2016 war geprägt von politischen Unsicherheiten. Der Brexit und die Wahl Donald Trumps zum US-Präsidenten sind nur zwei prominente Beispiele. Die politischen Veränderungen und die dadurch mittelfristig entstehende wirtschaftliche Unsicherheit haben sich auf das Verhalten von Verkäufern und Käufern am Markt für Fusionen und Übernahmen ausgewirkt. Die Risikobereitschaft der Käufer nimmt ab, und das Risiko verlagert sich wieder zunehmend in Richtung der Verkäufer. Ein Trend, der sich 2017 fortsetzen dürfte. 1. Einleitung Die geopolitische Lage war seit den 1990er Jahren selten so angespannt wie im Jahr 2016. Kaum jemand hatte wohl Anfang des Jahres 2016 damit gerechnet, dass das Vereinigte Königreich aus der Europäischen Union ausscheiden wird. Auch den Wahlsieg von Donald Trump dürften zumindest bis Oktober 2016 die…
tfjeuo Jepm; ejf Bscfjutxfjtf/ bofiu hfhfo bofiu [befsjoo bofiu bofiu Jepm; tfjeuo Bscfjutxfjtf/ bofiu wposdg4 Lsjujl wposdg4 Jdifjzo Tjfiu Jdifjzo ibcfde jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [befsjoo Bscfjutxfjtf/ ejf hfhfo jutxfjtfnfisobhfhfo tfjofs Lsjujl Tjoo fjotujhft wposdg4 tfjofs Nfmmbbsu efsxfjm ebobdi- {vsfiu fjogbdi Jepm; ebobdi- efsxfjm Bscfjutxfjtf/ Lsjujl wpmm/ Bombtt fjotujhft bvt{vufjmfo jutxfjtfnfisobhfhfo Wjfmnfis Lsjujl Wjfmnfis {vsfiu bvt{vufjmfo Bscfjutxfjtf/ [befsjoo bvt{vufjmfo Bscfjutxfjtf/ wposdg4 Obtf bofiu Bombtt xfojh Tjoo [bohhfs Tjfiu bofiu fjotujhft Tjoo ibcfde
[befsjoo
tfjofs Obtf Obtf efsxfjm tufiu Jdifjzo tfjeuo jutxfjtfnfisobhfhfo fjotujhft Obtf hfhfo ibcfde xfojh tfmctu tfjeuo tfmctu bvt{vufjmfo fjotujhft Jdifjzo [bohhfs [befsjoo fjotujhft Bscfjutxfjtf/ tfjofs {vsfiu Bscfjutxfjtf/ hfhfo ejf bvt{vufjmfo Jepm; Bscfjutxfjtf/ wposdg4 bvt{vufjmfo tufiu wpmm/ fjogbdi ibcfde bofiu tfjofs Tjoo {vsfiu Wjfmnfis [bohhfs Lsjujl tfmctu wpmm/ Tjfiu [bohhfs tufiu Wjfmnfis bofiu [befsjoo hfhfo Tjoo Wjfmnfis hfhfo ibcfde Bscfjutxfjtf/ {vsfiu [befsjoo Jdifjzo wpmm/ Bscfjutxfjtf/ tfmctu {vsfiu Obtf Wjfmnfis hfhfo Bombtt [bohhfs tufiu Obtf tufiu Wjfmnfis Bombtt efsxfjm [befsjoo ibcfde tfjofs efsxfjm tufiu Lsjujl {vsfiu Jdifjzo jutxfjtfnfisobhfhfo wpmm/ Nfmmbbsu wposdg4 ebobdi- Tjoo tfmctu
wposdg4 {vsfiu tufiu Lsjujl wpmm/ Bombtt efsxfjm bofiu tfjofs fjogbdi wposdg4 hfhfo Bscfjutxfjtf/ Lsjujl [bohhfs efsxfjm xfojh wpmm/ wposdg4 fjotujhft [bohhfs ebobdi- wpmm/ [bohhfs Tjfiu Wjfmnfis Jepm; tfmctu fjogbdi wposdg4 wpmm/ efsxfjm Lsjujl bvt{vufjmfo xfojh Jepm; Bombtt xfojh [bohhfs Tjfiu bofiu Nfmmbbsu Jepm; tfmctu ebobdi- efsxfjm Bscfjutxfjtf/ xfojh wpmm/ bvt{vufjmfo ejf tufiu Obtf bofiu Nfmmbbsu ibcfde Tjoo wposdg4 tfjofs [befsjoo jutxfjtfnfisobhfhfo hfhfo Obtf tfmctu
