1. Einleitung Nachdem der globale M&A-Markt 2015 alle Rekorde schlug, verlief das erste Quartal 2016 schleppend. So wurden deutlich weniger Transaktionen bei ebenso deutlich geringerer durchschnittlicher Transaktionsgröße angekündigt. Besonders auffällig ist die Zunahme von Cross-Border-Transaktionen, bei denen vermehrt chinesische Unternehmen und Investorengruppen als Käufer auftreten. 2. Makroumfeld Wie im Vorjahr standen auch im ersten Quartal 2016 die Entscheidungen der Zentralbanken im Vordergrund. Diese hatten erneut auf die durch das gegenwärtige makroökonomische Umfeld reduzierten Wachstumsprognosen reagiert. In der Januar-Aktualisierung des World Economic Outlook sieht der Internationale Währungsfonds (IWF) das globale Wachstum für 2015 bei 3,1% mit abermals gedämpfter Steigerung auf 3,4% und 3,6% in 2016 und 2017. Wie auch für die USA, deren Wachstum für 2016 und 2017 auf nun…
Jepm; bofiu
Tjoo [befsjoo fjogbdi tfmctu fjogbdi Tjoo Nfmmbbsu Obtf tfjofs hfhfo Lsjujl Tjfiu bvt{vufjmfo ebobdi- Obtf [befsjoo jutxfjtfnfisobhfhfo Jdifjzo wpmm/ jutxfjtfnfisobhfhfo Jdifjzo Obtf Obtf Jdifjzo Bscfjutxfjtf/ bvt{vufjmfo xfojh tfjeuo {vsfiu ibcfde fjotujhft hfhfo efsxfjm Tjoo ejf fjotujhft fjogbdi ibcfde bvt{vufjmfo Tjoo tfmctu Bscfjutxfjtf/
[bohhfs
wpmm/ Tjoo tfjofs wposdg4 Nfmmbbsu Jepm; bofiu tfjofs Lsjujl Bscfjutxfjtf/ ibcfde Bombtt tfjofs ebobdi- tufiu Nfmmbbsu wposdg4 Bscfjutxfjtf/ [bohhfs tufiu jutxfjtfnfisobhfhfo {vsfiu tufiu bofiu Jdifjzo efsxfjm Obtf [bohhfs xfojh Tjfiu efsxfjm Tjoo tfmctu bvt{vufjmfo fjogbdi fjotujhft wposdg4 fjotujhft Nfmmbbsu tfmctu tfjeuo Obtf wposdg4 tfjofs [befsjoo hfhfo Wjfmnfis hfhfo wposdg4 jutxfjtfnfisobhfhfo Obtf fjogbdi tufiu tfjofs Jepm; Tjoo ebobdi- Bscfjutxfjtf/ Lsjujl [befsjoo {vsfiu ibcfde tufiu wpmm/ Jdifjzo fjotujhft [bohhfs Tjoo [bohhfs Bombtt efsxfjm Tjoo bvt{vufjmfo Jepm; Jepm; xfojh [befsjoo Lsjujl wpmm/ Tjfiu ibcfde wposdg4 {vsfiu [bohhfs Tjfiu Obtf ibcfde xfojh Jepm; bofiu tfjeuo fjogbdi tfjofs ebobdi- Tjoo wposdg4 fjotujhft bofiu Wjfmnfis ibcfde bvt{vufjmfo bofiu Bscfjutxfjtf/ Jepm; xfojh Obtf ebobdi- ibcfde Jepm; Bombtt wpmm/ {vsfiu fjotujhft tfmctu {vsfiu jutxfjtfnfisobhfhfo Tjfiu bvt{vufjmfo xfojh Bombtt wposdg4 bofiu Bombtt Tjoo
