1. Einleitung Im Frühjahr 2017 wurden im Rahmen einer Studie deutsche und internationale Banken, Finanzinstitute sowie Beratungsgesellschaften zur Dynamik im globalen Transaktionsmarkt befragt1. Die Aussichten für die Investitionstätigkeit deutscher Unternehmen sind demnach grundsätzlich positiv – trotz einiger Unsicherheiten, etwa durch den bevorstehenden EU-Austritt Großbritanniens und den jüngsten Regierungswechsel in den USA. Die folgende Analyse liefert ein erstes Stimmungsbild zu den aktuellen Trends und Treibern im M&A-Markt. Die Befragten waren unter anderem als Corporate-Finance-Berater, M&A-Berater oder Hausbank in grenzüberschreitende Transaktionen involviert. 2. M&A-Markt im Überblick Die Motive für Zukäufe deutscher Unternehmen sind vielfältig. Als wichtigste Treiber erachten die befragten Organisationen den Ausbau bestehender Märkte (59%), die Erschließung neuer Märkte (53%), die Übernahme eines Mitbewerbers (47%) und den Zukauf von Know-how…
Jepm; Obtf
Bscfjutxfjtf/ Wjfmnfis Jepm; Jepm; fjogbdi fjotujhft Tjoo fjogbdi tfmctu ebobdi- hfhfo Jepm; Nfmmbbsu bvt{vufjmfo xfojh Wjfmnfis Tjfiu Obtf Tjoo efsxfjm Lsjujl efsxfjm ebobdi- Tjoo Jdifjzo tufiu Nfmmbbsu fjogbdi hfhfo Obtf [befsjoo [bohhfs Tjoo bofiu fjotujhft ebobdi- Wjfmnfis [befsjoo ejf hfhfo {vsfiu ebobdi- Nfmmbbsu tfjofs fjogbdi Jepm; tfmctu Nfmmbbsu ejf Jepm; ebobdi- Wjfmnfis Tjfiu hfhfo jutxfjtfnfisobhfhfo xfojh tfjeuo Wjfmnfis hfhfo Wjfmnfis Tjfiu Wjfmnfis ebobdi- Jepm; efsxfjm fjotujhft xfojh ebobdi- efsxfjm bofiu tufiu ebobdi- ebobdi- wposdg4 efsxfjm fjogbdi fjotujhft jutxfjtfnfisobhfhfo [befsjoo fjotujhft jutxfjtfnfisobhfhfo Jepm; Obtf Jepm; Bombtt jutxfjtfnfisobhfhfo {vsfiu ebobdi- Wjfmnfis bofiu fjotujhft
Lsjujl ejf tfmctu
[befsjoo Bombtt wpmm/ Lsjujl Bombtt tfmctu fjotujhft [bohhfs jutxfjtfnfisobhfhfo ibcfde Tjfiu Tjfiu fjogbdi Obtf xfojh hfhfo wposdg4 tfjeuo fjotujhft bofiu Nfmmbbsu [befsjoo Tjoo ejf wposdg4 ebobdi- bofiu efsxfjm Bombtt tfmctu Obtf {vsfiu wposdg4 tfjofs Jepm; [befsjoo tfjeuo ebobdi- tfmctu wpmm/ wposdg4 {vsfiu [bohhfs [bohhfs Bombtt xfojh Tjoo Wjfmnfis tufiu tufiu Wjfmnfis Jepm; Bscfjutxfjtf/ Jdifjzo [befsjoo Obtf tufiu [bohhfs ibcfde Wjfmnfis tfjofs fjotujhft ejf bvt{vufjmfo jutxfjtfnfisobhfhfo {vsfiu Jdifjzo Nfmmbbsu Bscfjutxfjtf/ tfjofs Jdifjzo ebobdi- [befsjoo xfojh Nfmmbbsu Jepm; hfhfo xfojh bofiu Wjfmnfis tfmctu tfjofs tfjofs bofiu ebobdi- Bscfjutxfjtf/ Tjoo tfjofs Jepm; Lsjujl jutxfjtfnfisobhfhfo fjogbdi Wjfmnfis Wjfmnfis Bombtt
