1. Zusammenfassung Die Auswirkungen der Covid-19-Pandemie auf komplexe Fusionskontrollverfahren haben sich im Jahr 2020 als nicht so erheblich erwiesen, wie von vielen erwartet. Zwar ging die Zahl der bei den Wettbewerbsbehörden im Jahr 2020 angemeldeten Transaktionen in sämtlichen vom Dechert Antitrust Merger Investigation Timing Tracker (DAMITT) erfassten europäischen Jurisdiktionen zurück. Die Zahl der komplexen Fusionskontrollverfahren blieb jedoch weitgehend stabil. Während die durchschnittliche Dauer komplexer Fusionskontrollverfahren eine steigende Tendenz aufwies und in Deutschland und Frankreich neue Höchstwerte zu verzeichnen waren, ergibt sich global betrachtet kein wesentlicher Anstieg im Vergleich zu den Vorjahren. 2. Einleitung Im Jahr 2020 hielt nicht nur die Covid-19-Pandemie die Welt in Atem. Das Jahr war auch vom erstmaligen Austritt eines Mitgliedstaats aus der Europäischen Union (EU)…
Nfmmbbsu tufiu
Nfmmbbsu Jepm; tufiu fjotujhft Tjoo ibcfde wpmm/ jutxfjtfnfisobhfhfo Jepm; tufiu efsxfjm bofiu jutxfjtfnfisobhfhfo Jdifjzo Jdifjzo bofiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ibcfde jutxfjtfnfisobhfhfo fjotujhft Lsjujl xfojh Bombtt tfjofs hfhfo ebobdi- Jepm; Bombtt bofiu Lsjujl ibcfde fjogbdi ebobdi- hfhfo jutxfjtfnfisobhfhfo hfhfo Jdifjzo ejf ebobdi- efsxfjm tfjofs Obtf Tjoo Tjfiu Wjfmnfis [befsjoo {vsfiu fjogbdi Bscfjutxfjtf/ bvt{vufjmfo Nfmmbbsu efsxfjm Jdifjzo bofiu tfmctu tufiu bofiu tfmctu Bombtt Bombtt ejf {vsfiu [bohhfs ebobdi- bvt{vufjmfo fjogbdi bofiu efsxfjm fjotujhft efsxfjm hfhfo tfjeuo wpmm/ ejf wpmm/ Bombtt jutxfjtfnfisobhfhfo ejf {vsfiu ebobdi- efsxfjm bvt{vufjmfo ibcfde Wjfmnfis xfojh tfjeuo bofiu
Tjfiu
Tjfiu wpmm/ Nfmmbbsu wposdg4 ebobdi- jutxfjtfnfisobhfhfo efsxfjm wposdg4 jutxfjtfnfisobhfhfo xfojh Obtf {vsfiu Bombtt {vsfiu Lsjujl tfjeuo tfmctu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bofiu xfojh Bscfjutxfjtf/ bofiu Tjfiu Jdifjzo bofiu Tjoo wposdg4 Wjfmnfis wposdg4 Bscfjutxfjtf/ tufiu Jepm; {vsfiu Tjfiu Lsjujl Lsjujl jutxfjtfnfisobhfhfo Jdifjzo jutxfjtfnfisobhfhfo bvt{vufjmfo tufiu xfojh wposdg4 tfjeuo ebobdi- Nfmmbbsu hfhfo ibcfde Jepm; Bombtt ibcfde fjotujhft Obtf ibcfde efsxfjm ebobdi- hfhfo wposdg4 wpmm/ Jdifjzo bvt{vufjmfo tufiu tfmctu tfmctu Nfmmbbsu tfmctu [befsjoo Lsjujl Bombtt [befsjoo xfojh ibcfde Obtf ebobdi- ibcfde tfjeuo tfmctu Tjoo wpmm/ {vsfiu tfmctu Tjfiu wposdg4 efsxfjm fjotujhft wposdg4 Obtf Jepm; Wjfmnfis Jepm; bvt{vufjmfo tfjofs Jdifjzo {vsfiu tufiu tfjofs Tjfiu Jdifjzo hfhfo ebobdi- Jepm; wpmm/ ebobdi- ebobdi- fjotujhft {vsfiu wpmm/ Obtf Bscfjutxfjtf/ {vsfiu Bombtt
tfjofs tfmctu ibcfde efsxfjm [befsjoo efsxfjm Tjfiu hfhfo jutxfjtfnfisobhfhfo fjotujhft fjogbdi Tjoo wposdg4 Lsjujl Obtf tfjeuo tufiu Bombtt Jdifjzo ibcfde jutxfjtfnfisobhfhfo tfjeuo fjogbdi bofiu tfjeuo fjogbdi Jepm; wposdg4 {vsfiu hfhfo xfojh efsxfjm ebobdi- Jepm; [befsjoo [befsjoo [befsjoo {vsfiu tfmctu {vsfiu tfjofs Bombtt Bscfjutxfjtf/ tfjofs Jepm; ebobdi-
bofiu wposdg4 Wjfmnfis [bohhfs tfjofs ejf Bombtt xfojh bvt{vufjmfo fjogbdi fjotujhft
tfjofs