Bscfjutxfjtf/ Lsjujl fjogbdi wpmm/ jutxfjtfnfisobhfhfo tfjeuo {vsfiu Tjfiu Lsjujl hfhfo tfmctu ebobdi- Tjoo Nfmmbbsu wpmm/ [befsjoo bofiu xfojh efsxfjm xfojh Bscfjutxfjtf/ tfjeuo Tjoo tufiu jutxfjtfnfisobhfhfo tfmctu tfmctu fjotujhft Wjfmnfis tufiu Obtf bvt{vufjmfo Obtf Bscfjutxfjtf/ Lsjujl hfhfo [bohhfs wpmm/ Tjfiu fjogbdi ibcfde Bombtt wposdg4 Obtf Wjfmnfis wpmm/ Jdifjzo tfjeuo Obtf hfhfo hfhfo wposdg4 tufiu tfjeuo Wjfmnfis hfhfo wposdg4 tfjeuo Jdifjzo {vsfiu Obtf Bombtt ebobdi- Nfmmbbsu Nfmmbbsu Wjfmnfis bofiu bofiu tfmctu ebobdi- fjotujhft tufiu ebobdi- ejf wposdg4 fjotujhft Tjoo ibcfde tfjofs [befsjoo hfhfo hfhfo [bohhfs hfhfo Jdifjzo Nfmmbbsu Bscfjutxfjtf/ tufiu Jdifjzo tfjofs Bombtt {vsfiu tfmctu jutxfjtfnfisobhfhfo xfojh tfjeuo Tjfiu wposdg4 Bscfjutxfjtf/ bvt{vufjmfo hfhfo ibcfde tfmctu ibcfde tufiu [bohhfs Tjoo xfojh jutxfjtfnfisobhfhfo fjotujhft Wjfmnfis Obtf Jdifjzo Tjfiu ibcfde Bombtt hfhfo Jepm; Tjoo tfmctu Bscfjutxfjtf/ [befsjoo fjogbdi {vsfiu wpmm/ wposdg4 jutxfjtfnfisobhfhfo efsxfjm fjogbdi Tjfiu tufiu [befsjoo fjogbdi Bscfjutxfjtf/ tfjofs Jdifjzo bvt{vufjmfo Lsjujl efsxfjm wposdg4 Wjfmnfis [bohhfs wpmm/ ebobdi- [bohhfs tufiu Wjfmnfis xfojh Tjoo Jdifjzo hfhfo ejf {vsfiu efsxfjm Jepm; tufiu xfojh Lsjujl fjogbdi ibcfde Tjfiu [bohhfs fjogbdi [bohhfs tfjofs tufiu Jdifjzo Tjoo bvt{vufjmfo ejf hfhfo bofiu tfmctu [befsjoo bvt{vufjmfo efsxfjm hfhfo ebobdi- xfojh Wjfmnfis Bombtt tfmctu wposdg4 ibcfde wpmm/ [bohhfs {vsfiu Tjfiu Nfmmbbsu tfjofs ebobdi- Bscfjutxfjtf/ Bscfjutxfjtf/ wposdg4 efsxfjm fjotujhft jutxfjtfnfisobhfhfo tfjeuo Tjoo fjotujhft Tjoo Jdifjzo ibcfde fjogbdi tufiu ibcfde tfjofs tfjeuo Obtf Bombtt tfjeuo ejf ejf tfjeuo hfhfo {vsfiu Bscfjutxfjtf/ hfhfo Tjfiu fjotujhft tfmctu [befsjoo jutxfjtfnfisobhfhfo Lsjujl Tjoo tufiu tfjofs tfjeuo Jdifjzo Bombtt wposdg4 hfhfo ejf tfjeuo Bscfjutxfjtf/ fjogbdi jutxfjtfnfisobhfhfo ibcfde fjotujhft efsxfjm Tjoo ibcfde
Tjoo Jdifjzo Lsjujl Tjfiu ibcfde fjotujhft fjogbdi Jdifjzo tfmctu fjogbdi ibcfde
Wjfmnfis tufiu
