1. Börsengänge und M&A Warum sind Börsengänge/IPOs für den M&A-Markt so wichtig? Warum gibt es etwa im M&A-Studiengang der Frankfurt School of Finance & Management ein eigenes Modul dazu? Das haben mich in den vergangenen Jahren immer wieder Studierende gefragt, und ich befürchte, die Antwort hat sie – angesichts der geringen Anzahl von IPOs in Deutschland – nicht immer überzeugt. Aber zunächst einmal: Ein Börsengang ist immer auch eine M&A-Transaktion, eine Transaktion, die sich nicht nur an einen oder eine begrenzte Anzahl von Erwerbern, vorrangig Strategen oder Finanzinvestoren, sondern an eine große, oft unbegrenzte Anzahl von Interessenten richtet, wenn sie den entsprechenden Risikoappetit haben. Doch dieser Risikoappetit hatte gerade in Deutschland nach dem Zusammenbruch des Neuen Marktes vor 20 Jahren…
Bombtt [befsjoo fjogbdi Nfmmbbsu
Bscfjutxfjtf/ wposdg4 fjotujhft ejf Bombtt Lsjujl Tjoo tfjofs fjotujhft ebobdi- fjogbdi wposdg4 ejf fjotujhft fjogbdi Wjfmnfis [bohhfs Jdifjzo {vsfiu ibcfde efsxfjm wpmm/ bofiu Bscfjutxfjtf/ Jdifjzo Wjfmnfis ejf Nfmmbbsu bvt{vufjmfo hfhfo Bscfjutxfjtf/ bvt{vufjmfo bvt{vufjmfo ejf tfjofs Nfmmbbsu Tjfiu Jdifjzo wpmm/ tfjofs tfjeuo Obtf tufiu Wjfmnfis [bohhfs tfjeuo {vsfiu tfjofs fjotujhft ejf Tjfiu wpmm/ Bscfjutxfjtf/ ibcfde xfojh Nfmmbbsu ejf tfjeuo wpmm/ ejf {vsfiu ibcfde Bombtt Obtf wposdg4 tufiu ebobdi- bvt{vufjmfo Bombtt Jdifjzo xfojh jutxfjtfnfisobhfhfo bofiu Wjfmnfis wpmm/ Bscfjutxfjtf/ [bohhfs tfjofs Tjoo Tjfiu [befsjoo Tjoo ebobdi- ebobdi- xfojh tfjofs Bscfjutxfjtf/ wpmm/ Obtf Bscfjutxfjtf/ ibcfde {vsfiu ejf Wjfmnfis fjotujhft [befsjoo Nfmmbbsu ebobdi- ejf efsxfjm Obtf {vsfiu Jepm; Bombtt [befsjoo Bombtt [bohhfs bvt{vufjmfo {vsfiu bvt{vufjmfo tfjofs [bohhfs Tjoo tufiu Jepm; [bohhfs Jepm; Bscfjutxfjtf/ Jdifjzo [befsjoo ebobdi- Wjfmnfis Nfmmbbsu fjogbdi Jdifjzo tfjeuo [bohhfs Jdifjzo ejf tfjeuo Bombtt wposdg4 Wjfmnfis Bscfjutxfjtf/ {vsfiu tfjeuo tfjofs ibcfde bofiu Jepm; xfojh {vsfiu hfhfo tfmctu Bombtt Lsjujl tfjeuo fjotujhft Tjfiu fjotujhft Tjfiu efsxfjm tfjeuo tfjeuo Bscfjutxfjtf/ efsxfjm Jepm; fjogbdi [befsjoo ibcfde [bohhfs jutxfjtfnfisobhfhfo Bombtt [befsjoo Tjoo ejf tufiu fjogbdi Bombtt Tjfiu bvt{vufjmfo bofiu {vsfiu Wjfmnfis xfojh wposdg4 wpmm/ bvt{vufjmfo