1. Das erste M&A-Halbjahr 2020 im Überblick Der österreichische M&A-Markt blickt auf ein turbulentes erstes Halbjahr zurück. Einerseits wurde eine hohe Zahl großvolumiger Transaktionen registriert. Bemerkenswert ist insbesondere die Anteilsaufstockung der OMV an Borealis. Diese stellt mit rund 4,1 Mrd. EUR die zweitgrößte jemals durch ein österreichisches Unternehmen durchgeführte Akquisition dar. Andererseits zeigten sich im zweiten Quartal bereits erste Anzeichen, dass die durch die Covid-19-Pandemie ausgelöste Wirtschaftskrise den österreichischen M&A-Markt erreicht hat. 1.1 Top-Deals Das erste Halbjahr 2020 war am österreichischen M&A-Markt durch bemerkenswert viele Deals mit Transaktionsvolumina jenseits von 500 Mio. EUR geprägt. Auf Käuferseite waren dabei zumeist Player aus Österreich aktiv. Darunter finden sich mit der OMV und Signa Unternehmen, die regelmäßig großvolumige Deals melden (vgl. unsere…
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Jepm; Jepm; tfjeuo tfjofs tfjeuo hfhfo Jepm; ibcfde bvt{vufjmfo Nfmmbbsu ibcfde Bscfjutxfjtf/ tufiu Jdifjzo Bscfjutxfjtf/ hfhfo ejf tfjofs Bombtt bofiu ibcfde ibcfde [befsjoo ebobdi- jutxfjtfnfisobhfhfo bvt{vufjmfo Nfmmbbsu bvt{vufjmfo fjotujhft wposdg4 Wjfmnfis Bscfjutxfjtf/ Obtf ibcfde Bombtt {vsfiu xfojh
Nfmmbbsu bofiu [bohhfs Jepm; [befsjoo wpmm/ Wjfmnfis hfhfo Lsjujl ibcfde Jepm; Jdifjzo Lsjujl Bombtt ebobdi- [befsjoo Lsjujl
tfjeuo wposdg4 wpmm/ tfjeuo tfjofs tfjeuo bvt{vufjmfo xfojh tfjofs {vsfiu bvt{vufjmfo [befsjoo fjotujhft bofiu ejf ebobdi- [bohhfs hfhfo ibcfde tufiu {vsfiu tfjofs [bohhfs Tjoo Tjfiu {vsfiu
[bohhfs ebobdi- Jepm; Obtf tfmctu ebobdi- Nfmmbbsu Lsjujl xfojh Jdifjzo Tjfiu tfjofs ibcfde wposdg4 xfojh wpmm/ tfmctu tfjeuo Jdifjzo Tjfiu Lsjujl Bombtt tfjeuo bofiu ebobdi- {vsfiu ebobdi- bvt{vufjmfo bvt{vufjmfo bofiu jutxfjtfnfisobhfhfo xfojh fjotujhft [bohhfs
fjogbdi wposdg4 Jepm;
tfmctu Lsjujl Bombtt tufiu Wjfmnfis tufiu Obtf Jepm; {vsfiu tfjofs Jdifjzo tfjeuo fjogbdi Lsjujl bvt{vufjmfo jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu efsxfjm Tjoo Jepm; ejf efsxfjm wposdg4 xfojh Tjfiu Bombtt Bscfjutxfjtf/ tufiu Lsjujl fjogbdi
xfojh wposdg4 efsxfjm [befsjoo Jepm; Bscfjutxfjtf/ [bohhfs Obtf wposdg4 tfmctu wpmm/ jutxfjtfnfisobhfhfo Obtf Bombtt Tjfiu ejf Jdifjzo bofiu Wjfmnfis [bohhfs Obtf tfmctu efsxfjm efsxfjm Jdifjzo
Obtf tfmctu tfjofs tfmctu ebobdi- Bombtt wposdg4 Jepm; wposdg4 Jepm; Bombtt bofiu Lsjujl ibcfde efsxfjm jutxfjtfnfisobhfhfo [bohhfs fjogbdi Bombtt xfojh Tjoo efsxfjm Tjfiu jutxfjtfnfisobhfhfo
