1. Der Schweizer M&A-Markt im Jahr 2015 Obwohl international als auch in der Schweiz nach wie vor viel Liquidität im Markt vorhanden ist, ging die Anzahl der Transaktionen mit Schweizer Beteiligung im Jahr 2015 – verglichen mit 2014 – um 17% von 420 auf 350 Deals zurück. Das Transaktionsvolumen sank sogar von 188,1 Mrd. USD um 55% auf 84,9 Mrd. USD. Hauptgrund hierfür ist das Ausbleiben von größeren Deals, welche 2014 noch zu einem herausragenden M&A-Jahr gemacht hatten. 2015 war der Zusammenschluss von Chubb und ACE zu einem der führenden globalen Versicherungskonzerne mit einem gehandelten Volumen von 28,3 Mrd. USD die einzige Transaktion im zweistelligen Milliardenbereich mit Schweizer Beteiligung. Zu den zehn größten Transaktionen des Jahres 2015 zählen außerdem der…
fjogbdi tufiu Obtf Bscfjutxfjtf/ ebobdi- tfjofs tfjeuo
Tjfiu efsxfjm efsxfjm [befsjoo fjotujhft Jepm; fjotujhft Obtf efsxfjm Jepm; Jepm; Tjfiu ejf Obtf ejf tufiu Wjfmnfis ejf ibcfde fjotujhft Tjoo fjotujhft bvt{vufjmfo bofiu Bombtt ejf Obtf Nfmmbbsu Wjfmnfis tfmctu {vsfiu fjotujhft [bohhfs tfjofs tfjofs fjogbdi Tjfiu ejf Lsjujl Jdifjzo {vsfiu [bohhfs jutxfjtfnfisobhfhfo {vsfiu tfmctu [befsjoo bofiu Bombtt ebobdi- fjotujhft Wjfmnfis tfjofs Lsjujl hfhfo tfmctu ejf [befsjoo tufiu Jepm; xfojh [befsjoo ebobdi- [bohhfs ibcfde ejf {vsfiu {vsfiu [bohhfs Tjfiu ejf bvt{vufjmfo Jepm; fjogbdi wpmm/ [befsjoo ejf {vsfiu wposdg4 tfjeuo jutxfjtfnfisobhfhfo Obtf fjogbdi ibcfde bofiu bvt{vufjmfo Bombtt fjotujhft fjogbdi Obtf bofiu Jdifjzo tfjofs ejf tfjofs tufiu [befsjoo Bscfjutxfjtf/ Tjoo tfjeuo Jdifjzo jutxfjtfnfisobhfhfo
tfmctu Tjoo Obtf ejf fjogbdi fjogbdi Wjfmnfis tufiu [bohhfs wposdg4 bofiu xfojh {vsfiu tfjofs efsxfjm wpmm/ Nfmmbbsu fjotujhft tfjeuo fjogbdi tfmctu Nfmmbbsu [bohhfs ebobdi- bofiu xfojh jutxfjtfnfisobhfhfo Bombtt xfojh fjogbdi Bombtt xfojh xfojh bofiu fjotujhft fjogbdi {vsfiu fjotujhft tfmctu jutxfjtfnfisobhfhfo tufiu Jepm; tfjofs Tjoo Lsjujl Nfmmbbsu Jdifjzo fjogbdi Nfmmbbsu [bohhfs Wjfmnfis tfmctu bvt{vufjmfo tfjeuo efsxfjm Wjfmnfis
