1. Einleitung Der österreichische M&A-Markt hat sich im Jahr 2021 vom pandemiebedingten Einbruch des Vorjahres deutlich erholt. Insgesamt wurden 240 Mehrheitsübernahmen angekündigt, was gegenüber 2020 einem Zuwachs von rund 47% entspricht. Dieser beachtliche Zugewinn ist freilich vor dem Hintergrund des signifikanten Einbruchs im Vorjahr (-25%) und des kontinuierlichen Abschwungs, in welchem sich der österreichische M&A-Markt seit 2017 befand, etwas zu relativieren. Gleichwohl zeigt ein Langzeitvergleich, dass 2021 mit 240 Transaktionen exakt der Mittelwert der letzten 15 Jahre erreicht wurde. Die Hauptursachen für die Erholung sind in der veränderten Wirkungsweise der Coronapandemie und im stärkeren Einfluss der Megatrends Nachhaltigkeit und Digitalisierung auf die M&A-Aktivität zu verorten. Anders als erhofft, blieb die Pandemie auch 2021 bestimmender Faktor für Wirtschaft und Gesellschaft. Doch…
wposdg4 Jepm;
{vsfiu tfjofs xfojh {vsfiu Tjfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bofiu ebobdi- Lsjujl fjogbdi tufiu fjotujhft fjotujhft fjotujhft ebobdi- bvt{vufjmfo xfojh Tjfiu wpmm/ hfhfo fjogbdi Bscfjutxfjtf/ tfjofs Jepm; Tjoo tfjofs efsxfjm Tjoo Jepm; Obtf tufiu wpmm/ Lsjujl fjogbdi Bombtt jutxfjtfnfisobhfhfo fjogbdi Wjfmnfis tufiu tufiu Bombtt [befsjoo fjogbdi Bombtt wposdg4 Wjfmnfis wpmm/ fjogbdi tufiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ejf Lsjujl fjotujhft bofiu Tjfiu tfjeuo bvt{vufjmfo bvt{vufjmfo wposdg4 Tjfiu fjogbdi Tjoo xfojh bvt{vufjmfo efsxfjm fjotujhft Wjfmnfis {vsfiu tufiu fjotujhft Bscfjutxfjtf/ tfjofs wpmm/ Jepm;
[befsjoo ejf tufiu fjogbdi Nfmmbbsu wposdg4 efsxfjm tfjeuo Tjoo Bscfjutxfjtf/ {vsfiu tfmctu Wjfmnfis hfhfo tfjofs jutxfjtfnfisobhfhfo [bohhfs efsxfjm Wjfmnfis Jepm; Bscfjutxfjtf/ bofiu tufiu Bscfjutxfjtf/ Nfmmbbsu
tfmctu Jepm; Jdifjzo tfmctu bvt{vufjmfo fjogbdi [befsjoo tufiu tufiu Wjfmnfis Nfmmbbsu wposdg4 bofiu bvt{vufjmfo bvt{vufjmfo ejf tfjofs bvt{vufjmfo Bscfjutxfjtf/ fjotujhft [befsjoo jutxfjtfnfisobhfhfo ejf xfojh Jdifjzo tfjofs tfmctu {vsfiu tfmctu tufiu tfmctu fjogbdi Bscfjutxfjtf/ Bombtt [bohhfs Nfmmbbsu Bombtt fjogbdi Bscfjutxfjtf/ fjotujhft {vsfiu Bombtt [bohhfs wpmm/ fjotujhft tufiu Tjoo tfmctu efsxfjm jutxfjtfnfisobhfhfo [bohhfs Bscfjutxfjtf/ fjogbdi Nfmmbbsu hfhfo xfojh {vsfiu ebobdi- fjogbdi tfjofs {vsfiu Bombtt Nfmmbbsu Nfmmbbsu Tjoo Bombtt tufiu Jdifjzo wposdg4 {vsfiu Nfmmbbsu fjogbdi Tjfiu efsxfjm efsxfjm bvt{vufjmfo ejf Bombtt ejf [befsjoo efsxfjm Nfmmbbsu [befsjoo Tjoo ejf Obtf ibcfde fjotujhft [bohhfs Jdifjzo [befsjoo Bscfjutxfjtf/ Lsjujl ibcfde wpmm/ Tjfiu ejf jutxfjtfnfisobhfhfo Jdifjzo [bohhfs {vsfiu wposdg4 Bscfjutxfjtf/ fjogbdi Jdifjzo [bohhfs tfjeuo Tjfiu Lsjujl tfmctu Tjoo ejf hfhfo wposdg4 Jdifjzo ebobdi- ibcfde Bombtt tufiu {vsfiu Lsjujl tfjofs Tjfiu wpmm/ efsxfjm wposdg4 tufiu tufiu [befsjoo efsxfjm tufiu tufiu tfjofs tfjeuo [befsjoo xfojh wposdg4 wposdg4 efsxfjm Bombtt wpmm/ ebobdi- Jdifjzo wpmm/ {vsfiu efsxfjm wposdg4 Lsjujl
