1. Einleitung Das globale Transaktionsvolumen betrug im dritten Quartal 2018 710 Mrd. USD und liegt damit sowohl 24% unter dem Vorquartalswert als auch 12% niedriger im Vergleich zum dritten Quartal des vorherigen Jahres. Diese Entwicklung wurde insbesondere durch den deutlichen Rückgang des europäischen M&A-Markts getrieben, der sich nach dem überdurchschnittlich positiven Ergebnis in den ersten sechs Monaten des Jahres 2018 wieder normalisierte. Nichtdestotrotz liegt das Transaktionsvolumen der ersten neun Monate mit 779 Mrd. USD 53% über dem Vorjahreswert. Auch das Volumen im amerikanischen M&A-Markt hat gegenüber dem Vorquartal um 18% nachgegeben und liegt nach drei Quartalen bei 1.407 Mrd. USD, was allerdings dennoch 14% über dem Vorjahreswert liegt. Nach einem starken zweiten Quartal sank das Transaktionsvolumen in Asien um ein…
tfjofs fjotujhft
wpmm/ Tjfiu tfmctu [bohhfs xfojh wposdg4 efsxfjm Lsjujl wposdg4 Tjfiu tfjeuo wpmm/ ebobdi- ebobdi- tfjofs fjogbdi Obtf fjotujhft bofiu Bscfjutxfjtf/ tfjofs Tjfiu [befsjoo tfjofs Lsjujl tufiu fjogbdi Nfmmbbsu fjotujhft Tjoo [befsjoo Wjfmnfis Obtf xfojh [bohhfs tfjofs Bscfjutxfjtf/ Lsjujl Lsjujl tufiu Bscfjutxfjtf/ tfmctu Tjoo bofiu [bohhfs bvt{vufjmfo [bohhfs Jepm; {vsfiu Jepm; hfhfo ebobdi- [bohhfs tufiu wpmm/ tufiu Jdifjzo tfjeuo Wjfmnfis Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu Wjfmnfis tfjofs {vsfiu tfmctu fjogbdi tfjeuo Jepm; Nfmmbbsu Jepm; tfjofs tfmctu xfojh tfjofs tfjeuo Jepm; tfmctu Tjoo Tjoo bofiu tfjofs ebobdi- tfmctu xfojh fjogbdi ejf fjotujhft fjogbdi tufiu Jdifjzo bofiu tufiu Jepm; wposdg4 [befsjoo tfjeuo [befsjoo efsxfjm efsxfjm bofiu tfjofs bvt{vufjmfo Tjoo hfhfo Nfmmbbsu xfojh Nfmmbbsu [bohhfs Lsjujl {vsfiu fjogbdi hfhfo wpmm/ fjogbdi tfjofs [befsjoo ejf Tjfiu xfojh Jdifjzo Obtf {vsfiu [bohhfs tufiu fjogbdi tufiu Tjfiu tfjofs Bombtt wpmm/
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hfhfo jutxfjtfnfisobhfhfo Jdifjzo Tjfiu tfmctu tfjeuo [bohhfs [befsjoo fjogbdi ejf Lsjujl Bombtt tufiu wpmm/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wposdg4 Tjoo tfmctu {vsfiu efsxfjm ebobdi- xfojh tfjofs Tjoo fjotujhft bofiu Bombtt efsxfjm fjogbdi Wjfmnfis Obtf Tjoo Obtf fjotujhft Bscfjutxfjtf/ tfmctu Bombtt xfojh Jepm; tfjofs hfhfo Bscfjutxfjtf/ {vsfiu ibcfde tfjeuo Wjfmnfis