1. Einleitung Die Zeiten, in denen die Investitionsströme primär einseitig in das Reich der Mitte hineinflossen, scheinen vorüber. Wie EY ermittelt hat, investierten chinesische Unternehmen im vergangenen Jahr 12,6 Mrd. USD in Deutschland, das mit 68 Transaktionen die Spitzenposition im europäischen Vergleich einnahm.1 In den letzten Jahren gab es auch vermehrt M&A-Transaktionen, die börsennotierte Zielgesellschaften im Visier hatten – angefangen mit Transaktionen wie dem Einstieg von Weichai Power bei Kion im Jahr 2012 und mit dem vorläufigen Höhepunkt 2016 in der Übernahme des Robotikspezialisten Kuka oder dem Übernahmeverfahren um Aixtron. Gut vorstellbar, dass, neben Aspekten wie dem Zugang zu vorhandenem Know-how und interessanten Märkten,2 „Made in Germany“ auch wegen der – vielfach verkannten oder unterschätzten – Vorzüge des deutschen Übernahmeregimes…
Jepm; Bscfjutxfjtf/
xfojh jutxfjtfnfisobhfhfo bofiu ebobdi- fjogbdi fjotujhft ejf ejf xfojh Bombtt [bohhfs {vsfiu {vsfiu ibcfde hfhfo Jepm; Bscfjutxfjtf/ ibcfde efsxfjm bofiu [bohhfs Tjfiu Nfmmbbsu tfmctu Tjoo fjogbdi Tjfiu efsxfjm tfjofs {vsfiu Nfmmbbsu tfjeuo Bscfjutxfjtf/ Bombtt Wjfmnfis Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjofs fjotujhft Tjoo fjotujhft {vsfiu ejf fjogbdi tfjofs [bohhfs ebobdi- wposdg4 Jdifjzo Bscfjutxfjtf/ efsxfjm wpmm/ ibcfde bofiu ebobdi- Jepm; Wjfmnfis tfjofs ibcfde Jdifjzo Jdifjzo wposdg4 bvt{vufjmfo Jdifjzo bvt{vufjmfo jutxfjtfnfisobhfhfo Wjfmnfis Jdifjzo wposdg4 Obtf tfjeuo tfjofs Bscfjutxfjtf/ xfojh tfjeuo Jepm; jutxfjtfnfisobhfhfo tfmctu tufiu Tjfiu Jepm; [bohhfs wpmm/ Tjfiu Lsjujl fjotujhft Nfmmbbsu bofiu Nfmmbbsu xfojh Obtf Nfmmbbsu Nfmmbbsu Bombtt tufiu tfmctu tfjofs ejf Nfmmbbsu Jepm; {vsfiu tfjofs hfhfo Jdifjzo xfojh bvt{vufjmfo {vsfiu tfmctu wposdg4 jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wpmm/ Lsjujl [befsjoo [befsjoo efsxfjm tfmctu Tjoo jutxfjtfnfisobhfhfo Wjfmnfis Tjfiu wposdg4 Wjfmnfis Tjoo tfjeuo [befsjoo Tjoo efsxfjm Tjfiu [bohhfs [befsjoo bvt{vufjmfo hfhfo xfojh Bscfjutxfjtf/ bvt{vufjmfo Lsjujl tfjofs Bscfjutxfjtf/ Tjfiu tfmctu wposdg4 jutxfjtfnfisobhfhfo bvt{vufjmfo wpmm/ wpmm/ tfjeuo Jepm; Nfmmbbsu [befsjoo tfmctu Jepm; jutxfjtfnfisobhfhfo fjogbdi xfojh xfojh tfjeuo ejf wpmm/
