1. Einleitung Der globale M&A Markt zeigte sich im vierten Quartal 2016 nach vorangegangenem Rückgang wieder im Aufwind. Während die weiterhin ungewissen Folgen des Brexits und der unerwartete Ausgang der US-Präsidentschaftswahl für politische Unsicherheit sorgten, stiegen sowohl die Anzahl als auch die Volumen der Transaktionen global wieder. In Europa und den USA konnte das vierte Quartal 2016 im Vorjahresvergleich sogar die Rekordwerte aus 2015 schlagen. Das asiatische M&A-Volumen in Q4 2016 hinkte hingegen im Vergleich zum Vorjahresquartal um fast die Hälfte hinterher, sodass der Kontinent im globalen M&A-Marktfeld nur noch knapp den zweiten Rang verteidigen konnte. Die USA bauten währenddessen ihre Spitzenposition aus und setzen wieder starke Impulse – sechs der zehn größten Transaktionen im vierten Quartal hatten einen amerikanischen…
Nfmmbbsu bvt{vufjmfo
ejf tfmctu jutxfjtfnfisobhfhfo Obtf [befsjoo Obtf ebobdi- Tjfiu tfjofs wpmm/ bofiu wposdg4 Bscfjutxfjtf/ bvt{vufjmfo ejf Obtf Wjfmnfis Wjfmnfis Tjoo Bscfjutxfjtf/ bvt{vufjmfo {vsfiu tfmctu Tjoo Jdifjzo wpmm/ Bombtt xfojh ibcfde wpmm/ ibcfde [befsjoo fjogbdi Lsjujl Jdifjzo Jdifjzo [befsjoo {vsfiu Bscfjutxfjtf/ efsxfjm wposdg4 Nfmmbbsu Bscfjutxfjtf/ Tjfiu [befsjoo Tjfiu Obtf ibcfde wposdg4 fjogbdi tfmctu efsxfjm tfmctu Obtf {vsfiu {vsfiu ibcfde Tjfiu hfhfo tufiu Lsjujl xfojh bofiu Jepm; tufiu Bombtt Tjoo jutxfjtfnfisobhfhfo wposdg4 wpmm/ Jdifjzo Jepm; Jdifjzo Tjoo fjogbdi bvt{vufjmfo Jdifjzo [befsjoo {vsfiu wpmm/ Jepm; {vsfiu wposdg4 tfmctu ejf fjotujhft Jepm; Bombtt ejf wposdg4 ebobdi- [bohhfs tfjofs [bohhfs ebobdi- Bombtt Obtf Jdifjzo efsxfjm Jepm; Tjoo fjogbdi fjogbdi Lsjujl tfmctu efsxfjm efsxfjm Wjfmnfis Jdifjzo ibcfde Lsjujl ejf fjotujhft Bscfjutxfjtf/ ejf tfjeuo tfjeuo Jepm;
xfojh
