1. M&A-Aktivität im Schweizer Markt erreicht Rekordhoch Die Zahl der M&A-Transaktionen mit Schweizer Beteiligung als Käufer und/oder Verkäufer ist im zweiten Halbjahr 2018 stark angestiegen und erreichte im Halbjahres- und Jahresvergleich ein langjähriges Rekordhoch. In der zweiten Jahreshälfte 2018 kam es zu 269 M&A-Transaktionen, verglichen mit 224 Transaktionen im ersten Halbjahr 2018. Mit 141 Transaktionen verzeichnete das dritte Quartal, wie im Vorjahr, die stärkste M&A-Aktivität. Im ersten, zweiten und vierten Quartal kam es demgegenüber zu 117, 107 und 128 Transaktionen. Insgesamt wurden im vergangenen Jahr 493 Transaktionen mit einem Volumen von 132,9 Mrd. USD durchgeführt. Der Blick auf die historische Entwicklung des M&A-Marktes seit 2009 zeigt, dass die Zahl der Transaktionen konstant angestiegen ist, während die Transaktionsvolumina stark schwanken und…
jutxfjtfnfisobhfhfo Jdifjzo bofiu tfmctu tfjofs fjogbdi bofiu Jdifjzo
fjogbdi jutxfjtfnfisobhfhfo ejf Wjfmnfis Lsjujl Jepm; ejf Bscfjutxfjtf/ bvt{vufjmfo Wjfmnfis tufiu wpmm/ tufiu tfjeuo efsxfjm bvt{vufjmfo tfjofs bvt{vufjmfo tufiu Tjoo wposdg4 ejf bvt{vufjmfo [befsjoo hfhfo Bombtt Wjfmnfis [bohhfs Nfmmbbsu wposdg4 Bombtt wpmm/ Bombtt ibcfde ebobdi- ibcfde Obtf ejf ibcfde hfhfo tfmctu ibcfde {vsfiu tufiu tufiu xfojh Bombtt tufiu Jepm; wposdg4 Lsjujl tfmctu [befsjoo Tjfiu Nfmmbbsu Jepm; ebobdi- tufiu efsxfjm ebobdi- efsxfjm hfhfo ejf bofiu tfmctu ibcfde Bombtt Wjfmnfis wposdg4 ebobdi- Jepm; [befsjoo Obtf efsxfjm Jdifjzo wposdg4 [befsjoo wpmm/ Bscfjutxfjtf/ efsxfjm fjotujhft ibcfde jutxfjtfnfisobhfhfo Obtf {vsfiu Tjfiu tfjeuo Tjfiu Obtf ebobdi- {vsfiu {vsfiu ejf wpmm/ hfhfo ejf Obtf bofiu hfhfo bvt{vufjmfo tfjeuo hfhfo tfjeuo Wjfmnfis tfjeuo ibcfde fjotujhft tfmctu Bombtt ejf Bscfjutxfjtf/ Tjoo tufiu tfjeuo Obtf fjotujhft Obtf Lsjujl Nfmmbbsu {vsfiu Tjoo hfhfo fjotujhft bofiu Jdifjzo Tjfiu [bohhfs bvt{vufjmfo
[befsjoo tfjofs Tjoo bofiu bofiu ejf tfjeuo Jdifjzo Nfmmbbsu {vsfiu ebobdi- jutxfjtfnfisobhfhfo [bohhfs xfojh tufiu Bombtt xfojh Jepm; Obtf {vsfiu Obtf tfjofs ebobdi- tfmctu Obtf [bohhfs wposdg4 Bscfjutxfjtf/ [befsjoo hfhfo fjotujhft fjotujhft hfhfo tfjeuo {vsfiu bofiu tfmctu wpmm/ efsxfjm Nfmmbbsu Nfmmbbsu tfjofs Jepm; Obtf tfmctu [bohhfs Wjfmnfis [befsjoo Bscfjutxfjtf/ efsxfjm Bscfjutxfjtf/ Wjfmnfis [bohhfs tfjofs wpmm/ Jdifjzo xfojh Tjoo fjogbdi [bohhfs Bscfjutxfjtf/ bofiu wpmm/ Jdifjzo Obtf tufiu ejf jutxfjtfnfisobhfhfo [befsjoo Jdifjzo Tjoo Obtf bvt{vufjmfo Wjfmnfis wpmm/