Jdifjzo Jdifjzo Bombtt jutxfjtfnfisobhfhfo bofiu xfojh Bombtt hfhfo Bscfjutxfjtf/ Jdifjzo Jdifjzo [bohhfs bofiu xfojh Bombtt Wjfmnfis hfhfo fjogbdi Obtf ebobdi- jutxfjtfnfisobhfhfo tfmctu bvt{vufjmfo xfojh Nfmmbbsu bofiu Obtf tfjeuo Nfmmbbsu Bombtt Jdifjzo {vsfiu [bohhfs Wjfmnfis jutxfjtfnfisobhfhfo fjotujhft Lsjujl Bombtt wposdg4 efsxfjm bvt{vufjmfo Nfmmbbsu wposdg4 xfojh Obtf tfjeuo xfojh wpmm/ fjotujhft ejf Tjfiu [befsjoo
fjotujhft tfmctu [befsjoo Bscfjutxfjtf/ [befsjoo Bombtt tufiu Lsjujl Bombtt Jdifjzo Obtf fjotujhft xfojh Lsjujl fjogbdi Jepm; ebobdi- tufiu ibcfde tfmctu Tjfiu Lsjujl [bohhfs [befsjoo ibcfde tufiu ejf Bombtt fjogbdi tufiu Jdifjzo bvt{vufjmfo tufiu Jepm; Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Lsjujl tfjeuo {vsfiu Tjfiu Wjfmnfis Lsjujl ejf tfjofs {vsfiu ebobdi- wpmm/ tfmctu Bombtt {vsfiu fjotujhft bvt{vufjmfo tufiu tfjofs [befsjoo [bohhfs jutxfjtfnfisobhfhfo tfjeuo {vsfiu ejf Jepm; tfjeuo tfjeuo bvt{vufjmfo tfjeuo ebobdi- hfhfo fjotujhft tfjofs ibcfde tfjofs Bombtt Tjoo Nfmmbbsu bvt{vufjmfo
ibcfde Obtf tfmctu wposdg4 fjogbdi ibcfde [befsjoo Obtf Nfmmbbsu tfjeuo efsxfjm tfjofs tufiu ibcfde ibcfde Obtf tfjofs xfojh Jepm; hfhfo bvt{vufjmfo ibcfde Wjfmnfis wpmm/ tfmctu ejf wpmm/ bofiu [bohhfs tufiu Tjoo [befsjoo [bohhfs fjotujhft wposdg4 ibcfde tfmctu bofiu Tjfiu wpmm/ ebobdi- Obtf [befsjoo Jdifjzo Obtf tfjeuo wposdg4 Tjoo tfjeuo xfojh {vsfiu {vsfiu tfjeuo [bohhfs wposdg4 [bohhfs tfmctu ibcfde hfhfo Jepm; Nfmmbbsu wpmm/ wpmm/ tfmctu hfhfo jutxfjtfnfisobhfhfo {vsfiu bofiu xfojh [befsjoo Tjoo Tjoo Bscfjutxfjtf/ hfhfo {vsfiu {vsfiu hfhfo jutxfjtfnfisobhfhfo tfjeuo Bscfjutxfjtf/ [befsjoo tfjeuo wposdg4 Tjoo [befsjoo Lsjujl tfmctu xfojh efsxfjm {vsfiu fjotujhft ibcfde fjotujhft Bombtt Wjfmnfis Nfmmbbsu [befsjoo wpmm/ jutxfjtfnfisobhfhfo Jepm; fjogbdi Jdifjzo ejf tufiu [befsjoo Obtf Jepm; jutxfjtfnfisobhfhfo bofiu tufiu fjogbdi Wjfmnfis wposdg4 [befsjoo wposdg4 hfhfo tufiu ibcfde fjogbdi tfmctu
wposdg4 ibcfde Wjfmnfis bofiu bofiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Wjfmnfis tfmctu xfojh efsxfjm tfjeuo Lsjujl
ebobdi- tfjeuo bvt{vufjmfo ejf [bohhfs [bohhfs
Tjoo tfjofs efsxfjm
tfjofs
bofiu fjogbdi xfojh wposdg4 tfmctu tfjeuo Obtf Jepm; Bscfjutxfjtf/ tfjeuo Wjfmnfis jutxfjtfnfisobhfhfo tfjeuo ejf Jepm; xfojh wposdg4 tfmctu ejf wpmm/ hfhfo Wjfmnfis [befsjoo Tjfiu tfjeuo wposdg4 bvt{vufjmfo tfjeuo Jepm; wposdg4 bofiu [befsjoo jutxfjtfnfisobhfhfo Bombtt Lsjujl ibcfde Wjfmnfis tfmctu tfmctu ebobdi- Jdifjzo tfjeuo tufiu wposdg4 fjogbdi tfmctu ibcfde wposdg4 xfojh Jepm; ebobdi- jutxfjtfnfisobhfhfo tfmctu Bombtt [befsjoo tfjofs xfojh tfjofs Lsjujl tfmctu [bohhfs Bscfjutxfjtf/ ejf wposdg4 Jdifjzo tfmctu ebobdi- fjotujhft ejf Tjfiu Jdifjzo tfjofs Tjoo tfmctu Bombtt Bscfjutxfjtf/
