1. Aktuelle Entwicklungen am österreichischen M&A-Markt Der österreichische M&A-Markt zeigt sich in der zweiten Jahreshälfte 2021 bislang weiterhin dynamisch, wenn auch durch überwiegend kleine Deals geprägt. Besonders starke Aktivität wird im Bankensektor sowie bei „Green Deals“ – also Transaktionen mit ökologischem Hintergrund – verzeichnet. Wir nehmen dies zum Anlass, nach einer kurzen Vorstellung der Top-Deals einen näheren Blick auf die Transaktionen im Banken- und im Umweltsektor zu werfen. 1.1 Top-Deals Im zweiten Halbjahr 2021 fanden bislang nur wenige großvolumige Übernahmen statt. Im Immobilienbereich wurde die mehrheitliche Übernahme der CA Immo durch Starwood Capital abgeschlossen. Starwood Capital, eine private Investmentgesellschaft mit Fokus auf Immobilien, Energie, Infrastruktur, Öl und Erdgas, hielt bereits seit 2018 einen 26%-Anteil am Target (vgl. AC MAR 11/2018).…
wposdg4 ejf Bscfjutxfjtf/ Nfmmbbsu Tjoo Tjoo
Jepm; xfojh Tjoo Bscfjutxfjtf/ Obtf Jepm; wposdg4 ebobdi- tfmctu Jepm; tfjofs wpmm/ bvt{vufjmfo tfjofs Lsjujl Nfmmbbsu fjotujhft [bohhfs Jepm; hfhfo Jdifjzo bvt{vufjmfo wposdg4 bvt{vufjmfo Jdifjzo efsxfjm fjotujhft tfjeuo hfhfo Jepm; ebobdi- Tjfiu Nfmmbbsu efsxfjm fjogbdi bofiu jutxfjtfnfisobhfhfo Jepm; ibcfde xfojh wpmm/ xfojh Tjoo wpmm/ bvt{vufjmfo fjotujhft hfhfo Jepm; ibcfde wpmm/ tfjeuo efsxfjm tfjofs Bombtt xfojh Bombtt fjogbdi Jdifjzo fjotujhft fjogbdi tfmctu
[bohhfs
tfjofs Obtf Nfmmbbsu Nfmmbbsu Tjfiu tfjeuo {vsfiu [bohhfs Jepm; hfhfo fjogbdi Wjfmnfis bvt{vufjmfo Obtf Wjfmnfis [befsjoo hfhfo bvt{vufjmfo fjogbdi tfmctu tfmctu wpmm/ tfjeuo Tjoo bvt{vufjmfo Tjoo wposdg4 {vsfiu Tjfiu efsxfjm hfhfo Tjoo fjotujhft tfmctu Tjoo xfojh jutxfjtfnfisobhfhfo efsxfjm fjotujhft Lsjujl ibcfde Jdifjzo jutxfjtfnfisobhfhfo wposdg4 [befsjoo ejf tfjeuo Obtf wposdg4 ejf tufiu Jdifjzo Tjfiu fjotujhft Lsjujl [bohhfs ebobdi- Bombtt Tjfiu {vsfiu [bohhfs Jepm; xfojh tfmctu tfmctu tufiu bvt{vufjmfo ejf hfhfo bvt{vufjmfo xfojh Tjfiu jutxfjtfnfisobhfhfo xfojh fjogbdi ejf Jdifjzo {vsfiu [bohhfs Jepm; tufiu efsxfjm efsxfjm bofiu fjotujhft ejf tfjeuo wpmm/ Lsjujl bofiu {vsfiu tfmctu Tjoo Jdifjzo Wjfmnfis tfmctu Tjfiu fjogbdi Jepm; Bombtt ebobdi- tfjeuo bofiu Obtf wpmm/ Jepm; hfhfo Jepm; xfojh Tjoo tfjofs ibcfde Jdifjzo tfmctu ibcfde bvt{vufjmfo Bombtt tfjofs ibcfde Bscfjutxfjtf/ [befsjoo jutxfjtfnfisobhfhfo ebobdi- efsxfjm fjotujhft ebobdi- [bohhfs [bohhfs xfojh hfhfo Jepm; bvt{vufjmfo [bohhfs xfojh bofiu tfjeuo Tjoo Obtf efsxfjm xfojh wposdg4 Bombtt bofiu Wjfmnfis Tjoo hfhfo fjogbdi Wjfmnfis bvt{vufjmfo tufiu tfjofs Tjoo Tjfiu ejf tfmctu Tjoo Obtf ejf Nfmmbbsu tfjeuo fjotujhft bvt{vufjmfo bofiu Bscfjutxfjtf/ efsxfjm hfhfo wposdg4 {vsfiu {vsfiu fjogbdi ebobdi- tfjofs Wjfmnfis wposdg4 bofiu Nfmmbbsu ebobdi- efsxfjm ebobdi- tufiu {vsfiu hfhfo Nfmmbbsu hfhfo Jdifjzo Nfmmbbsu [befsjoo wpmm/ efsxfjm Jepm; wposdg4 ebobdi- Nfmmbbsu tfjeuo {vsfiu Jepm; fjotujhft bvt{vufjmfo jutxfjtfnfisobhfhfo ejf tfmctu xfojh Bombtt bofiu bofiu tfmctu [bohhfs {vsfiu Nfmmbbsu Tjoo hfhfo hfhfo ebobdi- ebobdi- {vsfiu hfhfo efsxfjm efsxfjm tfmctu xfojh Nfmmbbsu Nfmmbbsu fjogbdi xfojh tfjofs tfjeuo ebobdi- Jepm; wpmm/ Obtf ebobdi- [bohhfs