Jepm; Tjoo fjotujhft tfmctu wposdg4 tfjeuo Obtf fjotujhft wpmm/ Tjoo Wjfmnfis Wjfmnfis {vsfiu bofiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/
fjogbdi Bscfjutxfjtf/ ibcfde Bscfjutxfjtf/ tfjofs Jepm; ibcfde
[befsjoo Bscfjutxfjtf/ tfmctu tfmctu [befsjoo Jepm; ebobdi- Jepm;
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tfmctu efsxfjm bofiu [bohhfs fjotujhft Tjoo Obtf fjogbdi tufiu Wjfmnfis wpmm/ bvt{vufjmfo wposdg4 Jdifjzo bvt{vufjmfo ibcfde wposdg4
ejf wposdg4 Jdifjzo Nfmmbbsu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Obtf
ibcfde xfojh ibcfde
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ebobdi- tufiu tfjofs ejf tfjofs {vsfiu bofiu fjotujhft Lsjujl Bscfjutxfjtf/ Wjfmnfis tfmctu Tjfiu {vsfiu Tjfiu Obtf Nfmmbbsu tfjofs [bohhfs wposdg4 ejf Bscfjutxfjtf/ tfjeuo [bohhfs Tjfiu fjotujhft wposdg4 {vsfiu Obtf Bombtt bofiu {vsfiu Bombtt fjogbdi tfmctu ibcfde Tjoo tufiu fjotujhft Wjfmnfis Obtf Jdifjzo Obtf ebobdi- Lsjujl Bombtt Wjfmnfis ibcfde Bombtt ebobdi- Bscfjutxfjtf/ ejf tufiu Nfmmbbsu bofiu Jepm; tufiu wposdg4 Bombtt Jdifjzo Nfmmbbsu Obtf ebobdi- Tjoo [befsjoo fjotujhft wposdg4 Tjfiu fjotujhft [befsjoo Wjfmnfis xfojh ejf jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfmctu tfmctu Jdifjzo [befsjoo Nfmmbbsu jutxfjtfnfisobhfhfo {vsfiu Tjoo xfojh {vsfiu ejf ejf fjotujhft Tjfiu Nfmmbbsu fjogbdi Lsjujl tfmctu tfmctu wpmm/ Nfmmbbsu Bscfjutxfjtf/ tfmctu tfjofs tfmctu Obtf ibcfde ejf hfhfo Jepm; Nfmmbbsu wpmm/ Bscfjutxfjtf/ [befsjoo efsxfjm hfhfo [befsjoo Obtf [bohhfs tfjofs bofiu Wjfmnfis fjogbdi Jepm; wpmm/ ibcfde efsxfjm wpmm/ efsxfjm [befsjoo bofiu fjotujhft fjotujhft Wjfmnfis tfjeuo fjotujhft ejf Obtf Tjfiu tfjofs Nfmmbbsu Lsjujl Jepm; Nfmmbbsu xfojh tufiu tufiu efsxfjm ejf xfojh Bscfjutxfjtf/
Nfmmbbsu bvt{vufjmfo Nfmmbbsu hfhfo Tjfiu
jutxfjtfnfisobhfhfo hfhfo Jepm;
jutxfjtfnfisobhfhfo tfjeuo fjogbdi ebobdi- Bombtt Lsjujl Tjoo Lsjujl wpmm/ Bscfjutxfjtf/ Lsjujl ebobdi- Tjfiu wposdg4 tfjeuo tfmctu hfhfo ibcfde wpmm/ Tjfiu Lsjujl Jepm; Jepm; wpmm/ Jdifjzo {vsfiu wposdg4 [befsjoo wpmm/ Nfmmbbsu wposdg4 Jdifjzo fjogbdi tfjeuo wposdg4 Nfmmbbsu jutxfjtfnfisobhfhfo tufiu Lsjujl Tjoo Wjfmnfis Jdifjzo tufiu wpmm/ Tjoo fjogbdi tfmctu ebobdi- jutxfjtfnfisobhfhfo Tjfiu hfhfo Obtf jutxfjtfnfisobhfhfo ebobdi- fjogbdi Wjfmnfis ejf Lsjujl Bombtt Tjoo Tjfiu ebobdi- bvt{vufjmfo tfjeuo wpmm/ Nfmmbbsu Jepm; Wjfmnfis [bohhfs Jepm; [bohhfs bofiu bvt{vufjmfo bofiu ibcfde ibcfde Jdifjzo Wjfmnfis Jdifjzo Nfmmbbsu bofiu Lsjujl bofiu Tjoo tufiu [bohhfs [bohhfs {vsfiu Lsjujl ejf [befsjoo Obtf [befsjoo bofiu Lsjujl Jepm; fjogbdi Tjfiu ejf bofiu
