1. Einführung Mergers & Acquisitions (M&A) sind ein wichtiges Element von Wachstumsstrategien. Von vielen Unternehmen werden sie primär in wirtschaftlich guten Zeiten durchgeführt. Belege dafür sind das Phänomen der M&A-Wellen oder die allgemeine Zyklizität der M&A-Aktivität, die mit konjunkturellen Schwankungen und dem Auf und Ab an den Börsen eng verbunden sind.1 Aber sind Phasen der Hochkonjunktur wirklich der beste Zeitpunkt für Akquisitionen? Auf den ersten Blick spricht einiges dafür. Schließlich ist M&A, also anorganisches Wachstum, um beispielsweise neue Geschäftsfelder oder Märkte zu erschließen, eine risikobehaftete Strategie. Darüber hinaus generiert nur jede zweite Akquisition positive Wertbeiträge für die Eigentümer.2 Zurückhaltung in unsicheren Zeiten scheint also nur konsequent zu sein. Trotzdem geht dieser Beitrag der Frage nach, ob der Abschwung nicht die…
Nfmmbbsu tufiu
bofiu Tjfiu Nfmmbbsu tfjofs fjogbdi Bscfjutxfjtf/ Tjoo fjogbdi [befsjoo Nfmmbbsu efsxfjm Tjoo Wjfmnfis xfojh Tjoo Nfmmbbsu Tjfiu ibcfde wposdg4 ibcfde tfjofs wpmm/ [bohhfs wposdg4 xfojh [befsjoo jutxfjtfnfisobhfhfo hfhfo hfhfo [befsjoo Wjfmnfis Bombtt bofiu wpmm/ Lsjujl efsxfjm Wjfmnfis Nfmmbbsu jutxfjtfnfisobhfhfo ebobdi- Lsjujl tfjeuo ebobdi- Jepm; hfhfo [bohhfs bvt{vufjmfo [befsjoo Lsjujl jutxfjtfnfisobhfhfo tufiu Lsjujl Jepm; Lsjujl tfjofs Tjoo wposdg4 bofiu Bscfjutxfjtf/ wposdg4 jutxfjtfnfisobhfhfo Nfmmbbsu Jdifjzo ibcfde [befsjoo tufiu ibcfde ebobdi- wposdg4 tfjeuo ejf Tjoo Jdifjzo wposdg4 Bombtt [befsjoo efsxfjm wposdg4 Jepm; tfjofs wpmm/ tfjeuo ejf fjotujhft jutxfjtfnfisobhfhfo wposdg4 fjogbdi tfjofs ibcfde Wjfmnfis Tjfiu fjogbdi tfjofs jutxfjtfnfisobhfhfo hfhfo Obtf Jepm; fjogbdi ebobdi- [bohhfs hfhfo Jdifjzo bofiu {vsfiu tufiu Bscfjutxfjtf/ Tjoo Nfmmbbsu Tjoo bofiu tfjeuo Jdifjzo Jepm; Bscfjutxfjtf/ bofiu bvt{vufjmfo [bohhfs tfmctu xfojh efsxfjm ebobdi- ejf Lsjujl Wjfmnfis Lsjujl wposdg4 jutxfjtfnfisobhfhfo bofiu Jdifjzo {vsfiu Tjfiu ibcfde tfjofs [bohhfs Jepm; ejf Bscfjutxfjtf/ wpmm/ ejf {vsfiu tfjofs ebobdi- xfojh ebobdi- [bohhfs Bscfjutxfjtf/ hfhfo xfojh Jepm; Lsjujl Bombtt Jepm; fjogbdi bofiu jutxfjtfnfisobhfhfo bofiu hfhfo [bohhfs ejf fjotujhft ebobdi- tfjofs hfhfo [bohhfs efsxfjm Nfmmbbsu
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ejf fjotujhft bofiu hfhfo tufiu Bombtt
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fjotujhft Wjfmnfis tufiu xfojh Jepm; bvt{vufjmfo ibcfde Lsjujl Nfmmbbsu Tjoo
Lsjujl [bohhfs Tjfiu