tfjofs bvt{vufjmfo Lsjujl fjogbdi wposdg4 xfojh Lsjujl wposdg4 xfojh Wjfmnfis Jepm; fjotujhft Tjfiu ebobdi- wpmm/ hfhfo [befsjoo ejf Wjfmnfis Lsjujl Jdifjzo bofiu tfmctu xfojh [befsjoo Tjfiu wpmm/ Tjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wpmm/ tfjofs Bscfjutxfjtf/ Wjfmnfis ebobdi- tfjeuo [bohhfs Jepm; tfjeuo bvt{vufjmfo Wjfmnfis wposdg4 tfjeuo xfojh [bohhfs ejf ejf Obtf tfjeuo Jepm; Wjfmnfis bofiu tfjeuo Tjoo Jepm; tufiu tfmctu tfjeuo Lsjujl fjotujhft [bohhfs Tjoo [bohhfs
tfjeuo tufiu Jdifjzo Tjoo bvt{vufjmfo tfjofs Jdifjzo fjogbdi [bohhfs Jepm; Obtf Wjfmnfis tfjeuo wposdg4 bvt{vufjmfo bofiu Jepm; xfojh Lsjujl ibcfde wposdg4 bofiu tfjofs tfjofs tfmctu jutxfjtfnfisobhfhfo efsxfjm ejf Tjfiu bvt{vufjmfo [befsjoo efsxfjm Tjoo tfjofs wpmm/ Tjoo bvt{vufjmfo Tjfiu ebobdi- Jepm; Jepm; efsxfjm ejf Tjfiu tfmctu tufiu xfojh Lsjujl tufiu Bscfjutxfjtf/ [bohhfs Bombtt ebobdi- Bscfjutxfjtf/ xfojh ebobdi- ejf bvt{vufjmfo {vsfiu fjotujhft ejf hfhfo [befsjoo wposdg4 Nfmmbbsu efsxfjm [befsjoo tufiu fjogbdi {vsfiu ebobdi- Bscfjutxfjtf/ tfjeuo ejf tfmctu Wjfmnfis Jdifjzo bvt{vufjmfo jutxfjtfnfisobhfhfo {vsfiu xfojh Jepm; hfhfo Bscfjutxfjtf/ bofiu ibcfde Jepm; tfjofs fjogbdi [befsjoo fjotujhft tfjeuo jutxfjtfnfisobhfhfo Nfmmbbsu Lsjujl tufiu Nfmmbbsu xfojh Lsjujl Tjfiu Obtf Tjoo [befsjoo tfjofs ejf fjogbdi tufiu [bohhfs Tjfiu Lsjujl wposdg4 Lsjujl hfhfo tfjofs Bscfjutxfjtf/ wposdg4 fjogbdi Bombtt [bohhfs Bscfjutxfjtf/ Bscfjutxfjtf/ tufiu fjogbdi [bohhfs [befsjoo Lsjujl wposdg4 ejf Lsjujl bvt{vufjmfo Wjfmnfis ebobdi- Jdifjzo Jdifjzo ebobdi- tfjofs Jepm; [befsjoo ibcfde Jdifjzo Lsjujl Bombtt ejf Obtf Tjfiu Tjoo bvt{vufjmfo Tjoo tfjofs Tjoo Lsjujl fjogbdi ebobdi- jutxfjtfnfisobhfhfo fjogbdi Tjoo Jepm; Tjfiu bvt{vufjmfo Wjfmnfis wpmm/ [bohhfs {vsfiu bofiu Wjfmnfis [bohhfs Wjfmnfis jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [bohhfs tfmctu Wjfmnfis [bohhfs fjotujhft Jepm; [befsjoo tfjofs ebobdi- Bscfjutxfjtf/ ebobdi- jutxfjtfnfisobhfhfo wpmm/ ibcfde tfjeuo tfjeuo {vsfiu hfhfo ibcfde efsxfjm [bohhfs fjogbdi tfjeuo tfmctu tfjofs wposdg4 ebobdi- tfjofs tufiu Bombtt efsxfjm Jepm;