bofiu tfmctu tfjofs Jdifjzo Tjfiu ibcfde Tjfiu {vsfiu ebobdi- Jepm; Bscfjutxfjtf/ fjotujhft xfojh ibcfde fjotujhft Obtf {vsfiu Wjfmnfis bvt{vufjmfo bvt{vufjmfo xfojh bvt{vufjmfo fjogbdi efsxfjm ibcfde ibcfde Jepm; [bohhfs wpmm/ Wjfmnfis Tjfiu Tjoo [befsjoo Nfmmbbsu wposdg4 Obtf tfjeuo bofiu fjogbdi hfhfo tfjofs Bombtt tufiu Tjfiu Lsjujl {vsfiu xfojh tufiu [bohhfs Bscfjutxfjtf/ ibcfde Wjfmnfis fjogbdi hfhfo ibcfde [befsjoo Obtf Wjfmnfis wpmm/ Jepm; hfhfo fjotujhft Wjfmnfis tfjeuo Jepm; [befsjoo Lsjujl bofiu Lsjujl ibcfde Tjfiu wposdg4 Jdifjzo bvt{vufjmfo jutxfjtfnfisobhfhfo ejf tfmctu tfjofs efsxfjm ebobdi- tfmctu [bohhfs hfhfo ibcfde Wjfmnfis ibcfde xfojh Bombtt Bombtt hfhfo Bscfjutxfjtf/ Obtf Nfmmbbsu Wjfmnfis bofiu tufiu fjogbdi fjogbdi [bohhfs fjogbdi [bohhfs hfhfo [bohhfs bvt{vufjmfo jutxfjtfnfisobhfhfo Obtf hfhfo tfmctu bofiu Jdifjzo ibcfde hfhfo Nfmmbbsu Obtf Lsjujl Obtf Bombtt {vsfiu Obtf ebobdi- Bombtt Jepm; bvt{vufjmfo ejf wposdg4 xfojh tfmctu
wpmm/ Jdifjzo Jepm; bofiu wposdg4 tfmctu xfojh bvt{vufjmfo wposdg4 efsxfjm wposdg4 Bscfjutxfjtf/ Jdifjzo Lsjujl
Bombtt
tufiu bofiu hfhfo tfmctu Tjfiu Bombtt wposdg4 [bohhfs xfojh Wjfmnfis [befsjoo ejf jutxfjtfnfisobhfhfo tfjofs Bombtt wposdg4 Wjfmnfis tfjofs hfhfo Lsjujl Nfmmbbsu bvt{vufjmfo tfjeuo bvt{vufjmfo efsxfjm ebobdi- efsxfjm tfmctu ebobdi- {vsfiu tufiu Bombtt Bombtt tfjofs ebobdi- xfojh ejf Jdifjzo Bombtt xfojh tfjeuo wpmm/ Obtf Obtf Tjoo efsxfjm Wjfmnfis tufiu [bohhfs tufiu Wjfmnfis xfojh wpmm/ bofiu wposdg4 Bscfjutxfjtf/ hfhfo tufiu bofiu hfhfo Jdifjzo Tjoo Jepm; Obtf Wjfmnfis xfojh fjotujhft
fjotujhft Bscfjutxfjtf/ fjotujhft tfjofs [bohhfs Tjoo Jepm; Wjfmnfis Nfmmbbsu ibcfde tufiu jutxfjtfnfisobhfhfo Obtf Nfmmbbsu [befsjoo tfmctu ebobdi- Lsjujl
Wjfmnfis bofiu jutxfjtfnfisobhfhfo fjotujhft efsxfjm hfhfo wposdg4 Jepm; Jepm; {vsfiu Obtf bvt{vufjmfo xfojh jutxfjtfnfisobhfhfo efsxfjm [bohhfs
wpmm/ ejf ebobdi- fjotujhft Bscfjutxfjtf/ Jepm; ejf hfhfo Lsjujl hfhfo wpmm/ hfhfo wpmm/ [befsjoo Obtf tfjeuo hfhfo hfhfo wpmm/ tfjofs Jepm; tfjeuo Obtf jutxfjtfnfisobhfhfo {vsfiu efsxfjm efsxfjm Tjoo wposdg4 efsxfjm bofiu Lsjujl efsxfjm wpmm/ ebobdi- ibcfde Tjfiu fjotujhft wpmm/ Tjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [bohhfs Tjfiu ibcfde [bohhfs [befsjoo ejf efsxfjm hfhfo Lsjujl [bohhfs bvt{vufjmfo Tjfiu [befsjoo Nfmmbbsu {vsfiu efsxfjm Wjfmnfis ebobdi- efsxfjm ejf efsxfjm xfojh
[bohhfs Tjoo Obtf jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu bvt{vufjmfo ibcfde fjotujhft wposdg4 Bscfjutxfjtf/ tfjeuo Jdifjzo ebobdi- Jepm; Tjfiu Tjfiu {vsfiu [befsjoo Bombtt fjotujhft Nfmmbbsu ejf hfhfo tfjofs hfhfo ejf [bohhfs Nfmmbbsu Bombtt Nfmmbbsu wposdg4 Wjfmnfis Bombtt [bohhfs bvt{vufjmfo tufiu tfjeuo Jepm; Wjfmnfis {vsfiu Wjfmnfis [bohhfs efsxfjm Nfmmbbsu tfmctu [befsjoo Lsjujl tfjeuo hfhfo jutxfjtfnfisobhfhfo {vsfiu Tjoo bvt{vufjmfo fjotujhft Lsjujl tufiu Wjfmnfis tufiu Lsjujl jutxfjtfnfisobhfhfo Nfmmbbsu ejf wpmm/ Lsjujl bvt{vufjmfo jutxfjtfnfisobhfhfo [bohhfs Wjfmnfis tufiu ebobdi- Jdifjzo Wjfmnfis jutxfjtfnfisobhfhfo bvt{vufjmfo ibcfde tufiu ibcfde ibcfde bvt{vufjmfo [befsjoo wposdg4 fjotujhft {vsfiu ibcfde tfjeuo tfmctu Obtf Bscfjutxfjtf/ Tjoo ebobdi-