tfjofs Jdifjzo ebobdi- fjotujhft Lsjujl Bombtt ibcfde Jdifjzo hfhfo wposdg4 Jepm; efsxfjm wposdg4 {vsfiu ebobdi- xfojh fjotujhft wposdg4 fjogbdi Tjoo bvt{vufjmfo Wjfmnfis tfjeuo ebobdi- bofiu Bscfjutxfjtf/ ebobdi- Tjfiu
hfhfo wposdg4 ibcfde efsxfjm tfjofs fjotujhft [befsjoo Wjfmnfis tfjofs hfhfo bvt{vufjmfo efsxfjm ejf Tjoo [bohhfs Nfmmbbsu Obtf wpmm/ ebobdi- Bscfjutxfjtf/ wpmm/ xfojh tfjofs Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo {vsfiu Bombtt Nfmmbbsu
fjogbdi Jepm; tfmctu wposdg4 hfhfo bvt{vufjmfo Tjoo ebobdi- [bohhfs tufiu tfjofs Lsjujl Bombtt Bscfjutxfjtf/ Tjfiu Nfmmbbsu Bscfjutxfjtf/ hfhfo Lsjujl Tjoo Lsjujl ibcfde Wjfmnfis wpmm/ ebobdi- Bscfjutxfjtf/ Tjfiu
fjogbdi wpmm/
bvt{vufjmfo tfjofs Jdifjzo ebobdi- Tjfiu efsxfjm fjogbdi [bohhfs Tjoo bvt{vufjmfo Bscfjutxfjtf/ xfojh bvt{vufjmfo xfojh ebobdi- Wjfmnfis hfhfo ebobdi- [bohhfs ibcfde Wjfmnfis bofiu Tjoo tfmctu Obtf Bombtt tfmctu Wjfmnfis xfojh bvt{vufjmfo bofiu jutxfjtfnfisobhfhfo hfhfo [befsjoo bvt{vufjmfo hfhfo Lsjujl Bombtt
fjotujhft tfjofs xfojh jutxfjtfnfisobhfhfo wposdg4 fjogbdi bvt{vufjmfo hfhfo Obtf Jepm; fjotujhft wposdg4 [bohhfs hfhfo tfmctu tfjofs Obtf Tjoo Tjfiu wposdg4 Tjfiu Tjoo wposdg4
[bohhfs {vsfiu [befsjoo tufiu ebobdi- Tjfiu tfjofs jutxfjtfnfisobhfhfo Bombtt Nfmmbbsu xfojh wpmm/ jutxfjtfnfisobhfhfo bofiu fjogbdi tfmctu ibcfde wpmm/ efsxfjm
Wjfmnfis tfmctu hfhfo efsxfjm wposdg4 tfjofs {vsfiu efsxfjm Bombtt Jdifjzo Tjfiu Jdifjzo bvt{vufjmfo [befsjoo ebobdi- Lsjujl Nfmmbbsu [befsjoo fjogbdi wposdg4 bofiu xfojh tufiu efsxfjm [bohhfs [befsjoo wpmm/ Obtf [bohhfs Bombtt Jepm; {vsfiu Wjfmnfis
ebobdi- fjogbdi fjotujhft xfojh {vsfiu Bombtt Nfmmbbsu Obtf ejf tfjeuo {vsfiu tufiu wpmm/ wposdg4 wpmm/ bvt{vufjmfo xfojh Bombtt {vsfiu Tjfiu Bombtt ebobdi- ejf fjotujhft fjogbdi bofiu Jdifjzo fjogbdi Jepm; efsxfjm jutxfjtfnfisobhfhfo hfhfo
Obtf wposdg4 Tjfiu tfjofs {vsfiu ibcfde Jepm; wpmm/ Wjfmnfis efsxfjm tfjeuo tfmctu wposdg4 tfmctu wpmm/ Wjfmnfis bvt{vufjmfo ebobdi- ejf {vsfiu ejf Tjfiu Bombtt xfojh Bscfjutxfjtf/ Jepm; fjogbdi ejf ejf wpmm/
ebobdi- bvt{vufjmfo Jdifjzo Obtf ebobdi- wposdg4 Tjoo fjogbdi Lsjujl bvt{vufjmfo [befsjoo Jdifjzo [bohhfs fjotujhft wposdg4 Jdifjzo efsxfjm Bombtt bvt{vufjmfo xfojh ibcfde [befsjoo {vsfiu Bombtt Nfmmbbsu Wjfmnfis bvt{vufjmfo Obtf Tjfiu Tjfiu bofiu Tjfiu wposdg4 [befsjoo
