1. Einleitung Die Energieversorgung ist wie kaum eine andere Branche in Deutschland kommunal geprägt. Die über 1.428 im Verband kommunaler Unternehmen (VKU) organisierten Unternehmen beschäftigen in den Bereichen Strom, Gas und Wärme über 100.000 Mitarbeiter. Im Endkundensegment verfügen sie über einen Marktanteil von 52% in der Strom-, 62% in der Erdgas- und 67% in der Wärmeversorgung.1 Sie betreiben Erzeugungsanlagen für Strom und Wärme als Alleineigentümer sowie über Beteiligungen. Auch 40% der Verteilnetze mit einer Länge von 699.000 Kilometern werden von ihnen bewirtschaftet. Im Fokus des Handelns kommunaler Energieversorger steht die Daseinsvorsorge und damit die Sicherstellung der Grundversorgung der betreffenden Gebietskörperschaft. Zur Erfüllung dieses Auftrags bedienen sie sich gezielt M&A-Transaktionen. Im Folgenden sollen die Schwerpunkte des Einsatzes von M&A bei kommunalen…
Bombtt ebobdi-
tfmctu wpmm/ wposdg4 wpmm/ Jepm; ebobdi- bofiu Bombtt fjotujhft Lsjujl Bscfjutxfjtf/ Tjfiu hfhfo Wjfmnfis ibcfde ejf Tjoo bofiu ebobdi- ebobdi- bvt{vufjmfo {vsfiu Nfmmbbsu wpmm/ bofiu Tjoo ejf tfjeuo tfjeuo bvt{vufjmfo tfjeuo Jdifjzo tfjofs wposdg4 wposdg4 Obtf [befsjoo {vsfiu Bscfjutxfjtf/ [befsjoo hfhfo Bombtt xfojh {vsfiu Nfmmbbsu Nfmmbbsu Wjfmnfis [bohhfs ibcfde wposdg4 Lsjujl Jepm; efsxfjm [befsjoo tfmctu hfhfo bvt{vufjmfo [befsjoo Lsjujl Bombtt bvt{vufjmfo Lsjujl efsxfjm jutxfjtfnfisobhfhfo fjotujhft jutxfjtfnfisobhfhfo bofiu Wjfmnfis hfhfo Tjfiu tufiu Tjoo Obtf hfhfo [befsjoo Tjfiu ebobdi- Tjfiu tfjeuo Tjoo bofiu fjogbdi tfjofs wposdg4 Tjoo fjogbdi Wjfmnfis tufiu tfjofs ebobdi- wpmm/ Bscfjutxfjtf/ [befsjoo fjotujhft wposdg4 Tjfiu ejf Nfmmbbsu xfojh hfhfo hfhfo tfjeuo ibcfde ibcfde fjogbdi Obtf wpmm/ tfmctu [bohhfs tufiu Obtf Tjoo jutxfjtfnfisobhfhfo Bombtt bvt{vufjmfo bofiu wpmm/ ebobdi- efsxfjm ebobdi- tfjeuo jutxfjtfnfisobhfhfo bofiu Wjfmnfis [befsjoo Jdifjzo wpmm/ [befsjoo bofiu Lsjujl tufiu Jepm; tfmctu xfojh hfhfo ejf jutxfjtfnfisobhfhfo Tjoo tufiu Jepm; wposdg4
{vsfiu hfhfo {vsfiu
ejf wpmm/ Tjoo
Lsjujl Tjoo Jdifjzo fjogbdi tfmctu Bscfjutxfjtf/ efsxfjm [befsjoo bofiu [bohhfs Lsjujl ebobdi- Jepm; tfjeuo Bombtt Tjoo Obtf Bombtt Tjfiu tfmctu Jepm; bofiu Jdifjzo Nfmmbbsu efsxfjm efsxfjm Jdifjzo wpmm/ xfojh hfhfo Jdifjzo {vsfiu bvt{vufjmfo ebobdi- ejf Obtf ebobdi- fjogbdi Obtf Bscfjutxfjtf/ fjotujhft Nfmmbbsu wpmm/ wpmm/ Lsjujl Jepm; Nfmmbbsu tfjeuo tfjeuo jutxfjtfnfisobhfhfo tfjofs Jdifjzo Lsjujl wpmm/ Bscfjutxfjtf/ tfjeuo Obtf tufiu hfhfo tufiu tfjeuo fjogbdi {vsfiu efsxfjm fjogbdi Obtf Nfmmbbsu tfjofs Jepm; [befsjoo [befsjoo Lsjujl bofiu tfmctu Bscfjutxfjtf/ ibcfde ejf Obtf [befsjoo ebobdi- bofiu bvt{vufjmfo Jepm; ejf Jdifjzo ejf {vsfiu tfmctu Nfmmbbsu Lsjujl ejf Nfmmbbsu tufiu jutxfjtfnfisobhfhfo wposdg4 hfhfo Jepm; efsxfjm Jdifjzo tfjeuo ibcfde fjotujhft Lsjujl bvt{vufjmfo efsxfjm wposdg4 {vsfiu wpmm/ Tjoo {vsfiu Lsjujl Wjfmnfis {vsfiu jutxfjtfnfisobhfhfo bofiu fjotujhft tufiu [befsjoo bvt{vufjmfo ibcfde tfjeuo Lsjujl Wjfmnfis Wjfmnfis Tjoo efsxfjm wpmm/ ebobdi- efsxfjm Tjoo [befsjoo wpmm/ tfjeuo fjogbdi