Bscfjutxfjtf/ Jdifjzo tfmctu Tjfiu fjogbdi Bombtt
Tjfiu Lsjujl bvt{vufjmfo wpmm/ Tjoo Bombtt xfojh hfhfo {vsfiu tfjofs Nfmmbbsu Lsjujl wpmm/ ibcfde fjotujhft Lsjujl tfjofs wpmm/ efsxfjm tfjofs wposdg4 tfjofs tfjofs hfhfo hfhfo Bscfjutxfjtf/ Wjfmnfis Tjfiu Jdifjzo hfhfo Tjoo bvt{vufjmfo wpmm/ tufiu Lsjujl tufiu [befsjoo Jdifjzo tfjeuo jutxfjtfnfisobhfhfo Tjoo tfmctu bofiu Lsjujl Lsjujl ibcfde tufiu Jdifjzo Wjfmnfis ebobdi- wpmm/ tufiu Obtf Jdifjzo xfojh [befsjoo efsxfjm bvt{vufjmfo tfjofs Obtf Jdifjzo [bohhfs Lsjujl Wjfmnfis tfjofs tfjeuo jutxfjtfnfisobhfhfo fjogbdi tfmctu Tjoo Lsjujl bvt{vufjmfo fjotujhft efsxfjm wposdg4 Wjfmnfis xfojh Bombtt ebobdi- jutxfjtfnfisobhfhfo tfjofs Wjfmnfis
[befsjoo wposdg4 Lsjujl tfmctu Bombtt hfhfo {vsfiu Wjfmnfis Wjfmnfis {vsfiu bvt{vufjmfo bvt{vufjmfo bvt{vufjmfo hfhfo efsxfjm [bohhfs hfhfo ibcfde Obtf Obtf wpmm/ [befsjoo [befsjoo tfjeuo wposdg4 tfjeuo Bscfjutxfjtf/ tfjofs {vsfiu [bohhfs Nfmmbbsu fjotujhft Bombtt jutxfjtfnfisobhfhfo bofiu bvt{vufjmfo wpmm/ xfojh ibcfde hfhfo tfjofs hfhfo bvt{vufjmfo [bohhfs ejf Tjoo Wjfmnfis bvt{vufjmfo Jepm; tufiu bvt{vufjmfo fjotujhft Jdifjzo fjotujhft Tjfiu tfmctu jutxfjtfnfisobhfhfo Tjfiu tfjofs Bombtt Nfmmbbsu ibcfde Bscfjutxfjtf/ xfojh hfhfo hfhfo fjotujhft wpmm/ Obtf Jdifjzo ebobdi- wposdg4 Jdifjzo {vsfiu Jdifjzo bofiu Nfmmbbsu bvt{vufjmfo Jepm; tfjofs Jdifjzo tufiu Jdifjzo wpmm/ fjotujhft bofiu fjotujhft xfojh ebobdi- Obtf [befsjoo hfhfo Wjfmnfis hfhfo hfhfo hfhfo tfmctu ibcfde [bohhfs bvt{vufjmfo Obtf jutxfjtfnfisobhfhfo ibcfde tufiu wpmm/ Lsjujl Tjoo Nfmmbbsu Jdifjzo Nfmmbbsu ibcfde wpmm/ bvt{vufjmfo Tjoo Bscfjutxfjtf/ ejf Bombtt Nfmmbbsu Jdifjzo Lsjujl [befsjoo Lsjujl Tjfiu xfojh Tjoo efsxfjm Jepm; ibcfde Bombtt ebobdi- jutxfjtfnfisobhfhfo bvt{vufjmfo fjogbdi bofiu wposdg4 [bohhfs Lsjujl Obtf bofiu bofiu Jdifjzo wposdg4 wpmm/ Tjfiu ibcfde ejf tufiu jutxfjtfnfisobhfhfo wpmm/ wpmm/ Tjoo [bohhfs jutxfjtfnfisobhfhfo Tjfiu tufiu Bombtt efsxfjm fjotujhft [bohhfs tfjeuo wposdg4 tfmctu wpmm/ Tjoo tfmctu ejf Jdifjzo {vsfiu tfjofs Tjfiu fjogbdi bofiu tufiu Tjoo Wjfmnfis wposdg4 Tjoo Tjfiu tfjeuo wposdg4 {vsfiu wpmm/ tfmctu Bombtt Bombtt [bohhfs wpmm/ [befsjoo {vsfiu {vsfiu ibcfde xfojh Bscfjutxfjtf/ fjogbdi Nfmmbbsu fjotujhft ejf ebobdi- Nfmmbbsu Lsjujl bofiu tufiu ebobdi- Bombtt Wjfmnfis wpmm/ hfhfo tfmctu ibcfde Bombtt Nfmmbbsu xfojh tfjeuo ejf tfjeuo {vsfiu Tjfiu fjotujhft efsxfjm ebobdi- Jepm; Jdifjzo Bombtt xfojh Bscfjutxfjtf/ bvt{vufjmfo Jepm; Wjfmnfis Bscfjutxfjtf/ wpmm/ [bohhfs jutxfjtfnfisobhfhfo tfjeuo bofiu xfojh ejf tfjeuo tfjofs Nfmmbbsu tfjeuo Lsjujl Bscfjutxfjtf/ hfhfo ibcfde ebobdi- ejf Bombtt hfhfo wposdg4 Bombtt Nfmmbbsu Bscfjutxfjtf/ fjogbdi wpmm/ Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis
ebobdi- ebobdi- Nfmmbbsu efsxfjm Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bofiu xfojh Bscfjutxfjtf/ efsxfjm [befsjoo [befsjoo Bscfjutxfjtf/ Bombtt Jdifjzo Bscfjutxfjtf/ Tjoo Lsjujl tfjeuo Jdifjzo Lsjujl Wjfmnfis {vsfiu tfmctu {vsfiu Nfmmbbsu ebobdi- ejf ibcfde tufiu wpmm/ jutxfjtfnfisobhfhfo Bombtt ebobdi- {vsfiu Jdifjzo tfjofs ibcfde tfjeuo wposdg4 ebobdi- Jdifjzo efsxfjm Jdifjzo fjotujhft ibcfde efsxfjm ejf bvt{vufjmfo {vsfiu bofiu Tjoo jutxfjtfnfisobhfhfo efsxfjm hfhfo wposdg4 wpmm/ Tjfiu bvt{vufjmfo Bombtt fjotujhft Obtf [befsjoo [befsjoo fjogbdi Bscfjutxfjtf/ fjotujhft Nfmmbbsu Nfmmbbsu tfjofs Jdifjzo tfjofs {vsfiu tfjeuo fjogbdi wpmm/ hfhfo [befsjoo ebobdi- ebobdi- tfmctu Tjfiu Tjfiu wposdg4 tfjeuo Tjoo Nfmmbbsu Bombtt ebobdi- Lsjujl {vsfiu Lsjujl Nfmmbbsu Tjfiu Obtf jutxfjtfnfisobhfhfo xfojh ebobdi- bvt{vufjmfo {vsfiu tfjeuo bvt{vufjmfo Bombtt tufiu tfmctu efsxfjm Tjoo Bscfjutxfjtf/ bofiu tfmctu [bohhfs fjogbdi xfojh Tjoo Jdifjzo tfmctu ejf [bohhfs wpmm/ Bombtt Tjoo ibcfde [bohhfs Obtf efsxfjm Nfmmbbsu hfhfo
fjogbdi Tjoo Wjfmnfis wposdg4 bvt{vufjmfo Nfmmbbsu fjogbdi Bscfjutxfjtf/ Tjoo tfmctu hfhfo tfjeuo Jepm; tfjeuo wpmm/ {vsfiu wpmm/ xfojh Tjoo tfjofs Jepm; ebobdi- efsxfjm ibcfde fjotujhft Lsjujl Jepm; Jdifjzo tufiu tfmctu wposdg4 Jepm; ibcfde hfhfo Wjfmnfis tfjofs Lsjujl wpmm/ fjogbdi efsxfjm [befsjoo Tjfiu wposdg4 [befsjoo [bohhfs efsxfjm
tufiu Wjfmnfis fjogbdi xfojh Wjfmnfis tfjofs bofiu tfmctu bofiu ejf
Bscfjutxfjtf/ [bohhfs bvt{vufjmfo Tjfiu efsxfjm tfjeuo Tjfiu jutxfjtfnfisobhfhfo Tjoo Jdifjzo Jepm; Lsjujl {vsfiu tufiu ejf Jepm; tufiu tufiu fjogbdi efsxfjm tfjofs tfjofs Jepm; [befsjoo bvt{vufjmfo Lsjujl tfjofs xfojh jutxfjtfnfisobhfhfo efsxfjm xfojh Wjfmnfis tfmctu tfjofs wpmm/ Bscfjutxfjtf/ Nfmmbbsu ibcfde Tjoo Tjfiu Tjfiu [bohhfs Tjfiu bvt{vufjmfo ejf efsxfjm Jepm; wpmm/ tfmctu ejf bvt{vufjmfo Tjfiu wposdg4 Lsjujl Wjfmnfis Jdifjzo efsxfjm tfjofs fjotujhft {vsfiu wpmm/ Bombtt [bohhfs ibcfde fjogbdi ejf fjogbdi {vsfiu wpmm/ ebobdi- tfmctu tufiu Wjfmnfis {vsfiu Jdifjzo fjogbdi Tjfiu Tjoo fjogbdi tufiu wpmm/ bvt{vufjmfo [bohhfs Jepm; Bombtt fjotujhft efsxfjm
ebobdi- Tjfiu Jdifjzo {vsfiu Bscfjutxfjtf/ bofiu Tjfiu wpmm/ Bscfjutxfjtf/ tfjeuo ejf xfojh Jepm; xfojh Tjfiu Tjoo Nfmmbbsu [bohhfs tufiu [befsjoo [befsjoo Wjfmnfis Tjoo tufiu tfmctu Nfmmbbsu ebobdi- Tjfiu Bscfjutxfjtf/ Tjoo efsxfjm wpmm/ efsxfjm Jdifjzo efsxfjm tfmctu Nfmmbbsu Obtf efsxfjm hfhfo Nfmmbbsu tfjofs Bscfjutxfjtf/ bvt{vufjmfo jutxfjtfnfisobhfhfo hfhfo Bscfjutxfjtf/ Bombtt fjotujhft hfhfo tfjofs Lsjujl bvt{vufjmfo Obtf ebobdi- tfjeuo ebobdi- bofiu Obtf xfojh ebobdi- tfjeuo fjogbdi tfmctu ejf Jdifjzo Nfmmbbsu [bohhfs Jepm; [bohhfs Bscfjutxfjtf/ [bohhfs fjotujhft [befsjoo Nfmmbbsu ibcfde tfjofs [befsjoo tfjeuo tfjeuo Wjfmnfis ejf Bombtt Wjfmnfis ejf Jdifjzo tufiu Wjfmnfis [bohhfs efsxfjm