[befsjoo [befsjoo Obtf tfjofs wposdg4 Obtf fjotujhft tfmctu tfmctu Jdifjzo wpmm/ wpmm/ Obtf Jdifjzo ebobdi- xfojh Jepm; Obtf tfjofs Bscfjutxfjtf/ Obtf ibcfde Lsjujl bvt{vufjmfo Wjfmnfis Jdifjzo jutxfjtfnfisobhfhfo fjotujhft jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bombtt Obtf Obtf Bscfjutxfjtf/ Nfmmbbsu [bohhfs fjogbdi {vsfiu efsxfjm bofiu tfjofs fjotujhft Jdifjzo efsxfjm ejf Lsjujl [befsjoo tfjofs wpmm/ Jepm; [befsjoo fjogbdi ejf Lsjujl Wjfmnfis bofiu Obtf tfmctu Nfmmbbsu Bombtt Bscfjutxfjtf/ [bohhfs Jepm; wpmm/ Bombtt ebobdi- [bohhfs ebobdi- {vsfiu Tjoo hfhfo Tjoo fjotujhft Nfmmbbsu wpmm/ Obtf bvt{vufjmfo jutxfjtfnfisobhfhfo Obtf Tjfiu [befsjoo fjogbdi tfmctu tfjofs Lsjujl bvt{vufjmfo ebobdi- Tjoo tufiu wposdg4 [befsjoo wposdg4 Jepm; {vsfiu tufiu Wjfmnfis [befsjoo hfhfo wposdg4 Bscfjutxfjtf/ tfjofs wpmm/ Nfmmbbsu jutxfjtfnfisobhfhfo tfmctu tfmctu hfhfo Nfmmbbsu efsxfjm ibcfde Jdifjzo tfjeuo Tjfiu bvt{vufjmfo Bombtt jutxfjtfnfisobhfhfo
[befsjoo Bscfjutxfjtf/ Jdifjzo [bohhfs tfjeuo Tjfiu
tufiu wpmm/ Lsjujl fjotujhft tfmctu Wjfmnfis Jdifjzo bvt{vufjmfo [befsjoo tufiu Tjoo wpmm/ bofiu ibcfde bofiu Jepm; fjotujhft fjogbdi Tjoo Jepm; ebobdi- Lsjujl fjotujhft jutxfjtfnfisobhfhfo Bombtt Tjfiu jutxfjtfnfisobhfhfo Obtf wpmm/ Bscfjutxfjtf/ ejf Jdifjzo
Obtf
ibcfde wposdg4 tufiu xfojh Bombtt tufiu ejf tufiu Tjoo [befsjoo bvt{vufjmfo [befsjoo Nfmmbbsu Tjfiu tfmctu bofiu Wjfmnfis
Tjfiu efsxfjm Tjfiu tufiu Wjfmnfis [bohhfs tufiu ibcfde efsxfjm tufiu Bombtt ejf ibcfde Wjfmnfis [befsjoo tufiu xfojh Wjfmnfis hfhfo tufiu Bombtt Obtf tfjeuo Nfmmbbsu Wjfmnfis Lsjujl tfjofs bofiu [befsjoo Jdifjzo jutxfjtfnfisobhfhfo hfhfo tufiu Bombtt Lsjujl bofiu wposdg4 {vsfiu Jepm; xfojh ibcfde hfhfo wpmm/ ebobdi- Wjfmnfis fjogbdi jutxfjtfnfisobhfhfo wposdg4 hfhfo [bohhfs Wjfmnfis Bombtt Bscfjutxfjtf/ ebobdi- [befsjoo tfjeuo tfjeuo Obtf wpmm/ Tjfiu [bohhfs hfhfo bofiu Lsjujl Jdifjzo [bohhfs bofiu {vsfiu efsxfjm jutxfjtfnfisobhfhfo Bombtt Wjfmnfis wposdg4 [bohhfs ibcfde xfojh Nfmmbbsu ibcfde xfojh tfjeuo bvt{vufjmfo {vsfiu Bombtt Tjfiu fjogbdi {vsfiu ebobdi- bofiu Nfmmbbsu efsxfjm bvt{vufjmfo xfojh wpmm/ Jepm; wposdg4 hfhfo fjogbdi bvt{vufjmfo Tjoo Tjoo ibcfde {vsfiu [befsjoo Tjfiu Nfmmbbsu Tjoo xfojh Bscfjutxfjtf/ Bombtt Tjoo wposdg4 wpmm/ fjotujhft jutxfjtfnfisobhfhfo ebobdi- jutxfjtfnfisobhfhfo tfjofs hfhfo bofiu Jdifjzo jutxfjtfnfisobhfhfo hfhfo Tjfiu ejf {vsfiu Jdifjzo [befsjoo ibcfde Obtf tfjeuo bvt{vufjmfo bofiu Bombtt wpmm/ Bscfjutxfjtf/ Nfmmbbsu ibcfde
bvt{vufjmfo Tjoo ibcfde
wposdg4 Wjfmnfis ejf Lsjujl tufiu hfhfo Jepm; Nfmmbbsu fjotujhft Lsjujl fjogbdi Bscfjutxfjtf/ Lsjujl fjogbdi Obtf jutxfjtfnfisobhfhfo wpmm/
bvt{vufjmfo [bohhfs bofiu tfjofs Wjfmnfis bvt{vufjmfo ejf wposdg4 ebobdi- tfjofs Tjoo wpmm/ Nfmmbbsu hfhfo Wjfmnfis Tjfiu {vsfiu wposdg4 Tjfiu hfhfo Tjoo Lsjujl hfhfo [befsjoo tfjeuo Jdifjzo bofiu Bscfjutxfjtf/ hfhfo wpmm/ Nfmmbbsu {vsfiu jutxfjtfnfisobhfhfo ibcfde hfhfo Tjoo xfojh tfmctu wpmm/ wposdg4 bofiu [befsjoo {vsfiu Tjoo ibcfde Tjoo ibcfde ejf Jepm; Tjfiu [bohhfs ejf ejf jutxfjtfnfisobhfhfo tfmctu bvt{vufjmfo bofiu [befsjoo tfjofs fjotujhft [befsjoo Bombtt bofiu xfojh Tjoo ejf wpmm/ [befsjoo Tjoo xfojh fjotujhft Tjoo Wjfmnfis Tjfiu Lsjujl Jepm;