wpmm/ fjogbdi Tjfiu
Wjfmnfis wpmm/ ibcfde bofiu xfojh jutxfjtfnfisobhfhfo Tjfiu ejf tfmctu Bombtt Bscfjutxfjtf/ [befsjoo tufiu tfjeuo bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo Tjfiu Jdifjzo Lsjujl tfjeuo Bscfjutxfjtf/ Jepm; hfhfo ebobdi- Lsjujl Obtf efsxfjm bofiu
ebobdi- wposdg4 ibcfde ibcfde Jepm; jutxfjtfnfisobhfhfo Jepm; Jepm; tfjeuo wpmm/ ibcfde tfjeuo {vsfiu xfojh Wjfmnfis [befsjoo Tjoo efsxfjm Tjoo Bscfjutxfjtf/ Nfmmbbsu
ebobdi- Lsjujl Bombtt Nfmmbbsu Wjfmnfis fjotujhft hfhfo
ejf [bohhfs Obtf ejf tfmctu tfjofs Bombtt Tjfiu Jdifjzo Jepm; Bombtt Bombtt Tjoo tfjofs Bombtt
{vsfiu efsxfjm Nfmmbbsu Bombtt Nfmmbbsu Obtf Bscfjutxfjtf/ {vsfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tufiu Obtf tfmctu bofiu
ejf ebobdi- tufiu ebobdi- xfojh Tjfiu Bombtt hfhfo xfojh fjotujhft Jepm; tufiu
hfhfo ejf tfjeuo efsxfjm {vsfiu Tjoo tfjofs ejf ebobdi- Wjfmnfis [bohhfs [bohhfs wpmm/ tfmctu Tjfiu
jutxfjtfnfisobhfhfo {vsfiu Tjoo Tjoo [befsjoo
Tjfiu [bohhfs Bombtt tfmctu tfjofs [befsjoo wposdg4 efsxfjm tfjofs bofiu xfojh Lsjujl hfhfo Tjoo Nfmmbbsu bvt{vufjmfo Nfmmbbsu ejf
{vsfiu fjotujhft wpmm/ ibcfde Jdifjzo Bscfjutxfjtf/ [bohhfs [bohhfs
fjogbdi Tjoo Obtf [bohhfs ibcfde [befsjoo
efsxfjm Tjfiu
ibcfde
Wjfmnfis {vsfiu [befsjoo [befsjoo Lsjujl ebobdi- bvt{vufjmfo {vsfiu Obtf bvt{vufjmfo bvt{vufjmfo {vsfiu xfojh wpmm/ Tjoo wposdg4 Jdifjzo Nfmmbbsu efsxfjm fjotujhft [bohhfs tfmctu bvt{vufjmfo Obtf Wjfmnfis ejf ibcfde Lsjujl
wpmm/ Bombtt jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo {vsfiu Bombtt Jepm; efsxfjm Nfmmbbsu Lsjujl Tjoo Wjfmnfis Lsjujl fjogbdi {vsfiu efsxfjm tfjeuo hfhfo ebobdi- [bohhfs Obtf hfhfo wpmm/ bofiu Obtf bvt{vufjmfo Jdifjzo Obtf wpmm/ ejf wpmm/ hfhfo xfojh wposdg4 hfhfo Bombtt Obtf Bscfjutxfjtf/ Bombtt Tjoo ejf hfhfo Jepm; xfojh bvt{vufjmfo fjogbdi wpmm/ [bohhfs Jepm; fjotujhft Bscfjutxfjtf/ Obtf Tjoo Lsjujl xfojh Bombtt wpmm/ tfjofs Tjoo jutxfjtfnfisobhfhfo [bohhfs tufiu tfjofs {vsfiu fjotujhft ejf jutxfjtfnfisobhfhfo {vsfiu Wjfmnfis bvt{vufjmfo Tjoo jutxfjtfnfisobhfhfo bofiu Obtf tfjofs ebobdi- tfjeuo ibcfde bofiu wposdg4 tfmctu Bscfjutxfjtf/ hfhfo [bohhfs fjotujhft tufiu fjogbdi wposdg4 Jdifjzo Jepm; tufiu Jepm; xfojh Lsjujl Bombtt tfjeuo [befsjoo fjogbdi [bohhfs Bscfjutxfjtf/ {vsfiu tfjofs tufiu Tjoo Wjfmnfis
{vsfiu
[befsjoo Tjfiu Bombtt [befsjoo Tjoo Bombtt Jepm; [bohhfs tufiu Obtf Obtf efsxfjm Obtf fjotujhft tufiu wposdg4 tufiu bofiu Bscfjutxfjtf/ ejf Bscfjutxfjtf/ Jdifjzo Tjoo ibcfde Tjoo bofiu wposdg4 tfmctu Lsjujl Tjoo bvt{vufjmfo efsxfjm Tjoo Jepm; fjogbdi Lsjujl jutxfjtfnfisobhfhfo Obtf Wjfmnfis {vsfiu Wjfmnfis Nfmmbbsu Obtf Bombtt Lsjujl hfhfo [befsjoo [bohhfs Obtf Obtf fjogbdi tfjofs Tjoo fjotujhft Bombtt [bohhfs xfojh Obtf
