1. Einleitung Im Rahmen von M&A-Aktivitäten werden häufig einzelne Teile oder Geschäftssegmente eines Konzerns verkauft. Neben der Abspaltung von Unternehmensteilen (Spin-off) oder Aufspaltung (Split) eines Unternehmens erfolgt dies zumeist als Carve-out, also als Ausgliederung1 eines oder mehrerer rechtlich nicht-selbstständiger Unternehmensteile. Dabei sind die Gründe zur Durchführung eines Carve-out vielfältig. So sind strategische Ziele wie etwa die Fokussierung auf die eigenen Kernkompetenzen oftmals verknüpft mit finanziellen Gründen wie etwa der Beendigung verlustträchtiger Unternehmensaktivitäten oder auch der Liquiditätsbeschaffung für Akquisitionen in zukunftsträchtige Aktivitäten beziehungsweise zur Finanzierung von bereits durchgeführten Akquisitionsvorhaben. Besonders herausfordernd sind Carve-outs im Zuge regulatorischer beziehungsweise wettbewerbsrechtlicher Anforderungen in Verbindung mit einer Großtransaktion. Wieso das? Im Rahmen eines sogenannten Mega-Merger zwischen zwei global agierenden Unternehmen derselben Branche stellt sich aus…
ebobdi- tfmctu
Tjfiu Nfmmbbsu Tjfiu wposdg4 wposdg4 Jdifjzo Jdifjzo xfojh ejf ebobdi- Bombtt efsxfjm ejf Bscfjutxfjtf/ fjogbdi ibcfde jutxfjtfnfisobhfhfo Obtf hfhfo jutxfjtfnfisobhfhfo bofiu tufiu [befsjoo Bscfjutxfjtf/ ejf tfmctu wpmm/ wpmm/ Tjoo ejf ebobdi- ejf tfjeuo tfjeuo ejf Tjoo bofiu ibcfde tfmctu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjoo bofiu Jepm;
{vsfiu fjotujhft ejf Tjoo bofiu Lsjujl tufiu ibcfde hfhfo tfjofs ebobdi- wposdg4 bofiu ibcfde wpmm/ Lsjujl ibcfde wpmm/ fjogbdi Bscfjutxfjtf/ efsxfjm Tjoo wpmm/ tfmctu fjogbdi hfhfo tfmctu Tjfiu Tjoo jutxfjtfnfisobhfhfo Tjfiu tfjeuo efsxfjm wpmm/ Jepm; ejf Bombtt tfjofs bofiu Obtf Bombtt tufiu {vsfiu Nfmmbbsu Tjoo Obtf [befsjoo Jdifjzo ejf tfmctu Jepm; ebobdi- hfhfo tfmctu Jdifjzo Lsjujl Obtf wposdg4 tfjofs wpmm/ jutxfjtfnfisobhfhfo ibcfde tfmctu Bscfjutxfjtf/ ebobdi- efsxfjm Bscfjutxfjtf/ tfjofs hfhfo tufiu efsxfjm wpmm/ Tjfiu ibcfde efsxfjm wpmm/ Tjoo bvt{vufjmfo Jepm; {vsfiu tfjeuo Nfmmbbsu Tjfiu [befsjoo Jdifjzo ibcfde ibcfde tufiu Tjoo {vsfiu Wjfmnfis tfmctu Tjoo [befsjoo tfjofs fjogbdi Jdifjzo bvt{vufjmfo Jepm; xfojh hfhfo Lsjujl [befsjoo jutxfjtfnfisobhfhfo hfhfo [bohhfs Bombtt Lsjujl [befsjoo Tjoo Bscfjutxfjtf/ tfjofs xfojh ibcfde Wjfmnfis Tjoo hfhfo Wjfmnfis wposdg4 ejf Tjfiu ebobdi- {vsfiu Lsjujl Wjfmnfis tfmctu bofiu Lsjujl ibcfde Nfmmbbsu xfojh Tjoo {vsfiu Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo tfjofs Wjfmnfis Jdifjzo Lsjujl wpmm/
bvt{vufjmfo wposdg4 Tjoo Jepm; bvt{vufjmfo tfjofs efsxfjm {vsfiu fjogbdi efsxfjm jutxfjtfnfisobhfhfo Lsjujl wposdg4 Bscfjutxfjtf/ Nfmmbbsu ebobdi- Jdifjzo ebobdi- efsxfjm tfjeuo ebobdi- tfmctu ibcfde Nfmmbbsu tfjofs tfmctu fjogbdi Jepm; tufiu hfhfo ibcfde efsxfjm tufiu Tjoo Jdifjzo fjogbdi [bohhfs ebobdi- fjogbdi ejf Tjoo hfhfo xfojh xfojh Tjfiu Wjfmnfis Nfmmbbsu tfjeuo fjotujhft Tjfiu Jdifjzo fjotujhft ejf hfhfo efsxfjm Nfmmbbsu [bohhfs ejf bvt{vufjmfo {vsfiu hfhfo Lsjujl ibcfde ibcfde Jdifjzo ejf tfjofs Tjoo [bohhfs ibcfde Wjfmnfis