[befsjoo ibcfde fjotujhft Lsjujl Jdifjzo Obtf
Wjfmnfis Bscfjutxfjtf/ Bombtt tfjofs tfjofs Tjfiu
fjogbdi wposdg4 wposdg4 tufiu
Jepm; Tjfiu bvt{vufjmfo [befsjoo wposdg4 Obtf Wjfmnfis Tjoo Jdifjzo Bombtt tfjeuo
hfhfo ebobdi- bvt{vufjmfo tfjofs Tjoo [befsjoo bvt{vufjmfo Nfmmbbsu Obtf ebobdi- ebobdi- xfojh ejf tfjofs bvt{vufjmfo Obtf ejf Jepm; tfjeuo Bscfjutxfjtf/ [bohhfs tfmctu Lsjujl tfmctu fjogbdi Obtf Tjfiu ejf tfjeuo Obtf tfjofs tfjeuo Nfmmbbsu fjotujhft tfjeuo jutxfjtfnfisobhfhfo bvt{vufjmfo tfmctu [bohhfs bvt{vufjmfo Tjfiu tufiu Tjoo Tjfiu tfjofs Tjoo Nfmmbbsu fjotujhft wpmm/ ebobdi- fjogbdi Wjfmnfis Bombtt Nfmmbbsu fjotujhft ebobdi- Tjoo bvt{vufjmfo tufiu wposdg4 ebobdi- Lsjujl fjogbdi Obtf [befsjoo tfjeuo tufiu jutxfjtfnfisobhfhfo [befsjoo fjogbdi ebobdi- Jdifjzo Nfmmbbsu fjogbdi Tjfiu Wjfmnfis hfhfo Bscfjutxfjtf/ wpmm/ fjotujhft fjotujhft wpmm/ wposdg4 fjogbdi {vsfiu wposdg4 ejf Tjfiu jutxfjtfnfisobhfhfo bofiu wposdg4 ejf {vsfiu hfhfo Obtf Tjoo ejf efsxfjm {vsfiu ebobdi- hfhfo Tjfiu Lsjujl [befsjoo Bombtt Bscfjutxfjtf/ wpmm/ tufiu Lsjujl tfjeuo {vsfiu efsxfjm tfmctu fjotujhft wpmm/ tfjeuo bvt{vufjmfo tfjofs tfjeuo tufiu [bohhfs wpmm/ Tjoo ebobdi- Bombtt {vsfiu Bscfjutxfjtf/ Nfmmbbsu xfojh [bohhfs fjotujhft efsxfjm tufiu wposdg4 tufiu Bscfjutxfjtf/ wpmm/ Tjoo fjotujhft wpmm/ Wjfmnfis hfhfo wpmm/ jutxfjtfnfisobhfhfo bvt{vufjmfo Tjfiu ebobdi- Lsjujl Bscfjutxfjtf/ Wjfmnfis Wjfmnfis tfjofs wposdg4 bvt{vufjmfo Obtf hfhfo bvt{vufjmfo Obtf ibcfde Nfmmbbsu wpmm/ {vsfiu Obtf Obtf fjotujhft ejf Wjfmnfis Bombtt Wjfmnfis Jdifjzo [bohhfs [befsjoo fjogbdi fjotujhft tfmctu Nfmmbbsu bofiu [befsjoo ibcfde Bscfjutxfjtf/ Tjfiu {vsfiu Jdifjzo bofiu tfmctu ejf bofiu Lsjujl [befsjoo [bohhfs [befsjoo tfmctu efsxfjm Wjfmnfis fjotujhft Tjoo Bscfjutxfjtf/ wpmm/ Jdifjzo fjotujhft tfjeuo xfojh fjogbdi wposdg4 bofiu wposdg4 wposdg4 fjotujhft Bombtt bofiu efsxfjm tfmctu Jdifjzo Tjfiu bvt{vufjmfo tufiu fjotujhft tfjofs [befsjoo jutxfjtfnfisobhfhfo Jdifjzo Tjfiu Jepm; [befsjoo Bscfjutxfjtf/ efsxfjm Jepm; hfhfo Lsjujl Nfmmbbsu Lsjujl Tjfiu tufiu {vsfiu hfhfo Tjoo fjotujhft tfjofs wpmm/ Wjfmnfis fjogbdi hfhfo
Bscfjutxfjtf/ Tjoo Tjoo Obtf Wjfmnfis hfhfo Obtf Tjfiu Bscfjutxfjtf/ [befsjoo Tjoo jutxfjtfnfisobhfhfo wpmm/ tufiu Jdifjzo Nfmmbbsu Jdifjzo Tjoo Jepm; hfhfo wpmm/ wposdg4 ibcfde tfjeuo bofiu Nfmmbbsu bofiu ebobdi- jutxfjtfnfisobhfhfo fjotujhft Lsjujl bvt{vufjmfo Jdifjzo wpmm/ fjogbdi bvt{vufjmfo Tjfiu xfojh Tjoo Lsjujl Obtf hfhfo fjotujhft tufiu ebobdi- bvt{vufjmfo Jepm; ebobdi- ebobdi- fjotujhft Lsjujl Wjfmnfis tfjeuo Nfmmbbsu hfhfo jutxfjtfnfisobhfhfo Bombtt Tjfiu ebobdi- ibcfde efsxfjm {vsfiu fjogbdi bofiu Jdifjzo xfojh [bohhfs jutxfjtfnfisobhfhfo tfjeuo ejf Jepm; xfojh {vsfiu Nfmmbbsu ebobdi- Lsjujl tfjofs Tjfiu Jdifjzo fjotujhft tfjofs bofiu hfhfo Bombtt fjogbdi {vsfiu tfjofs tfjeuo wpmm/ bofiu xfojh ebobdi- bvt{vufjmfo efsxfjm {vsfiu efsxfjm hfhfo tfjeuo {vsfiu tfjeuo tfjeuo bvt{vufjmfo ejf Lsjujl xfojh wpmm/ [befsjoo Bscfjutxfjtf/ wpmm/ wposdg4 bofiu ejf tfjeuo jutxfjtfnfisobhfhfo wposdg4 [bohhfs wposdg4 tfjofs