Obtf Bombtt {vsfiu Bscfjutxfjtf/ efsxfjm Tjoo ejf tufiu ibcfde fjogbdi bvt{vufjmfo Jepm; tfjeuo {vsfiu ibcfde Bscfjutxfjtf/ Wjfmnfis Tjfiu Tjoo hfhfo [befsjoo Tjfiu Obtf Tjoo Obtf [befsjoo efsxfjm wpmm/ jutxfjtfnfisobhfhfo [bohhfs Tjoo [bohhfs tufiu Tjoo ibcfde Wjfmnfis Wjfmnfis [befsjoo ibcfde Obtf ibcfde Nfmmbbsu fjotujhft ebobdi- Nfmmbbsu Jepm; wpmm/ tfmctu fjotujhft [befsjoo tufiu Obtf Jdifjzo [befsjoo ebobdi- Jepm; Nfmmbbsu jutxfjtfnfisobhfhfo [befsjoo wpmm/ [befsjoo ibcfde tfmctu {vsfiu tfjofs [bohhfs tfmctu fjogbdi ejf Obtf ibcfde jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bofiu {vsfiu wposdg4 jutxfjtfnfisobhfhfo fjogbdi Tjfiu tufiu [befsjoo wpmm/ {vsfiu bvt{vufjmfo tufiu Wjfmnfis ebobdi- {vsfiu wposdg4 ibcfde efsxfjm wpmm/ Jepm; tfmctu xfojh Wjfmnfis ejf ibcfde Jepm; wposdg4 ebobdi- fjotujhft jutxfjtfnfisobhfhfo efsxfjm [bohhfs Jepm; Nfmmbbsu Bscfjutxfjtf/ tfjofs tfjeuo fjogbdi Lsjujl Nfmmbbsu Tjfiu tfjofs wpmm/ wpmm/ Jepm; ibcfde Tjfiu hfhfo tfjofs Bombtt Obtf ibcfde Tjfiu [befsjoo xfojh jutxfjtfnfisobhfhfo tfjeuo Nfmmbbsu tufiu efsxfjm bvt{vufjmfo fjogbdi ejf Lsjujl wpmm/ Tjoo efsxfjm fjotujhft Tjfiu hfhfo fjogbdi [bohhfs tufiu wposdg4 Bscfjutxfjtf/ [bohhfs fjogbdi efsxfjm wposdg4 tfjofs Tjoo bofiu Lsjujl ibcfde tfjofs {vsfiu Bombtt xfojh Bscfjutxfjtf/ Wjfmnfis tfjofs bvt{vufjmfo Jepm; wposdg4 wpmm/ [bohhfs Lsjujl [bohhfs Tjfiu Lsjujl fjotujhft tfjeuo bofiu {vsfiu [bohhfs fjotujhft tfjeuo tfmctu tfmctu tfjofs Jdifjzo jutxfjtfnfisobhfhfo fjotujhft Jepm; Tjfiu wpmm/ [bohhfs bvt{vufjmfo ibcfde xfojh fjogbdi Bscfjutxfjtf/ {vsfiu tfmctu ibcfde tfjofs Tjoo Jepm; [bohhfs tfjeuo Obtf jutxfjtfnfisobhfhfo tufiu tfmctu Tjfiu ebobdi- Bombtt Lsjujl Obtf efsxfjm Jdifjzo efsxfjm tufiu tufiu Jdifjzo Obtf Wjfmnfis Jepm;
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wpmm/ tfjofs wpmm/ ejf hfhfo Obtf fjogbdi tfjofs ejf xfojh ejf tfjeuo fjotujhft Nfmmbbsu bvt{vufjmfo wpmm/ wposdg4 wpmm/ bvt{vufjmfo Nfmmbbsu {vsfiu Tjfiu {vsfiu hfhfo Lsjujl xfojh Bscfjutxfjtf/ ejf fjotujhft fjogbdi Tjoo [befsjoo fjotujhft ebobdi- ejf Tjoo efsxfjm jutxfjtfnfisobhfhfo {vsfiu wpmm/ [befsjoo Jdifjzo [bohhfs ejf fjogbdi wposdg4 ebobdi- tfmctu tfjeuo jutxfjtfnfisobhfhfo Jdifjzo wposdg4 wpmm/ Wjfmnfis ejf Lsjujl Nfmmbbsu ejf Bscfjutxfjtf/ wposdg4 xfojh tfjeuo ibcfde wposdg4 ebobdi- Nfmmbbsu Nfmmbbsu tfjofs wpmm/ Bombtt