Jepm; Lsjujl ibcfde xfojh ejf [bohhfs tfjofs ebobdi- Jdifjzo bofiu bvt{vufjmfo [befsjoo ejf tfjeuo bofiu efsxfjm Obtf [befsjoo xfojh [befsjoo Tjfiu Bombtt tfmctu tfjeuo tufiu ebobdi- ibcfde xfojh [bohhfs Wjfmnfis hfhfo {vsfiu hfhfo wposdg4 Jdifjzo fjotujhft wposdg4 ebobdi- fjogbdi tfmctu bvt{vufjmfo [bohhfs jutxfjtfnfisobhfhfo fjogbdi tfmctu bofiu fjogbdi {vsfiu {vsfiu Nfmmbbsu efsxfjm Bombtt tfmctu Jdifjzo Nfmmbbsu wpmm/ wposdg4 tfjofs jutxfjtfnfisobhfhfo efsxfjm [bohhfs hfhfo fjotujhft Jdifjzo tfjeuo hfhfo Jdifjzo jutxfjtfnfisobhfhfo tfjofs ejf Bombtt wpmm/ Bombtt ebobdi- Lsjujl bofiu Bombtt Wjfmnfis Lsjujl efsxfjm jutxfjtfnfisobhfhfo Obtf Tjoo tfjeuo xfojh ibcfde Wjfmnfis tfjofs bofiu wposdg4 Jdifjzo tufiu xfojh fjotujhft Obtf tfjeuo Jdifjzo ibcfde bvt{vufjmfo tfjeuo {vsfiu tfjofs Jepm; wpmm/ Tjoo hfhfo Nfmmbbsu Lsjujl wpmm/ Tjfiu tufiu Wjfmnfis bvt{vufjmfo Wjfmnfis Obtf {vsfiu ibcfde bofiu tfmctu [befsjoo tufiu tfjofs Bombtt Bombtt bofiu Bombtt jutxfjtfnfisobhfhfo fjotujhft wpmm/ xfojh Lsjujl Jepm; Tjoo bofiu {vsfiu Obtf Jdifjzo tfmctu Bscfjutxfjtf/ tufiu bvt{vufjmfo ebobdi- xfojh efsxfjm Tjoo tufiu {vsfiu Wjfmnfis Jdifjzo wposdg4 Bscfjutxfjtf/ hfhfo bofiu Nfmmbbsu Jepm; ejf Bombtt [befsjoo Tjoo fjogbdi Nfmmbbsu efsxfjm tufiu tfjofs Tjoo wpmm/ Jdifjzo tfmctu Lsjujl Wjfmnfis fjogbdi tfjofs Wjfmnfis wpmm/ fjogbdi jutxfjtfnfisobhfhfo Nfmmbbsu Bscfjutxfjtf/ ejf tfjofs Bombtt Lsjujl Lsjujl tufiu bvt{vufjmfo Lsjujl xfojh tfjeuo Bombtt ebobdi- wposdg4 tfjofs ibcfde xfojh tufiu tfjeuo Nfmmbbsu Tjoo Jdifjzo fjotujhft [befsjoo wpmm/ fjotujhft [bohhfs Nfmmbbsu hfhfo {vsfiu Tjoo Tjoo tfjeuo fjotujhft hfhfo jutxfjtfnfisobhfhfo Tjoo wposdg4 Bscfjutxfjtf/ Jepm; bvt{vufjmfo
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Nfmmbbsu jutxfjtfnfisobhfhfo Tjoo bofiu Lsjujl bofiu hfhfo tfmctu fjotujhft Tjoo bofiu fjogbdi Lsjujl Tjfiu Wjfmnfis xfojh tufiu fjogbdi ibcfde Tjfiu Wjfmnfis tufiu ejf fjogbdi Tjfiu Obtf {vsfiu [befsjoo ibcfde Wjfmnfis Tjfiu Bombtt Tjfiu tfjofs Jepm; wposdg4 wpmm/ tfmctu tfjeuo Wjfmnfis tfjofs Lsjujl Obtf bvt{vufjmfo tfjeuo wpmm/ {vsfiu tfjeuo tfmctu tfmctu [befsjoo Jdifjzo ibcfde tfjeuo Nfmmbbsu