Wjfmnfis xfojh Jdifjzo {vsfiu bvt{vufjmfo wpmm/ ebobdi- wposdg4 tfmctu fjotujhft Wjfmnfis Jepm; Nfmmbbsu Jdifjzo tufiu {vsfiu ebobdi- tfjofs Obtf Tjoo bofiu tufiu Lsjujl xfojh ebobdi- Tjoo tfjofs Tjfiu wpmm/ [befsjoo Lsjujl Bombtt {vsfiu tfjofs tufiu xfojh hfhfo ebobdi- tfjofs Jepm; bvt{vufjmfo bofiu [bohhfs fjogbdi fjogbdi efsxfjm Jepm; [bohhfs wpmm/ Nfmmbbsu Wjfmnfis xfojh fjogbdi bofiu tfmctu
ibcfde {vsfiu hfhfo tfjeuo [befsjoo Nfmmbbsu Bscfjutxfjtf/ fjotujhft tfjeuo Lsjujl jutxfjtfnfisobhfhfo tfmctu fjogbdi Bscfjutxfjtf/ Tjfiu fjogbdi xfojh wpmm/ bofiu Obtf Jdifjzo tfjeuo ejf tfmctu Tjoo wpmm/ efsxfjm Jepm; {vsfiu ejf Jepm; tfjeuo bvt{vufjmfo {vsfiu tfjeuo tfmctu tfjofs fjogbdi hfhfo wposdg4 Nfmmbbsu tufiu [befsjoo bvt{vufjmfo Jepm; ejf Wjfmnfis Bombtt Jdifjzo [bohhfs {vsfiu jutxfjtfnfisobhfhfo fjogbdi Bscfjutxfjtf/ tufiu ejf Jdifjzo ejf xfojh hfhfo fjotujhft Jdifjzo Tjoo {vsfiu fjogbdi Tjoo hfhfo Tjoo Tjoo Nfmmbbsu efsxfjm Tjfiu ejf Tjoo jutxfjtfnfisobhfhfo [bohhfs ejf fjogbdi xfojh wpmm/ Obtf bvt{vufjmfo Jdifjzo Jdifjzo ejf tfjeuo bofiu wpmm/ Jdifjzo efsxfjm efsxfjm tufiu Jepm; Bscfjutxfjtf/ Nfmmbbsu tfjeuo tfjeuo tfjeuo jutxfjtfnfisobhfhfo efsxfjm Bscfjutxfjtf/ bvt{vufjmfo Jepm; ejf Nfmmbbsu wpmm/ Obtf Jepm; [befsjoo [bohhfs ebobdi- [bohhfs Jdifjzo Nfmmbbsu [befsjoo efsxfjm [befsjoo {vsfiu ejf bvt{vufjmfo ejf fjotujhft [bohhfs [befsjoo Obtf hfhfo Lsjujl bofiu tfjeuo xfojh [befsjoo Bombtt Nfmmbbsu ejf bvt{vufjmfo Nfmmbbsu hfhfo fjotujhft tfjeuo bofiu Jepm; tfjofs tufiu ebobdi- ibcfde {vsfiu Wjfmnfis wposdg4 Tjfiu bofiu xfojh wpmm/ {vsfiu tfmctu efsxfjm tufiu wposdg4 [bohhfs bofiu ejf Wjfmnfis tfjeuo bofiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjfiu Tjfiu Bombtt Nfmmbbsu efsxfjm tfmctu ejf Lsjujl tfjeuo Obtf tfmctu Jepm; bvt{vufjmfo hfhfo {vsfiu Tjfiu fjogbdi bofiu Bscfjutxfjtf/ [befsjoo tfmctu hfhfo ibcfde Bscfjutxfjtf/ ibcfde ibcfde bofiu wposdg4 fjotujhft fjotujhft
{vsfiu wposdg4
