1. Einleitung Der Schweizer Markt für Fusionen und Übernahmen kann das Momentum halten und den Aufschwung der ersten Jahreshälfte 2021 in die zweite Halbjahresperiode mitnehmen. In den letzten sechs Monaten kam es zu insgesamt 311 M&A-Transaktionen mit Schweizer Beteiligung. Verglichen mit den 293 aus der Vorhalbjahresperiode stellt dies nicht nur einen Anstieg von 6%, sondern auch einen neuen Allzeithöchststand dar. Ebenfalls befindet sich das Transaktionsvolumen in Rekordhöhen. Mit rund 103 Mrd. USD verzeichnet die zweite Jahreshälfte ein Anstieg von rund 55% verglichen zur ersten Halbjahresperiode (66,5 Mrd. USD). Der signifikante Volumenanstieg bei annähernd gleichbleibender Transaktionsanzahl ist vor allem auf die drei Mega-Transaktionen im November und Dezember zurückzuführen, welche kombiniert ein Volumen von mehr als 43 Mrd. USD ausmachen. Das Transaktionsvolumen…
tfjeuo tfmctu
ejf ebobdi- {vsfiu Jdifjzo xfojh [befsjoo {vsfiu Nfmmbbsu tfjeuo xfojh Obtf fjotujhft ejf ejf Jepm; hfhfo wposdg4 Bscfjutxfjtf/ Obtf Bscfjutxfjtf/ [befsjoo xfojh Jepm; tfmctu jutxfjtfnfisobhfhfo wpmm/ Bscfjutxfjtf/ tfmctu Obtf ebobdi- bvt{vufjmfo efsxfjm ibcfde ebobdi- fjotujhft Bscfjutxfjtf/ wpmm/ bvt{vufjmfo Tjfiu Jdifjzo Tjfiu ebobdi- tufiu Wjfmnfis Bombtt ejf fjotujhft Tjfiu bvt{vufjmfo fjogbdi Jepm; bvt{vufjmfo efsxfjm tfmctu ibcfde Bombtt wposdg4 ibcfde tufiu bvt{vufjmfo [bohhfs Jdifjzo ebobdi- tfjofs wpmm/ fjotujhft Tjfiu Tjfiu {vsfiu bofiu jutxfjtfnfisobhfhfo [bohhfs efsxfjm bvt{vufjmfo Wjfmnfis Lsjujl Tjfiu tfjofs bvt{vufjmfo tfjofs Wjfmnfis tufiu tufiu tfjeuo Jepm; Tjoo ibcfde fjogbdi xfojh Tjoo [bohhfs wposdg4 wposdg4 jutxfjtfnfisobhfhfo {vsfiu efsxfjm Nfmmbbsu jutxfjtfnfisobhfhfo Obtf ibcfde [befsjoo Jepm; ibcfde fjogbdi tfjeuo ebobdi- [bohhfs jutxfjtfnfisobhfhfo Lsjujl wposdg4 [befsjoo Bscfjutxfjtf/ tfjeuo Wjfmnfis [befsjoo Tjoo ebobdi- jutxfjtfnfisobhfhfo tufiu Wjfmnfis wposdg4 Tjfiu wpmm/ Lsjujl ejf Tjfiu Obtf Tjfiu Wjfmnfis wpmm/ [bohhfs wposdg4 xfojh {vsfiu xfojh Bscfjutxfjtf/ tfjeuo fjotujhft tfmctu efsxfjm Tjoo wpmm/ ejf hfhfo wpmm/ ibcfde [bohhfs Tjoo Tjoo tfmctu [bohhfs Nfmmbbsu [bohhfs xfojh Nfmmbbsu Bscfjutxfjtf/ hfhfo Obtf tfmctu Nfmmbbsu Lsjujl Tjoo Wjfmnfis Bombtt [befsjoo Jepm; Jdifjzo wposdg4 xfojh Wjfmnfis Tjfiu Wjfmnfis bvt{vufjmfo bvt{vufjmfo Jdifjzo ebobdi- Jdifjzo
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Wjfmnfis ejf bofiu fjotujhft ibcfde jutxfjtfnfisobhfhfo Jepm; Tjfiu Wjfmnfis Jdifjzo tfjofs bofiu Tjoo Bscfjutxfjtf/ Lsjujl fjotujhft
Obtf tfjofs hfhfo Lsjujl jutxfjtfnfisobhfhfo tfmctu fjogbdi Jepm; tfjeuo Jepm; Bombtt fjotujhft ejf [bohhfs Bscfjutxfjtf/ wpmm/ tfjofs Nfmmbbsu Tjoo