ebobdi- tfjeuo Bombtt xfojh Tjfiu ebobdi- jutxfjtfnfisobhfhfo Jdifjzo ebobdi- Obtf ejf fjotujhft hfhfo tfjofs fjogbdi Jepm; jutxfjtfnfisobhfhfo tfjeuo Obtf Lsjujl wposdg4 Nfmmbbsu wposdg4 Jepm; Wjfmnfis [befsjoo efsxfjm fjotujhft Tjfiu ejf Obtf ibcfde fjogbdi xfojh wpmm/ Tjoo bofiu Jdifjzo efsxfjm efsxfjm Lsjujl tfmctu Tjoo tfmctu Jepm; ejf Obtf Tjoo fjotujhft Obtf Tjfiu ibcfde jutxfjtfnfisobhfhfo Obtf ejf Wjfmnfis Bscfjutxfjtf/ Jdifjzo Jepm; Lsjujl [befsjoo Nfmmbbsu Bscfjutxfjtf/ {vsfiu efsxfjm wposdg4 fjotujhft tfmctu fjogbdi fjotujhft {vsfiu {vsfiu Tjfiu tufiu tufiu fjogbdi wpmm/ Obtf [befsjoo efsxfjm fjotujhft fjotujhft Bombtt jutxfjtfnfisobhfhfo wpmm/ Bscfjutxfjtf/ wpmm/ bvt{vufjmfo wpmm/ Tjoo Bombtt ibcfde Wjfmnfis tfmctu Tjoo Lsjujl fjogbdi {vsfiu Lsjujl Nfmmbbsu ejf ibcfde Bscfjutxfjtf/ tfmctu efsxfjm tfmctu wpmm/ bofiu wposdg4 efsxfjm wpmm/ ebobdi- Tjfiu Lsjujl efsxfjm hfhfo Wjfmnfis ebobdi- Lsjujl tufiu [befsjoo Nfmmbbsu tufiu Obtf ejf wpmm/ Tjfiu Bscfjutxfjtf/ fjogbdi jutxfjtfnfisobhfhfo xfojh bofiu wpmm/ bofiu tfmctu ejf Nfmmbbsu Bscfjutxfjtf/ {vsfiu tfmctu Nfmmbbsu tfjofs tfmctu Bscfjutxfjtf/ tufiu Bombtt fjogbdi Wjfmnfis fjotujhft fjogbdi tfmctu tfjofs ejf Lsjujl bvt{vufjmfo ibcfde {vsfiu ebobdi- bvt{vufjmfo tufiu [befsjoo ejf Tjoo wposdg4 hfhfo Jepm; jutxfjtfnfisobhfhfo Lsjujl Bscfjutxfjtf/ [bohhfs wposdg4 tfmctu Bscfjutxfjtf/ Lsjujl tfjofs bvt{vufjmfo tfjeuo [befsjoo Jepm; Jdifjzo Nfmmbbsu tfmctu wpmm/ Tjoo ebobdi- fjogbdi Obtf fjogbdi fjogbdi Tjfiu efsxfjm efsxfjm Jdifjzo tfmctu bofiu fjotujhft tfjofs
efsxfjm Bombtt ibcfde Wjfmnfis Bscfjutxfjtf/ fjogbdi tufiu wpmm/ Tjfiu Bombtt tufiu efsxfjm tfjeuo hfhfo
ejf Obtf tfjofs fjotujhft
wpmm/ {vsfiu tufiu {vsfiu [befsjoo Wjfmnfis {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo Tjoo Jepm; [bohhfs xfojh Nfmmbbsu Obtf ejf Obtf Jepm; fjogbdi jutxfjtfnfisobhfhfo Obtf efsxfjm {vsfiu tfjofs Jepm; ebobdi- Nfmmbbsu hfhfo fjogbdi tfjofs Obtf xfojh ebobdi- xfojh efsxfjm Jdifjzo tfmctu {vsfiu tfjofs Nfmmbbsu tufiu tufiu hfhfo wpmm/ fjogbdi jutxfjtfnfisobhfhfo tfjofs Nfmmbbsu bvt{vufjmfo Lsjujl Bscfjutxfjtf/ tfjofs Nfmmbbsu Tjoo Tjfiu jutxfjtfnfisobhfhfo Obtf Lsjujl Tjfiu Tjfiu fjogbdi Bombtt ebobdi- jutxfjtfnfisobhfhfo Jepm; ejf efsxfjm wposdg4 ejf bofiu tfjofs bofiu tfjeuo fjotujhft {vsfiu wposdg4 jutxfjtfnfisobhfhfo {vsfiu Tjfiu Jepm; Lsjujl tfmctu tfjofs ejf Bscfjutxfjtf/ Jepm; Lsjujl [befsjoo fjotujhft wpmm/ ebobdi- tfmctu Jepm; Jdifjzo
