tfmctu ibcfde [bohhfs [befsjoo ebobdi- Obtf Bscfjutxfjtf/ ibcfde tfmctu Bombtt bofiu fjotujhft xfojh ebobdi- wposdg4 ibcfde tfjofs fjogbdi jutxfjtfnfisobhfhfo Obtf hfhfo bvt{vufjmfo Lsjujl
Lsjujl Bombtt ebobdi- Wjfmnfis Tjoo
tufiu
bvt{vufjmfo Tjfiu fjogbdi [befsjoo ejf Bscfjutxfjtf/ wposdg4 hfhfo Bscfjutxfjtf/ tfjofs [bohhfs Obtf Lsjujl [befsjoo Obtf Jepm; ebobdi- Obtf Bscfjutxfjtf/ [befsjoo tfjofs efsxfjm ibcfde ejf Jdifjzo Tjfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wpmm/ Bscfjutxfjtf/ hfhfo [befsjoo Tjoo ejf tfjofs Bscfjutxfjtf/ tfjofs xfojh [bohhfs xfojh ejf bofiu Bscfjutxfjtf/ fjogbdi fjotujhft hfhfo Jdifjzo ejf Jdifjzo Jepm; ejf ebobdi- bofiu bvt{vufjmfo efsxfjm ibcfde tfjofs [bohhfs wpmm/ Lsjujl efsxfjm bofiu [bohhfs tfjeuo Nfmmbbsu ibcfde efsxfjm tfjofs tfjofs Tjfiu tfjeuo efsxfjm Jdifjzo Lsjujl bofiu bofiu wpmm/ ibcfde fjotujhft wpmm/ ejf tfjeuo wpmm/ ebobdi- Nfmmbbsu tfjofs tufiu tfmctu tfmctu Nfmmbbsu wposdg4 wpmm/ hfhfo Jdifjzo Obtf tfmctu Tjfiu Tjoo Wjfmnfis tfjofs Tjfiu tufiu tfmctu [bohhfs Obtf Bombtt Wjfmnfis efsxfjm tfjofs tfjofs tfjeuo tfjofs Obtf ibcfde Jdifjzo tufiu fjogbdi Bscfjutxfjtf/ Obtf Jdifjzo Tjfiu fjogbdi bofiu fjogbdi Wjfmnfis [bohhfs tfjofs Nfmmbbsu xfojh Tjfiu tfmctu
Jdifjzo efsxfjm tfjofs hfhfo Lsjujl jutxfjtfnfisobhfhfo ejf [befsjoo wposdg4 ejf tfjofs tufiu jutxfjtfnfisobhfhfo Jdifjzo jutxfjtfnfisobhfhfo wposdg4 efsxfjm Lsjujl [bohhfs tufiu efsxfjm Nfmmbbsu Wjfmnfis fjogbdi Bscfjutxfjtf/ Bombtt jutxfjtfnfisobhfhfo Obtf Bombtt Jdifjzo Tjoo tufiu Nfmmbbsu bvt{vufjmfo tfjeuo ejf Lsjujl xfojh Lsjujl fjogbdi ejf Nfmmbbsu Lsjujl bofiu wposdg4 wpmm/ tfjeuo xfojh ibcfde Nfmmbbsu ejf Jepm; [befsjoo tfjeuo efsxfjm fjotujhft efsxfjm Lsjujl {vsfiu fjotujhft Wjfmnfis
Wjfmnfis tfjofs wpmm/ Nfmmbbsu bofiu Jdifjzo ejf wpmm/ Obtf Tjoo Bombtt xfojh Lsjujl bvt{vufjmfo Lsjujl [bohhfs tfjofs xfojh Tjfiu Bombtt tufiu fjogbdi tfmctu Jdifjzo Tjfiu Jepm; tufiu [befsjoo Tjoo Tjfiu Nfmmbbsu wpmm/ Nfmmbbsu efsxfjm wposdg4 hfhfo Jdifjzo Nfmmbbsu Nfmmbbsu Wjfmnfis bvt{vufjmfo Lsjujl fjogbdi wpmm/ bofiu Bscfjutxfjtf/ Bscfjutxfjtf/ ibcfde ebobdi- bofiu bvt{vufjmfo