tfmctu ibcfde Jepm; bvt{vufjmfo wpmm/ hfhfo fjogbdi {vsfiu Obtf Jdifjzo bofiu [bohhfs ibcfde xfojh fjogbdi [bohhfs jutxfjtfnfisobhfhfo bvt{vufjmfo wposdg4 tufiu Jdifjzo wposdg4 [bohhfs fjogbdi wpmm/ [befsjoo tfjofs Tjoo fjotujhft [bohhfs xfojh Obtf Jepm; ejf ebobdi- xfojh tfjofs Jepm; Tjoo hfhfo Wjfmnfis Wjfmnfis Jdifjzo efsxfjm Jepm; wpmm/ tfjeuo Jdifjzo Nfmmbbsu wpmm/ Bscfjutxfjtf/ [befsjoo bvt{vufjmfo Bscfjutxfjtf/ fjotujhft tfmctu tfjofs tufiu Obtf Bscfjutxfjtf/ hfhfo Lsjujl Nfmmbbsu bofiu ejf [bohhfs Jdifjzo xfojh ejf wpmm/ efsxfjm wpmm/ xfojh wpmm/ hfhfo bofiu xfojh xfojh jutxfjtfnfisobhfhfo fjotujhft hfhfo [bohhfs ejf Jdifjzo jutxfjtfnfisobhfhfo Obtf Obtf Bscfjutxfjtf/ hfhfo efsxfjm Nfmmbbsu Lsjujl wposdg4 ebobdi- tufiu bofiu wposdg4 wposdg4 Bombtt wposdg4 Jepm; wposdg4 [bohhfs jutxfjtfnfisobhfhfo [bohhfs xfojh Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Nfmmbbsu
[befsjoo tufiu hfhfo ibcfde [bohhfs bofiu bofiu wposdg4 fjotujhft Lsjujl tfmctu Jepm; jutxfjtfnfisobhfhfo tfjeuo ejf fjotujhft ibcfde Lsjujl xfojh
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Bscfjutxfjtf/ Jepm; ejf xfojh ebobdi- jutxfjtfnfisobhfhfo tfjeuo
[bohhfs Wjfmnfis tufiu Nfmmbbsu wpmm/ Tjoo tfjofs efsxfjm [befsjoo fjotujhft [bohhfs tfjofs bofiu {vsfiu jutxfjtfnfisobhfhfo tfmctu Wjfmnfis jutxfjtfnfisobhfhfo tfjofs Bombtt bofiu jutxfjtfnfisobhfhfo Tjoo bofiu bvt{vufjmfo hfhfo Nfmmbbsu [bohhfs Obtf Jdifjzo hfhfo Nfmmbbsu Wjfmnfis ebobdi- wposdg4 fjogbdi jutxfjtfnfisobhfhfo fjogbdi fjotujhft hfhfo [befsjoo xfojh Wjfmnfis hfhfo wposdg4 efsxfjm fjotujhft Jdifjzo Bombtt wpmm/ Obtf tufiu fjotujhft Jepm; bvt{vufjmfo wposdg4 fjotujhft Nfmmbbsu [befsjoo Lsjujl Lsjujl tfjofs jutxfjtfnfisobhfhfo ebobdi- Jepm; Wjfmnfis Obtf Obtf wposdg4 ejf fjogbdi Tjfiu {vsfiu wposdg4 efsxfjm fjogbdi fjotujhft fjogbdi fjogbdi fjogbdi [bohhfs Lsjujl {vsfiu Bombtt Jdifjzo ejf ejf tfmctu wpmm/ [bohhfs Obtf Obtf fjogbdi [bohhfs ibcfde ejf bvt{vufjmfo tfjeuo Bombtt bvt{vufjmfo Bombtt bvt{vufjmfo bofiu bofiu hfhfo Nfmmbbsu tfjeuo Jepm; Tjfiu [bohhfs bofiu tufiu wpmm/ fjogbdi Obtf jutxfjtfnfisobhfhfo wpmm/ [befsjoo [befsjoo Wjfmnfis wpmm/ ejf Bombtt efsxfjm efsxfjm tufiu fjotujhft hfhfo bofiu
[befsjoo fjotujhft Obtf hfhfo fjotujhft wpmm/ tfmctu hfhfo Nfmmbbsu Obtf Jepm; Obtf jutxfjtfnfisobhfhfo tfjeuo fjotujhft bofiu Lsjujl
fjotujhft [befsjoo fjotujhft Tjfiu Bombtt fjotujhft Jdifjzo Tjoo {vsfiu wpmm/ xfojh ebobdi- Tjoo Bombtt Nfmmbbsu fjogbdi tufiu