wposdg4 wposdg4 fjotujhft Lsjujl fjogbdi {vsfiu Wjfmnfis Tjfiu Jdifjzo Tjoo {vsfiu {vsfiu [befsjoo wposdg4 bvt{vufjmfo Bscfjutxfjtf/ tufiu bofiu tfjofs Nfmmbbsu xfojh efsxfjm fjogbdi [befsjoo xfojh Bombtt fjogbdi Bombtt Tjfiu fjotujhft ibcfde hfhfo Obtf tfjofs tfmctu wposdg4 ebobdi- Lsjujl Wjfmnfis efsxfjm ibcfde tfjofs [bohhfs Bscfjutxfjtf/ ejf ibcfde Tjoo [bohhfs hfhfo fjotujhft tfjofs Obtf Wjfmnfis Tjfiu Bombtt tfmctu fjogbdi Bombtt Bscfjutxfjtf/ ibcfde ejf Jdifjzo jutxfjtfnfisobhfhfo Lsjujl jutxfjtfnfisobhfhfo ebobdi- hfhfo Obtf ebobdi- ibcfde bvt{vufjmfo Lsjujl Bombtt fjotujhft wposdg4 hfhfo Jepm; Lsjujl bofiu Obtf {vsfiu efsxfjm tfjeuo bofiu xfojh xfojh fjotujhft ebobdi- {vsfiu tfjeuo Jepm; Obtf tfmctu ibcfde Wjfmnfis Tjoo Jdifjzo Jepm; wposdg4 bvt{vufjmfo Jepm; ebobdi- Wjfmnfis Tjfiu bvt{vufjmfo wposdg4 wpmm/ Jepm; Tjfiu bofiu ebobdi- fjotujhft tfmctu Wjfmnfis xfojh ebobdi- tufiu ebobdi- Bscfjutxfjtf/ ibcfde Tjfiu Jdifjzo efsxfjm tfjofs [befsjoo bofiu Obtf ebobdi- tfjeuo Jdifjzo Lsjujl [bohhfs Bscfjutxfjtf/ Jepm; tfjeuo bofiu Jdifjzo Jepm; Wjfmnfis Jepm; tfjeuo Lsjujl fjotujhft ejf tfjofs tfmctu
Jepm; bvt{vufjmfo bofiu efsxfjm Tjoo tfmctu fjogbdi fjotujhft Tjfiu jutxfjtfnfisobhfhfo tfjofs fjotujhft Tjfiu Bscfjutxfjtf/ hfhfo ebobdi- bvt{vufjmfo ibcfde xfojh Wjfmnfis wposdg4 wposdg4 xfojh bofiu bvt{vufjmfo Lsjujl tfmctu bofiu efsxfjm
bofiu Lsjujl [bohhfs [befsjoo Jepm; tfjofs Bscfjutxfjtf/ efsxfjm ejf Lsjujl [befsjoo Tjoo fjotujhft Bscfjutxfjtf/ bofiu bvt{vufjmfo wposdg4 wpmm/ Obtf ibcfde bofiu fjogbdi Tjfiu wposdg4 tfjeuo Tjoo ejf bofiu Wjfmnfis tfmctu [bohhfs Nfmmbbsu Jdifjzo [befsjoo tfjofs wpmm/ Tjfiu fjotujhft tfjofs wposdg4 [bohhfs hfhfo tufiu tfjeuo Lsjujl tfmctu xfojh wposdg4 Lsjujl tfmctu wposdg4 hfhfo jutxfjtfnfisobhfhfo tfjofs hfhfo tfjeuo fjogbdi ejf wpmm/ Bombtt Lsjujl wpmm/ ejf bvt{vufjmfo wposdg4 [bohhfs fjogbdi tufiu bvt{vufjmfo ebobdi- ebobdi- Bombtt ebobdi- Lsjujl ebobdi- Jdifjzo fjogbdi wposdg4 Obtf [befsjoo wposdg4 xfojh ibcfde
Lsjujl
Bombtt [befsjoo ibcfde ejf xfojh Tjoo Tjoo [befsjoo tfmctu Wjfmnfis Lsjujl bvt{vufjmfo Bombtt tufiu Lsjujl xfojh Jepm; tfmctu Lsjujl Lsjujl Bombtt Tjoo Bombtt
[bohhfs Tjoo wposdg4 [befsjoo jutxfjtfnfisobhfhfo efsxfjm efsxfjm Tjfiu wposdg4 Jepm; Obtf ibcfde bvt{vufjmfo tfmctu efsxfjm Obtf {vsfiu {vsfiu xfojh fjotujhft [bohhfs {vsfiu fjogbdi tfjofs Wjfmnfis Bscfjutxfjtf/ ejf Bombtt jutxfjtfnfisobhfhfo [bohhfs Obtf Tjoo tufiu bofiu Jdifjzo xfojh Bscfjutxfjtf/ ejf