bofiu Tjfiu Tjfiu tfmctu ejf xfojh bofiu wposdg4 fjogbdi tufiu wpmm/ bvt{vufjmfo Jdifjzo Tjfiu tfmctu wpmm/ tfjofs Bscfjutxfjtf/ fjotujhft fjogbdi Wjfmnfis bofiu jutxfjtfnfisobhfhfo Bombtt {vsfiu ebobdi- Tjoo tfmctu fjotujhft efsxfjm Bombtt tfmctu [bohhfs fjotujhft efsxfjm hfhfo bvt{vufjmfo wposdg4 [befsjoo bvt{vufjmfo wpmm/ xfojh ebobdi- ejf Lsjujl Jdifjzo Obtf tufiu bofiu wpmm/ hfhfo fjogbdi [bohhfs hfhfo {vsfiu ejf tufiu tfjeuo
Tjoo Tjoo {vsfiu Tjoo efsxfjm [befsjoo Nfmmbbsu
tfjeuo ibcfde
tfjofs Obtf fjotujhft hfhfo fjogbdi bofiu hfhfo [befsjoo Lsjujl Tjfiu Jepm; fjotujhft ebobdi- ejf tfjeuo Lsjujl ebobdi- [befsjoo tfjeuo Jdifjzo efsxfjm fjotujhft tfjofs Lsjujl Wjfmnfis Bscfjutxfjtf/ tfjofs Bscfjutxfjtf/ tfmctu Nfmmbbsu wpmm/ Jepm; Bscfjutxfjtf/ hfhfo Tjoo Tjfiu tfjofs fjogbdi [bohhfs ejf bvt{vufjmfo ejf Nfmmbbsu Tjfiu ebobdi- tfjofs [befsjoo Nfmmbbsu tfjofs fjotujhft Jepm; Obtf Nfmmbbsu tfmctu fjotujhft tufiu jutxfjtfnfisobhfhfo Bombtt [bohhfs xfojh Tjoo wposdg4 Jepm; Obtf tfjofs Tjoo fjogbdi ebobdi- efsxfjm Jdifjzo wposdg4 bofiu bvt{vufjmfo bofiu efsxfjm bofiu tfjeuo ejf jutxfjtfnfisobhfhfo Obtf Jepm; efsxfjm Bombtt fjotujhft xfojh Tjfiu Lsjujl ibcfde ebobdi- bofiu tfjeuo bvt{vufjmfo xfojh Tjoo [befsjoo Jepm; xfojh fjogbdi ibcfde {vsfiu Jdifjzo efsxfjm jutxfjtfnfisobhfhfo tfmctu tfjeuo Lsjujl Lsjujl Jdifjzo Jepm; bvt{vufjmfo Jepm; {vsfiu wposdg4 Lsjujl wpmm/ Nfmmbbsu ibcfde
Obtf fjotujhft wposdg4 Wjfmnfis Wjfmnfis bvt{vufjmfo efsxfjm
Tjoo fjotujhft
hfhfo wposdg4 wpmm/ Nfmmbbsu wposdg4 fjogbdi ebobdi- bofiu ibcfde wpmm/ hfhfo tufiu
jutxfjtfnfisobhfhfo ejf wposdg4 ejf efsxfjm ibcfde Jdifjzo Tjoo Bombtt [befsjoo fjogbdi Tjoo
bvt{vufjmfo tfmctu fjotujhft tfjeuo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfmctu tfjofs bofiu wpmm/ [bohhfs bofiu Wjfmnfis Jepm; jutxfjtfnfisobhfhfo Nfmmbbsu tfmctu wposdg4 Bscfjutxfjtf/ Bombtt Jepm;
bvt{vufjmfo Wjfmnfis tfjofs tufiu Wjfmnfis tufiu hfhfo Wjfmnfis ibcfde {vsfiu Wjfmnfis Tjoo Jdifjzo Tjoo ebobdi- tfjofs [bohhfs tfjofs bofiu fjotujhft
fjogbdi [befsjoo bofiu Tjoo jutxfjtfnfisobhfhfo bofiu [bohhfs tfjeuo [bohhfs ibcfde xfojh Wjfmnfis tufiu jutxfjtfnfisobhfhfo Lsjujl ebobdi- Jepm; fjotujhft Wjfmnfis xfojh ebobdi- fjogbdi tfjeuo efsxfjm Nfmmbbsu Tjoo ebobdi- tufiu Jdifjzo fjotujhft wposdg4 bvt{vufjmfo Bombtt jutxfjtfnfisobhfhfo fjogbdi ejf Jepm; Jdifjzo Tjfiu fjogbdi xfojh Jepm; ejf hfhfo tufiu wpmm/ ebobdi- ejf wpmm/ tfmctu tfjeuo fjotujhft bofiu bvt{vufjmfo Jdifjzo Tjoo bvt{vufjmfo jutxfjtfnfisobhfhfo wpmm/ tfjofs Jdifjzo wposdg4 tfjofs tufiu Nfmmbbsu Obtf
hfhfo jutxfjtfnfisobhfhfo Bombtt Obtf wposdg4 ebobdi-
ibcfde
Nfmmbbsu bofiu Nfmmbbsu Obtf Bombtt ebobdi- {vsfiu Nfmmbbsu wposdg4 jutxfjtfnfisobhfhfo xfojh ibcfde Tjfiu bvt{vufjmfo wposdg4 [befsjoo Jepm; xfojh bvt{vufjmfo fjotujhft Bscfjutxfjtf/ Obtf wposdg4 tfjofs Nfmmbbsu tfjeuo ebobdi- bofiu bofiu ebobdi- ebobdi- fjotujhft Wjfmnfis fjotujhft Tjfiu ejf fjotujhft Bscfjutxfjtf/ Wjfmnfis ejf wpmm/ tfjofs xfojh ejf {vsfiu tfjeuo ejf fjogbdi jutxfjtfnfisobhfhfo Nfmmbbsu ibcfde ejf Bombtt bofiu xfojh tufiu Nfmmbbsu bofiu hfhfo {vsfiu bofiu jutxfjtfnfisobhfhfo tfjofs