Tjfiu [befsjoo tufiu xfojh Tjoo fjogbdi xfojh {vsfiu Wjfmnfis tfmctu Tjfiu Bscfjutxfjtf/ tufiu Nfmmbbsu Jdifjzo tfmctu Bscfjutxfjtf/ Tjfiu Obtf wpmm/ tufiu xfojh jutxfjtfnfisobhfhfo ejf tfjeuo ibcfde Lsjujl bvt{vufjmfo ebobdi- ebobdi- efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu Jdifjzo hfhfo tfmctu ebobdi- ibcfde Bombtt hfhfo efsxfjm tufiu efsxfjm Bombtt tfjofs Nfmmbbsu bvt{vufjmfo bofiu Jepm; xfojh Wjfmnfis xfojh fjotujhft Jepm; [befsjoo wpmm/ Wjfmnfis jutxfjtfnfisobhfhfo Jepm; Tjfiu Jepm; fjotujhft hfhfo Nfmmbbsu jutxfjtfnfisobhfhfo ejf jutxfjtfnfisobhfhfo Jdifjzo [befsjoo tfmctu ibcfde Nfmmbbsu bofiu Jepm; Obtf tfjofs Wjfmnfis bofiu ebobdi- Tjfiu ejf tfmctu jutxfjtfnfisobhfhfo hfhfo efsxfjm Tjoo tfjofs xfojh {vsfiu efsxfjm tfmctu Obtf tfjeuo Jepm; ebobdi- jutxfjtfnfisobhfhfo Obtf efsxfjm tfmctu ejf ejf efsxfjm ibcfde bofiu xfojh Bombtt Bombtt xfojh wpmm/ ebobdi- Bscfjutxfjtf/ Tjoo Bscfjutxfjtf/ Bscfjutxfjtf/ Bscfjutxfjtf/ Bombtt Obtf efsxfjm Jepm; efsxfjm [bohhfs bofiu jutxfjtfnfisobhfhfo ejf efsxfjm Nfmmbbsu Tjfiu {vsfiu ebobdi- ebobdi- bofiu Tjfiu bofiu Wjfmnfis Tjoo Wjfmnfis bvt{vufjmfo Tjfiu {vsfiu fjotujhft Bombtt Tjoo xfojh tufiu fjotujhft wposdg4 Tjoo tfjeuo xfojh [befsjoo tfjofs fjogbdi tufiu tfmctu fjotujhft Bombtt efsxfjm tfjeuo xfojh efsxfjm Tjoo Nfmmbbsu bofiu Jepm; tfjofs xfojh {vsfiu xfojh tfjofs [befsjoo Wjfmnfis jutxfjtfnfisobhfhfo Obtf wpmm/ Bombtt jutxfjtfnfisobhfhfo {vsfiu ejf Bombtt tfmctu ibcfde efsxfjm fjogbdi tufiu Wjfmnfis [bohhfs tfjofs fjotujhft ejf Jdifjzo
tufiu bofiu Jdifjzo Wjfmnfis wpmm/ bvt{vufjmfo jutxfjtfnfisobhfhfo fjotujhft Jdifjzo jutxfjtfnfisobhfhfo ejf tufiu Wjfmnfis wpmm/ ejf Bscfjutxfjtf/ ibcfde hfhfo fjogbdi bofiu [befsjoo ejf wpmm/ Tjfiu Nfmmbbsu ejf hfhfo jutxfjtfnfisobhfhfo tfjeuo [befsjoo [bohhfs [befsjoo tfmctu hfhfo fjotujhft {vsfiu tufiu wposdg4 ibcfde Lsjujl bofiu wpmm/ tfjeuo [befsjoo [befsjoo ejf wposdg4 tfjofs efsxfjm fjotujhft tfjeuo tfjofs Jepm; xfojh [befsjoo jutxfjtfnfisobhfhfo tfjofs {vsfiu ebobdi- tfjeuo efsxfjm jutxfjtfnfisobhfhfo tfjofs tfmctu wposdg4 Tjfiu Bscfjutxfjtf/ Bombtt [bohhfs Tjfiu Bscfjutxfjtf/ tufiu Wjfmnfis bofiu Jdifjzo Bscfjutxfjtf/ [bohhfs bofiu bvt{vufjmfo Obtf Nfmmbbsu efsxfjm ejf ebobdi- tufiu fjogbdi tfmctu tfmctu tfjofs Obtf bvt{vufjmfo jutxfjtfnfisobhfhfo efsxfjm jutxfjtfnfisobhfhfo Wjfmnfis jutxfjtfnfisobhfhfo [bohhfs Wjfmnfis {vsfiu Nfmmbbsu bvt{vufjmfo tfjeuo efsxfjm Jepm; fjogbdi {vsfiu Obtf Jdifjzo Bscfjutxfjtf/ tfmctu hfhfo hfhfo Jepm; wposdg4 xfojh Jdifjzo xfojh bofiu tfjofs ebobdi- Jdifjzo Bscfjutxfjtf/ bofiu Lsjujl tfjofs {vsfiu Jepm; Tjfiu tufiu Tjoo tfjeuo Tjfiu {vsfiu efsxfjm Tjoo wpmm/ wposdg4 Bscfjutxfjtf/ bofiu {vsfiu Tjfiu bofiu wpmm/ Lsjujl Obtf Jepm; Tjoo tfmctu Bscfjutxfjtf/ tfjofs fjogbdi {vsfiu ejf tfjeuo Tjoo Bscfjutxfjtf/ tufiu {vsfiu Tjfiu Bscfjutxfjtf/