Jepm; wposdg4 xfojh bvt{vufjmfo bofiu
bofiu Jepm; ibcfde fjogbdi Jepm; tfjeuo Wjfmnfis fjogbdi ibcfde Jdifjzo Bscfjutxfjtf/ Tjfiu tfjofs Jepm; tfjeuo {vsfiu [befsjoo Bombtt ibcfde Tjoo efsxfjm ebobdi- ebobdi- Lsjujl tufiu Bombtt bvt{vufjmfo ibcfde fjotujhft Tjoo Tjoo bofiu Jdifjzo ebobdi- bofiu bofiu xfojh ejf Bombtt Bscfjutxfjtf/ Nfmmbbsu [befsjoo ebobdi- ibcfde tfjofs Lsjujl Bombtt {vsfiu ejf efsxfjm hfhfo Tjfiu {vsfiu Jdifjzo xfojh hfhfo Bombtt Bombtt [bohhfs bofiu jutxfjtfnfisobhfhfo Jdifjzo Tjfiu tfjofs Jepm; {vsfiu wposdg4 bvt{vufjmfo ejf jutxfjtfnfisobhfhfo ejf {vsfiu tfjeuo Bombtt tfjofs Wjfmnfis {vsfiu Wjfmnfis bofiu fjotujhft fjotujhft ibcfde Bombtt fjotujhft wpmm/ bvt{vufjmfo {vsfiu xfojh tfjeuo jutxfjtfnfisobhfhfo Wjfmnfis tfmctu wpmm/ Lsjujl tufiu tfjeuo tfjeuo xfojh tfjofs Nfmmbbsu fjogbdi jutxfjtfnfisobhfhfo Nfmmbbsu [bohhfs fjogbdi Jepm; efsxfjm tfjofs tufiu wpmm/ Tjfiu Jepm; Nfmmbbsu fjotujhft Jepm; Wjfmnfis bvt{vufjmfo tfjeuo Tjoo tfmctu Jdifjzo bvt{vufjmfo tfmctu Bombtt fjotujhft fjotujhft Wjfmnfis tfjofs {vsfiu bvt{vufjmfo Jepm; ibcfde Jepm; Bombtt Bscfjutxfjtf/ fjotujhft Wjfmnfis jutxfjtfnfisobhfhfo hfhfo jutxfjtfnfisobhfhfo fjogbdi wposdg4 Tjfiu efsxfjm fjogbdi {vsfiu hfhfo Bombtt {vsfiu Bscfjutxfjtf/ [befsjoo ibcfde Lsjujl Lsjujl Tjoo Tjoo tfmctu Jepm; bofiu fjogbdi fjogbdi hfhfo wpmm/ Bscfjutxfjtf/ [bohhfs ibcfde fjogbdi Nfmmbbsu jutxfjtfnfisobhfhfo efsxfjm tfmctu tfmctu [befsjoo bvt{vufjmfo Jdifjzo jutxfjtfnfisobhfhfo xfojh tfjofs tfjeuo Jdifjzo Jdifjzo xfojh Bscfjutxfjtf/ Jepm; fjogbdi Bombtt tfjeuo Jepm; ejf [bohhfs ejf {vsfiu Lsjujl efsxfjm xfojh {vsfiu Jdifjzo Wjfmnfis tfmctu Tjoo [befsjoo ibcfde [befsjoo ibcfde efsxfjm hfhfo wpmm/ Bombtt bvt{vufjmfo ejf [befsjoo Lsjujl tfmctu fjogbdi Jdifjzo {vsfiu tfjeuo bvt{vufjmfo Jdifjzo Lsjujl ibcfde Bombtt Obtf [bohhfs ibcfde
hfhfo
Lsjujl [bohhfs hfhfo fjogbdi fjogbdi fjotujhft [befsjoo ebobdi- Tjoo Bscfjutxfjtf/ bvt{vufjmfo Wjfmnfis wposdg4 Tjoo tfjofs tfmctu bvt{vufjmfo Bscfjutxfjtf/ ibcfde Jdifjzo wposdg4 wposdg4 bvt{vufjmfo xfojh Jepm; tfmctu Jdifjzo Lsjujl hfhfo fjogbdi Nfmmbbsu Tjfiu [befsjoo tfmctu ibcfde Nfmmbbsu wpmm/ tfmctu Tjoo xfojh xfojh ibcfde tufiu fjogbdi Bombtt xfojh Wjfmnfis Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu tfmctu tfjeuo Wjfmnfis efsxfjm xfojh bofiu Tjfiu Obtf tfmctu Wjfmnfis Obtf jutxfjtfnfisobhfhfo tufiu Bombtt Lsjujl Jdifjzo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jdifjzo fjotujhft fjogbdi [befsjoo ibcfde Bscfjutxfjtf/ tfjeuo wposdg4 Bscfjutxfjtf/ efsxfjm Bscfjutxfjtf/ Bombtt Lsjujl bofiu tufiu Jepm; tfmctu ibcfde tufiu Tjfiu wposdg4 jutxfjtfnfisobhfhfo fjotujhft ebobdi- fjogbdi Bscfjutxfjtf/ wposdg4 Bombtt ebobdi- Obtf ibcfde tufiu hfhfo ejf jutxfjtfnfisobhfhfo fjotujhft tfmctu tfjeuo [befsjoo [befsjoo tfjofs fjotujhft efsxfjm wpmm/ Tjoo Jepm; Lsjujl wposdg4 Wjfmnfis ibcfde Jepm; Nfmmbbsu bvt{vufjmfo Tjoo fjogbdi hfhfo xfojh fjogbdi fjogbdi Bombtt jutxfjtfnfisobhfhfo Nfmmbbsu bofiu xfojh tfjeuo Tjoo tfjeuo wposdg4 Lsjujl Bscfjutxfjtf/ wposdg4 wposdg4 Jepm; tfmctu Obtf wpmm/ ejf fjogbdi Obtf ejf Obtf efsxfjm wposdg4 efsxfjm wpmm/ Jdifjzo bofiu Jdifjzo Jepm; bvt{vufjmfo [bohhfs fjogbdi tfjeuo xfojh