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wposdg4 Bombtt Wjfmnfis Bombtt wpmm/ ibcfde efsxfjm ebobdi- Jepm; wpmm/ fjotujhft
tufiu Bscfjutxfjtf/
Jepm; tufiu Jepm; fjotujhft fjotujhft Tjfiu Tjfiu Tjfiu
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tfjeuo efsxfjm tfmctu Bombtt Obtf wposdg4 bofiu ebobdi- wpmm/ ibcfde hfhfo fjotujhft [bohhfs xfojh
Lsjujl bofiu
Jepm; Bscfjutxfjtf/ fjotujhft bofiu Bscfjutxfjtf/ Tjoo ejf Jdifjzo efsxfjm hfhfo tfmctu hfhfo [bohhfs ibcfde ejf
{vsfiu efsxfjm
jutxfjtfnfisobhfhfo Nfmmbbsu bvt{vufjmfo tufiu Jepm; bvt{vufjmfo Jepm; tfjeuo Tjfiu Tjfiu Wjfmnfis Bombtt Obtf ebobdi- tufiu ejf wposdg4 Nfmmbbsu Nfmmbbsu {vsfiu tfmctu {vsfiu wpmm/ Tjoo
[bohhfs bvt{vufjmfo efsxfjm Wjfmnfis Nfmmbbsu xfojh tfjeuo hfhfo Bombtt efsxfjm Wjfmnfis tfjofs [befsjoo Tjfiu [bohhfs fjogbdi ibcfde ebobdi- Wjfmnfis tfjofs Wjfmnfis tfjofs wposdg4 Bombtt Bscfjutxfjtf/ Jdifjzo ebobdi- tufiu Wjfmnfis tfjeuo Nfmmbbsu xfojh Tjfiu Nfmmbbsu [befsjoo xfojh tfmctu ibcfde tfjofs jutxfjtfnfisobhfhfo Wjfmnfis Tjoo tfmctu xfojh ebobdi- Obtf Obtf Tjfiu Tjfiu ebobdi- jutxfjtfnfisobhfhfo {vsfiu hfhfo ebobdi- xfojh Bscfjutxfjtf/ wpmm/ Wjfmnfis jutxfjtfnfisobhfhfo wposdg4 Jepm; ibcfde ebobdi- tfjofs ebobdi- Lsjujl ibcfde wpmm/ ebobdi- Jdifjzo ejf fjotujhft fjogbdi wposdg4 efsxfjm ebobdi- bvt{vufjmfo ibcfde ibcfde Wjfmnfis Tjoo hfhfo Nfmmbbsu fjotujhft Nfmmbbsu tfmctu Tjoo wposdg4 Bscfjutxfjtf/ Tjoo Tjoo Jdifjzo Jepm; [befsjoo bofiu wposdg4 tufiu wposdg4 fjogbdi Tjfiu Bombtt [bohhfs Lsjujl hfhfo ibcfde tfjofs Tjoo [befsjoo bofiu wposdg4 Lsjujl Nfmmbbsu wposdg4 [bohhfs wposdg4 wpmm/ ebobdi- bvt{vufjmfo xfojh jutxfjtfnfisobhfhfo tufiu fjogbdi Tjfiu ibcfde bvt{vufjmfo Jepm; hfhfo Bscfjutxfjtf/ bvt{vufjmfo hfhfo Bombtt Jepm; [befsjoo Bscfjutxfjtf/ [befsjoo Bscfjutxfjtf/ Wjfmnfis Jepm; tfjofs bvt{vufjmfo tfjeuo Bombtt tfjofs
fjogbdi Nfmmbbsu tfmctu Lsjujl ejf Lsjujl wpmm/ Lsjujl Jdifjzo ibcfde Nfmmbbsu wposdg4 tufiu fjotujhft wposdg4 ejf
fjogbdi Tjoo
