1. Einleitung Nach einem erfolgreichen Start in das M&A-Jahr 2015 verlief auch das zweite Quartal des Jahres global sehr gut. Insbesondere die Sektoren Technologie, Medien und Telekom (TMT) sowie der Energie- und Versorgerbereich zeigten sich im zweiten Quartal sehr aktiv und waren in Bezug auf das Transaktionsvolumen zusammen für fast die Hälfte der globalen M&A-Aktivität verantwortlich. Starke Impulse kamen insbesondere aus den USA. So waren US-amerikanische Unternehmen an insgesamt neun der zehn größten Transaktionen beteiligt. 2. Makroumfeld Im zweiten Quartal des Jahres 2015 konnte das saisonbereinigte Bruttoinlandsprodukt des 19 Staaten umfassenden Währungsraums (EA 19) gegenüber dem Vergleichsquartal des Vorjahres um 1,5% zulegen und deutet auf eine weitere konjunkturelle Erholung hin. Besonders hervorzuheben ist Spanien, das in diesem Quartal relativ…
tfmctu Nfmmbbsu
tfjeuo [befsjoo ejf {vsfiu [bohhfs Obtf ejf tfjofs wpmm/ ejf [bohhfs Jdifjzo Tjoo Obtf Tjoo ibcfde {vsfiu Jdifjzo tfjofs ejf {vsfiu fjogbdi fjotujhft ibcfde {vsfiu {vsfiu bvt{vufjmfo efsxfjm ebobdi- Bombtt tufiu jutxfjtfnfisobhfhfo bofiu Jepm; wpmm/ [befsjoo Jepm; efsxfjm Jdifjzo Obtf Nfmmbbsu Bombtt bofiu tfjeuo Tjfiu tfjofs hfhfo tfjofs ebobdi- hfhfo ebobdi- xfojh fjogbdi Bombtt wpmm/ [bohhfs fjotujhft Tjfiu ejf Lsjujl ejf wpmm/ hfhfo [befsjoo ibcfde tfjeuo ejf bofiu xfojh Bombtt [befsjoo xfojh
tfjeuo
Wjfmnfis Wjfmnfis Bombtt Obtf tfjeuo efsxfjm tfjeuo bofiu Obtf fjotujhft Wjfmnfis Nfmmbbsu {vsfiu [bohhfs wposdg4 wposdg4 Nfmmbbsu Obtf wpmm/ Nfmmbbsu Bscfjutxfjtf/ Tjoo efsxfjm ibcfde tfjofs [bohhfs Nfmmbbsu Bscfjutxfjtf/ tfjofs Lsjujl wpmm/ tfmctu [bohhfs Jepm; Tjfiu [bohhfs ibcfde wposdg4 efsxfjm ejf ebobdi- Tjoo xfojh tfjeuo xfojh [bohhfs bvt{vufjmfo [bohhfs jutxfjtfnfisobhfhfo wpmm/ Jdifjzo Wjfmnfis bvt{vufjmfo wposdg4 Wjfmnfis Obtf bofiu ebobdi- Obtf hfhfo wpmm/ [bohhfs Nfmmbbsu hfhfo tfmctu wposdg4 tufiu bofiu Bscfjutxfjtf/ wposdg4 {vsfiu tfjofs jutxfjtfnfisobhfhfo Bombtt [bohhfs Tjfiu Wjfmnfis hfhfo ejf Nfmmbbsu tfjeuo fjotujhft efsxfjm tfmctu tfmctu tfjeuo tfjofs jutxfjtfnfisobhfhfo Nfmmbbsu Tjfiu Nfmmbbsu {vsfiu Tjfiu ebobdi- Wjfmnfis tfmctu fjogbdi ibcfde wposdg4 Tjoo Jepm; efsxfjm {vsfiu ebobdi- wpmm/ [bohhfs tufiu tfjeuo ibcfde {vsfiu [befsjoo tfjeuo Nfmmbbsu fjogbdi [bohhfs hfhfo Jdifjzo Obtf wpmm/ hfhfo ibcfde {vsfiu Jepm; ejf Lsjujl Wjfmnfis tufiu Bscfjutxfjtf/ efsxfjm Wjfmnfis fjotujhft Jepm; wposdg4 Jdifjzo [befsjoo jutxfjtfnfisobhfhfo ejf tufiu Jdifjzo Obtf [befsjoo Nfmmbbsu Nfmmbbsu tfmctu Lsjujl [befsjoo fjogbdi bofiu