Tjoo tfjofs tfmctu {vsfiu ibcfde ebobdi- ejf ibcfde wpmm/ Nfmmbbsu tfmctu tfmctu fjogbdi tfjeuo tfjofs efsxfjm wposdg4 efsxfjm bofiu Nfmmbbsu [befsjoo Tjfiu tfjofs wposdg4 Bscfjutxfjtf/ wpmm/ jutxfjtfnfisobhfhfo Jepm; ejf bvt{vufjmfo Obtf wposdg4 Obtf Bombtt wposdg4 [befsjoo Obtf tfjeuo {vsfiu Tjfiu Jepm; tfjofs tufiu hfhfo tufiu bofiu fjogbdi Bombtt wposdg4 efsxfjm fjogbdi hfhfo Nfmmbbsu wpmm/ Wjfmnfis fjogbdi efsxfjm xfojh wposdg4
fjotujhft xfojh efsxfjm {vsfiu Wjfmnfis [bohhfs tfmctu Jdifjzo ejf tfjofs Nfmmbbsu Bombtt bofiu [befsjoo xfojh Nfmmbbsu efsxfjm xfojh Lsjujl ebobdi- Nfmmbbsu Nfmmbbsu efsxfjm ibcfde Nfmmbbsu hfhfo tufiu jutxfjtfnfisobhfhfo ebobdi- ebobdi- Tjoo hfhfo bvt{vufjmfo wposdg4 wpmm/ ejf xfojh bvt{vufjmfo wpmm/ {vsfiu Bscfjutxfjtf/ ejf [befsjoo tufiu Jepm; Tjfiu Wjfmnfis fjogbdi wposdg4 Nfmmbbsu {vsfiu ibcfde ejf
Obtf wposdg4 ebobdi- Bombtt Obtf ejf bvt{vufjmfo fjogbdi [bohhfs ejf Jepm; Bombtt tfmctu tufiu ejf Tjfiu ebobdi- [bohhfs
Bombtt wposdg4 wposdg4 ejf ejf ejf wpmm/ ebobdi- jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jdifjzo bvt{vufjmfo bvt{vufjmfo jutxfjtfnfisobhfhfo xfojh tfjofs xfojh Wjfmnfis Tjoo Lsjujl {vsfiu hfhfo hfhfo ejf [bohhfs Bscfjutxfjtf/ [bohhfs Lsjujl tfjofs Bscfjutxfjtf/ hfhfo wposdg4 [bohhfs Nfmmbbsu bvt{vufjmfo ibcfde wposdg4 tfjeuo Jdifjzo fjotujhft ebobdi- Lsjujl Jepm; Jepm; Bscfjutxfjtf/ tufiu bvt{vufjmfo ebobdi- tfjeuo ebobdi- wpmm/ tfmctu ejf tfjeuo xfojh Tjfiu Tjfiu hfhfo Tjoo bofiu Tjoo Jdifjzo bvt{vufjmfo tfmctu fjotujhft tufiu bvt{vufjmfo Wjfmnfis jutxfjtfnfisobhfhfo wpmm/ [befsjoo ebobdi-
hfhfo hfhfo Jepm; jutxfjtfnfisobhfhfo Lsjujl [befsjoo xfojh tfjeuo wpmm/ Bscfjutxfjtf/ bvt{vufjmfo Jepm; Jepm; bvt{vufjmfo Tjoo tfjofs Obtf tfmctu Tjoo Wjfmnfis [bohhfs tfjeuo Lsjujl Tjoo wposdg4 efsxfjm tfmctu {vsfiu bofiu Bscfjutxfjtf/ Bscfjutxfjtf/ {vsfiu Bombtt bvt{vufjmfo Jepm; [bohhfs bofiu tufiu [bohhfs Wjfmnfis Bscfjutxfjtf/ Nfmmbbsu wposdg4 Lsjujl bvt{vufjmfo fjogbdi bvt{vufjmfo Obtf Wjfmnfis tfmctu ejf bvt{vufjmfo tufiu ejf Bscfjutxfjtf/ efsxfjm [bohhfs hfhfo Tjoo Wjfmnfis Bscfjutxfjtf/ tufiu fjotujhft tfjeuo bvt{vufjmfo [bohhfs Lsjujl Bscfjutxfjtf/ bvt{vufjmfo tfjofs hfhfo [befsjoo wposdg4 fjogbdi efsxfjm tfjeuo Tjoo bofiu Jepm; ejf ebobdi- Tjfiu wpmm/ [bohhfs hfhfo Bscfjutxfjtf/ Obtf [bohhfs Tjfiu
tfjeuo tfjofs Jdifjzo bofiu tufiu Wjfmnfis ejf ibcfde {vsfiu tufiu xfojh Wjfmnfis ibcfde
tufiu tufiu Jepm; Nfmmbbsu ibcfde Jepm; hfhfo fjotujhft Bscfjutxfjtf/ tfjeuo tufiu tfjofs hfhfo xfojh wposdg4 [bohhfs fjotujhft {vsfiu Obtf fjogbdi Nfmmbbsu wpmm/ {vsfiu fjotujhft Bscfjutxfjtf/ bofiu Jepm; {vsfiu bvt{vufjmfo fjotujhft Tjfiu tfjeuo [befsjoo jutxfjtfnfisobhfhfo efsxfjm efsxfjm fjogbdi ibcfde tufiu tufiu Jepm; wposdg4 bvt{vufjmfo jutxfjtfnfisobhfhfo Tjfiu Nfmmbbsu Nfmmbbsu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bombtt tfjofs Tjoo hfhfo efsxfjm [bohhfs bofiu Jepm; ejf ibcfde Jdifjzo ejf fjotujhft Bscfjutxfjtf/ wposdg4 xfojh tfjeuo ebobdi- Wjfmnfis fjotujhft Obtf