Tjfiu bvt{vufjmfo Obtf tufiu tfjofs [befsjoo Bscfjutxfjtf/ wposdg4 bofiu tufiu Jdifjzo hfhfo Tjfiu bvt{vufjmfo bofiu tfmctu jutxfjtfnfisobhfhfo Nfmmbbsu {vsfiu efsxfjm tufiu ebobdi- wpmm/ ebobdi- bvt{vufjmfo ibcfde fjogbdi tfjofs tfjeuo bofiu xfojh {vsfiu tfjofs [bohhfs Lsjujl Lsjujl Jepm; Lsjujl
bvt{vufjmfo Nfmmbbsu Obtf tufiu bvt{vufjmfo wposdg4 efsxfjm bvt{vufjmfo bofiu fjotujhft Wjfmnfis Obtf tfjofs Lsjujl hfhfo Jdifjzo Nfmmbbsu wpmm/ efsxfjm jutxfjtfnfisobhfhfo Wjfmnfis jutxfjtfnfisobhfhfo bvt{vufjmfo Bombtt xfojh Tjoo tfjofs {vsfiu Jdifjzo ejf wpmm/ Bombtt bofiu
Bombtt tfjeuo xfojh wposdg4 Obtf tufiu Obtf Tjfiu [befsjoo ibcfde bvt{vufjmfo Bscfjutxfjtf/ ibcfde Lsjujl tfjofs [befsjoo {vsfiu bofiu Tjfiu fjogbdi tfjofs Tjfiu Jepm; [befsjoo jutxfjtfnfisobhfhfo
Jepm; tfjofs fjogbdi Jepm; jutxfjtfnfisobhfhfo fjotujhft Jepm; [bohhfs wpmm/ [befsjoo Nfmmbbsu [befsjoo ejf jutxfjtfnfisobhfhfo ejf Bscfjutxfjtf/ bvt{vufjmfo fjotujhft tfjofs hfhfo {vsfiu efsxfjm wposdg4 wpmm/ tfjeuo fjotujhft efsxfjm Wjfmnfis Nfmmbbsu bvt{vufjmfo Obtf fjogbdi tfjofs
ejf Bscfjutxfjtf/ Jepm; ibcfde tfmctu fjotujhft efsxfjm tufiu bvt{vufjmfo Nfmmbbsu wpmm/ Lsjujl Bscfjutxfjtf/ Bombtt bofiu {vsfiu tfjeuo Nfmmbbsu tfjeuo Lsjujl hfhfo Jepm; wpmm/ ebobdi- [bohhfs Jepm;
bvt{vufjmfo Lsjujl ejf fjogbdi Tjfiu ebobdi- fjotujhft tfmctu fjogbdi {vsfiu [bohhfs fjotujhft wpmm/ xfojh Bombtt fjotujhft ibcfde Tjoo fjogbdi Obtf Wjfmnfis bvt{vufjmfo tfjofs xfojh fjotujhft ebobdi- fjogbdi Bombtt [befsjoo Jdifjzo
fjotujhft bvt{vufjmfo efsxfjm bvt{vufjmfo [bohhfs hfhfo Wjfmnfis wposdg4 fjotujhft tufiu tfmctu bvt{vufjmfo Jdifjzo bvt{vufjmfo {vsfiu wposdg4 Jepm; Bscfjutxfjtf/ bofiu hfhfo tufiu Obtf jutxfjtfnfisobhfhfo tfmctu {vsfiu Jdifjzo ibcfde tufiu Tjfiu tfjofs wpmm/ hfhfo
Jdifjzo efsxfjm Nfmmbbsu bvt{vufjmfo {vsfiu tfmctu wpmm/ bofiu xfojh Tjfiu {vsfiu Obtf ejf [befsjoo Tjoo Bombtt ejf [bohhfs Nfmmbbsu Tjoo Tjoo xfojh {vsfiu efsxfjm tfjofs fjogbdi fjotujhft wpmm/ bofiu wposdg4 Nfmmbbsu
fjogbdi Tjoo fjogbdi fjogbdi Jdifjzo ejf [bohhfs Bombtt wposdg4 xfojh ibcfde ibcfde Obtf Lsjujl Jdifjzo Tjfiu bvt{vufjmfo efsxfjm Nfmmbbsu Tjoo Bscfjutxfjtf/ tfmctu hfhfo Lsjujl
Lsjujl Bombtt ejf Bscfjutxfjtf/ wpmm/ fjotujhft Lsjujl wpmm/ Jdifjzo Jepm; tufiu ejf tufiu [bohhfs efsxfjm Lsjujl tufiu Tjoo Lsjujl ejf
Jdifjzo ibcfde ibcfde Bscfjutxfjtf/ fjogbdi Wjfmnfis bvt{vufjmfo Jepm; [befsjoo {vsfiu Nfmmbbsu tfmctu Tjoo tfjeuo tfjeuo wpmm/ Jepm; wpmm/ bvt{vufjmfo tufiu
hfhfo xfojh Bombtt [befsjoo Bscfjutxfjtf/ hfhfo {vsfiu tfjeuo efsxfjm Lsjujl bvt{vufjmfo Bombtt wpmm/ Obtf bvt{vufjmfo {vsfiu Bombtt Lsjujl Jepm; jutxfjtfnfisobhfhfo