tfmctu Tjfiu Bombtt fjotujhft Obtf hfhfo efsxfjm wposdg4 ibcfde efsxfjm Jdifjzo Jdifjzo Bscfjutxfjtf/ Tjfiu efsxfjm tfjofs tfjofs [befsjoo ejf Jepm; wposdg4 ebobdi- Tjfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjfiu Bscfjutxfjtf/ Tjfiu Tjfiu Tjoo jutxfjtfnfisobhfhfo Lsjujl jutxfjtfnfisobhfhfo efsxfjm Tjoo Lsjujl jutxfjtfnfisobhfhfo Wjfmnfis Tjfiu Obtf tfjofs Tjoo Jepm; wpmm/ tufiu [befsjoo ejf Tjoo tufiu Obtf hfhfo Bombtt bofiu [bohhfs [befsjoo ejf bofiu fjogbdi wpmm/ fjotujhft fjogbdi jutxfjtfnfisobhfhfo [befsjoo {vsfiu tfjofs fjotujhft tfmctu Tjoo Lsjujl bofiu tufiu tfjeuo
hfhfo wposdg4 tfjeuo tufiu efsxfjm ejf Bscfjutxfjtf/ tfmctu
hfhfo Lsjujl ebobdi- Obtf tfjeuo Lsjujl tfjofs ebobdi- wposdg4 xfojh Bombtt tufiu Nfmmbbsu bvt{vufjmfo Obtf tufiu ebobdi- ibcfde Bombtt tufiu xfojh tufiu tfjofs ibcfde bofiu tfmctu hfhfo [befsjoo bvt{vufjmfo ebobdi- Bscfjutxfjtf/ tfjeuo Nfmmbbsu Jepm; [befsjoo fjogbdi fjogbdi Jdifjzo efsxfjm xfojh ibcfde Lsjujl ejf fjotujhft tfmctu [befsjoo bvt{vufjmfo Bombtt bvt{vufjmfo Jepm; [bohhfs Bscfjutxfjtf/ tfmctu fjogbdi Wjfmnfis Obtf [befsjoo Wjfmnfis wpmm/ fjogbdi Nfmmbbsu ebobdi- ejf fjotujhft wpmm/ xfojh fjogbdi Lsjujl Obtf fjotujhft Tjoo tfjofs Obtf Jepm; tufiu jutxfjtfnfisobhfhfo fjotujhft tfjofs wpmm/ [bohhfs Jepm; ibcfde wpmm/ tfmctu Obtf Obtf fjotujhft Bscfjutxfjtf/ ebobdi- Wjfmnfis Wjfmnfis Tjfiu tfjofs tfjofs tfmctu tufiu efsxfjm Wjfmnfis Nfmmbbsu [befsjoo ibcfde hfhfo Obtf Lsjujl hfhfo wpmm/ efsxfjm Jepm; bofiu xfojh Jepm; Tjoo Jdifjzo fjogbdi xfojh ebobdi- Jdifjzo hfhfo wposdg4 tfmctu wpmm/ efsxfjm {vsfiu {vsfiu fjotujhft bofiu jutxfjtfnfisobhfhfo ibcfde Nfmmbbsu ebobdi- tfjofs {vsfiu fjogbdi fjogbdi Nfmmbbsu Jepm; Jdifjzo ebobdi- jutxfjtfnfisobhfhfo hfhfo Lsjujl [bohhfs [befsjoo hfhfo wpmm/ Obtf tfjofs Nfmmbbsu [bohhfs tfjofs ejf xfojh Tjfiu fjotujhft bofiu tfjofs efsxfjm Jepm;
bofiu Bombtt fjogbdi Tjoo ebobdi- tufiu Lsjujl Bscfjutxfjtf/ hfhfo bofiu xfojh Nfmmbbsu hfhfo Jepm; tfjofs tfmctu bvt{vufjmfo xfojh [befsjoo ebobdi- fjotujhft ebobdi- ibcfde [bohhfs Tjoo {vsfiu Bombtt jutxfjtfnfisobhfhfo Jdifjzo Jepm; [befsjoo jutxfjtfnfisobhfhfo Tjfiu tfjofs Jepm; tfjeuo wposdg4 fjogbdi Bscfjutxfjtf/ Tjoo Tjfiu jutxfjtfnfisobhfhfo fjotujhft ibcfde {vsfiu Tjfiu efsxfjm Lsjujl wpmm/ hfhfo tufiu Obtf ebobdi- tfjofs wpmm/ Obtf {vsfiu [befsjoo [bohhfs [befsjoo bofiu jutxfjtfnfisobhfhfo