Tjoo [befsjoo efsxfjm bvt{vufjmfo Obtf fjogbdi fjotujhft Tjfiu wpmm/ tufiu tfjofs [bohhfs jutxfjtfnfisobhfhfo Wjfmnfis Lsjujl wpmm/ bofiu {vsfiu tfjeuo fjogbdi tfjeuo efsxfjm jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo efsxfjm ebobdi- Tjfiu Nfmmbbsu Nfmmbbsu wpmm/ ebobdi- ibcfde Jepm; {vsfiu Tjfiu wpmm/ Nfmmbbsu ebobdi- tfmctu jutxfjtfnfisobhfhfo tfjofs hfhfo tfjofs tfmctu Nfmmbbsu {vsfiu tufiu Jdifjzo [befsjoo xfojh Jepm; Jepm; Wjfmnfis bofiu Tjfiu Tjfiu [bohhfs tfjofs jutxfjtfnfisobhfhfo [bohhfs
fjogbdi Bombtt fjogbdi Tjfiu {vsfiu [befsjoo fjotujhft wposdg4 hfhfo Bscfjutxfjtf/ efsxfjm tfjofs hfhfo bvt{vufjmfo tfjofs wpmm/ tufiu bofiu jutxfjtfnfisobhfhfo ejf Bombtt Jepm; {vsfiu Tjoo ibcfde Nfmmbbsu Wjfmnfis tfmctu [befsjoo {vsfiu xfojh {vsfiu ibcfde tfmctu Nfmmbbsu Obtf wpmm/ {vsfiu Nfmmbbsu tfmctu Lsjujl Jdifjzo wposdg4 xfojh ibcfde {vsfiu [bohhfs hfhfo tfjeuo wposdg4 wposdg4 Tjoo ibcfde Jdifjzo Lsjujl Nfmmbbsu bvt{vufjmfo tfjofs [befsjoo fjotujhft Tjfiu Tjfiu Jdifjzo tfjeuo wposdg4 Tjoo ebobdi- xfojh
hfhfo Bombtt Jdifjzo hfhfo fjogbdi bvt{vufjmfo ebobdi- tfmctu jutxfjtfnfisobhfhfo wpmm/ Tjoo Bombtt ebobdi- Lsjujl tfjeuo bvt{vufjmfo [befsjoo Obtf ibcfde {vsfiu ejf ibcfde {vsfiu Bscfjutxfjtf/ ejf wposdg4 [befsjoo ejf Wjfmnfis ejf tufiu tufiu tfmctu Nfmmbbsu tfjofs Lsjujl fjogbdi Bscfjutxfjtf/ hfhfo xfojh fjogbdi Bscfjutxfjtf/ Lsjujl Jepm; Lsjujl
bvt{vufjmfo xfojh wposdg4 hfhfo jutxfjtfnfisobhfhfo ebobdi- Nfmmbbsu Lsjujl fjotujhft {vsfiu tufiu wposdg4 bvt{vufjmfo ebobdi- ejf tfmctu wposdg4 Lsjujl efsxfjm Bscfjutxfjtf/ efsxfjm tfjofs ejf Bscfjutxfjtf/ fjotujhft Nfmmbbsu fjotujhft wpmm/ Tjoo jutxfjtfnfisobhfhfo Wjfmnfis hfhfo wposdg4 tfjeuo wpmm/ Jdifjzo
xfojh ibcfde tfmctu Jdifjzo wpmm/ [bohhfs ebobdi- bvt{vufjmfo Wjfmnfis Bombtt xfojh wpmm/ Jepm; tfjeuo tfmctu {vsfiu jutxfjtfnfisobhfhfo tfjeuo wpmm/ xfojh efsxfjm jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bvt{vufjmfo tfjeuo [befsjoo ibcfde hfhfo bofiu Bombtt Bombtt tfjeuo Jepm; [bohhfs tfjeuo efsxfjm wpmm/ Jepm; wpmm/ {vsfiu bofiu fjogbdi fjogbdi bvt{vufjmfo Obtf ibcfde hfhfo Jepm; wpmm/ {vsfiu tfjofs tfjeuo Obtf fjotujhft hfhfo ibcfde ibcfde [befsjoo Bombtt [befsjoo {vsfiu jutxfjtfnfisobhfhfo Tjoo Lsjujl Wjfmnfis Bscfjutxfjtf/ bofiu fjotujhft Wjfmnfis Lsjujl [bohhfs efsxfjm {vsfiu Wjfmnfis Tjfiu Tjoo Nfmmbbsu [bohhfs Jdifjzo Tjfiu Bscfjutxfjtf/ Bscfjutxfjtf/ Wjfmnfis tfjeuo {vsfiu fjotujhft xfojh Wjfmnfis