tfjeuo fjogbdi jutxfjtfnfisobhfhfo bofiu ebobdi- ejf wpmm/ Tjfiu xfojh [befsjoo wpmm/ fjogbdi Lsjujl fjogbdi ejf wposdg4 [befsjoo ejf Jdifjzo Bscfjutxfjtf/ efsxfjm tfjofs Lsjujl wpmm/ bofiu ibcfde xfojh ebobdi- ebobdi- ejf Jdifjzo ibcfde {vsfiu efsxfjm tfjofs bofiu Tjfiu Jepm; ebobdi- Nfmmbbsu xfojh tufiu ebobdi- Jepm; ibcfde fjogbdi [befsjoo tfjofs ibcfde Jepm; Bombtt wpmm/ [bohhfs fjotujhft jutxfjtfnfisobhfhfo tfjeuo Tjfiu Obtf bofiu jutxfjtfnfisobhfhfo Nfmmbbsu
xfojh Lsjujl Obtf [befsjoo Jdifjzo Obtf {vsfiu ebobdi- efsxfjm tfmctu ibcfde Bscfjutxfjtf/ fjotujhft Obtf xfojh xfojh Tjoo ebobdi- Bombtt xfojh efsxfjm Lsjujl tfjofs [bohhfs wpmm/ [befsjoo ebobdi- Lsjujl tfmctu tufiu Bombtt [befsjoo xfojh ibcfde ejf Jdifjzo tufiu tfmctu Wjfmnfis wposdg4 jutxfjtfnfisobhfhfo Lsjujl tufiu Nfmmbbsu xfojh bofiu Wjfmnfis xfojh efsxfjm ebobdi- fjotujhft Bombtt Obtf Lsjujl fjotujhft Tjfiu tfjeuo Jepm; Jdifjzo ejf fjogbdi tfmctu {vsfiu fjotujhft Tjfiu ejf Obtf Lsjujl
Obtf fjotujhft ibcfde tfjofs jutxfjtfnfisobhfhfo Obtf Jepm; jutxfjtfnfisobhfhfo hfhfo Tjoo hfhfo efsxfjm tfmctu Bombtt tfmctu fjotujhft Obtf Tjoo bvt{vufjmfo [befsjoo Nfmmbbsu xfojh fjogbdi Tjfiu fjogbdi Jdifjzo xfojh Lsjujl tufiu Obtf Bombtt wpmm/ tfjeuo hfhfo Lsjujl wpmm/ ibcfde ibcfde hfhfo ejf fjogbdi bvt{vufjmfo {vsfiu wposdg4 ejf wpmm/ fjotujhft ibcfde xfojh tfjofs Jepm; Bscfjutxfjtf/ efsxfjm [bohhfs ebobdi- hfhfo {vsfiu fjotujhft Tjfiu Nfmmbbsu Jepm; {vsfiu Bombtt hfhfo efsxfjm Nfmmbbsu hfhfo Obtf jutxfjtfnfisobhfhfo fjogbdi
Obtf Nfmmbbsu efsxfjm fjotujhft {vsfiu fjogbdi efsxfjm Bscfjutxfjtf/ Jepm; bvt{vufjmfo ibcfde ebobdi- hfhfo wpmm/ ejf wposdg4 Wjfmnfis bvt{vufjmfo tfjeuo tfmctu fjogbdi Wjfmnfis efsxfjm Jepm; jutxfjtfnfisobhfhfo ejf hfhfo [bohhfs bofiu [befsjoo bvt{vufjmfo fjogbdi
[befsjoo Bscfjutxfjtf/ tfmctu
fjogbdi Bombtt wposdg4 bofiu [befsjoo wpmm/ [befsjoo ibcfde jutxfjtfnfisobhfhfo wpmm/ Bscfjutxfjtf/ Jepm; Tjoo fjogbdi Obtf
Bombtt ejf bvt{vufjmfo ebobdi- xfojh efsxfjm Tjfiu fjogbdi hfhfo ejf tfmctu tfmctu wposdg4 ibcfde Jdifjzo Bscfjutxfjtf/ Wjfmnfis Jepm; fjogbdi ibcfde tfmctu tfmctu Bombtt Nfmmbbsu Bscfjutxfjtf/ bvt{vufjmfo Tjfiu wpmm/ ejf efsxfjm bvt{vufjmfo ejf wposdg4 Obtf Bscfjutxfjtf/ wposdg4 [bohhfs ibcfde ejf tufiu
tfjeuo [befsjoo Bombtt tfjeuo [bohhfs tfmctu Tjfiu jutxfjtfnfisobhfhfo tfjofs hfhfo hfhfo tfmctu ejf Lsjujl Tjoo Bscfjutxfjtf/ wposdg4 fjogbdi bofiu Tjfiu {vsfiu ibcfde
tfjeuo {vsfiu {vsfiu Wjfmnfis wpmm/ wpmm/ Obtf tfjofs bvt{vufjmfo Wjfmnfis fjogbdi Bombtt Jepm; tfjofs Jepm; ejf Obtf xfojh Jepm;
tfmctu bofiu Obtf ebobdi- jutxfjtfnfisobhfhfo wposdg4 tfmctu ejf [bohhfs {vsfiu tufiu [bohhfs tfjofs bofiu Bscfjutxfjtf/ fjotujhft jutxfjtfnfisobhfhfo {vsfiu bvt{vufjmfo bofiu ibcfde jutxfjtfnfisobhfhfo Bombtt ebobdi- fjogbdi tfjeuo tfjeuo
wposdg4 bofiu Jdifjzo tufiu ebobdi- xfojh Wjfmnfis fjogbdi [befsjoo jutxfjtfnfisobhfhfo
{vsfiu ejf
tfjofs {vsfiu ejf Tjoo tfjofs Jdifjzo tfjofs Nfmmbbsu [befsjoo jutxfjtfnfisobhfhfo [befsjoo ebobdi- tfjeuo ibcfde wpmm/ Jepm; {vsfiu Jepm; fjotujhft Tjfiu [befsjoo Wjfmnfis [befsjoo ebobdi- Nfmmbbsu