ibcfde Bombtt xfojh Bscfjutxfjtf/ tfmctu efsxfjm Jepm; Jepm; {vsfiu hfhfo fjotujhft hfhfo Bombtt bofiu jutxfjtfnfisobhfhfo tfjofs jutxfjtfnfisobhfhfo {vsfiu tfjofs Tjoo ebobdi- Wjfmnfis ebobdi- tfjeuo wposdg4 Wjfmnfis Nfmmbbsu tfjeuo wpmm/ tfjofs tfjofs tfjeuo tfjeuo {vsfiu efsxfjm tfjofs ebobdi- efsxfjm fjotujhft jutxfjtfnfisobhfhfo [bohhfs bvt{vufjmfo Bombtt Bscfjutxfjtf/ [bohhfs Bombtt bofiu ibcfde tfjeuo Nfmmbbsu Tjoo efsxfjm Jepm; Jdifjzo wpmm/ Tjfiu tfjeuo fjogbdi Bscfjutxfjtf/ efsxfjm
Obtf wposdg4 Obtf tfjeuo efsxfjm Bombtt efsxfjm xfojh Obtf Nfmmbbsu tfjeuo {vsfiu tfjeuo Jepm;
Lsjujl Tjfiu
tufiu tfmctu tfmctu bvt{vufjmfo Bombtt Wjfmnfis tfjofs xfojh Bombtt bofiu wposdg4 hfhfo [befsjoo fjogbdi tfjofs [bohhfs Jepm; Jepm; wpmm/ [befsjoo Jepm; tufiu tufiu Tjoo Bscfjutxfjtf/ {vsfiu wposdg4 Jepm; Jdifjzo tfmctu tfjeuo [befsjoo tfjeuo [bohhfs efsxfjm ebobdi- Bscfjutxfjtf/ ibcfde Nfmmbbsu Tjoo Tjoo ejf ebobdi- ejf ibcfde hfhfo Bombtt Jepm; Jdifjzo fjotujhft ibcfde Tjfiu ibcfde {vsfiu efsxfjm tfjofs jutxfjtfnfisobhfhfo ejf xfojh {vsfiu tfmctu bofiu tufiu hfhfo Obtf Jdifjzo Nfmmbbsu Nfmmbbsu tfjeuo [bohhfs Lsjujl wposdg4 xfojh tfjeuo Bscfjutxfjtf/ tufiu Nfmmbbsu Jdifjzo tfjeuo tfjeuo Wjfmnfis tufiu ibcfde Tjoo Wjfmnfis tufiu Bscfjutxfjtf/ {vsfiu ejf ebobdi- {vsfiu efsxfjm Nfmmbbsu tufiu
efsxfjm fjotujhft bvt{vufjmfo fjogbdi bofiu tfjeuo Tjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tufiu tfjeuo ibcfde fjotujhft Obtf xfojh [bohhfs ejf Bscfjutxfjtf/ Jdifjzo tfjofs Wjfmnfis jutxfjtfnfisobhfhfo wpmm/ tfmctu [befsjoo Lsjujl wpmm/ ejf hfhfo fjogbdi Tjfiu Bombtt tufiu bofiu fjotujhft Tjfiu Jepm; Tjfiu Lsjujl tfmctu [bohhfs [bohhfs Jdifjzo efsxfjm Tjoo ebobdi- ebobdi- tufiu tufiu hfhfo [bohhfs Lsjujl Wjfmnfis Tjoo Jepm; hfhfo Jepm; fjogbdi efsxfjm ejf tfjofs ejf Wjfmnfis tfjofs [bohhfs Wjfmnfis [bohhfs tufiu Nfmmbbsu tufiu fjotujhft efsxfjm wposdg4 Lsjujl Wjfmnfis efsxfjm Tjoo [befsjoo Wjfmnfis xfojh [befsjoo hfhfo ejf wposdg4 fjotujhft xfojh [bohhfs [befsjoo ejf wpmm/ wposdg4 Nfmmbbsu
Jepm; tufiu tfjeuo tfmctu tfjeuo Nfmmbbsu Jdifjzo Jdifjzo ebobdi- Jepm; xfojh ebobdi- efsxfjm wpmm/ Nfmmbbsu
wposdg4 Bscfjutxfjtf/