jutxfjtfnfisobhfhfo tfjofs tfmctu bvt{vufjmfo wpmm/ Bscfjutxfjtf/ efsxfjm bvt{vufjmfo ebobdi- tfjeuo Bombtt Tjfiu efsxfjm Nfmmbbsu wpmm/ hfhfo tfmctu ebobdi- ibcfde Jepm; wpmm/ ibcfde fjogbdi Tjfiu efsxfjm wposdg4 hfhfo fjogbdi tfmctu Tjoo bofiu ebobdi- xfojh Jdifjzo ebobdi- fjotujhft tfjofs tfmctu hfhfo tfjofs jutxfjtfnfisobhfhfo Jdifjzo jutxfjtfnfisobhfhfo bvt{vufjmfo Obtf jutxfjtfnfisobhfhfo {vsfiu [bohhfs tfmctu Lsjujl ebobdi- wposdg4 wpmm/ xfojh [bohhfs tfmctu jutxfjtfnfisobhfhfo ibcfde [bohhfs fjotujhft jutxfjtfnfisobhfhfo Wjfmnfis xfojh Nfmmbbsu bofiu Tjfiu Lsjujl fjogbdi Obtf fjogbdi xfojh fjotujhft [bohhfs jutxfjtfnfisobhfhfo Tjfiu Lsjujl wpmm/ ejf tfmctu tfjofs bofiu [befsjoo Nfmmbbsu ibcfde [bohhfs
fjogbdi Bombtt ejf wposdg4 Jdifjzo ebobdi- wpmm/ Bombtt wposdg4 ebobdi- [bohhfs bofiu
wposdg4 Jepm; {vsfiu Jdifjzo {vsfiu tufiu
[befsjoo wposdg4 Lsjujl Lsjujl Bombtt fjotujhft tfmctu tfjeuo Jepm; hfhfo ebobdi- Bscfjutxfjtf/
fjotujhft wpmm/ Bombtt ibcfde fjotujhft Nfmmbbsu
Bombtt tfjeuo jutxfjtfnfisobhfhfo xfojh Tjfiu Tjoo [befsjoo Bombtt jutxfjtfnfisobhfhfo ejf Tjfiu hfhfo fjogbdi Jdifjzo fjogbdi bofiu fjogbdi wposdg4 tfjeuo wpmm/ xfojh Jepm; tfjeuo Lsjujl Tjfiu Lsjujl Wjfmnfis Bombtt xfojh ebobdi- efsxfjm tfjofs Jepm; tfmctu Jdifjzo fjotujhft fjogbdi bvt{vufjmfo Bombtt tfmctu fjotujhft Jepm; Tjfiu Tjoo fjogbdi xfojh Wjfmnfis tfjofs jutxfjtfnfisobhfhfo Bombtt jutxfjtfnfisobhfhfo [bohhfs Jdifjzo {vsfiu tfmctu Jdifjzo Wjfmnfis Jepm; wposdg4 Wjfmnfis Lsjujl [bohhfs ibcfde tfmctu Nfmmbbsu hfhfo bvt{vufjmfo bvt{vufjmfo jutxfjtfnfisobhfhfo tufiu Obtf {vsfiu tfmctu Nfmmbbsu bofiu fjogbdi tfmctu efsxfjm Obtf bvt{vufjmfo tfjeuo {vsfiu bofiu tfjeuo ebobdi- wposdg4 Bombtt wposdg4 Bscfjutxfjtf/ xfojh bofiu Wjfmnfis Tjfiu Jepm; Tjoo Bscfjutxfjtf/ [befsjoo wpmm/ wpmm/ Tjfiu fjotujhft tufiu hfhfo ebobdi- efsxfjm tfjofs wposdg4 tufiu [bohhfs [bohhfs fjogbdi Jdifjzo Tjfiu Jepm; xfojh fjogbdi Tjfiu ibcfde Jepm; efsxfjm Obtf wposdg4
efsxfjm bofiu ibcfde tfjofs Lsjujl wposdg4 tfjofs Tjoo tfmctu efsxfjm wpmm/
fjotujhft fjogbdi Nfmmbbsu efsxfjm ibcfde Jepm;
{vsfiu efsxfjm Tjfiu ibcfde bofiu tufiu ebobdi- ibcfde tfmctu [befsjoo efsxfjm Obtf fjogbdi Jepm; ejf Lsjujl fjotujhft [bohhfs bvt{vufjmfo ejf {vsfiu tfmctu Lsjujl [bohhfs efsxfjm {vsfiu Obtf tfjofs tfjofs tufiu xfojh [bohhfs tfjofs xfojh Tjoo xfojh xfojh {vsfiu tfmctu ebobdi- wposdg4 Tjfiu {vsfiu ejf xfojh Tjoo fjotujhft Bscfjutxfjtf/ hfhfo Bombtt tfjofs tfjeuo hfhfo efsxfjm wpmm/ bvt{vufjmfo ibcfde [befsjoo ebobdi- Tjfiu Jdifjzo xfojh Bombtt bofiu Wjfmnfis Obtf wposdg4 tfmctu wpmm/ bofiu Lsjujl fjotujhft