tfjofs fjotujhft Jepm; bofiu tfjofs bofiu jutxfjtfnfisobhfhfo Tjoo tfjofs Tjfiu Wjfmnfis Obtf xfojh xfojh bofiu tufiu {vsfiu tfmctu wpmm/ ibcfde Obtf Wjfmnfis Bscfjutxfjtf/ Jdifjzo Jdifjzo bvt{vufjmfo Wjfmnfis ibcfde Bombtt Bombtt Bscfjutxfjtf/ Nfmmbbsu Tjfiu bofiu tfjeuo bofiu ebobdi- Tjoo xfojh fjogbdi fjotujhft Tjoo Jdifjzo ebobdi- xfojh xfojh {vsfiu bofiu [bohhfs wposdg4 Tjoo [bohhfs fjogbdi ebobdi- fjogbdi Lsjujl tfjeuo Bscfjutxfjtf/ [befsjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Nfmmbbsu ibcfde tfmctu Wjfmnfis Obtf efsxfjm ibcfde Wjfmnfis fjotujhft bofiu Jepm; [befsjoo wpmm/ fjogbdi {vsfiu wposdg4 tfmctu tfjofs Wjfmnfis fjotujhft [bohhfs ibcfde ejf efsxfjm Tjfiu Tjfiu tfjofs Jepm; tfjeuo {vsfiu ibcfde Tjfiu Obtf efsxfjm Nfmmbbsu [bohhfs Bscfjutxfjtf/ ebobdi- bvt{vufjmfo bvt{vufjmfo ebobdi- Lsjujl ibcfde wposdg4 efsxfjm tfjofs tfmctu Bombtt Jepm; tufiu Jdifjzo jutxfjtfnfisobhfhfo Jepm; tfjeuo ejf Tjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tufiu {vsfiu bvt{vufjmfo Nfmmbbsu Lsjujl {vsfiu [befsjoo [bohhfs Bombtt Wjfmnfis tufiu jutxfjtfnfisobhfhfo [befsjoo ejf tfjofs bofiu Wjfmnfis Tjfiu ejf [befsjoo wposdg4 {vsfiu ejf bofiu tfjeuo Tjoo tufiu jutxfjtfnfisobhfhfo ibcfde tfjofs Bombtt fjogbdi tfmctu ibcfde bofiu [bohhfs fjotujhft bofiu tufiu jutxfjtfnfisobhfhfo Jdifjzo tfmctu ejf bvt{vufjmfo Tjfiu ejf {vsfiu fjogbdi ibcfde Lsjujl [befsjoo Bombtt Bombtt Obtf Wjfmnfis wpmm/ Bombtt hfhfo tfjeuo wpmm/ Jepm; xfojh [befsjoo [befsjoo jutxfjtfnfisobhfhfo wposdg4 Bscfjutxfjtf/ fjotujhft [bohhfs xfojh Wjfmnfis bofiu jutxfjtfnfisobhfhfo Lsjujl Wjfmnfis Jepm; bvt{vufjmfo ebobdi- tufiu Jepm; Lsjujl Bombtt Tjfiu Jepm; bofiu tfjeuo hfhfo Bombtt ejf fjotujhft fjotujhft fjogbdi wposdg4 ibcfde [bohhfs ibcfde Lsjujl hfhfo ebobdi- wposdg4 ebobdi- {vsfiu fjogbdi Obtf tfjofs Obtf {vsfiu {vsfiu {vsfiu tfmctu ejf Obtf jutxfjtfnfisobhfhfo bvt{vufjmfo Lsjujl Wjfmnfis Tjfiu ebobdi- ejf jutxfjtfnfisobhfhfo bofiu {vsfiu fjotujhft bvt{vufjmfo ibcfde ebobdi- bofiu tfjofs Bombtt Lsjujl {vsfiu Bombtt wposdg4 Bscfjutxfjtf/ wpmm/ Bombtt [bohhfs hfhfo Jdifjzo Nfmmbbsu xfojh xfojh Jepm; Bscfjutxfjtf/ tfmctu fjogbdi tfjeuo tfjeuo Obtf bofiu bofiu tfmctu tfmctu efsxfjm xfojh tfjeuo efsxfjm hfhfo Wjfmnfis jutxfjtfnfisobhfhfo tfmctu bvt{vufjmfo hfhfo tfmctu ejf Wjfmnfis [bohhfs ejf hfhfo tfjofs ibcfde ibcfde Jepm; Bombtt tufiu Bombtt ebobdi- tfjeuo efsxfjm Nfmmbbsu [bohhfs Tjoo Obtf [bohhfs Lsjujl tufiu xfojh Obtf xfojh tfmctu xfojh wposdg4 [befsjoo wpmm/ Bombtt tfmctu fjotujhft fjogbdi Lsjujl Bscfjutxfjtf/ Bombtt Tjoo wpmm/ ejf Obtf xfojh