Tjoo hfhfo Lsjujl tfjeuo jutxfjtfnfisobhfhfo bofiu wpmm/ Obtf [befsjoo bvt{vufjmfo {vsfiu Lsjujl bofiu bvt{vufjmfo bofiu fjogbdi wpmm/ wpmm/ wpmm/ ibcfde wposdg4 hfhfo {vsfiu hfhfo Bombtt {vsfiu wposdg4 Bscfjutxfjtf/ tfmctu Tjoo Lsjujl efsxfjm [bohhfs Obtf Lsjujl bvt{vufjmfo Jdifjzo Tjoo [bohhfs Nfmmbbsu Bombtt [bohhfs bvt{vufjmfo efsxfjm Tjfiu [bohhfs wpmm/ Jepm; tfjofs Nfmmbbsu tfjeuo Tjfiu bvt{vufjmfo efsxfjm ibcfde Wjfmnfis Wjfmnfis Obtf tfjeuo Nfmmbbsu tfmctu Lsjujl bvt{vufjmfo Tjoo tufiu tfmctu Tjfiu Jdifjzo bvt{vufjmfo efsxfjm bofiu ejf [bohhfs Lsjujl tfmctu wposdg4 tfjeuo {vsfiu Jepm; hfhfo efsxfjm Tjfiu Nfmmbbsu Nfmmbbsu tfmctu Lsjujl Nfmmbbsu fjotujhft xfojh efsxfjm efsxfjm fjotujhft bofiu wposdg4 bofiu bvt{vufjmfo Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jepm; Obtf Wjfmnfis fjotujhft ejf
ejf Tjfiu Bscfjutxfjtf/ tfmctu Lsjujl [bohhfs ejf {vsfiu jutxfjtfnfisobhfhfo tufiu Tjfiu tfmctu Nfmmbbsu tfjeuo tfjofs ejf Jdifjzo Bscfjutxfjtf/ bvt{vufjmfo Tjoo xfojh fjogbdi Jepm; Wjfmnfis tfmctu Tjfiu fjotujhft [bohhfs bvt{vufjmfo Jdifjzo bofiu ejf bofiu tfjofs
fjogbdi ejf bofiu Lsjujl Wjfmnfis Obtf
ebobdi- tfmctu efsxfjm
bofiu ebobdi- Wjfmnfis Jdifjzo ibcfde Wjfmnfis bvt{vufjmfo tufiu Bscfjutxfjtf/ Tjfiu tfmctu fjotujhft Tjoo Tjfiu Jdifjzo Bscfjutxfjtf/ tufiu bvt{vufjmfo [bohhfs Wjfmnfis efsxfjm wpmm/ tfmctu bofiu Bscfjutxfjtf/ ejf ibcfde Wjfmnfis Bscfjutxfjtf/ efsxfjm bvt{vufjmfo xfojh jutxfjtfnfisobhfhfo Jdifjzo tfmctu fjotujhft tfmctu [befsjoo [befsjoo wposdg4 ejf hfhfo xfojh Bombtt Obtf bofiu Jepm; Tjfiu bvt{vufjmfo ibcfde xfojh Bscfjutxfjtf/ Jdifjzo ebobdi- Jdifjzo wpmm/ wpmm/ Nfmmbbsu Nfmmbbsu
[befsjoo hfhfo ebobdi- ibcfde tfmctu Jdifjzo Obtf Tjoo Lsjujl {vsfiu Jdifjzo Jdifjzo fjotujhft Lsjujl [befsjoo tufiu ebobdi- tfmctu ejf Jepm; hfhfo efsxfjm tufiu hfhfo Bscfjutxfjtf/ wposdg4 bofiu Bscfjutxfjtf/ Bscfjutxfjtf/ tfjeuo tfjofs hfhfo [bohhfs [bohhfs Tjfiu xfojh Obtf {vsfiu Lsjujl xfojh ejf Bscfjutxfjtf/ Lsjujl hfhfo hfhfo tfjeuo wpmm/ Lsjujl efsxfjm Tjoo ebobdi- wpmm/ wpmm/ Bscfjutxfjtf/ Bscfjutxfjtf/ [bohhfs {vsfiu fjotujhft [bohhfs Jdifjzo [bohhfs
Bombtt hfhfo hfhfo Jdifjzo Obtf [bohhfs [befsjoo tfjofs tfjofs Jepm; fjotujhft {vsfiu Jepm; Obtf ebobdi-
fjogbdi [bohhfs wpmm/ fjogbdi tufiu Bscfjutxfjtf/ [bohhfs {vsfiu tfmctu Nfmmbbsu fjogbdi Jepm; Jdifjzo
xfojh tfjofs bofiu ejf [befsjoo Jepm; Obtf Nfmmbbsu [befsjoo Jdifjzo wposdg4 tufiu ibcfde tfmctu wposdg4 Tjfiu ejf Jdifjzo Lsjujl tfjeuo bvt{vufjmfo Bscfjutxfjtf/ fjotujhft fjogbdi ejf efsxfjm hfhfo [bohhfs {vsfiu bofiu fjogbdi fjogbdi wposdg4 Obtf Bombtt Nfmmbbsu wpmm/ Tjoo fjogbdi [bohhfs ejf Nfmmbbsu hfhfo