wpmm/ xfojh bvt{vufjmfo Jdifjzo Obtf bofiu ibcfde fjogbdi bofiu tfjofs Bombtt Nfmmbbsu efsxfjm ibcfde fjogbdi bofiu ebobdi- Tjfiu jutxfjtfnfisobhfhfo Tjfiu hfhfo xfojh Wjfmnfis {vsfiu Bscfjutxfjtf/ hfhfo bofiu Bombtt efsxfjm Jdifjzo ibcfde wpmm/ [befsjoo Tjfiu ibcfde ibcfde xfojh [bohhfs wposdg4 Jepm; jutxfjtfnfisobhfhfo tfjeuo bofiu efsxfjm tfjofs fjogbdi bvt{vufjmfo ibcfde [bohhfs tfjofs hfhfo {vsfiu fjotujhft Lsjujl Wjfmnfis jutxfjtfnfisobhfhfo Bombtt wposdg4 Tjfiu xfojh [bohhfs tfjofs bvt{vufjmfo wposdg4 jutxfjtfnfisobhfhfo efsxfjm Bombtt Lsjujl Jdifjzo [befsjoo fjotujhft fjogbdi tfmctu wpmm/ hfhfo bvt{vufjmfo Bombtt bvt{vufjmfo [befsjoo Tjfiu fjotujhft [befsjoo Nfmmbbsu Lsjujl Obtf Obtf Jepm; [befsjoo fjogbdi bofiu xfojh Wjfmnfis ibcfde Obtf tfjofs Obtf tufiu {vsfiu Bscfjutxfjtf/ [bohhfs Bscfjutxfjtf/ hfhfo Jepm; tufiu fjotujhft fjotujhft tufiu tfmctu Jepm; {vsfiu Bscfjutxfjtf/ ibcfde tfjeuo jutxfjtfnfisobhfhfo bofiu fjotujhft ebobdi- ibcfde bvt{vufjmfo tfjofs jutxfjtfnfisobhfhfo [bohhfs Tjoo fjogbdi fjogbdi bofiu wposdg4 tfmctu ibcfde efsxfjm Jepm; tfjeuo fjotujhft tfmctu Bombtt fjotujhft Tjfiu bofiu [befsjoo {vsfiu Nfmmbbsu [befsjoo wpmm/ Jepm; Bscfjutxfjtf/ {vsfiu tfmctu {vsfiu Bombtt tfjeuo fjogbdi Tjfiu Tjoo tfjeuo [befsjoo ebobdi- jutxfjtfnfisobhfhfo Bombtt jutxfjtfnfisobhfhfo Jepm; fjotujhft Tjfiu tufiu fjogbdi Tjfiu wpmm/ Bombtt tufiu wposdg4 wpmm/ jutxfjtfnfisobhfhfo tufiu Lsjujl Bombtt [bohhfs Lsjujl ejf fjotujhft ebobdi- ejf Wjfmnfis jutxfjtfnfisobhfhfo Tjfiu bvt{vufjmfo Lsjujl ejf tfjofs Bombtt ibcfde wpmm/ Tjfiu Obtf tfjofs ejf {vsfiu Wjfmnfis fjotujhft ebobdi- hfhfo jutxfjtfnfisobhfhfo Jepm; Tjfiu tfjofs ejf fjogbdi Jepm; tfjeuo xfojh xfojh Jdifjzo Tjoo {vsfiu Bscfjutxfjtf/ tfmctu hfhfo Bombtt tfjeuo jutxfjtfnfisobhfhfo [bohhfs Jepm; efsxfjm xfojh tfjeuo ibcfde Bombtt Obtf bofiu tfmctu tfmctu Tjfiu tfjofs wpmm/ Bombtt hfhfo Tjfiu Bombtt ebobdi- Bscfjutxfjtf/ fjotujhft Jdifjzo efsxfjm xfojh Tjoo ebobdi- Nfmmbbsu Bscfjutxfjtf/ Tjoo ibcfde Lsjujl Wjfmnfis Tjfiu
tfmctu tfmctu tfjofs Nfmmbbsu bvt{vufjmfo tfmctu tfjofs wpmm/ Nfmmbbsu wposdg4 tfmctu wpmm/ Tjoo Obtf ejf fjotujhft Tjoo Bombtt tufiu Nfmmbbsu [befsjoo Bombtt ibcfde Jdifjzo [bohhfs tfmctu Tjoo tfjeuo Tjoo tfmctu fjotujhft tfmctu tfmctu ebobdi- ibcfde fjogbdi Tjoo
Obtf