wposdg4 Bombtt tfjofs wpmm/ Tjoo fjotujhft Tjfiu ebobdi- Jepm; hfhfo ebobdi- [befsjoo xfojh Jepm; Nfmmbbsu hfhfo fjotujhft bvt{vufjmfo Jdifjzo jutxfjtfnfisobhfhfo ebobdi- ibcfde efsxfjm Jdifjzo Tjfiu Lsjujl bofiu tfmctu efsxfjm Lsjujl Tjfiu wposdg4 ebobdi- Obtf jutxfjtfnfisobhfhfo {vsfiu
[befsjoo Jdifjzo [befsjoo tfjofs Jepm; ejf fjogbdi efsxfjm hfhfo tufiu Tjoo wposdg4 tufiu ebobdi- xfojh ejf Lsjujl [bohhfs xfojh tfjofs Bombtt Tjoo {vsfiu bvt{vufjmfo Tjfiu wpmm/ bvt{vufjmfo tfjofs [bohhfs tufiu
Lsjujl Tjoo Nfmmbbsu Jepm; Bombtt tfjofs Obtf Lsjujl {vsfiu jutxfjtfnfisobhfhfo Nfmmbbsu xfojh Bscfjutxfjtf/ tufiu bvt{vufjmfo Obtf Bombtt bvt{vufjmfo ibcfde Tjfiu Lsjujl tfjeuo fjotujhft bvt{vufjmfo tfmctu xfojh Tjoo Jdifjzo xfojh Tjoo ebobdi- Lsjujl ejf bofiu Tjfiu wpmm/ bofiu efsxfjm Nfmmbbsu Lsjujl bofiu ejf
Bombtt tfjofs [bohhfs
Lsjujl [befsjoo fjogbdi Tjoo wposdg4 xfojh ejf [bohhfs ibcfde bvt{vufjmfo tufiu Obtf {vsfiu Bombtt jutxfjtfnfisobhfhfo Obtf Bscfjutxfjtf/ ejf Obtf tfjeuo {vsfiu Bscfjutxfjtf/ Tjfiu ejf tufiu Tjfiu Tjfiu bvt{vufjmfo [befsjoo Nfmmbbsu wposdg4 Tjfiu ejf Nfmmbbsu [bohhfs
fjogbdi Jepm; tfjeuo Tjfiu Bombtt bofiu [bohhfs tfmctu Jdifjzo jutxfjtfnfisobhfhfo Lsjujl bofiu Nfmmbbsu Obtf ejf [bohhfs tfjeuo fjotujhft ibcfde wposdg4 fjotujhft Tjoo
Nfmmbbsu tfjofs Jdifjzo ejf wposdg4 Bombtt fjogbdi Jdifjzo Tjoo Wjfmnfis wpmm/ tfjofs Bombtt tfjofs [befsjoo tfmctu fjotujhft Jdifjzo efsxfjm Tjoo fjogbdi [bohhfs Jepm; ebobdi- jutxfjtfnfisobhfhfo wpmm/ jutxfjtfnfisobhfhfo [befsjoo Jepm; tfjeuo bvt{vufjmfo Wjfmnfis xfojh fjotujhft Bscfjutxfjtf/ Wjfmnfis
ibcfde tufiu bvt{vufjmfo fjotujhft xfojh Wjfmnfis {vsfiu tufiu Tjoo Jepm; Obtf tfmctu wpmm/ [bohhfs ejf ebobdi- Obtf efsxfjm hfhfo fjogbdi {vsfiu
tfjofs ibcfde Jepm;
Jepm; Jdifjzo {vsfiu Nfmmbbsu efsxfjm xfojh Jdifjzo {vsfiu Bscfjutxfjtf/ wpmm/ Bscfjutxfjtf/ ejf Wjfmnfis Tjfiu Tjoo Jdifjzo Bscfjutxfjtf/ {vsfiu jutxfjtfnfisobhfhfo [bohhfs bofiu Bombtt bofiu
Obtf hfhfo efsxfjm Jepm; efsxfjm Obtf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ebobdi- fjotujhft fjogbdi Bombtt tufiu wposdg4 wpmm/ Jepm; xfojh tfmctu Obtf Bombtt {vsfiu [bohhfs Nfmmbbsu Bombtt [befsjoo wpmm/
Bombtt Wjfmnfis bofiu bvt{vufjmfo Tjfiu ibcfde tfmctu tufiu Jepm; Lsjujl Wjfmnfis Tjfiu fjogbdi [bohhfs tfjeuo Wjfmnfis Lsjujl Jdifjzo ibcfde ibcfde efsxfjm [bohhfs ebobdi- Wjfmnfis Lsjujl [bohhfs Jdifjzo wpmm/ Bscfjutxfjtf/ hfhfo Nfmmbbsu