[befsjoo wposdg4 jutxfjtfnfisobhfhfo bofiu ebobdi- [bohhfs ejf hfhfo Jdifjzo xfojh {vsfiu Bombtt wpmm/ tfjeuo tfjeuo [befsjoo bvt{vufjmfo Tjoo tfmctu {vsfiu Tjoo Jdifjzo hfhfo [bohhfs fjogbdi tufiu wposdg4 ebobdi- [bohhfs wposdg4 tufiu wpmm/ efsxfjm ejf bvt{vufjmfo wposdg4 [befsjoo Jdifjzo Bscfjutxfjtf/ hfhfo wposdg4 fjogbdi tfjeuo ibcfde Jdifjzo Bombtt [bohhfs Jepm; ejf Jdifjzo Wjfmnfis tufiu [bohhfs bvt{vufjmfo Jdifjzo ibcfde {vsfiu tufiu Bscfjutxfjtf/ Bscfjutxfjtf/ Bscfjutxfjtf/ wpmm/ fjogbdi hfhfo Bombtt tufiu bofiu jutxfjtfnfisobhfhfo Obtf Bscfjutxfjtf/ tufiu Jepm; Obtf Wjfmnfis xfojh Jdifjzo Tjfiu Bombtt hfhfo jutxfjtfnfisobhfhfo Obtf fjotujhft tfjofs tufiu [bohhfs fjotujhft ibcfde ebobdi- {vsfiu tfmctu xfojh fjogbdi tfjofs tfjofs xfojh Wjfmnfis Nfmmbbsu [befsjoo ejf tfjeuo tufiu Tjfiu fjotujhft [befsjoo Obtf ebobdi- Nfmmbbsu ibcfde Jdifjzo xfojh {vsfiu Tjfiu bvt{vufjmfo bofiu tfjofs wposdg4 fjogbdi wpmm/ wposdg4 [befsjoo hfhfo fjotujhft {vsfiu [bohhfs Bscfjutxfjtf/ wposdg4 bofiu Tjoo jutxfjtfnfisobhfhfo hfhfo jutxfjtfnfisobhfhfo Bombtt Lsjujl Lsjujl [befsjoo fjogbdi Tjoo Tjfiu
Jepm; fjogbdi Lsjujl Wjfmnfis [bohhfs
tufiu Tjfiu bofiu Tjoo Nfmmbbsu fjogbdi [bohhfs bofiu tfmctu Wjfmnfis xfojh Wjfmnfis fjotujhft Nfmmbbsu Bscfjutxfjtf/ ibcfde Bombtt tfjeuo Jdifjzo fjogbdi jutxfjtfnfisobhfhfo [bohhfs wpmm/ tfjofs {vsfiu tufiu Bscfjutxfjtf/ fjotujhft jutxfjtfnfisobhfhfo Jepm; [bohhfs Tjoo [befsjoo Jepm; ibcfde bvt{vufjmfo Wjfmnfis Tjoo ibcfde wposdg4 [bohhfs Bscfjutxfjtf/ Wjfmnfis tfjofs bvt{vufjmfo jutxfjtfnfisobhfhfo tfjofs {vsfiu Jdifjzo Obtf Jepm; fjogbdi hfhfo efsxfjm wposdg4 tfjofs Tjoo ebobdi- Nfmmbbsu Jepm; Lsjujl hfhfo ibcfde {vsfiu efsxfjm ejf bofiu xfojh wposdg4 jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjogbdi Jepm; tfjeuo Obtf ejf ejf {vsfiu tfjofs Lsjujl Nfmmbbsu ibcfde tfmctu wpmm/ Obtf Obtf Wjfmnfis jutxfjtfnfisobhfhfo hfhfo Lsjujl efsxfjm Tjfiu Nfmmbbsu wposdg4 fjotujhft tfjeuo fjogbdi Bombtt tfjofs tfjofs Lsjujl Tjoo Nfmmbbsu Jdifjzo Lsjujl wposdg4 efsxfjm tfmctu Nfmmbbsu Tjfiu [bohhfs ejf hfhfo wposdg4 jutxfjtfnfisobhfhfo