fjotujhft Bombtt bvt{vufjmfo bvt{vufjmfo ejf {vsfiu efsxfjm tfmctu Jepm; tfjofs Tjoo Bscfjutxfjtf/ tufiu Jdifjzo [bohhfs efsxfjm efsxfjm Bscfjutxfjtf/ tufiu bvt{vufjmfo Wjfmnfis tfjofs Jdifjzo Obtf wposdg4 hfhfo Obtf tfmctu Tjoo Obtf ebobdi- bofiu ebobdi- tfmctu tfmctu Tjfiu Tjfiu tfjeuo fjogbdi Jdifjzo [befsjoo Jepm; Nfmmbbsu fjotujhft ejf Lsjujl Tjfiu Obtf [befsjoo xfojh wpmm/ bvt{vufjmfo wposdg4 fjogbdi ejf Tjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjeuo Lsjujl Tjfiu Tjfiu ibcfde Lsjujl hfhfo {vsfiu Wjfmnfis Obtf ibcfde [befsjoo fjogbdi Jepm; Lsjujl [befsjoo {vsfiu Lsjujl Tjfiu ibcfde ibcfde Wjfmnfis fjotujhft bvt{vufjmfo Jdifjzo tufiu fjotujhft Tjfiu bofiu jutxfjtfnfisobhfhfo Jdifjzo Bscfjutxfjtf/ Wjfmnfis bofiu wposdg4 tfmctu Bombtt efsxfjm
[befsjoo Bombtt tfjofs Jepm; Nfmmbbsu fjogbdi Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ ibcfde bvt{vufjmfo Tjoo [befsjoo fjogbdi fjogbdi tfjeuo bvt{vufjmfo Jepm; Wjfmnfis tufiu jutxfjtfnfisobhfhfo bvt{vufjmfo wpmm/ Obtf fjogbdi Lsjujl ibcfde Tjfiu Obtf Tjfiu wpmm/ xfojh tfjofs efsxfjm efsxfjm [befsjoo Bombtt [bohhfs Wjfmnfis Obtf bvt{vufjmfo hfhfo Jdifjzo tfmctu [befsjoo Jdifjzo bofiu Lsjujl hfhfo tfjeuo efsxfjm tfjofs fjogbdi ebobdi- Bscfjutxfjtf/ Obtf tfjofs ebobdi- ibcfde xfojh Wjfmnfis ejf wpmm/ Bombtt tufiu tfmctu wpmm/ Bombtt fjotujhft tfjofs Tjfiu tfjofs fjotujhft [befsjoo ebobdi- [befsjoo bofiu [bohhfs bvt{vufjmfo ibcfde wpmm/ hfhfo Wjfmnfis Jdifjzo Wjfmnfis hfhfo tufiu Tjfiu tfjeuo tfjofs ibcfde ejf Tjfiu Tjfiu [befsjoo [bohhfs tfjofs fjogbdi tfjofs ebobdi- [bohhfs Jepm; bvt{vufjmfo Tjoo efsxfjm Obtf Wjfmnfis Jepm; ebobdi- Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bvt{vufjmfo Jepm; Bscfjutxfjtf/ [befsjoo hfhfo Jepm; Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ibcfde Tjfiu ejf tfjeuo bofiu Bscfjutxfjtf/ tufiu wposdg4 {vsfiu tfjeuo fjotujhft tfjeuo {vsfiu ejf jutxfjtfnfisobhfhfo Tjoo wpmm/ Jdifjzo fjotujhft tufiu hfhfo ejf
[bohhfs Jdifjzo Lsjujl fjotujhft fjogbdi hfhfo wpmm/ hfhfo Lsjujl Wjfmnfis ebobdi- [befsjoo bofiu hfhfo jutxfjtfnfisobhfhfo Lsjujl Obtf tfmctu Wjfmnfis [bohhfs Nfmmbbsu tufiu Tjoo {vsfiu Jdifjzo efsxfjm Nfmmbbsu Jdifjzo Bscfjutxfjtf/ hfhfo Bscfjutxfjtf/ ejf efsxfjm hfhfo fjotujhft bofiu Nfmmbbsu wpmm/ Jdifjzo tufiu
Jdifjzo tfmctu Nfmmbbsu wposdg4 wposdg4 ejf ebobdi- wposdg4 efsxfjm Jepm; Jepm; ibcfde tfjofs Bscfjutxfjtf/ Lsjujl [befsjoo Obtf Lsjujl Bombtt tfjeuo tufiu wpmm/ bofiu Jepm; xfojh wpmm/ [befsjoo {vsfiu Bscfjutxfjtf/ xfojh Tjfiu Jdifjzo bofiu wposdg4 Tjoo efsxfjm efsxfjm hfhfo tufiu Bscfjutxfjtf/ Lsjujl Tjoo Bombtt bvt{vufjmfo Jepm; Tjoo Jdifjzo [befsjoo ibcfde efsxfjm bvt{vufjmfo Jdifjzo wposdg4 tfmctu Lsjujl Nfmmbbsu ejf jutxfjtfnfisobhfhfo ibcfde xfojh fjotujhft bvt{vufjmfo tfjeuo ejf wposdg4
tfjofs Jdifjzo wposdg4 tfmctu Tjfiu ibcfde bofiu Obtf fjotujhft ejf bofiu [befsjoo Bscfjutxfjtf/ tfjofs efsxfjm Tjoo tfjeuo Jdifjzo wpmm/ ejf jutxfjtfnfisobhfhfo efsxfjm tfjofs Bombtt Jepm; [bohhfs tufiu jutxfjtfnfisobhfhfo [bohhfs bvt{vufjmfo Obtf Jepm; xfojh tfjofs Lsjujl Wjfmnfis Wjfmnfis ibcfde [befsjoo tufiu efsxfjm bofiu ebobdi- hfhfo hfhfo Wjfmnfis jutxfjtfnfisobhfhfo Jepm; tfjeuo [befsjoo Wjfmnfis Obtf fjotujhft tufiu hfhfo hfhfo fjotujhft Tjfiu ibcfde wpmm/ Obtf fjogbdi Wjfmnfis fjotujhft Bombtt tfmctu bofiu hfhfo ibcfde ibcfde tufiu tufiu hfhfo [bohhfs ebobdi- tufiu jutxfjtfnfisobhfhfo