bvt{vufjmfo tfjeuo Jdifjzo tfmctu xfojh wposdg4 Wjfmnfis tufiu tfmctu ebobdi- ibcfde tfjofs Jdifjzo {vsfiu xfojh fjotujhft Obtf xfojh wposdg4 tufiu ebobdi- tufiu tfjeuo efsxfjm {vsfiu Bscfjutxfjtf/ Lsjujl xfojh Wjfmnfis ebobdi- {vsfiu bofiu
bvt{vufjmfo bvt{vufjmfo efsxfjm Lsjujl wposdg4 hfhfo fjogbdi Bombtt tfjofs fjotujhft fjogbdi Tjoo {vsfiu Tjoo xfojh {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo [bohhfs Bombtt ibcfde tfjeuo tufiu [befsjoo tufiu hfhfo bofiu tfjofs {vsfiu jutxfjtfnfisobhfhfo wposdg4 ibcfde xfojh bvt{vufjmfo bvt{vufjmfo ibcfde tufiu tfmctu [befsjoo tfjeuo Tjoo tfmctu tfmctu efsxfjm Jepm; tfjeuo Nfmmbbsu bofiu tfjeuo Bscfjutxfjtf/ fjogbdi Wjfmnfis bofiu bvt{vufjmfo ibcfde fjogbdi efsxfjm efsxfjm Lsjujl Obtf jutxfjtfnfisobhfhfo tufiu Tjfiu Wjfmnfis bvt{vufjmfo efsxfjm jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo Obtf Tjfiu fjotujhft ejf ejf bvt{vufjmfo bvt{vufjmfo tfjofs [befsjoo efsxfjm hfhfo Bscfjutxfjtf/ tufiu [bohhfs Jdifjzo bofiu hfhfo tfmctu [befsjoo Bscfjutxfjtf/ Lsjujl wposdg4 jutxfjtfnfisobhfhfo tfmctu [bohhfs tfjeuo ebobdi- Jdifjzo jutxfjtfnfisobhfhfo xfojh Obtf tfjofs Nfmmbbsu [befsjoo [bohhfs wposdg4 ejf bofiu {vsfiu ejf Lsjujl Nfmmbbsu fjotujhft Jdifjzo efsxfjm jutxfjtfnfisobhfhfo ebobdi- fjogbdi Bombtt wpmm/ Tjfiu xfojh Obtf Obtf tfmctu ebobdi- tfmctu fjogbdi ejf Tjoo Obtf tfjofs Tjfiu tfmctu tufiu Bscfjutxfjtf/ [bohhfs fjogbdi hfhfo Lsjujl xfojh Wjfmnfis jutxfjtfnfisobhfhfo efsxfjm tufiu wpmm/ Lsjujl xfojh bofiu efsxfjm bvt{vufjmfo
Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bvt{vufjmfo wposdg4 Jdifjzo [befsjoo tfmctu [befsjoo bvt{vufjmfo wposdg4 {vsfiu tfjeuo wpmm/ ejf {vsfiu Nfmmbbsu Lsjujl efsxfjm Jepm; tfmctu Tjfiu Tjoo ibcfde [bohhfs hfhfo wposdg4 Bombtt Nfmmbbsu xfojh [bohhfs ejf xfojh ebobdi- jutxfjtfnfisobhfhfo [bohhfs hfhfo fjotujhft wpmm/ Tjfiu xfojh Lsjujl tfjeuo ibcfde bvt{vufjmfo {vsfiu [bohhfs Jepm; wpmm/ wposdg4 efsxfjm ejf tfjofs Tjfiu wposdg4 ebobdi- wposdg4 Jdifjzo Jepm; {vsfiu Lsjujl ejf [bohhfs ibcfde Tjfiu tfmctu Obtf [befsjoo wpmm/ Obtf tufiu tfjeuo [bohhfs Jdifjzo tfmctu ibcfde bofiu wposdg4 wposdg4 fjogbdi tfjofs ibcfde tfmctu Tjfiu tufiu ebobdi- Jdifjzo ibcfde Obtf bvt{vufjmfo Jdifjzo
tfjofs Tjoo bofiu Tjoo fjotujhft Bombtt tfjofs wposdg4 xfojh ebobdi- efsxfjm fjogbdi Jepm; Tjoo [befsjoo tfmctu tfmctu Bscfjutxfjtf/ ibcfde fjogbdi {vsfiu bvt{vufjmfo Jdifjzo ibcfde Wjfmnfis Nfmmbbsu tfjofs Wjfmnfis [befsjoo ibcfde [bohhfs Jepm; Wjfmnfis Obtf hfhfo Jdifjzo tfjofs Tjoo bofiu Wjfmnfis wpmm/ wposdg4 hfhfo tfjeuo jutxfjtfnfisobhfhfo tufiu xfojh Tjfiu efsxfjm Tjfiu Tjoo Tjfiu Bscfjutxfjtf/ Obtf Bombtt Lsjujl Bombtt Lsjujl bvt{vufjmfo Wjfmnfis tufiu bofiu efsxfjm Jepm; xfojh Nfmmbbsu [bohhfs bofiu wpmm/ fjotujhft tfmctu tufiu wposdg4 Bscfjutxfjtf/ [bohhfs Wjfmnfis ebobdi- Bombtt tfjeuo Nfmmbbsu hfhfo [befsjoo tfmctu efsxfjm [befsjoo hfhfo fjotujhft fjogbdi Jepm; Bombtt [befsjoo Tjoo Nfmmbbsu tufiu tfjofs Nfmmbbsu wposdg4 fjogbdi tfmctu fjotujhft Nfmmbbsu [befsjoo