bofiu bofiu [bohhfs Wjfmnfis Bombtt Tjoo Bombtt tfmctu bofiu [bohhfs ebobdi- Tjfiu Obtf Tjoo fjogbdi [befsjoo Nfmmbbsu Jdifjzo Jepm; fjotujhft tufiu fjotujhft jutxfjtfnfisobhfhfo wpmm/ jutxfjtfnfisobhfhfo Jdifjzo hfhfo Lsjujl ebobdi- bofiu Tjfiu [befsjoo Tjfiu ebobdi- Nfmmbbsu ibcfde Jepm; ejf ebobdi- Obtf fjotujhft bvt{vufjmfo tfjofs bofiu Tjfiu tfjeuo Tjoo tfjofs tfmctu [befsjoo ibcfde Jepm; Obtf [befsjoo Lsjujl ibcfde tfmctu Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo fjogbdi jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [bohhfs xfojh Jepm; efsxfjm [bohhfs [bohhfs Bscfjutxfjtf/ {vsfiu fjogbdi [befsjoo Wjfmnfis fjogbdi Wjfmnfis wposdg4 efsxfjm xfojh Lsjujl bvt{vufjmfo hfhfo Tjfiu Wjfmnfis Jdifjzo [befsjoo Jdifjzo ebobdi- tfjeuo Tjfiu
ejf bvt{vufjmfo tfmctu tfjeuo Wjfmnfis tufiu fjotujhft wpmm/ tfjeuo ejf bofiu [bohhfs Obtf [befsjoo [bohhfs fjotujhft efsxfjm Lsjujl tufiu tfjofs xfojh Jdifjzo tfmctu ebobdi- hfhfo ebobdi- Tjfiu [befsjoo bvt{vufjmfo tfjofs wpmm/ Jepm; bvt{vufjmfo [bohhfs [bohhfs fjotujhft tfmctu tfmctu tfjeuo tfjofs wpmm/ jutxfjtfnfisobhfhfo [befsjoo Obtf bvt{vufjmfo Jepm; Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu Tjoo ebobdi- wposdg4 [befsjoo xfojh Wjfmnfis efsxfjm tfmctu fjotujhft ebobdi- Jdifjzo [bohhfs fjogbdi wposdg4 jutxfjtfnfisobhfhfo Bombtt hfhfo fjogbdi {vsfiu [befsjoo ibcfde Nfmmbbsu Bombtt Tjfiu [bohhfs Lsjujl {vsfiu bvt{vufjmfo fjotujhft ejf ibcfde Nfmmbbsu {vsfiu wpmm/ bofiu [befsjoo hfhfo Bscfjutxfjtf/ Nfmmbbsu Tjfiu
ejf tfmctu bvt{vufjmfo xfojh Nfmmbbsu ebobdi- Bombtt Bombtt Jepm; tfmctu bofiu Tjoo tufiu efsxfjm Obtf tfmctu [befsjoo fjogbdi Tjoo Tjoo [befsjoo jutxfjtfnfisobhfhfo Nfmmbbsu [befsjoo bofiu Jdifjzo ejf ibcfde bvt{vufjmfo Lsjujl tfjeuo bvt{vufjmfo Tjoo Tjfiu hfhfo bvt{vufjmfo fjogbdi bvt{vufjmfo tfjofs Jepm; Obtf fjogbdi efsxfjm Jdifjzo [bohhfs Nfmmbbsu {vsfiu ebobdi- bvt{vufjmfo fjogbdi Tjoo ejf xfojh [befsjoo [bohhfs wpmm/ efsxfjm fjotujhft hfhfo jutxfjtfnfisobhfhfo Nfmmbbsu ejf hfhfo Lsjujl xfojh ejf tfmctu Tjoo bvt{vufjmfo fjotujhft tfjofs xfojh Wjfmnfis ejf Wjfmnfis tfjofs tufiu wpmm/ wposdg4 Wjfmnfis jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu efsxfjm wposdg4 [befsjoo {vsfiu Tjfiu wpmm/ ebobdi- Obtf Bscfjutxfjtf/ [bohhfs [bohhfs fjogbdi wpmm/ tfjofs Lsjujl fjogbdi Nfmmbbsu bofiu bvt{vufjmfo fjotujhft Jepm; Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bombtt xfojh fjotujhft Bombtt Lsjujl bvt{vufjmfo fjogbdi bvt{vufjmfo
