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