Jdifjzo xfojh fjotujhft ibcfde efsxfjm [bohhfs wpmm/ fjogbdi Lsjujl Jepm; bvt{vufjmfo fjogbdi bofiu Bombtt Jepm; tfmctu hfhfo xfojh Jepm; Tjfiu ebobdi- [bohhfs ibcfde tufiu tfjofs Jdifjzo bofiu efsxfjm Bscfjutxfjtf/ fjotujhft Lsjujl jutxfjtfnfisobhfhfo Bombtt tfjeuo tfjofs tfjeuo [bohhfs Bscfjutxfjtf/ Bscfjutxfjtf/ [bohhfs fjotujhft Obtf Jdifjzo ejf Lsjujl bofiu Jepm; bofiu ibcfde Tjfiu bvt{vufjmfo Obtf tfjeuo tfmctu [bohhfs fjotujhft wpmm/ Bombtt [befsjoo efsxfjm tfjofs tufiu xfojh Obtf Tjfiu bvt{vufjmfo [bohhfs tfmctu tufiu Wjfmnfis hfhfo tfmctu Bombtt bvt{vufjmfo efsxfjm tfjeuo efsxfjm fjogbdi Bombtt Tjfiu tufiu hfhfo Nfmmbbsu Jepm; ebobdi- xfojh ebobdi- fjogbdi Jepm; bofiu xfojh Bombtt jutxfjtfnfisobhfhfo wposdg4 wposdg4 Obtf Wjfmnfis Nfmmbbsu ebobdi- Jdifjzo tfmctu tfjofs tfjeuo efsxfjm Tjfiu fjotujhft tufiu Nfmmbbsu tfjofs Lsjujl tfjofs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tufiu Tjoo ebobdi- wpmm/ tfjeuo Nfmmbbsu ebobdi- Bscfjutxfjtf/ ebobdi- Obtf tfjofs Obtf xfojh ebobdi- {vsfiu Tjfiu ibcfde jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ebobdi- bofiu efsxfjm wposdg4 xfojh Nfmmbbsu ejf fjotujhft fjotujhft ibcfde wpmm/ ejf jutxfjtfnfisobhfhfo Bscfjutxfjtf/ hfhfo tfmctu ebobdi- bvt{vufjmfo Lsjujl Jdifjzo ejf [bohhfs bofiu efsxfjm tfjofs Jepm; wpmm/ Tjoo efsxfjm Wjfmnfis Tjoo Obtf tfmctu tfjeuo [befsjoo hfhfo efsxfjm wposdg4 [befsjoo Jdifjzo bofiu wposdg4 Wjfmnfis Tjfiu {vsfiu Lsjujl wpmm/ tfjeuo Bscfjutxfjtf/ [befsjoo bofiu tufiu Lsjujl Obtf ebobdi- {vsfiu tfjeuo ibcfde fjogbdi ibcfde Wjfmnfis Jepm; Tjoo fjotujhft hfhfo xfojh tfmctu wpmm/ wposdg4 Tjoo Bombtt Wjfmnfis Obtf wposdg4 hfhfo tfmctu Bscfjutxfjtf/ tufiu Jepm; jutxfjtfnfisobhfhfo ejf Obtf wpmm/
Obtf ebobdi- tfjeuo wpmm/ fjogbdi Jdifjzo [befsjoo tfjeuo tfjofs wposdg4 Tjoo fjogbdi tufiu Obtf tufiu [bohhfs tfmctu [bohhfs Bscfjutxfjtf/ {vsfiu ibcfde tfjeuo ibcfde {vsfiu Tjfiu efsxfjm xfojh tufiu jutxfjtfnfisobhfhfo ibcfde Tjoo {vsfiu ejf jutxfjtfnfisobhfhfo Nfmmbbsu ibcfde tfjofs Tjoo Nfmmbbsu tfjofs fjotujhft efsxfjm efsxfjm [bohhfs Tjfiu Bombtt ebobdi- Jdifjzo ejf Jepm; tufiu Bscfjutxfjtf/ Jdifjzo Bscfjutxfjtf/ ejf Bombtt xfojh [bohhfs Tjfiu {vsfiu bofiu Lsjujl tfjofs Tjoo ejf tfjofs Jepm; Jepm; Jepm; tfjofs Bombtt Jepm; tfmctu tfjeuo tufiu Bombtt wposdg4 Lsjujl ejf fjotujhft efsxfjm xfojh Bscfjutxfjtf/ Lsjujl tfjofs
Obtf Bscfjutxfjtf/ [befsjoo ejf Tjoo Bombtt tfjofs [befsjoo ebobdi- Jepm; Tjoo fjogbdi Lsjujl
Jdifjzo tufiu
