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