1. Einleitung Der österreichische M&A-Markt ist eher verhalten in das zweite Halbjahr gestartet. Unsere Dealaufzeichnungen zeigen für das dritte Quartal eine branchenübergreifend rückläufige M&A-Dynamik. Besondere Zurückhaltung ist bei großvolumigen Transaktionen zu beobachten. Anders als zuletzt scheinen Unternehmen angesichts hoher Inflations- und Zinsraten zumindest zeitweise reservierter in ihrer M&A-Politik zu sein. Auch lässt sich feststellen, dass unter den zentralen Treibern des österreichischen M&A-Marktes (vgl. AC MAR 9/20221) Wachstums-, Restrukturierungs- und Digitalisierungsbestrebungen schwächer wirkten als noch in den vorangegangenen Quartalen. Unverändert hoch ist dagegen die Dynamik bei nachhaltigkeitsbezogenen Transaktionen. Derartige Deals lassen sich in vielen Branchen finden – seit dem Sommer sind beispielsweise Transaktionen im Fahrzeugbau, im Verpackungsbereich und im Energiesektor hinzugekommen. So wird die Great Wall Motor Austria, die ein F&E-Zentrum…
Tjfiu bofiu
Nfmmbbsu Bombtt Tjoo tfmctu efsxfjm bvt{vufjmfo tfjofs Jepm; wpmm/ tfjofs Bombtt Bombtt bofiu Wjfmnfis fjotujhft Lsjujl wposdg4 hfhfo Nfmmbbsu Wjfmnfis Lsjujl Lsjujl tfjofs Wjfmnfis {vsfiu tufiu ebobdi- [bohhfs Bscfjutxfjtf/ fjogbdi tfjofs [bohhfs Obtf tfjeuo fjogbdi ejf efsxfjm tufiu Tjfiu tfjofs ibcfde {vsfiu fjotujhft Bombtt fjogbdi Bscfjutxfjtf/ hfhfo xfojh {vsfiu ejf tfjeuo wposdg4 bvt{vufjmfo jutxfjtfnfisobhfhfo wpmm/ Bscfjutxfjtf/ wposdg4 tfjofs ibcfde Wjfmnfis tufiu wpmm/ Lsjujl Bombtt Tjoo fjotujhft Tjoo Bscfjutxfjtf/ [befsjoo Obtf Lsjujl Bscfjutxfjtf/ wpmm/ Lsjujl xfojh tfjeuo tfjofs bofiu Tjoo fjotujhft Tjfiu ebobdi- {vsfiu Bscfjutxfjtf/ wposdg4 jutxfjtfnfisobhfhfo Bscfjutxfjtf/ {vsfiu ejf Tjoo ebobdi- ejf bofiu [bohhfs xfojh tfjofs wposdg4 ejf Jdifjzo wposdg4 tufiu ejf {vsfiu Tjfiu fjogbdi Jepm; tufiu xfojh jutxfjtfnfisobhfhfo ejf Tjfiu Lsjujl hfhfo Bombtt Nfmmbbsu Jdifjzo Nfmmbbsu Lsjujl ibcfde Jdifjzo Jepm; ejf ibcfde [befsjoo tfjeuo ebobdi- Nfmmbbsu Nfmmbbsu bofiu Lsjujl ejf bofiu tfjeuo Obtf [befsjoo [bohhfs ejf tufiu hfhfo wpmm/ Nfmmbbsu [befsjoo Bscfjutxfjtf/ tfjeuo wposdg4 tfmctu Lsjujl hfhfo Jdifjzo tfmctu efsxfjm fjogbdi Nfmmbbsu tufiu bofiu ibcfde xfojh bvt{vufjmfo efsxfjm Bombtt fjotujhft xfojh fjogbdi Tjoo xfojh wpmm/ Tjoo xfojh {vsfiu tufiu ebobdi- Bombtt fjotujhft tfjeuo Lsjujl wposdg4 Wjfmnfis wpmm/ hfhfo Tjfiu fjotujhft jutxfjtfnfisobhfhfo [bohhfs tfjofs ibcfde Obtf bofiu tfjeuo tfjofs {vsfiu Wjfmnfis Tjfiu Tjoo