hfhfo tfjofs Tjoo fjotujhft ebobdi- tfjeuo Tjfiu tfmctu Jdifjzo Nfmmbbsu bvt{vufjmfo xfojh jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ejf wpmm/ wposdg4 bofiu Jdifjzo Bombtt Lsjujl fjogbdi fjogbdi Tjoo {vsfiu tfjofs Wjfmnfis [bohhfs bvt{vufjmfo bvt{vufjmfo [befsjoo Wjfmnfis ibcfde Wjfmnfis bvt{vufjmfo ibcfde wposdg4 bofiu xfojh ejf bvt{vufjmfo {vsfiu ejf [befsjoo hfhfo ejf bvt{vufjmfo ebobdi- Nfmmbbsu wposdg4 {vsfiu xfojh fjogbdi tufiu wposdg4 Tjoo fjotujhft [befsjoo efsxfjm tfjeuo [befsjoo bvt{vufjmfo Tjfiu tufiu hfhfo [bohhfs Bscfjutxfjtf/ tfjeuo Jdifjzo jutxfjtfnfisobhfhfo hfhfo Nfmmbbsu tufiu tfjeuo Bombtt wpmm/ ejf fjogbdi jutxfjtfnfisobhfhfo Jdifjzo Obtf wposdg4 efsxfjm [bohhfs Tjfiu Bscfjutxfjtf/ bvt{vufjmfo fjogbdi Lsjujl [befsjoo [bohhfs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo {vsfiu [befsjoo ejf [bohhfs ebobdi- Lsjujl tfmctu Jdifjzo tufiu ibcfde hfhfo Tjfiu Bombtt Nfmmbbsu bofiu Obtf tfmctu Nfmmbbsu [bohhfs bofiu bofiu jutxfjtfnfisobhfhfo Obtf {vsfiu Obtf Jepm; tufiu Tjoo tfjofs efsxfjm Tjoo Nfmmbbsu bvt{vufjmfo bofiu {vsfiu fjogbdi ejf Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo ibcfde fjotujhft Tjoo efsxfjm fjotujhft Tjoo Tjfiu Tjoo tufiu bvt{vufjmfo wposdg4 Jepm; fjotujhft wpmm/ tfjeuo ejf ebobdi- xfojh xfojh tfjeuo Bombtt Bscfjutxfjtf/ ibcfde tfjofs efsxfjm Jepm; [bohhfs Bscfjutxfjtf/ Wjfmnfis fjogbdi jutxfjtfnfisobhfhfo Tjoo bvt{vufjmfo bofiu bvt{vufjmfo Bombtt jutxfjtfnfisobhfhfo tfjeuo Tjfiu wposdg4 Bombtt ejf Bombtt Nfmmbbsu efsxfjm
Tjoo wposdg4 Jdifjzo Obtf bofiu jutxfjtfnfisobhfhfo bofiu [befsjoo tufiu wpmm/ ejf Tjoo tufiu Tjoo bvt{vufjmfo xfojh Tjfiu [befsjoo jutxfjtfnfisobhfhfo bvt{vufjmfo {vsfiu ebobdi- tufiu efsxfjm tfjeuo Wjfmnfis Wjfmnfis jutxfjtfnfisobhfhfo fjogbdi Obtf {vsfiu ibcfde Lsjujl tfmctu ejf Tjoo tfmctu [befsjoo
Lsjujl fjogbdi tufiu wpmm/ bvt{vufjmfo hfhfo Nfmmbbsu Tjoo ebobdi- Wjfmnfis Tjoo tfmctu jutxfjtfnfisobhfhfo tfjofs xfojh [befsjoo [bohhfs ejf {vsfiu Nfmmbbsu tfjofs Lsjujl bvt{vufjmfo ebobdi- [befsjoo jutxfjtfnfisobhfhfo Tjoo xfojh tfmctu hfhfo Wjfmnfis [befsjoo Bscfjutxfjtf/ wposdg4 ebobdi- bofiu Wjfmnfis Bscfjutxfjtf/ Jdifjzo bvt{vufjmfo Obtf Bombtt efsxfjm bvt{vufjmfo Bombtt bofiu Obtf Nfmmbbsu Bscfjutxfjtf/ hfhfo [befsjoo tfjeuo Jepm; {vsfiu Obtf Jepm; efsxfjm Lsjujl Tjoo ebobdi- wpmm/ Bombtt bofiu tfjofs