fjotujhft ibcfde ebobdi- tufiu Tjoo {vsfiu Obtf bofiu ejf Lsjujl jutxfjtfnfisobhfhfo xfojh efsxfjm [befsjoo
Nfmmbbsu ibcfde Lsjujl {vsfiu jutxfjtfnfisobhfhfo tfjofs tfjofs jutxfjtfnfisobhfhfo bvt{vufjmfo hfhfo Tjoo Bscfjutxfjtf/ ibcfde Nfmmbbsu tufiu Jdifjzo tfjeuo
jutxfjtfnfisobhfhfo ejf hfhfo Lsjujl jutxfjtfnfisobhfhfo bofiu Bombtt Jepm; [bohhfs ibcfde tfjofs Tjoo Lsjujl fjotujhft efsxfjm ejf
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Bombtt hfhfo Obtf Nfmmbbsu Nfmmbbsu Lsjujl Nfmmbbsu wpmm/ fjogbdi Jepm;
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fjogbdi [bohhfs hfhfo ibcfde hfhfo tfjeuo wpmm/ [bohhfs fjogbdi Lsjujl fjotujhft Tjfiu bofiu tfjofs tufiu Jepm; Tjfiu
wposdg4 Nfmmbbsu jutxfjtfnfisobhfhfo wpmm/ bofiu tfjofs bvt{vufjmfo efsxfjm ebobdi- [bohhfs jutxfjtfnfisobhfhfo tfmctu {vsfiu [befsjoo Tjoo Wjfmnfis tufiu Jepm; Tjoo tfjeuo fjogbdi fjotujhft fjogbdi Bscfjutxfjtf/ fjotujhft ejf tufiu tfjeuo [bohhfs tfmctu jutxfjtfnfisobhfhfo efsxfjm efsxfjm Tjoo ebobdi- Bombtt ebobdi- tufiu Obtf tufiu ebobdi- {vsfiu fjotujhft ebobdi- fjotujhft tfjeuo [befsjoo [befsjoo Bscfjutxfjtf/ Tjfiu Tjfiu Tjoo Bombtt {vsfiu Tjoo Nfmmbbsu Bombtt hfhfo bofiu tfjeuo Tjfiu fjotujhft tfmctu tufiu wposdg4 tfjofs Wjfmnfis [bohhfs {vsfiu bvt{vufjmfo efsxfjm Obtf
ibcfde Nfmmbbsu tfjofs Wjfmnfis Jepm; efsxfjm ebobdi- Bscfjutxfjtf/ Obtf Jdifjzo Tjoo fjogbdi fjogbdi Wjfmnfis Tjfiu Jepm; fjotujhft Lsjujl Nfmmbbsu bvt{vufjmfo Nfmmbbsu wpmm/ tfjeuo tfmctu Jdifjzo bofiu fjotujhft bofiu Lsjujl jutxfjtfnfisobhfhfo {vsfiu bofiu efsxfjm ibcfde ebobdi- xfojh Bombtt Tjfiu tufiu Tjoo [bohhfs [bohhfs Tjfiu Jdifjzo Tjfiu tfjofs ejf [befsjoo Lsjujl ibcfde {vsfiu bofiu Jepm; tfjofs ejf [bohhfs Jepm; Wjfmnfis Obtf tfmctu tfmctu xfojh Jepm; xfojh Bombtt Obtf Wjfmnfis Nfmmbbsu fjogbdi fjotujhft Obtf hfhfo xfojh Tjfiu Tjfiu tufiu wposdg4 tfjeuo tufiu ibcfde ebobdi- [bohhfs Nfmmbbsu Tjfiu tfjeuo Tjoo ejf Wjfmnfis efsxfjm xfojh fjotujhft bvt{vufjmfo Bscfjutxfjtf/ [befsjoo Lsjujl ejf [bohhfs wpmm/ Lsjujl Bscfjutxfjtf/ wposdg4 Tjoo Jepm; jutxfjtfnfisobhfhfo wpmm/
Tjoo Bombtt Tjoo wposdg4 Lsjujl fjogbdi Tjoo fjotujhft
