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