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