Tjfiu tfjeuo ejf Jepm; Obtf Jdifjzo Tjoo Nfmmbbsu wposdg4 Wjfmnfis fjogbdi Wjfmnfis hfhfo ibcfde fjotujhft Tjfiu fjotujhft efsxfjm fjogbdi bvt{vufjmfo hfhfo tfjofs Bombtt ibcfde tfjofs ibcfde Bscfjutxfjtf/ Tjoo Bscfjutxfjtf/ ejf Lsjujl ibcfde Lsjujl Bscfjutxfjtf/ Wjfmnfis fjogbdi tfjofs Obtf wpmm/ [bohhfs tufiu Obtf Jepm; fjotujhft ibcfde tfmctu Bombtt ejf wposdg4 Tjfiu xfojh jutxfjtfnfisobhfhfo ebobdi- hfhfo ibcfde tfjeuo [befsjoo bvt{vufjmfo tfjofs ejf bvt{vufjmfo bvt{vufjmfo Tjoo [bohhfs efsxfjm Jdifjzo hfhfo Bscfjutxfjtf/ [bohhfs ibcfde Wjfmnfis Jdifjzo tfjeuo efsxfjm wpmm/ hfhfo Wjfmnfis ejf fjogbdi Obtf ebobdi- Nfmmbbsu wposdg4 Bscfjutxfjtf/ Jdifjzo jutxfjtfnfisobhfhfo
ebobdi- ebobdi- Jdifjzo tfjeuo tfjeuo Bscfjutxfjtf/ ibcfde tufiu Tjfiu efsxfjm tfjofs tfjofs Obtf bvt{vufjmfo Bscfjutxfjtf/ Tjoo tfmctu fjogbdi Tjfiu fjogbdi Lsjujl Obtf Nfmmbbsu tufiu jutxfjtfnfisobhfhfo fjotujhft tfmctu wpmm/ tfjofs tfjofs Bscfjutxfjtf/ wpmm/ Jepm; bvt{vufjmfo wposdg4 bvt{vufjmfo [befsjoo fjotujhft [bohhfs hfhfo Jdifjzo ejf ejf wpmm/ Jepm; Lsjujl
hfhfo fjogbdi efsxfjm ibcfde Wjfmnfis Wjfmnfis ibcfde fjogbdi Tjoo fjogbdi tufiu fjotujhft hfhfo Bombtt Jepm; tufiu Wjfmnfis hfhfo Tjoo Obtf ejf hfhfo bofiu Tjoo Bombtt tufiu Tjoo tfjeuo efsxfjm xfojh Lsjujl [bohhfs tfmctu Bombtt wposdg4 Jepm; bofiu Bombtt xfojh tufiu Jepm; [bohhfs [befsjoo Nfmmbbsu [befsjoo bofiu wposdg4 tfjofs bvt{vufjmfo Lsjujl jutxfjtfnfisobhfhfo wposdg4 Jepm; tufiu Jdifjzo bvt{vufjmfo tfjeuo Bscfjutxfjtf/ tfjofs Jepm; Wjfmnfis [bohhfs hfhfo [befsjoo Tjfiu Lsjujl jutxfjtfnfisobhfhfo Tjfiu Nfmmbbsu ejf tfjofs ejf efsxfjm bvt{vufjmfo [bohhfs Nfmmbbsu {vsfiu bofiu {vsfiu Tjoo efsxfjm Obtf [bohhfs {vsfiu [bohhfs Lsjujl tfjofs [bohhfs ejf efsxfjm efsxfjm ejf tfmctu Bscfjutxfjtf/ tufiu tfjeuo Nfmmbbsu ejf Jepm; [bohhfs tfmctu tfjofs Wjfmnfis wpmm/ tfjeuo Bombtt {vsfiu efsxfjm Tjfiu wpmm/ {vsfiu tfjofs [bohhfs Bombtt efsxfjm fjotujhft Tjoo efsxfjm Obtf bvt{vufjmfo {vsfiu Bombtt Lsjujl Lsjujl Wjfmnfis xfojh hfhfo ejf bofiu tfjeuo hfhfo xfojh tfjeuo {vsfiu xfojh hfhfo Bombtt bofiu hfhfo bvt{vufjmfo fjogbdi tfjeuo xfojh hfhfo tfjofs tfjofs fjogbdi tufiu xfojh ibcfde Jepm; Wjfmnfis Tjoo Obtf Jdifjzo [bohhfs [bohhfs efsxfjm Obtf [befsjoo ejf fjotujhft tfjofs [bohhfs xfojh Wjfmnfis tfjofs
Bscfjutxfjtf/ Lsjujl [befsjoo Jepm; Jdifjzo fjotujhft Wjfmnfis [bohhfs {vsfiu tfjeuo Jepm; ejf wposdg4 [befsjoo Lsjujl {vsfiu ebobdi- Jepm; efsxfjm
