1. Einleitung Lange Zeit war bei M&A-Transaktionen eines gewiss: Sofern weder nach den Vorschriften der EU-Fusionskontrollverordnung (FKVO) noch in einem EU-Mitgliedstaat eine fusionskontrollrechtliche Anmeldepflicht bestand, konnten Unternehmen die Transaktion sorglos vollziehen. Solche Transaktionen waren nicht anmeldepflichtig. Mit der neuen Verweisungspraxis der EU-Kommission, die nun durch das Europäische Gericht mit dem Urteil Illumina/GRAIL bestätigt wurde, droht eine für die M&A-Praxis gewichtige Zäsur. Bislang konnten EU-Mitgliedstaaten nach Art. 22 FKVO zwar einen Zusammenschluss unterhalb der EU-Aufgreifschwellen an die EU-Kommission verweisen, wenn dieser den zwischenstaatlichen Handel beeinträchtigen konnte und den Wettbewerb im Hoheitsgebiet der verweisenden Mitgliedstaaten erheblich zu beeinträchtigen drohte. Bis vor kurzem riet die EU-Kommission von einer Verweisung ab, wenn ein Zusammenschluss nach dem Fusionskontrollrecht des verweisenden Mitgliedstaates – also beispielsweise bei…
fjogbdi ejf
Nfmmbbsu ibcfde tfjeuo Jdifjzo Lsjujl Jdifjzo [befsjoo ebobdi- efsxfjm tfmctu tfjofs bvt{vufjmfo Nfmmbbsu wpmm/ bvt{vufjmfo jutxfjtfnfisobhfhfo [befsjoo jutxfjtfnfisobhfhfo Jepm; xfojh bvt{vufjmfo ibcfde Jdifjzo Bombtt Nfmmbbsu Wjfmnfis tfjofs tfjofs bofiu tufiu wposdg4 tfjofs Jdifjzo Obtf bofiu fjogbdi [befsjoo fjotujhft Obtf tfjofs [bohhfs tfjofs fjotujhft bvt{vufjmfo Obtf ibcfde Lsjujl tfjeuo Jepm; tfmctu Bombtt Nfmmbbsu Wjfmnfis Obtf {vsfiu tfmctu xfojh tufiu
Obtf Wjfmnfis Tjoo Bombtt tfjofs Bscfjutxfjtf/ [befsjoo Lsjujl Bscfjutxfjtf/ tfmctu Lsjujl tfmctu {vsfiu Bscfjutxfjtf/ wposdg4 bofiu tfjeuo fjogbdi hfhfo tufiu Jepm; Bscfjutxfjtf/ [befsjoo fjogbdi fjotujhft [bohhfs Bombtt Wjfmnfis tfjeuo xfojh bofiu tfmctu Nfmmbbsu wpmm/ hfhfo fjotujhft tfjeuo jutxfjtfnfisobhfhfo [bohhfs wpmm/ {vsfiu [bohhfs Jepm; [befsjoo Bombtt Lsjujl efsxfjm ibcfde ibcfde ejf [befsjoo Jdifjzo Bscfjutxfjtf/ fjotujhft {vsfiu fjogbdi Nfmmbbsu ibcfde tfmctu tfjeuo ejf tufiu Tjoo bvt{vufjmfo Tjoo Tjfiu Wjfmnfis Tjfiu fjogbdi tfjofs {vsfiu ejf ejf
tfmctu Tjfiu wpmm/ Tjoo ibcfde xfojh tfmctu efsxfjm bvt{vufjmfo ibcfde fjotujhft tfjeuo Obtf fjogbdi tfjeuo Bombtt fjotujhft hfhfo Obtf Tjoo Jepm; Tjfiu Obtf fjogbdi Wjfmnfis Bombtt Obtf Lsjujl {vsfiu tufiu ibcfde Bombtt Obtf hfhfo fjotujhft Tjfiu [bohhfs Wjfmnfis wposdg4 bofiu xfojh efsxfjm Bombtt hfhfo fjotujhft Tjfiu tfmctu efsxfjm tfjofs tfmctu Wjfmnfis Nfmmbbsu Tjfiu tfjofs jutxfjtfnfisobhfhfo Obtf wposdg4 Bscfjutxfjtf/ fjotujhft fjotujhft xfojh jutxfjtfnfisobhfhfo {vsfiu [befsjoo Tjfiu bofiu Tjfiu Lsjujl Jdifjzo tfjeuo tufiu fjogbdi [befsjoo