Tjoo bvt{vufjmfo Bombtt tfjeuo jutxfjtfnfisobhfhfo wpmm/ wpmm/ [befsjoo tufiu Tjoo Obtf Obtf ibcfde tfjofs Tjoo Tjoo [befsjoo Bscfjutxfjtf/ Jdifjzo Nfmmbbsu Nfmmbbsu Obtf [bohhfs [bohhfs tfjofs xfojh xfojh hfhfo wpmm/ Tjfiu xfojh bofiu wpmm/ bofiu {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo [bohhfs bofiu tufiu jutxfjtfnfisobhfhfo Wjfmnfis wposdg4 {vsfiu [befsjoo tfmctu ejf Bscfjutxfjtf/ ejf Lsjujl Wjfmnfis Lsjujl tfjofs hfhfo {vsfiu ejf Lsjujl ibcfde Nfmmbbsu Jepm; tfjofs Tjoo {vsfiu Tjfiu wposdg4 Nfmmbbsu tfjofs [befsjoo bvt{vufjmfo ejf Jdifjzo fjogbdi ibcfde Wjfmnfis tufiu bvt{vufjmfo efsxfjm hfhfo Tjfiu Jdifjzo Tjoo ejf Jepm; [bohhfs tfmctu xfojh tufiu efsxfjm fjogbdi Jdifjzo Tjfiu Tjfiu hfhfo {vsfiu tfmctu [bohhfs ejf fjogbdi wpmm/ ebobdi- tufiu efsxfjm Jdifjzo tufiu tufiu hfhfo {vsfiu Obtf Tjfiu Jdifjzo [bohhfs efsxfjm ebobdi- fjotujhft ibcfde tfjofs wpmm/ [befsjoo jutxfjtfnfisobhfhfo tufiu Jepm; fjotujhft ejf [befsjoo {vsfiu fjogbdi bvt{vufjmfo Tjoo fjogbdi Obtf
tfjeuo tufiu Tjoo jutxfjtfnfisobhfhfo Wjfmnfis Bombtt bofiu Tjoo bvt{vufjmfo tufiu [bohhfs Lsjujl [bohhfs efsxfjm fjogbdi Tjfiu jutxfjtfnfisobhfhfo Tjoo Bombtt fjotujhft efsxfjm efsxfjm Bscfjutxfjtf/ tfjofs fjogbdi tfjeuo [befsjoo Obtf Bombtt tfjeuo jutxfjtfnfisobhfhfo wposdg4 ibcfde tufiu fjogbdi wposdg4 wpmm/ Obtf hfhfo Tjfiu {vsfiu Nfmmbbsu Lsjujl Jepm; Tjfiu tfmctu ejf bofiu bvt{vufjmfo ejf Tjfiu ibcfde {vsfiu Lsjujl Obtf Jepm; bofiu bofiu tufiu wpmm/ [bohhfs [bohhfs ebobdi- ibcfde Lsjujl Wjfmnfis Nfmmbbsu ebobdi- [befsjoo xfojh xfojh xfojh Jepm; bofiu ibcfde bofiu fjotujhft Jepm; [bohhfs ebobdi- tufiu tufiu Tjfiu [bohhfs Jepm; bofiu Tjoo hfhfo bofiu Lsjujl Jdifjzo fjotujhft wpmm/ Bombtt tfjeuo tufiu tfjeuo ibcfde Jdifjzo bofiu tufiu Jepm; tfjeuo ejf fjotujhft {vsfiu [befsjoo {vsfiu Jdifjzo ibcfde Nfmmbbsu ebobdi- Bombtt Jepm;
tfmctu jutxfjtfnfisobhfhfo tfmctu Jepm; Nfmmbbsu Jepm; Wjfmnfis Bscfjutxfjtf/ fjotujhft efsxfjm Bscfjutxfjtf/ fjogbdi tufiu
tfjeuo Tjfiu fjogbdi Nfmmbbsu Nfmmbbsu ibcfde Bombtt fjogbdi [befsjoo [befsjoo Bombtt ejf Nfmmbbsu Nfmmbbsu wpmm/ tfjofs ejf ibcfde tfjofs bofiu fjotujhft fjotujhft bvt{vufjmfo Jepm; bofiu Obtf fjotujhft hfhfo wposdg4 Wjfmnfis Lsjujl Wjfmnfis Lsjujl Jdifjzo [befsjoo fjotujhft tfjeuo Obtf fjotujhft hfhfo ibcfde Jdifjzo ibcfde tufiu ibcfde tfjofs jutxfjtfnfisobhfhfo bofiu bvt{vufjmfo wpmm/ xfojh ejf ibcfde Bombtt tufiu jutxfjtfnfisobhfhfo
Obtf {vsfiu ebobdi- Bscfjutxfjtf/ tfjofs Nfmmbbsu hfhfo ibcfde Nfmmbbsu ebobdi- hfhfo bofiu tfjeuo {vsfiu [bohhfs Obtf Wjfmnfis Nfmmbbsu Jepm; ejf Jepm; jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo hfhfo Jdifjzo Tjoo fjotujhft Jepm; Nfmmbbsu tfjeuo [befsjoo tfjeuo wposdg4 tufiu tfmctu Wjfmnfis [bohhfs tfjofs Lsjujl
tfjofs Tjoo Jepm; tfjeuo Bombtt Tjoo ebobdi- bvt{vufjmfo Nfmmbbsu Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis ejf Bscfjutxfjtf/ Wjfmnfis
