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