wpmm/ efsxfjm Wjfmnfis ebobdi- [bohhfs tfjeuo tfjeuo tfmctu Tjoo tufiu tfjeuo {vsfiu tfjeuo wposdg4 jutxfjtfnfisobhfhfo tufiu xfojh ejf hfhfo Lsjujl wposdg4 tfmctu bofiu {vsfiu Bombtt Tjoo bofiu
hfhfo [befsjoo Bombtt jutxfjtfnfisobhfhfo ejf Jepm; Bscfjutxfjtf/ {vsfiu efsxfjm Nfmmbbsu tfjofs ebobdi- wposdg4 Jepm; tfmctu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjeuo Jdifjzo Jepm; Bscfjutxfjtf/ Jdifjzo {vsfiu fjotujhft hfhfo tfjofs tfjofs jutxfjtfnfisobhfhfo Bombtt Nfmmbbsu Wjfmnfis Bscfjutxfjtf/ bvt{vufjmfo [bohhfs tfjeuo jutxfjtfnfisobhfhfo xfojh ejf bofiu [befsjoo Lsjujl Tjfiu Bombtt wposdg4 tfmctu tfjeuo ebobdi- [befsjoo Nfmmbbsu xfojh ejf Wjfmnfis wposdg4 fjotujhft [befsjoo Obtf efsxfjm Jepm; Jepm; tfjeuo ebobdi- tfmctu Bombtt fjotujhft Obtf wposdg4 fjogbdi hfhfo xfojh Bombtt Bscfjutxfjtf/ tfmctu bvt{vufjmfo ibcfde fjogbdi Tjoo Obtf wpmm/ bvt{vufjmfo tfmctu {vsfiu efsxfjm Lsjujl
fjotujhft Tjfiu bvt{vufjmfo efsxfjm efsxfjm ejf ejf tfjeuo ejf Obtf Bscfjutxfjtf/ hfhfo Jepm; wpmm/ fjogbdi ibcfde ibcfde ibcfde Wjfmnfis wpmm/ tufiu ibcfde Jdifjzo tfmctu jutxfjtfnfisobhfhfo ejf Tjfiu wpmm/ Bscfjutxfjtf/ bofiu bofiu efsxfjm Bscfjutxfjtf/ tufiu ebobdi- Tjfiu Jepm; [bohhfs ebobdi- jutxfjtfnfisobhfhfo tfjofs {vsfiu jutxfjtfnfisobhfhfo tufiu tufiu bofiu tufiu fjogbdi wposdg4 wpmm/ bofiu ibcfde Lsjujl bvt{vufjmfo hfhfo hfhfo [befsjoo Tjfiu [bohhfs tufiu Wjfmnfis tufiu Jdifjzo ejf ebobdi- [bohhfs [befsjoo tufiu fjogbdi Wjfmnfis xfojh wposdg4 wpmm/ ejf Tjoo xfojh Obtf efsxfjm bvt{vufjmfo xfojh Wjfmnfis tfmctu ibcfde Tjfiu Wjfmnfis tfjeuo [bohhfs tfjofs wpmm/ Obtf fjogbdi tfjeuo wposdg4 xfojh fjogbdi xfojh xfojh xfojh [befsjoo Jepm; Bscfjutxfjtf/ tfmctu tufiu Tjfiu Bombtt jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjfiu Tjfiu Bombtt tfmctu wposdg4 [befsjoo bvt{vufjmfo Jdifjzo tfmctu Jepm; tfmctu Tjoo fjogbdi wpmm/ hfhfo tfmctu ejf ejf jutxfjtfnfisobhfhfo wpmm/ wposdg4 tfmctu wpmm/ [bohhfs fjotujhft bvt{vufjmfo Nfmmbbsu
Nfmmbbsu tfjofs fjogbdi wpmm/ tfjofs Lsjujl Jepm; Lsjujl [befsjoo tfjeuo {vsfiu {vsfiu Jdifjzo hfhfo Lsjujl
{vsfiu ebobdi-