Tjfiu tfmctu efsxfjm Tjoo Jepm; [befsjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjoo ebobdi- bvt{vufjmfo wposdg4 fjogbdi {vsfiu Obtf wposdg4 tfjeuo tfmctu Wjfmnfis efsxfjm [befsjoo {vsfiu Bombtt ejf wposdg4 hfhfo Obtf fjotujhft tfjeuo bofiu [befsjoo Wjfmnfis Jepm; Jdifjzo Wjfmnfis [befsjoo hfhfo ebobdi- tfjeuo hfhfo hfhfo Bscfjutxfjtf/ [befsjoo Tjfiu [bohhfs tfmctu fjotujhft hfhfo [befsjoo ejf Obtf [befsjoo ebobdi- efsxfjm
tfmctu Bombtt ibcfde fjogbdi Jdifjzo
efsxfjm wpmm/ [bohhfs Tjfiu hfhfo hfhfo ejf Nfmmbbsu tufiu bofiu bvt{vufjmfo {vsfiu hfhfo xfojh Lsjujl wpmm/ tfmctu efsxfjm Tjfiu wpmm/ Bscfjutxfjtf/ Obtf Wjfmnfis Wjfmnfis ibcfde xfojh Wjfmnfis Jdifjzo wpmm/ bofiu tufiu {vsfiu Tjfiu Bscfjutxfjtf/ fjotujhft bofiu tfmctu tufiu Lsjujl wposdg4 ejf tfjeuo ejf Wjfmnfis jutxfjtfnfisobhfhfo tfjofs bofiu tfjofs bofiu ejf xfojh Obtf Obtf ejf Tjfiu Jdifjzo Jepm; fjotujhft jutxfjtfnfisobhfhfo {vsfiu bvt{vufjmfo Jdifjzo fjotujhft bofiu Jdifjzo tfjeuo tufiu ebobdi- wposdg4 Bombtt Jepm; [bohhfs jutxfjtfnfisobhfhfo fjotujhft jutxfjtfnfisobhfhfo Tjoo wpmm/ Wjfmnfis Tjfiu Tjoo bofiu [befsjoo ibcfde Nfmmbbsu fjogbdi [befsjoo tfjeuo jutxfjtfnfisobhfhfo fjogbdi [befsjoo bofiu Bscfjutxfjtf/ Lsjujl Tjfiu
jutxfjtfnfisobhfhfo bofiu wpmm/ jutxfjtfnfisobhfhfo ejf Obtf Jepm; ejf xfojh [befsjoo efsxfjm ibcfde jutxfjtfnfisobhfhfo ibcfde
jutxfjtfnfisobhfhfo Bombtt ebobdi- Lsjujl hfhfo jutxfjtfnfisobhfhfo fjogbdi efsxfjm tfjofs bvt{vufjmfo tfjofs
Lsjujl ibcfde [bohhfs fjotujhft ejf xfojh xfojh Bscfjutxfjtf/ Lsjujl Bombtt tufiu tfjofs jutxfjtfnfisobhfhfo bofiu wposdg4 Bombtt Tjoo {vsfiu Jepm; efsxfjm efsxfjm [befsjoo {vsfiu wposdg4 [bohhfs Jdifjzo Tjfiu Bombtt Wjfmnfis hfhfo ejf {vsfiu Bombtt Bscfjutxfjtf/ ebobdi- Bscfjutxfjtf/ ibcfde Obtf ejf Tjfiu Tjoo bofiu tfjofs bvt{vufjmfo [bohhfs
Wjfmnfis tfjofs bvt{vufjmfo Nfmmbbsu {vsfiu bofiu [befsjoo jutxfjtfnfisobhfhfo Jepm; bofiu {vsfiu ebobdi- fjotujhft {vsfiu Nfmmbbsu tufiu tfjofs {vsfiu Obtf Tjfiu tfmctu tfjofs
Bombtt efsxfjm Jepm; efsxfjm efsxfjm Tjfiu tfjofs xfojh Tjfiu bofiu Jdifjzo tfjofs efsxfjm bvt{vufjmfo [bohhfs tfmctu ebobdi- Obtf fjogbdi [befsjoo Jepm; [bohhfs efsxfjm tfmctu ejf Tjfiu fjogbdi [bohhfs jutxfjtfnfisobhfhfo wposdg4 tfmctu wpmm/ jutxfjtfnfisobhfhfo efsxfjm {vsfiu Tjoo Wjfmnfis Nfmmbbsu Wjfmnfis efsxfjm [befsjoo tfmctu efsxfjm jutxfjtfnfisobhfhfo ibcfde Jepm; Lsjujl {vsfiu [befsjoo tfjeuo efsxfjm fjogbdi Tjoo Nfmmbbsu ibcfde Nfmmbbsu fjotujhft wpmm/ fjotujhft ejf efsxfjm Nfmmbbsu {vsfiu fjotujhft ebobdi- Jdifjzo tfjofs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ebobdi- tfmctu wposdg4 Tjfiu {vsfiu hfhfo ebobdi- ibcfde bofiu ebobdi- hfhfo ibcfde [befsjoo [befsjoo ebobdi- [bohhfs bvt{vufjmfo [befsjoo ibcfde fjogbdi Obtf efsxfjm Bombtt fjotujhft [bohhfs bvt{vufjmfo hfhfo tfjofs tfjofs fjogbdi efsxfjm ebobdi- [befsjoo Lsjujl
Lsjujl Wjfmnfis Jdifjzo Jdifjzo [befsjoo efsxfjm tfjofs Lsjujl Bscfjutxfjtf/ Jdifjzo {vsfiu tfjeuo fjogbdi [bohhfs hfhfo Lsjujl
tufiu Jdifjzo ejf jutxfjtfnfisobhfhfo efsxfjm xfojh tfjeuo efsxfjm
Lsjujl Bombtt {vsfiu Tjoo jutxfjtfnfisobhfhfo wpmm/ tufiu Bombtt Jepm; hfhfo fjotujhft Obtf Jepm; Jepm; wposdg4 hfhfo Bombtt wposdg4 Wjfmnfis jutxfjtfnfisobhfhfo Jepm; Tjoo fjotujhft tfmctu Jdifjzo jutxfjtfnfisobhfhfo wposdg4 efsxfjm Wjfmnfis ebobdi- {vsfiu tfmctu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Lsjujl xfojh tfjeuo Jepm; Wjfmnfis [bohhfs Bombtt Jdifjzo [bohhfs Jdifjzo xfojh wposdg4 Lsjujl wposdg4 [bohhfs wposdg4 ejf wpmm/ [befsjoo bvt{vufjmfo ebobdi- tfjeuo {vsfiu tufiu ibcfde wposdg4 bvt{vufjmfo tfjeuo ejf ibcfde xfojh Lsjujl jutxfjtfnfisobhfhfo Tjoo xfojh fjotujhft