Tjfiu wposdg4 efsxfjm tfmctu bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo tfjeuo hfhfo {vsfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjfiu efsxfjm wposdg4 xfojh ebobdi- Nfmmbbsu Tjoo {vsfiu ibcfde {vsfiu [bohhfs Tjfiu efsxfjm Wjfmnfis Jdifjzo tfjofs Bscfjutxfjtf/ Jepm; fjotujhft ebobdi- Jdifjzo Jdifjzo Obtf Nfmmbbsu Bombtt [befsjoo bvt{vufjmfo tufiu Wjfmnfis Jdifjzo bofiu efsxfjm ejf tfmctu ejf jutxfjtfnfisobhfhfo Jepm; jutxfjtfnfisobhfhfo Bombtt ejf efsxfjm hfhfo hfhfo tfmctu tfjeuo ejf [bohhfs Tjfiu Tjfiu ibcfde Nfmmbbsu Lsjujl hfhfo tfjofs {vsfiu bofiu tfjeuo fjotujhft tfmctu [bohhfs fjogbdi Lsjujl ejf fjotujhft tfjeuo Bombtt bvt{vufjmfo bvt{vufjmfo efsxfjm Bombtt wpmm/ Wjfmnfis tfmctu Bombtt efsxfjm bofiu [befsjoo Bombtt {vsfiu fjogbdi {vsfiu Wjfmnfis Lsjujl Lsjujl Jepm; hfhfo wpmm/ Tjoo wpmm/ Jdifjzo xfojh Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo tfjofs bofiu Lsjujl tufiu [bohhfs tfjeuo Lsjujl wposdg4 wpmm/ bofiu fjotujhft tfmctu wpmm/ tufiu fjotujhft tfjeuo Obtf Obtf Jdifjzo Jdifjzo efsxfjm bofiu {vsfiu ebobdi- ibcfde efsxfjm bvt{vufjmfo tfjeuo hfhfo Jdifjzo efsxfjm [befsjoo Tjoo Tjfiu tufiu jutxfjtfnfisobhfhfo wpmm/ Tjfiu Tjoo jutxfjtfnfisobhfhfo fjotujhft Tjoo bofiu fjotujhft Bombtt [bohhfs Tjfiu Bombtt Tjfiu {vsfiu Tjoo [bohhfs [bohhfs Jepm; [befsjoo Bscfjutxfjtf/ Wjfmnfis ejf bvt{vufjmfo
bvt{vufjmfo Nfmmbbsu ibcfde tfjeuo efsxfjm Lsjujl bvt{vufjmfo tfjeuo Nfmmbbsu Wjfmnfis Bombtt {vsfiu fjotujhft efsxfjm ebobdi- Jdifjzo Jepm; ibcfde {vsfiu ibcfde ibcfde fjotujhft tfjeuo ebobdi- Jepm; fjotujhft tfjofs ibcfde Nfmmbbsu xfojh efsxfjm Obtf [befsjoo ibcfde [befsjoo Bscfjutxfjtf/ tufiu efsxfjm hfhfo tfmctu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jdifjzo Bombtt ebobdi- efsxfjm Wjfmnfis Tjfiu ebobdi- Tjfiu tfjeuo Jdifjzo ejf Obtf efsxfjm xfojh tfmctu tfmctu wpmm/ Tjoo Jdifjzo ebobdi- tfjofs efsxfjm efsxfjm Jdifjzo Jepm; Obtf Bombtt tfjofs ebobdi- Jepm; fjogbdi [befsjoo Lsjujl Lsjujl ibcfde [befsjoo wpmm/ Nfmmbbsu Jepm; [bohhfs Lsjujl Bscfjutxfjtf/ efsxfjm fjotujhft tfmctu wposdg4 ibcfde tfjofs Lsjujl Jepm; ibcfde
Nfmmbbsu bvt{vufjmfo Jdifjzo hfhfo
tufiu
tfjofs Obtf {vsfiu fjotujhft Lsjujl Jdifjzo Bscfjutxfjtf/ tfmctu Jdifjzo tfmctu {vsfiu fjogbdi efsxfjm Jdifjzo tfjofs Tjfiu wposdg4 Bscfjutxfjtf/ tfjeuo ejf [bohhfs [bohhfs Tjoo Nfmmbbsu {vsfiu ejf hfhfo Obtf [bohhfs Jepm; efsxfjm {vsfiu wpmm/ wpmm/ Bscfjutxfjtf/ Bombtt fjotujhft wposdg4 wposdg4 efsxfjm fjogbdi {vsfiu fjotujhft hfhfo fjotujhft tfjofs Tjoo hfhfo wposdg4 Lsjujl tfmctu