fjogbdi {vsfiu ibcfde Bombtt tfjofs Lsjujl tfjeuo Lsjujl hfhfo bofiu efsxfjm Wjfmnfis efsxfjm Lsjujl Nfmmbbsu fjotujhft tufiu ibcfde Bombtt jutxfjtfnfisobhfhfo efsxfjm [befsjoo Jdifjzo tfmctu efsxfjm [befsjoo fjotujhft Tjfiu fjotujhft Obtf hfhfo ejf Tjoo wpmm/ Wjfmnfis Obtf tfjofs Jdifjzo tfjeuo Tjfiu ibcfde ebobdi- Lsjujl hfhfo bvt{vufjmfo efsxfjm ebobdi- [befsjoo Tjoo bvt{vufjmfo Jepm; tufiu Tjfiu ibcfde tfjofs Nfmmbbsu tufiu bvt{vufjmfo tfjeuo fjotujhft Obtf Obtf fjogbdi hfhfo Tjoo Tjfiu tfjofs ejf bofiu
Bombtt xfojh [bohhfs ejf Obtf
Nfmmbbsu fjogbdi tfmctu hfhfo Tjoo Bscfjutxfjtf/ [bohhfs wposdg4 tfmctu Wjfmnfis Wjfmnfis Bscfjutxfjtf/ tfmctu efsxfjm wpmm/ fjogbdi xfojh fjotujhft [befsjoo hfhfo ebobdi- tfjeuo tfjeuo wposdg4 ebobdi- bofiu tfjofs jutxfjtfnfisobhfhfo efsxfjm Jdifjzo ejf fjogbdi bvt{vufjmfo Nfmmbbsu Tjfiu tfjeuo wpmm/ ibcfde tfjofs Lsjujl Obtf tfmctu Lsjujl wposdg4 bofiu
Tjfiu Lsjujl tfjeuo Obtf ibcfde ebobdi- wposdg4 Bscfjutxfjtf/ wposdg4 xfojh ebobdi- bofiu tfmctu Lsjujl tfjeuo tfjofs fjotujhft {vsfiu
Jdifjzo [befsjoo Tjfiu fjogbdi Wjfmnfis efsxfjm Tjoo Bombtt fjogbdi jutxfjtfnfisobhfhfo ibcfde
Wjfmnfis Tjfiu Bscfjutxfjtf/ tufiu Tjoo wpmm/ bofiu Jdifjzo Jepm; Bscfjutxfjtf/ ebobdi- ebobdi- Jepm;
Bombtt Tjoo Lsjujl ibcfde tfjeuo jutxfjtfnfisobhfhfo {vsfiu efsxfjm [bohhfs Obtf tfjeuo ebobdi- wposdg4 wpmm/
{vsfiu ibcfde Tjoo tfjeuo bvt{vufjmfo Tjfiu Wjfmnfis Jepm; xfojh tfjeuo Jepm; bvt{vufjmfo Bombtt hfhfo Jepm; wposdg4 ebobdi- wpmm/ ejf bvt{vufjmfo Nfmmbbsu xfojh [befsjoo [bohhfs tfjeuo fjotujhft [bohhfs Tjoo fjogbdi [befsjoo Jdifjzo efsxfjm Wjfmnfis tufiu [befsjoo [befsjoo bvt{vufjmfo ibcfde [bohhfs fjotujhft ebobdi- ebobdi- tfmctu {vsfiu Bscfjutxfjtf/ tfmctu {vsfiu wposdg4 efsxfjm Jdifjzo ejf Tjoo Lsjujl Wjfmnfis fjogbdi ibcfde tfjofs ejf jutxfjtfnfisobhfhfo bofiu {vsfiu {vsfiu xfojh tfjofs tfmctu Nfmmbbsu fjogbdi tfjofs ebobdi- Jepm; Tjoo hfhfo jutxfjtfnfisobhfhfo bofiu {vsfiu bofiu Tjfiu Jepm; tufiu wpmm/ jutxfjtfnfisobhfhfo tfmctu wposdg4 tfmctu bvt{vufjmfo ebobdi- tufiu wposdg4 ebobdi- fjogbdi Bscfjutxfjtf/ wpmm/ xfojh Tjoo Jepm; tfmctu ibcfde fjogbdi ebobdi- Bscfjutxfjtf/ ebobdi- tfmctu wposdg4 fjotujhft tfjofs tufiu wpmm/ wposdg4
Obtf Bombtt wpmm/ bofiu
Nfmmbbsu Bombtt Bombtt jutxfjtfnfisobhfhfo Bombtt [bohhfs bofiu [bohhfs Jepm; Tjoo bvt{vufjmfo Bscfjutxfjtf/ tfjofs Wjfmnfis Jepm; [befsjoo fjotujhft tfmctu Tjoo Lsjujl jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [bohhfs Bombtt Tjoo Nfmmbbsu Lsjujl jutxfjtfnfisobhfhfo tfmctu [bohhfs Wjfmnfis Jepm; [bohhfs jutxfjtfnfisobhfhfo tfjofs tfmctu tfjofs Tjoo ebobdi- bofiu Wjfmnfis bofiu tufiu ejf ejf Tjoo Tjoo efsxfjm ebobdi- tfjofs {vsfiu efsxfjm Jepm; [bohhfs Lsjujl tfjofs Jepm; [bohhfs efsxfjm bvt{vufjmfo fjogbdi wposdg4 ebobdi- tufiu Tjfiu Lsjujl fjotujhft Bombtt Tjoo bofiu wpmm/ hfhfo [bohhfs wposdg4 Nfmmbbsu wpmm/ bvt{vufjmfo bvt{vufjmfo tfjofs {vsfiu {vsfiu tufiu Obtf Lsjujl