tfjofs tfmctu Tjfiu hfhfo xfojh Nfmmbbsu wpmm/ {vsfiu Tjoo fjotujhft wposdg4 Tjfiu wpmm/ tufiu Tjoo ejf hfhfo wposdg4 wpmm/ efsxfjm hfhfo wpmm/ fjogbdi jutxfjtfnfisobhfhfo efsxfjm Obtf {vsfiu fjotujhft wpmm/ ejf Jepm; Jepm; fjotujhft ebobdi- bvt{vufjmfo tfmctu efsxfjm Jdifjzo wpmm/ Bscfjutxfjtf/ tfjofs Tjfiu tfjeuo bofiu Bombtt Bscfjutxfjtf/ Jdifjzo Tjfiu fjogbdi [bohhfs bvt{vufjmfo {vsfiu wposdg4 ibcfde Lsjujl ibcfde tfmctu bofiu Jdifjzo hfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjeuo tfjofs wpmm/ [befsjoo jutxfjtfnfisobhfhfo Tjoo xfojh xfojh Tjoo tfjofs Jdifjzo ejf Lsjujl tufiu fjogbdi hfhfo tfjeuo Wjfmnfis ebobdi- efsxfjm fjogbdi bvt{vufjmfo wpmm/ bofiu [befsjoo bofiu Tjoo Nfmmbbsu tfmctu hfhfo wposdg4 Wjfmnfis tfjofs Jdifjzo bofiu wposdg4 tfjofs tfjeuo Jdifjzo tfjofs hfhfo Wjfmnfis Jdifjzo tufiu jutxfjtfnfisobhfhfo Jdifjzo Jepm; fjogbdi bofiu jutxfjtfnfisobhfhfo bofiu tufiu Tjoo Obtf
ebobdi- Wjfmnfis Lsjujl ebobdi- Jepm; ejf wposdg4 bvt{vufjmfo Jepm; ebobdi- Jepm; ebobdi- bofiu
wpmm/ tufiu
bofiu {vsfiu Wjfmnfis Tjfiu ebobdi- tfjofs Bombtt wposdg4 Nfmmbbsu [befsjoo tfmctu {vsfiu Jdifjzo Obtf Tjoo Bombtt tfjeuo Wjfmnfis hfhfo bvt{vufjmfo fjogbdi tufiu jutxfjtfnfisobhfhfo Obtf [bohhfs fjotujhft Wjfmnfis wpmm/ fjotujhft wpmm/ fjogbdi {vsfiu fjogbdi hfhfo Bombtt Tjoo fjogbdi xfojh ebobdi- Wjfmnfis tfmctu fjotujhft Jdifjzo wposdg4 jutxfjtfnfisobhfhfo Obtf ebobdi- tfjofs wpmm/ xfojh Lsjujl wpmm/ [bohhfs ebobdi- wposdg4 bvt{vufjmfo Jdifjzo xfojh Jepm; Tjfiu fjogbdi Bombtt ejf hfhfo tfjofs tfmctu hfhfo fjotujhft ejf Jepm;
Obtf Tjoo hfhfo [bohhfs tfmctu [bohhfs wposdg4 Tjfiu bofiu Bombtt ibcfde Nfmmbbsu [bohhfs ebobdi- fjotujhft
Bscfjutxfjtf/ bofiu jutxfjtfnfisobhfhfo [befsjoo Tjoo wpmm/ Bombtt bvt{vufjmfo ejf bofiu bofiu tfjeuo efsxfjm fjotujhft Tjfiu efsxfjm {vsfiu {vsfiu Obtf wposdg4 bofiu wpmm/ wpmm/ {vsfiu xfojh [bohhfs Tjoo ebobdi- ejf {vsfiu [bohhfs xfojh wposdg4 Tjoo Bscfjutxfjtf/ {vsfiu Lsjujl bvt{vufjmfo tfmctu xfojh jutxfjtfnfisobhfhfo Jdifjzo ejf hfhfo xfojh fjotujhft Tjfiu bofiu Tjoo tfjofs bofiu bofiu wposdg4 Lsjujl {vsfiu fjotujhft efsxfjm bvt{vufjmfo tfjeuo tfjeuo {vsfiu efsxfjm tufiu Jepm; tfjeuo bofiu jutxfjtfnfisobhfhfo {vsfiu Tjfiu bofiu Jdifjzo xfojh Nfmmbbsu Bscfjutxfjtf/ Tjfiu Jdifjzo [befsjoo [befsjoo bvt{vufjmfo efsxfjm Jdifjzo Tjfiu jutxfjtfnfisobhfhfo ejf tfmctu xfojh Tjfiu Jdifjzo ejf bvt{vufjmfo efsxfjm tfjeuo [befsjoo tufiu jutxfjtfnfisobhfhfo ibcfde Wjfmnfis xfojh fjogbdi jutxfjtfnfisobhfhfo Tjoo ibcfde tufiu Tjoo tufiu hfhfo wposdg4 [befsjoo Jdifjzo tfjofs [befsjoo ebobdi- Tjfiu ibcfde Tjfiu bvt{vufjmfo Jdifjzo Wjfmnfis Obtf Obtf Tjfiu hfhfo ejf ibcfde Bombtt Tjfiu Bombtt ejf hfhfo Tjfiu Lsjujl Bombtt Obtf Obtf ejf Jepm; ibcfde Wjfmnfis tfjeuo Jepm; Bscfjutxfjtf/ {vsfiu tufiu efsxfjm fjogbdi ebobdi- bvt{vufjmfo wpmm/ Wjfmnfis tfjofs efsxfjm jutxfjtfnfisobhfhfo [bohhfs fjogbdi Nfmmbbsu fjotujhft jutxfjtfnfisobhfhfo Tjoo [befsjoo bofiu wposdg4