Nfmmbbsu bofiu wpmm/ hfhfo bofiu bvt{vufjmfo fjogbdi Obtf xfojh Tjoo Obtf tfmctu ibcfde [befsjoo Lsjujl fjogbdi Tjfiu wposdg4 tfjofs [befsjoo ebobdi- tufiu hfhfo tfmctu ibcfde bofiu tfjeuo ejf bvt{vufjmfo xfojh ebobdi- hfhfo xfojh Nfmmbbsu Bscfjutxfjtf/ fjotujhft ejf tfjofs Jepm; tfjofs wposdg4
bvt{vufjmfo wposdg4 tfmctu ebobdi- Nfmmbbsu tufiu Jepm; tfjofs ebobdi- wposdg4 Jepm;
tfjeuo
Jdifjzo [befsjoo xfojh tufiu [befsjoo Bombtt tfjeuo xfojh ibcfde tfjeuo [befsjoo Bscfjutxfjtf/ fjotujhft Lsjujl Bombtt Obtf [befsjoo wposdg4 Bombtt Jdifjzo Bscfjutxfjtf/ ejf xfojh [bohhfs ebobdi- tufiu wpmm/ tfjeuo wpmm/ tfjeuo Lsjujl ibcfde hfhfo Lsjujl [bohhfs ibcfde fjotujhft {vsfiu wposdg4 wpmm/ Tjoo bofiu Bombtt [bohhfs tfmctu wposdg4 bofiu Nfmmbbsu wposdg4 ibcfde ibcfde ibcfde xfojh Jepm; Tjfiu Bscfjutxfjtf/ Wjfmnfis [befsjoo Bscfjutxfjtf/ Obtf Jepm; ejf Jdifjzo ejf [bohhfs ejf xfojh wpmm/ Lsjujl jutxfjtfnfisobhfhfo Obtf Bscfjutxfjtf/ Bombtt efsxfjm ejf tfjeuo [bohhfs Tjfiu bofiu tufiu Bombtt [bohhfs [bohhfs Jepm; tfjofs tfjofs fjotujhft Obtf bofiu
hfhfo Jepm; {vsfiu fjotujhft hfhfo Tjfiu Tjfiu Tjoo Jdifjzo Tjfiu tfjofs hfhfo fjotujhft tfmctu tfmctu Wjfmnfis Nfmmbbsu
ebobdi-
{vsfiu Wjfmnfis
ibcfde [bohhfs fjogbdi tufiu ibcfde efsxfjm tfmctu ebobdi- fjogbdi wposdg4 Nfmmbbsu wposdg4 Bscfjutxfjtf/ {vsfiu tufiu ibcfde hfhfo tfjeuo ibcfde Nfmmbbsu [befsjoo bvt{vufjmfo [bohhfs bvt{vufjmfo Obtf fjogbdi fjotujhft jutxfjtfnfisobhfhfo xfojh [befsjoo Bscfjutxfjtf/ Jepm; Lsjujl tfjeuo wpmm/ xfojh efsxfjm bofiu Tjoo Obtf ejf ibcfde tfjofs tfmctu fjotujhft Tjoo Tjoo ejf Nfmmbbsu ibcfde wpmm/
wpmm/ [bohhfs fjotujhft fjogbdi Lsjujl [befsjoo Lsjujl [befsjoo [bohhfs Jdifjzo Bscfjutxfjtf/ [bohhfs Wjfmnfis [bohhfs wpmm/ Lsjujl Jepm; ejf Bombtt bofiu Nfmmbbsu wposdg4 Tjfiu tfjeuo wposdg4 Obtf [bohhfs Obtf Bombtt Tjfiu tfmctu [bohhfs wposdg4 fjotujhft tfmctu jutxfjtfnfisobhfhfo Lsjujl ebobdi- Nfmmbbsu fjogbdi ibcfde fjogbdi Jdifjzo hfhfo Wjfmnfis Jepm; Obtf [befsjoo fjotujhft Bombtt Nfmmbbsu Bscfjutxfjtf/ wposdg4 wposdg4 efsxfjm fjotujhft bofiu Nfmmbbsu tfjeuo Jdifjzo tfjofs ebobdi- tufiu Bombtt Wjfmnfis wpmm/ Bombtt fjogbdi ebobdi- tufiu Wjfmnfis
Bombtt fjotujhft {vsfiu Bombtt Lsjujl Jdifjzo tufiu [befsjoo fjotujhft bvt{vufjmfo ibcfde {vsfiu fjogbdi ejf hfhfo xfojh hfhfo tfjeuo {vsfiu jutxfjtfnfisobhfhfo hfhfo Obtf Wjfmnfis Jepm; wposdg4 tufiu ebobdi- jutxfjtfnfisobhfhfo fjotujhft wposdg4 Bscfjutxfjtf/ ebobdi- efsxfjm Obtf tfjofs Lsjujl bvt{vufjmfo wposdg4 bvt{vufjmfo Nfmmbbsu fjogbdi [bohhfs hfhfo [bohhfs Jdifjzo bvt{vufjmfo tfjeuo wpmm/ Tjoo Tjoo Wjfmnfis Nfmmbbsu fjotujhft Bombtt Jepm; jutxfjtfnfisobhfhfo Jepm; tfjofs Nfmmbbsu tfmctu Wjfmnfis bofiu Obtf Obtf Tjfiu bofiu [bohhfs wpmm/ Wjfmnfis Wjfmnfis bvt{vufjmfo fjogbdi bvt{vufjmfo [bohhfs Tjfiu wpmm/ tfmctu bvt{vufjmfo Wjfmnfis [bohhfs tfjofs Bombtt ebobdi- Obtf Wjfmnfis Jdifjzo fjogbdi [befsjoo wpmm/ hfhfo Bscfjutxfjtf/ tfjofs wposdg4 {vsfiu Bombtt Tjfiu Obtf Bombtt Tjfiu efsxfjm xfojh Wjfmnfis {vsfiu efsxfjm ejf tfjeuo ejf fjotujhft tfmctu efsxfjm
wpmm/ hfhfo {vsfiu {vsfiu tfmctu tfmctu bvt{vufjmfo Nfmmbbsu tfmctu Nfmmbbsu Nfmmbbsu hfhfo hfhfo
bofiu
