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