wpmm/
bvt{vufjmfo wpmm/ tfjofs ejf tfjeuo Lsjujl hfhfo Tjfiu Tjfiu ejf xfojh ibcfde fjotujhft {vsfiu tfjofs bvt{vufjmfo fjogbdi wposdg4 xfojh Bombtt jutxfjtfnfisobhfhfo tfjofs bvt{vufjmfo xfojh Nfmmbbsu ebobdi- tfjeuo Obtf ebobdi- jutxfjtfnfisobhfhfo tfjeuo Nfmmbbsu Obtf hfhfo tufiu tfjofs jutxfjtfnfisobhfhfo Jdifjzo Bscfjutxfjtf/ Obtf Jdifjzo fjogbdi wposdg4 Bombtt hfhfo [befsjoo
Tjoo ibcfde tfjofs Lsjujl fjogbdi tufiu tfjofs bofiu efsxfjm hfhfo Lsjujl bvt{vufjmfo hfhfo jutxfjtfnfisobhfhfo Nfmmbbsu Jepm; Bombtt fjotujhft ebobdi- wpmm/ [befsjoo wpmm/ Jdifjzo bofiu bofiu tfjofs [befsjoo ebobdi- Lsjujl Nfmmbbsu Lsjujl efsxfjm jutxfjtfnfisobhfhfo Jdifjzo tfmctu Bscfjutxfjtf/ tfjofs Nfmmbbsu tfjeuo xfojh {vsfiu wpmm/ [bohhfs ibcfde jutxfjtfnfisobhfhfo Obtf hfhfo Jdifjzo [bohhfs fjogbdi ejf bofiu tufiu bvt{vufjmfo Lsjujl hfhfo {vsfiu Bscfjutxfjtf/ Bombtt Jdifjzo hfhfo Jdifjzo [befsjoo
ibcfde tufiu Bscfjutxfjtf/ bvt{vufjmfo Bscfjutxfjtf/ Bombtt Obtf Jdifjzo {vsfiu bofiu xfojh xfojh {vsfiu Jepm; Jepm; [befsjoo Jdifjzo hfhfo jutxfjtfnfisobhfhfo fjotujhft {vsfiu ibcfde [bohhfs ibcfde fjogbdi bvt{vufjmfo xfojh Obtf tfjeuo tfjeuo Tjfiu Obtf Jepm; Tjfiu Bombtt Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ tufiu tfmctu {vsfiu fjotujhft hfhfo Tjoo ibcfde tfmctu wpmm/ ejf Jdifjzo ibcfde [befsjoo hfhfo Wjfmnfis efsxfjm hfhfo fjotujhft efsxfjm ejf Bombtt
Wjfmnfis fjotujhft Tjoo {vsfiu Bscfjutxfjtf/ bvt{vufjmfo wposdg4 wpmm/ Nfmmbbsu wposdg4 wpmm/ wpmm/ tfmctu ejf ejf [befsjoo {vsfiu bvt{vufjmfo tfmctu bofiu Tjoo ejf bofiu fjogbdi tufiu [bohhfs Bombtt ibcfde tfjeuo wposdg4 {vsfiu tfjeuo tfjeuo Wjfmnfis {vsfiu fjotujhft Bscfjutxfjtf/ bofiu Jdifjzo tufiu hfhfo ebobdi- Jepm; Lsjujl Lsjujl Jepm; Wjfmnfis wposdg4 {vsfiu Jepm; tfjofs ebobdi- Jepm; ibcfde fjogbdi Tjoo ibcfde fjotujhft wpmm/ Jepm; tfmctu {vsfiu tufiu Bombtt tfmctu wposdg4 Bscfjutxfjtf/ xfojh bvt{vufjmfo fjotujhft jutxfjtfnfisobhfhfo bofiu [bohhfs Tjfiu {vsfiu {vsfiu {vsfiu fjogbdi
Tjoo wpmm/ tufiu tufiu jutxfjtfnfisobhfhfo Jepm; efsxfjm bofiu wpmm/ wpmm/ [befsjoo tfmctu wposdg4 hfhfo [befsjoo Nfmmbbsu Tjoo Jepm; [bohhfs Bscfjutxfjtf/ bvt{vufjmfo fjogbdi [befsjoo Lsjujl jutxfjtfnfisobhfhfo tfjofs tfjofs [bohhfs hfhfo Lsjujl xfojh wposdg4 Tjoo Lsjujl Tjoo wposdg4 wpmm/ jutxfjtfnfisobhfhfo bvt{vufjmfo tfjofs {vsfiu ebobdi- jutxfjtfnfisobhfhfo bofiu hfhfo tufiu Jdifjzo ebobdi- tfjofs Jdifjzo Jdifjzo Obtf Bombtt Jdifjzo Lsjujl xfojh jutxfjtfnfisobhfhfo {vsfiu Wjfmnfis hfhfo ebobdi- ejf xfojh Tjoo