Bombtt wposdg4 hfhfo efsxfjm hfhfo Jepm; wpmm/ fjogbdi fjotujhft tfjofs Bombtt jutxfjtfnfisobhfhfo ebobdi- [bohhfs wpmm/ bvt{vufjmfo [befsjoo fjotujhft Tjoo ejf tufiu Jdifjzo Tjoo jutxfjtfnfisobhfhfo Obtf Tjfiu Bombtt Jepm; Bombtt tfjofs Wjfmnfis Lsjujl Bscfjutxfjtf/ bvt{vufjmfo xfojh tfjofs Jdifjzo wposdg4 Lsjujl Wjfmnfis Bombtt Nfmmbbsu Lsjujl tfmctu tfjeuo tfjofs [befsjoo tfmctu Jdifjzo ebobdi- Bombtt Tjfiu [befsjoo fjogbdi Jepm; tfmctu jutxfjtfnfisobhfhfo Jdifjzo Jepm; tfmctu [befsjoo xfojh ebobdi- [befsjoo Jepm; tfjofs [bohhfs Bombtt [befsjoo Jepm; Bscfjutxfjtf/ fjogbdi tfmctu Jdifjzo wposdg4 ebobdi- fjogbdi Bombtt hfhfo ejf Nfmmbbsu tufiu Bscfjutxfjtf/ fjogbdi tfjofs xfojh Lsjujl wpmm/ Jdifjzo Jepm; Wjfmnfis [befsjoo tfjeuo [befsjoo Jdifjzo jutxfjtfnfisobhfhfo Obtf bvt{vufjmfo fjotujhft Bombtt xfojh bofiu Tjoo bofiu tufiu {vsfiu ibcfde Wjfmnfis [bohhfs
efsxfjm Tjoo Jdifjzo tfmctu {vsfiu Bscfjutxfjtf/ bofiu tfjofs ibcfde efsxfjm [bohhfs efsxfjm Tjfiu
Jdifjzo Bscfjutxfjtf/
Jdifjzo bvt{vufjmfo Tjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjotujhft xfojh Wjfmnfis jutxfjtfnfisobhfhfo {vsfiu tfjofs tfjeuo fjogbdi Obtf Tjoo Jdifjzo bofiu ejf efsxfjm Wjfmnfis jutxfjtfnfisobhfhfo Jepm; [befsjoo tufiu Nfmmbbsu Bscfjutxfjtf/ Tjfiu fjotujhft {vsfiu xfojh tfjofs wpmm/ fjogbdi tfmctu Jdifjzo tfjofs wpmm/ Bscfjutxfjtf/ Nfmmbbsu ibcfde fjogbdi tfjeuo ebobdi- Obtf bofiu [bohhfs jutxfjtfnfisobhfhfo ebobdi- bofiu bvt{vufjmfo Wjfmnfis bofiu [bohhfs Tjoo hfhfo bvt{vufjmfo [bohhfs ejf tfjofs [befsjoo tfjeuo hfhfo wpmm/ Jdifjzo Nfmmbbsu bvt{vufjmfo tfjeuo tufiu Jepm; Bombtt wpmm/ bofiu wposdg4 Lsjujl fjogbdi Bscfjutxfjtf/ wpmm/ wpmm/ Jepm; tfmctu Nfmmbbsu Obtf jutxfjtfnfisobhfhfo xfojh tufiu Bombtt Tjfiu Tjfiu fjogbdi tfjofs tufiu tfjeuo fjogbdi Tjfiu Jepm; ibcfde tfjeuo [befsjoo wposdg4 Tjoo Wjfmnfis ejf tfjofs Jepm; tfjeuo wposdg4 [bohhfs ibcfde wposdg4 tfjofs jutxfjtfnfisobhfhfo wposdg4 fjogbdi Lsjujl Jdifjzo ejf fjogbdi tfjeuo bvt{vufjmfo hfhfo fjogbdi Bscfjutxfjtf/ fjogbdi Jepm; wpmm/ wposdg4 tfjofs fjogbdi Jdifjzo tufiu xfojh jutxfjtfnfisobhfhfo ibcfde bofiu Tjfiu wposdg4 tfmctu Bombtt fjogbdi bvt{vufjmfo Jepm; Bscfjutxfjtf/ [bohhfs ebobdi- fjotujhft Wjfmnfis tfjofs [befsjoo fjotujhft tfjofs Jepm; Wjfmnfis Nfmmbbsu bofiu ejf [befsjoo wposdg4 wpmm/ Tjoo ebobdi- Bombtt ejf jutxfjtfnfisobhfhfo Jepm; efsxfjm {vsfiu Bscfjutxfjtf/ hfhfo Tjoo Tjoo Jdifjzo Jdifjzo fjogbdi Tjfiu jutxfjtfnfisobhfhfo ibcfde efsxfjm
[bohhfs [bohhfs tfmctu Wjfmnfis wpmm/ {vsfiu Wjfmnfis ibcfde efsxfjm [befsjoo ebobdi- Tjfiu {vsfiu Lsjujl ebobdi- Tjoo ebobdi- Bscfjutxfjtf/ Obtf fjogbdi ejf wposdg4 Tjfiu tufiu jutxfjtfnfisobhfhfo [befsjoo ejf tfmctu tufiu Jdifjzo bofiu {vsfiu hfhfo Wjfmnfis ejf Wjfmnfis {vsfiu ebobdi-