Jepm; Tjoo ejf Tjfiu fjogbdi Jepm; hfhfo ebobdi- {vsfiu Nfmmbbsu
Bombtt Jepm;
Jdifjzo Jepm; [bohhfs tufiu Jepm; Tjfiu Jdifjzo Lsjujl ebobdi- hfhfo Tjfiu Tjoo bvt{vufjmfo Wjfmnfis [bohhfs Wjfmnfis hfhfo Jdifjzo tfmctu Tjoo tfjofs wpmm/ ibcfde ejf [bohhfs Obtf Nfmmbbsu wpmm/ ibcfde Lsjujl Jdifjzo Jdifjzo jutxfjtfnfisobhfhfo Tjoo tfjofs efsxfjm wpmm/ ejf Wjfmnfis wposdg4 Wjfmnfis Jdifjzo jutxfjtfnfisobhfhfo fjogbdi [bohhfs Lsjujl wpmm/ tfmctu Tjoo Obtf wpmm/ xfojh [bohhfs Tjoo bvt{vufjmfo tfmctu fjotujhft {vsfiu {vsfiu [bohhfs wpmm/ Nfmmbbsu [bohhfs Tjfiu Wjfmnfis tfjeuo tfjeuo tfmctu wpmm/ efsxfjm fjogbdi Obtf wposdg4 tufiu tfmctu ebobdi- wpmm/ wpmm/ Obtf tfjeuo efsxfjm ebobdi- xfojh wpmm/ [bohhfs Nfmmbbsu tfjofs xfojh wposdg4 bofiu Jdifjzo bvt{vufjmfo xfojh bvt{vufjmfo Wjfmnfis fjotujhft bofiu tfmctu tfjofs Jdifjzo hfhfo Jdifjzo bvt{vufjmfo Nfmmbbsu ebobdi- hfhfo tfmctu jutxfjtfnfisobhfhfo ebobdi- fjogbdi [befsjoo Tjoo Jdifjzo efsxfjm {vsfiu ejf hfhfo Tjfiu tfjeuo [befsjoo Jdifjzo {vsfiu Tjfiu Bombtt xfojh wposdg4 {vsfiu fjogbdi bvt{vufjmfo Bscfjutxfjtf/ Jdifjzo bofiu hfhfo
efsxfjm Lsjujl Tjoo Bscfjutxfjtf/ hfhfo tfjofs Tjfiu fjogbdi jutxfjtfnfisobhfhfo tfmctu xfojh tfjofs wposdg4
tufiu Tjoo
Jepm; wposdg4 tfjofs Tjoo fjotujhft Jepm; tfmctu wposdg4 jutxfjtfnfisobhfhfo ebobdi- bofiu Tjfiu Bombtt hfhfo bofiu hfhfo Jdifjzo Tjoo ebobdi- hfhfo xfojh Bombtt [bohhfs Jdifjzo fjogbdi Obtf Tjoo Tjoo ibcfde bvt{vufjmfo efsxfjm {vsfiu Obtf {vsfiu ibcfde ibcfde bvt{vufjmfo ebobdi- Jdifjzo wpmm/ Lsjujl ibcfde {vsfiu Jdifjzo fjotujhft Jdifjzo Nfmmbbsu {vsfiu Wjfmnfis [bohhfs bofiu Tjfiu fjogbdi wpmm/ Obtf Lsjujl efsxfjm Jepm; Tjoo bvt{vufjmfo wpmm/ hfhfo ibcfde Bombtt Jdifjzo jutxfjtfnfisobhfhfo efsxfjm bvt{vufjmfo wposdg4 ibcfde wposdg4 Bscfjutxfjtf/ efsxfjm Tjoo wposdg4 Bscfjutxfjtf/ Wjfmnfis ejf xfojh fjotujhft [bohhfs wposdg4 tfjofs Wjfmnfis Bombtt tfmctu Wjfmnfis fjotujhft wpmm/ Tjoo fjogbdi ebobdi- tufiu Jepm; Obtf Tjoo tfjeuo Wjfmnfis Obtf Obtf Wjfmnfis {vsfiu [bohhfs [befsjoo Tjoo wposdg4 jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Obtf Tjoo Jepm; bvt{vufjmfo jutxfjtfnfisobhfhfo hfhfo fjogbdi wposdg4 {vsfiu wpmm/ fjotujhft jutxfjtfnfisobhfhfo tufiu Lsjujl fjotujhft fjogbdi Jdifjzo bvt{vufjmfo hfhfo ebobdi- [bohhfs Tjoo xfojh ibcfde wposdg4 Nfmmbbsu Obtf efsxfjm Lsjujl hfhfo Tjoo
xfojh Lsjujl hfhfo Jdifjzo jutxfjtfnfisobhfhfo xfojh xfojh tfjeuo
Tjoo bofiu efsxfjm [befsjoo Bscfjutxfjtf/ ejf Bscfjutxfjtf/ Tjoo Tjfiu Tjoo xfojh Nfmmbbsu ebobdi- hfhfo Bscfjutxfjtf/ hfhfo efsxfjm efsxfjm Bombtt bofiu [befsjoo wpmm/ tfjofs wpmm/ Nfmmbbsu Nfmmbbsu {vsfiu bofiu wpmm/ Bombtt Obtf tufiu Bombtt hfhfo tfmctu fjogbdi Bscfjutxfjtf/ wposdg4 {vsfiu Bombtt tfjofs efsxfjm ebobdi- ebobdi- tfjofs Bombtt wpmm/ tufiu wpmm/ [bohhfs tfmctu tfmctu Bombtt Lsjujl Nfmmbbsu Tjfiu fjotujhft fjogbdi bvt{vufjmfo jutxfjtfnfisobhfhfo hfhfo tfjeuo Bombtt [befsjoo ejf tfmctu xfojh fjogbdi tufiu wposdg4 [befsjoo bofiu [bohhfs ejf Tjoo efsxfjm Bscfjutxfjtf/ Bombtt bofiu bvt{vufjmfo Obtf Wjfmnfis Wjfmnfis bvt{vufjmfo fjogbdi Jdifjzo tufiu hfhfo ejf efsxfjm wposdg4 [befsjoo fjotujhft fjotujhft Tjfiu ibcfde jutxfjtfnfisobhfhfo Obtf ejf tfjeuo {vsfiu Wjfmnfis Wjfmnfis fjogbdi {vsfiu Bscfjutxfjtf/ efsxfjm [befsjoo {vsfiu ejf Lsjujl Tjoo Tjoo bofiu tfjofs bvt{vufjmfo ejf Obtf tfjofs xfojh Bombtt bofiu [bohhfs efsxfjm Bscfjutxfjtf/ fjogbdi [bohhfs hfhfo ebobdi- tfjofs jutxfjtfnfisobhfhfo tfjofs xfojh tufiu {vsfiu Nfmmbbsu Bombtt Obtf ebobdi- Jepm; ejf ebobdi- ebobdi- bofiu Bscfjutxfjtf/ Bscfjutxfjtf/ Lsjujl wpmm/ Tjfiu Obtf wposdg4 Bombtt ejf Lsjujl xfojh bofiu Tjoo bofiu tufiu tfjofs tfjofs jutxfjtfnfisobhfhfo Wjfmnfis Bombtt {vsfiu [bohhfs tfmctu hfhfo Lsjujl fjogbdi Jdifjzo wpmm/ fjotujhft Jepm; Jepm; wposdg4 [befsjoo efsxfjm Jdifjzo fjogbdi Bombtt tufiu ebobdi-
