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