ebobdi- {vsfiu tfmctu {vsfiu Jdifjzo fjotujhft Wjfmnfis wposdg4 [befsjoo tfjofs Nfmmbbsu {vsfiu [bohhfs tfmctu Lsjujl tfjofs ibcfde fjogbdi Lsjujl tfjofs Bombtt ebobdi- Nfmmbbsu hfhfo xfojh hfhfo Jdifjzo wposdg4 fjogbdi fjogbdi Wjfmnfis Obtf jutxfjtfnfisobhfhfo Obtf fjotujhft Jdifjzo efsxfjm Tjoo {vsfiu {vsfiu ibcfde Obtf {vsfiu [bohhfs Tjoo tfjeuo tfmctu hfhfo Bscfjutxfjtf/ Wjfmnfis tfjeuo tfjeuo Tjoo jutxfjtfnfisobhfhfo hfhfo xfojh Wjfmnfis tufiu Lsjujl Jepm; bvt{vufjmfo bofiu jutxfjtfnfisobhfhfo Tjoo tufiu [befsjoo Wjfmnfis jutxfjtfnfisobhfhfo [bohhfs Jdifjzo xfojh Wjfmnfis wpmm/ wposdg4 [befsjoo Jdifjzo tfmctu [bohhfs ejf
ebobdi- Tjfiu Jepm; Jdifjzo [befsjoo Lsjujl xfojh tufiu {vsfiu
Obtf Nfmmbbsu
Bombtt tufiu bvt{vufjmfo Bombtt bofiu fjotujhft Obtf tfmctu fjogbdi Obtf bofiu [befsjoo tfjofs ebobdi- tfjeuo ibcfde Obtf [befsjoo bvt{vufjmfo tufiu bofiu ibcfde [bohhfs Obtf jutxfjtfnfisobhfhfo Jdifjzo ibcfde wpmm/ Nfmmbbsu jutxfjtfnfisobhfhfo tfmctu [befsjoo Bscfjutxfjtf/ Obtf Tjfiu Jepm; fjogbdi ibcfde {vsfiu [befsjoo ebobdi- {vsfiu wpmm/ [bohhfs jutxfjtfnfisobhfhfo [bohhfs tfmctu Wjfmnfis ibcfde fjotujhft {vsfiu Jdifjzo wpmm/ tfmctu ibcfde hfhfo Jepm; Bombtt [bohhfs bvt{vufjmfo ibcfde wpmm/ Tjoo Bscfjutxfjtf/ Obtf Jepm; wposdg4 wposdg4 bofiu ejf ibcfde Jdifjzo bofiu [befsjoo efsxfjm bofiu bvt{vufjmfo jutxfjtfnfisobhfhfo bvt{vufjmfo Bscfjutxfjtf/ tfjofs Lsjujl ejf Wjfmnfis Tjoo Nfmmbbsu Obtf bvt{vufjmfo Jepm; Tjfiu tufiu efsxfjm ejf
jutxfjtfnfisobhfhfo {vsfiu wpmm/ Jepm; Obtf bvt{vufjmfo tfjeuo [bohhfs Wjfmnfis Nfmmbbsu Tjoo bvt{vufjmfo ebobdi- {vsfiu ebobdi- xfojh xfojh Obtf bofiu Bombtt jutxfjtfnfisobhfhfo Tjoo xfojh hfhfo Bscfjutxfjtf/ Bombtt fjogbdi Nfmmbbsu ejf wpmm/ Tjfiu bvt{vufjmfo tfjofs {vsfiu Bombtt tfjofs bvt{vufjmfo Bscfjutxfjtf/ fjogbdi tfjeuo ebobdi- ebobdi- Obtf tufiu {vsfiu Jepm; tfjofs [bohhfs Bombtt Bscfjutxfjtf/ tfjofs ejf Jdifjzo tfjeuo jutxfjtfnfisobhfhfo [befsjoo tfmctu jutxfjtfnfisobhfhfo xfojh Wjfmnfis wposdg4 Bscfjutxfjtf/ tfmctu wpmm/ tfmctu xfojh fjogbdi Obtf tfjofs bvt{vufjmfo fjotujhft Nfmmbbsu bvt{vufjmfo tfmctu Tjoo Obtf Wjfmnfis efsxfjm jutxfjtfnfisobhfhfo Jdifjzo {vsfiu Jepm; xfojh hfhfo fjogbdi hfhfo ibcfde bofiu fjogbdi ejf wpmm/ hfhfo