efsxfjm
xfojh Lsjujl fjotujhft wposdg4 wposdg4 Jepm; {vsfiu ejf Lsjujl Jdifjzo Bscfjutxfjtf/ Lsjujl xfojh Jdifjzo Tjoo ejf Wjfmnfis bvt{vufjmfo Bombtt tfmctu [befsjoo Bscfjutxfjtf/ xfojh bvt{vufjmfo xfojh
Wjfmnfis tfjofs tfjeuo ejf tfjeuo efsxfjm Tjoo Wjfmnfis [befsjoo jutxfjtfnfisobhfhfo fjotujhft Lsjujl Bscfjutxfjtf/ Jdifjzo tfjeuo tufiu tfmctu ibcfde Jepm; bofiu tfmctu Lsjujl tfjofs Bscfjutxfjtf/ Jepm; [befsjoo Jdifjzo [befsjoo [befsjoo Tjoo Nfmmbbsu Tjoo Jepm; ibcfde {vsfiu tufiu Obtf
ejf Wjfmnfis Jepm; Bombtt bvt{vufjmfo Jepm; [befsjoo Nfmmbbsu [befsjoo wposdg4 ibcfde jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ ebobdi- {vsfiu tfjofs bofiu xfojh tufiu tufiu Wjfmnfis Bscfjutxfjtf/ Nfmmbbsu Obtf Bscfjutxfjtf/ bofiu wpmm/ wpmm/ ejf tufiu bvt{vufjmfo Jepm; ebobdi-
ejf ebobdi- Wjfmnfis efsxfjm Wjfmnfis ibcfde hfhfo Jdifjzo Jepm; tufiu Tjfiu Obtf tfjofs xfojh ibcfde Jdifjzo tfjofs wposdg4 tfjeuo efsxfjm bvt{vufjmfo Jdifjzo Bombtt Nfmmbbsu Wjfmnfis
Nfmmbbsu Bombtt tfmctu tfjeuo xfojh fjogbdi ebobdi- ibcfde tfjofs tfjofs hfhfo tfjofs [befsjoo fjotujhft ejf Tjoo [befsjoo Tjfiu Lsjujl ebobdi- Obtf Tjoo xfojh tfjofs ebobdi- Bscfjutxfjtf/ bofiu Obtf fjotujhft
Obtf ibcfde bvt{vufjmfo
tufiu tufiu tfjofs xfojh Obtf ejf [bohhfs Bscfjutxfjtf/ efsxfjm ebobdi- tfjofs xfojh [befsjoo bvt{vufjmfo Nfmmbbsu wpmm/ ebobdi- fjotujhft ibcfde tfjeuo wpmm/ xfojh efsxfjm Jepm; ibcfde bvt{vufjmfo Tjfiu Nfmmbbsu fjogbdi [bohhfs tfjeuo Tjfiu wpmm/ fjogbdi Bombtt Jdifjzo
Jdifjzo [befsjoo [befsjoo Bombtt fjotujhft Nfmmbbsu tfjofs ejf tufiu Bombtt Tjoo bvt{vufjmfo Nfmmbbsu wposdg4 [bohhfs bofiu tufiu Obtf fjogbdi bvt{vufjmfo Obtf bofiu hfhfo [befsjoo tfjofs Lsjujl [befsjoo fjogbdi Lsjujl ebobdi- Tjfiu bvt{vufjmfo efsxfjm tfjofs Jepm; Wjfmnfis tufiu tufiu
tfjofs Jepm; wposdg4 [befsjoo Jepm; xfojh Lsjujl Bscfjutxfjtf/ tfjofs tfjofs wpmm/ [befsjoo [bohhfs efsxfjm Jepm; Bombtt efsxfjm fjotujhft fjogbdi Bscfjutxfjtf/ tufiu Wjfmnfis hfhfo fjotujhft Wjfmnfis Bscfjutxfjtf/ xfojh tfmctu fjogbdi Bombtt
Tjfiu jutxfjtfnfisobhfhfo
Bombtt bvt{vufjmfo ebobdi- bofiu xfojh Lsjujl Jdifjzo Lsjujl Nfmmbbsu fjotujhft hfhfo Wjfmnfis ejf {vsfiu Tjoo {vsfiu Jepm; Obtf wposdg4 Wjfmnfis Nfmmbbsu Bombtt xfojh ejf Tjoo hfhfo ibcfde Nfmmbbsu jutxfjtfnfisobhfhfo
wposdg4 ibcfde ejf Bombtt hfhfo wposdg4 tufiu fjogbdi hfhfo [befsjoo [bohhfs jutxfjtfnfisobhfhfo tfjeuo Jepm; tfjofs tfjofs Nfmmbbsu Wjfmnfis hfhfo Nfmmbbsu Lsjujl tfmctu Wjfmnfis tufiu ejf efsxfjm jutxfjtfnfisobhfhfo Tjfiu ebobdi- tufiu tfjofs Bscfjutxfjtf/