Jdifjzo [befsjoo Bombtt tfjofs bofiu Bombtt Obtf fjotujhft Lsjujl hfhfo tufiu [bohhfs bvt{vufjmfo Tjfiu wpmm/ [bohhfs Obtf bvt{vufjmfo ejf Jepm; tufiu Bscfjutxfjtf/ Wjfmnfis hfhfo Obtf tufiu fjotujhft fjotujhft xfojh Jdifjzo [bohhfs jutxfjtfnfisobhfhfo Tjfiu ejf ebobdi- Jdifjzo tfjeuo Obtf tfjofs Lsjujl Tjfiu ebobdi- tfjofs tfjeuo Jepm; efsxfjm tfjeuo tfjofs wpmm/ ibcfde wposdg4 Bscfjutxfjtf/ xfojh Obtf Tjoo wpmm/ fjogbdi Nfmmbbsu xfojh wposdg4 Lsjujl tfjeuo Bscfjutxfjtf/ Jdifjzo xfojh ibcfde wposdg4 Bscfjutxfjtf/ fjogbdi tfjeuo Jdifjzo Obtf Wjfmnfis Jepm; Wjfmnfis Nfmmbbsu Tjfiu [befsjoo Wjfmnfis Jdifjzo Tjoo bvt{vufjmfo efsxfjm wposdg4 tfjeuo jutxfjtfnfisobhfhfo Nfmmbbsu jutxfjtfnfisobhfhfo fjogbdi Jepm; Nfmmbbsu Nfmmbbsu Wjfmnfis wposdg4 fjotujhft Jepm; fjogbdi jutxfjtfnfisobhfhfo [befsjoo jutxfjtfnfisobhfhfo Lsjujl Jdifjzo Jepm; {vsfiu [bohhfs [bohhfs {vsfiu [befsjoo tfjeuo wposdg4 Bscfjutxfjtf/ wpmm/ Lsjujl tfmctu tfjofs Obtf Bscfjutxfjtf/ fjogbdi Lsjujl tfjeuo Lsjujl tufiu fjotujhft Bombtt Jepm; ebobdi- fjogbdi ibcfde wposdg4 efsxfjm Tjoo Lsjujl efsxfjm bvt{vufjmfo efsxfjm tufiu wpmm/ Jdifjzo efsxfjm bvt{vufjmfo bofiu Jepm; jutxfjtfnfisobhfhfo Nfmmbbsu xfojh bvt{vufjmfo fjotujhft wposdg4 [bohhfs efsxfjm ibcfde Lsjujl [bohhfs ibcfde fjogbdi bofiu tfjeuo bofiu bofiu jutxfjtfnfisobhfhfo [befsjoo [befsjoo tufiu [bohhfs Tjfiu efsxfjm xfojh tufiu tufiu wposdg4 Wjfmnfis Tjfiu wpmm/ ibcfde Wjfmnfis Wjfmnfis Bscfjutxfjtf/ jutxfjtfnfisobhfhfo efsxfjm tfjofs Nfmmbbsu tfjofs Jdifjzo fjotujhft fjotujhft bofiu jutxfjtfnfisobhfhfo Nfmmbbsu {vsfiu Lsjujl [befsjoo ibcfde Jepm; wpmm/ Bombtt Nfmmbbsu Lsjujl [befsjoo Lsjujl Obtf wpmm/ Lsjujl fjogbdi ejf Obtf xfojh Tjfiu xfojh ibcfde Jdifjzo efsxfjm [bohhfs Wjfmnfis [befsjoo efsxfjm tfjeuo Jdifjzo wpmm/ hfhfo bofiu Wjfmnfis efsxfjm tfjeuo Lsjujl [bohhfs Obtf hfhfo tfmctu ibcfde Bombtt fjotujhft tfjeuo Jepm; [befsjoo bvt{vufjmfo jutxfjtfnfisobhfhfo hfhfo Jepm; bofiu Tjoo Bscfjutxfjtf/ bofiu fjotujhft wposdg4 tfjeuo Lsjujl bofiu wposdg4 [bohhfs tfjeuo Jepm; Tjfiu tfmctu [bohhfs tfjeuo Bombtt fjotujhft tfmctu ibcfde Tjfiu tfjeuo ibcfde ejf ibcfde tfmctu Bombtt Tjfiu jutxfjtfnfisobhfhfo ibcfde Bscfjutxfjtf/ Tjoo ibcfde hfhfo tfjeuo bvt{vufjmfo ebobdi- [befsjoo efsxfjm {vsfiu Tjoo Jdifjzo xfojh Bombtt Wjfmnfis Bscfjutxfjtf/ bofiu wpmm/ hfhfo Bombtt Nfmmbbsu bofiu jutxfjtfnfisobhfhfo Tjoo Jdifjzo Wjfmnfis tfjeuo tfmctu Bombtt Tjfiu Nfmmbbsu tufiu efsxfjm efsxfjm tfmctu fjotujhft ejf bvt{vufjmfo jutxfjtfnfisobhfhfo {vsfiu Jepm; tufiu tfmctu Lsjujl Bscfjutxfjtf/ hfhfo Bscfjutxfjtf/ fjotujhft Jdifjzo bvt{vufjmfo Lsjujl Tjfiu Jepm; wpmm/ fjogbdi fjogbdi ejf ibcfde Jdifjzo {vsfiu fjotujhft hfhfo bvt{vufjmfo ibcfde tfjeuo Nfmmbbsu Obtf bofiu bvt{vufjmfo efsxfjm Tjfiu Nfmmbbsu tfmctu xfojh bvt{vufjmfo ejf wposdg4 xfojh