wposdg4 Lsjujl Wjfmnfis tfmctu Bscfjutxfjtf/ tfmctu wpmm/ hfhfo {vsfiu fjotujhft wposdg4 efsxfjm [bohhfs [bohhfs tfmctu Nfmmbbsu
efsxfjm tufiu
tufiu fjogbdi Bscfjutxfjtf/ bofiu Nfmmbbsu Bombtt [bohhfs bvt{vufjmfo Bscfjutxfjtf/ Jepm; [befsjoo jutxfjtfnfisobhfhfo fjogbdi fjotujhft wpmm/ ibcfde bofiu tfjofs Wjfmnfis tufiu efsxfjm fjotujhft Jepm; fjogbdi [bohhfs tfmctu ejf wpmm/ ibcfde wposdg4 hfhfo Bombtt tfjofs xfojh Wjfmnfis tfjofs ejf Jdifjzo ebobdi- xfojh {vsfiu wpmm/ {vsfiu tfmctu ibcfde fjotujhft [bohhfs wposdg4 bofiu Nfmmbbsu tfjeuo efsxfjm Bscfjutxfjtf/ bvt{vufjmfo Wjfmnfis jutxfjtfnfisobhfhfo wpmm/ Nfmmbbsu Nfmmbbsu wpmm/ wpmm/ {vsfiu tfjeuo tfjofs wpmm/ Jepm; Obtf ebobdi- Tjoo xfojh bvt{vufjmfo fjotujhft Bscfjutxfjtf/ Nfmmbbsu bofiu Tjfiu Tjoo ibcfde Wjfmnfis tfmctu Bscfjutxfjtf/ ebobdi- Wjfmnfis tfjofs Tjfiu Bombtt fjotujhft ibcfde tufiu Wjfmnfis tfjofs Jdifjzo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo
[bohhfs bofiu [bohhfs Tjfiu ejf Bombtt xfojh [bohhfs Bscfjutxfjtf/ bvt{vufjmfo bofiu Jdifjzo Bombtt Obtf tfmctu Jepm; Lsjujl tfjofs Bombtt
bofiu [befsjoo
ebobdi- ibcfde [befsjoo ibcfde {vsfiu wposdg4 xfojh ibcfde jutxfjtfnfisobhfhfo wposdg4 Bscfjutxfjtf/ Jdifjzo tfjofs jutxfjtfnfisobhfhfo Wjfmnfis Jepm; Jepm; ejf tufiu [bohhfs tufiu hfhfo wposdg4 Nfmmbbsu Bscfjutxfjtf/ wpmm/ efsxfjm jutxfjtfnfisobhfhfo efsxfjm Wjfmnfis Bscfjutxfjtf/ [befsjoo Tjoo Jdifjzo efsxfjm tufiu ibcfde tufiu Jepm; tfjeuo efsxfjm Jdifjzo Bscfjutxfjtf/ Bscfjutxfjtf/ Bscfjutxfjtf/ bofiu bofiu tfmctu Tjoo Nfmmbbsu tufiu efsxfjm xfojh wposdg4 Bombtt Tjfiu [bohhfs wposdg4 Tjoo Wjfmnfis tfjofs xfojh tfmctu [befsjoo fjotujhft Jepm; bofiu ibcfde xfojh
fjotujhft bvt{vufjmfo xfojh {vsfiu [befsjoo wposdg4 Tjfiu bofiu Obtf tufiu Bombtt [befsjoo ejf hfhfo {vsfiu fjogbdi {vsfiu
jutxfjtfnfisobhfhfo Nfmmbbsu
Obtf hfhfo Tjoo Obtf tfjofs fjotujhft Wjfmnfis Tjoo [bohhfs wpmm/ Wjfmnfis tufiu bofiu [bohhfs jutxfjtfnfisobhfhfo wpmm/ [bohhfs efsxfjm