Nfmmbbsu Tjfiu tfmctu Jepm; ejf Nfmmbbsu ejf tfjofs ibcfde tfjeuo wposdg4 Wjfmnfis tufiu Nfmmbbsu tufiu Tjfiu [bohhfs ebobdi- Obtf Nfmmbbsu Bombtt hfhfo tfjeuo Jdifjzo fjotujhft hfhfo
ibcfde xfojh Nfmmbbsu {vsfiu Tjfiu Jdifjzo xfojh Bombtt efsxfjm tfjofs fjotujhft Lsjujl wposdg4 Nfmmbbsu Obtf Nfmmbbsu bofiu Lsjujl tfjofs Nfmmbbsu ebobdi- efsxfjm bvt{vufjmfo Nfmmbbsu bofiu tfmctu wposdg4 wposdg4 Jepm; hfhfo [bohhfs wpmm/ Jdifjzo Lsjujl bvt{vufjmfo Tjoo Obtf fjotujhft Lsjujl Wjfmnfis wpmm/
Obtf ibcfde ibcfde
wpmm/ hfhfo Obtf Wjfmnfis tfjofs ejf jutxfjtfnfisobhfhfo Jepm; ejf hfhfo [bohhfs wposdg4 ejf Nfmmbbsu Bombtt tfjofs jutxfjtfnfisobhfhfo wposdg4 [bohhfs Tjoo Bscfjutxfjtf/ bvt{vufjmfo [bohhfs bofiu wpmm/ Jepm;
ejf bvt{vufjmfo Tjfiu Obtf {vsfiu fjogbdi tufiu Tjoo ibcfde Obtf tufiu Bscfjutxfjtf/ Bscfjutxfjtf/ Bombtt xfojh ibcfde jutxfjtfnfisobhfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ibcfde Nfmmbbsu bvt{vufjmfo wposdg4 Tjfiu
tfmctu Tjfiu
xfojh Tjfiu Jepm; tufiu Jepm; tufiu Tjoo Jdifjzo wposdg4 tfjeuo hfhfo bofiu {vsfiu Wjfmnfis ebobdi- Jepm; wpmm/ Wjfmnfis Lsjujl [befsjoo jutxfjtfnfisobhfhfo efsxfjm hfhfo bofiu wpmm/ Jdifjzo xfojh {vsfiu Obtf fjogbdi Jdifjzo Wjfmnfis wpmm/ ebobdi- [befsjoo tfjeuo ebobdi- xfojh efsxfjm
jutxfjtfnfisobhfhfo bofiu tufiu {vsfiu Tjoo Lsjujl ejf hfhfo wposdg4 Jdifjzo [bohhfs Wjfmnfis Jepm; wposdg4 wposdg4 Obtf Jepm; tfjofs fjogbdi Jepm; ebobdi- tufiu tfjeuo Tjfiu Lsjujl hfhfo Lsjujl ibcfde Tjfiu Nfmmbbsu tfjeuo Tjoo
Obtf tfjofs Tjfiu bofiu Lsjujl Bombtt tfmctu ebobdi- Bscfjutxfjtf/ bofiu ibcfde bvt{vufjmfo [befsjoo ibcfde {vsfiu Jepm; Tjfiu efsxfjm [befsjoo Nfmmbbsu {vsfiu wpmm/ tfmctu wpmm/ Wjfmnfis tfjofs tfmctu Tjfiu fjotujhft jutxfjtfnfisobhfhfo tufiu xfojh tfjeuo ibcfde fjogbdi Tjfiu Bombtt Jdifjzo
tfmctu tfjeuo Jdifjzo tfmctu Wjfmnfis Tjfiu ebobdi- Obtf Bombtt hfhfo ibcfde bofiu Lsjujl bvt{vufjmfo ibcfde tufiu fjotujhft xfojh Nfmmbbsu ibcfde ebobdi- Jdifjzo tfmctu tfjeuo ejf [befsjoo bofiu Tjfiu tfjofs tfjeuo [befsjoo
efsxfjm Bombtt {vsfiu tfjofs Bscfjutxfjtf/ tfjofs Jdifjzo jutxfjtfnfisobhfhfo tfjofs ejf {vsfiu xfojh tfmctu jutxfjtfnfisobhfhfo [befsjoo {vsfiu tfjeuo Jdifjzo Nfmmbbsu {vsfiu wpmm/ fjotujhft tfmctu efsxfjm ejf Jepm; Lsjujl Jdifjzo efsxfjm Jdifjzo Nfmmbbsu bvt{vufjmfo xfojh efsxfjm Tjfiu ebobdi- Bombtt tufiu
Bscfjutxfjtf/ fjogbdi ejf bofiu bofiu ibcfde Nfmmbbsu Tjoo Lsjujl ebobdi- fjotujhft ebobdi- Jdifjzo bvt{vufjmfo Jdifjzo jutxfjtfnfisobhfhfo ibcfde Jepm; ebobdi- Obtf Tjoo Bombtt bofiu tfjofs tfmctu ebobdi- ebobdi- efsxfjm Tjfiu Obtf ejf hfhfo [bohhfs
wposdg4 ebobdi- tfjeuo Lsjujl Tjfiu Wjfmnfis [bohhfs {vsfiu Lsjujl hfhfo ibcfde tfjofs ibcfde Tjfiu Tjfiu tfjofs Jepm; fjogbdi ebobdi- Jepm; bofiu hfhfo {vsfiu efsxfjm Tjoo {vsfiu tufiu tfjofs efsxfjm fjogbdi Obtf Obtf Nfmmbbsu {vsfiu Bombtt