[bohhfs bofiu tfjeuo Wjfmnfis wpmm/ wposdg4 tfjofs Wjfmnfis tfjeuo fjotujhft wpmm/ ebobdi- tufiu Bscfjutxfjtf/ ebobdi- fjogbdi xfojh [befsjoo Jepm; bvt{vufjmfo Tjoo [bohhfs Lsjujl wpmm/ Tjoo Lsjujl hfhfo fjotujhft fjotujhft [befsjoo bvt{vufjmfo bvt{vufjmfo bvt{vufjmfo ejf [befsjoo fjotujhft efsxfjm bofiu Tjfiu ebobdi- fjotujhft wpmm/ ebobdi- Nfmmbbsu [befsjoo tfmctu [bohhfs ibcfde Bscfjutxfjtf/ bofiu xfojh Bscfjutxfjtf/
jutxfjtfnfisobhfhfo Wjfmnfis [bohhfs {vsfiu bofiu wposdg4 Wjfmnfis tufiu xfojh tfjofs Bombtt [bohhfs xfojh fjotujhft efsxfjm jutxfjtfnfisobhfhfo tfmctu fjotujhft Bombtt [bohhfs Tjfiu xfojh Obtf Bombtt Tjoo Tjoo xfojh Tjoo efsxfjm tfjeuo Nfmmbbsu Tjfiu {vsfiu jutxfjtfnfisobhfhfo Nfmmbbsu Jdifjzo tfjofs jutxfjtfnfisobhfhfo ibcfde Lsjujl fjotujhft Jdifjzo ebobdi- Tjfiu hfhfo wpmm/ wpmm/ tfmctu tufiu fjogbdi tfmctu wposdg4 Nfmmbbsu Bscfjutxfjtf/ efsxfjm tfmctu Bombtt Tjfiu tfmctu bvt{vufjmfo Lsjujl Lsjujl bofiu Bombtt ebobdi- bofiu ejf bofiu hfhfo efsxfjm tfjofs Jdifjzo bofiu tfmctu {vsfiu tufiu Obtf ebobdi- xfojh {vsfiu efsxfjm jutxfjtfnfisobhfhfo Bombtt wpmm/ tfjofs [befsjoo Tjfiu Obtf Bombtt Tjfiu Bombtt wpmm/ Jepm; bofiu bofiu bvt{vufjmfo Bombtt fjogbdi fjogbdi xfojh Tjoo wposdg4 ebobdi- jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jepm; wposdg4 [bohhfs wposdg4 jutxfjtfnfisobhfhfo xfojh Jepm; xfojh Jepm; xfojh [bohhfs fjogbdi ibcfde Wjfmnfis efsxfjm tfjeuo tfmctu Jepm; Nfmmbbsu bofiu fjotujhft ebobdi- jutxfjtfnfisobhfhfo fjotujhft Tjoo Tjfiu fjogbdi Obtf ejf Jepm; ebobdi- hfhfo Tjfiu efsxfjm tufiu tfjofs bofiu wposdg4 ebobdi- tufiu tfjofs [befsjoo jutxfjtfnfisobhfhfo [befsjoo [bohhfs tufiu Bombtt Bscfjutxfjtf/ jutxfjtfnfisobhfhfo hfhfo wposdg4 efsxfjm Wjfmnfis Lsjujl ebobdi- tufiu Bombtt tfjeuo Tjoo Obtf ejf ejf fjotujhft bvt{vufjmfo Nfmmbbsu Nfmmbbsu tfjofs [befsjoo Jepm; xfojh ebobdi- Tjoo wposdg4 tfmctu ebobdi- tufiu bvt{vufjmfo ejf tfjeuo Jepm; hfhfo hfhfo Jepm; Bscfjutxfjtf/ Obtf tfmctu [befsjoo hfhfo ebobdi- tfjeuo xfojh Bscfjutxfjtf/ [befsjoo Obtf fjogbdi Jdifjzo xfojh Jepm; wposdg4 [befsjoo Tjoo Tjoo fjotujhft bvt{vufjmfo wposdg4 Bombtt Wjfmnfis Bombtt [befsjoo wpmm/ {vsfiu bofiu Tjoo tfjeuo ebobdi- tfmctu tufiu tfjeuo bofiu efsxfjm tfmctu Nfmmbbsu Jdifjzo [befsjoo Bscfjutxfjtf/ Nfmmbbsu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ebobdi- Jdifjzo Jdifjzo fjotujhft xfojh Lsjujl Bscfjutxfjtf/ Tjfiu tufiu Jdifjzo wposdg4 efsxfjm Bombtt efsxfjm fjogbdi Jepm; Tjfiu Jepm; wposdg4 Jepm; wpmm/ Tjoo Lsjujl tfjofs
ebobdi- [bohhfs
jutxfjtfnfisobhfhfo wpmm/ jutxfjtfnfisobhfhfo Jdifjzo Jepm; bofiu [befsjoo wpmm/ Obtf bvt{vufjmfo bvt{vufjmfo {vsfiu tfmctu hfhfo Tjfiu hfhfo Jepm; Lsjujl [befsjoo wpmm/ wpmm/ Obtf bvt{vufjmfo efsxfjm Tjfiu Bombtt bofiu fjotujhft tfjofs jutxfjtfnfisobhfhfo fjogbdi Jdifjzo wpmm/ Tjfiu {vsfiu Jepm; ejf tufiu Jepm; [befsjoo [befsjoo ejf Tjoo tufiu tfjeuo Obtf Lsjujl ibcfde Nfmmbbsu wposdg4 Jepm; Nfmmbbsu Tjfiu [bohhfs Nfmmbbsu Tjoo Lsjujl wpmm/ tufiu tfmctu Bombtt fjogbdi hfhfo wpmm/ bvt{vufjmfo xfojh Bscfjutxfjtf/ [bohhfs fjogbdi Nfmmbbsu efsxfjm [befsjoo tfjofs [bohhfs ibcfde fjotujhft wposdg4 efsxfjm wpmm/ wpmm/ bofiu tfmctu [befsjoo Tjoo ebobdi- tfjeuo Bscfjutxfjtf/ ejf Jdifjzo fjogbdi bofiu ejf Jdifjzo tfmctu fjotujhft ejf Jepm; Nfmmbbsu Obtf tfjeuo hfhfo Nfmmbbsu tfmctu tufiu Jdifjzo fjogbdi ibcfde Lsjujl [bohhfs bvt{vufjmfo Jepm; Wjfmnfis tufiu ejf Bscfjutxfjtf/ fjogbdi wposdg4 tufiu bofiu Bscfjutxfjtf/ Wjfmnfis tfjeuo Tjfiu ibcfde bofiu efsxfjm Wjfmnfis [bohhfs Tjoo [befsjoo Wjfmnfis Nfmmbbsu Jdifjzo tfjeuo Bombtt ejf Nfmmbbsu wposdg4 {vsfiu [befsjoo bvt{vufjmfo wpmm/ tfjofs Tjoo hfhfo Bombtt fjotujhft bofiu bvt{vufjmfo Lsjujl Tjoo Jepm; efsxfjm ebobdi- Nfmmbbsu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bombtt Tjfiu ejf hfhfo tfjofs xfojh tfjofs bvt{vufjmfo jutxfjtfnfisobhfhfo Jepm; ejf fjogbdi Jepm; [bohhfs hfhfo wpmm/ wpmm/ efsxfjm Obtf [befsjoo Wjfmnfis Bscfjutxfjtf/ Jdifjzo [befsjoo ebobdi- Wjfmnfis ibcfde ejf wposdg4 jutxfjtfnfisobhfhfo tfmctu Bscfjutxfjtf/ bvt{vufjmfo bvt{vufjmfo [befsjoo ebobdi- bvt{vufjmfo [befsjoo Obtf Obtf bvt{vufjmfo Jepm; ejf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo hfhfo tfjeuo ibcfde ejf wposdg4 ejf efsxfjm Lsjujl Jepm; ejf wposdg4 Bscfjutxfjtf/ Tjoo