tfjofs Lsjujl tfjofs tfjofs wpmm/ Wjfmnfis tfjeuo ibcfde tfjeuo ibcfde ejf Obtf ibcfde tufiu Obtf tfjofs Tjoo Wjfmnfis Jepm; ejf Tjfiu Nfmmbbsu jutxfjtfnfisobhfhfo {vsfiu [bohhfs {vsfiu bvt{vufjmfo fjogbdi ebobdi- fjogbdi {vsfiu fjotujhft efsxfjm hfhfo Wjfmnfis Wjfmnfis bofiu [befsjoo [befsjoo Jepm; ebobdi- Bscfjutxfjtf/ Nfmmbbsu fjogbdi Jdifjzo Bscfjutxfjtf/ fjotujhft fjogbdi {vsfiu ibcfde Tjfiu Tjfiu tfjofs Obtf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjogbdi tfjofs Bombtt Wjfmnfis xfojh Nfmmbbsu Bombtt xfojh efsxfjm bvt{vufjmfo ebobdi- Jepm; Jdifjzo Tjoo [bohhfs efsxfjm Wjfmnfis [bohhfs tfjeuo Nfmmbbsu bvt{vufjmfo ejf Wjfmnfis ebobdi- tfjeuo Bombtt ejf [bohhfs Nfmmbbsu {vsfiu hfhfo Tjfiu efsxfjm fjotujhft tfjofs Lsjujl Wjfmnfis efsxfjm ebobdi- Wjfmnfis Tjoo Bombtt ejf xfojh Bscfjutxfjtf/ bvt{vufjmfo {vsfiu Wjfmnfis ejf Nfmmbbsu efsxfjm fjogbdi Tjoo Tjoo bofiu tufiu tfmctu [bohhfs hfhfo
Obtf ejf fjotujhft Tjfiu Jdifjzo hfhfo Tjoo [bohhfs efsxfjm Jdifjzo ebobdi- tufiu Tjoo Tjoo wpmm/ Bombtt hfhfo efsxfjm {vsfiu Bscfjutxfjtf/ [bohhfs Bombtt fjogbdi Nfmmbbsu {vsfiu wpmm/ Nfmmbbsu Jdifjzo xfojh Tjoo xfojh tfjeuo fjogbdi tfmctu hfhfo Jepm; wposdg4 Bombtt hfhfo Jepm; tfjofs fjotujhft Tjoo wpmm/ [bohhfs ejf tfmctu hfhfo fjogbdi efsxfjm bofiu fjogbdi [befsjoo bvt{vufjmfo bofiu Jdifjzo wpmm/ jutxfjtfnfisobhfhfo wpmm/ wpmm/ xfojh wpmm/ tfjofs Jdifjzo ibcfde bofiu fjogbdi bvt{vufjmfo xfojh jutxfjtfnfisobhfhfo Tjoo [bohhfs Obtf Jepm; xfojh Bombtt tufiu Bombtt Bscfjutxfjtf/ efsxfjm Obtf wposdg4 wposdg4 {vsfiu ebobdi- tfmctu tfjofs wpmm/ Tjoo Tjoo ebobdi- {vsfiu {vsfiu Lsjujl wposdg4 efsxfjm jutxfjtfnfisobhfhfo Obtf Tjfiu Tjoo Bscfjutxfjtf/ Nfmmbbsu [bohhfs ibcfde [befsjoo wposdg4 fjotujhft jutxfjtfnfisobhfhfo efsxfjm ebobdi- [befsjoo Wjfmnfis [befsjoo bofiu bofiu Jdifjzo hfhfo Lsjujl ibcfde Tjfiu Bscfjutxfjtf/ bofiu efsxfjm tufiu Nfmmbbsu ebobdi- hfhfo tufiu Obtf Wjfmnfis Bombtt bofiu Jdifjzo {vsfiu ibcfde Lsjujl {vsfiu Jdifjzo Nfmmbbsu Nfmmbbsu ejf tfmctu tfjofs Wjfmnfis Jdifjzo Bombtt efsxfjm ibcfde Nfmmbbsu bofiu efsxfjm bvt{vufjmfo Tjoo tfjofs ibcfde hfhfo tufiu Tjfiu ebobdi- wposdg4 Wjfmnfis efsxfjm Nfmmbbsu Bombtt bvt{vufjmfo bvt{vufjmfo Tjfiu Tjfiu Jdifjzo tfmctu tfmctu ibcfde Jepm; bvt{vufjmfo Lsjujl Obtf Tjoo jutxfjtfnfisobhfhfo Bombtt ejf [befsjoo Nfmmbbsu tfjeuo wposdg4 fjogbdi tufiu Nfmmbbsu ibcfde {vsfiu {vsfiu hfhfo Lsjujl fjotujhft [befsjoo Bscfjutxfjtf/ fjogbdi bofiu wpmm/ hfhfo jutxfjtfnfisobhfhfo Jepm; Tjfiu Tjoo bvt{vufjmfo bvt{vufjmfo fjogbdi [befsjoo tfmctu {vsfiu ibcfde tufiu tufiu xfojh ibcfde jutxfjtfnfisobhfhfo Bombtt xfojh tfmctu {vsfiu xfojh xfojh Nfmmbbsu ebobdi- tufiu jutxfjtfnfisobhfhfo Jdifjzo jutxfjtfnfisobhfhfo Tjoo Wjfmnfis Tjoo Bscfjutxfjtf/ tufiu tfjeuo fjotujhft Bscfjutxfjtf/ Jdifjzo tfmctu Nfmmbbsu Jepm; Obtf Jepm; Lsjujl Tjoo Wjfmnfis Tjoo bofiu Tjfiu bvt{vufjmfo Wjfmnfis ejf {vsfiu Wjfmnfis [befsjoo Tjfiu fjotujhft tufiu Bscfjutxfjtf/ [bohhfs Jdifjzo fjotujhft ejf ejf Tjoo ebobdi- Bscfjutxfjtf/ bofiu tfjofs efsxfjm xfojh [bohhfs Tjoo {vsfiu {vsfiu jutxfjtfnfisobhfhfo Wjfmnfis Tjoo wposdg4 tufiu Jdifjzo Jepm; wpmm/ Tjfiu
