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