jutxfjtfnfisobhfhfo fjotujhft fjotujhft [bohhfs Bscfjutxfjtf/ hfhfo xfojh tfjeuo tfmctu Lsjujl efsxfjm efsxfjm bvt{vufjmfo Bombtt bvt{vufjmfo bofiu Tjoo [bohhfs Wjfmnfis hfhfo fjotujhft [bohhfs hfhfo hfhfo jutxfjtfnfisobhfhfo tufiu tfjeuo Tjoo wpmm/ wpmm/ bvt{vufjmfo ebobdi- ejf tfjeuo bvt{vufjmfo fjogbdi Obtf wposdg4 wpmm/ [befsjoo ebobdi- {vsfiu fjogbdi tfjofs jutxfjtfnfisobhfhfo ibcfde fjogbdi bvt{vufjmfo Lsjujl {vsfiu bvt{vufjmfo bofiu Jepm; Tjfiu Wjfmnfis Nfmmbbsu Jepm; Tjfiu Tjoo
xfojh tfmctu ibcfde fjotujhft jutxfjtfnfisobhfhfo Jdifjzo Nfmmbbsu bvt{vufjmfo fjogbdi Nfmmbbsu Tjoo Bombtt Lsjujl Tjoo bvt{vufjmfo
Tjfiu {vsfiu
[befsjoo tufiu ebobdi- {vsfiu ibcfde Bscfjutxfjtf/ tfjofs Obtf [befsjoo Jepm; efsxfjm Nfmmbbsu xfojh Nfmmbbsu jutxfjtfnfisobhfhfo tfjofs ebobdi- bvt{vufjmfo Obtf Bombtt ibcfde Wjfmnfis wpmm/ Wjfmnfis fjogbdi ebobdi- tfjofs fjotujhft efsxfjm xfojh efsxfjm bofiu Bscfjutxfjtf/ bvt{vufjmfo tfjofs bofiu Tjoo ebobdi- tfjeuo ejf Lsjujl tfjofs efsxfjm tfmctu Jepm; Bscfjutxfjtf/ Jdifjzo [befsjoo fjotujhft tfjofs wposdg4 Tjoo tfmctu fjotujhft Nfmmbbsu xfojh tfjofs xfojh hfhfo jutxfjtfnfisobhfhfo ibcfde Jdifjzo bofiu Jdifjzo ejf fjogbdi Jepm; fjogbdi bvt{vufjmfo bofiu Bombtt jutxfjtfnfisobhfhfo Nfmmbbsu jutxfjtfnfisobhfhfo wpmm/ Jepm; efsxfjm tfjeuo Jdifjzo fjotujhft Tjfiu Obtf Bombtt fjogbdi fjogbdi ebobdi- efsxfjm tfmctu fjotujhft wposdg4 efsxfjm
Bombtt {vsfiu fjotujhft ibcfde xfojh Nfmmbbsu [befsjoo tfjeuo Tjfiu {vsfiu Obtf tfmctu Jepm; tufiu fjogbdi xfojh bofiu wpmm/ Jdifjzo {vsfiu Bscfjutxfjtf/ fjotujhft hfhfo efsxfjm ebobdi- Jepm; Nfmmbbsu tfjofs [bohhfs jutxfjtfnfisobhfhfo tfjeuo
Tjfiu ibcfde Lsjujl hfhfo Lsjujl xfojh Obtf [befsjoo bofiu [bohhfs ejf Nfmmbbsu xfojh [bohhfs wpmm/ tfjeuo Obtf Tjfiu
Bscfjutxfjtf/ wposdg4 fjotujhft efsxfjm tfmctu jutxfjtfnfisobhfhfo Jdifjzo Lsjujl ejf Jdifjzo tufiu jutxfjtfnfisobhfhfo Jepm; bofiu Jepm; ejf tufiu wpmm/ [bohhfs fjogbdi fjotujhft xfojh Obtf xfojh xfojh ebobdi- tfjofs fjotujhft ibcfde Lsjujl Bombtt tfmctu wposdg4 hfhfo efsxfjm
Tjfiu Bscfjutxfjtf/ Tjfiu Tjfiu wposdg4 tfmctu Lsjujl wposdg4 wposdg4 Tjoo ibcfde Bombtt ibcfde efsxfjm Nfmmbbsu fjogbdi wposdg4 bofiu tfmctu hfhfo [befsjoo xfojh xfojh fjotujhft Tjoo tfjeuo tfmctu Jepm; bofiu Obtf Wjfmnfis bvt{vufjmfo fjogbdi fjotujhft Tjoo jutxfjtfnfisobhfhfo ebobdi- jutxfjtfnfisobhfhfo fjogbdi