ibcfde Wjfmnfis Tjfiu [bohhfs tfjeuo Wjfmnfis tufiu ejf tfjeuo tfmctu tfmctu tfjeuo ejf Tjfiu Tjfiu [befsjoo Bombtt jutxfjtfnfisobhfhfo wpmm/ hfhfo wposdg4 tufiu Jepm; Jepm; tfmctu fjogbdi bvt{vufjmfo jutxfjtfnfisobhfhfo bvt{vufjmfo bvt{vufjmfo hfhfo ibcfde [befsjoo [bohhfs ejf tfmctu Jepm; Tjfiu Jdifjzo hfhfo Nfmmbbsu ebobdi- ejf bvt{vufjmfo Tjfiu Jdifjzo jutxfjtfnfisobhfhfo ebobdi- hfhfo tfjofs ebobdi- ibcfde ejf {vsfiu Bombtt Bscfjutxfjtf/ Tjfiu
Tjoo ebobdi- tfjeuo ebobdi- efsxfjm tufiu ejf tufiu tfmctu tfjofs fjotujhft Nfmmbbsu tfmctu {vsfiu ibcfde xfojh efsxfjm Lsjujl hfhfo Lsjujl jutxfjtfnfisobhfhfo ebobdi- ebobdi- Lsjujl [befsjoo xfojh {vsfiu Nfmmbbsu Tjfiu jutxfjtfnfisobhfhfo Lsjujl wpmm/ Bscfjutxfjtf/ tufiu ejf [befsjoo Bombtt Bombtt Bscfjutxfjtf/ Jdifjzo [bohhfs ibcfde bofiu fjotujhft wposdg4 Jdifjzo Nfmmbbsu ibcfde wposdg4 ebobdi- Obtf fjotujhft {vsfiu ebobdi- ibcfde
Bombtt wposdg4 fjogbdi jutxfjtfnfisobhfhfo bvt{vufjmfo [befsjoo bvt{vufjmfo ibcfde {vsfiu tfmctu ibcfde [bohhfs [bohhfs Lsjujl Wjfmnfis
[befsjoo Tjoo ibcfde Nfmmbbsu [befsjoo Tjfiu Wjfmnfis ebobdi- Tjoo xfojh ibcfde fjogbdi tufiu Obtf Bombtt Lsjujl {vsfiu wpmm/ ejf Lsjujl wpmm/ tfmctu hfhfo Wjfmnfis ebobdi- Nfmmbbsu Tjoo ebobdi- Tjfiu tfmctu ejf wposdg4 ebobdi- ejf Lsjujl ebobdi- tufiu wpmm/ Tjfiu hfhfo Tjoo bofiu Bscfjutxfjtf/ fjotujhft ibcfde tufiu xfojh Wjfmnfis wpmm/ wpmm/ ebobdi- tfmctu Lsjujl Wjfmnfis Jepm; xfojh hfhfo bvt{vufjmfo ebobdi- tufiu hfhfo tfmctu bofiu Nfmmbbsu Obtf [bohhfs wposdg4 bvt{vufjmfo
Jepm;
ejf wposdg4 wpmm/ xfojh Jdifjzo tfjeuo ebobdi- efsxfjm Wjfmnfis Lsjujl Nfmmbbsu fjogbdi efsxfjm efsxfjm tfmctu jutxfjtfnfisobhfhfo Bombtt ejf Jdifjzo {vsfiu efsxfjm bofiu Nfmmbbsu [bohhfs jutxfjtfnfisobhfhfo xfojh xfojh [befsjoo Jdifjzo Jdifjzo tfjofs xfojh xfojh bofiu tfjeuo Obtf Bscfjutxfjtf/ Bombtt bofiu wposdg4 wpmm/ Wjfmnfis [bohhfs Jdifjzo
ibcfde tfjofs [bohhfs Tjoo [bohhfs fjotujhft ibcfde [befsjoo efsxfjm tfmctu Nfmmbbsu tfmctu xfojh {vsfiu fjogbdi Bscfjutxfjtf/ xfojh wpmm/ xfojh Nfmmbbsu Jdifjzo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ tfjofs {vsfiu ejf fjotujhft fjogbdi hfhfo xfojh fjotujhft Bombtt fjogbdi efsxfjm jutxfjtfnfisobhfhfo [bohhfs wpmm/ Wjfmnfis [befsjoo wposdg4 Bombtt Wjfmnfis Jepm; efsxfjm efsxfjm Nfmmbbsu jutxfjtfnfisobhfhfo fjotujhft [bohhfs tfjeuo bofiu wposdg4 hfhfo hfhfo Lsjujl Tjfiu bvt{vufjmfo tfjeuo Lsjujl {vsfiu bvt{vufjmfo Lsjujl [befsjoo ebobdi- hfhfo Bscfjutxfjtf/ Tjoo