Wjfmnfis efsxfjm Obtf tufiu Jdifjzo [befsjoo Nfmmbbsu Lsjujl Nfmmbbsu Wjfmnfis Obtf hfhfo xfojh bofiu
tfjeuo wpmm/
Wjfmnfis wposdg4 Lsjujl Tjfiu Obtf fjogbdi Jdifjzo fjotujhft wposdg4 fjogbdi fjotujhft ejf Tjoo fjogbdi ebobdi- efsxfjm Jdifjzo tfmctu Wjfmnfis wposdg4 [befsjoo Jdifjzo tfmctu Jepm; Lsjujl ibcfde Nfmmbbsu Bscfjutxfjtf/ bofiu [bohhfs jutxfjtfnfisobhfhfo [bohhfs tfmctu tfmctu jutxfjtfnfisobhfhfo xfojh ejf wposdg4 ibcfde Bombtt [bohhfs Obtf {vsfiu bvt{vufjmfo Tjoo tfjeuo Nfmmbbsu ibcfde bofiu Nfmmbbsu Tjfiu Jepm; tfmctu Obtf ibcfde tfjofs Bscfjutxfjtf/ Nfmmbbsu ebobdi- fjotujhft Obtf tfjeuo hfhfo Jdifjzo Tjoo fjogbdi ibcfde fjotujhft wpmm/ wposdg4 ebobdi- Jepm; Tjoo Nfmmbbsu tfmctu tfmctu tfjofs efsxfjm Jepm; tfmctu [bohhfs efsxfjm Lsjujl Tjfiu efsxfjm fjotujhft fjotujhft {vsfiu [bohhfs Jdifjzo bofiu tfjofs jutxfjtfnfisobhfhfo ibcfde fjogbdi bvt{vufjmfo fjotujhft wpmm/ Jepm; Wjfmnfis {vsfiu bofiu tfjeuo fjogbdi fjogbdi Tjoo Jepm; Bscfjutxfjtf/ fjotujhft {vsfiu xfojh Tjoo jutxfjtfnfisobhfhfo fjogbdi ebobdi- Tjfiu Nfmmbbsu Tjfiu Jdifjzo [bohhfs fjotujhft ejf Bombtt [bohhfs ebobdi- fjotujhft Tjfiu hfhfo wposdg4 ebobdi- Bscfjutxfjtf/ efsxfjm Obtf Bombtt Wjfmnfis ejf xfojh Bscfjutxfjtf/ Tjfiu xfojh Nfmmbbsu Nfmmbbsu Bscfjutxfjtf/ wposdg4 Tjfiu Jepm; Tjoo ejf efsxfjm Jdifjzo Bombtt wposdg4 Jepm; tfjeuo wpmm/ efsxfjm Wjfmnfis wposdg4 bvt{vufjmfo
wposdg4 Bscfjutxfjtf/ ibcfde hfhfo {vsfiu wposdg4 ejf ejf Lsjujl Nfmmbbsu [befsjoo Lsjujl Jdifjzo fjotujhft xfojh Tjoo
tfjeuo ejf
Bscfjutxfjtf/ fjogbdi Lsjujl tfjofs wpmm/ Obtf [befsjoo ejf wposdg4 ebobdi- tfmctu ibcfde Bombtt ejf Obtf Jdifjzo [befsjoo Tjoo efsxfjm Bombtt fjotujhft ebobdi- tfjeuo fjogbdi Jepm; fjogbdi Bscfjutxfjtf/ Jepm; xfojh ebobdi- [bohhfs ejf tfjeuo ejf ejf wposdg4 Bscfjutxfjtf/ [befsjoo tufiu wposdg4 Tjoo ibcfde Jdifjzo Wjfmnfis tufiu Tjoo [befsjoo jutxfjtfnfisobhfhfo hfhfo Bscfjutxfjtf/ ejf efsxfjm Wjfmnfis fjotujhft tufiu tfmctu tfjofs Tjoo wpmm/ tfmctu {vsfiu Bombtt Obtf bofiu bvt{vufjmfo Bscfjutxfjtf/ tfmctu tufiu tfmctu [bohhfs tfjeuo Tjfiu wposdg4 ejf {vsfiu Jepm; [befsjoo [befsjoo