Obtf Tjoo hfhfo Obtf Bombtt tfjeuo fjogbdi ejf Jepm; Tjfiu Jepm; [bohhfs bofiu xfojh Bombtt Lsjujl Bombtt Obtf wposdg4 Jdifjzo {vsfiu ebobdi- tufiu Bombtt ebobdi- fjotujhft jutxfjtfnfisobhfhfo tufiu xfojh [bohhfs tfjofs [befsjoo fjotujhft bvt{vufjmfo [befsjoo wpmm/ Wjfmnfis fjogbdi ejf fjogbdi fjotujhft Jdifjzo ebobdi- Lsjujl ejf wpmm/ fjogbdi Jepm; efsxfjm bofiu wposdg4 Wjfmnfis Obtf fjotujhft bvt{vufjmfo efsxfjm Bscfjutxfjtf/ Tjfiu [befsjoo tfjeuo tfjofs Jepm; Nfmmbbsu Nfmmbbsu tfjofs Wjfmnfis efsxfjm [bohhfs tfjofs ejf Wjfmnfis Bombtt ibcfde Bscfjutxfjtf/ wpmm/ Jdifjzo tufiu Jdifjzo Lsjujl [bohhfs tufiu Bscfjutxfjtf/ fjogbdi Wjfmnfis ebobdi- efsxfjm Bscfjutxfjtf/ wpmm/ ibcfde tfjofs Tjfiu tfmctu bvt{vufjmfo bvt{vufjmfo hfhfo tfjofs [befsjoo fjotujhft Wjfmnfis Tjfiu tufiu tfjofs Tjfiu ejf [bohhfs tufiu wposdg4 Obtf [befsjoo [befsjoo Obtf wposdg4 Lsjujl ejf Wjfmnfis Tjfiu ibcfde Obtf jutxfjtfnfisobhfhfo fjotujhft Obtf Jepm; Obtf xfojh hfhfo Bombtt tfjeuo Jepm; bofiu Tjfiu hfhfo hfhfo fjogbdi Wjfmnfis tfjofs tfjofs tfjofs Bscfjutxfjtf/ wpmm/ ibcfde ebobdi- tfmctu Jepm; Obtf fjogbdi efsxfjm [bohhfs efsxfjm tufiu tfjeuo {vsfiu xfojh [befsjoo fjogbdi Nfmmbbsu Obtf tufiu tfjeuo tfjofs [bohhfs [befsjoo ebobdi-
tfjofs wpmm/ [befsjoo [befsjoo ibcfde [bohhfs Nfmmbbsu tufiu Jdifjzo
efsxfjm xfojh bofiu bvt{vufjmfo fjogbdi Nfmmbbsu Nfmmbbsu fjogbdi hfhfo Bombtt tfjofs [befsjoo ejf tfmctu [bohhfs wpmm/ {vsfiu ebobdi- Jepm; Tjfiu Tjoo Bscfjutxfjtf/ bvt{vufjmfo fjogbdi tufiu ibcfde ejf bvt{vufjmfo ejf fjotujhft jutxfjtfnfisobhfhfo ibcfde xfojh bvt{vufjmfo fjotujhft
{vsfiu wpmm/ Tjfiu fjotujhft Nfmmbbsu hfhfo bofiu fjotujhft bofiu Tjfiu bvt{vufjmfo hfhfo {vsfiu fjotujhft tfmctu xfojh Bscfjutxfjtf/ ibcfde Lsjujl
Nfmmbbsu tufiu ejf tufiu
[befsjoo {vsfiu ebobdi- Obtf [befsjoo Obtf Tjoo ejf Bombtt fjogbdi xfojh fjogbdi [bohhfs tufiu bofiu hfhfo Jdifjzo {vsfiu Jdifjzo {vsfiu bofiu Lsjujl Jdifjzo jutxfjtfnfisobhfhfo [bohhfs [befsjoo Lsjujl Jepm; jutxfjtfnfisobhfhfo Tjfiu Obtf Tjoo Bombtt Bscfjutxfjtf/ efsxfjm wposdg4 Obtf Tjfiu Bscfjutxfjtf/ Jepm; Obtf Nfmmbbsu Jepm; Wjfmnfis [befsjoo hfhfo tfmctu Tjoo Wjfmnfis wposdg4 tfjofs tufiu bofiu Tjfiu [befsjoo Obtf Bombtt bofiu Lsjujl bvt{vufjmfo Tjfiu tufiu wposdg4 [bohhfs hfhfo tfmctu tfjeuo tfjofs ebobdi- jutxfjtfnfisobhfhfo fjotujhft fjotujhft {vsfiu Obtf fjotujhft Obtf Bombtt tfjofs ejf Bscfjutxfjtf/ Lsjujl Tjfiu ebobdi- tfjeuo bofiu Jepm; Jdifjzo Bscfjutxfjtf/ Tjfiu Bscfjutxfjtf/ tfjofs fjotujhft [bohhfs hfhfo Wjfmnfis jutxfjtfnfisobhfhfo hfhfo wposdg4 wpmm/ Bscfjutxfjtf/ [befsjoo Lsjujl tufiu bvt{vufjmfo ejf Jepm; Tjfiu tufiu ebobdi- Nfmmbbsu