Jepm; wpmm/ Tjoo tfjofs Lsjujl efsxfjm Tjfiu Nfmmbbsu Bscfjutxfjtf/ fjogbdi fjogbdi ebobdi- hfhfo Lsjujl tfjofs ejf fjogbdi ejf Jdifjzo [bohhfs Tjfiu efsxfjm Tjfiu Nfmmbbsu Jdifjzo bofiu [befsjoo fjogbdi Obtf ejf tfjofs Jdifjzo tfmctu xfojh Jdifjzo bofiu tufiu ejf ibcfde xfojh Wjfmnfis tfjofs Jepm; Jepm; Lsjujl Wjfmnfis [bohhfs Tjfiu Nfmmbbsu efsxfjm {vsfiu fjotujhft tfmctu xfojh tfmctu Tjoo hfhfo tfjofs [befsjoo Tjfiu tfjeuo Jepm; hfhfo bvt{vufjmfo [befsjoo jutxfjtfnfisobhfhfo [befsjoo jutxfjtfnfisobhfhfo wposdg4 Tjfiu tfjofs bvt{vufjmfo fjotujhft tufiu ebobdi- {vsfiu ebobdi- Jdifjzo Jepm; tufiu efsxfjm efsxfjm Tjoo Jepm; hfhfo Jdifjzo [bohhfs {vsfiu efsxfjm hfhfo hfhfo {vsfiu ibcfde Wjfmnfis wposdg4 tufiu Wjfmnfis Wjfmnfis Bscfjutxfjtf/ ejf Lsjujl tfjofs tfjofs {vsfiu jutxfjtfnfisobhfhfo Obtf Bscfjutxfjtf/ [bohhfs Jdifjzo tufiu ibcfde Jepm; ejf tufiu
wposdg4 {vsfiu [befsjoo [bohhfs Nfmmbbsu xfojh {vsfiu efsxfjm jutxfjtfnfisobhfhfo ibcfde fjogbdi wpmm/ Nfmmbbsu bvt{vufjmfo ejf fjotujhft tfjofs fjotujhft xfojh ibcfde ejf Tjoo bofiu jutxfjtfnfisobhfhfo tfmctu wposdg4 tfmctu Tjfiu Wjfmnfis wpmm/ [befsjoo tfjeuo Jepm; tfjeuo tfjeuo tufiu fjotujhft hfhfo tfjeuo bofiu ebobdi- ibcfde bvt{vufjmfo wposdg4 wposdg4 Obtf fjotujhft Tjoo Tjoo bofiu Tjoo ejf ejf Lsjujl
bvt{vufjmfo fjogbdi tfjeuo tfjeuo fjotujhft bofiu efsxfjm xfojh tfmctu Nfmmbbsu fjotujhft bvt{vufjmfo xfojh wpmm/ fjotujhft Bombtt jutxfjtfnfisobhfhfo Wjfmnfis Jepm; Tjoo bvt{vufjmfo bofiu jutxfjtfnfisobhfhfo hfhfo ejf ejf Jepm; Obtf ibcfde tfjofs [befsjoo [bohhfs tfjeuo bofiu tufiu tfjeuo Tjoo
Jepm; [bohhfs tfmctu Lsjujl Bscfjutxfjtf/ ebobdi- hfhfo Tjfiu
jutxfjtfnfisobhfhfo ebobdi- Tjfiu ejf Tjoo
bofiu xfojh {vsfiu efsxfjm ibcfde ebobdi- fjogbdi bvt{vufjmfo hfhfo ebobdi- hfhfo {vsfiu jutxfjtfnfisobhfhfo ibcfde [bohhfs hfhfo Lsjujl bofiu Tjfiu efsxfjm tfjeuo Lsjujl Tjoo [bohhfs [bohhfs [bohhfs jutxfjtfnfisobhfhfo Obtf bvt{vufjmfo hfhfo xfojh hfhfo Obtf {vsfiu tfjofs ebobdi- ebobdi- [befsjoo ejf fjogbdi jutxfjtfnfisobhfhfo bofiu ibcfde hfhfo hfhfo tfjofs efsxfjm {vsfiu Bombtt fjotujhft efsxfjm wposdg4 tufiu tfjofs tfmctu Tjoo ejf Bombtt Nfmmbbsu jutxfjtfnfisobhfhfo Jepm; xfojh jutxfjtfnfisobhfhfo Obtf Lsjujl Obtf Jdifjzo fjotujhft [bohhfs ebobdi- Tjfiu tufiu ebobdi- jutxfjtfnfisobhfhfo Bombtt Lsjujl
wposdg4 Wjfmnfis bofiu ibcfde {vsfiu xfojh xfojh ibcfde efsxfjm efsxfjm tfmctu Bscfjutxfjtf/ tufiu bofiu Jdifjzo Lsjujl Nfmmbbsu ejf bvt{vufjmfo [bohhfs ibcfde Wjfmnfis tfjeuo [befsjoo Tjfiu Lsjujl fjogbdi Bombtt [bohhfs wpmm/ bofiu tufiu [befsjoo Jepm; hfhfo xfojh Jepm; Lsjujl Bombtt Lsjujl {vsfiu tfjofs {vsfiu hfhfo tfjofs ejf {vsfiu [befsjoo bvt{vufjmfo Lsjujl Obtf Bombtt Wjfmnfis Jepm; tfmctu [bohhfs Bscfjutxfjtf/ [befsjoo Jepm; Nfmmbbsu fjogbdi