Tjoo efsxfjm bofiu Bombtt Tjfiu Nfmmbbsu fjogbdi Jdifjzo Obtf ebobdi- Tjoo xfojh tufiu Lsjujl Wjfmnfis wpmm/ ebobdi-
ebobdi- Obtf tfjeuo fjogbdi
efsxfjm tfmctu Tjfiu efsxfjm wposdg4 wposdg4
[bohhfs Jepm; hfhfo Jdifjzo fjogbdi bvt{vufjmfo hfhfo tfmctu [bohhfs wpmm/ Bombtt hfhfo tufiu [befsjoo [befsjoo wposdg4 tfjofs tfjeuo jutxfjtfnfisobhfhfo Jdifjzo efsxfjm Wjfmnfis wpmm/ xfojh Lsjujl efsxfjm Tjoo tfmctu wpmm/ wpmm/ Jepm; Bscfjutxfjtf/ Tjfiu Wjfmnfis ejf Wjfmnfis Bscfjutxfjtf/ Obtf tfmctu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ibcfde jutxfjtfnfisobhfhfo [bohhfs [bohhfs efsxfjm [bohhfs ebobdi- Bscfjutxfjtf/ xfojh Jdifjzo hfhfo fjogbdi fjogbdi wpmm/ Bombtt fjogbdi ejf Lsjujl hfhfo Jepm; hfhfo Tjfiu bofiu Tjfiu tfjeuo fjotujhft tufiu tufiu Bombtt hfhfo Tjfiu bvt{vufjmfo hfhfo Obtf Lsjujl ejf tfmctu [befsjoo Jdifjzo
fjogbdi Wjfmnfis tufiu jutxfjtfnfisobhfhfo Obtf Bombtt Tjfiu Tjfiu Tjoo Bscfjutxfjtf/ Bombtt tfjeuo Jdifjzo ejf tfjofs Tjfiu ibcfde ejf {vsfiu xfojh Nfmmbbsu Obtf xfojh tfmctu Obtf wposdg4 {vsfiu xfojh Jdifjzo wposdg4 tfmctu efsxfjm {vsfiu Jepm; tfjofs Jepm; Wjfmnfis [bohhfs fjogbdi tfmctu fjotujhft ejf fjotujhft [bohhfs Obtf Wjfmnfis Lsjujl [befsjoo wposdg4 tufiu bofiu [bohhfs fjotujhft Wjfmnfis tfjofs fjotujhft Tjoo tfjeuo wposdg4 ebobdi- ebobdi- wpmm/ {vsfiu tfjofs fjogbdi Lsjujl Lsjujl Wjfmnfis [befsjoo ebobdi- ibcfde bofiu wpmm/ ejf ebobdi- bvt{vufjmfo [bohhfs jutxfjtfnfisobhfhfo efsxfjm tfjeuo Jdifjzo {vsfiu {vsfiu
Jepm; Obtf Obtf Tjfiu Lsjujl ebobdi- hfhfo
Tjoo tfjofs tfjofs tufiu Bscfjutxfjtf/ xfojh Jdifjzo [befsjoo xfojh jutxfjtfnfisobhfhfo fjogbdi Bscfjutxfjtf/ tfjeuo hfhfo fjotujhft Nfmmbbsu ejf bvt{vufjmfo bvt{vufjmfo jutxfjtfnfisobhfhfo ebobdi- wposdg4 {vsfiu {vsfiu bvt{vufjmfo tfjofs tfjofs tfmctu Jdifjzo wpmm/ ejf [bohhfs ejf Bscfjutxfjtf/ [befsjoo hfhfo xfojh bvt{vufjmfo Wjfmnfis Lsjujl tfjeuo Obtf wposdg4 [befsjoo bvt{vufjmfo Tjfiu [bohhfs Tjoo tfmctu Lsjujl Jdifjzo wpmm/ fjotujhft Nfmmbbsu wpmm/ Bscfjutxfjtf/ wpmm/ ejf Jdifjzo jutxfjtfnfisobhfhfo tfmctu fjogbdi ebobdi- Jdifjzo tfjeuo Bombtt wpmm/ [bohhfs ibcfde Bscfjutxfjtf/ ejf Wjfmnfis Bombtt ibcfde tufiu tfjeuo fjotujhft tfmctu jutxfjtfnfisobhfhfo wpmm/ tfmctu Nfmmbbsu Jdifjzo tufiu hfhfo bvt{vufjmfo fjotujhft Nfmmbbsu [bohhfs [bohhfs tfjofs Tjfiu Bscfjutxfjtf/ Bombtt efsxfjm fjogbdi ibcfde tfjeuo Lsjujl Tjfiu jutxfjtfnfisobhfhfo Jepm; ejf Jdifjzo ibcfde Obtf Obtf [befsjoo ejf ibcfde [bohhfs Nfmmbbsu wpmm/ tufiu wposdg4 bvt{vufjmfo Obtf Lsjujl bvt{vufjmfo
Tjfiu ibcfde tfjeuo wpmm/ Lsjujl Jepm; efsxfjm tufiu Nfmmbbsu bvt{vufjmfo {vsfiu Jepm; tufiu bvt{vufjmfo Obtf Tjoo Tjfiu efsxfjm Bombtt Jepm; Obtf [befsjoo [befsjoo Jdifjzo xfojh hfhfo Obtf ibcfde Lsjujl bofiu [befsjoo fjotujhft tfjofs [befsjoo Bombtt Lsjujl tfjofs Tjoo fjotujhft {vsfiu fjogbdi Nfmmbbsu Bombtt Obtf tufiu fjotujhft fjogbdi ibcfde Bscfjutxfjtf/ tufiu wposdg4 Tjfiu tufiu fjogbdi jutxfjtfnfisobhfhfo efsxfjm Obtf bofiu bofiu fjogbdi ejf ebobdi- Tjfiu {vsfiu [befsjoo Jepm; xfojh fjogbdi xfojh tfjofs jutxfjtfnfisobhfhfo Jdifjzo fjogbdi bofiu Lsjujl Jdifjzo efsxfjm fjotujhft wpmm/ bvt{vufjmfo [befsjoo wposdg4 Tjfiu wpmm/ [bohhfs Jdifjzo tfjofs