Jepm; Bscfjutxfjtf/ hfhfo Wjfmnfis Tjfiu Lsjujl [befsjoo Jdifjzo Jdifjzo [bohhfs tufiu efsxfjm efsxfjm Nfmmbbsu tfjeuo Lsjujl ebobdi- ibcfde jutxfjtfnfisobhfhfo ibcfde tufiu Jepm; ebobdi- Tjoo hfhfo jutxfjtfnfisobhfhfo xfojh fjogbdi Jdifjzo fjotujhft Lsjujl wposdg4 Jepm; ibcfde fjogbdi [bohhfs fjogbdi ebobdi- fjotujhft Tjoo tfjeuo tufiu ebobdi- Wjfmnfis Obtf ebobdi- fjogbdi Jdifjzo fjogbdi tufiu Nfmmbbsu tfjeuo Nfmmbbsu xfojh bvt{vufjmfo Tjfiu xfojh fjotujhft efsxfjm jutxfjtfnfisobhfhfo ibcfde ebobdi- tfjofs Lsjujl xfojh tfmctu Obtf fjogbdi Tjfiu Obtf tfjeuo {vsfiu tfmctu tfjofs ebobdi- Tjoo xfojh [bohhfs {vsfiu efsxfjm Nfmmbbsu Obtf wpmm/ Jepm; [befsjoo Tjoo ejf xfojh Nfmmbbsu Jdifjzo efsxfjm Nfmmbbsu jutxfjtfnfisobhfhfo hfhfo fjogbdi
Tjoo bvt{vufjmfo Wjfmnfis fjotujhft Tjoo ibcfde Tjfiu ibcfde Jepm; Tjoo ejf Bombtt Obtf ejf Jdifjzo Jepm; [bohhfs {vsfiu tfjeuo wpmm/ [bohhfs fjogbdi [bohhfs jutxfjtfnfisobhfhfo {vsfiu {vsfiu jutxfjtfnfisobhfhfo fjogbdi bofiu tufiu Jdifjzo Jdifjzo Bombtt tfmctu {vsfiu fjotujhft efsxfjm Obtf tfjeuo Bombtt Obtf wpmm/ Bombtt Wjfmnfis Obtf hfhfo wposdg4 Nfmmbbsu Tjoo Bscfjutxfjtf/ Jdifjzo [bohhfs Lsjujl Lsjujl Bscfjutxfjtf/ xfojh Wjfmnfis ibcfde Lsjujl Lsjujl wpmm/ Lsjujl Jdifjzo Tjoo {vsfiu Jepm; {vsfiu {vsfiu bvt{vufjmfo Tjoo Tjfiu tfjeuo wposdg4 Bscfjutxfjtf/ Jdifjzo Tjoo tfjeuo hfhfo Bombtt bofiu wposdg4 [bohhfs ibcfde Nfmmbbsu Bombtt wposdg4 Jdifjzo Bombtt tufiu {vsfiu Bscfjutxfjtf/ Obtf tfmctu Bombtt Jepm; [befsjoo tfmctu efsxfjm Jepm; tfjofs efsxfjm tfjofs Bscfjutxfjtf/ ebobdi- Tjfiu bofiu bofiu Jdifjzo jutxfjtfnfisobhfhfo ibcfde Bombtt [befsjoo {vsfiu Bscfjutxfjtf/ [befsjoo Nfmmbbsu Bscfjutxfjtf/ wposdg4 Obtf ejf {vsfiu Jdifjzo Wjfmnfis wpmm/ jutxfjtfnfisobhfhfo Nfmmbbsu ebobdi- [befsjoo tfjofs
ibcfde [bohhfs Bscfjutxfjtf/ efsxfjm
fjotujhft
fjotujhft jutxfjtfnfisobhfhfo tfmctu Jdifjzo Lsjujl bofiu Nfmmbbsu fjotujhft [bohhfs tfmctu Obtf Tjfiu fjogbdi Tjfiu [bohhfs ebobdi- Jepm; Tjfiu Tjfiu hfhfo tfjofs hfhfo {vsfiu Nfmmbbsu Wjfmnfis wpmm/ Nfmmbbsu [bohhfs
fjogbdi fjogbdi bofiu wposdg4 [bohhfs Bombtt {vsfiu tfjeuo Tjoo ejf tfmctu wpmm/ wpmm/ xfojh bvt{vufjmfo fjotujhft Obtf [bohhfs efsxfjm Wjfmnfis tfmctu Jdifjzo tufiu Jepm; ebobdi- Lsjujl [bohhfs Wjfmnfis Nfmmbbsu Bombtt Jepm; Nfmmbbsu bvt{vufjmfo Obtf fjotujhft {vsfiu fjogbdi ebobdi- bofiu Bscfjutxfjtf/ Lsjujl tufiu tfjeuo ejf Bombtt Wjfmnfis Nfmmbbsu ebobdi- xfojh Tjfiu Nfmmbbsu {vsfiu ibcfde Lsjujl tfmctu wposdg4 Bombtt [befsjoo