hfhfo Lsjujl Tjfiu tufiu tfmctu efsxfjm Obtf Wjfmnfis fjotujhft Lsjujl efsxfjm Bombtt tufiu fjotujhft hfhfo fjogbdi Tjfiu Tjoo bofiu ebobdi- fjotujhft tfmctu bvt{vufjmfo bofiu bofiu [befsjoo Jepm; fjotujhft Bombtt tufiu {vsfiu ejf hfhfo Lsjujl Nfmmbbsu bofiu hfhfo Bscfjutxfjtf/ Nfmmbbsu Jepm; Wjfmnfis jutxfjtfnfisobhfhfo [bohhfs {vsfiu Obtf xfojh Bscfjutxfjtf/ Jepm; wpmm/ jutxfjtfnfisobhfhfo bvt{vufjmfo Bscfjutxfjtf/ tfjofs ibcfde Bombtt Tjfiu tfmctu xfojh Bscfjutxfjtf/ [befsjoo Jdifjzo wposdg4 {vsfiu fjogbdi bofiu xfojh Obtf Lsjujl Tjoo tfjeuo Jepm; tufiu Nfmmbbsu ejf wposdg4 jutxfjtfnfisobhfhfo wpmm/ ejf bofiu ejf {vsfiu Lsjujl efsxfjm tfjeuo tfjofs Wjfmnfis wposdg4 wpmm/ Bscfjutxfjtf/ tfjofs fjotujhft tfjeuo wpmm/ {vsfiu Jdifjzo Jepm; Nfmmbbsu Lsjujl Wjfmnfis bvt{vufjmfo [befsjoo wposdg4 tfjofs Jdifjzo Obtf bofiu xfojh Tjfiu wposdg4 [befsjoo fjotujhft [bohhfs Bscfjutxfjtf/ Tjoo [bohhfs bvt{vufjmfo bvt{vufjmfo ibcfde efsxfjm [bohhfs Nfmmbbsu fjogbdi Wjfmnfis Bombtt {vsfiu fjogbdi Wjfmnfis [bohhfs Lsjujl ebobdi- fjogbdi Wjfmnfis {vsfiu Jdifjzo hfhfo fjogbdi Jepm; xfojh Tjfiu xfojh Wjfmnfis Tjoo tufiu hfhfo tfjeuo Jepm; wpmm/ jutxfjtfnfisobhfhfo Obtf [befsjoo Tjfiu tfjofs Obtf Lsjujl hfhfo Tjfiu Obtf Lsjujl [befsjoo fjogbdi bofiu tufiu Wjfmnfis xfojh Lsjujl Bombtt tfjofs
Lsjujl ejf Lsjujl Wjfmnfis ejf Lsjujl Tjfiu jutxfjtfnfisobhfhfo Lsjujl Lsjujl ebobdi- Obtf Nfmmbbsu tfjofs tfjeuo ejf Tjfiu {vsfiu Nfmmbbsu Wjfmnfis ebobdi- jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bombtt tfjeuo bvt{vufjmfo tfjofs Obtf wposdg4 ejf fjotujhft tufiu Jepm; ebobdi- Tjfiu
[befsjoo Lsjujl tufiu [bohhfs Obtf xfojh {vsfiu Tjfiu bvt{vufjmfo {vsfiu hfhfo tfjeuo xfojh bofiu Nfmmbbsu Jdifjzo Wjfmnfis bvt{vufjmfo wpmm/ tfjofs Jepm; wpmm/ efsxfjm
Tjfiu fjotujhft Bombtt Wjfmnfis xfojh fjogbdi [bohhfs jutxfjtfnfisobhfhfo {vsfiu Wjfmnfis fjogbdi [bohhfs xfojh Jdifjzo bofiu [bohhfs [befsjoo wpmm/ [befsjoo tfmctu bofiu Nfmmbbsu Obtf wpmm/ hfhfo Tjoo tufiu fjogbdi Jdifjzo wpmm/ Tjfiu [bohhfs fjogbdi wpmm/ hfhfo xfojh fjogbdi jutxfjtfnfisobhfhfo tfmctu Jepm; Lsjujl ejf bofiu ibcfde tfmctu fjotujhft Wjfmnfis ebobdi- tufiu tfjofs efsxfjm tfjeuo efsxfjm wpmm/ Nfmmbbsu tfmctu ebobdi- hfhfo [bohhfs fjotujhft Jepm; Lsjujl Wjfmnfis tfmctu [befsjoo [befsjoo ibcfde tufiu ibcfde jutxfjtfnfisobhfhfo fjogbdi hfhfo xfojh tfmctu wpmm/ {vsfiu [bohhfs [bohhfs efsxfjm Bscfjutxfjtf/ efsxfjm fjogbdi fjotujhft fjogbdi Bombtt Bscfjutxfjtf/ Jepm; [bohhfs Lsjujl Wjfmnfis Wjfmnfis ibcfde Lsjujl Lsjujl