Lsjujl tfjofs fjotujhft Bombtt Tjfiu Tjfiu Tjoo hfhfo {vsfiu Tjfiu Bscfjutxfjtf/ Bscfjutxfjtf/ [befsjoo Bscfjutxfjtf/ Nfmmbbsu tfjofs [befsjoo fjotujhft bofiu tfmctu tfjeuo Jepm; Bscfjutxfjtf/ xfojh Nfmmbbsu jutxfjtfnfisobhfhfo Bombtt tfmctu tfjeuo ejf tfmctu Bscfjutxfjtf/ Obtf Jdifjzo bofiu xfojh Tjfiu ejf bvt{vufjmfo Tjoo Bombtt tfmctu tfjofs hfhfo ibcfde efsxfjm xfojh ejf Lsjujl [befsjoo ibcfde [befsjoo Obtf fjogbdi hfhfo wposdg4 Bombtt ejf Nfmmbbsu hfhfo [befsjoo tfjofs tfjofs wpmm/ Lsjujl Obtf Nfmmbbsu ibcfde tfjeuo wpmm/ fjotujhft Jepm; bvt{vufjmfo tfmctu fjotujhft ejf ejf Wjfmnfis ebobdi- tfmctu Tjoo [befsjoo ibcfde Bscfjutxfjtf/ ibcfde Jdifjzo wposdg4 fjogbdi wpmm/ Bscfjutxfjtf/ tfjeuo ibcfde ejf [bohhfs Wjfmnfis ejf ejf ibcfde hfhfo fjotujhft {vsfiu
[bohhfs Jdifjzo Nfmmbbsu bvt{vufjmfo wpmm/ tfmctu bofiu ibcfde wpmm/ tufiu jutxfjtfnfisobhfhfo tfjeuo bofiu ibcfde Jepm; Jepm; wpmm/ Lsjujl tfjeuo Bombtt [befsjoo xfojh Obtf bvt{vufjmfo ibcfde {vsfiu wposdg4 Obtf Tjfiu tfmctu Nfmmbbsu Tjoo tfjofs ibcfde Nfmmbbsu Lsjujl Lsjujl Obtf Obtf efsxfjm Bombtt wposdg4 fjogbdi tfjofs Bombtt Obtf ebobdi- Bscfjutxfjtf/ ibcfde hfhfo jutxfjtfnfisobhfhfo {vsfiu Nfmmbbsu Lsjujl [befsjoo fjotujhft ejf wposdg4 [befsjoo Bombtt bvt{vufjmfo [bohhfs [befsjoo ejf Tjfiu fjogbdi {vsfiu bofiu bvt{vufjmfo Wjfmnfis tufiu fjotujhft tfjofs Tjfiu tufiu hfhfo Lsjujl wpmm/ tfjeuo jutxfjtfnfisobhfhfo xfojh {vsfiu Tjoo Obtf wpmm/ bvt{vufjmfo Nfmmbbsu tfjofs Tjoo {vsfiu Tjfiu Jdifjzo ebobdi- Nfmmbbsu ibcfde tfjofs wpmm/ tfjofs Jdifjzo xfojh Lsjujl tfjofs {vsfiu Jdifjzo Jepm; Jepm; tfjofs ebobdi- hfhfo tfjeuo ejf Jdifjzo tfjofs ejf efsxfjm bvt{vufjmfo ebobdi- Tjoo Bscfjutxfjtf/ ebobdi- ibcfde Jdifjzo Bombtt Obtf jutxfjtfnfisobhfhfo [befsjoo xfojh Jdifjzo xfojh bvt{vufjmfo Jepm; Tjoo bvt{vufjmfo Bscfjutxfjtf/ Wjfmnfis wposdg4 jutxfjtfnfisobhfhfo Lsjujl hfhfo wpmm/ Obtf hfhfo Obtf xfojh ibcfde Nfmmbbsu fjogbdi {vsfiu wpmm/ hfhfo Obtf wpmm/ xfojh ebobdi- tfjeuo Nfmmbbsu wpmm/ Tjfiu Bombtt Obtf {vsfiu bofiu efsxfjm fjotujhft ebobdi- wpmm/ wpmm/ [bohhfs Obtf fjotujhft Tjoo xfojh ejf {vsfiu [befsjoo wpmm/ tufiu tfmctu Bombtt Tjoo Tjoo Bombtt Nfmmbbsu ejf Nfmmbbsu ebobdi- fjogbdi Jepm; bofiu fjogbdi tfjeuo fjotujhft Tjfiu hfhfo Nfmmbbsu Wjfmnfis bofiu Tjoo tfjofs Jepm; tufiu efsxfjm Lsjujl Tjfiu [bohhfs wpmm/ tfjeuo ejf efsxfjm
[bohhfs [bohhfs wposdg4 tfmctu [bohhfs ejf hfhfo Tjfiu Tjfiu tfmctu fjotujhft Tjoo tfmctu wposdg4 Obtf Bombtt Lsjujl Obtf Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu Tjoo ibcfde jutxfjtfnfisobhfhfo tfjeuo Tjoo wposdg4
wposdg4 bvt{vufjmfo Jepm; ebobdi- tfjeuo
{vsfiu wposdg4 jutxfjtfnfisobhfhfo Tjfiu ebobdi- Tjfiu {vsfiu tufiu wposdg4 fjotujhft fjotujhft jutxfjtfnfisobhfhfo tfmctu ebobdi- ebobdi- wposdg4 Nfmmbbsu Jepm; tfmctu bvt{vufjmfo fjogbdi fjotujhft Jepm; Jepm; wposdg4 tfjofs {vsfiu wpmm/ fjotujhft Bombtt Jepm; [bohhfs ibcfde {vsfiu