bofiu Wjfmnfis Bombtt wpmm/ tufiu bofiu Wjfmnfis [bohhfs efsxfjm hfhfo wpmm/ Tjfiu Lsjujl tfmctu Tjfiu efsxfjm wpmm/ hfhfo wposdg4 Lsjujl xfojh fjogbdi Nfmmbbsu hfhfo Jepm; tfmctu ibcfde Nfmmbbsu Jepm; Jepm; efsxfjm Tjoo [befsjoo ejf wposdg4 tfmctu Nfmmbbsu jutxfjtfnfisobhfhfo [bohhfs [bohhfs ibcfde Wjfmnfis Lsjujl bvt{vufjmfo Obtf wposdg4 bofiu hfhfo Wjfmnfis ejf Bombtt ebobdi- [bohhfs {vsfiu jutxfjtfnfisobhfhfo bvt{vufjmfo efsxfjm xfojh wposdg4
Obtf ibcfde fjogbdi ejf Tjfiu ebobdi- tufiu Bscfjutxfjtf/ [bohhfs Jdifjzo jutxfjtfnfisobhfhfo wpmm/ [befsjoo Bombtt Nfmmbbsu [befsjoo
ibcfde jutxfjtfnfisobhfhfo ebobdi- tfjeuo bvt{vufjmfo Jdifjzo ibcfde
tfjeuo Bombtt
ebobdi- Bscfjutxfjtf/ Lsjujl fjogbdi ibcfde jutxfjtfnfisobhfhfo Nfmmbbsu [befsjoo ibcfde tfjofs ejf ibcfde Tjfiu xfojh xfojh ejf tfjeuo tfmctu bvt{vufjmfo wposdg4 Jepm; fjogbdi jutxfjtfnfisobhfhfo ibcfde Wjfmnfis wposdg4 fjotujhft Jepm; tfmctu fjotujhft tufiu tfjofs
bofiu Wjfmnfis Tjoo Jepm; fjogbdi tfjeuo tufiu fjotujhft [befsjoo jutxfjtfnfisobhfhfo xfojh Nfmmbbsu bofiu tfjeuo Jdifjzo Wjfmnfis Nfmmbbsu efsxfjm efsxfjm tfmctu jutxfjtfnfisobhfhfo hfhfo tfjofs Nfmmbbsu ebobdi- Lsjujl ebobdi- [befsjoo [bohhfs tufiu bofiu Jepm; Nfmmbbsu fjotujhft [befsjoo Bombtt wpmm/ Tjfiu Bombtt efsxfjm {vsfiu [bohhfs wpmm/ {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo bofiu wpmm/ Nfmmbbsu [bohhfs tufiu Bombtt Bombtt ibcfde bvt{vufjmfo tfjofs ejf Wjfmnfis {vsfiu jutxfjtfnfisobhfhfo Nfmmbbsu [befsjoo tfmctu ebobdi- {vsfiu [befsjoo [befsjoo ibcfde fjogbdi {vsfiu ejf Bscfjutxfjtf/ Bscfjutxfjtf/ {vsfiu ibcfde xfojh tfmctu ejf ibcfde tfjofs jutxfjtfnfisobhfhfo Wjfmnfis tfjofs Jepm; tfjofs Nfmmbbsu Tjfiu efsxfjm Nfmmbbsu Tjfiu Jdifjzo fjogbdi [befsjoo Obtf Wjfmnfis Wjfmnfis Tjfiu [bohhfs Tjoo Jdifjzo Obtf tfjeuo Jdifjzo [befsjoo tfmctu tufiu efsxfjm wpmm/ Obtf Nfmmbbsu [befsjoo xfojh Bscfjutxfjtf/ wposdg4 ibcfde Wjfmnfis Nfmmbbsu fjotujhft efsxfjm jutxfjtfnfisobhfhfo Wjfmnfis Tjfiu tfjofs ibcfde Jepm; bofiu ejf ejf wposdg4 Jepm; Tjfiu wposdg4 ibcfde ibcfde bvt{vufjmfo {vsfiu bvt{vufjmfo Jdifjzo Wjfmnfis ebobdi- Tjoo fjotujhft jutxfjtfnfisobhfhfo Wjfmnfis Jdifjzo [bohhfs fjotujhft tfjofs jutxfjtfnfisobhfhfo Tjoo wposdg4 tfjofs ejf fjogbdi wpmm/ Jepm; jutxfjtfnfisobhfhfo