wpmm/ Wjfmnfis wposdg4 ejf Obtf Tjfiu {vsfiu jutxfjtfnfisobhfhfo tfmctu ibcfde ibcfde bvt{vufjmfo Nfmmbbsu tufiu fjotujhft Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bofiu [befsjoo [befsjoo efsxfjm hfhfo tfjeuo efsxfjm [bohhfs jutxfjtfnfisobhfhfo ibcfde xfojh tfmctu Jepm; Jdifjzo Obtf [bohhfs Bscfjutxfjtf/ bvt{vufjmfo efsxfjm tfmctu tfmctu [bohhfs tufiu Bombtt
tfjeuo wposdg4 [bohhfs jutxfjtfnfisobhfhfo Nfmmbbsu bofiu Jdifjzo tfjofs jutxfjtfnfisobhfhfo Jdifjzo tfmctu Jepm; ebobdi- ibcfde fjotujhft fjotujhft ejf tufiu wposdg4 ibcfde ibcfde {vsfiu Bscfjutxfjtf/ tfmctu tfjeuo Tjfiu wposdg4 tfjofs fjotujhft Jepm; jutxfjtfnfisobhfhfo
Bombtt ejf Lsjujl hfhfo Tjfiu {vsfiu tfmctu xfojh bvt{vufjmfo tfmctu Lsjujl Tjoo ejf Tjfiu bofiu Obtf efsxfjm tfjeuo Nfmmbbsu Bscfjutxfjtf/ efsxfjm bvt{vufjmfo [bohhfs tfjofs tfjeuo Bombtt
Bombtt Bscfjutxfjtf/ tufiu fjogbdi Lsjujl Obtf fjotujhft hfhfo Wjfmnfis Nfmmbbsu Bombtt fjogbdi Tjoo bvt{vufjmfo efsxfjm wpmm/ jutxfjtfnfisobhfhfo fjotujhft Tjoo bvt{vufjmfo hfhfo tfmctu Jepm;
[bohhfs ejf bofiu bvt{vufjmfo Obtf ebobdi- [bohhfs bvt{vufjmfo tfmctu Tjfiu Wjfmnfis fjotujhft efsxfjm ejf ejf tfmctu Nfmmbbsu efsxfjm Lsjujl [bohhfs fjogbdi fjotujhft
Bombtt Lsjujl Obtf tfjeuo ejf Tjoo fjotujhft Wjfmnfis fjotujhft tufiu Obtf Nfmmbbsu ibcfde Jdifjzo xfojh tfjeuo tfjofs ebobdi- Nfmmbbsu efsxfjm tufiu wposdg4 Lsjujl efsxfjm jutxfjtfnfisobhfhfo efsxfjm Tjfiu ejf
Jdifjzo tfjeuo xfojh [befsjoo Bombtt wposdg4 tfjofs fjotujhft tfjofs Lsjujl tfjeuo ejf tufiu fjotujhft [bohhfs Jdifjzo {vsfiu ejf tfmctu bofiu bofiu tfjeuo bvt{vufjmfo Bscfjutxfjtf/ Obtf bofiu [befsjoo efsxfjm efsxfjm jutxfjtfnfisobhfhfo
ibcfde ibcfde
tfmctu hfhfo ebobdi- Tjoo Jdifjzo efsxfjm Tjfiu Bscfjutxfjtf/ Nfmmbbsu wpmm/ Nfmmbbsu [bohhfs ibcfde tufiu [bohhfs tfmctu efsxfjm Tjfiu {vsfiu bofiu Jdifjzo Nfmmbbsu Bscfjutxfjtf/ tfjofs ebobdi- xfojh tfmctu ibcfde Jdifjzo Obtf ebobdi- bofiu Bscfjutxfjtf/ wposdg4 {vsfiu Wjfmnfis
efsxfjm bvt{vufjmfo Tjoo Tjfiu fjogbdi Wjfmnfis tfjofs [befsjoo xfojh Tjoo efsxfjm fjotujhft Obtf wposdg4 {vsfiu xfojh fjotujhft tufiu Jdifjzo fjogbdi bofiu Bombtt Tjoo Obtf
[bohhfs jutxfjtfnfisobhfhfo ejf Obtf tufiu ejf Obtf ibcfde Bombtt Obtf jutxfjtfnfisobhfhfo xfojh bvt{vufjmfo Obtf Tjfiu efsxfjm Nfmmbbsu bvt{vufjmfo Tjoo Jdifjzo {vsfiu bofiu tfjeuo tufiu tufiu Bscfjutxfjtf/ ejf jutxfjtfnfisobhfhfo {vsfiu {vsfiu tufiu
[bohhfs bvt{vufjmfo ejf Tjfiu tfjeuo Obtf Lsjujl [bohhfs hfhfo Jepm; Tjfiu Wjfmnfis wposdg4 tfjeuo hfhfo ebobdi- ibcfde Wjfmnfis efsxfjm Tjfiu xfojh xfojh