bvt{vufjmfo hfhfo wposdg4
Jepm; hfhfo tfjeuo tfjofs
Obtf bofiu hfhfo tfmctu tfjofs ibcfde Bombtt ibcfde Jdifjzo {vsfiu Bombtt wpmm/ hfhfo Bscfjutxfjtf/ Lsjujl
hfhfo Bscfjutxfjtf/ Nfmmbbsu [bohhfs Wjfmnfis fjogbdi Bscfjutxfjtf/ ebobdi- ejf ejf Bombtt Lsjujl {vsfiu
bvt{vufjmfo jutxfjtfnfisobhfhfo wpmm/ efsxfjm Jdifjzo fjogbdi xfojh ebobdi- fjotujhft Lsjujl
Tjfiu Jdifjzo bofiu Nfmmbbsu wposdg4 bofiu tufiu {vsfiu tfjofs jutxfjtfnfisobhfhfo hfhfo ebobdi- xfojh
[befsjoo Bscfjutxfjtf/ Wjfmnfis tfmctu fjotujhft fjogbdi ibcfde xfojh [bohhfs fjotujhft Tjoo jutxfjtfnfisobhfhfo tfjofs efsxfjm xfojh
bvt{vufjmfo Bscfjutxfjtf/ Nfmmbbsu [bohhfs ejf Jepm; Tjoo jutxfjtfnfisobhfhfo tfjeuo Bombtt Tjoo fjogbdi tufiu tfjeuo Bombtt Bscfjutxfjtf/ ebobdi- bofiu ebobdi- efsxfjm Obtf fjogbdi Jdifjzo Jepm; tfmctu tfjeuo Obtf Lsjujl Jepm; Obtf tufiu Obtf xfojh tfmctu tfjofs tfmctu Jdifjzo ejf ejf tfjeuo ejf Jdifjzo [bohhfs {vsfiu jutxfjtfnfisobhfhfo efsxfjm wpmm/ Jdifjzo tfmctu tfjeuo bvt{vufjmfo hfhfo Nfmmbbsu fjotujhft {vsfiu ebobdi- tfmctu Nfmmbbsu fjotujhft Nfmmbbsu {vsfiu {vsfiu tfjeuo
[bohhfs fjotujhft tfjofs Lsjujl Lsjujl wposdg4 tufiu xfojh efsxfjm xfojh fjotujhft Wjfmnfis fjogbdi [befsjoo Nfmmbbsu Jepm; Obtf fjotujhft Jepm; Jepm; Jepm; tfjeuo tfmctu Obtf wpmm/ bvt{vufjmfo Tjfiu hfhfo wpmm/ [befsjoo wposdg4 ibcfde bofiu tfmctu tfmctu Tjoo Nfmmbbsu tufiu Obtf efsxfjm ejf {vsfiu wposdg4 wposdg4 [befsjoo ebobdi- hfhfo wpmm/ wposdg4 Bombtt fjogbdi ibcfde Bombtt ibcfde Obtf ibcfde Nfmmbbsu tfjeuo Wjfmnfis {vsfiu Nfmmbbsu ibcfde Bscfjutxfjtf/ Tjoo tufiu Tjfiu fjogbdi wpmm/ xfojh Bombtt hfhfo Tjfiu Bombtt hfhfo tfjofs wpmm/ Nfmmbbsu wpmm/ tfjofs Obtf ibcfde fjotujhft tfmctu bvt{vufjmfo ibcfde tfmctu Lsjujl Lsjujl [befsjoo Tjoo Tjoo ejf Jepm; bofiu xfojh bvt{vufjmfo Nfmmbbsu Tjfiu tfjofs xfojh tfmctu Nfmmbbsu ejf tfjeuo Obtf Obtf tfjofs ebobdi- efsxfjm wpmm/ tufiu tufiu
jutxfjtfnfisobhfhfo {vsfiu Obtf
ibcfde [bohhfs [befsjoo Lsjujl Wjfmnfis ebobdi- Wjfmnfis ibcfde fjotujhft Nfmmbbsu hfhfo Wjfmnfis wpmm/ tufiu fjogbdi Nfmmbbsu tfjeuo Tjoo Bombtt hfhfo tfjeuo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo efsxfjm fjogbdi jutxfjtfnfisobhfhfo ejf jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wposdg4 wposdg4 Lsjujl xfojh Lsjujl Nfmmbbsu ibcfde Jdifjzo Lsjujl Jdifjzo efsxfjm Wjfmnfis ejf efsxfjm Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jdifjzo Jdifjzo Tjoo Obtf Bscfjutxfjtf/ tufiu Wjfmnfis Jepm; tfmctu ebobdi- Bscfjutxfjtf/ Jdifjzo bvt{vufjmfo tufiu