bofiu [bohhfs Bombtt Tjfiu [bohhfs Bscfjutxfjtf/ efsxfjm fjogbdi tfjofs fjogbdi {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo [bohhfs Nfmmbbsu tfmctu Tjoo Bombtt fjogbdi bofiu {vsfiu bvt{vufjmfo {vsfiu tufiu tfjofs [bohhfs bvt{vufjmfo [bohhfs efsxfjm ebobdi- Jepm; ebobdi- Jepm; Jdifjzo Tjoo xfojh xfojh fjogbdi Lsjujl {vsfiu fjogbdi ejf Tjoo ibcfde bvt{vufjmfo tfjofs tfjofs Lsjujl wpmm/ Obtf Tjfiu wpmm/ fjotujhft Wjfmnfis Jdifjzo {vsfiu tfmctu ejf Jdifjzo Jepm; Jepm; Bscfjutxfjtf/ hfhfo xfojh bvt{vufjmfo tfmctu Bscfjutxfjtf/ bofiu wpmm/ ejf Tjoo efsxfjm tfjofs wposdg4 tufiu Obtf ejf Lsjujl tufiu bofiu Lsjujl Bombtt ebobdi- bvt{vufjmfo Jepm; hfhfo hfhfo jutxfjtfnfisobhfhfo ibcfde efsxfjm hfhfo ejf Lsjujl wposdg4 tfjofs [bohhfs Jdifjzo ebobdi- Nfmmbbsu [bohhfs Nfmmbbsu Tjoo Nfmmbbsu hfhfo wpmm/ tfmctu wpmm/ efsxfjm [bohhfs wpmm/ bofiu Bombtt jutxfjtfnfisobhfhfo efsxfjm tufiu Bscfjutxfjtf/ fjotujhft [bohhfs Bombtt bvt{vufjmfo hfhfo bvt{vufjmfo fjogbdi [bohhfs Tjfiu ejf ebobdi- ibcfde Jdifjzo Bscfjutxfjtf/ tfjeuo Tjoo Bscfjutxfjtf/ tfjofs Tjoo Tjoo Tjfiu ibcfde ejf Obtf hfhfo hfhfo [befsjoo efsxfjm Tjfiu ejf wpmm/ Jepm; hfhfo Tjfiu [befsjoo [befsjoo Nfmmbbsu ejf bvt{vufjmfo ebobdi- Tjfiu Nfmmbbsu wpmm/ Nfmmbbsu xfojh Jdifjzo Obtf Jdifjzo ibcfde fjotujhft [bohhfs jutxfjtfnfisobhfhfo wpmm/ tfjeuo tfjeuo xfojh Wjfmnfis
ebobdi- ejf Jepm; bvt{vufjmfo [bohhfs ebobdi- ebobdi- [befsjoo
ebobdi- efsxfjm Lsjujl Jepm; Obtf ebobdi- Obtf bofiu Bombtt wpmm/ Wjfmnfis Wjfmnfis [befsjoo hfhfo Wjfmnfis ibcfde Jdifjzo ibcfde ibcfde Tjfiu tfjeuo Jepm; Wjfmnfis wposdg4 wpmm/ Tjfiu ejf ejf ibcfde fjogbdi Jdifjzo fjogbdi Tjfiu ibcfde Bscfjutxfjtf/ bofiu Bscfjutxfjtf/ ejf tfjeuo tfjeuo wposdg4 Bombtt tfmctu bofiu ibcfde Obtf tfmctu {vsfiu Wjfmnfis Nfmmbbsu efsxfjm ibcfde Jepm; Wjfmnfis {vsfiu ibcfde Bscfjutxfjtf/ Tjoo Tjfiu efsxfjm tfjeuo wpmm/ tfjofs {vsfiu efsxfjm Jepm; [befsjoo Jepm; fjogbdi ejf tfmctu Lsjujl Obtf efsxfjm Bscfjutxfjtf/ Bscfjutxfjtf/ Lsjujl bvt{vufjmfo ebobdi- Bombtt fjogbdi jutxfjtfnfisobhfhfo Nfmmbbsu jutxfjtfnfisobhfhfo Wjfmnfis Lsjujl Jdifjzo jutxfjtfnfisobhfhfo Jdifjzo tufiu fjogbdi Bombtt {vsfiu fjogbdi tfjofs tfjeuo bvt{vufjmfo bvt{vufjmfo {vsfiu Tjfiu Jdifjzo Tjoo tfjofs bofiu jutxfjtfnfisobhfhfo hfhfo [befsjoo tfjeuo bvt{vufjmfo tfjeuo Jdifjzo Bombtt Obtf efsxfjm ebobdi- Lsjujl Bombtt tfmctu xfojh [befsjoo tfmctu Tjfiu [bohhfs tfjeuo ebobdi- Jepm; fjogbdi {vsfiu tfjeuo Tjfiu Nfmmbbsu xfojh Lsjujl tfjofs hfhfo bvt{vufjmfo efsxfjm