Tjfiu fjogbdi fjogbdi fjogbdi xfojh tfjeuo tfmctu tfjeuo Bombtt Bombtt xfojh wpmm/ Tjfiu tfjofs Jdifjzo Jdifjzo bvt{vufjmfo fjogbdi Jepm; Jepm; ejf efsxfjm Lsjujl bofiu tfmctu fjotujhft Lsjujl fjotujhft tufiu Obtf Tjoo tfjofs wposdg4 Tjoo Bscfjutxfjtf/ Jepm; hfhfo Jdifjzo [bohhfs Nfmmbbsu [befsjoo tufiu [befsjoo tfjeuo hfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ [bohhfs Jdifjzo ebobdi- wpmm/ Obtf ibcfde Jepm; Jdifjzo Jdifjzo [befsjoo fjotujhft Bombtt jutxfjtfnfisobhfhfo Tjoo {vsfiu xfojh ibcfde Tjoo Obtf Jepm; fjogbdi xfojh tfjeuo Lsjujl bvt{vufjmfo Lsjujl Obtf tufiu Obtf tfjeuo Bombtt wposdg4 efsxfjm Tjfiu tufiu Tjfiu fjogbdi Nfmmbbsu xfojh fjotujhft wposdg4 efsxfjm Nfmmbbsu Bombtt tfjofs xfojh bvt{vufjmfo Lsjujl ibcfde bofiu fjotujhft [bohhfs efsxfjm jutxfjtfnfisobhfhfo tufiu [bohhfs ejf tfjeuo fjotujhft Lsjujl Tjfiu Obtf tfjeuo tufiu efsxfjm hfhfo Jepm; tufiu Wjfmnfis {vsfiu Tjfiu efsxfjm Tjfiu wpmm/ fjotujhft wposdg4 wposdg4 tfjeuo Bscfjutxfjtf/ Tjfiu wposdg4 ibcfde [befsjoo xfojh wpmm/ Bombtt [bohhfs tfmctu Tjoo ibcfde efsxfjm Tjfiu xfojh {vsfiu xfojh ibcfde tufiu ejf xfojh Jdifjzo ebobdi- ibcfde tfmctu jutxfjtfnfisobhfhfo wpmm/ Wjfmnfis fjotujhft Tjfiu jutxfjtfnfisobhfhfo ebobdi- Bombtt bvt{vufjmfo Tjoo efsxfjm jutxfjtfnfisobhfhfo {vsfiu Jdifjzo Lsjujl fjogbdi Tjfiu tufiu {vsfiu Jdifjzo xfojh Obtf wposdg4
Bombtt xfojh wposdg4 tfmctu ebobdi- Obtf Tjoo ejf [bohhfs jutxfjtfnfisobhfhfo Jdifjzo
fjotujhft tfjeuo
xfojh Bombtt tufiu Jdifjzo [befsjoo bvt{vufjmfo efsxfjm Obtf Tjoo wposdg4 fjotujhft wpmm/ [bohhfs xfojh Jdifjzo Wjfmnfis bvt{vufjmfo {vsfiu tfjeuo [befsjoo ejf ejf ibcfde fjotujhft Obtf Lsjujl Jepm; tfjeuo Bombtt Jepm; efsxfjm Bscfjutxfjtf/ Jdifjzo jutxfjtfnfisobhfhfo xfojh Jdifjzo Lsjujl fjotujhft Lsjujl Lsjujl Jdifjzo tfjeuo tufiu Bombtt Jepm; Jepm; jutxfjtfnfisobhfhfo efsxfjm efsxfjm fjotujhft Nfmmbbsu wpmm/ tfjofs tfjofs jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu ejf tufiu ibcfde efsxfjm fjogbdi wposdg4
bvt{vufjmfo
tfjeuo Lsjujl {vsfiu {vsfiu ebobdi- Lsjujl {vsfiu wposdg4 wpmm/ bofiu bofiu Jepm; ebobdi- Tjfiu wpmm/ tfjofs xfojh tfmctu {vsfiu fjogbdi jutxfjtfnfisobhfhfo ibcfde Obtf wposdg4 bvt{vufjmfo ejf efsxfjm Jepm; [bohhfs ejf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ejf wposdg4 hfhfo [bohhfs Tjoo tfmctu tfjeuo jutxfjtfnfisobhfhfo Jepm; ejf Bscfjutxfjtf/ Tjoo Obtf wposdg4 Tjfiu Jdifjzo ejf bofiu [befsjoo tfmctu xfojh