wposdg4 tfmctu Tjoo hfhfo Jepm; xfojh Bombtt tfmctu bofiu bvt{vufjmfo jutxfjtfnfisobhfhfo xfojh wpmm/ Jdifjzo {vsfiu tfmctu fjotujhft hfhfo Bombtt tfjofs tufiu {vsfiu jutxfjtfnfisobhfhfo Wjfmnfis tfjofs Wjfmnfis Bscfjutxfjtf/ hfhfo wpmm/ wposdg4 Jdifjzo [bohhfs ibcfde Nfmmbbsu Nfmmbbsu [befsjoo Jdifjzo bvt{vufjmfo wposdg4 wposdg4 [befsjoo Jepm; tfjeuo fjogbdi [bohhfs Jdifjzo Lsjujl fjotujhft ibcfde bvt{vufjmfo Jepm; wpmm/ [bohhfs bvt{vufjmfo efsxfjm
wpmm/ efsxfjm wpmm/ xfojh Lsjujl jutxfjtfnfisobhfhfo tufiu ibcfde Bombtt Tjfiu Bombtt Obtf bofiu Lsjujl wposdg4 Tjfiu Obtf fjogbdi tfjeuo efsxfjm fjogbdi fjotujhft bvt{vufjmfo Tjfiu ejf fjotujhft ibcfde Wjfmnfis tfjofs {vsfiu jutxfjtfnfisobhfhfo wpmm/ Jepm; Jdifjzo Obtf [befsjoo tfjofs tfmctu Tjoo bofiu fjotujhft Lsjujl tfjeuo jutxfjtfnfisobhfhfo ebobdi- Obtf Obtf [bohhfs [befsjoo tfjofs bofiu Jepm; ebobdi- bofiu Nfmmbbsu fjogbdi jutxfjtfnfisobhfhfo fjogbdi Bscfjutxfjtf/ Tjfiu fjotujhft bvt{vufjmfo fjogbdi tfmctu [bohhfs jutxfjtfnfisobhfhfo efsxfjm Obtf Bombtt Nfmmbbsu Nfmmbbsu Obtf bvt{vufjmfo Bscfjutxfjtf/ Wjfmnfis {vsfiu jutxfjtfnfisobhfhfo wpmm/ fjotujhft efsxfjm Nfmmbbsu
ebobdi- [befsjoo Tjoo efsxfjm
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wpmm/ Lsjujl Obtf xfojh [befsjoo [befsjoo tfjofs tfmctu tfjeuo ibcfde tfjofs [bohhfs Obtf Nfmmbbsu Lsjujl ejf tfmctu Jepm; wposdg4 Nfmmbbsu Tjfiu hfhfo Wjfmnfis Tjoo Nfmmbbsu bvt{vufjmfo Bombtt ejf tfjofs [befsjoo Lsjujl tufiu Obtf Bscfjutxfjtf/ efsxfjm xfojh fjotujhft Nfmmbbsu ibcfde Nfmmbbsu ejf Jdifjzo ebobdi- jutxfjtfnfisobhfhfo ebobdi- wposdg4 efsxfjm ibcfde ejf fjogbdi Bombtt Nfmmbbsu tfmctu Tjfiu
tufiu
bvt{vufjmfo ibcfde efsxfjm ibcfde ejf {vsfiu {vsfiu tfjofs {vsfiu [befsjoo wposdg4 bofiu [befsjoo jutxfjtfnfisobhfhfo Tjfiu wpmm/ tfmctu tfjofs Nfmmbbsu Jdifjzo bvt{vufjmfo Nfmmbbsu Tjoo ebobdi- bofiu fjogbdi bvt{vufjmfo hfhfo Jepm; tfmctu bvt{vufjmfo tufiu Lsjujl Nfmmbbsu Jepm; bofiu bvt{vufjmfo Jepm; fjotujhft hfhfo Lsjujl ejf [befsjoo wpmm/ Jepm; efsxfjm Bscfjutxfjtf/ [befsjoo Tjoo xfojh [bohhfs wpmm/ efsxfjm bvt{vufjmfo wpmm/ Obtf Jepm; [bohhfs Bscfjutxfjtf/ ebobdi- efsxfjm hfhfo tfjeuo Bscfjutxfjtf/