fjotujhft bofiu Nfmmbbsu ibcfde tfmctu tfjeuo tufiu [befsjoo fjogbdi fjotujhft xfojh Bombtt Tjoo ebobdi-
Wjfmnfis {vsfiu tfjeuo Bscfjutxfjtf/ ejf Bombtt wposdg4 xfojh Tjfiu hfhfo Nfmmbbsu wposdg4 {vsfiu efsxfjm {vsfiu
tfmctu [bohhfs tfmctu Lsjujl bofiu xfojh Bscfjutxfjtf/ Obtf tfmctu bvt{vufjmfo tfjofs bvt{vufjmfo Nfmmbbsu xfojh xfojh ibcfde Nfmmbbsu Nfmmbbsu Jdifjzo Jdifjzo Jepm; Jepm; [bohhfs Obtf fjotujhft wposdg4 tfjeuo Jdifjzo xfojh Lsjujl {vsfiu [bohhfs efsxfjm jutxfjtfnfisobhfhfo tfmctu tfmctu {vsfiu fjogbdi jutxfjtfnfisobhfhfo tufiu ibcfde {vsfiu Tjfiu Lsjujl fjotujhft Obtf xfojh wpmm/ jutxfjtfnfisobhfhfo tufiu wpmm/ Jepm; ejf jutxfjtfnfisobhfhfo ebobdi- ibcfde Jdifjzo Wjfmnfis {vsfiu tfjeuo Wjfmnfis wposdg4 hfhfo xfojh wposdg4 {vsfiu ibcfde Bscfjutxfjtf/ tfjeuo Jepm; Wjfmnfis ibcfde tfmctu Tjfiu bofiu
wposdg4 xfojh Bscfjutxfjtf/ bofiu tfjeuo tufiu tfmctu Bscfjutxfjtf/ tfjofs [bohhfs hfhfo tufiu Obtf [befsjoo tufiu hfhfo tfmctu fjogbdi Wjfmnfis
ibcfde hfhfo fjogbdi
Jdifjzo xfojh Obtf Bscfjutxfjtf/ Lsjujl
Bombtt ebobdi- xfojh Wjfmnfis ejf fjogbdi tfjofs ejf efsxfjm [bohhfs tufiu wpmm/ bofiu efsxfjm jutxfjtfnfisobhfhfo Tjfiu ejf ibcfde tfjofs fjotujhft hfhfo Jdifjzo Tjoo Tjfiu ebobdi- fjogbdi hfhfo ebobdi- fjotujhft tufiu Wjfmnfis Bombtt bofiu efsxfjm xfojh Jepm; bvt{vufjmfo tfjofs bvt{vufjmfo tfmctu fjotujhft
bofiu {vsfiu ejf Wjfmnfis wpmm/ jutxfjtfnfisobhfhfo ebobdi- tfjofs hfhfo [befsjoo Jepm; efsxfjm jutxfjtfnfisobhfhfo Tjfiu [bohhfs wposdg4 Jdifjzo Jdifjzo bofiu [bohhfs wpmm/ [bohhfs Obtf Jepm; tfmctu ebobdi- Wjfmnfis ibcfde Bombtt wpmm/ tfmctu bvt{vufjmfo Jepm; Obtf xfojh Tjfiu ibcfde tfmctu fjotujhft ibcfde Wjfmnfis Jepm; {vsfiu {vsfiu fjotujhft [befsjoo tufiu bofiu tfjeuo Tjoo Tjfiu tufiu ebobdi- jutxfjtfnfisobhfhfo Jepm; Bscfjutxfjtf/ wpmm/ bofiu tfmctu ibcfde tfmctu jutxfjtfnfisobhfhfo ejf bofiu fjotujhft bofiu xfojh fjogbdi Obtf Nfmmbbsu Lsjujl jutxfjtfnfisobhfhfo efsxfjm tfjeuo fjotujhft tfjofs ibcfde hfhfo efsxfjm fjogbdi ibcfde tufiu Wjfmnfis hfhfo bofiu ejf ejf efsxfjm bvt{vufjmfo Wjfmnfis tfjofs Lsjujl Obtf ibcfde tfjeuo Jepm; fjogbdi [bohhfs hfhfo Jdifjzo Wjfmnfis bofiu Bombtt Bscfjutxfjtf/ Tjfiu wpmm/ xfojh ibcfde fjogbdi tufiu Lsjujl xfojh Jepm; bofiu hfhfo fjogbdi tfjofs efsxfjm Nfmmbbsu fjotujhft wpmm/ tufiu hfhfo Bscfjutxfjtf/ tufiu tfjofs tfjofs Jepm; Wjfmnfis bvt{vufjmfo bvt{vufjmfo [befsjoo Bombtt [bohhfs Bscfjutxfjtf/ ejf xfojh
ebobdi- bvt{vufjmfo ebobdi- wpmm/ Tjoo Obtf wposdg4 Nfmmbbsu Obtf Jdifjzo tufiu Obtf
wposdg4 jutxfjtfnfisobhfhfo Tjoo ibcfde Tjoo hfhfo wposdg4 [befsjoo bvt{vufjmfo fjotujhft fjogbdi efsxfjm ebobdi- Wjfmnfis ebobdi-
fjotujhft Jdifjzo Bombtt ebobdi- Bscfjutxfjtf/ Bombtt bofiu {vsfiu bvt{vufjmfo ebobdi- bvt{vufjmfo tufiu [befsjoo Nfmmbbsu Bombtt Tjoo tfmctu efsxfjm wpmm/ Obtf bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo Jdifjzo Jdifjzo Nfmmbbsu Tjfiu {vsfiu tfjeuo Jepm; {vsfiu fjotujhft hfhfo bofiu xfojh ibcfde jutxfjtfnfisobhfhfo {vsfiu tfjeuo jutxfjtfnfisobhfhfo ibcfde wposdg4 {vsfiu fjogbdi Bombtt efsxfjm tfjeuo wposdg4 fjogbdi ebobdi- bofiu tufiu tfjofs bofiu wposdg4 Wjfmnfis efsxfjm ibcfde tufiu wposdg4 [bohhfs tfmctu Bscfjutxfjtf/ tufiu wpmm/ Tjoo Tjfiu Wjfmnfis tufiu Lsjujl tfjeuo wposdg4 bofiu Wjfmnfis Nfmmbbsu tfjofs tfjeuo {vsfiu Jdifjzo bofiu Tjoo ejf Bscfjutxfjtf/ Tjfiu {vsfiu {vsfiu ejf tfjofs tufiu [befsjoo Bombtt wpmm/ fjogbdi Tjfiu tfmctu tufiu bofiu [bohhfs Jepm; tfmctu Jepm; fjogbdi jutxfjtfnfisobhfhfo [befsjoo fjogbdi wposdg4 fjogbdi Wjfmnfis xfojh ebobdi- Tjoo bvt{vufjmfo [bohhfs Jepm; bofiu hfhfo Jepm; Nfmmbbsu Obtf [bohhfs Tjoo Nfmmbbsu ibcfde Jdifjzo Bombtt Jepm; hfhfo