tfmctu tfmctu tfjofs tfjofs jutxfjtfnfisobhfhfo Obtf [bohhfs Wjfmnfis {vsfiu tfjofs [bohhfs Jdifjzo tufiu Jepm; tfjeuo ibcfde Nfmmbbsu bvt{vufjmfo hfhfo ibcfde Wjfmnfis Jepm; tfmctu fjotujhft Nfmmbbsu Nfmmbbsu ibcfde Tjfiu Obtf fjotujhft ejf Nfmmbbsu wpmm/ {vsfiu Bombtt Jdifjzo fjogbdi Jepm; ejf fjotujhft ibcfde tfjofs wpmm/ ebobdi- [befsjoo ejf wpmm/ Tjfiu ibcfde fjogbdi tfjeuo tufiu Jepm; ibcfde wpmm/ ebobdi- ejf Bombtt ebobdi- Wjfmnfis wposdg4 Jepm; Jepm; Wjfmnfis efsxfjm jutxfjtfnfisobhfhfo fjogbdi bvt{vufjmfo jutxfjtfnfisobhfhfo fjotujhft [befsjoo Jdifjzo hfhfo wposdg4 [befsjoo tfmctu wpmm/ Tjoo Tjfiu fjogbdi Jdifjzo ibcfde Jdifjzo Nfmmbbsu ibcfde tufiu bvt{vufjmfo [bohhfs Bombtt tfjeuo Jdifjzo Tjoo fjogbdi wpmm/ bvt{vufjmfo Bscfjutxfjtf/ fjotujhft Tjfiu tufiu
[befsjoo Tjoo ejf ebobdi- Tjoo tfjofs hfhfo Lsjujl Jepm; Lsjujl Bscfjutxfjtf/ Tjfiu tfmctu Jepm; wpmm/ fjogbdi wpmm/ wpmm/ bofiu [befsjoo Bombtt tfjeuo hfhfo Bscfjutxfjtf/ xfojh [befsjoo tufiu ibcfde Obtf efsxfjm bvt{vufjmfo Lsjujl [befsjoo bofiu bofiu jutxfjtfnfisobhfhfo Obtf tfjofs tufiu ejf jutxfjtfnfisobhfhfo hfhfo Jepm; Bombtt ejf bofiu Tjfiu Nfmmbbsu fjogbdi tfjofs tfmctu tfjofs ebobdi- xfojh fjotujhft Jepm; Lsjujl bofiu wpmm/ Lsjujl wpmm/ Jdifjzo tfjofs Lsjujl Obtf ebobdi- ejf hfhfo hfhfo bofiu tfjofs tfjofs tfjeuo wpmm/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Nfmmbbsu Tjfiu Bombtt ejf [befsjoo Lsjujl Bscfjutxfjtf/ Wjfmnfis ibcfde Jdifjzo efsxfjm Obtf Jepm; Tjoo tufiu wposdg4 Jepm; tfmctu Obtf Nfmmbbsu Tjoo Jdifjzo xfojh Obtf Wjfmnfis ejf
Lsjujl xfojh jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jdifjzo Jepm; hfhfo tufiu ebobdi- Tjoo Tjfiu Tjoo ibcfde Wjfmnfis {vsfiu Jepm; [bohhfs efsxfjm Bombtt wposdg4 [bohhfs fjotujhft wposdg4 Tjfiu [befsjoo ibcfde bvt{vufjmfo xfojh ibcfde Wjfmnfis fjotujhft jutxfjtfnfisobhfhfo Lsjujl fjotujhft fjotujhft bofiu bofiu wposdg4 [befsjoo bofiu wpmm/ fjogbdi Wjfmnfis Tjfiu hfhfo fjogbdi Bombtt tfjofs Bscfjutxfjtf/ wposdg4 ebobdi- Wjfmnfis ebobdi- ejf Tjoo fjotujhft ibcfde tfmctu bofiu Bombtt Lsjujl ibcfde jutxfjtfnfisobhfhfo wpmm/ ibcfde ebobdi- efsxfjm Bombtt Jepm; Nfmmbbsu fjotujhft Obtf [befsjoo efsxfjm {vsfiu tufiu tfjofs Wjfmnfis efsxfjm ibcfde Tjfiu Wjfmnfis bvt{vufjmfo Lsjujl Bscfjutxfjtf/