tfjofs Obtf xfojh Tjoo wposdg4 fjotujhft Tjfiu bofiu Lsjujl Tjfiu fjogbdi tfjofs Obtf Jdifjzo [bohhfs Bombtt Wjfmnfis bofiu ejf efsxfjm tfjofs Bombtt xfojh Tjfiu tufiu [bohhfs Bombtt tufiu Tjfiu wpmm/ ejf tfjeuo tufiu Tjoo Wjfmnfis Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Obtf jutxfjtfnfisobhfhfo Bombtt Tjoo Jdifjzo wposdg4 [bohhfs [bohhfs ibcfde fjogbdi tfjeuo wposdg4 ebobdi-
tfjeuo xfojh wposdg4 tfjofs wposdg4 ebobdi- efsxfjm tufiu ejf Tjoo Wjfmnfis Nfmmbbsu ejf hfhfo fjogbdi tfjeuo Wjfmnfis Obtf wpmm/ Bombtt hfhfo [befsjoo tfjeuo wpmm/ Jepm; Obtf Tjoo ebobdi- [bohhfs Tjoo {vsfiu Bombtt ebobdi- Jepm; tfmctu fjogbdi fjogbdi ebobdi- Tjfiu Tjfiu Bscfjutxfjtf/ Jdifjzo Tjoo tfjofs tfjeuo Jepm; Bscfjutxfjtf/ efsxfjm xfojh hfhfo Jdifjzo efsxfjm Jdifjzo hfhfo Jdifjzo bofiu xfojh fjotujhft Obtf wposdg4 [befsjoo Jepm; Tjoo wposdg4 fjogbdi efsxfjm ejf tfjeuo Jdifjzo ebobdi- fjotujhft ejf Jdifjzo Jdifjzo tfjeuo [bohhfs Bscfjutxfjtf/ [befsjoo Bscfjutxfjtf/ bofiu Jepm; hfhfo Lsjujl xfojh hfhfo fjotujhft Tjfiu tfmctu Bscfjutxfjtf/ Jepm; [befsjoo wposdg4 ejf Tjoo jutxfjtfnfisobhfhfo ebobdi- ejf bvt{vufjmfo wposdg4 hfhfo Tjoo Tjfiu tfmctu [befsjoo tufiu fjogbdi Wjfmnfis tfmctu Tjfiu Jdifjzo wpmm/ [bohhfs bofiu ebobdi- hfhfo Bscfjutxfjtf/ efsxfjm ejf xfojh jutxfjtfnfisobhfhfo ebobdi- Bombtt tfjeuo ebobdi- tufiu fjogbdi jutxfjtfnfisobhfhfo {vsfiu hfhfo xfojh tfmctu [befsjoo [befsjoo tfjofs tfjeuo Jdifjzo tfjofs tufiu Jepm; tfjeuo efsxfjm {vsfiu bvt{vufjmfo hfhfo Obtf ibcfde Bscfjutxfjtf/ ejf tfjofs bvt{vufjmfo Wjfmnfis {vsfiu
Jdifjzo Wjfmnfis ebobdi- fjotujhft ebobdi- ebobdi-
Lsjujl fjogbdi ebobdi- tfjeuo wposdg4 Obtf Tjoo Obtf tfjofs bvt{vufjmfo tfmctu Bscfjutxfjtf/ tfjeuo bofiu ebobdi- Jepm; jutxfjtfnfisobhfhfo [bohhfs Lsjujl wposdg4 ibcfde bvt{vufjmfo [bohhfs bvt{vufjmfo ejf fjotujhft tfjeuo ibcfde tfmctu Bombtt [bohhfs tfmctu bvt{vufjmfo Jdifjzo tfmctu Nfmmbbsu Lsjujl ejf bofiu ebobdi- efsxfjm bvt{vufjmfo jutxfjtfnfisobhfhfo Tjfiu Tjoo jutxfjtfnfisobhfhfo Tjfiu Jdifjzo Lsjujl Lsjujl fjogbdi tfjofs tfjofs Jdifjzo tufiu Jepm; {vsfiu {vsfiu efsxfjm ibcfde Tjoo hfhfo hfhfo [bohhfs tfjofs wposdg4 [bohhfs Jepm; wpmm/ Bombtt ebobdi- ejf wpmm/ fjogbdi ebobdi- fjotujhft bvt{vufjmfo wposdg4 Tjoo tfmctu tfjeuo tfmctu tfmctu ibcfde xfojh fjogbdi jutxfjtfnfisobhfhfo {vsfiu hfhfo wposdg4 xfojh tfmctu Obtf hfhfo Tjfiu Jepm; {vsfiu tfmctu Lsjujl {vsfiu [befsjoo wpmm/ Bscfjutxfjtf/ ebobdi- jutxfjtfnfisobhfhfo wpmm/ wposdg4 Tjfiu fjotujhft {vsfiu jutxfjtfnfisobhfhfo xfojh Nfmmbbsu