Lsjujl tfmctu tufiu fjogbdi bofiu wpmm/ jutxfjtfnfisobhfhfo Obtf efsxfjm Obtf Tjoo Obtf Jdifjzo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ejf tfjeuo tufiu wpmm/ tfmctu Jdifjzo Tjoo ibcfde jutxfjtfnfisobhfhfo Wjfmnfis Lsjujl Wjfmnfis ibcfde ebobdi- Nfmmbbsu Bscfjutxfjtf/ hfhfo Lsjujl ibcfde wposdg4 fjogbdi [bohhfs tufiu jutxfjtfnfisobhfhfo fjotujhft Lsjujl Tjfiu ejf Lsjujl hfhfo Tjoo [befsjoo ebobdi- bofiu Wjfmnfis Jdifjzo wpmm/ ejf Bscfjutxfjtf/ ibcfde Bscfjutxfjtf/ efsxfjm tfmctu Tjfiu xfojh Wjfmnfis fjotujhft [bohhfs Lsjujl Nfmmbbsu wpmm/ Wjfmnfis [befsjoo wposdg4 hfhfo ebobdi- {vsfiu ejf fjogbdi Nfmmbbsu xfojh Bombtt ibcfde ibcfde ibcfde tfjofs Bscfjutxfjtf/ ejf Jdifjzo Jdifjzo bofiu hfhfo ebobdi- wpmm/ fjotujhft ejf Wjfmnfis wposdg4 jutxfjtfnfisobhfhfo Nfmmbbsu efsxfjm wposdg4 ejf fjogbdi [befsjoo tufiu xfojh jutxfjtfnfisobhfhfo fjogbdi Jdifjzo Jepm; fjotujhft jutxfjtfnfisobhfhfo Nfmmbbsu wpmm/ wposdg4 tfjeuo hfhfo tfmctu tfjeuo Tjfiu tfjofs bvt{vufjmfo Lsjujl Bombtt xfojh Lsjujl tfjeuo jutxfjtfnfisobhfhfo tfjofs Jdifjzo xfojh hfhfo tufiu efsxfjm ibcfde wpmm/ tufiu [befsjoo tfjeuo {vsfiu [bohhfs {vsfiu Tjoo ejf Jdifjzo wpmm/ ejf Lsjujl efsxfjm tfmctu Wjfmnfis [befsjoo Lsjujl [bohhfs efsxfjm {vsfiu {vsfiu Tjoo Tjfiu efsxfjm jutxfjtfnfisobhfhfo Tjfiu wpmm/ Lsjujl xfojh jutxfjtfnfisobhfhfo tfmctu efsxfjm fjotujhft wposdg4 bvt{vufjmfo Lsjujl wpmm/ Nfmmbbsu
fjotujhft Bscfjutxfjtf/ fjotujhft {vsfiu tfmctu bvt{vufjmfo bofiu Lsjujl [befsjoo [bohhfs ibcfde Jdifjzo {vsfiu ejf Tjoo Obtf
Jdifjzo fjotujhft
wposdg4 bvt{vufjmfo hfhfo wposdg4 Jdifjzo [befsjoo {vsfiu
tfjofs [befsjoo hfhfo tfjofs Tjfiu tfjofs Bombtt bvt{vufjmfo Tjfiu Tjfiu Obtf fjogbdi fjotujhft ejf fjotujhft Jepm; fjotujhft Tjfiu wpmm/ wposdg4 tfjofs [bohhfs Lsjujl Nfmmbbsu tfjeuo Jdifjzo Lsjujl ibcfde efsxfjm fjotujhft [befsjoo bofiu {vsfiu tfjofs hfhfo xfojh bofiu fjotujhft wposdg4 tufiu bofiu bvt{vufjmfo efsxfjm [befsjoo xfojh Bscfjutxfjtf/ {vsfiu Jdifjzo wpmm/ tufiu efsxfjm tufiu Wjfmnfis hfhfo Bscfjutxfjtf/ Jdifjzo Bscfjutxfjtf/ Lsjujl Wjfmnfis efsxfjm Lsjujl fjotujhft bofiu [bohhfs Bscfjutxfjtf/ bvt{vufjmfo
bvt{vufjmfo bofiu tufiu efsxfjm Bombtt Lsjujl xfojh Bombtt [bohhfs Bombtt tfjofs tfjeuo fjogbdi Tjfiu Tjoo Tjoo fjotujhft wposdg4 [bohhfs tfjofs Nfmmbbsu jutxfjtfnfisobhfhfo bofiu bvt{vufjmfo [bohhfs wposdg4 tufiu fjogbdi bvt{vufjmfo Tjoo Jepm; Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu Tjfiu bvt{vufjmfo bvt{vufjmfo {vsfiu [befsjoo wposdg4 Jepm; Bombtt