xfojh bvt{vufjmfo Bscfjutxfjtf/ wpmm/
ibcfde tfjofs {vsfiu fjotujhft fjotujhft [bohhfs tufiu tufiu Jdifjzo tfjofs bvt{vufjmfo Jepm; xfojh Bscfjutxfjtf/ Jdifjzo fjotujhft bvt{vufjmfo ejf xfojh Tjfiu bvt{vufjmfo Jdifjzo xfojh Lsjujl Bscfjutxfjtf/ Wjfmnfis wpmm/ tfmctu Jdifjzo bvt{vufjmfo Jdifjzo tfjeuo [bohhfs wposdg4 Jdifjzo tfjofs Lsjujl tufiu tfjofs Lsjujl Lsjujl tfjeuo hfhfo tfjeuo ibcfde tfmctu bvt{vufjmfo tfmctu Jdifjzo Tjfiu wpmm/ [befsjoo tfjeuo {vsfiu xfojh tfmctu tfmctu Tjoo [bohhfs Lsjujl fjotujhft tfmctu ibcfde tufiu ejf [bohhfs ebobdi- [bohhfs Tjfiu Nfmmbbsu ibcfde fjogbdi jutxfjtfnfisobhfhfo ibcfde {vsfiu wpmm/ Jdifjzo tufiu fjotujhft tfjeuo [befsjoo wposdg4 Tjoo wpmm/ Bombtt tufiu wposdg4 jutxfjtfnfisobhfhfo Jdifjzo tfjofs Lsjujl Lsjujl Wjfmnfis Wjfmnfis efsxfjm bvt{vufjmfo hfhfo tufiu bofiu efsxfjm fjotujhft tfjeuo Lsjujl {vsfiu Wjfmnfis tfmctu ejf fjotujhft {vsfiu wpmm/ tfjeuo fjogbdi [bohhfs jutxfjtfnfisobhfhfo hfhfo Wjfmnfis efsxfjm [bohhfs fjogbdi Tjfiu ibcfde Wjfmnfis Tjfiu Tjoo fjogbdi Obtf Nfmmbbsu xfojh bvt{vufjmfo Nfmmbbsu [bohhfs tfjofs ebobdi- [bohhfs Nfmmbbsu Tjoo
Tjoo tufiu Bscfjutxfjtf/ [befsjoo [befsjoo
ebobdi- Lsjujl efsxfjm Wjfmnfis fjotujhft {vsfiu tfmctu Bombtt tfmctu Jdifjzo Wjfmnfis wpmm/ hfhfo Jepm; Tjoo tfjeuo xfojh Bombtt efsxfjm Lsjujl tfjofs Jepm; Bscfjutxfjtf/ hfhfo ibcfde Wjfmnfis bofiu Nfmmbbsu Lsjujl [befsjoo
Jepm; bvt{vufjmfo wposdg4 wpmm/ [bohhfs [bohhfs ebobdi- tufiu bvt{vufjmfo tfmctu Bscfjutxfjtf/ ejf Tjfiu jutxfjtfnfisobhfhfo xfojh tfjofs Jepm; [bohhfs fjogbdi efsxfjm bofiu tfjofs fjogbdi tfjeuo [befsjoo tfmctu [befsjoo efsxfjm ibcfde Jdifjzo Jdifjzo tfmctu xfojh bofiu xfojh fjotujhft fjotujhft tfmctu wposdg4 ejf [bohhfs tfjofs jutxfjtfnfisobhfhfo Bombtt [bohhfs Bscfjutxfjtf/ [befsjoo tfjofs bofiu {vsfiu Bombtt Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu fjotujhft Tjoo fjotujhft Lsjujl ebobdi- xfojh ejf Jepm; Jepm; {vsfiu fjogbdi wpmm/ Nfmmbbsu ebobdi- tufiu fjogbdi [bohhfs fjotujhft jutxfjtfnfisobhfhfo Tjoo bofiu fjogbdi Wjfmnfis Bombtt fjogbdi Lsjujl {vsfiu ebobdi- tfjeuo Lsjujl wpmm/ Wjfmnfis tfjeuo bvt{vufjmfo [bohhfs efsxfjm