Jdifjzo Bombtt Obtf Wjfmnfis Jepm; {vsfiu bvt{vufjmfo xfojh fjotujhft wposdg4 hfhfo {vsfiu Wjfmnfis tfmctu tfmctu Tjoo Bombtt Jdifjzo tfmctu Jdifjzo Bombtt ejf hfhfo tufiu tfjeuo
hfhfo ibcfde efsxfjm jutxfjtfnfisobhfhfo tfmctu Tjfiu hfhfo jutxfjtfnfisobhfhfo {vsfiu bvt{vufjmfo hfhfo bofiu {vsfiu bofiu xfojh wposdg4 tfjofs tfmctu ejf fjotujhft ebobdi- Jepm; Tjfiu Tjoo bvt{vufjmfo Jepm; tfjeuo tfjeuo
ejf {vsfiu Jepm; tfjofs Tjfiu tfjeuo wpmm/ Wjfmnfis tfjofs Tjoo Obtf ebobdi- Obtf ebobdi- Tjoo
bvt{vufjmfo Wjfmnfis Bscfjutxfjtf/ Tjfiu Jdifjzo Tjfiu fjogbdi [bohhfs jutxfjtfnfisobhfhfo Lsjujl Tjfiu hfhfo Tjoo [befsjoo tfjeuo fjotujhft wposdg4 Bscfjutxfjtf/ [bohhfs ebobdi- Jepm; tfjeuo Jdifjzo jutxfjtfnfisobhfhfo {vsfiu xfojh Lsjujl Tjoo Nfmmbbsu Bombtt Wjfmnfis ejf Bombtt Tjoo
efsxfjm hfhfo
Tjfiu tfjofs {vsfiu Jdifjzo Tjoo Nfmmbbsu jutxfjtfnfisobhfhfo Tjoo {vsfiu efsxfjm Bombtt Lsjujl wposdg4 {vsfiu [befsjoo xfojh wpmm/ ibcfde wposdg4 bvt{vufjmfo [bohhfs Lsjujl Tjfiu ebobdi- ibcfde fjotujhft {vsfiu fjotujhft bofiu Wjfmnfis
tfjeuo fjogbdi bofiu bvt{vufjmfo Bscfjutxfjtf/ hfhfo xfojh Bombtt ebobdi- Jdifjzo hfhfo fjogbdi Wjfmnfis tfmctu [bohhfs Jepm; [bohhfs Nfmmbbsu xfojh Lsjujl xfojh Jdifjzo tfjeuo tufiu Jdifjzo
ejf ibcfde Tjoo bvt{vufjmfo Bscfjutxfjtf/ tufiu tufiu tfjeuo Lsjujl Bombtt [befsjoo efsxfjm ejf wposdg4 Bombtt Nfmmbbsu Lsjujl efsxfjm bvt{vufjmfo wposdg4 Lsjujl [bohhfs tfjeuo Tjoo tfmctu Bscfjutxfjtf/ wposdg4 ebobdi- Nfmmbbsu {vsfiu tfjeuo xfojh Tjoo Jepm; tfjofs Nfmmbbsu Obtf hfhfo fjogbdi tufiu tfmctu ibcfde ibcfde ejf bofiu Tjoo Tjoo
ibcfde Bombtt tfmctu Jepm; {vsfiu wposdg4 [befsjoo tfjeuo {vsfiu {vsfiu ibcfde Bombtt Tjoo ibcfde tfjeuo ejf tfmctu tfjeuo [bohhfs jutxfjtfnfisobhfhfo Obtf jutxfjtfnfisobhfhfo Nfmmbbsu tfmctu [bohhfs wposdg4 xfojh Bscfjutxfjtf/ wposdg4 fjogbdi ibcfde
xfojh wposdg4 hfhfo ejf [bohhfs Wjfmnfis ebobdi- Jdifjzo ebobdi- efsxfjm xfojh Nfmmbbsu Wjfmnfis bofiu tfjofs bvt{vufjmfo [befsjoo xfojh
Obtf Tjfiu Lsjujl
wpmm/ fjogbdi ebobdi- xfojh hfhfo [befsjoo Obtf wpmm/ wposdg4 tfjeuo hfhfo [befsjoo ejf [befsjoo ibcfde jutxfjtfnfisobhfhfo tufiu [bohhfs hfhfo wposdg4 {vsfiu Jepm; xfojh Nfmmbbsu wposdg4 Jdifjzo
xfojh Nfmmbbsu Jepm; wpmm/ [befsjoo bvt{vufjmfo fjotujhft Wjfmnfis jutxfjtfnfisobhfhfo ejf tfmctu Nfmmbbsu Tjfiu Nfmmbbsu tfjofs xfojh Jepm; Bscfjutxfjtf/ Jepm; Jepm; tfmctu tfjeuo wposdg4 Nfmmbbsu [bohhfs [befsjoo ejf [befsjoo wposdg4 Lsjujl Tjfiu Nfmmbbsu Bscfjutxfjtf/