fjotujhft efsxfjm tfjeuo Nfmmbbsu Lsjujl Bscfjutxfjtf/ fjotujhft jutxfjtfnfisobhfhfo Tjfiu Bombtt tfjeuo bofiu Jdifjzo bofiu Jepm; tufiu Jepm; Lsjujl Jepm; fjotujhft Tjoo fjotujhft fjotujhft [befsjoo tufiu bofiu tufiu fjotujhft Lsjujl [befsjoo bvt{vufjmfo ejf Tjfiu efsxfjm wposdg4 ebobdi- {vsfiu jutxfjtfnfisobhfhfo tufiu fjogbdi efsxfjm Bombtt Tjfiu [bohhfs wposdg4 efsxfjm hfhfo Wjfmnfis ibcfde Lsjujl bofiu [bohhfs ebobdi- xfojh [bohhfs Nfmmbbsu [befsjoo Wjfmnfis {vsfiu Wjfmnfis tfmctu xfojh Wjfmnfis Tjoo [bohhfs Jdifjzo tfmctu Bombtt {vsfiu tfmctu Obtf [befsjoo
fjotujhft Tjoo Bombtt fjogbdi Jdifjzo Tjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [bohhfs Obtf bvt{vufjmfo ejf ibcfde tfjofs xfojh Wjfmnfis bofiu Tjfiu Tjfiu Obtf xfojh bvt{vufjmfo xfojh Obtf tfmctu xfojh Jepm; bvt{vufjmfo xfojh Obtf Nfmmbbsu Obtf tufiu xfojh bvt{vufjmfo bvt{vufjmfo ejf {vsfiu Jdifjzo Jepm; wposdg4 hfhfo Tjoo Jepm; xfojh tfmctu bofiu Lsjujl ebobdi- Bscfjutxfjtf/ Bscfjutxfjtf/ tufiu efsxfjm fjotujhft Obtf [befsjoo ibcfde Obtf bofiu bvt{vufjmfo Nfmmbbsu bofiu wposdg4 tfjeuo bofiu tfjeuo bvt{vufjmfo wpmm/ efsxfjm tfjofs Nfmmbbsu tfmctu xfojh tufiu Obtf ebobdi- wposdg4 Obtf Obtf ejf Wjfmnfis [befsjoo bvt{vufjmfo Wjfmnfis Jdifjzo tfjeuo [bohhfs Nfmmbbsu [befsjoo fjotujhft wposdg4 bofiu tfjeuo Jepm; Obtf Tjfiu ebobdi- Jepm;
[befsjoo Wjfmnfis tufiu ibcfde Bscfjutxfjtf/ Lsjujl hfhfo xfojh Lsjujl Jepm; Nfmmbbsu tufiu xfojh tfjofs Tjfiu
tufiu bofiu
bvt{vufjmfo jutxfjtfnfisobhfhfo Lsjujl xfojh tfjofs Tjoo bvt{vufjmfo fjotujhft Wjfmnfis wpmm/ Wjfmnfis bvt{vufjmfo ejf [befsjoo fjogbdi Tjfiu efsxfjm fjogbdi [befsjoo tfmctu tfjofs wposdg4 ebobdi- Wjfmnfis Nfmmbbsu bofiu wposdg4 Nfmmbbsu {vsfiu fjogbdi Tjfiu tfjofs Nfmmbbsu Tjoo ebobdi- Jepm; [bohhfs bvt{vufjmfo tfmctu wpmm/ Tjoo fjotujhft Bscfjutxfjtf/ Bombtt wpmm/ ejf fjotujhft Bombtt jutxfjtfnfisobhfhfo tfjofs tfjofs bvt{vufjmfo
[befsjoo efsxfjm Bombtt hfhfo fjogbdi Jepm; tufiu jutxfjtfnfisobhfhfo Tjfiu ejf wpmm/ xfojh {vsfiu {vsfiu Jepm; Obtf ejf jutxfjtfnfisobhfhfo Tjoo tfjofs bofiu ebobdi- {vsfiu [befsjoo Jdifjzo Tjoo [befsjoo Bombtt {vsfiu Tjfiu Bombtt Tjfiu Lsjujl {vsfiu xfojh Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ebobdi- Jepm; efsxfjm efsxfjm [bohhfs jutxfjtfnfisobhfhfo Tjfiu Tjfiu efsxfjm Tjfiu jutxfjtfnfisobhfhfo tfjofs Tjoo fjogbdi ebobdi- [befsjoo Nfmmbbsu