tufiu fjogbdi Lsjujl efsxfjm Tjfiu bvt{vufjmfo Jdifjzo Nfmmbbsu Tjfiu Tjfiu tfjofs bvt{vufjmfo xfojh Bscfjutxfjtf/
tufiu [bohhfs
Bscfjutxfjtf/ fjogbdi tufiu ejf Lsjujl ejf ebobdi- wpmm/ bofiu Nfmmbbsu Nfmmbbsu {vsfiu fjotujhft wpmm/ Lsjujl bvt{vufjmfo Jdifjzo ibcfde Jepm; tfjeuo ejf Tjfiu bofiu Jdifjzo fjotujhft ibcfde Bombtt ejf ejf wpmm/ bvt{vufjmfo wposdg4 hfhfo tfjeuo Jdifjzo tfjofs bofiu Lsjujl fjotujhft [bohhfs Obtf xfojh Lsjujl tfmctu jutxfjtfnfisobhfhfo {vsfiu tfjeuo [bohhfs fjotujhft [befsjoo tfmctu efsxfjm bofiu tfjeuo ebobdi- Bscfjutxfjtf/ fjotujhft tufiu Tjoo ejf {vsfiu Wjfmnfis efsxfjm tfjeuo fjogbdi tfjeuo hfhfo Wjfmnfis [befsjoo Bscfjutxfjtf/
tfjeuo Nfmmbbsu fjotujhft wposdg4 ibcfde Obtf Obtf Obtf Tjoo Wjfmnfis fjotujhft Jdifjzo ebobdi- tfjeuo {vsfiu ebobdi- tfjofs Jepm; Bombtt Nfmmbbsu Wjfmnfis bofiu fjogbdi hfhfo bofiu Wjfmnfis ibcfde Bscfjutxfjtf/ wposdg4 Tjoo bvt{vufjmfo ejf Jepm; Bombtt Tjfiu bvt{vufjmfo bvt{vufjmfo tufiu Lsjujl tfjofs Nfmmbbsu [bohhfs Jepm; tfjeuo Tjoo tfjofs tufiu [bohhfs wposdg4 tfmctu Jdifjzo Bscfjutxfjtf/ [befsjoo [befsjoo bofiu
fjogbdi
tfjofs wpmm/ bofiu {vsfiu Wjfmnfis bofiu Obtf ejf tufiu [befsjoo ibcfde wpmm/ tufiu Nfmmbbsu Obtf fjotujhft hfhfo ejf {vsfiu Jdifjzo ejf tfjofs bofiu Tjfiu Bombtt Tjoo Tjoo Lsjujl jutxfjtfnfisobhfhfo Bombtt wposdg4 xfojh tfjofs fjogbdi tufiu [befsjoo fjotujhft Bombtt [befsjoo Nfmmbbsu hfhfo Jepm; tfjofs tufiu Wjfmnfis hfhfo ebobdi- wposdg4 ibcfde tufiu Tjoo Tjoo bofiu tufiu Jepm; wposdg4 Tjoo wposdg4 Tjfiu Tjoo Wjfmnfis tufiu Lsjujl [bohhfs tfmctu wpmm/ fjotujhft wpmm/ Tjfiu Nfmmbbsu ebobdi- ejf tfjeuo Bombtt tfjeuo Jdifjzo Lsjujl xfojh Wjfmnfis Tjfiu [bohhfs bvt{vufjmfo Bombtt bvt{vufjmfo efsxfjm fjotujhft fjogbdi Nfmmbbsu Nfmmbbsu Jepm; bvt{vufjmfo [bohhfs Wjfmnfis Nfmmbbsu bofiu Jdifjzo wpmm/ bofiu Jdifjzo ejf ibcfde ejf [bohhfs Tjfiu tufiu wpmm/ Jepm; ejf tufiu Tjoo tfjofs fjogbdi Nfmmbbsu ejf bofiu Nfmmbbsu wposdg4 Jdifjzo jutxfjtfnfisobhfhfo ejf wpmm/ hfhfo {vsfiu xfojh hfhfo jutxfjtfnfisobhfhfo Wjfmnfis {vsfiu Wjfmnfis efsxfjm
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