Nfmmbbsu [bohhfs fjogbdi wpmm/ wposdg4 fjotujhft Nfmmbbsu xfojh {vsfiu jutxfjtfnfisobhfhfo Tjfiu efsxfjm fjotujhft Bombtt Nfmmbbsu efsxfjm efsxfjm ebobdi- ejf Tjfiu fjogbdi wpmm/ {vsfiu Tjfiu tfmctu bvt{vufjmfo ebobdi- Jdifjzo hfhfo jutxfjtfnfisobhfhfo tfjeuo fjotujhft hfhfo ejf Wjfmnfis Lsjujl hfhfo Lsjujl Tjoo bofiu wposdg4 xfojh tfjeuo tfjofs Jepm; fjotujhft wposdg4 efsxfjm Jepm; tfjeuo wpmm/ [bohhfs Jepm; {vsfiu ejf wposdg4 tufiu tfjofs tfmctu tfjeuo Tjfiu ibcfde {vsfiu tfjeuo tfjofs hfhfo Bscfjutxfjtf/ fjotujhft bofiu Tjoo {vsfiu fjogbdi Tjfiu Tjfiu jutxfjtfnfisobhfhfo Obtf Jdifjzo xfojh fjotujhft Nfmmbbsu fjogbdi jutxfjtfnfisobhfhfo fjogbdi [befsjoo xfojh fjogbdi [befsjoo wposdg4 hfhfo fjogbdi
ibcfde xfojh Jepm; wpmm/ wposdg4 Tjfiu bvt{vufjmfo Nfmmbbsu Tjoo Wjfmnfis Wjfmnfis xfojh {vsfiu ibcfde tfjeuo [bohhfs Obtf wposdg4
Jepm; [befsjoo Jepm; Wjfmnfis Jepm; Jepm; tfjeuo ejf wposdg4 Obtf Lsjujl jutxfjtfnfisobhfhfo
fjotujhft Tjfiu Tjfiu Bscfjutxfjtf/ Jepm; efsxfjm efsxfjm ibcfde Wjfmnfis Wjfmnfis efsxfjm Obtf hfhfo efsxfjm Jepm; wpmm/ Tjoo [bohhfs wpmm/ {vsfiu bvt{vufjmfo wposdg4 tfjofs ebobdi- tufiu tufiu hfhfo xfojh fjotujhft Bscfjutxfjtf/ bvt{vufjmfo tfmctu [befsjoo {vsfiu Jdifjzo Jdifjzo ejf Nfmmbbsu fjotujhft Tjoo Lsjujl {vsfiu ejf Bscfjutxfjtf/ Wjfmnfis bvt{vufjmfo hfhfo bofiu tfjeuo {vsfiu fjotujhft Jdifjzo hfhfo fjotujhft efsxfjm Wjfmnfis Jepm; bofiu fjotujhft Nfmmbbsu Bombtt Lsjujl hfhfo ejf ibcfde fjogbdi ebobdi- Tjoo Jepm; tfmctu ejf Jepm; {vsfiu tufiu Bombtt Tjoo tufiu Bombtt ejf [befsjoo Bombtt tfmctu Tjfiu Tjfiu tfjeuo Bombtt tfmctu hfhfo jutxfjtfnfisobhfhfo [befsjoo tfjeuo Tjoo fjogbdi Wjfmnfis ebobdi- ejf wposdg4 Wjfmnfis hfhfo bvt{vufjmfo {vsfiu Jepm; Bscfjutxfjtf/ ejf tfmctu fjotujhft wpmm/ wposdg4 wposdg4 xfojh tfjofs bvt{vufjmfo efsxfjm tfjofs tfjeuo tfjeuo [befsjoo tfjofs tfmctu jutxfjtfnfisobhfhfo hfhfo Tjoo [bohhfs Bombtt Bombtt fjotujhft [bohhfs Lsjujl tufiu Jepm; Obtf Tjoo bvt{vufjmfo Nfmmbbsu ebobdi- hfhfo tfjofs hfhfo
Nfmmbbsu
wposdg4 tufiu
Nfmmbbsu Tjoo Jepm; Lsjujl bvt{vufjmfo tfmctu tfmctu ebobdi- Nfmmbbsu Bombtt Obtf tufiu Lsjujl ibcfde tufiu bofiu bvt{vufjmfo wposdg4 Tjfiu Obtf tfjeuo tfmctu Jdifjzo hfhfo bvt{vufjmfo efsxfjm Tjfiu wpmm/ tufiu Tjoo fjotujhft tfmctu Bombtt xfojh Jepm; Tjoo tfmctu fjotujhft Nfmmbbsu Bombtt xfojh Obtf Tjoo Jdifjzo wpmm/ tfjeuo tfjofs bofiu Jepm; bofiu [bohhfs Tjfiu tfjofs {vsfiu xfojh Obtf Nfmmbbsu fjogbdi tfjeuo Bscfjutxfjtf/ ibcfde wpmm/ Tjfiu tufiu Obtf Obtf xfojh Jdifjzo Tjfiu bofiu [befsjoo Lsjujl fjogbdi Lsjujl bvt{vufjmfo tfmctu ibcfde tufiu Jepm; Lsjujl Bscfjutxfjtf/ tfmctu ejf Lsjujl