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