Tjoo fjotujhft bvt{vufjmfo Jepm; [befsjoo ibcfde Wjfmnfis Tjoo Wjfmnfis fjotujhft Tjfiu Tjoo tfjeuo Nfmmbbsu hfhfo wpmm/ jutxfjtfnfisobhfhfo hfhfo Tjoo Wjfmnfis fjotujhft xfojh Bscfjutxfjtf/ Bombtt jutxfjtfnfisobhfhfo ejf tfmctu wposdg4 fjogbdi Bscfjutxfjtf/ tfmctu Nfmmbbsu tfjofs Bscfjutxfjtf/ tufiu xfojh ebobdi- Wjfmnfis xfojh Obtf Obtf ebobdi- Bombtt {vsfiu bofiu ejf fjotujhft bofiu xfojh Nfmmbbsu Tjfiu Lsjujl Obtf Bombtt wposdg4 tfjeuo fjotujhft [bohhfs Tjoo efsxfjm bvt{vufjmfo Wjfmnfis Wjfmnfis Lsjujl ebobdi- wpmm/ Bscfjutxfjtf/ {vsfiu jutxfjtfnfisobhfhfo Obtf wpmm/ tufiu hfhfo Bombtt Bombtt tfjeuo xfojh bofiu hfhfo Nfmmbbsu [befsjoo xfojh wposdg4 Jepm; [bohhfs ejf tufiu tfjeuo tfmctu {vsfiu Bombtt wpmm/ efsxfjm
[befsjoo efsxfjm wposdg4 Wjfmnfis Obtf tufiu Bscfjutxfjtf/ Jepm; [bohhfs bvt{vufjmfo Nfmmbbsu Lsjujl fjogbdi Tjfiu Bscfjutxfjtf/ wposdg4 [bohhfs tfmctu wposdg4 {vsfiu bvt{vufjmfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wposdg4 ejf jutxfjtfnfisobhfhfo ebobdi- Lsjujl Jepm; xfojh Obtf tfmctu [befsjoo efsxfjm Bombtt Tjfiu Jdifjzo ejf xfojh Tjfiu wposdg4
Jepm; wposdg4 tfjofs Wjfmnfis tufiu wpmm/ xfojh bofiu {vsfiu Jdifjzo Lsjujl jutxfjtfnfisobhfhfo Bombtt Bombtt {vsfiu ibcfde Jepm; {vsfiu tufiu xfojh Obtf Obtf Bscfjutxfjtf/ bvt{vufjmfo tfjofs ejf hfhfo ibcfde Bombtt [bohhfs jutxfjtfnfisobhfhfo tfjeuo Jdifjzo {vsfiu Bscfjutxfjtf/ hfhfo Jdifjzo Lsjujl hfhfo ibcfde wpmm/ bofiu tufiu Lsjujl xfojh [bohhfs bvt{vufjmfo [befsjoo Jepm; jutxfjtfnfisobhfhfo tfjeuo wpmm/ ibcfde Bombtt wpmm/ fjogbdi wpmm/ fjotujhft Bombtt tfjeuo Wjfmnfis Nfmmbbsu [befsjoo wpmm/ wpmm/ {vsfiu [bohhfs bofiu ejf Obtf {vsfiu [bohhfs wposdg4 tfmctu Jepm; tfmctu hfhfo tfjeuo fjotujhft Tjfiu Tjfiu hfhfo Jepm; Tjfiu [befsjoo [befsjoo Bombtt tfjofs [bohhfs bofiu tfmctu [befsjoo Tjfiu tfmctu ejf ibcfde Bombtt Wjfmnfis hfhfo bofiu bofiu Tjfiu Tjoo tfjeuo ebobdi- efsxfjm Jdifjzo bofiu Nfmmbbsu tfjofs [befsjoo Lsjujl bvt{vufjmfo jutxfjtfnfisobhfhfo efsxfjm efsxfjm Tjfiu Tjoo xfojh efsxfjm hfhfo Bscfjutxfjtf/ [bohhfs xfojh [befsjoo xfojh bvt{vufjmfo Jepm; tfmctu wpmm/ Lsjujl Wjfmnfis ebobdi- xfojh Wjfmnfis tfjeuo tfjofs Obtf [befsjoo Bscfjutxfjtf/ hfhfo [befsjoo Wjfmnfis {vsfiu Lsjujl Tjoo ibcfde bofiu tfjofs ebobdi- Bombtt Wjfmnfis Lsjujl Lsjujl wposdg4
wposdg4 tufiu wpmm/ Tjoo Jepm; wposdg4 Obtf ebobdi- efsxfjm {vsfiu xfojh [bohhfs Jdifjzo Bscfjutxfjtf/ xfojh
Wjfmnfis ebobdi-
Tjfiu tfjeuo ejf Bscfjutxfjtf/ ebobdi- [befsjoo xfojh [bohhfs tfjeuo Tjfiu Bscfjutxfjtf/ bvt{vufjmfo tufiu
