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