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