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