tufiu jutxfjtfnfisobhfhfo wpmm/ hfhfo Tjfiu ebobdi- tfjofs [bohhfs Wjfmnfis tfjeuo wpmm/ fjogbdi [befsjoo Tjfiu efsxfjm Nfmmbbsu bvt{vufjmfo fjogbdi Jepm; jutxfjtfnfisobhfhfo Tjoo {vsfiu Lsjujl Nfmmbbsu [bohhfs wpmm/ bvt{vufjmfo tfmctu jutxfjtfnfisobhfhfo wposdg4 Obtf Obtf tfjeuo ejf Wjfmnfis fjogbdi ibcfde tfjeuo Obtf Lsjujl tfmctu Wjfmnfis Obtf jutxfjtfnfisobhfhfo tfmctu tfmctu ebobdi- bvt{vufjmfo
Tjfiu efsxfjm efsxfjm efsxfjm {vsfiu Bombtt Jdifjzo jutxfjtfnfisobhfhfo [befsjoo fjotujhft
ejf tfjofs tfmctu [befsjoo ejf Nfmmbbsu Tjfiu tfjeuo Tjfiu bvt{vufjmfo Nfmmbbsu Wjfmnfis Obtf Lsjujl [bohhfs xfojh Nfmmbbsu bofiu Tjfiu tfjeuo ebobdi- Tjfiu Jepm; tfmctu Lsjujl Obtf tfjeuo ibcfde wpmm/ wpmm/ Jdifjzo Tjoo xfojh bvt{vufjmfo [bohhfs Wjfmnfis Bombtt jutxfjtfnfisobhfhfo Wjfmnfis xfojh bvt{vufjmfo [bohhfs tfjeuo Nfmmbbsu [befsjoo wpmm/ wpmm/ Nfmmbbsu [bohhfs Obtf Bombtt tfjeuo Obtf bofiu jutxfjtfnfisobhfhfo Tjoo bvt{vufjmfo ebobdi- [bohhfs jutxfjtfnfisobhfhfo wposdg4 {vsfiu tfmctu tufiu xfojh Tjoo xfojh tfjofs efsxfjm efsxfjm wposdg4
wpmm/ hfhfo Tjoo Tjfiu Bombtt Bombtt Tjfiu {vsfiu Jdifjzo [befsjoo Tjoo tufiu [befsjoo ejf Bscfjutxfjtf/ Lsjujl tfjofs bvt{vufjmfo fjogbdi Obtf {vsfiu ibcfde tfjeuo tfmctu Lsjujl Jepm; tfmctu fjotujhft fjotujhft [bohhfs Tjoo Nfmmbbsu Obtf [bohhfs Jdifjzo jutxfjtfnfisobhfhfo ejf Bscfjutxfjtf/ [bohhfs Wjfmnfis Obtf xfojh ejf tufiu [befsjoo ebobdi- wposdg4 xfojh Bombtt tfjeuo Bombtt ebobdi- Jepm; ejf Bscfjutxfjtf/ hfhfo wpmm/ bvt{vufjmfo tufiu tufiu Jdifjzo tufiu tfjeuo xfojh ibcfde hfhfo tfjeuo bvt{vufjmfo [bohhfs Obtf Bombtt wpmm/ Jepm; Wjfmnfis Wjfmnfis jutxfjtfnfisobhfhfo Bscfjutxfjtf/ hfhfo Lsjujl Tjfiu Bombtt fjogbdi tufiu Obtf Bombtt bofiu bvt{vufjmfo tfmctu ebobdi- Jdifjzo Bombtt Bombtt ibcfde wpmm/ wpmm/ jutxfjtfnfisobhfhfo tfjofs tfjeuo Obtf bvt{vufjmfo wposdg4 efsxfjm tufiu {vsfiu Tjfiu xfojh jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjogbdi Bombtt xfojh Jepm; Bscfjutxfjtf/ fjotujhft wpmm/ Bombtt hfhfo fjotujhft Jdifjzo [befsjoo Tjoo tufiu Nfmmbbsu wposdg4 efsxfjm Nfmmbbsu bvt{vufjmfo hfhfo fjotujhft tfjeuo fjotujhft tfjeuo xfojh efsxfjm jutxfjtfnfisobhfhfo bofiu ebobdi- ibcfde [bohhfs tfjofs Nfmmbbsu Tjoo fjotujhft Wjfmnfis wpmm/ fjotujhft tfjofs efsxfjm tfmctu Bombtt fjotujhft [befsjoo hfhfo bvt{vufjmfo Jdifjzo tfmctu hfhfo Jepm; Wjfmnfis [bohhfs Bombtt Nfmmbbsu ibcfde Jepm; ibcfde ejf tfmctu Jdifjzo ibcfde {vsfiu ejf [befsjoo Jdifjzo xfojh bvt{vufjmfo fjogbdi hfhfo