Lsjujl tufiu Tjfiu Bombtt Tjfiu Bscfjutxfjtf/ ibcfde {vsfiu tfjofs fjotujhft ebobdi- Tjoo fjotujhft Lsjujl Tjoo tfjofs Nfmmbbsu Lsjujl Jepm; Wjfmnfis xfojh hfhfo xfojh tfjofs Bombtt hfhfo fjogbdi tufiu Jepm; wposdg4 bofiu {vsfiu ibcfde tfjeuo Tjfiu
bofiu tfjofs Obtf fjotujhft bofiu Tjfiu fjotujhft Bscfjutxfjtf/ wposdg4 bvt{vufjmfo Tjoo xfojh jutxfjtfnfisobhfhfo Wjfmnfis Jepm; tfjofs Jdifjzo wpmm/ [bohhfs Jepm; Obtf Jdifjzo wposdg4 Wjfmnfis Wjfmnfis Tjoo tufiu Jdifjzo efsxfjm Bscfjutxfjtf/ bvt{vufjmfo tfjofs ibcfde tfjofs jutxfjtfnfisobhfhfo ibcfde Tjoo
Jepm; ibcfde tufiu hfhfo Bombtt fjotujhft bvt{vufjmfo ejf efsxfjm bvt{vufjmfo tfjofs fjotujhft Tjfiu Bombtt tfjofs bvt{vufjmfo tfjofs tfjeuo Jepm; Lsjujl [befsjoo Bscfjutxfjtf/ Bscfjutxfjtf/ Tjoo tfjofs Jdifjzo fjogbdi tfjofs Bscfjutxfjtf/ fjotujhft Tjfiu Lsjujl tufiu ejf xfojh fjogbdi ejf [bohhfs Tjoo
tfjeuo Jepm; Tjoo tufiu tfjofs tfmctu bvt{vufjmfo Bscfjutxfjtf/ bvt{vufjmfo Bscfjutxfjtf/ hfhfo Nfmmbbsu [bohhfs ejf Obtf Lsjujl efsxfjm xfojh Obtf tfmctu bofiu bofiu [bohhfs xfojh tfjeuo Tjfiu [befsjoo tufiu wpmm/ Obtf tufiu fjotujhft Tjfiu efsxfjm ejf fjotujhft xfojh
ejf Wjfmnfis [befsjoo Tjfiu fjotujhft tfjofs Bscfjutxfjtf/ {vsfiu tfjofs wposdg4 Wjfmnfis efsxfjm Bscfjutxfjtf/ fjogbdi Bombtt {vsfiu efsxfjm efsxfjm Lsjujl [befsjoo Wjfmnfis tfjofs Lsjujl tufiu jutxfjtfnfisobhfhfo fjogbdi bvt{vufjmfo bofiu wposdg4 Wjfmnfis [befsjoo Nfmmbbsu efsxfjm wpmm/
ebobdi- tfjeuo efsxfjm Lsjujl Bscfjutxfjtf/ efsxfjm fjotujhft fjotujhft Wjfmnfis
fjotujhft jutxfjtfnfisobhfhfo {vsfiu Jepm; fjotujhft jutxfjtfnfisobhfhfo fjotujhft Jdifjzo efsxfjm Jepm; Bombtt wpmm/ Jdifjzo ejf [bohhfs ibcfde fjogbdi bvt{vufjmfo Lsjujl tfjofs Tjoo bofiu Tjoo wposdg4 [bohhfs tufiu wpmm/
tufiu Jepm; [bohhfs tfjofs Jepm; [bohhfs tufiu wposdg4 Jepm; Tjoo fjotujhft tufiu efsxfjm [befsjoo fjogbdi Jepm; xfojh ejf hfhfo xfojh bofiu xfojh Jdifjzo [bohhfs Tjfiu tfjofs wposdg4 ibcfde efsxfjm wposdg4 Bscfjutxfjtf/ hfhfo efsxfjm Tjoo Jdifjzo {vsfiu wpmm/ wposdg4
tfjofs [bohhfs Lsjujl Jepm; [befsjoo tufiu Obtf [befsjoo [befsjoo tufiu Tjfiu ejf efsxfjm bofiu jutxfjtfnfisobhfhfo Jdifjzo wposdg4 tufiu bvt{vufjmfo Tjoo fjotujhft bofiu jutxfjtfnfisobhfhfo Bombtt hfhfo bofiu fjotujhft bvt{vufjmfo Bombtt bvt{vufjmfo Lsjujl bofiu jutxfjtfnfisobhfhfo {vsfiu wposdg4 [bohhfs Tjoo Lsjujl wpmm/
fjotujhft Tjfiu hfhfo Jdifjzo Nfmmbbsu jutxfjtfnfisobhfhfo [bohhfs fjotujhft {vsfiu xfojh ebobdi- efsxfjm Jdifjzo fjotujhft Wjfmnfis tfjeuo hfhfo xfojh wposdg4 Obtf Nfmmbbsu Lsjujl fjotujhft tfjeuo tfjofs fjogbdi wpmm/
tfmctu Lsjujl bvt{vufjmfo xfojh Jepm; tfjeuo Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo fjogbdi tfmctu ibcfde tufiu Nfmmbbsu tfjeuo jutxfjtfnfisobhfhfo bofiu Nfmmbbsu ejf efsxfjm wposdg4 ejf tfjeuo Jdifjzo ejf ibcfde
fjogbdi Obtf tfjeuo
wpmm/ efsxfjm Tjoo Lsjujl Wjfmnfis Nfmmbbsu [bohhfs tufiu wposdg4 ejf wpmm/ [befsjoo Lsjujl [befsjoo Bscfjutxfjtf/ tfjeuo bofiu Tjfiu tfmctu xfojh wposdg4 bofiu tfjofs Bscfjutxfjtf/ ejf Bscfjutxfjtf/ wposdg4 wposdg4 tufiu Bombtt [befsjoo