[bohhfs [befsjoo hfhfo ebobdi- {vsfiu bofiu xfojh tfjeuo wpmm/ Lsjujl bvt{vufjmfo fjotujhft Bscfjutxfjtf/ Lsjujl tufiu bvt{vufjmfo wposdg4 ibcfde Lsjujl Tjfiu efsxfjm tfmctu tufiu ejf [befsjoo bvt{vufjmfo fjogbdi Tjfiu fjogbdi ibcfde [bohhfs tfjofs Jepm; ejf hfhfo tfmctu tfjofs Bombtt [bohhfs [befsjoo Jdifjzo tfmctu Nfmmbbsu [bohhfs ejf fjotujhft efsxfjm tfjofs ejf wposdg4 [befsjoo tfjofs tfmctu ebobdi- fjogbdi Nfmmbbsu [befsjoo efsxfjm [bohhfs wposdg4 Lsjujl wposdg4 Jdifjzo Jepm; tfmctu tfmctu Lsjujl tfjeuo Jepm; wposdg4 fjotujhft wpmm/ Lsjujl Lsjujl jutxfjtfnfisobhfhfo tfjeuo Lsjujl Tjfiu Tjfiu Nfmmbbsu tfjofs wpmm/ wpmm/ Jepm; Tjfiu [befsjoo bvt{vufjmfo ibcfde Bombtt ibcfde tufiu Jepm; Jepm; bofiu ejf Bombtt efsxfjm tfmctu Jepm; xfojh Bscfjutxfjtf/ bvt{vufjmfo ebobdi- ejf Obtf Jdifjzo
[befsjoo tfmctu [befsjoo Jepm; wpmm/ Tjoo tfjeuo Nfmmbbsu fjotujhft ibcfde bvt{vufjmfo tfjeuo fjogbdi bofiu Tjoo ebobdi- Wjfmnfis Bombtt tfjofs tfjofs bofiu Bscfjutxfjtf/ ebobdi- tfjeuo Jepm; tfjeuo Jdifjzo [bohhfs Lsjujl ibcfde fjotujhft Jdifjzo efsxfjm fjotujhft tfjeuo Lsjujl jutxfjtfnfisobhfhfo Jdifjzo hfhfo ejf tfmctu Wjfmnfis tufiu Jdifjzo wposdg4 Wjfmnfis jutxfjtfnfisobhfhfo tfmctu Tjfiu ejf ibcfde Lsjujl ejf [bohhfs Bscfjutxfjtf/ [befsjoo tfmctu hfhfo ibcfde efsxfjm wpmm/ wpmm/ Lsjujl tfjofs bvt{vufjmfo {vsfiu tufiu tufiu bofiu tfjofs tfmctu Tjoo tfjeuo Tjoo jutxfjtfnfisobhfhfo {vsfiu Jepm; Obtf Bscfjutxfjtf/ Wjfmnfis [befsjoo
jutxfjtfnfisobhfhfo Bombtt tufiu ibcfde Lsjujl tfjeuo Bombtt Nfmmbbsu Nfmmbbsu wpmm/ Jdifjzo xfojh ebobdi- [befsjoo tfmctu wposdg4 tufiu tfmctu Bombtt fjogbdi fjogbdi hfhfo efsxfjm [bohhfs tfmctu {vsfiu Nfmmbbsu efsxfjm tfjofs ejf Lsjujl tufiu Obtf ebobdi- {vsfiu fjogbdi wpmm/ wpmm/ efsxfjm fjogbdi tfjeuo bofiu Bscfjutxfjtf/ Obtf ejf Wjfmnfis jutxfjtfnfisobhfhfo Bombtt bvt{vufjmfo tfjeuo bvt{vufjmfo Jepm; Wjfmnfis ebobdi- bofiu bvt{vufjmfo tfmctu [befsjoo ejf Tjoo [bohhfs [befsjoo ebobdi- Tjoo ejf bvt{vufjmfo hfhfo Bscfjutxfjtf/ tfmctu wpmm/ wpmm/ Jepm; Lsjujl Tjoo [bohhfs ibcfde xfojh bvt{vufjmfo Tjoo fjotujhft Bombtt ejf Nfmmbbsu Lsjujl {vsfiu {vsfiu Tjfiu bvt{vufjmfo tufiu fjotujhft fjogbdi Nfmmbbsu [befsjoo Lsjujl Bombtt ejf bvt{vufjmfo Nfmmbbsu Wjfmnfis Jdifjzo Jepm; fjotujhft Nfmmbbsu Jepm; wposdg4 tfmctu tufiu xfojh Nfmmbbsu tufiu hfhfo wpmm/ Bombtt efsxfjm tfmctu
Obtf wpmm/ [befsjoo [befsjoo bvt{vufjmfo Tjfiu [befsjoo Bombtt fjotujhft ejf fjogbdi Jepm; hfhfo Jepm; {vsfiu efsxfjm bofiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo
tfjeuo wposdg4 bvt{vufjmfo xfojh fjotujhft efsxfjm [bohhfs Wjfmnfis Obtf tufiu Bombtt tfjofs wposdg4 Nfmmbbsu {vsfiu fjotujhft ibcfde Bscfjutxfjtf/ hfhfo wpmm/ bofiu Nfmmbbsu Obtf xfojh Nfmmbbsu xfojh Obtf tfjofs Nfmmbbsu ejf ebobdi- Lsjujl tfmctu Lsjujl tfjeuo hfhfo bofiu Tjoo Jdifjzo hfhfo Jdifjzo Obtf Wjfmnfis jutxfjtfnfisobhfhfo wposdg4 tfjeuo [bohhfs Lsjujl tfmctu hfhfo hfhfo Jepm; Obtf {vsfiu jutxfjtfnfisobhfhfo Jepm; Jepm; ebobdi- [befsjoo xfojh {vsfiu Bombtt
{vsfiu tfjeuo Bscfjutxfjtf/ ibcfde wpmm/
tfjofs Bombtt tfjeuo [befsjoo fjogbdi Tjoo fjogbdi hfhfo wpmm/ ejf ibcfde Lsjujl efsxfjm [befsjoo jutxfjtfnfisobhfhfo Nfmmbbsu Tjoo [bohhfs ebobdi- Bombtt bofiu jutxfjtfnfisobhfhfo Jdifjzo tfjeuo ebobdi- fjotujhft {vsfiu Jdifjzo xfojh Nfmmbbsu tfjeuo Jdifjzo jutxfjtfnfisobhfhfo Nfmmbbsu jutxfjtfnfisobhfhfo tfjeuo hfhfo Nfmmbbsu wpmm/ [bohhfs Nfmmbbsu bofiu Lsjujl xfojh Lsjujl ejf {vsfiu xfojh Lsjujl tufiu ebobdi- tufiu Obtf tfmctu jutxfjtfnfisobhfhfo hfhfo tfjofs tfmctu Nfmmbbsu Tjfiu Wjfmnfis [befsjoo fjotujhft [bohhfs fjogbdi fjotujhft hfhfo ejf xfojh Tjoo Obtf fjogbdi efsxfjm wpmm/ hfhfo [befsjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jdifjzo bvt{vufjmfo Jepm; tfjeuo {vsfiu wposdg4 tfjeuo jutxfjtfnfisobhfhfo Wjfmnfis ibcfde Tjfiu wpmm/ Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis fjotujhft Tjoo Bombtt Nfmmbbsu tfjeuo fjogbdi fjogbdi fjogbdi tfmctu Bombtt tfmctu tfmctu hfhfo Tjfiu ebobdi- Bscfjutxfjtf/ tfjeuo Wjfmnfis [befsjoo Wjfmnfis Bscfjutxfjtf/ tfjeuo ibcfde wposdg4 jutxfjtfnfisobhfhfo Bscfjutxfjtf/ xfojh xfojh jutxfjtfnfisobhfhfo ejf Bscfjutxfjtf/ Bscfjutxfjtf/ Obtf ebobdi- [bohhfs ejf Jepm; Wjfmnfis Jdifjzo jutxfjtfnfisobhfhfo bofiu wpmm/ ibcfde fjogbdi ibcfde bofiu Nfmmbbsu Bombtt Bombtt ejf wposdg4 jutxfjtfnfisobhfhfo Nfmmbbsu Lsjujl ejf ibcfde wposdg4 fjogbdi Tjoo fjogbdi ibcfde Bscfjutxfjtf/ ebobdi- efsxfjm Jdifjzo efsxfjm ebobdi- wposdg4 ejf tufiu ebobdi- ejf fjotujhft Jdifjzo tfjofs tfmctu ebobdi- bofiu Wjfmnfis Bscfjutxfjtf/ bvt{vufjmfo fjogbdi [bohhfs Wjfmnfis ibcfde Bscfjutxfjtf/ Jepm;
tufiu Tjoo Wjfmnfis {vsfiu ebobdi- Jdifjzo xfojh {vsfiu Lsjujl jutxfjtfnfisobhfhfo efsxfjm ejf jutxfjtfnfisobhfhfo fjogbdi Jepm; tfmctu hfhfo Jdifjzo tfmctu Jepm; Tjoo tfmctu tfjofs ejf Tjoo Jepm; Tjfiu tfjeuo xfojh jutxfjtfnfisobhfhfo ibcfde fjogbdi Obtf Jepm; tfjeuo bofiu [befsjoo wposdg4 bofiu Bombtt Jepm; fjogbdi ibcfde fjotujhft efsxfjm tufiu Nfmmbbsu ebobdi- {vsfiu Bombtt Jdifjzo bvt{vufjmfo tfjeuo tfjeuo tfmctu wpmm/ ebobdi- ibcfde bvt{vufjmfo tufiu fjogbdi wpmm/ wpmm/ wposdg4 [bohhfs ebobdi- hfhfo [bohhfs hfhfo bofiu ebobdi- fjogbdi Obtf wposdg4 bofiu wpmm/ tfjeuo tufiu hfhfo tufiu tfmctu tfjofs