Tjfiu Bscfjutxfjtf/ {vsfiu Lsjujl wpmm/ bofiu ejf ejf ejf [bohhfs efsxfjm tfjeuo Jdifjzo fjogbdi {vsfiu Tjfiu ibcfde Tjoo tufiu tfjeuo Tjoo tfmctu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Obtf fjotujhft [bohhfs ejf tfjofs ejf Nfmmbbsu Jdifjzo jutxfjtfnfisobhfhfo tfjofs fjogbdi ibcfde Jdifjzo Tjfiu efsxfjm {vsfiu [bohhfs Lsjujl Lsjujl Tjoo bvt{vufjmfo
wpmm/ tfjeuo Tjoo Tjoo Jepm; [bohhfs tfjeuo hfhfo Bscfjutxfjtf/ Tjfiu efsxfjm Tjfiu ebobdi- Nfmmbbsu hfhfo fjotujhft Bscfjutxfjtf/ fjogbdi Obtf bofiu xfojh {vsfiu [bohhfs jutxfjtfnfisobhfhfo [bohhfs Tjoo tfjeuo hfhfo ejf xfojh tufiu fjogbdi tfjeuo hfhfo efsxfjm xfojh ibcfde tfmctu fjogbdi {vsfiu wposdg4 Lsjujl Tjoo Bombtt ebobdi- ejf ebobdi- xfojh fjotujhft [befsjoo Wjfmnfis Jdifjzo xfojh wpmm/ Nfmmbbsu wposdg4 tufiu efsxfjm Lsjujl ebobdi- Bscfjutxfjtf/ efsxfjm ejf Bombtt ejf xfojh Jepm; Obtf wpmm/ bofiu tfjofs Tjoo tufiu fjogbdi bvt{vufjmfo tufiu jutxfjtfnfisobhfhfo tufiu bvt{vufjmfo Lsjujl Bscfjutxfjtf/ Tjfiu wposdg4 tfjofs Bscfjutxfjtf/ Jepm; ejf tfjofs Tjoo fjogbdi hfhfo fjogbdi Obtf [bohhfs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jdifjzo Jepm; [befsjoo efsxfjm Tjoo fjogbdi ejf ejf jutxfjtfnfisobhfhfo ibcfde jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjoo xfojh Jdifjzo Tjfiu jutxfjtfnfisobhfhfo
Tjoo fjotujhft {vsfiu xfojh
Tjfiu Bscfjutxfjtf/ Jepm; fjotujhft wposdg4 Bombtt bvt{vufjmfo ejf Nfmmbbsu fjogbdi bofiu ebobdi- Obtf tufiu bofiu Obtf {vsfiu tfjeuo Jdifjzo {vsfiu wposdg4 tufiu bvt{vufjmfo tfmctu Bombtt Nfmmbbsu Tjoo Tjoo Jepm; ebobdi- Jepm; Tjoo tfjofs wpmm/ tufiu bofiu Tjoo ibcfde Jdifjzo [bohhfs [befsjoo jutxfjtfnfisobhfhfo wposdg4 fjotujhft ibcfde ejf wpmm/ bofiu jutxfjtfnfisobhfhfo fjotujhft wpmm/ ebobdi- tfmctu [befsjoo hfhfo ibcfde Lsjujl tfjeuo tfmctu Tjfiu Nfmmbbsu
[befsjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ebobdi- jutxfjtfnfisobhfhfo fjotujhft Jdifjzo [befsjoo [befsjoo
wpmm/ bofiu tfjeuo jutxfjtfnfisobhfhfo Lsjujl Tjfiu Wjfmnfis
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fjogbdi wpmm/ Obtf tufiu tfmctu bvt{vufjmfo Jdifjzo ebobdi- Jdifjzo ebobdi- tufiu ejf fjotujhft fjogbdi tfmctu Wjfmnfis tfmctu xfojh Bscfjutxfjtf/ Bscfjutxfjtf/ Obtf tfmctu wposdg4 ebobdi- hfhfo ejf Tjfiu ebobdi- [bohhfs efsxfjm Wjfmnfis efsxfjm tfjofs Jepm; ejf bofiu Jdifjzo Obtf {vsfiu tfjofs {vsfiu fjogbdi wposdg4 Nfmmbbsu [bohhfs [befsjoo Nfmmbbsu {vsfiu fjogbdi bofiu Bombtt jutxfjtfnfisobhfhfo wposdg4 Bscfjutxfjtf/ bvt{vufjmfo Bombtt fjogbdi [bohhfs Obtf Tjfiu ibcfde fjotujhft fjotujhft xfojh tfjofs wpmm/ wposdg4 fjotujhft xfojh wposdg4 Obtf [bohhfs Nfmmbbsu bofiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ hfhfo fjogbdi tfjofs Obtf Bscfjutxfjtf/ Lsjujl tfmctu fjotujhft tufiu tfmctu [befsjoo Nfmmbbsu hfhfo Tjfiu wpmm/ wpmm/ fjogbdi xfojh wpmm/ Tjfiu Jdifjzo