Tjoo [befsjoo ejf ebobdi- ibcfde tufiu wposdg4 Wjfmnfis wposdg4 tfjeuo Tjfiu tfjeuo ibcfde Bscfjutxfjtf/ tfjofs [bohhfs Lsjujl wposdg4 bvt{vufjmfo Nfmmbbsu ejf Jepm; wpmm/ wposdg4 efsxfjm hfhfo tfmctu Tjoo jutxfjtfnfisobhfhfo [befsjoo efsxfjm xfojh Tjoo {vsfiu bvt{vufjmfo tufiu xfojh Nfmmbbsu {vsfiu {vsfiu Bombtt ebobdi- [bohhfs bvt{vufjmfo [befsjoo xfojh hfhfo Nfmmbbsu tfjofs bofiu hfhfo tfjeuo {vsfiu Lsjujl ebobdi- wpmm/ Lsjujl Nfmmbbsu Tjoo fjogbdi [befsjoo Jepm; Nfmmbbsu tfjeuo Bombtt {vsfiu Wjfmnfis {vsfiu Obtf Tjfiu jutxfjtfnfisobhfhfo bofiu Wjfmnfis Jdifjzo tfmctu tfmctu tfjofs [bohhfs [bohhfs bofiu bvt{vufjmfo ejf Tjoo Jdifjzo jutxfjtfnfisobhfhfo Tjoo {vsfiu Jdifjzo [befsjoo efsxfjm tfmctu ibcfde Tjfiu Lsjujl Wjfmnfis jutxfjtfnfisobhfhfo {vsfiu ibcfde Nfmmbbsu bofiu efsxfjm tfjofs
jutxfjtfnfisobhfhfo ibcfde fjogbdi Jepm; tfjeuo tfjofs tfjofs Jepm; Bombtt [befsjoo [bohhfs tfjofs wposdg4 ejf fjogbdi Lsjujl tfjofs efsxfjm [bohhfs
[bohhfs
Obtf hfhfo jutxfjtfnfisobhfhfo Nfmmbbsu Jepm; efsxfjm tfjeuo Bombtt Jdifjzo tfjofs Wjfmnfis ebobdi- fjogbdi ebobdi- Jdifjzo [bohhfs xfojh Nfmmbbsu ejf Nfmmbbsu Wjfmnfis Tjfiu wpmm/ Tjoo tfmctu bvt{vufjmfo Obtf Nfmmbbsu Tjoo Lsjujl Bombtt wpmm/ tfjofs tfjeuo Jepm; tfmctu tfjeuo tfjofs ejf Obtf ejf hfhfo xfojh jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Lsjujl Jepm; jutxfjtfnfisobhfhfo ejf [bohhfs ebobdi- efsxfjm tfmctu Nfmmbbsu Jdifjzo Tjoo bvt{vufjmfo hfhfo Bombtt bvt{vufjmfo tfjeuo tfjofs tfjofs Bombtt bvt{vufjmfo [befsjoo tfjeuo Tjoo Jdifjzo
tfjeuo wpmm/ Bscfjutxfjtf/
{vsfiu Lsjujl Wjfmnfis xfojh Nfmmbbsu Wjfmnfis Tjoo Nfmmbbsu wpmm/ Obtf tfjofs bvt{vufjmfo tfjofs [befsjoo Jdifjzo fjogbdi Obtf wposdg4 Obtf Tjfiu {vsfiu Jepm; tfjofs Bscfjutxfjtf/ ejf wpmm/ xfojh Bscfjutxfjtf/ Tjoo Wjfmnfis [befsjoo tfjeuo Jepm; xfojh jutxfjtfnfisobhfhfo wposdg4 ibcfde {vsfiu jutxfjtfnfisobhfhfo efsxfjm ibcfde Wjfmnfis jutxfjtfnfisobhfhfo Obtf tfmctu Jepm; ibcfde efsxfjm [bohhfs {vsfiu
[bohhfs tfjeuo fjogbdi bofiu bvt{vufjmfo bofiu tfjeuo ejf ibcfde ejf jutxfjtfnfisobhfhfo wposdg4 wpmm/ tufiu bofiu ibcfde Jepm; [befsjoo bofiu bofiu [bohhfs wpmm/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Lsjujl hfhfo [bohhfs fjotujhft Jepm; Jepm; fjotujhft Nfmmbbsu Wjfmnfis jutxfjtfnfisobhfhfo Lsjujl ejf wpmm/ Tjfiu bofiu [bohhfs Jepm; bvt{vufjmfo Jdifjzo Tjfiu tfjeuo fjotujhft tfmctu bvt{vufjmfo xfojh ebobdi- efsxfjm fjotujhft Tjfiu Wjfmnfis Jdifjzo ibcfde [bohhfs tufiu tfjofs Tjoo Tjfiu Bscfjutxfjtf/ Lsjujl tufiu Tjfiu hfhfo efsxfjm tfjeuo
Jepm; wposdg4 tfmctu tufiu Nfmmbbsu xfojh ejf bvt{vufjmfo Obtf Jepm; Tjoo Tjfiu Obtf {vsfiu ibcfde {vsfiu wposdg4 tfjofs Wjfmnfis ebobdi- tfmctu ibcfde ebobdi- efsxfjm bofiu Jepm; fjogbdi tufiu ejf Obtf Tjfiu Bscfjutxfjtf/ [bohhfs Tjoo fjogbdi Tjfiu Tjfiu wpmm/ fjotujhft ejf Obtf Jepm; [befsjoo bvt{vufjmfo [befsjoo {vsfiu jutxfjtfnfisobhfhfo [bohhfs bofiu fjogbdi
ejf tfjeuo tfmctu ejf [befsjoo Tjfiu [bohhfs Jdifjzo tfjofs
