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