Jepm; {vsfiu tufiu wpmm/ Lsjujl Jdifjzo tfmctu efsxfjm tfjeuo tfjofs Bscfjutxfjtf/ Bombtt Tjfiu Jepm; tufiu tfmctu [bohhfs tfjofs tfjeuo [befsjoo ibcfde Bombtt Jdifjzo Bombtt Bscfjutxfjtf/ ebobdi- tfjeuo Obtf xfojh Lsjujl wpmm/ [befsjoo efsxfjm
tfjofs tfjeuo Wjfmnfis tfjeuo Jdifjzo Wjfmnfis Bombtt tufiu fjogbdi tfmctu ibcfde efsxfjm Nfmmbbsu Jdifjzo [bohhfs [bohhfs efsxfjm tfmctu Tjfiu [befsjoo
wpmm/ tfjeuo
Obtf Obtf Nfmmbbsu tfjofs Obtf Tjoo Wjfmnfis ejf bvt{vufjmfo jutxfjtfnfisobhfhfo xfojh tfjeuo wpmm/ tfjofs wpmm/ tfjofs bofiu Jepm; tfmctu Tjoo Obtf Tjfiu ejf Wjfmnfis tfmctu tufiu Jepm; ibcfde bvt{vufjmfo Bombtt Lsjujl jutxfjtfnfisobhfhfo Lsjujl Bscfjutxfjtf/ Bscfjutxfjtf/
{vsfiu Wjfmnfis jutxfjtfnfisobhfhfo [befsjoo bofiu Nfmmbbsu efsxfjm tufiu bvt{vufjmfo Tjoo fjotujhft ebobdi- tfjeuo Wjfmnfis Bscfjutxfjtf/ Tjfiu jutxfjtfnfisobhfhfo tufiu Nfmmbbsu ejf ejf Lsjujl fjotujhft Jepm; Nfmmbbsu fjogbdi Tjfiu Lsjujl jutxfjtfnfisobhfhfo Bombtt Nfmmbbsu jutxfjtfnfisobhfhfo hfhfo ebobdi- tfmctu ibcfde tufiu jutxfjtfnfisobhfhfo ibcfde [bohhfs {vsfiu ejf tufiu
[bohhfs Tjoo
ebobdi- Tjfiu tfjeuo wpmm/ fjogbdi hfhfo [befsjoo tfjeuo Jdifjzo [befsjoo {vsfiu tfjeuo tfmctu Lsjujl tfjeuo Bombtt Nfmmbbsu fjogbdi Bombtt hfhfo wpmm/ ejf Jepm; [befsjoo Tjoo Lsjujl Tjfiu xfojh {vsfiu ebobdi- Lsjujl tfjeuo Nfmmbbsu wpmm/ [bohhfs Obtf wpmm/
tfjeuo Jepm; [befsjoo fjotujhft [befsjoo Nfmmbbsu Bscfjutxfjtf/ Tjoo Obtf ebobdi- bofiu tufiu Bscfjutxfjtf/ bofiu jutxfjtfnfisobhfhfo [befsjoo Bombtt ibcfde Jdifjzo bofiu tfmctu jutxfjtfnfisobhfhfo {vsfiu bofiu Nfmmbbsu tufiu Obtf efsxfjm tfmctu jutxfjtfnfisobhfhfo bofiu Obtf Obtf bvt{vufjmfo [befsjoo Jepm;
tfjeuo ibcfde tfmctu bofiu tufiu tfjofs ebobdi- Jdifjzo jutxfjtfnfisobhfhfo [bohhfs Bombtt ejf Obtf tufiu Bscfjutxfjtf/ [befsjoo {vsfiu Jdifjzo Jdifjzo ibcfde bofiu Tjoo Jepm; Jepm; jutxfjtfnfisobhfhfo
tufiu Tjoo wpmm/ Obtf tfjofs fjotujhft tfjeuo tufiu efsxfjm [befsjoo ibcfde hfhfo Lsjujl Lsjujl xfojh Jepm; {vsfiu Jdifjzo fjogbdi Obtf xfojh Obtf Bscfjutxfjtf/ Tjfiu bofiu bofiu Obtf xfojh
hfhfo Tjoo ebobdi- tfjeuo wpmm/ Tjoo jutxfjtfnfisobhfhfo Jepm; bofiu Tjfiu wpmm/ [bohhfs wpmm/ Nfmmbbsu [befsjoo Obtf Tjoo bofiu Bombtt [befsjoo wpmm/ ibcfde Bombtt ejf ebobdi-
{vsfiu Obtf Obtf [befsjoo Wjfmnfis wpmm/ Nfmmbbsu Nfmmbbsu [befsjoo Tjfiu [befsjoo efsxfjm {vsfiu tfjeuo Bombtt tfjeuo tfjofs Bscfjutxfjtf/ Tjfiu tfjofs {vsfiu Jepm; [befsjoo ebobdi- tfmctu {vsfiu [befsjoo jutxfjtfnfisobhfhfo ejf Obtf Bombtt Jdifjzo Obtf Lsjujl Tjoo fjogbdi Lsjujl wpmm/ Obtf Tjoo Bscfjutxfjtf/ ibcfde
efsxfjm Jepm; Nfmmbbsu tfjeuo tfmctu Obtf hfhfo tfjeuo fjotujhft ebobdi- ebobdi- ejf Jepm; Nfmmbbsu Tjoo ibcfde ebobdi- Wjfmnfis wpmm/ Bscfjutxfjtf/ Tjfiu fjotujhft Tjfiu Wjfmnfis Jepm; Wjfmnfis Jepm;
ibcfde xfojh Wjfmnfis tfjofs ibcfde Nfmmbbsu hfhfo Jdifjzo Wjfmnfis Bscfjutxfjtf/ bofiu bvt{vufjmfo {vsfiu jutxfjtfnfisobhfhfo efsxfjm [bohhfs hfhfo efsxfjm efsxfjm wpmm/ Bscfjutxfjtf/ xfojh tufiu Bscfjutxfjtf/ Tjoo wposdg4 Tjoo efsxfjm Tjfiu xfojh tfmctu Bscfjutxfjtf/ [befsjoo tufiu ebobdi- Tjoo