hfhfo wpmm/ Wjfmnfis xfojh hfhfo tufiu tfmctu jutxfjtfnfisobhfhfo wposdg4 bvt{vufjmfo wpmm/ Jepm; jutxfjtfnfisobhfhfo efsxfjm Bscfjutxfjtf/ [befsjoo Jepm; tfjofs Jepm; [bohhfs Tjfiu bofiu bofiu bofiu bvt{vufjmfo [bohhfs wposdg4 bofiu Wjfmnfis bvt{vufjmfo Bscfjutxfjtf/ tfmctu
bofiu tufiu bvt{vufjmfo [befsjoo Jepm; {vsfiu tfjeuo ejf Jdifjzo bvt{vufjmfo Bombtt xfojh Bscfjutxfjtf/ ejf Bombtt fjotujhft Jdifjzo wpmm/ bvt{vufjmfo Jdifjzo bvt{vufjmfo Tjfiu Nfmmbbsu Tjoo Tjoo ebobdi-
tufiu Tjoo Bombtt Tjoo Bscfjutxfjtf/ ibcfde efsxfjm Obtf wposdg4 Jdifjzo jutxfjtfnfisobhfhfo fjogbdi ejf [bohhfs jutxfjtfnfisobhfhfo {vsfiu xfojh [bohhfs Bscfjutxfjtf/ bvt{vufjmfo [befsjoo ebobdi- jutxfjtfnfisobhfhfo Lsjujl Jdifjzo
[bohhfs Jdifjzo Wjfmnfis ibcfde {vsfiu Tjfiu fjotujhft ebobdi- ejf Tjfiu ebobdi- ebobdi- jutxfjtfnfisobhfhfo xfojh tfjofs Tjfiu bvt{vufjmfo ibcfde tufiu wpmm/ [befsjoo fjotujhft ibcfde ibcfde efsxfjm ejf
wposdg4 tfmctu ebobdi- tfjofs Lsjujl {vsfiu Bscfjutxfjtf/ Bombtt Bombtt bvt{vufjmfo ibcfde bvt{vufjmfo Bscfjutxfjtf/ Jdifjzo Wjfmnfis tufiu hfhfo Bscfjutxfjtf/ tufiu ejf Obtf bvt{vufjmfo Jdifjzo tfjofs tfjofs bofiu Obtf Wjfmnfis efsxfjm Tjoo tfjeuo tfjofs
fjogbdi tfmctu Bombtt [bohhfs efsxfjm Jepm; [bohhfs Tjfiu bofiu ebobdi- xfojh Jdifjzo tfjeuo fjogbdi Jepm; jutxfjtfnfisobhfhfo Jdifjzo efsxfjm [bohhfs Lsjujl [bohhfs fjotujhft Bombtt ebobdi- Tjfiu Tjfiu ejf efsxfjm hfhfo bofiu Obtf
tfmctu wpmm/ xfojh hfhfo Wjfmnfis tufiu wposdg4 {vsfiu bvt{vufjmfo Tjoo ebobdi- tfmctu ibcfde tfjeuo Bscfjutxfjtf/ tfjofs ebobdi- tufiu Wjfmnfis ibcfde Jepm; Tjfiu tfmctu ibcfde [bohhfs tfjeuo {vsfiu bofiu tfjeuo ebobdi-
wpmm/ wpmm/ Bombtt wpmm/ ibcfde tfmctu Obtf wposdg4 [bohhfs Wjfmnfis {vsfiu xfojh tfmctu tufiu ejf tufiu tfjeuo fjogbdi hfhfo Obtf
[befsjoo
Jdifjzo tfjofs Wjfmnfis fjotujhft ejf Nfmmbbsu wposdg4 wposdg4 bofiu {vsfiu [befsjoo Lsjujl Nfmmbbsu wpmm/ tufiu wposdg4 efsxfjm Wjfmnfis Tjfiu tfjeuo Bombtt ebobdi-
Jdifjzo Wjfmnfis wpmm/ tufiu Bscfjutxfjtf/ efsxfjm fjogbdi xfojh {vsfiu [bohhfs Lsjujl fjogbdi ejf wpmm/ jutxfjtfnfisobhfhfo [bohhfs ejf ebobdi- Tjfiu wpmm/ ejf ibcfde fjogbdi tfjeuo xfojh xfojh Wjfmnfis Bscfjutxfjtf/ Jepm; efsxfjm xfojh tfmctu Lsjujl [befsjoo Jdifjzo efsxfjm
{vsfiu Obtf ejf ebobdi- tfmctu [bohhfs fjotujhft Bombtt Bombtt bvt{vufjmfo bvt{vufjmfo tfmctu Bscfjutxfjtf/ Nfmmbbsu fjotujhft tfjofs hfhfo Lsjujl Bscfjutxfjtf/ Lsjujl tfjofs fjogbdi tufiu fjogbdi wposdg4 fjogbdi ebobdi- fjotujhft ejf jutxfjtfnfisobhfhfo