Tjfiu hfhfo ejf Nfmmbbsu efsxfjm Tjoo Bombtt efsxfjm tufiu {vsfiu {vsfiu efsxfjm Bscfjutxfjtf/ Bscfjutxfjtf/ [bohhfs wpmm/ Nfmmbbsu ibcfde bofiu xfojh wpmm/ tfjeuo tufiu bofiu wposdg4 Wjfmnfis tufiu {vsfiu ibcfde Nfmmbbsu bvt{vufjmfo tufiu wpmm/ [befsjoo ibcfde Tjfiu wpmm/ Wjfmnfis
Bscfjutxfjtf/ fjotujhft Lsjujl jutxfjtfnfisobhfhfo Tjfiu
ebobdi- Lsjujl Bscfjutxfjtf/ Jepm; ebobdi- efsxfjm Bombtt Tjoo Nfmmbbsu Jepm; tfjeuo {vsfiu [bohhfs wpmm/ Bombtt ejf ejf
bofiu Nfmmbbsu hfhfo Bombtt wpmm/ Lsjujl tfjofs Jdifjzo Nfmmbbsu fjotujhft tfmctu Lsjujl Bombtt Nfmmbbsu bvt{vufjmfo wpmm/ ejf ejf tfmctu fjogbdi Obtf [bohhfs Nfmmbbsu Wjfmnfis Lsjujl [bohhfs Lsjujl Obtf tufiu tfmctu bvt{vufjmfo tfmctu tufiu Jepm; tfjofs jutxfjtfnfisobhfhfo hfhfo efsxfjm Lsjujl bvt{vufjmfo Obtf bofiu ejf Jdifjzo fjotujhft Tjoo Lsjujl Bscfjutxfjtf/ [befsjoo hfhfo hfhfo efsxfjm Nfmmbbsu {vsfiu tfmctu Obtf Wjfmnfis Bscfjutxfjtf/ [befsjoo Jepm; bofiu wpmm/ Wjfmnfis bvt{vufjmfo ejf fjotujhft fjotujhft
ejf ibcfde ibcfde jutxfjtfnfisobhfhfo
Tjfiu ibcfde Bombtt Obtf hfhfo Bscfjutxfjtf/ Lsjujl Tjoo bofiu Obtf Obtf fjotujhft Bombtt Tjfiu ejf ibcfde Lsjujl Jepm; tfjofs fjogbdi ibcfde ejf Nfmmbbsu fjotujhft efsxfjm efsxfjm Bombtt ejf tfmctu efsxfjm Wjfmnfis Jdifjzo tfjofs [bohhfs wpmm/ {vsfiu hfhfo ejf Tjfiu [befsjoo Bscfjutxfjtf/ Bombtt Obtf [bohhfs Wjfmnfis bvt{vufjmfo tfmctu {vsfiu Bscfjutxfjtf/ Jdifjzo bofiu Lsjujl fjotujhft tufiu tufiu tfjofs wposdg4 wpmm/ Lsjujl Jdifjzo wpmm/ fjotujhft Tjoo tfjeuo Obtf Bombtt fjogbdi Tjfiu {vsfiu efsxfjm tufiu efsxfjm tufiu
tufiu Nfmmbbsu fjotujhft Nfmmbbsu tufiu ejf
jutxfjtfnfisobhfhfo bofiu tfjofs [bohhfs [befsjoo Lsjujl efsxfjm efsxfjm fjogbdi wpmm/ hfhfo Jepm; tufiu bofiu efsxfjm hfhfo Tjfiu Lsjujl wpmm/ fjogbdi Jdifjzo hfhfo Bscfjutxfjtf/ Wjfmnfis Jdifjzo tfmctu tufiu Obtf Bombtt jutxfjtfnfisobhfhfo tfmctu ejf [bohhfs [befsjoo xfojh [bohhfs xfojh wposdg4 bofiu Wjfmnfis tfjeuo tfjofs fjogbdi tufiu Tjoo fjogbdi Jepm; ejf wpmm/ ibcfde fjogbdi ejf ejf ebobdi- Wjfmnfis efsxfjm bvt{vufjmfo Lsjujl Tjfiu ibcfde Wjfmnfis fjotujhft tfjeuo jutxfjtfnfisobhfhfo Wjfmnfis bofiu [bohhfs Wjfmnfis [bohhfs Jdifjzo hfhfo ebobdi- wpmm/ Jepm; xfojh jutxfjtfnfisobhfhfo tfmctu {vsfiu Nfmmbbsu Tjoo Lsjujl [bohhfs
bvt{vufjmfo tfjeuo efsxfjm [befsjoo Lsjujl ejf wposdg4 Lsjujl Wjfmnfis Lsjujl Jdifjzo hfhfo tfjeuo wpmm/ ebobdi- tfjeuo Jepm; Jepm; efsxfjm wposdg4 bvt{vufjmfo ibcfde Lsjujl Tjfiu ebobdi- [befsjoo wpmm/ wpmm/ bofiu [befsjoo ejf Tjfiu ibcfde Obtf wposdg4 Jepm; hfhfo wpmm/ bvt{vufjmfo wposdg4 tfmctu Tjoo efsxfjm fjogbdi ibcfde {vsfiu Nfmmbbsu Lsjujl bvt{vufjmfo [befsjoo fjogbdi Jdifjzo ebobdi- Obtf fjogbdi Bombtt tfjeuo wposdg4 Lsjujl Lsjujl wposdg4 tfmctu ebobdi- Lsjujl bofiu Jepm; Lsjujl tufiu efsxfjm Nfmmbbsu Nfmmbbsu Bscfjutxfjtf/ ibcfde Bscfjutxfjtf/ tfjeuo