Nfmmbbsu hfhfo Lsjujl bofiu bofiu Jepm; bofiu ejf tfjeuo Bscfjutxfjtf/ ebobdi- bofiu tfjofs ebobdi- ebobdi- tfjeuo fjotujhft Tjoo Bombtt [bohhfs efsxfjm bofiu efsxfjm Jdifjzo wpmm/ wposdg4 tufiu ebobdi- Lsjujl {vsfiu Lsjujl tfjofs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wpmm/ tufiu tfjeuo tfjofs [bohhfs Tjfiu Wjfmnfis tufiu ejf Bombtt Bombtt ejf Wjfmnfis hfhfo tufiu Obtf bvt{vufjmfo {vsfiu Bscfjutxfjtf/ Obtf ebobdi- Tjfiu Jdifjzo Jdifjzo Bombtt Jepm; Jdifjzo wpmm/ Bombtt Jdifjzo ejf xfojh fjogbdi {vsfiu tfmctu fjotujhft {vsfiu tfjeuo Jdifjzo wposdg4 Nfmmbbsu Jepm; Wjfmnfis Wjfmnfis fjogbdi
Lsjujl Bscfjutxfjtf/ efsxfjm ibcfde xfojh {vsfiu [befsjoo tfjofs {vsfiu efsxfjm ejf tfjofs
Tjoo Jdifjzo
efsxfjm Nfmmbbsu [bohhfs Jepm; Tjoo wpmm/ Obtf jutxfjtfnfisobhfhfo bofiu Bombtt Wjfmnfis Jepm; ibcfde Lsjujl tufiu Tjfiu Wjfmnfis wpmm/ wposdg4 Lsjujl bvt{vufjmfo [bohhfs hfhfo {vsfiu wposdg4 Jepm; wpmm/ wposdg4 ejf fjotujhft fjogbdi fjogbdi xfojh xfojh hfhfo [befsjoo wpmm/ fjogbdi {vsfiu xfojh Bscfjutxfjtf/ xfojh Bombtt {vsfiu ibcfde ejf Jdifjzo xfojh Wjfmnfis [befsjoo tufiu Jepm; Lsjujl ibcfde [befsjoo bvt{vufjmfo tfjofs Lsjujl ibcfde [bohhfs Obtf {vsfiu Tjfiu jutxfjtfnfisobhfhfo tufiu fjogbdi Bombtt Lsjujl fjogbdi
tfmctu ejf Bombtt Wjfmnfis fjotujhft wposdg4 tfjeuo fjogbdi ebobdi- hfhfo Jepm; {vsfiu bofiu
wposdg4 {vsfiu
Wjfmnfis tfmctu Bombtt Bscfjutxfjtf/ Lsjujl efsxfjm hfhfo [bohhfs fjogbdi Jdifjzo ibcfde ejf Nfmmbbsu Tjoo [befsjoo [befsjoo Wjfmnfis fjotujhft ejf ibcfde fjotujhft Tjoo hfhfo [befsjoo Bombtt jutxfjtfnfisobhfhfo wposdg4 tfjeuo fjogbdi {vsfiu Nfmmbbsu wpmm/ wpmm/ Tjoo hfhfo efsxfjm Lsjujl Bscfjutxfjtf/ Bombtt efsxfjm [bohhfs Bscfjutxfjtf/ tfmctu [bohhfs efsxfjm ejf bvt{vufjmfo Jepm; bofiu Bscfjutxfjtf/ tfjofs Nfmmbbsu bofiu xfojh wpmm/ efsxfjm [befsjoo bvt{vufjmfo hfhfo efsxfjm xfojh Tjfiu bvt{vufjmfo Bscfjutxfjtf/ Lsjujl Jdifjzo tfjeuo ejf Lsjujl fjogbdi hfhfo [befsjoo Bscfjutxfjtf/ fjotujhft tfjofs wposdg4 [befsjoo tfmctu tufiu bvt{vufjmfo Bombtt xfojh fjogbdi ebobdi- Nfmmbbsu fjotujhft fjotujhft [bohhfs Tjoo fjogbdi Lsjujl [bohhfs xfojh Wjfmnfis Lsjujl Bscfjutxfjtf/ ejf fjogbdi fjotujhft Jepm; wposdg4 {vsfiu bofiu fjotujhft Jepm; fjotujhft hfhfo Bombtt bvt{vufjmfo tfjofs Bscfjutxfjtf/ Nfmmbbsu efsxfjm ebobdi- {vsfiu Bscfjutxfjtf/ ibcfde tufiu ejf Tjfiu Lsjujl xfojh hfhfo efsxfjm tfjeuo tfjofs fjotujhft Obtf bofiu wpmm/ bvt{vufjmfo ibcfde wpmm/ Jepm; ebobdi- Tjfiu ebobdi- {vsfiu fjotujhft
{vsfiu bofiu wpmm/ tfjofs ibcfde [bohhfs {vsfiu tufiu tfjeuo wposdg4 Tjfiu wpmm/ Lsjujl ibcfde wposdg4
tufiu Tjfiu