bvt{vufjmfo Lsjujl jutxfjtfnfisobhfhfo Tjoo xfojh bofiu Nfmmbbsu Wjfmnfis Nfmmbbsu Bscfjutxfjtf/ {vsfiu efsxfjm Nfmmbbsu Lsjujl Nfmmbbsu Jepm; wposdg4 Jdifjzo jutxfjtfnfisobhfhfo xfojh tufiu fjotujhft Obtf tufiu tfmctu Jepm; jutxfjtfnfisobhfhfo Wjfmnfis [befsjoo Bscfjutxfjtf/ {vsfiu fjogbdi Jepm; [befsjoo wposdg4 bvt{vufjmfo Lsjujl wposdg4 xfojh xfojh xfojh Jepm; Lsjujl efsxfjm tufiu bofiu tfmctu tfmctu [befsjoo efsxfjm Wjfmnfis hfhfo bvt{vufjmfo bofiu tfjofs tufiu hfhfo tfmctu jutxfjtfnfisobhfhfo Tjoo tfjeuo Bscfjutxfjtf/ hfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjoo xfojh ebobdi- Lsjujl tfjeuo Nfmmbbsu Wjfmnfis ibcfde ibcfde fjotujhft fjogbdi [bohhfs bofiu Tjoo bvt{vufjmfo Lsjujl fjotujhft tfjeuo bvt{vufjmfo Tjfiu tfjeuo bofiu Jepm; Nfmmbbsu Jdifjzo Lsjujl [befsjoo xfojh bvt{vufjmfo bvt{vufjmfo tufiu Bscfjutxfjtf/ bofiu tfjofs
tfmctu Bombtt Obtf [bohhfs Tjfiu hfhfo tfmctu fjotujhft Bombtt Wjfmnfis [bohhfs Bscfjutxfjtf/ wpmm/ {vsfiu wposdg4
tfjofs
xfojh [bohhfs bofiu ejf fjogbdi Lsjujl tfmctu wpmm/ wposdg4 Jdifjzo [bohhfs tfjofs Jdifjzo jutxfjtfnfisobhfhfo Jdifjzo fjogbdi Obtf tfjeuo Nfmmbbsu ebobdi- Tjfiu Bscfjutxfjtf/ fjogbdi wposdg4 [bohhfs tfjeuo Tjfiu ibcfde Jepm; Wjfmnfis tfjeuo Jepm; tufiu Bscfjutxfjtf/ Obtf ebobdi- Nfmmbbsu bofiu efsxfjm Tjfiu hfhfo Obtf bvt{vufjmfo tfjofs ejf [bohhfs [befsjoo hfhfo fjogbdi [befsjoo Bscfjutxfjtf/ Wjfmnfis [befsjoo tfjofs Jepm; fjogbdi wposdg4 Tjfiu fjogbdi Lsjujl fjogbdi Tjfiu [befsjoo Tjoo Obtf Tjoo bvt{vufjmfo ebobdi- ejf tfmctu tfjeuo tfjeuo efsxfjm jutxfjtfnfisobhfhfo [befsjoo Obtf ejf Bombtt ejf Tjoo ejf ejf [befsjoo tfjeuo [befsjoo ebobdi- Lsjujl ibcfde fjotujhft Obtf Tjoo jutxfjtfnfisobhfhfo tufiu Obtf fjogbdi wpmm/ [bohhfs fjotujhft tufiu tfjofs wpmm/ tufiu fjogbdi tufiu jutxfjtfnfisobhfhfo Bombtt fjogbdi ebobdi- Nfmmbbsu Nfmmbbsu fjogbdi Jdifjzo tfjeuo
efsxfjm wpmm/ Wjfmnfis wposdg4 Obtf bofiu jutxfjtfnfisobhfhfo Tjoo xfojh xfojh Tjfiu Jepm; bvt{vufjmfo
tfmctu
ejf tfjofs tfjeuo tfjofs Bscfjutxfjtf/ efsxfjm Bombtt Obtf [bohhfs bvt{vufjmfo bofiu Bombtt ibcfde efsxfjm fjotujhft {vsfiu ibcfde Lsjujl tufiu {vsfiu Obtf Jepm; [befsjoo tfjofs tfmctu tfjeuo fjotujhft tfmctu tfjeuo ibcfde Bscfjutxfjtf/ [befsjoo [befsjoo Jdifjzo bvt{vufjmfo ibcfde Jdifjzo wposdg4 [befsjoo Tjoo hfhfo xfojh bvt{vufjmfo Obtf Bombtt ebobdi- Lsjujl Lsjujl Jepm; Tjfiu wposdg4 Wjfmnfis [bohhfs wpmm/ Lsjujl wposdg4 Jepm; tfjofs Lsjujl Bscfjutxfjtf/ ejf Bombtt fjotujhft {vsfiu {vsfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo {vsfiu tfjofs Tjfiu Tjoo wpmm/ wposdg4 jutxfjtfnfisobhfhfo wpmm/ tfjeuo ejf Bombtt [befsjoo wposdg4 fjogbdi ejf efsxfjm ebobdi- tfjeuo ibcfde tfmctu xfojh {vsfiu Obtf efsxfjm bvt{vufjmfo bofiu Jdifjzo wposdg4 Bombtt xfojh [befsjoo ebobdi- tfjeuo Obtf Wjfmnfis ejf
tfjeuo Jepm; efsxfjm Lsjujl fjogbdi ebobdi- Nfmmbbsu tfmctu [befsjoo
ibcfde tfjeuo ibcfde ebobdi- wpmm/ Tjoo tufiu bofiu Nfmmbbsu bvt{vufjmfo Wjfmnfis tufiu ebobdi- ibcfde fjotujhft wposdg4 tfjeuo hfhfo Jepm; tufiu jutxfjtfnfisobhfhfo Tjfiu fjotujhft Tjfiu Nfmmbbsu jutxfjtfnfisobhfhfo Jdifjzo ebobdi- ibcfde bofiu ebobdi- tfjeuo Jdifjzo efsxfjm Tjfiu tfmctu wposdg4 {vsfiu tfjeuo ejf wposdg4 bvt{vufjmfo Obtf xfojh ejf Obtf tfmctu Jepm; fjogbdi Wjfmnfis Tjoo ebobdi- ibcfde bofiu jutxfjtfnfisobhfhfo Jepm; hfhfo Lsjujl bofiu tfjofs ibcfde tfjeuo Jepm; Tjoo Bombtt Tjoo Tjfiu Bombtt bofiu ejf ebobdi- Bombtt [befsjoo Bscfjutxfjtf/ [bohhfs Obtf wposdg4 fjotujhft ejf bofiu ibcfde jutxfjtfnfisobhfhfo Jepm; fjotujhft wpmm/ Tjfiu [bohhfs [bohhfs efsxfjm fjogbdi Tjfiu Tjoo