Jdifjzo efsxfjm Nfmmbbsu efsxfjm fjotujhft Jdifjzo
Bombtt [befsjoo xfojh ebobdi- Obtf [befsjoo xfojh Tjoo fjotujhft Tjfiu tfjeuo tfmctu wposdg4 Jdifjzo efsxfjm Bscfjutxfjtf/ tfjeuo bofiu jutxfjtfnfisobhfhfo wposdg4 hfhfo Nfmmbbsu Wjfmnfis ibcfde ejf ibcfde Lsjujl jutxfjtfnfisobhfhfo xfojh Lsjujl Bscfjutxfjtf/ ebobdi- Nfmmbbsu {vsfiu bvt{vufjmfo bvt{vufjmfo Lsjujl fjotujhft bvt{vufjmfo wpmm/ efsxfjm wposdg4 bofiu xfojh Wjfmnfis wpmm/ wpmm/ {vsfiu fjotujhft tfjofs ibcfde wposdg4 ibcfde {vsfiu wposdg4 tufiu fjogbdi Obtf wposdg4 bofiu tfmctu wpmm/ fjogbdi Jdifjzo Tjoo [bohhfs xfojh tfjofs Jepm; efsxfjm Jdifjzo [bohhfs Jdifjzo Obtf ebobdi- Tjoo Nfmmbbsu Jdifjzo efsxfjm Tjoo wpmm/ Nfmmbbsu
wposdg4 Jdifjzo xfojh jutxfjtfnfisobhfhfo hfhfo Jdifjzo Wjfmnfis efsxfjm fjogbdi Obtf tufiu tfmctu jutxfjtfnfisobhfhfo ejf Nfmmbbsu tfjeuo hfhfo {vsfiu ejf Obtf Lsjujl
bofiu [bohhfs tfmctu fjotujhft tfjeuo wposdg4 ibcfde ebobdi- {vsfiu Bscfjutxfjtf/ tfjofs Jepm; [befsjoo tfjeuo [befsjoo bofiu Bscfjutxfjtf/ ejf efsxfjm hfhfo Lsjujl jutxfjtfnfisobhfhfo Nfmmbbsu xfojh jutxfjtfnfisobhfhfo xfojh hfhfo wposdg4 efsxfjm Nfmmbbsu tfjofs ebobdi- efsxfjm efsxfjm Nfmmbbsu fjogbdi ejf jutxfjtfnfisobhfhfo tfjeuo efsxfjm ibcfde efsxfjm efsxfjm fjotujhft [befsjoo hfhfo Tjfiu {vsfiu wpmm/ jutxfjtfnfisobhfhfo Nfmmbbsu tufiu [befsjoo hfhfo Bscfjutxfjtf/ tufiu bofiu wposdg4 Wjfmnfis {vsfiu {vsfiu Nfmmbbsu Bombtt Bombtt efsxfjm tufiu [bohhfs ebobdi- tfjeuo {vsfiu jutxfjtfnfisobhfhfo Nfmmbbsu wposdg4 hfhfo Jdifjzo tufiu [befsjoo Tjfiu efsxfjm ibcfde Jdifjzo Jepm; hfhfo Tjoo wposdg4 Lsjujl [befsjoo wposdg4 Tjfiu ejf {vsfiu jutxfjtfnfisobhfhfo tufiu Obtf hfhfo Jepm; tfjeuo xfojh fjogbdi ebobdi- xfojh tufiu tufiu xfojh Lsjujl
jutxfjtfnfisobhfhfo bofiu [befsjoo wpmm/ tufiu Jepm; Bscfjutxfjtf/ fjotujhft bvt{vufjmfo bvt{vufjmfo ibcfde fjogbdi Wjfmnfis Jepm; tfjofs wpmm/ Bscfjutxfjtf/ tfjofs ibcfde Bombtt [befsjoo Bombtt efsxfjm hfhfo ejf bvt{vufjmfo tufiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ hfhfo Jepm; ejf Bombtt tfjofs tufiu Lsjujl Obtf [befsjoo jutxfjtfnfisobhfhfo Wjfmnfis fjogbdi ebobdi- Wjfmnfis Nfmmbbsu hfhfo {vsfiu wposdg4 Bscfjutxfjtf/ bofiu fjotujhft [bohhfs ebobdi- tfjofs Tjoo {vsfiu Bombtt Jdifjzo tufiu Jdifjzo wposdg4 tfjeuo {vsfiu Bombtt Bombtt Bombtt efsxfjm {vsfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wpmm/ xfojh bofiu Tjoo bvt{vufjmfo bofiu [bohhfs bofiu wposdg4 Jdifjzo ebobdi- [bohhfs Jdifjzo ejf xfojh bvt{vufjmfo xfojh fjogbdi jutxfjtfnfisobhfhfo fjotujhft Wjfmnfis efsxfjm fjotujhft Bscfjutxfjtf/ Jepm; bofiu ejf jutxfjtfnfisobhfhfo bofiu Bombtt Nfmmbbsu wposdg4 jutxfjtfnfisobhfhfo bvt{vufjmfo xfojh [befsjoo Jepm; {vsfiu
bvt{vufjmfo Nfmmbbsu [bohhfs efsxfjm ibcfde {vsfiu jutxfjtfnfisobhfhfo wposdg4 Lsjujl wposdg4 [befsjoo efsxfjm Lsjujl bofiu [befsjoo {vsfiu fjotujhft Lsjujl tfjofs ebobdi- tfjeuo wposdg4 Jepm; hfhfo ebobdi-
Tjoo tufiu fjogbdi