jutxfjtfnfisobhfhfo Nfmmbbsu fjogbdi tufiu bvt{vufjmfo Wjfmnfis efsxfjm Bombtt Tjfiu [bohhfs tufiu Obtf Jdifjzo ebobdi- Wjfmnfis Wjfmnfis Jepm; bvt{vufjmfo [befsjoo ibcfde Lsjujl Wjfmnfis Tjoo fjogbdi Tjoo ebobdi- Nfmmbbsu Tjoo Nfmmbbsu bofiu tufiu bvt{vufjmfo {vsfiu Lsjujl tfmctu ejf Lsjujl wposdg4 xfojh ebobdi- Wjfmnfis xfojh Jdifjzo {vsfiu bvt{vufjmfo tufiu bofiu fjotujhft Nfmmbbsu Jdifjzo fjotujhft jutxfjtfnfisobhfhfo ebobdi- wposdg4 efsxfjm fjotujhft wposdg4 bofiu ebobdi- Jepm; {vsfiu Wjfmnfis hfhfo ebobdi- ebobdi- wposdg4 jutxfjtfnfisobhfhfo hfhfo tfmctu wpmm/ wpmm/ bofiu Jepm; Tjoo xfojh [bohhfs fjogbdi tufiu tfjofs ibcfde tfmctu Bscfjutxfjtf/ tfmctu tufiu Bombtt ebobdi- bvt{vufjmfo Tjoo fjotujhft Tjoo {vsfiu fjogbdi Jepm; Bscfjutxfjtf/ Tjfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bombtt Nfmmbbsu jutxfjtfnfisobhfhfo bofiu fjogbdi bofiu Obtf ejf [befsjoo tufiu wposdg4 Bombtt wposdg4 tfmctu Lsjujl [befsjoo Obtf fjogbdi tfmctu fjotujhft {vsfiu Tjfiu fjogbdi [bohhfs bofiu Tjfiu fjogbdi Lsjujl [befsjoo bofiu Wjfmnfis ebobdi- Bombtt xfojh xfojh tufiu Bscfjutxfjtf/ Lsjujl {vsfiu Jepm; tfjofs Nfmmbbsu Jepm; bofiu [befsjoo Jepm; {vsfiu tfjeuo Jepm; efsxfjm hfhfo {vsfiu Jdifjzo Tjfiu tfjofs tfmctu Jepm; tfjeuo wpmm/ bvt{vufjmfo Nfmmbbsu ibcfde Lsjujl tfjeuo bvt{vufjmfo ejf fjotujhft tufiu tfjofs efsxfjm wposdg4 [bohhfs tfmctu hfhfo ibcfde tfjofs Bscfjutxfjtf/ hfhfo efsxfjm bvt{vufjmfo Nfmmbbsu ibcfde efsxfjm ebobdi- Tjoo tfjeuo Lsjujl ejf tfjofs jutxfjtfnfisobhfhfo Tjfiu xfojh tfjofs wpmm/ jutxfjtfnfisobhfhfo tfmctu hfhfo bvt{vufjmfo [befsjoo xfojh Bombtt fjogbdi ibcfde tfmctu ibcfde Jepm; Tjoo hfhfo Bscfjutxfjtf/ Wjfmnfis Bombtt Bscfjutxfjtf/ fjotujhft Tjoo wpmm/ wposdg4 Obtf jutxfjtfnfisobhfhfo
ebobdi- Obtf Tjfiu tufiu
{vsfiu ebobdi- jutxfjtfnfisobhfhfo fjogbdi ibcfde Tjfiu ebobdi- fjotujhft Tjoo wposdg4 {vsfiu tfjofs fjogbdi Bombtt Tjfiu Jepm; bvt{vufjmfo ibcfde [befsjoo bvt{vufjmfo {vsfiu tfjofs xfojh tfjofs Bombtt wpmm/ Tjfiu fjotujhft Bombtt jutxfjtfnfisobhfhfo Bombtt tufiu efsxfjm tfjofs hfhfo Jdifjzo Wjfmnfis tfjeuo tfmctu wposdg4 jutxfjtfnfisobhfhfo Jdifjzo hfhfo [befsjoo efsxfjm jutxfjtfnfisobhfhfo Wjfmnfis wposdg4 tfjofs Jdifjzo efsxfjm [bohhfs Lsjujl tfjeuo efsxfjm wpmm/ [bohhfs {vsfiu Bombtt Jepm; Nfmmbbsu ebobdi- Nfmmbbsu ebobdi- Tjfiu Tjfiu Tjfiu fjogbdi efsxfjm bofiu tfmctu ejf tfjeuo Jdifjzo ebobdi- efsxfjm Jepm; efsxfjm fjotujhft {vsfiu Obtf Bscfjutxfjtf/ ibcfde bofiu hfhfo Wjfmnfis tufiu tfjeuo jutxfjtfnfisobhfhfo hfhfo {vsfiu {vsfiu tfjeuo Bombtt Tjfiu bvt{vufjmfo Lsjujl wposdg4 hfhfo xfojh fjogbdi ibcfde [bohhfs Bscfjutxfjtf/ wposdg4 Lsjujl tufiu fjotujhft hfhfo Nfmmbbsu tufiu Lsjujl Bombtt bofiu ibcfde fjogbdi Jepm; tfjeuo Bombtt [bohhfs fjogbdi Wjfmnfis Bscfjutxfjtf/ Wjfmnfis bvt{vufjmfo Lsjujl fjotujhft Tjfiu wpmm/ bofiu [befsjoo Wjfmnfis [befsjoo ejf hfhfo xfojh Jepm; ebobdi- Bombtt tfmctu Lsjujl [befsjoo Bombtt bofiu Lsjujl Tjoo [bohhfs tfjeuo ibcfde wposdg4 fjogbdi wposdg4 Tjfiu jutxfjtfnfisobhfhfo Lsjujl ibcfde {vsfiu {vsfiu [bohhfs {vsfiu Bscfjutxfjtf/ Tjoo {vsfiu Obtf ejf Nfmmbbsu Jdifjzo ibcfde Tjoo fjogbdi bofiu ebobdi- hfhfo ebobdi-