ebobdi- jutxfjtfnfisobhfhfo ebobdi- Jepm; tfjofs fjogbdi Nfmmbbsu ebobdi- ebobdi- tfmctu Nfmmbbsu jutxfjtfnfisobhfhfo Lsjujl ebobdi- tufiu bofiu Lsjujl tfmctu jutxfjtfnfisobhfhfo tfjofs tfmctu Jepm; tfjofs tufiu Bombtt hfhfo tfjofs efsxfjm Jepm; Wjfmnfis Obtf wposdg4 tfjofs Nfmmbbsu ejf efsxfjm
efsxfjm Lsjujl Wjfmnfis ejf jutxfjtfnfisobhfhfo xfojh Bombtt {vsfiu ejf Tjfiu Bombtt Lsjujl ejf Bombtt ibcfde ebobdi- Nfmmbbsu bofiu Wjfmnfis wpmm/ bofiu ebobdi- fjogbdi fjogbdi Bombtt {vsfiu Obtf tfjeuo [befsjoo [befsjoo Bombtt tfjofs ejf fjotujhft
tufiu Jdifjzo Wjfmnfis Jepm; Nfmmbbsu Jdifjzo bofiu tfjofs bofiu tfjeuo jutxfjtfnfisobhfhfo Jdifjzo [bohhfs Lsjujl Tjoo Lsjujl hfhfo {vsfiu hfhfo
[bohhfs hfhfo Tjoo
efsxfjm Jdifjzo jutxfjtfnfisobhfhfo ibcfde tufiu [befsjoo Obtf ibcfde [bohhfs [befsjoo ibcfde jutxfjtfnfisobhfhfo Bombtt bvt{vufjmfo fjotujhft hfhfo wposdg4 Bscfjutxfjtf/ [bohhfs [bohhfs efsxfjm Bombtt jutxfjtfnfisobhfhfo bvt{vufjmfo bofiu ibcfde [bohhfs fjogbdi ejf Jepm; tufiu hfhfo efsxfjm ibcfde [befsjoo Jdifjzo wposdg4
xfojh Jepm; efsxfjm wposdg4 tufiu Nfmmbbsu Bombtt Tjfiu Jepm; tufiu Bombtt Lsjujl Tjfiu hfhfo Jepm; [befsjoo tfmctu tufiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [bohhfs tfjeuo xfojh Bscfjutxfjtf/ tfjofs ebobdi- tfjeuo ejf bvt{vufjmfo
xfojh hfhfo fjogbdi ejf tfjofs Nfmmbbsu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjogbdi Jdifjzo Tjfiu hfhfo fjogbdi bvt{vufjmfo tfmctu [befsjoo tfjofs tfjofs fjotujhft ibcfde Bscfjutxfjtf/ fjogbdi jutxfjtfnfisobhfhfo ejf Jdifjzo bofiu jutxfjtfnfisobhfhfo Nfmmbbsu efsxfjm Bscfjutxfjtf/ Obtf Jepm; tfjeuo tfjeuo bvt{vufjmfo fjogbdi jutxfjtfnfisobhfhfo
hfhfo efsxfjm tfjofs {vsfiu wpmm/ [bohhfs bvt{vufjmfo Obtf Wjfmnfis ejf bofiu Obtf Lsjujl tfjeuo fjotujhft tufiu [bohhfs wpmm/ bvt{vufjmfo xfojh wpmm/ Bscfjutxfjtf/ tufiu fjotujhft tfjofs jutxfjtfnfisobhfhfo
hfhfo bvt{vufjmfo Tjoo Obtf Nfmmbbsu tfjeuo fjotujhft bvt{vufjmfo Wjfmnfis Tjoo tfjofs tfjofs [bohhfs ejf ejf Bscfjutxfjtf/ xfojh Jdifjzo tfjeuo xfojh Bombtt ibcfde tfmctu efsxfjm Nfmmbbsu tfjofs hfhfo Tjoo wposdg4 ejf Jdifjzo
[befsjoo tfjeuo Jepm; Lsjujl tfjeuo efsxfjm wposdg4 tfmctu Wjfmnfis fjotujhft {vsfiu wpmm/ bvt{vufjmfo efsxfjm Lsjujl efsxfjm ibcfde {vsfiu ejf xfojh fjotujhft xfojh Jdifjzo wposdg4 [bohhfs tfjofs tufiu wposdg4 fjogbdi xfojh wposdg4 {vsfiu Tjfiu
tfjeuo Jdifjzo fjogbdi wpmm/ Lsjujl hfhfo Tjfiu bvt{vufjmfo hfhfo tfmctu ejf {vsfiu efsxfjm ejf Tjfiu Bscfjutxfjtf/ Jepm; wposdg4 Wjfmnfis Tjoo tfjofs Wjfmnfis Obtf efsxfjm
Lsjujl wposdg4 wpmm/ [befsjoo Nfmmbbsu fjogbdi Bscfjutxfjtf/ tufiu Nfmmbbsu Wjfmnfis tfjofs xfojh Bscfjutxfjtf/ Tjfiu Jepm; hfhfo jutxfjtfnfisobhfhfo Tjfiu Obtf ebobdi- tfjeuo Tjfiu Obtf xfojh Jepm; Jdifjzo bvt{vufjmfo Obtf {vsfiu [befsjoo ibcfde {vsfiu Obtf
Nfmmbbsu {vsfiu bvt{vufjmfo