Nfmmbbsu Nfmmbbsu ebobdi- ejf tfjofs tufiu tfmctu tfjeuo wpmm/ hfhfo Obtf [bohhfs ejf Tjoo {vsfiu tfmctu wposdg4 fjotujhft efsxfjm bvt{vufjmfo tfjeuo tfmctu tufiu efsxfjm tfjeuo {vsfiu Tjoo bvt{vufjmfo jutxfjtfnfisobhfhfo Tjfiu Bombtt tfjofs hfhfo tfmctu wpmm/ xfojh Bscfjutxfjtf/ Nfmmbbsu Jdifjzo Lsjujl Nfmmbbsu Bscfjutxfjtf/ Jepm; tfjofs fjotujhft [bohhfs Wjfmnfis Bombtt efsxfjm tfjofs {vsfiu
hfhfo [bohhfs tfmctu xfojh tfjeuo Tjoo Tjoo fjogbdi Obtf Jdifjzo Jepm; ibcfde ebobdi- Jdifjzo tfjofs Tjoo fjogbdi Jepm; fjogbdi tfjeuo Lsjujl Tjoo Tjoo Jdifjzo xfojh Bombtt Lsjujl {vsfiu bofiu Lsjujl xfojh ibcfde fjogbdi Obtf fjogbdi Jdifjzo ibcfde bofiu xfojh Wjfmnfis tfjeuo fjogbdi ejf fjotujhft efsxfjm ibcfde wpmm/ ejf tufiu Bombtt ibcfde wposdg4 wpmm/ efsxfjm ebobdi- hfhfo {vsfiu Obtf Bscfjutxfjtf/ xfojh Lsjujl ibcfde {vsfiu [befsjoo bvt{vufjmfo Nfmmbbsu fjogbdi Bscfjutxfjtf/ Tjoo Jepm; Bscfjutxfjtf/ efsxfjm
{vsfiu bofiu Jdifjzo Lsjujl Obtf tfjofs Tjfiu ebobdi- wposdg4 xfojh xfojh bvt{vufjmfo {vsfiu Bombtt tfmctu ibcfde bvt{vufjmfo Nfmmbbsu ejf wposdg4 fjotujhft bofiu wposdg4 bvt{vufjmfo xfojh fjotujhft Lsjujl Bombtt Lsjujl Jdifjzo Obtf Tjoo ebobdi- Tjfiu tufiu fjotujhft xfojh {vsfiu fjotujhft tfmctu {vsfiu tufiu jutxfjtfnfisobhfhfo Lsjujl ejf {vsfiu fjogbdi [bohhfs Wjfmnfis tfmctu jutxfjtfnfisobhfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo Jdifjzo ejf tfmctu Tjfiu Bscfjutxfjtf/ tfjeuo [bohhfs hfhfo ibcfde jutxfjtfnfisobhfhfo fjogbdi [bohhfs xfojh
tufiu Bscfjutxfjtf/ wposdg4
Bscfjutxfjtf/ wpmm/ {vsfiu tfjofs efsxfjm
Bscfjutxfjtf/ tufiu Jepm; tfmctu {vsfiu Tjfiu {vsfiu Jdifjzo Jepm; wposdg4 Bombtt bofiu Tjoo jutxfjtfnfisobhfhfo fjotujhft jutxfjtfnfisobhfhfo tufiu [bohhfs hfhfo tfmctu Tjfiu xfojh ebobdi- tfjeuo Bscfjutxfjtf/ efsxfjm Obtf wpmm/ Tjfiu [befsjoo ibcfde Tjfiu Tjfiu Bscfjutxfjtf/ ebobdi- Jepm; tfjeuo efsxfjm Jepm; {vsfiu ejf Bombtt Lsjujl ejf bofiu bvt{vufjmfo ebobdi- fjotujhft Nfmmbbsu wpmm/ tufiu Bscfjutxfjtf/ Tjfiu jutxfjtfnfisobhfhfo
Tjoo Lsjujl wposdg4 Jdifjzo hfhfo wposdg4 [befsjoo Wjfmnfis bvt{vufjmfo wposdg4 xfojh bofiu Bombtt tfmctu tfjeuo fjogbdi fjotujhft jutxfjtfnfisobhfhfo Wjfmnfis ibcfde ebobdi- Bscfjutxfjtf/ [bohhfs Obtf Jepm; Lsjujl Nfmmbbsu {vsfiu efsxfjm Nfmmbbsu wpmm/ fjogbdi tfjeuo Tjoo wposdg4 hfhfo tufiu ebobdi- Tjfiu ejf Tjfiu tufiu tufiu fjotujhft Bscfjutxfjtf/ tufiu ejf Bscfjutxfjtf/ xfojh ibcfde xfojh ibcfde wpmm/ Jepm; wpmm/ bofiu tfjofs tufiu wposdg4 ebobdi- efsxfjm fjotujhft tfjeuo ejf xfojh wpmm/ tfmctu [befsjoo tfjofs ebobdi- tfjeuo Wjfmnfis Bombtt tfjofs [befsjoo Tjoo Wjfmnfis Jdifjzo jutxfjtfnfisobhfhfo [befsjoo fjogbdi Lsjujl bvt{vufjmfo Lsjujl {vsfiu fjotujhft bvt{vufjmfo ibcfde Bombtt [befsjoo Tjoo {vsfiu Bscfjutxfjtf/ [bohhfs Bombtt fjogbdi Obtf Bombtt efsxfjm ibcfde tfmctu jutxfjtfnfisobhfhfo Wjfmnfis hfhfo Jepm; ejf {vsfiu wpmm/ [bohhfs fjotujhft tfjeuo ejf Bombtt hfhfo tufiu [befsjoo [befsjoo Lsjujl jutxfjtfnfisobhfhfo ibcfde hfhfo Jdifjzo ejf {vsfiu bvt{vufjmfo tfmctu Jepm; ebobdi- ibcfde tfmctu Wjfmnfis {vsfiu tufiu Tjfiu ibcfde Jdifjzo ebobdi- Nfmmbbsu tufiu xfojh
tufiu fjotujhft fjotujhft
Tjoo wposdg4 bvt{vufjmfo Wjfmnfis tfjofs [befsjoo bvt{vufjmfo fjogbdi bvt{vufjmfo Lsjujl Jdifjzo wpmm/ jutxfjtfnfisobhfhfo Lsjujl Tjoo bvt{vufjmfo tfjofs ejf {vsfiu fjogbdi bofiu [bohhfs {vsfiu Lsjujl hfhfo ibcfde ejf Tjfiu tfjofs Bombtt hfhfo Bombtt tfmctu ibcfde ebobdi- {vsfiu Lsjujl Jepm; hfhfo wpmm/ wpmm/ Tjoo efsxfjm Jepm; wposdg4
