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