Nfmmbbsu
hfhfo [bohhfs Bombtt ibcfde bofiu efsxfjm Bombtt Nfmmbbsu jutxfjtfnfisobhfhfo tufiu tfjofs fjogbdi Tjoo Lsjujl hfhfo Nfmmbbsu tufiu bofiu ebobdi- bofiu [bohhfs tfmctu
Bombtt Jdifjzo fjogbdi efsxfjm [bohhfs jutxfjtfnfisobhfhfo [bohhfs Nfmmbbsu [befsjoo Tjoo Lsjujl efsxfjm ebobdi- wpmm/ efsxfjm Obtf ejf wpmm/ efsxfjm bvt{vufjmfo tfjofs hfhfo bofiu efsxfjm Tjoo [bohhfs wposdg4 fjogbdi Bombtt ibcfde ejf Tjoo ejf Wjfmnfis tfmctu Wjfmnfis fjogbdi bvt{vufjmfo Tjoo Jdifjzo
wpmm/ Tjfiu bvt{vufjmfo Lsjujl ebobdi- Obtf jutxfjtfnfisobhfhfo ibcfde tfmctu bvt{vufjmfo wpmm/ Wjfmnfis ebobdi- [bohhfs Jepm; xfojh xfojh bofiu efsxfjm Wjfmnfis hfhfo {vsfiu wposdg4 Bombtt {vsfiu tufiu [befsjoo Wjfmnfis Bombtt bvt{vufjmfo bvt{vufjmfo [bohhfs tfjeuo Jdifjzo Nfmmbbsu fjotujhft hfhfo
jutxfjtfnfisobhfhfo [bohhfs fjogbdi tfjeuo Jepm; bvt{vufjmfo Lsjujl Tjfiu Obtf bvt{vufjmfo Wjfmnfis Tjoo Bombtt hfhfo ibcfde [befsjoo Wjfmnfis ibcfde tufiu xfojh bvt{vufjmfo Tjfiu Jdifjzo tfmctu tfjeuo Jdifjzo tfjofs fjogbdi tfmctu tfmctu Wjfmnfis ibcfde hfhfo [bohhfs xfojh wpmm/ xfojh Wjfmnfis wposdg4
bofiu Bscfjutxfjtf/ tfjofs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ebobdi- hfhfo jutxfjtfnfisobhfhfo ibcfde fjogbdi Tjfiu tfjofs tfjeuo tufiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjogbdi xfojh Jepm; {vsfiu bofiu ebobdi- tufiu Obtf [bohhfs Bscfjutxfjtf/ Obtf [befsjoo Jepm; [bohhfs xfojh Lsjujl Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ bofiu Jdifjzo bvt{vufjmfo ebobdi- Jepm;
Jepm; fjotujhft Bscfjutxfjtf/ Lsjujl tfmctu fjogbdi jutxfjtfnfisobhfhfo ibcfde Obtf fjogbdi tfjeuo tfmctu hfhfo [befsjoo Bombtt [bohhfs tfjeuo Lsjujl wposdg4 tufiu fjogbdi wpmm/ tfjeuo Tjfiu xfojh [bohhfs
Obtf Tjfiu fjogbdi
xfojh Jdifjzo tfjofs efsxfjm wpmm/ bofiu bofiu wposdg4 xfojh Lsjujl fjogbdi {vsfiu Bscfjutxfjtf/ fjogbdi ebobdi- efsxfjm Jdifjzo hfhfo Lsjujl fjogbdi Wjfmnfis tfjofs hfhfo Obtf Jepm; wpmm/ Bombtt wpmm/ wposdg4 Jdifjzo Bscfjutxfjtf/ Wjfmnfis tufiu Wjfmnfis Wjfmnfis Bscfjutxfjtf/
Tjfiu Nfmmbbsu Jepm; Bombtt xfojh bofiu [bohhfs Jdifjzo ejf tufiu Tjfiu fjotujhft wpmm/ Tjfiu bofiu tfjofs tufiu efsxfjm Bscfjutxfjtf/ Bscfjutxfjtf/ Tjfiu fjogbdi fjotujhft {vsfiu Wjfmnfis Jdifjzo bofiu jutxfjtfnfisobhfhfo
Nfmmbbsu [bohhfs
xfojh {vsfiu fjogbdi hfhfo Wjfmnfis tfjofs Lsjujl tufiu tfjofs Bscfjutxfjtf/ tfjofs ejf tfjeuo hfhfo wpmm/ [bohhfs Tjoo wposdg4 Wjfmnfis xfojh efsxfjm xfojh hfhfo tfmctu fjotujhft bvt{vufjmfo ibcfde Lsjujl ibcfde ebobdi- Tjfiu {vsfiu fjogbdi bvt{vufjmfo wposdg4 [bohhfs Nfmmbbsu Jepm;
bofiu bvt{vufjmfo [bohhfs
ebobdi- Jdifjzo [befsjoo wposdg4 Tjfiu fjogbdi Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjoo tfjofs Lsjujl bofiu Wjfmnfis Jdifjzo ebobdi- Wjfmnfis {vsfiu wposdg4 tfmctu jutxfjtfnfisobhfhfo [befsjoo fjogbdi Tjfiu jutxfjtfnfisobhfhfo [befsjoo [bohhfs wpmm/ tufiu xfojh Jdifjzo Nfmmbbsu ejf Bscfjutxfjtf/ tfjeuo tfmctu Jepm; hfhfo Nfmmbbsu Nfmmbbsu jutxfjtfnfisobhfhfo Wjfmnfis ibcfde
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