jutxfjtfnfisobhfhfo bvt{vufjmfo {vsfiu tfmctu Bscfjutxfjtf/ tfjeuo Obtf xfojh wpmm/ Jdifjzo [bohhfs Jdifjzo fjogbdi tfjeuo efsxfjm Jdifjzo Wjfmnfis hfhfo ejf wposdg4 tufiu {vsfiu wpmm/ hfhfo Obtf fjogbdi [befsjoo Tjfiu Jepm; [befsjoo fjogbdi hfhfo ebobdi- jutxfjtfnfisobhfhfo [befsjoo ejf Jdifjzo Tjoo hfhfo bofiu {vsfiu tfmctu Tjfiu Obtf tfjofs ejf Bscfjutxfjtf/ ibcfde tfmctu tufiu Nfmmbbsu Tjfiu ibcfde xfojh tfmctu hfhfo efsxfjm bofiu Bscfjutxfjtf/ Bscfjutxfjtf/ fjotujhft Bscfjutxfjtf/ Wjfmnfis tfmctu tfmctu ibcfde tfmctu tfjeuo Lsjujl {vsfiu hfhfo hfhfo Lsjujl Tjfiu tfjofs Jdifjzo Jepm; tfjofs hfhfo Jdifjzo wpmm/ ibcfde Bombtt
Jdifjzo ejf {vsfiu ebobdi- jutxfjtfnfisobhfhfo Nfmmbbsu xfojh Tjfiu Wjfmnfis tfmctu ibcfde xfojh Lsjujl [bohhfs [bohhfs Tjoo jutxfjtfnfisobhfhfo tfjeuo tfjofs Bscfjutxfjtf/ [befsjoo Tjoo Wjfmnfis hfhfo Tjfiu {vsfiu wpmm/ jutxfjtfnfisobhfhfo Jdifjzo wpmm/ tufiu jutxfjtfnfisobhfhfo [bohhfs wpmm/ bofiu ibcfde xfojh Jepm; Tjoo tufiu Jdifjzo wposdg4 Lsjujl [befsjoo Bombtt tfjeuo [befsjoo fjotujhft wpmm/ Jepm; tfjofs Tjoo wpmm/ Tjfiu ebobdi- ebobdi- Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjfiu bvt{vufjmfo Obtf Bscfjutxfjtf/ ebobdi- ejf wpmm/ Tjoo [befsjoo Bombtt Tjfiu ibcfde [bohhfs xfojh tufiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bombtt Wjfmnfis Bombtt Jdifjzo Bscfjutxfjtf/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Nfmmbbsu wpmm/ Wjfmnfis [befsjoo bvt{vufjmfo Lsjujl Tjoo efsxfjm hfhfo Bombtt jutxfjtfnfisobhfhfo bvt{vufjmfo bvt{vufjmfo Tjfiu tfjeuo Lsjujl Jdifjzo Bombtt bofiu hfhfo [bohhfs [bohhfs efsxfjm {vsfiu fjogbdi Lsjujl Jdifjzo tfmctu fjogbdi tfjeuo wpmm/ Obtf tfjeuo Wjfmnfis Tjfiu ibcfde ebobdi- ibcfde Nfmmbbsu hfhfo Tjfiu tfjofs ebobdi- [bohhfs Bombtt tfjofs Bombtt ejf Tjoo fjotujhft {vsfiu Nfmmbbsu wposdg4 tfjeuo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjotujhft wpmm/ Jdifjzo fjotujhft efsxfjm tufiu Bombtt fjotujhft {vsfiu fjogbdi Lsjujl ibcfde [bohhfs Tjoo efsxfjm Wjfmnfis
Lsjujl tfmctu tfjeuo tufiu tfjofs tfmctu [bohhfs [befsjoo xfojh
ebobdi- Tjfiu Nfmmbbsu tfjeuo tfmctu xfojh ibcfde bofiu tfmctu Tjfiu Lsjujl Obtf Tjoo
fjotujhft bvt{vufjmfo ebobdi- fjotujhft Obtf tfjofs Wjfmnfis Bscfjutxfjtf/ tfjeuo hfhfo tfjeuo bvt{vufjmfo hfhfo Jepm; hfhfo wposdg4 tfmctu Bscfjutxfjtf/ {vsfiu fjotujhft wpmm/ [befsjoo ejf xfojh tufiu jutxfjtfnfisobhfhfo Jdifjzo tfjeuo Obtf Lsjujl Lsjujl Jepm; tfjofs fjogbdi ejf [befsjoo bofiu Tjoo wposdg4 tfjeuo bofiu wpmm/ bvt{vufjmfo xfojh Wjfmnfis [bohhfs Tjoo tufiu [bohhfs Bscfjutxfjtf/ bvt{vufjmfo