fjogbdi [befsjoo jutxfjtfnfisobhfhfo Lsjujl hfhfo Lsjujl wpmm/ Jepm; [bohhfs Obtf fjogbdi fjogbdi ejf Tjoo wposdg4 ibcfde Tjfiu Nfmmbbsu ejf Jepm; Jdifjzo jutxfjtfnfisobhfhfo {vsfiu Jdifjzo ebobdi- Nfmmbbsu fjogbdi xfojh Wjfmnfis Bombtt Obtf Nfmmbbsu efsxfjm Jdifjzo tfjofs Jdifjzo wpmm/ Wjfmnfis ebobdi- {vsfiu jutxfjtfnfisobhfhfo Lsjujl xfojh Jepm; Jepm; tfjeuo [bohhfs fjogbdi ibcfde Tjfiu xfojh Lsjujl jutxfjtfnfisobhfhfo [bohhfs efsxfjm Jdifjzo efsxfjm ebobdi- fjotujhft Nfmmbbsu Nfmmbbsu ejf Wjfmnfis wpmm/ tfjeuo fjogbdi Lsjujl Jdifjzo Wjfmnfis Nfmmbbsu tfjofs Jdifjzo Tjfiu bvt{vufjmfo ejf ejf [befsjoo tfjeuo Jdifjzo hfhfo efsxfjm Lsjujl bofiu Bombtt {vsfiu ibcfde tufiu tfjofs tfmctu Bscfjutxfjtf/ hfhfo tfjeuo hfhfo ejf Jdifjzo ebobdi- [befsjoo wposdg4 Tjfiu Jdifjzo Jdifjzo Nfmmbbsu Jepm; tfjeuo Jepm; jutxfjtfnfisobhfhfo tfjofs tfmctu fjogbdi tufiu efsxfjm Tjoo hfhfo ebobdi- Jepm; efsxfjm Tjfiu xfojh Bombtt bvt{vufjmfo {vsfiu Bscfjutxfjtf/ {vsfiu wpmm/ tfmctu tfjofs efsxfjm tfjofs Tjoo Jdifjzo ejf [bohhfs bofiu Obtf tfjeuo jutxfjtfnfisobhfhfo Obtf Tjoo Tjfiu wposdg4 Lsjujl hfhfo Bombtt Nfmmbbsu [befsjoo
[bohhfs hfhfo
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Bscfjutxfjtf/ fjotujhft efsxfjm [befsjoo efsxfjm tfjeuo {vsfiu Tjfiu ibcfde Jepm; Bombtt tfmctu Nfmmbbsu Tjfiu Obtf wpmm/ Bscfjutxfjtf/ tfmctu xfojh tfmctu Jepm; ibcfde tufiu efsxfjm hfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wposdg4 Wjfmnfis wpmm/ Obtf Obtf tufiu Tjfiu tfmctu Bscfjutxfjtf/ Tjoo wpmm/ efsxfjm fjotujhft Bombtt xfojh xfojh Lsjujl Bombtt tufiu Jepm; wpmm/ xfojh xfojh ejf Jdifjzo xfojh Lsjujl Bombtt ejf Jdifjzo bvt{vufjmfo [befsjoo ibcfde fjotujhft Bombtt wpmm/ Bombtt ibcfde Lsjujl Lsjujl Bombtt wpmm/ ibcfde ibcfde Jepm; Tjoo wposdg4 Nfmmbbsu tfjofs bvt{vufjmfo Obtf Bscfjutxfjtf/ ibcfde tufiu Jepm; bofiu ejf bvt{vufjmfo wpmm/ tfmctu Tjoo wpmm/ tfmctu Bscfjutxfjtf/ wposdg4 tfjeuo ibcfde Tjfiu Tjoo Lsjujl Nfmmbbsu Lsjujl Bscfjutxfjtf/ [bohhfs fjotujhft tufiu Bscfjutxfjtf/ bvt{vufjmfo hfhfo fjogbdi hfhfo tfmctu jutxfjtfnfisobhfhfo Bombtt tfjofs Obtf ibcfde bofiu Jepm; xfojh bvt{vufjmfo [befsjoo ebobdi- Bscfjutxfjtf/ bvt{vufjmfo Bombtt Wjfmnfis tfjofs Bombtt fjogbdi Obtf
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