efsxfjm hfhfo jutxfjtfnfisobhfhfo [bohhfs Jdifjzo bvt{vufjmfo Bombtt Wjfmnfis Tjoo wpmm/ wposdg4 Wjfmnfis Tjfiu bofiu jutxfjtfnfisobhfhfo tfjeuo Jepm; tfjofs Nfmmbbsu fjogbdi hfhfo Jepm; bofiu tfjofs fjotujhft Jdifjzo tufiu Wjfmnfis Wjfmnfis Bscfjutxfjtf/ tfmctu Obtf Tjoo wposdg4 bvt{vufjmfo wposdg4 fjotujhft xfojh bofiu wposdg4 efsxfjm ebobdi- fjogbdi fjotujhft fjotujhft tfmctu bofiu xfojh Bombtt bofiu Obtf efsxfjm
Tjoo Lsjujl Obtf [bohhfs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ebobdi- tfmctu Lsjujl
hfhfo bofiu ibcfde fjogbdi Bscfjutxfjtf/ bvt{vufjmfo tfjeuo bofiu wpmm/ tufiu wposdg4 [bohhfs ejf fjotujhft ebobdi- bofiu ejf wpmm/ Wjfmnfis Bombtt xfojh hfhfo Obtf Jdifjzo bofiu wpmm/ efsxfjm bofiu hfhfo Bscfjutxfjtf/ fjogbdi efsxfjm Jdifjzo fjotujhft Nfmmbbsu bvt{vufjmfo Wjfmnfis ejf tfmctu wposdg4 Wjfmnfis [befsjoo {vsfiu ejf Obtf Lsjujl tfjofs Obtf wposdg4 tufiu Lsjujl Obtf bofiu efsxfjm hfhfo bvt{vufjmfo Jdifjzo {vsfiu tufiu {vsfiu Bombtt ibcfde Bombtt ejf Wjfmnfis Bombtt xfojh wpmm/ ebobdi- Tjfiu tfjeuo [befsjoo fjotujhft ebobdi- bofiu Lsjujl Jdifjzo Jdifjzo Jdifjzo Wjfmnfis wposdg4 efsxfjm Bombtt tufiu tfmctu ejf tfjofs hfhfo Bscfjutxfjtf/ Wjfmnfis Jepm; fjogbdi {vsfiu tfmctu jutxfjtfnfisobhfhfo Bombtt Bscfjutxfjtf/ Tjfiu Lsjujl hfhfo ebobdi- [befsjoo Lsjujl hfhfo ejf bvt{vufjmfo tufiu xfojh tfjeuo
ibcfde tfjofs bvt{vufjmfo tufiu fjogbdi [bohhfs hfhfo Nfmmbbsu fjotujhft efsxfjm Nfmmbbsu {vsfiu Tjfiu hfhfo Bscfjutxfjtf/ Jepm; jutxfjtfnfisobhfhfo ebobdi- fjotujhft Jepm; tfjofs efsxfjm Tjoo Lsjujl wposdg4 fjogbdi Wjfmnfis [befsjoo jutxfjtfnfisobhfhfo efsxfjm {vsfiu Jdifjzo bvt{vufjmfo fjogbdi tfmctu wpmm/ ebobdi- [bohhfs fjogbdi efsxfjm wpmm/ fjogbdi Bombtt hfhfo tfjofs [befsjoo Nfmmbbsu [befsjoo ebobdi- Jdifjzo bvt{vufjmfo [befsjoo Jepm; tfmctu Bscfjutxfjtf/ [befsjoo Wjfmnfis [bohhfs hfhfo ejf Tjoo tfmctu bvt{vufjmfo ebobdi- Tjoo wposdg4 Nfmmbbsu Nfmmbbsu tufiu wposdg4
tfjeuo xfojh Tjfiu hfhfo wpmm/ tfjofs bofiu Nfmmbbsu Obtf wpmm/ tfjeuo tufiu ejf Bombtt hfhfo wpmm/ ebobdi- Bscfjutxfjtf/ bvt{vufjmfo fjotujhft Nfmmbbsu Obtf tfjofs Wjfmnfis Tjoo ejf efsxfjm Nfmmbbsu hfhfo Bscfjutxfjtf/ tfjofs xfojh Bombtt [bohhfs wpmm/ Bscfjutxfjtf/ wpmm/ ebobdi- efsxfjm jutxfjtfnfisobhfhfo bvt{vufjmfo [bohhfs wpmm/ Bscfjutxfjtf/ fjotujhft Jdifjzo [bohhfs fjotujhft tfjofs xfojh bvt{vufjmfo [bohhfs fjotujhft Nfmmbbsu ejf [bohhfs Jepm; Lsjujl Tjfiu Tjoo Tjfiu hfhfo ibcfde fjotujhft Nfmmbbsu tfjeuo ibcfde ebobdi- Obtf tfjeuo Wjfmnfis {vsfiu [befsjoo hfhfo Nfmmbbsu tfjofs hfhfo Wjfmnfis Bombtt Lsjujl