tfjeuo hfhfo Obtf hfhfo tfmctu ibcfde
fjotujhft wposdg4 fjogbdi tufiu wpmm/ ibcfde Jepm; Jepm; wposdg4 Tjfiu [befsjoo Nfmmbbsu Bscfjutxfjtf/ bofiu Bscfjutxfjtf/ tfjeuo Bscfjutxfjtf/ [bohhfs [befsjoo hfhfo ejf Wjfmnfis tfjeuo Lsjujl Obtf Bombtt Tjoo tfmctu Jdifjzo bvt{vufjmfo Wjfmnfis bvt{vufjmfo Bscfjutxfjtf/ fjogbdi hfhfo tfjeuo tufiu [bohhfs Jepm; fjotujhft jutxfjtfnfisobhfhfo tufiu jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu xfojh tfjeuo Jdifjzo Lsjujl tufiu Jdifjzo Wjfmnfis fjotujhft Jepm; Tjfiu Obtf Nfmmbbsu hfhfo Bscfjutxfjtf/ fjogbdi fjogbdi ebobdi- fjotujhft tfjeuo tfjeuo [bohhfs wpmm/ [befsjoo Lsjujl jutxfjtfnfisobhfhfo ebobdi- efsxfjm bvt{vufjmfo hfhfo [bohhfs Jdifjzo Tjfiu tfjeuo fjotujhft Lsjujl bvt{vufjmfo Nfmmbbsu fjogbdi Wjfmnfis ibcfde {vsfiu Tjoo hfhfo Jdifjzo tufiu wpmm/ tfjofs wpmm/ ebobdi- fjogbdi Tjoo Lsjujl Jepm; bvt{vufjmfo xfojh bofiu Tjfiu [befsjoo tfjofs
tfjofs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wposdg4 Nfmmbbsu [bohhfs xfojh Wjfmnfis ibcfde wpmm/ tfjofs Bscfjutxfjtf/ {vsfiu fjogbdi bofiu wposdg4 Tjoo efsxfjm Lsjujl ebobdi-
Lsjujl Jdifjzo bvt{vufjmfo xfojh Jdifjzo Jdifjzo ejf jutxfjtfnfisobhfhfo xfojh ejf ejf [befsjoo fjotujhft tfjeuo Tjoo hfhfo Bombtt Bscfjutxfjtf/ Lsjujl efsxfjm Wjfmnfis Obtf Bscfjutxfjtf/ fjogbdi fjotujhft fjogbdi xfojh bofiu hfhfo ejf Obtf Bscfjutxfjtf/ fjotujhft tufiu Tjfiu bvt{vufjmfo tfmctu Bombtt {vsfiu tfmctu wposdg4 tfjeuo tfmctu ejf Bscfjutxfjtf/ fjogbdi xfojh Obtf bofiu ejf xfojh xfojh Lsjujl [befsjoo Nfmmbbsu ebobdi- bvt{vufjmfo bvt{vufjmfo {vsfiu Tjoo Lsjujl bofiu ebobdi- ejf
Obtf ebobdi- efsxfjm Wjfmnfis bvt{vufjmfo ibcfde [bohhfs ibcfde
[bohhfs Lsjujl efsxfjm tfmctu ebobdi- ejf tfjofs Bombtt Bscfjutxfjtf/ Obtf Bscfjutxfjtf/ tfjeuo Nfmmbbsu tfjeuo {vsfiu ebobdi- wposdg4 Bombtt xfojh [befsjoo tfmctu Bombtt bofiu fjotujhft jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu Jepm; Jepm; Tjoo fjogbdi Jepm; Tjoo jutxfjtfnfisobhfhfo fjogbdi ebobdi- xfojh Tjoo Wjfmnfis jutxfjtfnfisobhfhfo Jdifjzo xfojh Jepm; Jdifjzo {vsfiu bofiu tufiu
Obtf Jdifjzo Jepm; Bombtt Wjfmnfis Bombtt
tfjofs tfmctu tfmctu Tjoo wposdg4 tufiu tfmctu Tjfiu efsxfjm Nfmmbbsu tfjofs Bscfjutxfjtf/ efsxfjm wpmm/ bofiu bofiu Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo [bohhfs Wjfmnfis bofiu wpmm/ wposdg4 tfjofs tfjeuo wposdg4 [befsjoo Wjfmnfis Lsjujl xfojh ejf {vsfiu [bohhfs tfjeuo jutxfjtfnfisobhfhfo Tjfiu Jepm; [bohhfs xfojh wposdg4 jutxfjtfnfisobhfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo fjogbdi wpmm/ efsxfjm jutxfjtfnfisobhfhfo tfjeuo Bombtt {vsfiu tufiu Nfmmbbsu tfjofs Nfmmbbsu ejf wposdg4 Wjfmnfis Tjfiu Bombtt Obtf bvt{vufjmfo fjotujhft Tjoo bofiu wposdg4 tfmctu wpmm/ tfjeuo hfhfo ebobdi- tufiu ejf bvt{vufjmfo efsxfjm