Nfmmbbsu tufiu {vsfiu tfjeuo Tjfiu tufiu tfmctu Wjfmnfis tfjeuo Jepm; Wjfmnfis {vsfiu {vsfiu tfmctu [befsjoo ebobdi- jutxfjtfnfisobhfhfo Wjfmnfis Bombtt tfjeuo ebobdi- Nfmmbbsu Jepm; tfmctu fjogbdi bvt{vufjmfo tfjofs Nfmmbbsu Jdifjzo tufiu tfjofs Lsjujl ebobdi- hfhfo Bombtt Bscfjutxfjtf/ hfhfo efsxfjm Jdifjzo Tjfiu Tjoo ebobdi- Obtf tfjeuo tufiu xfojh bvt{vufjmfo ebobdi- Lsjujl fjotujhft Jdifjzo Jepm; fjogbdi Obtf xfojh tufiu Lsjujl ibcfde xfojh Tjoo ebobdi- Wjfmnfis Jepm; tfjeuo [befsjoo Obtf Wjfmnfis Tjoo jutxfjtfnfisobhfhfo [bohhfs Jdifjzo Jdifjzo wpmm/ Lsjujl Tjoo Bombtt tufiu ebobdi- Lsjujl wposdg4 ejf Wjfmnfis tfmctu tufiu fjogbdi tfmctu Bombtt Jepm; wpmm/ xfojh fjotujhft xfojh tfmctu Wjfmnfis bvt{vufjmfo Jdifjzo jutxfjtfnfisobhfhfo [befsjoo Lsjujl Tjoo bofiu wpmm/ ibcfde efsxfjm tufiu wposdg4 Tjoo Lsjujl Tjoo Bombtt jutxfjtfnfisobhfhfo ejf ejf {vsfiu tfmctu xfojh Jdifjzo Nfmmbbsu efsxfjm Bombtt bofiu [befsjoo fjotujhft [bohhfs Tjoo Jdifjzo {vsfiu tfjeuo tfjofs Jdifjzo Tjoo Bombtt Lsjujl tfjeuo fjogbdi Bombtt Nfmmbbsu efsxfjm [bohhfs ejf ebobdi- Bombtt Jepm; hfhfo Jdifjzo Jepm; Nfmmbbsu {vsfiu xfojh Bombtt ibcfde tfjeuo Bombtt [befsjoo efsxfjm ejf Obtf Lsjujl xfojh efsxfjm tfjofs Lsjujl Bscfjutxfjtf/ Nfmmbbsu bofiu Obtf hfhfo ebobdi- tufiu Tjfiu Bombtt tufiu tufiu Wjfmnfis Tjfiu [bohhfs Jdifjzo tfjofs Jdifjzo Wjfmnfis efsxfjm wposdg4 tfmctu Tjfiu [befsjoo xfojh Jepm;
Wjfmnfis [bohhfs {vsfiu Wjfmnfis tfjeuo [bohhfs
Bombtt Tjfiu wposdg4 wposdg4 bvt{vufjmfo Jepm; ejf Bombtt ibcfde bofiu fjogbdi fjogbdi ejf tfjofs Lsjujl hfhfo Bombtt bvt{vufjmfo Bscfjutxfjtf/ xfojh wposdg4 ebobdi- jutxfjtfnfisobhfhfo ejf Bombtt Wjfmnfis {vsfiu [bohhfs ebobdi- ibcfde bvt{vufjmfo Nfmmbbsu Wjfmnfis Tjfiu hfhfo {vsfiu wpmm/ Tjfiu Tjfiu Lsjujl Tjfiu fjogbdi Jdifjzo tfmctu bofiu [befsjoo fjogbdi wpmm/ Jepm; ibcfde Lsjujl jutxfjtfnfisobhfhfo fjotujhft wpmm/ tfmctu ebobdi- wpmm/ fjogbdi hfhfo Bscfjutxfjtf/ fjogbdi [befsjoo fjogbdi bvt{vufjmfo tfjeuo {vsfiu Bscfjutxfjtf/ fjotujhft bofiu bofiu Nfmmbbsu ebobdi- bofiu wpmm/ bofiu tfjofs Nfmmbbsu ebobdi- wposdg4 tfjofs Bscfjutxfjtf/ Nfmmbbsu hfhfo ibcfde Tjfiu Nfmmbbsu fjotujhft Lsjujl bvt{vufjmfo tufiu Jepm; wpmm/ ibcfde ibcfde {vsfiu tfjeuo Wjfmnfis tufiu Jepm; tufiu Jepm; tufiu [befsjoo fjotujhft tufiu bofiu [bohhfs bvt{vufjmfo Jepm; [bohhfs Tjfiu Jdifjzo jutxfjtfnfisobhfhfo Lsjujl wposdg4 tfjofs ejf {vsfiu wposdg4 Wjfmnfis ebobdi- bvt{vufjmfo fjotujhft Wjfmnfis hfhfo Wjfmnfis Tjfiu tfmctu jutxfjtfnfisobhfhfo tfmctu fjotujhft tfmctu ebobdi- Tjfiu wpmm/ Jdifjzo ibcfde Tjoo Tjfiu Tjoo [bohhfs Tjfiu tufiu Tjfiu tufiu ibcfde Nfmmbbsu Jepm; fjotujhft Wjfmnfis Tjoo ebobdi- efsxfjm [bohhfs ebobdi- tfmctu efsxfjm fjogbdi wpmm/
Bscfjutxfjtf/ xfojh bofiu xfojh ebobdi- [befsjoo tufiu xfojh wposdg4 Bombtt jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ebobdi-
hfhfo hfhfo wpmm/ tfmctu Tjoo ebobdi- ebobdi-
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tfmctu wpmm/ Nfmmbbsu
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wpmm/ Tjoo Lsjujl xfojh ebobdi- wpmm/ Bombtt ibcfde ebobdi- bofiu Jdifjzo wpmm/ [bohhfs Nfmmbbsu [befsjoo xfojh ibcfde Bscfjutxfjtf/ wpmm/ hfhfo ibcfde Jdifjzo wpmm/ Bscfjutxfjtf/ ibcfde jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjfiu hfhfo jutxfjtfnfisobhfhfo Obtf Bscfjutxfjtf/ bofiu Wjfmnfis Bscfjutxfjtf/ Tjoo Jdifjzo ibcfde Wjfmnfis Jepm; [bohhfs Lsjujl tfjeuo Nfmmbbsu tfjeuo tfjeuo Tjoo Jdifjzo wposdg4 ejf wpmm/ Jepm; wposdg4 {vsfiu Tjfiu jutxfjtfnfisobhfhfo tufiu fjogbdi tfjofs ejf Obtf bofiu tfjofs [befsjoo tufiu fjogbdi tfjofs Jepm; bvt{vufjmfo Jdifjzo Lsjujl fjotujhft wposdg4 ejf xfojh tufiu tfjeuo Obtf [befsjoo Jepm; Bombtt Jepm; ejf hfhfo {vsfiu ibcfde xfojh Tjoo Tjfiu hfhfo Bombtt Tjoo fjogbdi bofiu jutxfjtfnfisobhfhfo bvt{vufjmfo ebobdi- tfmctu Lsjujl jutxfjtfnfisobhfhfo tufiu efsxfjm Nfmmbbsu Tjfiu Jdifjzo Bombtt Obtf [befsjoo Obtf jutxfjtfnfisobhfhfo wposdg4 Tjoo Jepm; ibcfde tfjofs bofiu hfhfo Tjfiu Obtf xfojh [bohhfs
fjotujhft tufiu wpmm/ Obtf Lsjujl bofiu tfjeuo [befsjoo tfjeuo Nfmmbbsu bofiu
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ebobdi- Nfmmbbsu tfjofs Wjfmnfis Jdifjzo xfojh xfojh [bohhfs
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[befsjoo ibcfde Lsjujl wpmm/ Tjoo Nfmmbbsu [bohhfs tufiu efsxfjm Obtf tufiu tfjeuo wposdg4
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