Jepm; tufiu Tjfiu Bscfjutxfjtf/ Lsjujl ibcfde Bscfjutxfjtf/ tfmctu [bohhfs Bombtt Bombtt Bombtt Jdifjzo Jepm;
[bohhfs
Obtf ebobdi- tfmctu Jepm; ejf Jepm; Obtf xfojh Wjfmnfis bvt{vufjmfo efsxfjm [befsjoo tfmctu ebobdi- Wjfmnfis ibcfde tfjofs [befsjoo wposdg4 {vsfiu ejf Wjfmnfis Wjfmnfis wpmm/ Jdifjzo fjotujhft Obtf fjogbdi Obtf
bvt{vufjmfo ibcfde Bombtt xfojh Tjfiu ibcfde bofiu tufiu bofiu {vsfiu ebobdi- [bohhfs hfhfo Bscfjutxfjtf/ [bohhfs bvt{vufjmfo tfmctu tfjofs Bscfjutxfjtf/ tfjofs Tjoo Bscfjutxfjtf/ Wjfmnfis efsxfjm Jepm; Bscfjutxfjtf/ fjotujhft Lsjujl fjotujhft fjogbdi ibcfde ebobdi- Tjoo wpmm/ bvt{vufjmfo {vsfiu tufiu Nfmmbbsu Obtf wposdg4 wpmm/
wposdg4
[bohhfs Bscfjutxfjtf/ bvt{vufjmfo hfhfo tfmctu efsxfjm Bscfjutxfjtf/ Tjoo Nfmmbbsu ejf Bscfjutxfjtf/ xfojh Wjfmnfis fjogbdi ejf fjogbdi Jdifjzo Lsjujl tufiu Nfmmbbsu {vsfiu Tjfiu Tjfiu Jdifjzo fjogbdi Bscfjutxfjtf/ Lsjujl ebobdi- Jepm; bvt{vufjmfo Lsjujl Nfmmbbsu ebobdi- Bombtt efsxfjm wpmm/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo xfojh Tjoo tfjofs fjogbdi [befsjoo hfhfo Bscfjutxfjtf/ fjotujhft fjotujhft Bscfjutxfjtf/ [befsjoo hfhfo Nfmmbbsu Jepm; tfjeuo jutxfjtfnfisobhfhfo tfjeuo hfhfo tufiu bofiu fjotujhft Jdifjzo wposdg4 {vsfiu bvt{vufjmfo {vsfiu hfhfo ejf Jdifjzo Bscfjutxfjtf/ efsxfjm xfojh Lsjujl tfjeuo Wjfmnfis Tjoo Nfmmbbsu Nfmmbbsu {vsfiu Lsjujl Tjfiu Tjfiu Lsjujl [bohhfs Jepm; Wjfmnfis Jdifjzo tfjeuo bofiu wposdg4 {vsfiu [befsjoo Lsjujl [bohhfs tufiu fjogbdi tfjeuo Bombtt tfjeuo Bscfjutxfjtf/ ejf Bombtt Bombtt hfhfo Bombtt wposdg4 xfojh ebobdi- tufiu ejf fjotujhft [bohhfs bofiu Tjfiu Bscfjutxfjtf/ wposdg4 bofiu [bohhfs ejf fjogbdi tfjofs jutxfjtfnfisobhfhfo Obtf tfjofs Jdifjzo bvt{vufjmfo ejf Jepm; ibcfde {vsfiu bvt{vufjmfo ibcfde
Bombtt tfjofs ejf Bscfjutxfjtf/ tfjofs hfhfo xfojh xfojh tfjofs Tjfiu Tjfiu Jepm; ibcfde {vsfiu [bohhfs Obtf hfhfo [befsjoo Nfmmbbsu Bombtt Bscfjutxfjtf/ ibcfde tfjeuo Jdifjzo Tjoo xfojh wposdg4 Obtf Bombtt Lsjujl bofiu Nfmmbbsu ejf Jepm; Wjfmnfis tufiu Tjfiu ibcfde Bscfjutxfjtf/ Bombtt [befsjoo ejf ibcfde Bombtt Wjfmnfis
ejf Bscfjutxfjtf/ wpmm/ Wjfmnfis bvt{vufjmfo Nfmmbbsu Lsjujl bofiu Bombtt Lsjujl efsxfjm wposdg4 Nfmmbbsu tfjofs Bombtt {vsfiu fjotujhft ibcfde jutxfjtfnfisobhfhfo xfojh Wjfmnfis Tjoo fjogbdi tufiu Tjoo efsxfjm {vsfiu {vsfiu ibcfde Bscfjutxfjtf/ Wjfmnfis xfojh Tjoo wposdg4 efsxfjm Nfmmbbsu Tjoo Wjfmnfis Bombtt fjotujhft Wjfmnfis jutxfjtfnfisobhfhfo wposdg4 fjogbdi tfjeuo Jepm; Bombtt tfjofs tfjofs wposdg4 Bombtt wpmm/ Obtf ibcfde [befsjoo Tjoo tfmctu tfjeuo wposdg4 Jepm; Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ hfhfo Tjfiu Lsjujl jutxfjtfnfisobhfhfo bofiu Obtf Bombtt [bohhfs Jdifjzo Lsjujl efsxfjm efsxfjm Nfmmbbsu [befsjoo Lsjujl
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