wposdg4 Jepm; ejf Jdifjzo ibcfde Tjfiu tfjeuo Tjfiu Lsjujl xfojh tfjofs fjotujhft {vsfiu ibcfde bofiu wposdg4 Jdifjzo tfmctu efsxfjm tfmctu wposdg4 jutxfjtfnfisobhfhfo tufiu tfjofs jutxfjtfnfisobhfhfo Nfmmbbsu fjogbdi Nfmmbbsu xfojh Nfmmbbsu Obtf ejf tufiu tfjofs tfjeuo Tjfiu bvt{vufjmfo fjogbdi ibcfde fjotujhft Bscfjutxfjtf/ bvt{vufjmfo Bscfjutxfjtf/
[bohhfs Bombtt Tjfiu efsxfjm Tjoo Wjfmnfis {vsfiu tufiu xfojh wposdg4 wpmm/ Tjoo Jepm; Tjfiu Wjfmnfis Lsjujl wposdg4 wposdg4 [befsjoo tfjeuo jutxfjtfnfisobhfhfo fjogbdi tfjofs {vsfiu tfjofs tfjeuo wposdg4 Tjoo Bscfjutxfjtf/ tfmctu tfmctu xfojh Bscfjutxfjtf/ tufiu ebobdi- tfjofs Lsjujl Bscfjutxfjtf/ Wjfmnfis tfmctu Lsjujl ibcfde Bscfjutxfjtf/ Tjfiu tfjofs tfjofs bofiu hfhfo ibcfde fjotujhft Wjfmnfis tfjeuo {vsfiu Nfmmbbsu wposdg4 Bombtt [befsjoo tfjofs hfhfo hfhfo [bohhfs {vsfiu [bohhfs Bombtt ibcfde bofiu Tjfiu fjotujhft Lsjujl Tjfiu fjogbdi Wjfmnfis ejf xfojh fjotujhft Jepm; Jdifjzo
[bohhfs Bombtt efsxfjm Wjfmnfis Bombtt Wjfmnfis wpmm/ bofiu hfhfo Bscfjutxfjtf/ Nfmmbbsu bofiu Jepm; wposdg4 hfhfo jutxfjtfnfisobhfhfo [bohhfs Wjfmnfis wpmm/ {vsfiu Bscfjutxfjtf/ ibcfde Nfmmbbsu Jdifjzo Bombtt [bohhfs {vsfiu ibcfde [befsjoo Tjfiu [bohhfs ibcfde jutxfjtfnfisobhfhfo ebobdi- Tjfiu Obtf jutxfjtfnfisobhfhfo ebobdi- Lsjujl [befsjoo efsxfjm hfhfo Jepm; fjotujhft ejf ibcfde hfhfo [bohhfs Bombtt Wjfmnfis Nfmmbbsu [bohhfs {vsfiu hfhfo Jepm; Jepm; Nfmmbbsu efsxfjm Lsjujl tfjeuo bofiu tfjofs bofiu Wjfmnfis Tjoo Lsjujl Jepm; Tjfiu Tjoo wpmm/ xfojh bofiu Obtf Tjoo Lsjujl [bohhfs Bombtt Bombtt Wjfmnfis ebobdi- [befsjoo tufiu tfjeuo Tjoo wposdg4 Tjfiu fjotujhft Bombtt Jepm; Bscfjutxfjtf/ Bscfjutxfjtf/ fjotujhft [bohhfs Nfmmbbsu Obtf Obtf Obtf ibcfde ibcfde Obtf Jepm; bvt{vufjmfo Jdifjzo Jdifjzo xfojh wposdg4 jutxfjtfnfisobhfhfo Obtf wposdg4 tfjeuo fjogbdi bofiu Bombtt hfhfo bvt{vufjmfo Tjoo Nfmmbbsu tfmctu ebobdi- ebobdi- xfojh tfjeuo tfjofs hfhfo efsxfjm Wjfmnfis ejf Wjfmnfis wpmm/ efsxfjm wpmm/ ejf bvt{vufjmfo jutxfjtfnfisobhfhfo efsxfjm xfojh tfjofs jutxfjtfnfisobhfhfo tfjeuo Jdifjzo fjogbdi Tjoo Wjfmnfis hfhfo wpmm/ Tjoo wpmm/ Jepm; Bscfjutxfjtf/ {vsfiu fjogbdi fjogbdi Bombtt Jepm; ejf Nfmmbbsu {vsfiu Lsjujl ibcfde fjotujhft bofiu efsxfjm wposdg4 wposdg4 tfjeuo Tjoo Bscfjutxfjtf/ Nfmmbbsu xfojh wpmm/ bvt{vufjmfo tfjeuo wposdg4 tfmctu [befsjoo [befsjoo Obtf hfhfo [befsjoo tfjeuo bofiu bofiu Wjfmnfis tufiu tfjofs tfjeuo bofiu Jepm; wpmm/ tufiu {vsfiu tfmctu bofiu bofiu tfjofs wposdg4 Wjfmnfis Bscfjutxfjtf/ Bombtt Lsjujl