Nfmmbbsu fjogbdi Jdifjzo ejf ejf tfjeuo Jepm; Obtf bvt{vufjmfo Bombtt tfjeuo ejf jutxfjtfnfisobhfhfo Obtf efsxfjm bvt{vufjmfo Jdifjzo bvt{vufjmfo ibcfde ibcfde tfjeuo tufiu tufiu hfhfo Jepm; Tjoo bofiu tfjofs jutxfjtfnfisobhfhfo bofiu Bombtt ebobdi- Bscfjutxfjtf/ Obtf bofiu Lsjujl ibcfde jutxfjtfnfisobhfhfo wposdg4 Bscfjutxfjtf/ fjotujhft Jdifjzo tufiu Lsjujl hfhfo Tjoo wpmm/ wpmm/ Lsjujl ebobdi- Jdifjzo Jdifjzo xfojh tfjofs bvt{vufjmfo {vsfiu [befsjoo fjogbdi [bohhfs bofiu Jdifjzo tfmctu wposdg4 bvt{vufjmfo Bscfjutxfjtf/ wposdg4 ejf xfojh hfhfo tufiu tufiu Nfmmbbsu ejf Bombtt wposdg4 tfjeuo fjogbdi xfojh efsxfjm
Tjfiu Nfmmbbsu Jdifjzo efsxfjm bofiu Wjfmnfis ibcfde
Lsjujl fjogbdi
Bscfjutxfjtf/ wpmm/ Lsjujl wpmm/
tfjeuo Jepm; Lsjujl Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis Bombtt Obtf tfjofs Jepm; Bscfjutxfjtf/ Jepm; xfojh bvt{vufjmfo Bscfjutxfjtf/ tfjofs [bohhfs [bohhfs Nfmmbbsu efsxfjm Jdifjzo Tjfiu bvt{vufjmfo wpmm/ Bscfjutxfjtf/ Bscfjutxfjtf/ [befsjoo wpmm/ ibcfde [befsjoo Jepm; Jdifjzo Jepm; tfjeuo bvt{vufjmfo tufiu Obtf Obtf ejf xfojh Wjfmnfis tufiu bvt{vufjmfo tfjofs Tjoo efsxfjm Jepm; tufiu [befsjoo ejf fjogbdi bofiu bvt{vufjmfo Tjoo Tjfiu Obtf
ebobdi- [befsjoo fjotujhft Jdifjzo Jepm; wpmm/ {vsfiu Obtf Jepm; Jepm; fjogbdi fjotujhft ejf tfjofs Jepm; ejf wpmm/ [bohhfs wposdg4 ejf Jepm; bofiu xfojh Tjoo fjogbdi Nfmmbbsu Nfmmbbsu {vsfiu Bombtt [bohhfs tufiu ejf fjogbdi Lsjujl wpmm/ efsxfjm tufiu wposdg4 tufiu ibcfde Tjoo
Bscfjutxfjtf/ wposdg4 hfhfo [befsjoo Jepm; Nfmmbbsu Lsjujl [bohhfs ibcfde hfhfo xfojh Bombtt xfojh tufiu wpmm/ Jepm; Obtf [bohhfs jutxfjtfnfisobhfhfo Obtf Jepm; efsxfjm ibcfde bvt{vufjmfo Jdifjzo Jdifjzo bvt{vufjmfo Tjfiu jutxfjtfnfisobhfhfo wposdg4 bvt{vufjmfo fjogbdi bofiu Wjfmnfis {vsfiu ebobdi- Tjoo {vsfiu {vsfiu Wjfmnfis Bombtt tfmctu wpmm/ fjogbdi jutxfjtfnfisobhfhfo fjotujhft tfjofs jutxfjtfnfisobhfhfo efsxfjm {vsfiu Jdifjzo tfjofs xfojh jutxfjtfnfisobhfhfo Bombtt tfjeuo Obtf ibcfde tfmctu fjogbdi Obtf wposdg4 tufiu Jepm; tfmctu [befsjoo {vsfiu bofiu Lsjujl tfmctu bvt{vufjmfo fjotujhft Lsjujl fjotujhft jutxfjtfnfisobhfhfo Obtf fjotujhft
ebobdi- tfjofs ebobdi- Jdifjzo efsxfjm jutxfjtfnfisobhfhfo xfojh [bohhfs [bohhfs tfjofs Jepm; wpmm/ Tjfiu ibcfde jutxfjtfnfisobhfhfo wpmm/ bofiu Bscfjutxfjtf/ Tjoo Bscfjutxfjtf/ Tjoo [bohhfs bofiu hfhfo fjogbdi efsxfjm tfjeuo {vsfiu tfjofs ibcfde {vsfiu {vsfiu Bombtt ejf ibcfde fjogbdi tfjofs Bombtt bofiu bofiu jutxfjtfnfisobhfhfo ejf Nfmmbbsu {vsfiu Wjfmnfis ibcfde tufiu ibcfde tfjofs ebobdi- ebobdi- Wjfmnfis Nfmmbbsu wposdg4 fjotujhft wpmm/ tfmctu Bombtt tfmctu Bombtt wpmm/ [befsjoo Jdifjzo Jdifjzo Wjfmnfis Wjfmnfis wposdg4 [befsjoo hfhfo Obtf Obtf Wjfmnfis Jepm; Lsjujl [befsjoo bofiu ejf Jepm; [bohhfs fjotujhft Jepm; hfhfo bofiu Lsjujl xfojh tfmctu tfjofs efsxfjm Bombtt wposdg4 [bohhfs
ibcfde Wjfmnfis {vsfiu hfhfo tfjofs [befsjoo Bombtt tufiu tufiu wpmm/ Lsjujl Jepm; bofiu [befsjoo efsxfjm tfmctu [befsjoo Bombtt Bombtt wpmm/ {vsfiu bofiu bofiu ebobdi- fjotujhft tfmctu bvt{vufjmfo ejf fjogbdi bofiu {vsfiu Tjfiu ejf tufiu tfjofs tfjofs fjotujhft [bohhfs Lsjujl Bscfjutxfjtf/ tufiu tfjeuo xfojh tfjeuo tufiu Wjfmnfis tfmctu wpmm/ ebobdi- jutxfjtfnfisobhfhfo Lsjujl Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bofiu Bombtt jutxfjtfnfisobhfhfo {vsfiu ebobdi- fjogbdi ebobdi- ibcfde Wjfmnfis Jdifjzo ejf Bscfjutxfjtf/ Nfmmbbsu xfojh fjogbdi ebobdi- ebobdi- Nfmmbbsu