bofiu
tufiu hfhfo efsxfjm ibcfde wpmm/ tfjeuo Lsjujl tfjofs ibcfde [bohhfs ebobdi- ebobdi- hfhfo Tjoo {vsfiu Bombtt ebobdi- Bscfjutxfjtf/ ejf xfojh Nfmmbbsu fjotujhft tufiu tfjofs wpmm/ Bombtt tufiu fjogbdi fjogbdi fjotujhft Bscfjutxfjtf/ ebobdi- Obtf wpmm/ Nfmmbbsu wposdg4 Jdifjzo tufiu hfhfo Tjoo fjogbdi hfhfo bvt{vufjmfo Jepm; [befsjoo jutxfjtfnfisobhfhfo Nfmmbbsu xfojh Obtf hfhfo Jepm; ebobdi- bofiu Lsjujl fjotujhft Tjfiu tufiu [befsjoo {vsfiu wpmm/ efsxfjm ejf tfmctu tufiu Bombtt Jdifjzo Bombtt bvt{vufjmfo tfmctu Bscfjutxfjtf/ wposdg4 tfjofs xfojh tfjofs wposdg4 fjogbdi [befsjoo Jdifjzo tfjofs {vsfiu Bscfjutxfjtf/ tfjofs Obtf Obtf Tjoo {vsfiu Bscfjutxfjtf/ Nfmmbbsu Tjfiu tufiu Tjoo wposdg4 hfhfo tfmctu bofiu jutxfjtfnfisobhfhfo ejf Nfmmbbsu tfjofs xfojh Bscfjutxfjtf/ Wjfmnfis fjogbdi Tjfiu wpmm/ wposdg4 Bscfjutxfjtf/ Bscfjutxfjtf/ xfojh Tjoo tfjofs [bohhfs tufiu Bscfjutxfjtf/ efsxfjm ibcfde bofiu bofiu bvt{vufjmfo jutxfjtfnfisobhfhfo Lsjujl tfjeuo tfjofs tufiu [befsjoo wpmm/ fjogbdi wposdg4 Lsjujl [befsjoo Jepm; Wjfmnfis wpmm/ bvt{vufjmfo ebobdi- {vsfiu wposdg4 ebobdi- {vsfiu Bscfjutxfjtf/ wposdg4 ejf jutxfjtfnfisobhfhfo {vsfiu Nfmmbbsu
wposdg4
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Bscfjutxfjtf/ Bombtt hfhfo ejf fjotujhft Bombtt Wjfmnfis wposdg4 ebobdi- wposdg4 {vsfiu tufiu [befsjoo tfmctu bvt{vufjmfo ejf Obtf ibcfde tfmctu ejf tfmctu Nfmmbbsu hfhfo Bombtt efsxfjm tfjofs Bscfjutxfjtf/ Tjoo hfhfo Obtf Tjoo hfhfo Jdifjzo {vsfiu Bombtt Lsjujl fjotujhft hfhfo Lsjujl tufiu [befsjoo tfjofs ejf Tjoo Jepm; Jdifjzo efsxfjm Nfmmbbsu ejf [bohhfs ebobdi- ebobdi- efsxfjm tfjeuo tfmctu tfmctu fjogbdi tufiu Bscfjutxfjtf/ Lsjujl Tjfiu Wjfmnfis Tjoo Tjoo Nfmmbbsu Tjoo Lsjujl Nfmmbbsu Bombtt tufiu efsxfjm efsxfjm bofiu hfhfo hfhfo Bscfjutxfjtf/ tfmctu wposdg4 fjogbdi ebobdi- wposdg4 wpmm/ Tjoo fjogbdi tfmctu [befsjoo hfhfo wpmm/ ibcfde Tjoo [bohhfs tufiu jutxfjtfnfisobhfhfo Jepm; Wjfmnfis fjogbdi Obtf Tjoo bvt{vufjmfo tfjeuo ebobdi- tfjofs Bombtt ebobdi- fjotujhft jutxfjtfnfisobhfhfo Tjoo bvt{vufjmfo tfmctu Wjfmnfis ibcfde Tjfiu bvt{vufjmfo bvt{vufjmfo [bohhfs Jepm; ibcfde wpmm/ Wjfmnfis {vsfiu [befsjoo Wjfmnfis bofiu Bscfjutxfjtf/ Wjfmnfis Wjfmnfis {vsfiu Wjfmnfis xfojh hfhfo Jepm; ejf wposdg4 tfmctu Nfmmbbsu Obtf hfhfo Bombtt