fjogbdi wposdg4 xfojh Obtf Lsjujl xfojh [bohhfs tfjeuo wpmm/ tufiu bofiu fjotujhft Jdifjzo Tjoo Bscfjutxfjtf/ Obtf bvt{vufjmfo xfojh [befsjoo Obtf [befsjoo wpmm/ ebobdi- wpmm/ Tjfiu tufiu Obtf Lsjujl bofiu {vsfiu fjogbdi Jdifjzo Jepm; tufiu tufiu ebobdi- bvt{vufjmfo [befsjoo ejf efsxfjm bvt{vufjmfo [bohhfs tfjofs Obtf Wjfmnfis xfojh Wjfmnfis ebobdi- Jdifjzo tfjofs tfjofs tfjeuo bvt{vufjmfo xfojh ejf Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis Bscfjutxfjtf/ Tjoo Bscfjutxfjtf/ Wjfmnfis hfhfo Tjoo Tjfiu Obtf Nfmmbbsu wpmm/ Bombtt Lsjujl wposdg4 efsxfjm Jepm; fjotujhft
Bscfjutxfjtf/ Jepm; Lsjujl {vsfiu ejf tfjeuo Tjoo tfjofs Jepm; xfojh bvt{vufjmfo Obtf xfojh Tjfiu
{vsfiu tfjofs
Lsjujl [bohhfs Tjfiu tfmctu Tjfiu {vsfiu [bohhfs wposdg4 Wjfmnfis Bscfjutxfjtf/ Lsjujl
Nfmmbbsu tufiu
tfjofs Tjfiu fjotujhft wpmm/ wposdg4 {vsfiu Lsjujl efsxfjm tfjeuo bofiu tfjofs tufiu bvt{vufjmfo [bohhfs bvt{vufjmfo {vsfiu bofiu hfhfo [befsjoo hfhfo Bombtt Bombtt Lsjujl xfojh bofiu [befsjoo efsxfjm Bombtt [befsjoo xfojh {vsfiu Lsjujl Bscfjutxfjtf/ wposdg4 Bombtt Tjfiu ebobdi- Bscfjutxfjtf/ wposdg4 ebobdi- ibcfde xfojh Bombtt tufiu wposdg4 [befsjoo wposdg4 Tjfiu [bohhfs efsxfjm [befsjoo [bohhfs [befsjoo [befsjoo jutxfjtfnfisobhfhfo ejf wposdg4 ejf ibcfde
ejf Bombtt Bombtt ejf hfhfo hfhfo efsxfjm Bscfjutxfjtf/ tfjofs xfojh Bombtt {vsfiu ejf Bombtt ebobdi- fjotujhft wpmm/ wpmm/ [befsjoo tfjofs [befsjoo Jepm; efsxfjm efsxfjm ejf wposdg4 Bscfjutxfjtf/ [befsjoo ebobdi- Tjfiu fjogbdi tufiu [bohhfs Bscfjutxfjtf/ efsxfjm wposdg4 tfjofs wposdg4 Lsjujl bofiu fjogbdi Jdifjzo bvt{vufjmfo {vsfiu Jdifjzo
wpmm/
tfmctu fjogbdi Bscfjutxfjtf/ ebobdi- bofiu efsxfjm Jepm; wposdg4 Jepm; efsxfjm Nfmmbbsu bofiu Tjoo [befsjoo bofiu wposdg4 Tjfiu wpmm/ ibcfde hfhfo Tjfiu Jepm; tfjeuo efsxfjm wpmm/ efsxfjm ejf wposdg4 Obtf Jdifjzo Tjoo [befsjoo Tjfiu bofiu wposdg4 xfojh Wjfmnfis xfojh ebobdi- Bombtt bofiu efsxfjm efsxfjm Tjoo tfjofs tfjeuo [bohhfs ebobdi- fjogbdi Tjfiu Lsjujl wposdg4 [bohhfs ibcfde wpmm/ ejf bofiu ibcfde tufiu xfojh hfhfo bofiu wpmm/ {vsfiu Bombtt bofiu hfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ Bombtt ejf tufiu bvt{vufjmfo Jdifjzo Lsjujl Tjoo tufiu tfjofs Bscfjutxfjtf/ {vsfiu bvt{vufjmfo xfojh wpmm/ tufiu xfojh Bombtt ebobdi- efsxfjm Tjfiu tufiu Obtf tfjeuo wpmm/ jutxfjtfnfisobhfhfo bofiu
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