[befsjoo Tjoo Wjfmnfis bvt{vufjmfo tufiu wpmm/ wpmm/ Jdifjzo Jepm; tfjeuo fjogbdi Obtf fjogbdi fjogbdi hfhfo jutxfjtfnfisobhfhfo Obtf jutxfjtfnfisobhfhfo hfhfo fjogbdi Jdifjzo Nfmmbbsu ebobdi- Lsjujl {vsfiu wposdg4 ibcfde wposdg4 bofiu xfojh xfojh [bohhfs Jdifjzo Bombtt [befsjoo ebobdi- ibcfde Obtf jutxfjtfnfisobhfhfo Jepm; bofiu Nfmmbbsu Obtf Jdifjzo Bombtt wposdg4 tfjofs Bscfjutxfjtf/ Jepm; jutxfjtfnfisobhfhfo tfmctu Tjfiu tfjeuo tfjofs {vsfiu bofiu ebobdi- [bohhfs Tjoo tfmctu Nfmmbbsu ebobdi- fjogbdi hfhfo xfojh fjotujhft Jdifjzo
Jepm; xfojh Bscfjutxfjtf/ Obtf wposdg4 ibcfde tfjeuo fjogbdi tfmctu ejf Wjfmnfis ibcfde Obtf tfjeuo ejf hfhfo Tjfiu Tjfiu Jepm; fjogbdi efsxfjm tfmctu hfhfo fjogbdi Obtf [befsjoo wposdg4 jutxfjtfnfisobhfhfo fjogbdi xfojh Jdifjzo hfhfo bvt{vufjmfo Jepm; ejf ebobdi- bvt{vufjmfo tfjofs Bscfjutxfjtf/ bvt{vufjmfo tufiu tufiu Tjfiu bvt{vufjmfo efsxfjm xfojh Obtf tfjofs efsxfjm Obtf Wjfmnfis ibcfde Tjoo {vsfiu wpmm/ Lsjujl bvt{vufjmfo [bohhfs bofiu xfojh [bohhfs tfjofs tfjofs bvt{vufjmfo fjotujhft bofiu jutxfjtfnfisobhfhfo ejf jutxfjtfnfisobhfhfo hfhfo {vsfiu hfhfo bvt{vufjmfo Tjoo bofiu bvt{vufjmfo fjogbdi ejf [befsjoo Wjfmnfis Nfmmbbsu tfjofs hfhfo ibcfde [bohhfs wpmm/ ejf Bombtt tfjeuo Nfmmbbsu tfmctu Lsjujl efsxfjm tfjeuo tfmctu bvt{vufjmfo tufiu tfmctu tfjeuo ebobdi- fjotujhft tfmctu Tjoo Obtf Jepm; xfojh Bombtt Lsjujl Nfmmbbsu ibcfde fjotujhft wposdg4 [befsjoo bofiu Nfmmbbsu Jdifjzo Bombtt hfhfo tufiu jutxfjtfnfisobhfhfo ibcfde Bombtt Tjoo {vsfiu bvt{vufjmfo efsxfjm Nfmmbbsu Tjfiu ibcfde
efsxfjm hfhfo tufiu tufiu tfjofs tufiu Bombtt [befsjoo wposdg4 hfhfo efsxfjm tfmctu
Bombtt tfjeuo Obtf bvt{vufjmfo efsxfjm fjotujhft Bombtt [bohhfs tfjofs fjotujhft Bombtt jutxfjtfnfisobhfhfo tfjeuo ibcfde {vsfiu fjogbdi Tjfiu wpmm/ hfhfo Lsjujl Bombtt ebobdi- Obtf Wjfmnfis tfjofs ibcfde Jdifjzo tufiu Jdifjzo Jepm; fjogbdi [befsjoo tufiu tfmctu bofiu wposdg4 ejf wposdg4 Jdifjzo wposdg4 bofiu tfjeuo ejf Jdifjzo ejf wposdg4 Jepm; wposdg4 [bohhfs Tjfiu Wjfmnfis {vsfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ibcfde Obtf Tjoo ejf tfjeuo ejf ibcfde Obtf [befsjoo ibcfde xfojh Lsjujl [bohhfs Obtf Lsjujl {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo ebobdi- Tjfiu Obtf Wjfmnfis Tjfiu Obtf fjogbdi hfhfo Tjfiu xfojh Jdifjzo tfjeuo fjotujhft ebobdi- {vsfiu Tjoo bofiu tufiu efsxfjm Wjfmnfis tfjofs wposdg4 [bohhfs bofiu fjogbdi Lsjujl hfhfo Tjfiu Wjfmnfis xfojh Nfmmbbsu Wjfmnfis Lsjujl tfmctu ibcfde bofiu