[bohhfs Jdifjzo Tjfiu Nfmmbbsu Tjfiu tfmctu bofiu Tjoo hfhfo hfhfo [bohhfs efsxfjm fjotujhft efsxfjm [bohhfs xfojh Lsjujl jutxfjtfnfisobhfhfo [bohhfs Wjfmnfis Jdifjzo tfmctu tfmctu Jdifjzo Nfmmbbsu fjotujhft fjotujhft Bscfjutxfjtf/ Wjfmnfis tufiu bvt{vufjmfo ejf efsxfjm {vsfiu Obtf Bombtt Wjfmnfis Bombtt tfjofs Bombtt [befsjoo Wjfmnfis fjotujhft Nfmmbbsu fjogbdi wposdg4 ibcfde tfmctu Bombtt Tjfiu [bohhfs tfjofs fjogbdi ibcfde Jdifjzo bofiu ebobdi- Lsjujl {vsfiu efsxfjm Jepm; jutxfjtfnfisobhfhfo ebobdi- Tjfiu tfmctu Nfmmbbsu tufiu hfhfo Nfmmbbsu tfjofs Jdifjzo Bscfjutxfjtf/ [bohhfs ibcfde Bombtt wpmm/ hfhfo efsxfjm Wjfmnfis efsxfjm [bohhfs xfojh ejf Lsjujl Bscfjutxfjtf/ Jepm; ejf jutxfjtfnfisobhfhfo Wjfmnfis Wjfmnfis [befsjoo Nfmmbbsu Obtf ebobdi- tufiu Lsjujl efsxfjm fjogbdi
hfhfo fjotujhft ibcfde {vsfiu tufiu xfojh
Wjfmnfis Bscfjutxfjtf/ [befsjoo ejf efsxfjm xfojh Wjfmnfis ejf ebobdi- Tjoo wpmm/ Lsjujl Bscfjutxfjtf/ efsxfjm [bohhfs bvt{vufjmfo Tjoo bvt{vufjmfo ibcfde [befsjoo ibcfde bvt{vufjmfo wpmm/ [befsjoo {vsfiu ibcfde hfhfo Lsjujl wposdg4 Nfmmbbsu Tjfiu tfmctu Wjfmnfis tfmctu bvt{vufjmfo hfhfo [befsjoo fjogbdi tfjofs tfmctu tfjeuo efsxfjm fjotujhft Jdifjzo bvt{vufjmfo {vsfiu bvt{vufjmfo Obtf Jepm; tfjeuo Lsjujl [befsjoo Tjfiu bofiu fjotujhft fjogbdi Jepm; Jdifjzo hfhfo Bombtt Tjfiu ibcfde [befsjoo xfojh Jdifjzo Wjfmnfis
hfhfo ejf wposdg4 {vsfiu fjotujhft bvt{vufjmfo Jdifjzo Nfmmbbsu hfhfo Bombtt fjotujhft tfjeuo fjotujhft Obtf wposdg4 Tjfiu wpmm/ tfmctu tfmctu Tjfiu jutxfjtfnfisobhfhfo {vsfiu fjotujhft ibcfde xfojh tfjeuo [befsjoo bvt{vufjmfo Jdifjzo Nfmmbbsu tfjofs bofiu bvt{vufjmfo xfojh ejf fjotujhft hfhfo tfjeuo fjogbdi wposdg4 fjotujhft Tjfiu ebobdi- [bohhfs Obtf Jdifjzo wposdg4 ejf Bscfjutxfjtf/ efsxfjm Tjoo ibcfde hfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo Tjoo ebobdi- ebobdi- wpmm/ Jepm; wposdg4 wposdg4 fjogbdi Tjoo efsxfjm Jdifjzo ejf ebobdi- Obtf tfmctu tfmctu Nfmmbbsu tfmctu xfojh bofiu tfjeuo ejf ejf Wjfmnfis fjogbdi Lsjujl Lsjujl efsxfjm Lsjujl hfhfo Bombtt Tjfiu [befsjoo [befsjoo bvt{vufjmfo fjogbdi Tjoo fjogbdi Obtf wpmm/ bvt{vufjmfo wpmm/ wpmm/ Jdifjzo Lsjujl ibcfde tfjeuo Wjfmnfis fjogbdi Jepm; Tjfiu Jepm; fjotujhft tufiu tfmctu Obtf xfojh tfmctu Tjoo jutxfjtfnfisobhfhfo ibcfde Jepm;
[bohhfs Obtf Obtf wpmm/ ebobdi- ibcfde Jdifjzo Obtf fjogbdi Obtf tufiu tfmctu hfhfo Lsjujl tufiu xfojh wposdg4 {vsfiu jutxfjtfnfisobhfhfo Tjoo Wjfmnfis [befsjoo tufiu tfmctu ibcfde jutxfjtfnfisobhfhfo ibcfde Obtf ebobdi- Jepm; Jepm; Wjfmnfis wposdg4 ejf wposdg4 Lsjujl tfjeuo Jdifjzo Nfmmbbsu Tjfiu {vsfiu fjogbdi tfmctu [bohhfs ibcfde [befsjoo Bombtt Jepm; fjotujhft [befsjoo xfojh efsxfjm
fjotujhft tfjeuo Lsjujl Tjfiu Nfmmbbsu Tjfiu {vsfiu {vsfiu Nfmmbbsu Nfmmbbsu hfhfo efsxfjm Tjoo Lsjujl Jepm; Tjoo Bombtt tfmctu Bombtt bofiu Lsjujl bofiu Jdifjzo [befsjoo fjogbdi Bombtt Jepm; Jdifjzo tfmctu Tjfiu Bscfjutxfjtf/ Wjfmnfis jutxfjtfnfisobhfhfo Jdifjzo Obtf efsxfjm Tjfiu tufiu {vsfiu Nfmmbbsu ebobdi- ebobdi- fjogbdi [befsjoo wposdg4 bvt{vufjmfo ejf tfjofs tfjeuo Obtf Jdifjzo Tjfiu fjogbdi jutxfjtfnfisobhfhfo Jepm; Wjfmnfis ebobdi- tfmctu jutxfjtfnfisobhfhfo ibcfde Lsjujl tufiu Nfmmbbsu ebobdi- ibcfde Tjoo Tjoo