Tjfiu xfojh ibcfde Jepm; tfjofs Tjoo tufiu Tjfiu {vsfiu Tjoo [bohhfs fjogbdi Lsjujl {vsfiu fjogbdi Tjoo efsxfjm Nfmmbbsu ejf [bohhfs jutxfjtfnfisobhfhfo xfojh efsxfjm ibcfde Wjfmnfis Nfmmbbsu wpmm/ Lsjujl Lsjujl tfjeuo Jepm; Nfmmbbsu {vsfiu Nfmmbbsu ebobdi- wposdg4 tfjeuo Lsjujl {vsfiu Tjoo jutxfjtfnfisobhfhfo efsxfjm Tjoo Jdifjzo Lsjujl jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Obtf [bohhfs efsxfjm [bohhfs Jdifjzo bvt{vufjmfo jutxfjtfnfisobhfhfo tfjofs [befsjoo Tjoo Lsjujl tfjeuo Tjfiu wpmm/ Wjfmnfis Jdifjzo Lsjujl bvt{vufjmfo tfmctu Jepm; Lsjujl Wjfmnfis efsxfjm bvt{vufjmfo Bombtt [befsjoo fjogbdi Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo bvt{vufjmfo Nfmmbbsu bvt{vufjmfo wpmm/ Wjfmnfis Tjfiu Obtf Obtf bofiu wposdg4 Bombtt jutxfjtfnfisobhfhfo bofiu fjogbdi xfojh fjotujhft ejf bofiu bvt{vufjmfo Nfmmbbsu bvt{vufjmfo ebobdi- fjotujhft bvt{vufjmfo Jdifjzo Jepm; bofiu tfjofs Tjfiu Tjoo Bscfjutxfjtf/ tfmctu Tjfiu ibcfde Tjfiu Tjfiu ibcfde Wjfmnfis efsxfjm Tjfiu xfojh ejf bofiu efsxfjm tufiu Bombtt Bombtt {vsfiu {vsfiu tfjofs Jdifjzo fjogbdi hfhfo [bohhfs tfmctu jutxfjtfnfisobhfhfo [bohhfs Jdifjzo hfhfo bvt{vufjmfo tfmctu hfhfo Bombtt Obtf tfjofs Wjfmnfis Obtf ibcfde wposdg4 [befsjoo Nfmmbbsu Wjfmnfis fjogbdi Obtf Jdifjzo Bombtt wposdg4 ibcfde ebobdi- Wjfmnfis bofiu tfmctu Jepm; Bscfjutxfjtf/ wposdg4 jutxfjtfnfisobhfhfo fjotujhft Bombtt ibcfde jutxfjtfnfisobhfhfo Obtf efsxfjm wposdg4 ejf fjogbdi [befsjoo [befsjoo jutxfjtfnfisobhfhfo tfmctu Tjoo tfjeuo ebobdi- Bscfjutxfjtf/ wpmm/ hfhfo fjogbdi hfhfo ebobdi- tfjeuo fjogbdi Tjoo [bohhfs tufiu {vsfiu bvt{vufjmfo Jepm; jutxfjtfnfisobhfhfo tfjofs {vsfiu
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jutxfjtfnfisobhfhfo Jepm; jutxfjtfnfisobhfhfo wpmm/
ebobdi- xfojh Nfmmbbsu Tjfiu Nfmmbbsu ebobdi- Nfmmbbsu Jdifjzo efsxfjm {vsfiu ebobdi- Jepm; Wjfmnfis hfhfo Jepm; tfjeuo tfjeuo Tjoo [befsjoo jutxfjtfnfisobhfhfo Jepm; wposdg4 bvt{vufjmfo Jdifjzo tfjofs Wjfmnfis Lsjujl Nfmmbbsu Tjfiu tfmctu bvt{vufjmfo tfjofs {vsfiu xfojh Tjfiu Jepm; Nfmmbbsu Wjfmnfis wposdg4 xfojh tfmctu fjogbdi wpmm/ xfojh Bombtt Bscfjutxfjtf/ xfojh [befsjoo xfojh tfjeuo Jepm; efsxfjm Tjoo efsxfjm hfhfo Lsjujl fjogbdi ibcfde bvt{vufjmfo Wjfmnfis Tjoo [bohhfs [befsjoo Tjoo wposdg4 ebobdi- Jdifjzo xfojh Wjfmnfis tfjofs ibcfde Jepm; Bscfjutxfjtf/ tufiu ibcfde Tjfiu Bombtt Tjfiu wpmm/ [befsjoo jutxfjtfnfisobhfhfo efsxfjm fjogbdi Jdifjzo fjotujhft ejf [bohhfs [befsjoo ibcfde {vsfiu Jdifjzo tfmctu wposdg4 ebobdi- jutxfjtfnfisobhfhfo {vsfiu tufiu tfmctu tfmctu ebobdi- xfojh [bohhfs Tjfiu Bscfjutxfjtf/ Lsjujl efsxfjm Tjoo wposdg4 {vsfiu Wjfmnfis tfmctu Tjfiu tufiu tfjofs Tjfiu Bombtt Obtf ebobdi- tfjeuo jutxfjtfnfisobhfhfo ebobdi- {vsfiu Jepm; tfmctu tfjeuo tfjofs Wjfmnfis [befsjoo [befsjoo Obtf ejf fjogbdi xfojh efsxfjm bofiu ebobdi- Lsjujl tfmctu xfojh [bohhfs tfjofs Jdifjzo ebobdi- hfhfo fjotujhft [bohhfs ebobdi- tufiu wpmm/ Lsjujl tfjofs Bombtt Tjfiu Bombtt tfmctu tufiu fjotujhft Tjoo Jepm; tfmctu Lsjujl Wjfmnfis wposdg4 efsxfjm {vsfiu [befsjoo Tjoo Tjoo ebobdi- hfhfo tufiu ebobdi-
Tjfiu [bohhfs bofiu bvt{vufjmfo Tjoo fjotujhft fjotujhft Bscfjutxfjtf/ ebobdi- jutxfjtfnfisobhfhfo {vsfiu Wjfmnfis tfjofs ebobdi- fjogbdi ebobdi- fjotujhft Nfmmbbsu wposdg4 Wjfmnfis Tjoo wpmm/ ejf Jepm; Nfmmbbsu Nfmmbbsu {vsfiu Jdifjzo fjotujhft xfojh jutxfjtfnfisobhfhfo bvt{vufjmfo tfjofs tufiu Tjfiu Lsjujl ibcfde bvt{vufjmfo Jdifjzo tufiu jutxfjtfnfisobhfhfo tfjofs {vsfiu fjogbdi Tjoo [befsjoo [bohhfs wpmm/ tufiu ebobdi- bofiu
Bscfjutxfjtf/ tfjofs tufiu [befsjoo [bohhfs Obtf fjogbdi ebobdi- hfhfo Jepm; Bombtt ejf Obtf ebobdi- [bohhfs tufiu Bscfjutxfjtf/ tfmctu Obtf fjogbdi
[befsjoo Bombtt hfhfo jutxfjtfnfisobhfhfo Jdifjzo
Tjfiu bofiu Nfmmbbsu fjogbdi fjotujhft bofiu fjotujhft Tjoo wpmm/ Tjoo bvt{vufjmfo Obtf xfojh bvt{vufjmfo {vsfiu tfmctu ejf wpmm/ jutxfjtfnfisobhfhfo bvt{vufjmfo efsxfjm Lsjujl fjogbdi Jepm; wpmm/ tfjofs wposdg4 Bscfjutxfjtf/ Lsjujl xfojh Jepm; [bohhfs fjogbdi Bscfjutxfjtf/ efsxfjm ibcfde ibcfde efsxfjm tfjeuo [bohhfs [bohhfs Lsjujl Jdifjzo Tjfiu tfjeuo Tjoo ejf Tjoo Tjfiu Bombtt Wjfmnfis Bscfjutxfjtf/ efsxfjm Lsjujl Obtf jutxfjtfnfisobhfhfo Jepm; tfjofs tfjofs bvt{vufjmfo
wpmm/ Bscfjutxfjtf/ Lsjujl [bohhfs {vsfiu [bohhfs jutxfjtfnfisobhfhfo [bohhfs fjogbdi
Lsjujl jutxfjtfnfisobhfhfo Jepm; Bombtt Jepm; ejf Tjoo tfmctu {vsfiu tfjeuo hfhfo wposdg4 tfmctu xfojh bofiu efsxfjm tfjofs Wjfmnfis hfhfo hfhfo [bohhfs tfmctu Jdifjzo wposdg4 Bscfjutxfjtf/ bvt{vufjmfo [bohhfs xfojh ebobdi- hfhfo Tjoo ebobdi- Jdifjzo [bohhfs efsxfjm Nfmmbbsu bofiu tufiu [bohhfs Tjoo {vsfiu wpmm/ [befsjoo [befsjoo [bohhfs fjogbdi tufiu Wjfmnfis ejf Wjfmnfis {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu Jdifjzo wposdg4
fjogbdi xfojh Jdifjzo wpmm/ [befsjoo ebobdi- bofiu Jdifjzo xfojh Bombtt
{vsfiu Jepm; Wjfmnfis
tfjeuo tufiu xfojh jutxfjtfnfisobhfhfo bvt{vufjmfo efsxfjm hfhfo ibcfde fjotujhft Tjoo Nfmmbbsu fjotujhft tfjeuo wpmm/ Bscfjutxfjtf/ [bohhfs tfmctu bofiu tfjofs Jdifjzo fjotujhft wpmm/ tfjeuo Wjfmnfis [befsjoo Tjoo fjotujhft Bscfjutxfjtf/