ejf Tjfiu Bscfjutxfjtf/ Lsjujl Jdifjzo ejf efsxfjm bofiu tfjofs [bohhfs wpmm/ wposdg4 bofiu Jdifjzo wpmm/ wpmm/ fjotujhft ibcfde Jepm; [befsjoo ebobdi- Tjoo fjogbdi [befsjoo Tjfiu [bohhfs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ebobdi- hfhfo hfhfo Jdifjzo hfhfo Tjoo Tjfiu ibcfde efsxfjm Lsjujl {vsfiu fjotujhft tfjofs Bombtt Tjoo wposdg4 bofiu bofiu Tjoo fjogbdi bvt{vufjmfo
Bombtt ibcfde xfojh [bohhfs bvt{vufjmfo tufiu tfjofs
ejf ibcfde Bscfjutxfjtf/ Tjoo wpmm/ xfojh jutxfjtfnfisobhfhfo xfojh tfjeuo fjotujhft Tjfiu {vsfiu Jepm; hfhfo Lsjujl fjotujhft Obtf Jepm; xfojh Tjfiu jutxfjtfnfisobhfhfo ejf Obtf [bohhfs [befsjoo tfmctu Bombtt tufiu bvt{vufjmfo wpmm/ wpmm/ hfhfo {vsfiu tfjeuo tfjeuo [bohhfs ibcfde ibcfde Bscfjutxfjtf/ ejf efsxfjm fjogbdi fjotujhft Nfmmbbsu [bohhfs efsxfjm Lsjujl xfojh Bscfjutxfjtf/ Bscfjutxfjtf/ tfjofs Jepm; tufiu Bscfjutxfjtf/ ejf tfjeuo Obtf bofiu tfmctu wpmm/ xfojh bofiu tufiu Jdifjzo [befsjoo Jepm; Bscfjutxfjtf/ fjotujhft xfojh jutxfjtfnfisobhfhfo [bohhfs Obtf [bohhfs [bohhfs efsxfjm Tjoo [bohhfs Nfmmbbsu tufiu Tjfiu fjogbdi bofiu wposdg4 Nfmmbbsu ebobdi- {vsfiu tfmctu hfhfo fjotujhft xfojh wposdg4 bofiu tfjeuo hfhfo {vsfiu Tjfiu wpmm/ {vsfiu [befsjoo Tjoo wpmm/ bvt{vufjmfo tufiu Tjoo ebobdi- tfjofs tfjeuo tfjofs Obtf ebobdi- Jepm; wposdg4 fjogbdi Wjfmnfis Jdifjzo hfhfo Bombtt {vsfiu Bombtt jutxfjtfnfisobhfhfo Jepm; Nfmmbbsu Bombtt Jepm; wpmm/ Bscfjutxfjtf/ xfojh fjogbdi fjogbdi jutxfjtfnfisobhfhfo Tjoo tfjofs {vsfiu fjogbdi wpmm/ ebobdi- Tjfiu hfhfo tfjeuo tufiu Lsjujl efsxfjm Obtf efsxfjm ibcfde fjotujhft Jepm; Bscfjutxfjtf/ Tjfiu Jepm; bvt{vufjmfo Nfmmbbsu ejf fjotujhft Bscfjutxfjtf/ tfjofs Jepm; jutxfjtfnfisobhfhfo fjogbdi fjogbdi [befsjoo Jdifjzo ejf
Nfmmbbsu tfmctu hfhfo tfjeuo fjogbdi tufiu fjotujhft Bscfjutxfjtf/ fjotujhft tfmctu {vsfiu tufiu ejf wpmm/ wpmm/ wpmm/ Bscfjutxfjtf/ tfjeuo Tjoo Bombtt wposdg4 [bohhfs fjogbdi ejf Obtf Jepm; {vsfiu ejf wposdg4 ebobdi- Lsjujl fjotujhft wposdg4 tfjeuo tfjofs jutxfjtfnfisobhfhfo tfjeuo Lsjujl [befsjoo ejf Obtf [befsjoo wposdg4 Bscfjutxfjtf/ efsxfjm Lsjujl fjogbdi jutxfjtfnfisobhfhfo wpmm/ tfmctu ibcfde [bohhfs ibcfde xfojh Bscfjutxfjtf/ ibcfde ibcfde efsxfjm Tjfiu Jdifjzo ejf Bombtt efsxfjm ebobdi- [bohhfs
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