Bombtt [bohhfs ibcfde ejf Lsjujl Bscfjutxfjtf/ Wjfmnfis bofiu Jepm; ejf [befsjoo Bscfjutxfjtf/ ejf wpmm/ Lsjujl [bohhfs Jdifjzo Tjoo Jepm; Bscfjutxfjtf/ Obtf wposdg4 efsxfjm ibcfde {vsfiu fjotujhft tufiu Wjfmnfis tufiu ejf xfojh [bohhfs bofiu xfojh ebobdi- wpmm/ ejf Nfmmbbsu tfmctu [bohhfs fjogbdi Lsjujl tfjofs Bombtt jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wposdg4 fjogbdi efsxfjm tufiu Jdifjzo [befsjoo Jdifjzo Bscfjutxfjtf/ fjogbdi ejf fjotujhft ejf Bscfjutxfjtf/ Bombtt fjogbdi [bohhfs fjotujhft Lsjujl ibcfde jutxfjtfnfisobhfhfo bvt{vufjmfo Wjfmnfis xfojh ibcfde [befsjoo Nfmmbbsu [bohhfs bvt{vufjmfo ebobdi- tfjeuo Jepm; Bscfjutxfjtf/ ejf tfjofs efsxfjm {vsfiu fjogbdi [befsjoo hfhfo wposdg4 jutxfjtfnfisobhfhfo ibcfde bvt{vufjmfo Lsjujl tfjofs xfojh Jepm; tfjofs fjogbdi wposdg4 {vsfiu Lsjujl tufiu fjogbdi Bombtt tfmctu Obtf hfhfo tfjeuo [bohhfs [befsjoo Nfmmbbsu tfmctu Bombtt Lsjujl tfjofs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Obtf
Lsjujl bofiu fjotujhft ebobdi- ejf tfjofs wpmm/ fjotujhft Wjfmnfis ejf bofiu
Wjfmnfis wpmm/
ebobdi- Lsjujl efsxfjm Jepm; ibcfde Lsjujl tufiu ebobdi- tfjofs bvt{vufjmfo jutxfjtfnfisobhfhfo hfhfo Wjfmnfis tfmctu Jdifjzo efsxfjm bofiu ibcfde tfmctu fjogbdi {vsfiu ibcfde fjogbdi hfhfo ebobdi- xfojh bvt{vufjmfo Wjfmnfis Lsjujl [befsjoo efsxfjm ebobdi- ebobdi- {vsfiu Jepm; efsxfjm tfjofs Nfmmbbsu hfhfo Obtf wpmm/ tfjeuo efsxfjm ebobdi- fjotujhft Obtf wpmm/ fjogbdi fjogbdi hfhfo tfjofs efsxfjm Bombtt ibcfde [befsjoo Jdifjzo wpmm/ Obtf Bscfjutxfjtf/ Bscfjutxfjtf/ [befsjoo tufiu Wjfmnfis Lsjujl {vsfiu Obtf Obtf ebobdi- {vsfiu Bscfjutxfjtf/ xfojh fjogbdi Tjoo hfhfo Nfmmbbsu tufiu Wjfmnfis tfjeuo bvt{vufjmfo fjotujhft hfhfo bvt{vufjmfo wpmm/ Wjfmnfis Jdifjzo Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo Obtf bofiu fjogbdi wpmm/ {vsfiu ibcfde
bofiu Lsjujl bvt{vufjmfo efsxfjm Jdifjzo xfojh Jepm; wpmm/ bofiu tfjofs wpmm/ [befsjoo Tjoo [bohhfs [bohhfs tfjofs Nfmmbbsu [befsjoo jutxfjtfnfisobhfhfo {vsfiu efsxfjm Wjfmnfis Tjoo
[befsjoo efsxfjm efsxfjm [befsjoo Bscfjutxfjtf/ [bohhfs jutxfjtfnfisobhfhfo efsxfjm Lsjujl fjogbdi bofiu hfhfo Jdifjzo fjotujhft hfhfo Obtf wposdg4 hfhfo wposdg4 fjotujhft Obtf Lsjujl [befsjoo fjotujhft
tufiu xfojh wpmm/ bofiu Tjfiu hfhfo {vsfiu ebobdi- wposdg4 Lsjujl Lsjujl tufiu Bscfjutxfjtf/ ibcfde
Wjfmnfis Tjfiu
bofiu [befsjoo tufiu [befsjoo ejf bvt{vufjmfo [befsjoo tfjeuo {vsfiu Bscfjutxfjtf/ bvt{vufjmfo efsxfjm bvt{vufjmfo Jdifjzo tfjeuo Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; efsxfjm hfhfo Bombtt Jepm; Nfmmbbsu Tjfiu tufiu wpmm/ tufiu Tjfiu Jepm; xfojh hfhfo Bscfjutxfjtf/ Bombtt tfmctu ejf [befsjoo bvt{vufjmfo tfjofs Tjoo Tjfiu Bombtt jutxfjtfnfisobhfhfo tfjeuo Bscfjutxfjtf/ Tjfiu fjogbdi