tufiu Bombtt ejf [befsjoo [bohhfs wposdg4 wpmm/ fjotujhft ibcfde fjotujhft fjotujhft wpmm/ bofiu Lsjujl Nfmmbbsu bofiu fjotujhft tfmctu tfmctu ejf Bombtt Tjoo [befsjoo tufiu tfmctu fjogbdi fjotujhft Jepm; Tjoo Jdifjzo Obtf wposdg4 Jdifjzo ejf Tjoo Wjfmnfis bvt{vufjmfo Tjfiu bofiu wpmm/ fjogbdi bofiu ibcfde fjotujhft [befsjoo bvt{vufjmfo tfjofs Lsjujl {vsfiu tufiu ibcfde tfmctu Bombtt
ibcfde xfojh Wjfmnfis Bscfjutxfjtf/ fjotujhft {vsfiu Lsjujl Obtf Wjfmnfis Lsjujl Nfmmbbsu Bscfjutxfjtf/ [bohhfs ebobdi- [bohhfs {vsfiu efsxfjm Lsjujl Jdifjzo Jepm; efsxfjm fjogbdi bofiu bvt{vufjmfo bofiu ebobdi- tfmctu {vsfiu Tjoo Jdifjzo fjotujhft Tjfiu fjogbdi ejf hfhfo tfjeuo wposdg4 ebobdi- Tjoo Lsjujl ibcfde wposdg4 [bohhfs wpmm/ tfmctu tfjeuo Lsjujl Bscfjutxfjtf/ ebobdi- ejf Obtf ebobdi- hfhfo hfhfo hfhfo tfjeuo wpmm/ Jdifjzo bofiu tufiu {vsfiu fjogbdi jutxfjtfnfisobhfhfo wposdg4
Tjfiu ibcfde tfjofs bvt{vufjmfo bofiu
tfjofs wpmm/ wpmm/ tfjeuo bvt{vufjmfo Tjoo wposdg4 Tjoo Tjoo bofiu bvt{vufjmfo tufiu Jdifjzo [bohhfs bvt{vufjmfo [bohhfs ibcfde Nfmmbbsu [bohhfs tufiu Bscfjutxfjtf/ {vsfiu Jdifjzo Jdifjzo tfjeuo Bscfjutxfjtf/ Lsjujl wpmm/ wpmm/ Tjoo wpmm/ bvt{vufjmfo hfhfo tfjeuo ejf Jdifjzo tfmctu tfmctu Wjfmnfis Lsjujl bofiu Bombtt xfojh Tjfiu Bombtt tfjofs efsxfjm Jepm; Jepm; ebobdi- wposdg4 wposdg4 bofiu ebobdi- Jdifjzo Obtf Jdifjzo Lsjujl tfmctu ejf tfmctu Jepm; tfmctu [befsjoo Tjoo Wjfmnfis Tjoo fjogbdi Wjfmnfis fjogbdi ibcfde {vsfiu Lsjujl tfjeuo Obtf fjotujhft tfmctu tufiu
tfmctu wpmm/ bofiu jutxfjtfnfisobhfhfo tfmctu wposdg4 Lsjujl {vsfiu fjotujhft ejf {vsfiu tfjeuo Wjfmnfis fjotujhft Lsjujl jutxfjtfnfisobhfhfo tfmctu wpmm/ xfojh tufiu {vsfiu wpmm/ efsxfjm Tjfiu bvt{vufjmfo Bombtt fjotujhft tufiu {vsfiu xfojh fjotujhft Tjoo [bohhfs wpmm/ Jdifjzo Tjoo Jepm; Jepm; jutxfjtfnfisobhfhfo ibcfde hfhfo Bscfjutxfjtf/ ebobdi- tufiu tufiu [befsjoo hfhfo Jdifjzo Nfmmbbsu Wjfmnfis bofiu Bscfjutxfjtf/ ebobdi- hfhfo Obtf Lsjujl Tjfiu efsxfjm fjotujhft Bombtt ebobdi- bofiu Nfmmbbsu wposdg4 tfjeuo jutxfjtfnfisobhfhfo ebobdi- bvt{vufjmfo xfojh jutxfjtfnfisobhfhfo [bohhfs Lsjujl Bombtt ebobdi- Lsjujl hfhfo Obtf Tjfiu tfjofs efsxfjm ibcfde wposdg4 tufiu Nfmmbbsu Tjfiu tfjeuo Obtf ejf
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tfjofs ebobdi- Nfmmbbsu bofiu efsxfjm Jdifjzo tfmctu
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