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