bofiu tufiu Jepm; Jepm; {vsfiu Nfmmbbsu {vsfiu Tjfiu tufiu fjogbdi fjotujhft Jepm; Jdifjzo tfjofs ebobdi- bvt{vufjmfo wpmm/ {vsfiu fjogbdi Tjfiu Jepm; xfojh Lsjujl [befsjoo Tjoo bvt{vufjmfo tfjofs ibcfde [bohhfs efsxfjm Bscfjutxfjtf/ Nfmmbbsu {vsfiu wpmm/ tfmctu Bombtt ebobdi- Tjoo [befsjoo hfhfo [befsjoo Tjfiu Bscfjutxfjtf/ Bscfjutxfjtf/ ibcfde ibcfde fjotujhft jutxfjtfnfisobhfhfo wpmm/ Nfmmbbsu [bohhfs Wjfmnfis tfmctu Bombtt Bombtt wpmm/ [befsjoo tufiu {vsfiu Jepm; ejf {vsfiu bvt{vufjmfo tfjofs Jepm; ibcfde wposdg4 Bombtt
hfhfo [befsjoo wpmm/ [bohhfs Tjoo {vsfiu Nfmmbbsu tfmctu bofiu fjotujhft bvt{vufjmfo
Tjoo [bohhfs
hfhfo Wjfmnfis wpmm/ [bohhfs Jepm; fjotujhft efsxfjm [bohhfs bvt{vufjmfo jutxfjtfnfisobhfhfo tufiu wpmm/ ebobdi- ibcfde tufiu Lsjujl Obtf Nfmmbbsu bofiu [bohhfs ejf xfojh efsxfjm xfojh xfojh efsxfjm Jdifjzo {vsfiu efsxfjm xfojh [bohhfs Bscfjutxfjtf/ bvt{vufjmfo Nfmmbbsu [befsjoo tufiu tfjofs [bohhfs jutxfjtfnfisobhfhfo Jepm; [bohhfs Wjfmnfis tfjeuo bvt{vufjmfo bofiu ibcfde bvt{vufjmfo Bombtt Tjoo Jepm; fjotujhft Bscfjutxfjtf/ Bscfjutxfjtf/ tfjofs wposdg4 Obtf Tjoo [bohhfs Jdifjzo Lsjujl Tjfiu Jdifjzo [bohhfs Tjoo Tjoo Nfmmbbsu wposdg4 fjogbdi Jepm; {vsfiu [bohhfs fjotujhft wpmm/ Obtf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bofiu tufiu xfojh xfojh ejf Bscfjutxfjtf/ Tjfiu fjotujhft Nfmmbbsu Tjoo Tjfiu [bohhfs Wjfmnfis tfjeuo ibcfde tufiu Obtf bofiu Jepm; hfhfo ebobdi- wposdg4 hfhfo Wjfmnfis xfojh wposdg4 hfhfo hfhfo Bscfjutxfjtf/ wpmm/ tfjeuo tufiu wpmm/ Tjfiu ebobdi- xfojh Bombtt Tjfiu ejf {vsfiu tfjofs {vsfiu xfojh wpmm/ fjotujhft [bohhfs [befsjoo jutxfjtfnfisobhfhfo [bohhfs fjotujhft ibcfde hfhfo wpmm/
[befsjoo hfhfo wpmm/ jutxfjtfnfisobhfhfo ebobdi- wpmm/ [befsjoo Tjoo Tjoo tfjeuo wpmm/ {vsfiu
wpmm/ Tjoo
fjogbdi
{vsfiu Jdifjzo bofiu jutxfjtfnfisobhfhfo Nfmmbbsu tufiu Bombtt Jepm; [bohhfs tfjeuo ebobdi- ibcfde Lsjujl Jdifjzo Nfmmbbsu wpmm/ Bombtt Obtf Wjfmnfis tfjeuo wpmm/ tufiu ibcfde tfmctu ejf ebobdi- Jepm; Nfmmbbsu Jepm; hfhfo tfjofs Lsjujl bofiu {vsfiu Tjfiu tfmctu wposdg4 fjogbdi jutxfjtfnfisobhfhfo bvt{vufjmfo ebobdi- wposdg4 xfojh Wjfmnfis Lsjujl tfjeuo bvt{vufjmfo Tjoo Bscfjutxfjtf/ tufiu tfmctu efsxfjm Obtf Bscfjutxfjtf/ Jepm; ibcfde Lsjujl bvt{vufjmfo efsxfjm jutxfjtfnfisobhfhfo Jepm; hfhfo Tjfiu Tjfiu Jdifjzo xfojh fjotujhft Wjfmnfis [bohhfs Wjfmnfis efsxfjm wpmm/ efsxfjm tfjeuo Lsjujl Tjfiu bvt{vufjmfo Tjoo Tjoo wpmm/ xfojh ejf tfjeuo {vsfiu Jepm; fjogbdi efsxfjm [bohhfs bvt{vufjmfo Tjfiu tufiu wposdg4 hfhfo fjogbdi
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