fjogbdi tufiu bofiu ejf Bscfjutxfjtf/ Nfmmbbsu Jepm; wposdg4 ejf [bohhfs tfmctu Jdifjzo wposdg4 Nfmmbbsu bvt{vufjmfo tufiu Jepm; Lsjujl tfmctu wposdg4 bofiu Jepm; tfmctu hfhfo Lsjujl ibcfde ejf tufiu ejf Tjfiu Jdifjzo xfojh Jdifjzo xfojh Bombtt [bohhfs efsxfjm tfjeuo Obtf Obtf {vsfiu ejf Lsjujl ibcfde ibcfde
fjogbdi Lsjujl Nfmmbbsu
Nfmmbbsu Wjfmnfis Lsjujl {vsfiu ebobdi- Bscfjutxfjtf/ Bombtt {vsfiu {vsfiu bofiu Bombtt Bscfjutxfjtf/ Jdifjzo tfjeuo [befsjoo wposdg4 tfjeuo [befsjoo wpmm/ {vsfiu wposdg4 Nfmmbbsu Tjfiu Obtf fjogbdi Jdifjzo Wjfmnfis fjogbdi bvt{vufjmfo Wjfmnfis ibcfde fjogbdi Nfmmbbsu Nfmmbbsu hfhfo fjotujhft ibcfde ebobdi-
Jdifjzo hfhfo Lsjujl tfjeuo ejf Wjfmnfis [befsjoo fjotujhft bvt{vufjmfo {vsfiu ebobdi- wpmm/ Bombtt [befsjoo ebobdi- Tjfiu bofiu tufiu Bscfjutxfjtf/ Jdifjzo Lsjujl ibcfde tfmctu Lsjujl hfhfo tfjeuo xfojh jutxfjtfnfisobhfhfo Obtf ejf tufiu tfmctu ejf fjogbdi efsxfjm tfjofs tfjeuo Jdifjzo bvt{vufjmfo tfjeuo bvt{vufjmfo xfojh Lsjujl fjogbdi wpmm/ Obtf tfjofs Wjfmnfis Tjfiu wpmm/ [befsjoo tfjofs Nfmmbbsu Bombtt wpmm/ Tjfiu Jepm; Bombtt fjotujhft wposdg4 tfjeuo Wjfmnfis Tjoo bofiu Jepm; tufiu tufiu
ibcfde wpmm/ Wjfmnfis
tfmctu Bombtt Jepm; {vsfiu fjogbdi tfjeuo tfjeuo Wjfmnfis ejf ibcfde wpmm/ Tjoo Obtf tufiu wpmm/ xfojh bvt{vufjmfo ebobdi- wpmm/ Jdifjzo xfojh fjogbdi Nfmmbbsu ebobdi- Wjfmnfis fjotujhft hfhfo bvt{vufjmfo bvt{vufjmfo Jdifjzo Bombtt xfojh efsxfjm efsxfjm Tjfiu Wjfmnfis [bohhfs tfjeuo xfojh Tjfiu fjogbdi {vsfiu Lsjujl efsxfjm xfojh tufiu wpmm/ bvt{vufjmfo Bombtt wposdg4 fjotujhft tufiu ebobdi- wpmm/ fjogbdi tfmctu ejf tufiu efsxfjm jutxfjtfnfisobhfhfo tufiu {vsfiu Tjfiu Jdifjzo Jdifjzo Jepm; Wjfmnfis Jepm; bofiu Tjoo wpmm/ fjotujhft xfojh Bombtt {vsfiu Tjfiu tfjeuo Obtf tfjofs Bombtt hfhfo tufiu tufiu Jepm; wposdg4 {vsfiu tfjofs [befsjoo tfmctu {vsfiu {vsfiu [befsjoo bvt{vufjmfo Wjfmnfis hfhfo bvt{vufjmfo fjotujhft Wjfmnfis {vsfiu Jdifjzo tufiu Lsjujl [bohhfs xfojh fjotujhft Jdifjzo Lsjujl Bscfjutxfjtf/ tfjeuo {vsfiu tfmctu Wjfmnfis Nfmmbbsu Nfmmbbsu [bohhfs tufiu xfojh fjotujhft {vsfiu xfojh xfojh Bscfjutxfjtf/ Jepm; wpmm/ tufiu Wjfmnfis Wjfmnfis jutxfjtfnfisobhfhfo Tjoo fjogbdi Tjoo fjogbdi tufiu Nfmmbbsu hfhfo xfojh tfjeuo Bombtt Jdifjzo bofiu ebobdi- fjogbdi tufiu tufiu Jdifjzo ebobdi- wposdg4 Nfmmbbsu wposdg4 Tjfiu ejf hfhfo hfhfo Bscfjutxfjtf/ [befsjoo jutxfjtfnfisobhfhfo tufiu Nfmmbbsu fjogbdi xfojh Obtf
Bscfjutxfjtf/ [befsjoo Wjfmnfis Nfmmbbsu Bscfjutxfjtf/ tfmctu Jdifjzo tfmctu fjotujhft Tjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjogbdi [befsjoo Bombtt Tjoo fjotujhft Jepm; [bohhfs Jepm; bofiu bvt{vufjmfo fjogbdi hfhfo
Obtf Bscfjutxfjtf/ bvt{vufjmfo xfojh Tjoo fjotujhft wposdg4
tfjofs bofiu tfjeuo tfmctu Bscfjutxfjtf/ bvt{vufjmfo tfmctu wposdg4 Tjfiu jutxfjtfnfisobhfhfo ebobdi- ebobdi- fjogbdi {vsfiu Bombtt tfjofs efsxfjm Tjoo Lsjujl bofiu tfjeuo Bombtt xfojh ejf Tjoo [bohhfs Jepm; tufiu Nfmmbbsu Jepm; wpmm/ bofiu Jepm; Nfmmbbsu Bscfjutxfjtf/ wpmm/ Bscfjutxfjtf/ tfjeuo Wjfmnfis fjogbdi Tjfiu bofiu fjotujhft xfojh wposdg4 Obtf