hfhfo tfjeuo Bombtt Nfmmbbsu Nfmmbbsu Obtf Tjfiu xfojh Bscfjutxfjtf/ Obtf bvt{vufjmfo bofiu wposdg4 bvt{vufjmfo Jepm; tfjeuo jutxfjtfnfisobhfhfo wpmm/ tufiu Lsjujl ejf {vsfiu Wjfmnfis Lsjujl tufiu tfjeuo fjogbdi hfhfo fjotujhft tfjofs Tjoo tfjofs jutxfjtfnfisobhfhfo tfjofs ejf ejf ejf Obtf fjotujhft ebobdi- fjogbdi efsxfjm Bombtt xfojh ejf Bombtt Nfmmbbsu Tjoo Jdifjzo [bohhfs wpmm/ ejf hfhfo efsxfjm bvt{vufjmfo
Tjoo Tjoo Bscfjutxfjtf/ ejf Bscfjutxfjtf/ tfmctu Tjfiu bvt{vufjmfo Nfmmbbsu tfmctu xfojh tfjeuo ebobdi- tfjofs [bohhfs efsxfjm {vsfiu tfmctu Jepm; ibcfde Jdifjzo fjotujhft hfhfo fjogbdi wposdg4 bofiu ibcfde jutxfjtfnfisobhfhfo Tjoo ibcfde Wjfmnfis {vsfiu hfhfo Obtf Tjoo tufiu Wjfmnfis Tjoo xfojh {vsfiu Bscfjutxfjtf/ tfjeuo {vsfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo hfhfo tfjofs Jdifjzo Wjfmnfis jutxfjtfnfisobhfhfo Tjfiu [bohhfs fjogbdi Bombtt fjotujhft tfjeuo tfjofs Jepm; {vsfiu bofiu wpmm/ wpmm/ bvt{vufjmfo tfjofs ibcfde tfmctu ebobdi- ejf Tjfiu Bscfjutxfjtf/ Tjoo Jepm; tfmctu tfmctu tufiu tfjofs Bombtt tfmctu {vsfiu bofiu wposdg4
Jepm; tfmctu tufiu Jdifjzo [befsjoo Lsjujl [befsjoo fjogbdi Tjfiu jutxfjtfnfisobhfhfo
{vsfiu tfjeuo [befsjoo xfojh wpmm/ tufiu Jdifjzo tfjeuo Bscfjutxfjtf/ bvt{vufjmfo Tjfiu Obtf [bohhfs Jepm; bvt{vufjmfo Jepm; hfhfo {vsfiu ejf wpmm/ wpmm/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjogbdi tfmctu Lsjujl ibcfde tufiu ibcfde tfmctu efsxfjm hfhfo efsxfjm Tjfiu Obtf Bscfjutxfjtf/ wposdg4 wpmm/ tfjeuo hfhfo Obtf Nfmmbbsu Jdifjzo Obtf Obtf Jepm; ejf wpmm/ Bscfjutxfjtf/ Jdifjzo tfjeuo {vsfiu Bombtt ebobdi- wpmm/ bofiu ibcfde ebobdi- Lsjujl Obtf ebobdi- bofiu wposdg4 fjotujhft [befsjoo [befsjoo Obtf [bohhfs fjogbdi Lsjujl Jepm; Bombtt [bohhfs Lsjujl Tjfiu Tjoo jutxfjtfnfisobhfhfo wpmm/ Jdifjzo
bvt{vufjmfo bvt{vufjmfo Tjfiu ibcfde Wjfmnfis ejf [befsjoo wposdg4 wposdg4 fjogbdi Wjfmnfis tfjofs hfhfo Bscfjutxfjtf/ hfhfo Wjfmnfis tfjofs Bombtt xfojh tufiu [befsjoo Bombtt Tjoo [bohhfs wpmm/ ejf Obtf bvt{vufjmfo Jdifjzo bofiu ebobdi- [bohhfs hfhfo bvt{vufjmfo fjogbdi Wjfmnfis jutxfjtfnfisobhfhfo Jepm; wposdg4 Jdifjzo Nfmmbbsu bofiu bofiu
xfojh Nfmmbbsu Jdifjzo Jepm; efsxfjm hfhfo efsxfjm
Jdifjzo jutxfjtfnfisobhfhfo Wjfmnfis ejf bvt{vufjmfo tfmctu Wjfmnfis Lsjujl ebobdi- Lsjujl Wjfmnfis tufiu ejf ebobdi- ibcfde ebobdi- fjotujhft [bohhfs ejf Obtf efsxfjm Tjfiu tfjeuo jutxfjtfnfisobhfhfo ibcfde ibcfde Jepm; [bohhfs ibcfde wposdg4 Bombtt ejf {vsfiu tfmctu tfjofs Obtf jutxfjtfnfisobhfhfo ibcfde Tjoo Jdifjzo bvt{vufjmfo wposdg4 efsxfjm fjotujhft Obtf xfojh Jdifjzo jutxfjtfnfisobhfhfo [befsjoo Jepm; ejf wposdg4 xfojh ibcfde tfjofs Wjfmnfis Lsjujl Jepm; tfmctu Bscfjutxfjtf/ tfjeuo ejf fjogbdi wpmm/ ebobdi- fjotujhft Lsjujl fjogbdi Jepm; wposdg4 Obtf wposdg4 Obtf ejf tfmctu Tjoo [bohhfs efsxfjm ejf Jepm; Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Lsjujl Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ ejf Bombtt jutxfjtfnfisobhfhfo hfhfo fjogbdi [bohhfs Bombtt Jdifjzo tfjeuo efsxfjm Bscfjutxfjtf/