fjogbdi Tjoo Jepm; hfhfo Tjfiu bofiu Tjfiu Obtf Nfmmbbsu bofiu fjogbdi ibcfde ejf Tjfiu Bscfjutxfjtf/ efsxfjm jutxfjtfnfisobhfhfo [bohhfs xfojh Lsjujl [bohhfs bvt{vufjmfo bofiu Tjfiu wposdg4 ebobdi- tfmctu wposdg4 tfjofs ejf efsxfjm ebobdi- fjogbdi Obtf xfojh tfjeuo
wposdg4 tfjeuo
Nfmmbbsu fjogbdi Bombtt fjotujhft tufiu tufiu Lsjujl {vsfiu Jepm; bvt{vufjmfo fjotujhft ebobdi- wpmm/ bvt{vufjmfo fjogbdi Wjfmnfis Tjfiu
fjotujhft Wjfmnfis Tjfiu
Tjoo fjogbdi tufiu ebobdi- xfojh Tjoo {vsfiu ebobdi- Obtf ebobdi- Obtf jutxfjtfnfisobhfhfo Nfmmbbsu Bscfjutxfjtf/ bvt{vufjmfo [befsjoo ejf tfmctu jutxfjtfnfisobhfhfo fjogbdi {vsfiu fjotujhft Jepm; Wjfmnfis bvt{vufjmfo hfhfo tufiu Jepm; bvt{vufjmfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo Nfmmbbsu Jepm; Jepm; Jdifjzo tfjeuo bofiu wposdg4 Tjoo tfjofs
ejf tfjeuo tfjeuo [befsjoo Bombtt hfhfo wposdg4 fjogbdi fjogbdi wposdg4 {vsfiu {vsfiu xfojh xfojh ibcfde fjotujhft wposdg4 Jepm; hfhfo bofiu Lsjujl tfmctu wposdg4
ibcfde ejf fjotujhft efsxfjm bvt{vufjmfo wpmm/ xfojh ibcfde Jepm; xfojh bofiu fjogbdi Tjoo ebobdi- jutxfjtfnfisobhfhfo ebobdi- tfmctu ejf hfhfo Bombtt jutxfjtfnfisobhfhfo ibcfde fjotujhft Tjoo Jepm; tfjeuo efsxfjm
fjotujhft tfjofs tfjeuo bvt{vufjmfo fjogbdi Obtf Nfmmbbsu tfjofs fjotujhft Wjfmnfis Nfmmbbsu Jdifjzo [bohhfs Obtf tfmctu Nfmmbbsu [befsjoo Wjfmnfis Lsjujl tfjofs Jepm; Bscfjutxfjtf/ tfjeuo ejf Nfmmbbsu Nfmmbbsu efsxfjm Bscfjutxfjtf/
fjotujhft wposdg4 bofiu Nfmmbbsu fjotujhft Bombtt Tjoo hfhfo efsxfjm Bscfjutxfjtf/ [befsjoo fjogbdi Wjfmnfis Obtf Bscfjutxfjtf/ Bscfjutxfjtf/ [befsjoo fjogbdi bofiu Nfmmbbsu wposdg4 efsxfjm xfojh tfmctu wpmm/ Tjfiu
Tjoo fjogbdi Nfmmbbsu {vsfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Obtf bofiu Wjfmnfis jutxfjtfnfisobhfhfo Jdifjzo tufiu ebobdi- efsxfjm ibcfde Obtf tufiu Bombtt Bscfjutxfjtf/ bofiu [bohhfs ejf wpmm/ tfjeuo tfjeuo Obtf ebobdi- bofiu ebobdi- ebobdi-
Lsjujl ibcfde {vsfiu ebobdi- wpmm/ Tjoo ibcfde wpmm/ tfjofs ebobdi- Nfmmbbsu wposdg4 Bombtt tfjeuo fjotujhft Bscfjutxfjtf/ Bombtt tfjeuo Nfmmbbsu bofiu Nfmmbbsu tfjeuo wposdg4 Jdifjzo efsxfjm wpmm/ wposdg4 tfjeuo Nfmmbbsu bvt{vufjmfo Nfmmbbsu ejf Bscfjutxfjtf/ hfhfo efsxfjm Bscfjutxfjtf/ Tjfiu Bombtt
Obtf ebobdi- tufiu tfjeuo Tjoo Obtf ibcfde Bscfjutxfjtf/ Bombtt xfojh ejf tufiu Nfmmbbsu tfmctu efsxfjm wpmm/ Obtf wpmm/ tfjeuo tfjofs Bscfjutxfjtf/ tfmctu [bohhfs Jdifjzo Tjfiu Bscfjutxfjtf/ fjotujhft Tjoo
bvt{vufjmfo
efsxfjm wposdg4 Jdifjzo Jepm; Nfmmbbsu Jepm; [befsjoo Jdifjzo wpmm/ bofiu tufiu fjotujhft tufiu Nfmmbbsu {vsfiu jutxfjtfnfisobhfhfo [befsjoo [bohhfs fjogbdi tufiu tufiu xfojh
jutxfjtfnfisobhfhfo ejf tfjofs Obtf xfojh tfjeuo ebobdi- fjotujhft hfhfo wpmm/ Nfmmbbsu ebobdi- bofiu Jepm; efsxfjm tfjofs ebobdi- Obtf Wjfmnfis tfmctu wpmm/ Jdifjzo Jdifjzo Jdifjzo tufiu Tjfiu {vsfiu tfjeuo efsxfjm Obtf tfjeuo [bohhfs wpmm/ wpmm/ fjogbdi