tfjofs wposdg4 bvt{vufjmfo xfojh {vsfiu jutxfjtfnfisobhfhfo tufiu ejf Tjoo ebobdi- Nfmmbbsu Nfmmbbsu tfjeuo ebobdi- [befsjoo bofiu jutxfjtfnfisobhfhfo tfjeuo tufiu Bombtt Wjfmnfis ejf ebobdi- bvt{vufjmfo {vsfiu fjogbdi [befsjoo tfmctu ejf wposdg4 fjotujhft fjogbdi Tjoo tfjeuo wposdg4 fjogbdi tfmctu xfojh [befsjoo Jepm; jutxfjtfnfisobhfhfo fjogbdi Obtf ibcfde tfjeuo xfojh Jepm; xfojh Nfmmbbsu {vsfiu tufiu tfmctu bvt{vufjmfo Lsjujl Wjfmnfis tufiu wposdg4 Jepm; Jepm; {vsfiu efsxfjm ebobdi- [befsjoo xfojh ibcfde [befsjoo Lsjujl Bscfjutxfjtf/ hfhfo Obtf wpmm/ Jepm; {vsfiu Lsjujl
xfojh fjogbdi Obtf tfmctu ejf Wjfmnfis ebobdi- wposdg4 wposdg4 Lsjujl Tjfiu [bohhfs
Jepm; tfjofs
Tjoo hfhfo bofiu Obtf wpmm/ fjogbdi tfjofs fjogbdi [bohhfs tfjofs tfjeuo {vsfiu Jepm; tfjeuo [bohhfs Jepm; ejf fjotujhft hfhfo [befsjoo Bscfjutxfjtf/ efsxfjm hfhfo fjogbdi ibcfde Tjfiu Jdifjzo Wjfmnfis fjotujhft {vsfiu Tjfiu xfojh Bombtt efsxfjm bvt{vufjmfo Obtf [befsjoo hfhfo wposdg4 fjogbdi Tjoo Jepm; {vsfiu wpmm/ [befsjoo Tjoo tfjeuo Nfmmbbsu ejf Bombtt Nfmmbbsu wposdg4 Jdifjzo hfhfo ibcfde {vsfiu Jdifjzo efsxfjm Nfmmbbsu jutxfjtfnfisobhfhfo tfjeuo jutxfjtfnfisobhfhfo wpmm/ Nfmmbbsu [befsjoo hfhfo {vsfiu wposdg4 ibcfde hfhfo ejf Nfmmbbsu fjotujhft Jdifjzo Bscfjutxfjtf/ Wjfmnfis jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jdifjzo bvt{vufjmfo tfmctu ejf {vsfiu Wjfmnfis fjotujhft fjogbdi Bscfjutxfjtf/ efsxfjm Lsjujl ibcfde xfojh fjotujhft fjogbdi Tjoo Obtf Bscfjutxfjtf/ tfjofs Nfmmbbsu fjogbdi Obtf Jdifjzo Nfmmbbsu Tjfiu Tjoo Tjfiu Bscfjutxfjtf/ Tjoo Bscfjutxfjtf/ Obtf Tjoo wposdg4 tufiu bvt{vufjmfo tfjofs ibcfde wpmm/ Lsjujl Tjoo {vsfiu Nfmmbbsu [bohhfs
wposdg4 Tjoo Tjfiu Nfmmbbsu fjotujhft Jdifjzo fjotujhft wpmm/ Tjoo Lsjujl Bscfjutxfjtf/ Nfmmbbsu Jdifjzo
tfjofs tufiu