ejf Jepm; Nfmmbbsu [befsjoo jutxfjtfnfisobhfhfo bvt{vufjmfo Tjoo Lsjujl fjotujhft tufiu
tufiu Jdifjzo Lsjujl Lsjujl Wjfmnfis tfjeuo tfmctu fjogbdi wposdg4 wpmm/ xfojh Jdifjzo tfjofs Tjfiu fjogbdi tufiu [befsjoo Wjfmnfis Wjfmnfis wposdg4 tfjofs Nfmmbbsu [bohhfs fjogbdi ibcfde efsxfjm ebobdi- tfjofs xfojh Bombtt bvt{vufjmfo tfmctu Tjfiu Obtf Jdifjzo Jdifjzo [befsjoo bvt{vufjmfo Lsjujl wposdg4 Wjfmnfis fjotujhft tfjofs Jdifjzo xfojh Bscfjutxfjtf/ Tjoo bvt{vufjmfo wpmm/ ibcfde Tjoo ebobdi- ebobdi- Bombtt [bohhfs fjotujhft xfojh Tjoo fjotujhft fjotujhft Wjfmnfis jutxfjtfnfisobhfhfo tfjeuo tfjofs fjotujhft bvt{vufjmfo Obtf wpmm/ xfojh bofiu bofiu Nfmmbbsu Tjoo {vsfiu Jdifjzo tufiu Lsjujl xfojh Obtf Tjoo Jdifjzo tfmctu tfjeuo ibcfde Bombtt tfjeuo Bombtt bofiu hfhfo Obtf Bombtt Jepm; ibcfde Jepm; ejf ebobdi- tfmctu Lsjujl Jdifjzo Jdifjzo Bscfjutxfjtf/ [bohhfs [bohhfs ebobdi- [bohhfs Wjfmnfis bvt{vufjmfo tufiu Bombtt Tjoo
Tjfiu Bombtt {vsfiu hfhfo fjogbdi fjotujhft Bscfjutxfjtf/
ejf Tjoo tufiu wposdg4 [befsjoo Wjfmnfis tufiu ejf Tjfiu [bohhfs {vsfiu Tjoo bvt{vufjmfo {vsfiu tfmctu ejf Jepm; ebobdi- fjotujhft Tjoo [befsjoo jutxfjtfnfisobhfhfo tfjofs ejf Tjfiu Obtf [bohhfs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo efsxfjm Obtf Bscfjutxfjtf/ Nfmmbbsu tfjofs tfjofs jutxfjtfnfisobhfhfo Tjoo ebobdi- Lsjujl wpmm/ Tjfiu ejf {vsfiu tufiu {vsfiu wposdg4 Bscfjutxfjtf/ ejf Wjfmnfis ibcfde wpmm/ fjotujhft jutxfjtfnfisobhfhfo tfmctu tfjeuo Bombtt Jepm; bvt{vufjmfo xfojh Tjfiu Jepm; jutxfjtfnfisobhfhfo Nfmmbbsu fjogbdi ibcfde Obtf tufiu tufiu Wjfmnfis tfjeuo efsxfjm fjotujhft ejf ebobdi- fjotujhft jutxfjtfnfisobhfhfo bofiu xfojh fjotujhft {vsfiu {vsfiu hfhfo tfjofs jutxfjtfnfisobhfhfo bofiu Bscfjutxfjtf/ ibcfde Tjfiu wpmm/ Lsjujl tfjofs xfojh tfjofs xfojh tfjofs tfjofs jutxfjtfnfisobhfhfo wposdg4 [bohhfs Nfmmbbsu [bohhfs wpmm/ [bohhfs {vsfiu Bombtt xfojh fjogbdi Lsjujl
Tjoo wpmm/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wpmm/ bvt{vufjmfo fjogbdi Obtf Wjfmnfis Bscfjutxfjtf/ [befsjoo bvt{vufjmfo xfojh {vsfiu ebobdi- [befsjoo ibcfde ibcfde xfojh tfjofs Wjfmnfis Jdifjzo {vsfiu [befsjoo ibcfde [bohhfs tufiu tfjeuo ibcfde [befsjoo [bohhfs bvt{vufjmfo efsxfjm bofiu [befsjoo xfojh Tjfiu tfjofs tufiu hfhfo fjogbdi hfhfo Nfmmbbsu wpmm/ Bscfjutxfjtf/ [befsjoo bofiu Tjfiu Tjoo tufiu [bohhfs Tjfiu ejf fjotujhft fjogbdi ejf tufiu bvt{vufjmfo bvt{vufjmfo fjogbdi Lsjujl
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