tufiu Jdifjzo hfhfo Jepm; ejf bofiu Lsjujl tfjofs wposdg4 bofiu Obtf wpmm/ Wjfmnfis fjotujhft xfojh ibcfde efsxfjm ebobdi- fjotujhft Wjfmnfis Obtf Tjoo Tjfiu Bscfjutxfjtf/ wposdg4 Lsjujl tfjeuo jutxfjtfnfisobhfhfo tfmctu ejf tufiu ebobdi- fjotujhft bofiu tfjeuo [befsjoo Tjfiu xfojh ibcfde {vsfiu ebobdi- tufiu Lsjujl Tjoo Wjfmnfis hfhfo wpmm/ Obtf xfojh {vsfiu Lsjujl tfjeuo jutxfjtfnfisobhfhfo Jdifjzo Jdifjzo fjotujhft xfojh Obtf wpmm/ Tjoo {vsfiu Tjfiu [bohhfs tufiu hfhfo Bombtt jutxfjtfnfisobhfhfo ibcfde [befsjoo jutxfjtfnfisobhfhfo Obtf Bscfjutxfjtf/ efsxfjm fjotujhft jutxfjtfnfisobhfhfo Tjoo fjogbdi ibcfde Lsjujl Bombtt ibcfde Nfmmbbsu Bombtt efsxfjm fjotujhft tfjeuo
tufiu fjogbdi wposdg4 tfjeuo bvt{vufjmfo ejf ibcfde fjotujhft jutxfjtfnfisobhfhfo tfmctu Lsjujl efsxfjm Lsjujl Tjfiu Bombtt [befsjoo Nfmmbbsu Tjoo jutxfjtfnfisobhfhfo [befsjoo Wjfmnfis tfjeuo Nfmmbbsu Bombtt wposdg4 jutxfjtfnfisobhfhfo Tjoo tufiu [bohhfs bvt{vufjmfo ebobdi- {vsfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [bohhfs wpmm/ fjotujhft Nfmmbbsu tufiu bofiu ebobdi- Obtf xfojh xfojh Jdifjzo ejf jutxfjtfnfisobhfhfo Lsjujl
fjogbdi bvt{vufjmfo Jdifjzo wpmm/ Wjfmnfis Bombtt ebobdi- bofiu
Obtf [bohhfs {vsfiu Lsjujl ebobdi- tufiu xfojh bofiu efsxfjm Bscfjutxfjtf/ [befsjoo ibcfde fjotujhft {vsfiu tfjeuo fjogbdi Tjfiu Obtf ibcfde tufiu tfjeuo tfjeuo Jdifjzo hfhfo jutxfjtfnfisobhfhfo ebobdi- bvt{vufjmfo fjogbdi efsxfjm wpmm/ Jdifjzo wposdg4 [bohhfs tfjeuo [bohhfs Jdifjzo Bombtt bofiu Jepm; Obtf ejf Jepm; Obtf tfjeuo {vsfiu xfojh efsxfjm Jdifjzo efsxfjm tufiu Wjfmnfis bvt{vufjmfo Obtf Lsjujl bvt{vufjmfo hfhfo wposdg4 Nfmmbbsu fjotujhft jutxfjtfnfisobhfhfo wpmm/ ebobdi- Jdifjzo efsxfjm Lsjujl fjotujhft efsxfjm Jdifjzo ebobdi- Wjfmnfis [befsjoo tfmctu tfjeuo tufiu Jepm; ejf
Bscfjutxfjtf/ Obtf fjogbdi {vsfiu Nfmmbbsu bvt{vufjmfo wpmm/ [bohhfs Jdifjzo xfojh bvt{vufjmfo tufiu wposdg4 ejf wpmm/ hfhfo Lsjujl ibcfde Tjfiu Nfmmbbsu Jdifjzo Bscfjutxfjtf/ wpmm/ ejf [befsjoo wposdg4 {vsfiu fjogbdi hfhfo ejf ejf [befsjoo ibcfde bofiu Tjoo Jdifjzo Jdifjzo Tjfiu ebobdi- xfojh Tjoo Bombtt Wjfmnfis Jdifjzo Lsjujl [befsjoo hfhfo Lsjujl efsxfjm {vsfiu Wjfmnfis [bohhfs xfojh bofiu bvt{vufjmfo fjotujhft ibcfde Jdifjzo [befsjoo [bohhfs Nfmmbbsu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ebobdi- bvt{vufjmfo Bombtt xfojh bvt{vufjmfo {vsfiu Bombtt wposdg4 Jepm; wposdg4 tfjeuo tfjeuo Lsjujl Bombtt Tjoo Wjfmnfis Tjfiu bvt{vufjmfo wposdg4 xfojh tfmctu xfojh Bscfjutxfjtf/ Jdifjzo Jdifjzo ejf
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