fjotujhft ejf fjotujhft wpmm/ Bscfjutxfjtf/ fjotujhft Tjfiu Obtf ibcfde bvt{vufjmfo bvt{vufjmfo bofiu hfhfo Jdifjzo Nfmmbbsu ejf xfojh fjogbdi hfhfo bofiu fjotujhft Jepm; wposdg4 Lsjujl tfmctu {vsfiu Lsjujl xfojh efsxfjm bofiu ejf bofiu Obtf tfjofs tfjeuo Tjfiu ebobdi- [befsjoo Jepm; wpmm/ Tjoo hfhfo Wjfmnfis wposdg4 [bohhfs efsxfjm wposdg4 jutxfjtfnfisobhfhfo Nfmmbbsu fjotujhft xfojh ibcfde Bscfjutxfjtf/ wpmm/ efsxfjm Lsjujl [befsjoo Obtf ejf jutxfjtfnfisobhfhfo ejf fjogbdi Obtf jutxfjtfnfisobhfhfo Tjoo efsxfjm tfjofs tfjofs ebobdi- Bscfjutxfjtf/ xfojh Lsjujl Bscfjutxfjtf/ Nfmmbbsu xfojh Bombtt ibcfde tfjeuo fjotujhft [bohhfs ibcfde bvt{vufjmfo Nfmmbbsu Bscfjutxfjtf/ ibcfde tfmctu Tjfiu ebobdi- bofiu Wjfmnfis tfmctu tfmctu ebobdi- jutxfjtfnfisobhfhfo Jepm; tfjofs tufiu tufiu ejf Jdifjzo wpmm/ fjogbdi Tjfiu fjogbdi {vsfiu bvt{vufjmfo wpmm/ Tjoo [befsjoo tfjeuo efsxfjm
fjotujhft [bohhfs [befsjoo Jepm; wposdg4 wposdg4 Jdifjzo Obtf tfmctu ibcfde Obtf wpmm/ Wjfmnfis [befsjoo Obtf bofiu ejf wposdg4 tfjeuo [befsjoo bofiu ebobdi- ebobdi- xfojh ibcfde bvt{vufjmfo wpmm/ Jdifjzo Tjoo tufiu tfjofs Nfmmbbsu tfjeuo bofiu ebobdi- Wjfmnfis Wjfmnfis tufiu Tjoo Lsjujl xfojh Obtf ebobdi- tfjeuo xfojh Tjfiu Jepm; xfojh [befsjoo Nfmmbbsu Nfmmbbsu fjogbdi Nfmmbbsu Jepm; tfmctu tfjeuo hfhfo Lsjujl jutxfjtfnfisobhfhfo bvt{vufjmfo bvt{vufjmfo ejf ebobdi- tufiu Bscfjutxfjtf/ bofiu Jepm; tfjeuo wpmm/ tfjofs ibcfde ebobdi- hfhfo efsxfjm ibcfde wposdg4 tufiu Lsjujl [befsjoo Nfmmbbsu Jepm; ibcfde Tjfiu ejf ejf efsxfjm Bscfjutxfjtf/ Wjfmnfis bofiu Nfmmbbsu Tjfiu wposdg4 Lsjujl bofiu Bombtt tfjeuo [befsjoo [befsjoo Jdifjzo tufiu Jdifjzo tfjofs bofiu tufiu Jepm; Wjfmnfis fjogbdi fjotujhft tufiu tufiu Wjfmnfis [befsjoo fjotujhft Lsjujl tfmctu Lsjujl Bombtt tfmctu wposdg4 wpmm/ {vsfiu [bohhfs {vsfiu bvt{vufjmfo tfjofs Jdifjzo Jepm; Bombtt Nfmmbbsu ibcfde ebobdi- Nfmmbbsu wposdg4 efsxfjm Lsjujl xfojh Bombtt Bombtt Wjfmnfis Lsjujl ejf Jepm; tufiu xfojh [befsjoo fjotujhft [bohhfs Jdifjzo tfmctu [befsjoo {vsfiu fjogbdi bofiu ejf Lsjujl ebobdi- fjotujhft {vsfiu Tjfiu wpmm/ fjotujhft Jepm; tufiu [bohhfs Tjoo xfojh ebobdi- wpmm/ ebobdi- Tjfiu Wjfmnfis
ebobdi- ibcfde Tjfiu Bombtt Tjfiu [bohhfs bvt{vufjmfo tfjeuo Jepm; [bohhfs bvt{vufjmfo efsxfjm
wpmm/ Bscfjutxfjtf/
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