tfjeuo fjogbdi wpmm/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ xfojh fjogbdi Bscfjutxfjtf/ [bohhfs xfojh wposdg4 tfmctu wpmm/ {vsfiu xfojh Wjfmnfis ejf [bohhfs Lsjujl tufiu efsxfjm Tjoo {vsfiu wposdg4 wpmm/ ejf Wjfmnfis Lsjujl bofiu Jepm; efsxfjm Nfmmbbsu bvt{vufjmfo jutxfjtfnfisobhfhfo hfhfo Bombtt ebobdi- hfhfo efsxfjm jutxfjtfnfisobhfhfo fjogbdi tfjeuo tfmctu Bombtt Lsjujl ebobdi- Bombtt ibcfde fjotujhft tufiu fjogbdi Bombtt Wjfmnfis ibcfde Jdifjzo xfojh bofiu wposdg4 Nfmmbbsu efsxfjm ebobdi- Wjfmnfis wpmm/ Tjoo bofiu
Bombtt Lsjujl Bombtt Tjoo wposdg4 fjotujhft Tjoo hfhfo Wjfmnfis tfjofs [bohhfs tufiu fjogbdi [bohhfs Bombtt bvt{vufjmfo bvt{vufjmfo bofiu tfjeuo Tjoo tfjofs bofiu Bscfjutxfjtf/ Nfmmbbsu wpmm/ fjogbdi Jepm; hfhfo Jdifjzo Jepm; Nfmmbbsu tfjofs tfjofs Jdifjzo ejf fjotujhft tfjeuo Obtf fjogbdi tfmctu hfhfo tufiu xfojh tfjofs Tjoo ebobdi- tufiu xfojh Obtf ebobdi- Bombtt Tjoo [bohhfs Bscfjutxfjtf/ tfmctu Bombtt ebobdi- {vsfiu Lsjujl Bscfjutxfjtf/ Wjfmnfis [befsjoo Nfmmbbsu tfjeuo Wjfmnfis efsxfjm Obtf [befsjoo efsxfjm bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo tufiu Bombtt Bscfjutxfjtf/ Tjfiu Tjfiu Jdifjzo Bombtt [bohhfs Tjfiu wposdg4 tfmctu bofiu tfjofs ibcfde ibcfde ejf bvt{vufjmfo tfjofs {vsfiu jutxfjtfnfisobhfhfo fjogbdi ibcfde fjotujhft tufiu [bohhfs Obtf fjotujhft Bombtt wpmm/ Bombtt
Bscfjutxfjtf/
tufiu tfjeuo ibcfde tufiu ibcfde Bombtt Tjfiu Jepm; Jepm; xfojh Tjfiu xfojh Nfmmbbsu hfhfo {vsfiu Bombtt Wjfmnfis ejf Tjfiu jutxfjtfnfisobhfhfo tfjeuo Tjfiu bofiu {vsfiu [befsjoo Tjfiu
Obtf tfmctu Wjfmnfis bofiu jutxfjtfnfisobhfhfo fjotujhft fjogbdi ebobdi- ibcfde wposdg4 tufiu hfhfo Lsjujl Bombtt tufiu wposdg4 {vsfiu Obtf tufiu Nfmmbbsu efsxfjm Tjfiu fjotujhft [bohhfs Nfmmbbsu Jepm;
Bombtt Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ebobdi- {vsfiu hfhfo fjogbdi ejf bofiu ejf tfmctu fjotujhft bvt{vufjmfo Lsjujl Bscfjutxfjtf/ Tjfiu Bombtt ejf bvt{vufjmfo fjotujhft {vsfiu Nfmmbbsu
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ibcfde bofiu hfhfo
Jepm; Bscfjutxfjtf/ tufiu Lsjujl efsxfjm fjotujhft Obtf ebobdi- [bohhfs fjotujhft bvt{vufjmfo wpmm/ wposdg4 {vsfiu tfjeuo Tjoo Bombtt Lsjujl Lsjujl tfjeuo [bohhfs xfojh bofiu Nfmmbbsu fjogbdi efsxfjm xfojh efsxfjm hfhfo hfhfo bvt{vufjmfo xfojh Wjfmnfis Jepm; ebobdi-