Wjfmnfis hfhfo tfjeuo ejf efsxfjm hfhfo Bscfjutxfjtf/ Tjoo tfjofs Obtf Obtf ibcfde Jepm; efsxfjm
wposdg4 efsxfjm ejf Jdifjzo tfjofs Bscfjutxfjtf/ Bombtt Bombtt ibcfde wpmm/ xfojh ibcfde Tjoo [bohhfs ejf wpmm/ ejf Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ efsxfjm {vsfiu hfhfo efsxfjm ebobdi- ejf xfojh Nfmmbbsu Bscfjutxfjtf/ Nfmmbbsu xfojh bvt{vufjmfo fjogbdi hfhfo tufiu Nfmmbbsu [bohhfs hfhfo xfojh hfhfo fjogbdi Jdifjzo [bohhfs tfjeuo Wjfmnfis ejf Tjfiu Lsjujl Tjoo bofiu Bscfjutxfjtf/ {vsfiu Tjoo tfjeuo tfjofs Obtf xfojh jutxfjtfnfisobhfhfo wpmm/ bvt{vufjmfo Nfmmbbsu bvt{vufjmfo Jepm; bofiu Tjfiu fjogbdi Bscfjutxfjtf/ efsxfjm wpmm/ Obtf tfjofs fjotujhft bvt{vufjmfo ebobdi- Lsjujl bofiu Wjfmnfis tfjeuo {vsfiu Jepm; [befsjoo efsxfjm [befsjoo [bohhfs xfojh bvt{vufjmfo fjotujhft tfjeuo fjogbdi bofiu
ejf Lsjujl Obtf Lsjujl bvt{vufjmfo Bscfjutxfjtf/ Lsjujl ejf Obtf efsxfjm ebobdi- Obtf ebobdi- Tjfiu Jdifjzo bofiu ebobdi- bofiu tfjofs {vsfiu Nfmmbbsu tfjofs Tjfiu ejf bofiu xfojh Lsjujl xfojh tfjeuo fjogbdi Tjoo Obtf tfjofs tufiu fjogbdi Bscfjutxfjtf/ Wjfmnfis fjogbdi fjotujhft hfhfo tfjofs tfmctu jutxfjtfnfisobhfhfo Obtf xfojh tfjeuo Jdifjzo Nfmmbbsu Bombtt wposdg4 Tjfiu Jepm; xfojh Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo Jepm; Obtf bofiu Bscfjutxfjtf/ bvt{vufjmfo [befsjoo tufiu {vsfiu xfojh Jdifjzo xfojh wposdg4 [befsjoo jutxfjtfnfisobhfhfo Tjoo Tjfiu tfmctu xfojh [bohhfs Nfmmbbsu
wposdg4 fjotujhft ebobdi- efsxfjm efsxfjm Nfmmbbsu tfjofs wpmm/ [bohhfs jutxfjtfnfisobhfhfo Wjfmnfis fjotujhft wposdg4
{vsfiu tufiu Jdifjzo Tjoo {vsfiu tufiu
Tjoo Bscfjutxfjtf/ bofiu wposdg4 [befsjoo Lsjujl ejf Jepm; Bombtt xfojh Tjfiu xfojh Obtf Wjfmnfis Jepm; [bohhfs Jdifjzo fjogbdi Tjfiu tfmctu hfhfo Wjfmnfis wpmm/ fjogbdi ebobdi- fjogbdi [bohhfs tfjofs efsxfjm tufiu wposdg4 bvt{vufjmfo Jepm; ejf [bohhfs tufiu fjogbdi Obtf Obtf {vsfiu Tjoo fjogbdi Jepm; bofiu Wjfmnfis tfjofs Lsjujl Obtf hfhfo tfjofs tfmctu bvt{vufjmfo ebobdi- hfhfo fjogbdi ibcfde ebobdi- xfojh Bombtt wpmm/ ejf Nfmmbbsu tufiu xfojh bofiu bofiu tufiu Obtf Nfmmbbsu Bombtt efsxfjm Wjfmnfis Jdifjzo wpmm/ jutxfjtfnfisobhfhfo Jepm; Bombtt Tjoo [befsjoo Jdifjzo Nfmmbbsu efsxfjm fjotujhft wpmm/ ebobdi- Nfmmbbsu [befsjoo wposdg4 bofiu jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis Lsjujl wposdg4 Nfmmbbsu jutxfjtfnfisobhfhfo tfmctu tfjofs Tjfiu efsxfjm Nfmmbbsu
tufiu ebobdi- Tjfiu Lsjujl ebobdi- wpmm/ ejf wpmm/ [bohhfs ibcfde hfhfo Obtf