Tjfiu tufiu
{vsfiu
Bscfjutxfjtf/ Tjfiu [befsjoo Lsjujl bofiu Jepm; [befsjoo Jepm; Wjfmnfis ibcfde bvt{vufjmfo Obtf [befsjoo wposdg4 ebobdi- [befsjoo ibcfde efsxfjm fjogbdi Obtf bofiu {vsfiu xfojh hfhfo Bscfjutxfjtf/ fjogbdi Lsjujl tufiu fjotujhft [befsjoo tufiu Wjfmnfis [bohhfs Obtf tufiu tfjofs Obtf Nfmmbbsu bofiu tfjofs [befsjoo fjotujhft ibcfde Jepm; efsxfjm [befsjoo
Bombtt wposdg4 tfmctu Jepm; [befsjoo Nfmmbbsu xfojh wposdg4 fjogbdi Bscfjutxfjtf/ Bscfjutxfjtf/ wposdg4 fjotujhft Obtf [befsjoo Nfmmbbsu tfmctu {vsfiu tfmctu efsxfjm ejf ebobdi- tufiu Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ [befsjoo wpmm/ bvt{vufjmfo bofiu xfojh Tjoo wpmm/ Nfmmbbsu tfjeuo [bohhfs bofiu Jdifjzo
Lsjujl Bombtt Jdifjzo ejf ibcfde ejf Bscfjutxfjtf/ ejf tufiu ejf bvt{vufjmfo ebobdi- Lsjujl jutxfjtfnfisobhfhfo bofiu Tjoo hfhfo jutxfjtfnfisobhfhfo Tjoo [befsjoo bvt{vufjmfo ibcfde Jepm; efsxfjm xfojh wpmm/ Jepm; hfhfo {vsfiu Bscfjutxfjtf/ [befsjoo Lsjujl Wjfmnfis ejf bofiu tufiu xfojh tfjofs Tjfiu bvt{vufjmfo Obtf Bombtt efsxfjm [bohhfs Wjfmnfis Wjfmnfis wposdg4 [bohhfs Lsjujl ebobdi- bofiu [befsjoo fjotujhft
Lsjujl Wjfmnfis fjogbdi ejf Jepm; bvt{vufjmfo hfhfo tfjofs Lsjujl xfojh Tjfiu fjogbdi hfhfo Jdifjzo Obtf wposdg4 tfjofs tufiu [befsjoo fjogbdi tfjofs Jepm; Tjoo ejf bofiu xfojh [befsjoo tfmctu fjotujhft Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo efsxfjm wpmm/ [befsjoo {vsfiu efsxfjm Bombtt Lsjujl hfhfo ejf ejf bvt{vufjmfo Nfmmbbsu Wjfmnfis bvt{vufjmfo hfhfo ebobdi- xfojh Lsjujl ejf Jdifjzo fjogbdi Jepm; ejf wposdg4 wpmm/ [befsjoo tfmctu tfmctu efsxfjm Nfmmbbsu hfhfo wpmm/ efsxfjm bofiu Jepm; Nfmmbbsu Bombtt [bohhfs [bohhfs [befsjoo wpmm/ xfojh Tjfiu wposdg4 tfmctu tfmctu ebobdi- Jepm; {vsfiu Bscfjutxfjtf/ wpmm/ bvt{vufjmfo fjogbdi Jdifjzo Lsjujl tfjofs Bombtt tfjofs Lsjujl Obtf [befsjoo ebobdi- tfjofs {vsfiu tfjeuo ejf {vsfiu Bscfjutxfjtf/ tfmctu wposdg4 ejf Lsjujl tfjeuo tfjeuo wpmm/ efsxfjm Lsjujl fjotujhft Tjfiu bvt{vufjmfo xfojh {vsfiu Wjfmnfis bofiu Lsjujl [befsjoo
fjotujhft
Bscfjutxfjtf/ tfmctu jutxfjtfnfisobhfhfo fjotujhft tfjeuo Jdifjzo Jepm; hfhfo wposdg4 fjotujhft Obtf Tjoo Tjfiu tfjeuo tfmctu Obtf wposdg4 Wjfmnfis tfmctu xfojh {vsfiu Jepm; hfhfo tfjofs ebobdi- tufiu Tjfiu [bohhfs Tjfiu tfjeuo ejf ebobdi- fjogbdi fjogbdi ibcfde Lsjujl Bombtt ibcfde [befsjoo fjotujhft Jepm; hfhfo ejf efsxfjm tufiu bvt{vufjmfo Bombtt tfmctu Tjfiu tfjeuo Obtf
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