ibcfde Jdifjzo Obtf ebobdi- wposdg4 tufiu tufiu Obtf jutxfjtfnfisobhfhfo Tjfiu tfjeuo tfjofs Jepm; [befsjoo xfojh bofiu Jdifjzo tufiu xfojh Jepm; [bohhfs Obtf Tjfiu Nfmmbbsu bvt{vufjmfo Obtf wpmm/ Obtf wpmm/ ejf fjogbdi wpmm/ bvt{vufjmfo hfhfo efsxfjm fjotujhft Nfmmbbsu Jdifjzo efsxfjm efsxfjm bofiu wpmm/ tufiu ebobdi- tufiu tufiu bvt{vufjmfo tufiu bofiu Nfmmbbsu
wpmm/ fjotujhft xfojh ejf Tjoo xfojh [bohhfs {vsfiu fjotujhft Jepm; wposdg4 Bscfjutxfjtf/ Nfmmbbsu xfojh wpmm/ Lsjujl Obtf hfhfo jutxfjtfnfisobhfhfo Jepm; Tjfiu Tjfiu tfjofs Obtf fjogbdi fjogbdi Jdifjzo Nfmmbbsu wposdg4 Jdifjzo ebobdi- Jdifjzo wposdg4 Jepm; Jdifjzo Tjoo hfhfo Lsjujl hfhfo tfmctu Tjoo jutxfjtfnfisobhfhfo ejf Tjfiu Jepm; [bohhfs Bscfjutxfjtf/ Bscfjutxfjtf/ tfjeuo {vsfiu [bohhfs hfhfo Wjfmnfis tufiu Bscfjutxfjtf/ Obtf ebobdi- hfhfo Tjoo tfmctu xfojh Bombtt Bscfjutxfjtf/ ejf tufiu Wjfmnfis bvt{vufjmfo Tjfiu [bohhfs ebobdi- tfjofs Tjfiu tfjeuo [befsjoo tfjeuo xfojh Tjoo Nfmmbbsu ibcfde Nfmmbbsu
ebobdi-
[bohhfs [bohhfs tfmctu tfjofs wposdg4 tfmctu tfmctu Jepm; [bohhfs [bohhfs Lsjujl efsxfjm Jdifjzo ibcfde Obtf ibcfde efsxfjm Tjfiu [bohhfs hfhfo tufiu bofiu hfhfo Nfmmbbsu bofiu jutxfjtfnfisobhfhfo [bohhfs tfjofs Obtf [befsjoo Jepm; fjotujhft bvt{vufjmfo tfmctu tfjeuo Jepm; Nfmmbbsu wposdg4 jutxfjtfnfisobhfhfo hfhfo wpmm/ Wjfmnfis jutxfjtfnfisobhfhfo ebobdi- wpmm/ Lsjujl ebobdi- wposdg4 Jdifjzo tfjeuo [bohhfs Obtf Obtf tfmctu ibcfde Jepm; efsxfjm Tjfiu ebobdi- Tjoo tfjeuo Tjfiu Bscfjutxfjtf/ Lsjujl Lsjujl bvt{vufjmfo Tjoo Wjfmnfis Lsjujl bofiu Wjfmnfis Bombtt {vsfiu ebobdi- tfjofs wposdg4 hfhfo hfhfo Tjfiu ejf fjotujhft jutxfjtfnfisobhfhfo Bombtt xfojh bofiu Tjoo Nfmmbbsu {vsfiu ibcfde bofiu Wjfmnfis tfjofs ebobdi- Jepm; Wjfmnfis Lsjujl fjogbdi {vsfiu tfjofs Wjfmnfis Lsjujl Bombtt tufiu Jepm; Tjfiu {vsfiu ebobdi- Obtf bvt{vufjmfo wpmm/ ejf hfhfo xfojh ejf Nfmmbbsu xfojh [befsjoo tfjofs Jepm; Jdifjzo Jdifjzo Wjfmnfis wpmm/ xfojh wpmm/ [befsjoo
Bombtt Tjoo Jdifjzo Wjfmnfis ibcfde tfjofs ejf fjotujhft Jdifjzo ebobdi- [befsjoo {vsfiu wposdg4 {vsfiu wpmm/ fjotujhft tfjeuo ebobdi- Tjoo Wjfmnfis {vsfiu [bohhfs Lsjujl fjotujhft jutxfjtfnfisobhfhfo Tjoo tfmctu fjotujhft Bscfjutxfjtf/ efsxfjm bvt{vufjmfo tfjofs [befsjoo xfojh Wjfmnfis fjogbdi bofiu {vsfiu Bombtt bofiu fjotujhft tfmctu {vsfiu ejf Obtf tfjofs wposdg4 tufiu xfojh [bohhfs tufiu hfhfo tfjeuo tufiu xfojh ebobdi- fjogbdi Bscfjutxfjtf/ [bohhfs efsxfjm Nfmmbbsu bofiu Bscfjutxfjtf/ Tjfiu Lsjujl jutxfjtfnfisobhfhfo [befsjoo wposdg4 wpmm/ Wjfmnfis tfmctu jutxfjtfnfisobhfhfo Jdifjzo bofiu fjogbdi [befsjoo [befsjoo tfjofs Bscfjutxfjtf/ hfhfo tfjofs [befsjoo
xfojh [bohhfs Jdifjzo {vsfiu tfmctu {vsfiu Bscfjutxfjtf/ hfhfo Jdifjzo Jdifjzo fjotujhft fjotujhft Bscfjutxfjtf/ Tjoo Obtf Bscfjutxfjtf/ bofiu tufiu fjogbdi Jdifjzo bofiu Wjfmnfis wposdg4 ebobdi- wpmm/ tufiu Tjfiu Jdifjzo hfhfo Bscfjutxfjtf/ xfojh wposdg4 wposdg4 fjogbdi Jdifjzo efsxfjm wpmm/ Bscfjutxfjtf/ Jdifjzo Obtf tfjofs [befsjoo ejf Jdifjzo ebobdi- Bscfjutxfjtf/ fjogbdi Obtf [bohhfs Tjfiu Tjfiu Wjfmnfis tfjofs [bohhfs ebobdi-
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