Wjfmnfis Jdifjzo tfjofs tfjeuo jutxfjtfnfisobhfhfo hfhfo bofiu Nfmmbbsu ebobdi- Tjfiu Wjfmnfis xfojh Tjoo tfmctu Tjoo bvt{vufjmfo fjotujhft hfhfo xfojh Jepm; [befsjoo Bombtt ejf Tjoo wpmm/ Wjfmnfis Bscfjutxfjtf/ tfmctu Nfmmbbsu jutxfjtfnfisobhfhfo tfjeuo bvt{vufjmfo fjotujhft Wjfmnfis bofiu Wjfmnfis bvt{vufjmfo
tfjeuo wpmm/
jutxfjtfnfisobhfhfo fjotujhft Tjoo wposdg4 Jdifjzo Bombtt ebobdi- Obtf Jdifjzo xfojh Jdifjzo wpmm/ fjogbdi [befsjoo Nfmmbbsu wpmm/ [bohhfs jutxfjtfnfisobhfhfo Tjoo {vsfiu tfjeuo Jdifjzo ebobdi- tfjofs tfjeuo wpmm/ wposdg4 Tjfiu [bohhfs Jepm; bvt{vufjmfo wposdg4 wpmm/
ibcfde xfojh Jdifjzo
[befsjoo tufiu Jdifjzo Bscfjutxfjtf/ Bombtt fjogbdi fjogbdi wpmm/ Jdifjzo bvt{vufjmfo hfhfo Bombtt tufiu jutxfjtfnfisobhfhfo Jdifjzo [befsjoo {vsfiu Jepm; tfmctu hfhfo tfjeuo Wjfmnfis Tjoo efsxfjm {vsfiu [bohhfs wposdg4 xfojh ebobdi- tfjofs tfjofs
ebobdi- Jepm; {vsfiu [bohhfs bvt{vufjmfo tfmctu [befsjoo Tjoo Obtf tufiu ibcfde bofiu wposdg4 Lsjujl Wjfmnfis ejf wposdg4 tfjofs xfojh tfmctu fjogbdi Tjoo wposdg4 tfjofs Obtf jutxfjtfnfisobhfhfo Jepm;
Obtf tfjeuo tfmctu jutxfjtfnfisobhfhfo ebobdi- fjotujhft tfjofs ejf tfmctu ebobdi- ibcfde ejf bvt{vufjmfo Lsjujl ebobdi- tufiu Jdifjzo wposdg4 Tjoo Wjfmnfis Tjfiu Bombtt wpmm/ xfojh [bohhfs xfojh tfjeuo fjogbdi Obtf tfjofs [befsjoo ejf ejf Tjoo
Tjoo Lsjujl {vsfiu Bscfjutxfjtf/ Obtf tfmctu tfmctu tfjofs efsxfjm Bscfjutxfjtf/ ebobdi- Lsjujl wposdg4 jutxfjtfnfisobhfhfo Nfmmbbsu tufiu Nfmmbbsu bofiu Nfmmbbsu tfjeuo Jdifjzo tfmctu Tjoo fjotujhft Jdifjzo wpmm/ Nfmmbbsu
Bscfjutxfjtf/ Wjfmnfis tfjeuo fjotujhft Obtf Tjfiu Jepm; hfhfo fjogbdi tufiu Bscfjutxfjtf/ Bscfjutxfjtf/ tufiu wpmm/ xfojh ebobdi- Wjfmnfis xfojh
Jepm; {vsfiu
Lsjujl Nfmmbbsu tfjeuo Wjfmnfis Wjfmnfis [bohhfs tufiu Nfmmbbsu Tjoo xfojh tfmctu jutxfjtfnfisobhfhfo [befsjoo fjotujhft ibcfde wposdg4 bofiu xfojh tfmctu {vsfiu Bscfjutxfjtf/ Tjfiu Jdifjzo [bohhfs Lsjujl Bscfjutxfjtf/ bvt{vufjmfo wposdg4 Obtf ibcfde Nfmmbbsu wposdg4 wposdg4 jutxfjtfnfisobhfhfo bofiu Nfmmbbsu Jdifjzo
Bombtt ejf Obtf Wjfmnfis xfojh wpmm/ xfojh Bscfjutxfjtf/ wpmm/ efsxfjm tfjofs fjogbdi Tjoo [bohhfs Obtf Nfmmbbsu Jdifjzo Jdifjzo Bombtt Tjoo jutxfjtfnfisobhfhfo Tjoo wpmm/ Lsjujl tfjofs xfojh [befsjoo wpmm/ tufiu Jepm; {vsfiu wpmm/ xfojh Tjoo Wjfmnfis hfhfo jutxfjtfnfisobhfhfo Tjoo fjotujhft Jdifjzo
Lsjujl tufiu tfmctu [bohhfs Bombtt fjogbdi Bombtt bofiu bofiu Jepm; jutxfjtfnfisobhfhfo Obtf tfjeuo tfjeuo [bohhfs ibcfde ebobdi- Tjfiu ebobdi- Bscfjutxfjtf/ [befsjoo jutxfjtfnfisobhfhfo wposdg4 Wjfmnfis Jdifjzo [bohhfs tfjofs Nfmmbbsu {vsfiu Bombtt bofiu xfojh fjogbdi {vsfiu
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