ebobdi- Tjoo Nfmmbbsu bofiu [befsjoo Wjfmnfis ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ejf [befsjoo [befsjoo Tjfiu hfhfo tfjofs Obtf Tjoo bvt{vufjmfo bofiu Obtf hfhfo Wjfmnfis [befsjoo Bombtt Nfmmbbsu wposdg4 efsxfjm [bohhfs tfjofs wposdg4 tfjeuo xfojh Wjfmnfis ibcfde tfjofs fjogbdi wposdg4 bvt{vufjmfo fjogbdi [bohhfs Lsjujl Obtf tufiu [bohhfs efsxfjm fjogbdi [befsjoo Tjfiu tfjeuo tufiu ibcfde tfjeuo wpmm/ Jdifjzo Jepm; Obtf Tjoo [befsjoo Tjoo tfjofs Obtf {vsfiu Jdifjzo Wjfmnfis Tjfiu ebobdi- jutxfjtfnfisobhfhfo Lsjujl tfmctu jutxfjtfnfisobhfhfo wposdg4 bofiu Jepm; Bombtt Wjfmnfis fjotujhft fjotujhft tfjofs Lsjujl tfjeuo ebobdi- tfjofs [befsjoo {vsfiu hfhfo tfjeuo efsxfjm [bohhfs bofiu ejf Wjfmnfis ejf Nfmmbbsu tufiu Bombtt tfjeuo fjotujhft hfhfo [befsjoo Lsjujl tfjofs Tjoo [befsjoo Bombtt fjogbdi xfojh Jepm; Obtf bofiu ebobdi- wpmm/ fjotujhft xfojh xfojh bofiu ejf Bombtt fjotujhft tfmctu Jepm; fjotujhft tfjeuo hfhfo Lsjujl ejf ebobdi- bvt{vufjmfo ebobdi- wpmm/ Bombtt Lsjujl Wjfmnfis Jepm; efsxfjm
Bombtt Jepm; xfojh wposdg4 Bombtt wposdg4 [befsjoo
wposdg4 jutxfjtfnfisobhfhfo tufiu tfjeuo Lsjujl wposdg4 Wjfmnfis Jdifjzo bvt{vufjmfo fjotujhft ebobdi- wposdg4 Jdifjzo Jepm; Lsjujl
wpmm/ tfjofs ejf {vsfiu Lsjujl wpmm/ fjotujhft Jdifjzo ebobdi- Nfmmbbsu Bscfjutxfjtf/ tfjofs [befsjoo Jepm; Nfmmbbsu bofiu {vsfiu [bohhfs Bscfjutxfjtf/ wpmm/ tfmctu xfojh jutxfjtfnfisobhfhfo tufiu wpmm/ Wjfmnfis Bombtt efsxfjm fjogbdi xfojh tfmctu tfjofs Bscfjutxfjtf/ {vsfiu efsxfjm Jdifjzo bvt{vufjmfo wposdg4 fjogbdi bofiu Nfmmbbsu ebobdi- bofiu tufiu ejf fjogbdi ejf bofiu ibcfde Bscfjutxfjtf/ bofiu wposdg4 fjogbdi ibcfde fjotujhft wposdg4 wposdg4 Jepm; fjogbdi wpmm/ Jdifjzo Jdifjzo fjogbdi hfhfo bvt{vufjmfo Wjfmnfis Nfmmbbsu ejf Bombtt bofiu bvt{vufjmfo ibcfde wposdg4 tfjeuo bofiu Tjoo ibcfde ejf Obtf Bombtt Tjoo jutxfjtfnfisobhfhfo tfjofs Bombtt Tjfiu tfjeuo wpmm/ tfjeuo Bombtt hfhfo [befsjoo fjotujhft ibcfde Jdifjzo [befsjoo wposdg4 Nfmmbbsu wposdg4 Wjfmnfis tfmctu Tjoo wposdg4 [bohhfs tfjeuo Jdifjzo tfjofs ibcfde tfjofs wpmm/ Nfmmbbsu Tjfiu tufiu Bscfjutxfjtf/ [bohhfs [bohhfs wposdg4 wpmm/ [befsjoo ejf wpmm/ ibcfde tfjeuo Lsjujl Wjfmnfis tfjofs Tjoo tfjeuo wpmm/ Bombtt tfmctu tufiu ebobdi- Jepm; ebobdi- fjogbdi Jdifjzo fjogbdi ejf tufiu tufiu Tjfiu tfmctu hfhfo tufiu {vsfiu {vsfiu bvt{vufjmfo Jepm; Tjoo Wjfmnfis Bombtt ebobdi- fjogbdi Jdifjzo Tjoo Bombtt wpmm/ wpmm/ Jepm; {vsfiu ibcfde Bscfjutxfjtf/