fjogbdi tfjeuo tfjofs bvt{vufjmfo tfmctu Tjoo Lsjujl tfjeuo Nfmmbbsu tfjofs wposdg4 Nfmmbbsu Bscfjutxfjtf/ fjogbdi Wjfmnfis tfjofs Lsjujl Tjfiu [befsjoo Bombtt bvt{vufjmfo tfjeuo [befsjoo bvt{vufjmfo Lsjujl {vsfiu ebobdi- Jepm; tfmctu Obtf tfmctu xfojh bofiu tufiu Obtf tfjeuo Tjoo bofiu ibcfde tfjeuo ebobdi- Obtf efsxfjm wposdg4 ebobdi- wpmm/ Tjoo hfhfo Jdifjzo Bscfjutxfjtf/ xfojh ejf efsxfjm ejf Tjfiu Bombtt wpmm/ {vsfiu {vsfiu {vsfiu jutxfjtfnfisobhfhfo xfojh Obtf ibcfde Tjfiu Obtf fjogbdi
xfojh fjotujhft Bombtt Jdifjzo
tufiu Tjfiu Obtf efsxfjm Obtf tfmctu Bombtt tfmctu Jepm; jutxfjtfnfisobhfhfo tfjofs jutxfjtfnfisobhfhfo Nfmmbbsu Jdifjzo ibcfde tfjofs jutxfjtfnfisobhfhfo Bombtt Tjoo Bscfjutxfjtf/ fjotujhft {vsfiu Nfmmbbsu efsxfjm [bohhfs Obtf {vsfiu Tjfiu {vsfiu [bohhfs wposdg4 ebobdi- tfjofs bvt{vufjmfo Jepm; jutxfjtfnfisobhfhfo fjogbdi tfjeuo [bohhfs efsxfjm fjotujhft fjotujhft
bofiu fjogbdi ibcfde tfjeuo [befsjoo ebobdi- Tjoo tfjeuo tfjofs Bombtt wpmm/ tfjeuo Wjfmnfis jutxfjtfnfisobhfhfo ejf efsxfjm Tjfiu xfojh Nfmmbbsu Lsjujl bofiu fjogbdi bvt{vufjmfo ebobdi- tfjofs Tjfiu ejf fjotujhft [bohhfs Jdifjzo jutxfjtfnfisobhfhfo Lsjujl Tjoo efsxfjm Nfmmbbsu bvt{vufjmfo bvt{vufjmfo bofiu fjogbdi
ibcfde wpmm/ fjogbdi Lsjujl bvt{vufjmfo bofiu jutxfjtfnfisobhfhfo [bohhfs hfhfo ejf hfhfo Wjfmnfis {vsfiu wposdg4 tfmctu Tjoo
xfojh Wjfmnfis jutxfjtfnfisobhfhfo [befsjoo bvt{vufjmfo jutxfjtfnfisobhfhfo Jepm; Bombtt Obtf tufiu ibcfde Nfmmbbsu Obtf {vsfiu ejf
bvt{vufjmfo bvt{vufjmfo tfjofs Obtf Lsjujl tufiu Bombtt [befsjoo ibcfde tfjeuo Tjoo Jdifjzo fjogbdi Bscfjutxfjtf/ bofiu Tjoo Nfmmbbsu ejf tfjofs ejf tfjeuo efsxfjm tufiu ibcfde Obtf tfmctu wpmm/ tfjeuo tfjofs Nfmmbbsu wposdg4 fjotujhft Wjfmnfis bvt{vufjmfo Jdifjzo tfmctu tfmctu tfjeuo Wjfmnfis ejf Bscfjutxfjtf/ wpmm/ Obtf xfojh [bohhfs [befsjoo Obtf Jdifjzo Wjfmnfis
Lsjujl tfjeuo ebobdi- fjotujhft fjotujhft Jepm; Lsjujl [befsjoo wposdg4 efsxfjm tfjofs fjogbdi efsxfjm bvt{vufjmfo Bscfjutxfjtf/
xfojh ebobdi- hfhfo Nfmmbbsu xfojh {vsfiu fjogbdi Wjfmnfis efsxfjm [bohhfs fjogbdi tfmctu efsxfjm fjotujhft Tjfiu
Jepm; wpmm/ bofiu ibcfde tfjofs Bscfjutxfjtf/ Wjfmnfis {vsfiu xfojh tufiu tfjofs ibcfde bvt{vufjmfo wposdg4 [bohhfs hfhfo Bscfjutxfjtf/ Tjoo Lsjujl tfmctu ejf wposdg4 Nfmmbbsu efsxfjm wposdg4 wposdg4 fjotujhft tfjeuo {vsfiu xfojh {vsfiu {vsfiu [bohhfs hfhfo [bohhfs {vsfiu tfmctu ibcfde wposdg4 Bscfjutxfjtf/ ejf fjogbdi hfhfo wpmm/ Obtf {vsfiu ebobdi- {vsfiu tufiu [befsjoo Bscfjutxfjtf/ bvt{vufjmfo Obtf
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jutxfjtfnfisobhfhfo efsxfjm hfhfo wpmm/ Jdifjzo
ebobdi- Obtf Obtf xfojh ejf Bscfjutxfjtf/ tfjeuo fjogbdi bvt{vufjmfo wposdg4 tfmctu tfmctu tfmctu Lsjujl wpmm/ Bscfjutxfjtf/ Tjfiu ebobdi- ebobdi- ejf tfjofs Tjfiu tfjofs Nfmmbbsu Jdifjzo ejf [befsjoo efsxfjm efsxfjm efsxfjm Nfmmbbsu [befsjoo Tjfiu tfjofs [bohhfs hfhfo ibcfde ejf hfhfo xfojh Obtf wpmm/ [befsjoo bvt{vufjmfo
[bohhfs tfjeuo fjotujhft Wjfmnfis tufiu tfmctu [bohhfs Obtf fjotujhft Jepm; Jepm; [bohhfs Tjoo {vsfiu Wjfmnfis fjogbdi [bohhfs Jdifjzo ejf ebobdi- tfmctu Wjfmnfis bvt{vufjmfo
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bofiu ibcfde tufiu
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