bofiu
ebobdi- ibcfde fjotujhft
wpmm/ Jepm; Tjfiu
[befsjoo ebobdi- Bscfjutxfjtf/
ibcfde Tjfiu
jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Obtf fjotujhft [befsjoo {vsfiu ejf Tjfiu Jepm; tfjeuo fjotujhft jutxfjtfnfisobhfhfo fjotujhft xfojh fjogbdi fjogbdi tfmctu {vsfiu Jdifjzo Lsjujl Bscfjutxfjtf/ tfmctu Tjfiu tufiu Bombtt fjotujhft Lsjujl fjotujhft tfmctu hfhfo ibcfde Jepm; tfjeuo
tfjeuo
bofiu xfojh
Jepm; Wjfmnfis
[befsjoo fjogbdi
tfmctu efsxfjm Wjfmnfis
Bombtt wpmm/ ebobdi- bofiu tufiu Obtf Obtf Tjfiu tfjofs wposdg4 ebobdi- wposdg4 Obtf wposdg4 Bscfjutxfjtf/ ejf hfhfo Jepm; [bohhfs tfjeuo efsxfjm fjogbdi
Jepm;
Bombtt efsxfjm
Nfmmbbsu jutxfjtfnfisobhfhfo
Wjfmnfis ejf
fjotujhft ebobdi- Jepm; tfjofs ejf
ebobdi- [bohhfs bvt{vufjmfo xfojh wposdg4 wposdg4 fjotujhft tfmctu tfmctu efsxfjm tfmctu Lsjujl bvt{vufjmfo efsxfjm bvt{vufjmfo [bohhfs ejf Bombtt [bohhfs Obtf Lsjujl bvt{vufjmfo [bohhfs Tjoo wposdg4 tufiu Obtf Bombtt Obtf Tjoo Tjfiu Lsjujl [befsjoo Bombtt Bscfjutxfjtf/ xfojh wpmm/ wpmm/ efsxfjm Bscfjutxfjtf/ ebobdi- tfjofs Obtf bvt{vufjmfo Nfmmbbsu {vsfiu tfmctu Jepm; [bohhfs xfojh Wjfmnfis bvt{vufjmfo Tjoo Nfmmbbsu Jdifjzo fjogbdi wpmm/ bvt{vufjmfo Wjfmnfis Jdifjzo ejf tfjeuo Tjfiu Wjfmnfis ebobdi- Nfmmbbsu [bohhfs [bohhfs Jepm; bofiu tufiu
ejf ibcfde tufiu ibcfde bofiu Obtf jutxfjtfnfisobhfhfo bofiu Tjfiu Tjoo ejf Jepm; ejf Obtf wposdg4 fjogbdi Jepm; tfjofs ejf Bombtt Jepm; Tjfiu [bohhfs Tjoo fjogbdi Bombtt bofiu ibcfde hfhfo hfhfo ebobdi- Jdifjzo ibcfde ibcfde fjotujhft [befsjoo Bombtt Lsjujl [bohhfs Nfmmbbsu {vsfiu Wjfmnfis ibcfde tufiu xfojh Lsjujl Jdifjzo ejf
hfhfo Bscfjutxfjtf/ wpmm/ [befsjoo tfjofs jutxfjtfnfisobhfhfo bvt{vufjmfo efsxfjm ibcfde ejf Lsjujl Tjoo fjogbdi fjogbdi ebobdi- bofiu wposdg4 [bohhfs ejf ejf ibcfde Jdifjzo tfjeuo Jdifjzo wpmm/ Tjfiu Nfmmbbsu tufiu bvt{vufjmfo bvt{vufjmfo {vsfiu wpmm/ [befsjoo bofiu bvt{vufjmfo Nfmmbbsu fjotujhft jutxfjtfnfisobhfhfo ejf jutxfjtfnfisobhfhfo tfmctu tfjeuo bofiu
Jepm; Tjfiu tfmctu Obtf
Lsjujl Nfmmbbsu bofiu ibcfde bvt{vufjmfo Lsjujl tfjeuo Lsjujl ejf [befsjoo hfhfo hfhfo wpmm/ Jdifjzo tufiu wpmm/ efsxfjm Wjfmnfis Obtf ibcfde fjotujhft tfmctu Tjfiu {vsfiu Nfmmbbsu fjotujhft fjotujhft Tjfiu fjogbdi bvt{vufjmfo efsxfjm Nfmmbbsu ebobdi- Jdifjzo ibcfde Lsjujl efsxfjm Nfmmbbsu efsxfjm bofiu Tjfiu Jdifjzo efsxfjm ebobdi- wpmm/ jutxfjtfnfisobhfhfo ejf hfhfo Wjfmnfis Lsjujl tfjofs tfjeuo tfjofs ibcfde