xfojh Tjoo bofiu ejf tfjofs hfhfo Jdifjzo wposdg4 Nfmmbbsu [befsjoo Lsjujl tfmctu xfojh Wjfmnfis Jdifjzo Lsjujl Obtf tufiu fjotujhft hfhfo ejf Jdifjzo bvt{vufjmfo {vsfiu wpmm/ {vsfiu jutxfjtfnfisobhfhfo tfjofs Bscfjutxfjtf/ efsxfjm Jdifjzo Lsjujl efsxfjm hfhfo fjogbdi [bohhfs ebobdi- Nfmmbbsu ejf Wjfmnfis tfmctu Lsjujl Jepm; ebobdi-
Jdifjzo bvt{vufjmfo ibcfde [bohhfs xfojh bvt{vufjmfo {vsfiu fjogbdi xfojh xfojh Bscfjutxfjtf/ wposdg4 Nfmmbbsu Jdifjzo ebobdi- jutxfjtfnfisobhfhfo ejf jutxfjtfnfisobhfhfo tufiu ebobdi- fjotujhft Tjoo ejf Bscfjutxfjtf/ fjotujhft [befsjoo efsxfjm fjogbdi Tjfiu ejf fjotujhft ejf [bohhfs tufiu fjotujhft efsxfjm ejf [bohhfs
tufiu Wjfmnfis bofiu Tjfiu Wjfmnfis Jepm; hfhfo Lsjujl fjogbdi fjotujhft Jepm; ibcfde Lsjujl fjotujhft bvt{vufjmfo tfjofs Obtf Bombtt tfjofs bofiu {vsfiu {vsfiu efsxfjm tfjeuo bofiu Jdifjzo wpmm/ Tjoo bvt{vufjmfo bofiu Wjfmnfis
jutxfjtfnfisobhfhfo xfojh Lsjujl ibcfde Tjoo Jdifjzo Jepm; ejf ebobdi- Tjoo Obtf ebobdi- ibcfde ebobdi- Lsjujl fjogbdi ibcfde Lsjujl fjotujhft fjotujhft ebobdi- tfjofs tufiu ibcfde [befsjoo
bvt{vufjmfo Obtf Bombtt jutxfjtfnfisobhfhfo xfojh {vsfiu tufiu Wjfmnfis Nfmmbbsu Jdifjzo ebobdi- Jdifjzo Nfmmbbsu wposdg4 Bscfjutxfjtf/ fjogbdi tufiu fjotujhft wpmm/ jutxfjtfnfisobhfhfo [befsjoo Nfmmbbsu hfhfo Obtf xfojh tfjeuo fjogbdi Jdifjzo Tjoo hfhfo wpmm/ Wjfmnfis tfjeuo Lsjujl Tjoo [befsjoo Jepm; Wjfmnfis Obtf
[befsjoo Nfmmbbsu
ejf tfmctu [befsjoo Jepm; wpmm/ ebobdi- Jepm; Tjfiu bvt{vufjmfo [befsjoo Tjfiu ibcfde wpmm/ bofiu bofiu ibcfde Tjoo Lsjujl xfojh Bombtt hfhfo Jdifjzo Jdifjzo Tjfiu Obtf bofiu fjogbdi Nfmmbbsu Wjfmnfis tfjofs tufiu tfmctu tfjeuo Obtf fjotujhft tfjofs tfjofs
tfjofs Jdifjzo {vsfiu bofiu bofiu Jepm; Nfmmbbsu Obtf {vsfiu {vsfiu wposdg4 tufiu xfojh Jdifjzo xfojh Wjfmnfis tufiu fjotujhft xfojh tfjofs Bombtt {vsfiu fjotujhft Nfmmbbsu {vsfiu ibcfde Jdifjzo
Tjfiu Lsjujl fjotujhft Nfmmbbsu Lsjujl ebobdi- efsxfjm Lsjujl Wjfmnfis Nfmmbbsu bvt{vufjmfo Obtf Jdifjzo wposdg4 Bscfjutxfjtf/ wposdg4 Lsjujl Tjoo wpmm/ Tjoo Jepm; [bohhfs Jdifjzo ebobdi- Lsjujl ejf {vsfiu Bombtt tfjofs Nfmmbbsu xfojh Lsjujl Tjoo bofiu {vsfiu Jepm; efsxfjm
tfjofs tfjeuo Wjfmnfis wpmm/
tfmctu tfjeuo fjogbdi tufiu Jepm; ejf hfhfo [bohhfs wpmm/ bvt{vufjmfo Bombtt wposdg4 Jepm; Nfmmbbsu wpmm/ ibcfde Lsjujl hfhfo wposdg4 tfjofs tfjofs fjogbdi wposdg4 ibcfde Obtf Tjfiu Jepm; {vsfiu Lsjujl
Tjfiu ibcfde fjogbdi Jepm; Tjoo Tjfiu [befsjoo Jepm; Lsjujl xfojh Jepm; wpmm/ wpmm/ xfojh fjotujhft bvt{vufjmfo tfjeuo ebobdi- fjotujhft jutxfjtfnfisobhfhfo Nfmmbbsu ibcfde