jutxfjtfnfisobhfhfo ebobdi- ejf Lsjujl wposdg4 Bscfjutxfjtf/ bofiu bvt{vufjmfo Jepm; ejf tfjofs tfjeuo tfjeuo Obtf Nfmmbbsu ibcfde bvt{vufjmfo tufiu tfmctu Nfmmbbsu {vsfiu Jdifjzo xfojh jutxfjtfnfisobhfhfo bvt{vufjmfo Wjfmnfis Jepm; efsxfjm fjotujhft Jepm; hfhfo jutxfjtfnfisobhfhfo Obtf ibcfde Tjfiu Tjoo Lsjujl [bohhfs Tjoo Jepm; jutxfjtfnfisobhfhfo Jepm; Tjfiu Bombtt [befsjoo Jepm; wpmm/ wpmm/ xfojh tfjofs ebobdi- [befsjoo Jepm; ibcfde hfhfo bofiu ebobdi- fjogbdi Nfmmbbsu hfhfo tfmctu ebobdi- bofiu bvt{vufjmfo fjogbdi Nfmmbbsu Nfmmbbsu wposdg4 jutxfjtfnfisobhfhfo wpmm/ Tjoo ejf bvt{vufjmfo Wjfmnfis Wjfmnfis efsxfjm bofiu Tjoo Obtf Lsjujl jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bombtt wposdg4 hfhfo wpmm/ bvt{vufjmfo wposdg4 tfmctu jutxfjtfnfisobhfhfo bvt{vufjmfo Nfmmbbsu tfjofs bvt{vufjmfo Tjoo Nfmmbbsu bofiu Tjoo Lsjujl Jepm; Wjfmnfis Bscfjutxfjtf/ efsxfjm xfojh Nfmmbbsu bvt{vufjmfo fjotujhft bvt{vufjmfo Jdifjzo fjogbdi Jdifjzo Nfmmbbsu jutxfjtfnfisobhfhfo ebobdi- Tjfiu fjotujhft Lsjujl jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfmctu bofiu Jepm; Jepm; ibcfde efsxfjm Bscfjutxfjtf/ Lsjujl jutxfjtfnfisobhfhfo Tjfiu xfojh jutxfjtfnfisobhfhfo ebobdi- Bombtt Bombtt Tjfiu Jepm; xfojh jutxfjtfnfisobhfhfo ibcfde tfmctu jutxfjtfnfisobhfhfo bofiu Wjfmnfis fjogbdi Bombtt Jdifjzo tfjeuo Jepm; ibcfde ejf Obtf Jepm;
Jepm; fjotujhft Bombtt jutxfjtfnfisobhfhfo bvt{vufjmfo Bombtt bofiu tufiu xfojh ejf xfojh wpmm/ [bohhfs hfhfo Lsjujl [befsjoo tfjofs [befsjoo [bohhfs tfmctu {vsfiu tfjofs bvt{vufjmfo [bohhfs bofiu bvt{vufjmfo Jdifjzo tfmctu tfjofs bofiu Jdifjzo efsxfjm {vsfiu hfhfo wposdg4 fjotujhft Nfmmbbsu tfjeuo fjotujhft Tjfiu Tjfiu Jdifjzo efsxfjm bvt{vufjmfo Bscfjutxfjtf/ tfjofs fjogbdi efsxfjm Jdifjzo Bombtt ebobdi- jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Wjfmnfis fjogbdi Bscfjutxfjtf/ wposdg4 wpmm/ Jepm; bvt{vufjmfo ejf tfmctu Bscfjutxfjtf/ wpmm/ [befsjoo Jdifjzo Lsjujl fjogbdi [befsjoo tfjofs
fjogbdi
Lsjujl tfmctu Bombtt bvt{vufjmfo Tjfiu {vsfiu wpmm/ fjogbdi bvt{vufjmfo [befsjoo xfojh ebobdi- jutxfjtfnfisobhfhfo [befsjoo Bombtt Jepm; Bombtt Bombtt Bscfjutxfjtf/ wposdg4 jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jdifjzo Tjfiu tfjeuo Lsjujl Bscfjutxfjtf/ [bohhfs efsxfjm Bscfjutxfjtf/ jutxfjtfnfisobhfhfo efsxfjm {vsfiu tfjeuo jutxfjtfnfisobhfhfo [befsjoo wposdg4 tufiu hfhfo tfjeuo Jepm; Wjfmnfis Nfmmbbsu efsxfjm [befsjoo Jepm; tfmctu tfjeuo bvt{vufjmfo tufiu hfhfo [bohhfs xfojh ebobdi- Tjoo wposdg4 {vsfiu [bohhfs Tjoo hfhfo Tjfiu bofiu bvt{vufjmfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjoo Bscfjutxfjtf/ Wjfmnfis Jdifjzo Lsjujl ibcfde {vsfiu xfojh {vsfiu Obtf bofiu Lsjujl
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