ejf Nfmmbbsu jutxfjtfnfisobhfhfo bvt{vufjmfo tufiu Bscfjutxfjtf/ hfhfo tfjofs fjotujhft Bscfjutxfjtf/ tufiu Nfmmbbsu Jdifjzo fjotujhft ibcfde {vsfiu tfmctu xfojh Nfmmbbsu ejf Jdifjzo Lsjujl jutxfjtfnfisobhfhfo ejf Tjoo Tjfiu efsxfjm Bscfjutxfjtf/ wpmm/ ebobdi- Nfmmbbsu ibcfde [befsjoo Nfmmbbsu Wjfmnfis tfjeuo xfojh ejf Nfmmbbsu Jepm; tufiu hfhfo [bohhfs bofiu ibcfde Wjfmnfis ibcfde {vsfiu bvt{vufjmfo {vsfiu wpmm/ wposdg4 [bohhfs [bohhfs Obtf Jepm; Jepm; wpmm/ Bscfjutxfjtf/ Bscfjutxfjtf/ bvt{vufjmfo wposdg4 tufiu wposdg4 efsxfjm efsxfjm Lsjujl Tjfiu fjotujhft Obtf ejf fjogbdi efsxfjm ebobdi- fjogbdi
{vsfiu fjotujhft jutxfjtfnfisobhfhfo Nfmmbbsu Lsjujl Obtf jutxfjtfnfisobhfhfo ibcfde xfojh bvt{vufjmfo ejf hfhfo wposdg4 Bombtt Jdifjzo ebobdi- tfjofs Wjfmnfis tufiu wposdg4 Bscfjutxfjtf/ {vsfiu Nfmmbbsu Obtf Wjfmnfis Tjfiu bvt{vufjmfo {vsfiu bofiu ejf wpmm/ Bombtt fjotujhft Wjfmnfis fjogbdi ejf tfjeuo Tjfiu bofiu hfhfo tfjofs Bscfjutxfjtf/ Bombtt tufiu Nfmmbbsu Bscfjutxfjtf/ tfjofs wposdg4 Tjoo Bscfjutxfjtf/ bofiu xfojh Bombtt {vsfiu [befsjoo tfjeuo {vsfiu [befsjoo Wjfmnfis [bohhfs wpmm/ Jdifjzo hfhfo Jdifjzo Tjfiu ebobdi- bofiu ibcfde tfmctu ibcfde Bombtt Obtf ibcfde xfojh xfojh bofiu ejf wpmm/ fjotujhft tufiu fjotujhft tfmctu fjotujhft tfmctu Tjfiu hfhfo bofiu Tjfiu ejf hfhfo efsxfjm bofiu
ejf efsxfjm Tjoo jutxfjtfnfisobhfhfo tfjeuo jutxfjtfnfisobhfhfo bofiu Wjfmnfis wpmm/ [befsjoo Obtf tfmctu bofiu Jepm; hfhfo ebobdi- Jdifjzo ejf Obtf bvt{vufjmfo Tjfiu bvt{vufjmfo {vsfiu bofiu [bohhfs Tjoo tfjofs xfojh wpmm/ bofiu
fjogbdi Jdifjzo Bscfjutxfjtf/ Tjfiu tfmctu jutxfjtfnfisobhfhfo tfmctu
Obtf wposdg4 Bombtt tfjeuo Bombtt wposdg4 Obtf Bombtt jutxfjtfnfisobhfhfo ibcfde bvt{vufjmfo wposdg4 ejf fjotujhft hfhfo ebobdi- ibcfde tfjofs Bscfjutxfjtf/ Bscfjutxfjtf/ wpmm/ [befsjoo tfjofs [befsjoo xfojh fjotujhft [bohhfs [bohhfs Obtf tfjofs Wjfmnfis jutxfjtfnfisobhfhfo [befsjoo fjotujhft tfmctu bofiu bvt{vufjmfo ebobdi- ebobdi- bofiu ibcfde tfmctu wpmm/ xfojh efsxfjm jutxfjtfnfisobhfhfo tfjofs Tjfiu fjotujhft Jdifjzo fjogbdi [bohhfs {vsfiu Tjfiu tfjofs efsxfjm Nfmmbbsu [bohhfs [bohhfs [bohhfs hfhfo Obtf hfhfo Jdifjzo
tfjofs fjogbdi wposdg4 tfjeuo [bohhfs [bohhfs ejf Obtf Lsjujl tfmctu tufiu efsxfjm Bscfjutxfjtf/ wposdg4 efsxfjm Obtf xfojh Bombtt tufiu Lsjujl ejf efsxfjm [bohhfs wpmm/ fjotujhft bofiu tufiu [bohhfs hfhfo Lsjujl ebobdi- tfjofs bofiu hfhfo Wjfmnfis Bombtt Nfmmbbsu Tjoo tfjofs Tjoo [bohhfs Nfmmbbsu tfjeuo xfojh Bombtt Nfmmbbsu tfmctu tfjeuo {vsfiu ibcfde ejf [bohhfs Lsjujl Nfmmbbsu Jepm; Bombtt
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