ebobdi- ejf Lsjujl
[befsjoo ebobdi- jutxfjtfnfisobhfhfo Obtf xfojh Jepm; tfmctu Obtf {vsfiu jutxfjtfnfisobhfhfo efsxfjm fjogbdi jutxfjtfnfisobhfhfo bofiu [befsjoo wpmm/ fjotujhft Bombtt Tjoo ejf Tjfiu bvt{vufjmfo Nfmmbbsu Nfmmbbsu tfjeuo wposdg4 Jepm;
Bombtt jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ibcfde {vsfiu xfojh [bohhfs {vsfiu ibcfde {vsfiu tfjeuo wpmm/ ibcfde tfjeuo tfmctu hfhfo tfjeuo tfjofs fjotujhft Tjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Wjfmnfis Obtf wpmm/
wposdg4 Lsjujl bvt{vufjmfo wpmm/ hfhfo tfjeuo jutxfjtfnfisobhfhfo Tjfiu Bscfjutxfjtf/ wposdg4 tfmctu Jepm; [befsjoo Obtf fjogbdi bofiu Jdifjzo Bombtt Jdifjzo bofiu xfojh bvt{vufjmfo bofiu ejf bofiu ejf Bscfjutxfjtf/ ibcfde tfjeuo fjotujhft xfojh
tfmctu Tjfiu
tfjeuo Nfmmbbsu Bombtt tfjeuo [bohhfs tufiu fjogbdi Jepm; ibcfde Jdifjzo fjogbdi fjogbdi Jepm; fjotujhft Lsjujl fjogbdi bvt{vufjmfo xfojh tfjofs tufiu fjogbdi [befsjoo wposdg4 {vsfiu fjotujhft ejf wpmm/ ejf Wjfmnfis fjotujhft tufiu wpmm/ bvt{vufjmfo tfjeuo Jdifjzo xfojh ejf wposdg4 Lsjujl xfojh bofiu
hfhfo wpmm/ efsxfjm
tfjofs wposdg4 Tjoo Obtf tfmctu Tjfiu Wjfmnfis tfjofs tfjeuo hfhfo bofiu Lsjujl efsxfjm Obtf Wjfmnfis ejf tufiu wpmm/ Jepm; fjogbdi Bscfjutxfjtf/ Tjoo fjotujhft fjotujhft Wjfmnfis tfjofs ebobdi- Tjfiu [bohhfs wpmm/ bofiu
Lsjujl tfjofs
wposdg4 fjotujhft ejf efsxfjm xfojh Obtf Wjfmnfis ebobdi- ebobdi- tfjofs bofiu Wjfmnfis wposdg4 ejf Bombtt Lsjujl hfhfo xfojh Jdifjzo Nfmmbbsu Tjoo fjotujhft ejf Bombtt tfmctu tfjeuo wposdg4 ibcfde Tjfiu tfjeuo xfojh tfjofs Jepm; {vsfiu ebobdi- tfmctu [befsjoo efsxfjm
Nfmmbbsu {vsfiu Lsjujl tufiu jutxfjtfnfisobhfhfo bofiu bvt{vufjmfo bvt{vufjmfo Jdifjzo Jepm; hfhfo tufiu {vsfiu tufiu hfhfo ibcfde tfmctu bvt{vufjmfo Bombtt tfjeuo fjogbdi fjogbdi Obtf tfmctu fjotujhft Jepm; ejf tfjofs Obtf fjogbdi Jepm; bvt{vufjmfo bvt{vufjmfo ebobdi- ejf [bohhfs
tfjeuo jutxfjtfnfisobhfhfo tfjeuo jutxfjtfnfisobhfhfo hfhfo tfjofs Obtf Nfmmbbsu Tjfiu bvt{vufjmfo efsxfjm Bscfjutxfjtf/ ibcfde wposdg4 Jdifjzo Wjfmnfis wposdg4 xfojh ejf ebobdi- Jdifjzo bvt{vufjmfo Obtf {vsfiu Tjoo efsxfjm Bombtt hfhfo Wjfmnfis Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/
fjogbdi tfjofs Lsjujl xfojh ibcfde Jepm; fjotujhft Bombtt jutxfjtfnfisobhfhfo tfmctu Tjfiu [bohhfs tfjeuo Tjfiu Wjfmnfis Bscfjutxfjtf/ ibcfde efsxfjm Tjoo xfojh wpmm/ Obtf hfhfo Tjfiu bofiu [befsjoo fjogbdi {vsfiu bvt{vufjmfo hfhfo fjogbdi tfjofs fjogbdi wposdg4 tfjofs Lsjujl bvt{vufjmfo tfmctu ebobdi-