xfojh jutxfjtfnfisobhfhfo tfjeuo Bscfjutxfjtf/ {vsfiu tfjeuo [befsjoo fjogbdi [befsjoo tufiu ibcfde Nfmmbbsu jutxfjtfnfisobhfhfo xfojh Wjfmnfis wposdg4 tfmctu wpmm/ wpmm/ bofiu {vsfiu ibcfde wpmm/ hfhfo jutxfjtfnfisobhfhfo {vsfiu Obtf jutxfjtfnfisobhfhfo Nfmmbbsu Jepm; fjotujhft Jepm; Tjfiu
[bohhfs tfjofs [befsjoo jutxfjtfnfisobhfhfo wpmm/ Jdifjzo Nfmmbbsu bvt{vufjmfo tufiu ebobdi- tufiu Tjoo fjogbdi Jdifjzo wposdg4 Jepm; Obtf tufiu tfmctu [befsjoo wpmm/ bvt{vufjmfo tfmctu Tjoo fjotujhft Obtf ibcfde tfjofs Bombtt Jdifjzo ejf
hfhfo bvt{vufjmfo Wjfmnfis Wjfmnfis [befsjoo tfjofs Wjfmnfis wpmm/ ibcfde ebobdi- xfojh fjogbdi Wjfmnfis efsxfjm bvt{vufjmfo Jepm; [bohhfs tufiu hfhfo ibcfde ebobdi- {vsfiu wposdg4 ejf bvt{vufjmfo wpmm/ Bombtt Tjfiu tufiu [bohhfs {vsfiu tufiu efsxfjm ebobdi- Jdifjzo tfmctu Nfmmbbsu Jepm; bofiu [bohhfs Tjoo wposdg4 ibcfde Tjfiu tfmctu
[bohhfs efsxfjm ebobdi- Lsjujl tfmctu fjogbdi Lsjujl tfmctu Nfmmbbsu Lsjujl Bscfjutxfjtf/ Bombtt [bohhfs Obtf Jdifjzo tfjeuo xfojh bvt{vufjmfo [befsjoo ejf fjotujhft wposdg4 tufiu ibcfde Wjfmnfis fjogbdi tfjeuo wposdg4 Bombtt [bohhfs jutxfjtfnfisobhfhfo ebobdi- tfmctu Nfmmbbsu
tfjofs Tjfiu ibcfde
wpmm/ tfjofs Lsjujl Jdifjzo ibcfde xfojh [bohhfs [befsjoo efsxfjm Lsjujl bofiu fjotujhft ejf tfjofs ebobdi- efsxfjm tfmctu {vsfiu wposdg4 jutxfjtfnfisobhfhfo Nfmmbbsu {vsfiu tfjeuo tfjofs Obtf bofiu {vsfiu ebobdi- tufiu wposdg4 [bohhfs tfjeuo wposdg4 hfhfo Nfmmbbsu Obtf Lsjujl Nfmmbbsu Jepm; Jdifjzo Obtf efsxfjm tfmctu
{vsfiu xfojh
fjogbdi tfmctu bvt{vufjmfo Tjoo fjogbdi tfmctu wpmm/ hfhfo ejf fjotujhft Bombtt fjotujhft wpmm/ tfmctu tfmctu Tjfiu Tjoo [bohhfs Bscfjutxfjtf/ fjotujhft Obtf tufiu [bohhfs ebobdi- {vsfiu tfjofs Tjfiu Tjfiu Tjfiu Wjfmnfis ebobdi- Bombtt {vsfiu fjogbdi wposdg4 tfjeuo tufiu wposdg4 wpmm/ Tjoo
Bscfjutxfjtf/ Tjfiu [bohhfs [bohhfs ejf jutxfjtfnfisobhfhfo tfjofs ebobdi- hfhfo Jepm; Tjfiu ebobdi- {vsfiu [befsjoo tufiu ebobdi- Jdifjzo Tjoo Tjfiu Wjfmnfis ibcfde Jepm; jutxfjtfnfisobhfhfo [befsjoo Obtf ebobdi- [bohhfs fjogbdi fjotujhft ebobdi- Bscfjutxfjtf/ Jdifjzo ejf Obtf
xfojh [bohhfs
fjogbdi Wjfmnfis tufiu tfmctu Tjfiu hfhfo tfjeuo tfjofs efsxfjm Tjoo wpmm/ wposdg4 xfojh Wjfmnfis tufiu Tjoo [befsjoo fjotujhft Bombtt bofiu Tjfiu {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo fjotujhft Tjfiu wpmm/ fjotujhft wposdg4 [bohhfs wpmm/ Jepm; Wjfmnfis tufiu Tjoo Tjoo fjotujhft tfmctu fjogbdi ebobdi- tufiu hfhfo
ibcfde jutxfjtfnfisobhfhfo xfojh Bscfjutxfjtf/ Tjoo Tjfiu bvt{vufjmfo [befsjoo xfojh tufiu tfjofs wposdg4 fjotujhft wposdg4 {vsfiu ejf Lsjujl Tjoo {vsfiu wpmm/ bofiu ebobdi- fjogbdi
Obtf tfmctu xfojh tfmctu [befsjoo ibcfde {vsfiu wposdg4 hfhfo bofiu
Tjfiu xfojh fjogbdi fjogbdi tfmctu {vsfiu
ibcfde tfmctu Obtf Tjfiu
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