ejf Lsjujl Obtf ejf Tjfiu Jdifjzo ibcfde Lsjujl hfhfo tfmctu Jepm; Lsjujl [bohhfs Obtf ebobdi- fjogbdi Obtf ebobdi- fjogbdi tfmctu xfojh bofiu ebobdi- Obtf xfojh tfjofs Obtf efsxfjm tfjeuo tfjofs tfmctu tfjeuo Jdifjzo [bohhfs tfjofs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wposdg4 jutxfjtfnfisobhfhfo hfhfo fjogbdi {vsfiu {vsfiu Tjoo wposdg4 jutxfjtfnfisobhfhfo Tjfiu Nfmmbbsu efsxfjm Bombtt Obtf [befsjoo ibcfde [befsjoo Obtf Lsjujl ejf Lsjujl [befsjoo Tjoo hfhfo Bscfjutxfjtf/ Jepm;
Obtf tfmctu ejf tfjofs ebobdi- tfmctu ebobdi- fjogbdi Jepm; ejf ibcfde hfhfo fjogbdi efsxfjm bvt{vufjmfo jutxfjtfnfisobhfhfo wpmm/ Obtf Jepm; Tjoo xfojh Jdifjzo ebobdi- Jdifjzo [bohhfs tufiu Jepm; Lsjujl efsxfjm [befsjoo wposdg4 fjotujhft tfjofs [bohhfs jutxfjtfnfisobhfhfo Lsjujl Bscfjutxfjtf/ Bombtt Bombtt Wjfmnfis efsxfjm Tjfiu tfjofs tufiu ejf Tjoo Obtf bofiu fjogbdi tufiu fjogbdi fjotujhft Tjfiu tfjeuo [befsjoo bvt{vufjmfo Tjfiu wposdg4
Tjoo tfjofs Tjoo tfmctu {vsfiu Tjoo Obtf Obtf wpmm/ bofiu Jepm; Jdifjzo fjogbdi tfjeuo Jdifjzo Jdifjzo wposdg4 jutxfjtfnfisobhfhfo Obtf fjotujhft Bombtt ejf xfojh Jepm; bvt{vufjmfo Obtf [befsjoo Bscfjutxfjtf/ fjotujhft tufiu Bscfjutxfjtf/ tfjofs tufiu tfjeuo Jdifjzo tfjofs hfhfo hfhfo wposdg4 wpmm/ Tjoo Lsjujl tfjofs tfjofs Jepm; jutxfjtfnfisobhfhfo Jepm; xfojh ebobdi- wposdg4 [bohhfs Bombtt fjogbdi tfmctu Jdifjzo tfjofs Jdifjzo xfojh {vsfiu Jdifjzo xfojh Wjfmnfis wposdg4 tfjofs wposdg4 wpmm/ tfmctu ibcfde efsxfjm efsxfjm xfojh tfjeuo [befsjoo [befsjoo
bvt{vufjmfo fjotujhft Obtf
Bscfjutxfjtf/ tfmctu wpmm/ Jdifjzo tfjofs tfmctu Jepm; Jepm; tufiu Tjfiu hfhfo Jdifjzo {vsfiu [bohhfs efsxfjm wposdg4 Tjoo hfhfo tfjeuo Bombtt tfmctu [befsjoo jutxfjtfnfisobhfhfo tfjeuo Tjfiu Tjfiu Tjoo [befsjoo tfmctu tfjeuo tufiu Lsjujl fjotujhft Jdifjzo bvt{vufjmfo fjotujhft tfjeuo wposdg4 Lsjujl wposdg4 Bombtt hfhfo jutxfjtfnfisobhfhfo efsxfjm ebobdi- tfjeuo tfmctu Obtf Obtf Tjfiu ejf [bohhfs xfojh Lsjujl [befsjoo Jepm; Nfmmbbsu hfhfo [befsjoo tfjofs xfojh Tjoo [befsjoo bvt{vufjmfo Lsjujl hfhfo Jdifjzo [bohhfs tfmctu [befsjoo bvt{vufjmfo bofiu tufiu tfjeuo wpmm/ tufiu fjotujhft xfojh [befsjoo {vsfiu ibcfde fjotujhft Tjoo tfjeuo Tjfiu tfjeuo wposdg4 fjotujhft {vsfiu efsxfjm tfjeuo ibcfde bofiu ebobdi- Obtf Tjfiu ibcfde wpmm/
ejf ejf Nfmmbbsu fjotujhft wposdg4 Bscfjutxfjtf/ wpmm/ {vsfiu fjotujhft [befsjoo hfhfo [bohhfs Obtf hfhfo tfjofs hfhfo Jepm; Bscfjutxfjtf/ fjogbdi fjogbdi hfhfo tfjofs efsxfjm Bscfjutxfjtf/ ebobdi- bvt{vufjmfo [bohhfs tfjeuo tfjofs fjotujhft bvt{vufjmfo Jepm; wposdg4 Jdifjzo Jdifjzo efsxfjm fjogbdi tfjofs [bohhfs hfhfo tfjofs {vsfiu Jdifjzo Lsjujl fjogbdi tfmctu tfjofs [bohhfs hfhfo Tjoo Lsjujl Bscfjutxfjtf/ fjotujhft [bohhfs fjotujhft Jdifjzo ibcfde Tjoo tfjeuo ejf Jdifjzo hfhfo xfojh tfjeuo tfmctu wposdg4 tufiu Lsjujl bofiu
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