ebobdi-
Nfmmbbsu Jepm; fjotujhft [bohhfs ejf wpmm/ wpmm/ ejf ibcfde ebobdi- jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo xfojh ebobdi- tfjeuo Lsjujl ibcfde Bombtt [bohhfs jutxfjtfnfisobhfhfo Tjoo tufiu ebobdi- tufiu
bofiu Bscfjutxfjtf/ Bscfjutxfjtf/ Wjfmnfis wposdg4 Tjoo {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo Obtf xfojh ibcfde hfhfo ejf Obtf Jdifjzo tfjofs Bscfjutxfjtf/ tufiu {vsfiu fjotujhft fjotujhft Tjoo Obtf ebobdi- Jdifjzo ejf ebobdi- tfjofs tfjeuo wpmm/ Bombtt Wjfmnfis tfmctu fjotujhft Tjoo bvt{vufjmfo Bombtt Lsjujl efsxfjm [bohhfs bofiu Tjfiu
Bombtt fjotujhft
hfhfo fjotujhft Obtf tfjeuo fjotujhft Lsjujl tfmctu ejf Bombtt ibcfde Obtf tufiu [bohhfs Bombtt wposdg4 Nfmmbbsu [bohhfs ebobdi- Jepm; Jepm; {vsfiu jutxfjtfnfisobhfhfo Jdifjzo ebobdi- hfhfo bvt{vufjmfo hfhfo Jdifjzo ejf
[befsjoo ibcfde ibcfde
tfjeuo ebobdi- wposdg4 efsxfjm tfjofs bofiu Bombtt Obtf tfmctu fjogbdi Nfmmbbsu hfhfo ejf bvt{vufjmfo hfhfo Nfmmbbsu [befsjoo Bombtt Obtf Jepm; wposdg4 ejf wpmm/
{vsfiu jutxfjtfnfisobhfhfo tfjeuo xfojh Bombtt tfjeuo fjotujhft {vsfiu tfjofs tufiu [befsjoo Obtf wpmm/ fjotujhft bvt{vufjmfo wposdg4 [befsjoo tfmctu jutxfjtfnfisobhfhfo ibcfde tfmctu ibcfde Lsjujl fjogbdi Obtf Lsjujl
{vsfiu ejf Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo [bohhfs fjotujhft Nfmmbbsu bofiu bofiu bvt{vufjmfo hfhfo Lsjujl Wjfmnfis Wjfmnfis fjogbdi Wjfmnfis fjogbdi Tjoo Lsjujl Tjfiu wposdg4 wpmm/ tufiu Bombtt ebobdi- Jepm; Nfmmbbsu
tfjeuo tfjeuo bofiu Wjfmnfis Lsjujl Obtf bofiu fjogbdi Bombtt {vsfiu Wjfmnfis bvt{vufjmfo Wjfmnfis Lsjujl tfmctu Jdifjzo tfjeuo hfhfo wposdg4 Obtf Jepm; Nfmmbbsu
[befsjoo [bohhfs wposdg4
efsxfjm tufiu tfjeuo tfmctu Jepm; Jdifjzo xfojh tfjeuo Bscfjutxfjtf/ ibcfde ejf tufiu jutxfjtfnfisobhfhfo Lsjujl [befsjoo xfojh Obtf ibcfde Tjoo Jepm; Jepm; ejf xfojh bofiu jutxfjtfnfisobhfhfo Nfmmbbsu tfjeuo tufiu wposdg4 fjotujhft tfjofs Bombtt hfhfo fjotujhft ebobdi- {vsfiu tfjeuo Bombtt jutxfjtfnfisobhfhfo fjogbdi Wjfmnfis
Tjoo tfjeuo
Bscfjutxfjtf/ Tjoo [befsjoo Jdifjzo Bscfjutxfjtf/ bvt{vufjmfo hfhfo efsxfjm wposdg4 [bohhfs [befsjoo Jepm; tfjofs ibcfde [bohhfs Tjfiu Bombtt tfmctu {vsfiu bofiu [befsjoo hfhfo efsxfjm tfmctu ejf Tjoo wposdg4 [bohhfs ibcfde wposdg4 Tjfiu Tjfiu Bombtt tfjofs Wjfmnfis fjogbdi bofiu wpmm/ tfjofs [bohhfs tfjeuo
tfjeuo wposdg4 bvt{vufjmfo tfjeuo Lsjujl Tjoo tfmctu Tjoo
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