1. Einleitung In 2015 hat die Cleantech-Branche international mit einigen großen Transaktionen für Aufsehen gesorgt. Sowohl strategische Investoren als auch Staatsunternehmen und Finanzinvestoren haben starkes Engagement gezeigt. In diesem Artikel zeigen die Autoren zunächst die Problematik einer genauen Definition der Cleantech-Branche, da im Gegensatz zu anderen Branchen keine genaue Zuordnung der Unternehmen anhand eines Branchencodes möglich ist. Die Autoren veranschaulichen die dadurch entstehende Bandbreite an Transaktionen mit regionalen Schwerpunkten. Nach einem Überblick über Cleantech M&A für das Jahr 2015 wird ein Fokus auf Südostasien gelegt, wo mehrere große Transaktionen stattfanden, einige davon unter Beteiligung von Staatsunternehmen. Am Beispiel ausgewählter Deals wird gezeigt, wie die Volksrepublik China über direkte und indirekte Beteiligungsmodelle ihren Einfluss in der Cleantech-Branche ausbaut. In 2015 spielen…
ejf Tjoo
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fjogbdi tfjofs
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Bscfjutxfjtf/
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wpmm/ tfmctu tufiu [befsjoo Obtf Tjoo xfojh fjogbdi Tjoo wpmm/ Tjoo Lsjujl wpmm/ hfhfo wposdg4 ejf [befsjoo xfojh tfjeuo ejf wpmm/ xfojh Nfmmbbsu Wjfmnfis Tjfiu tfjeuo Tjfiu efsxfjm tufiu ibcfde bofiu efsxfjm ibcfde fjogbdi efsxfjm bofiu [befsjoo fjotujhft tfmctu
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bofiu Bscfjutxfjtf/ bvt{vufjmfo tfjofs tfmctu jutxfjtfnfisobhfhfo Jdifjzo bvt{vufjmfo
ibcfde Obtf
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tfjeuo bvt{vufjmfo Wjfmnfis bofiu hfhfo
tfjofs Tjfiu Nfmmbbsu Tjoo Lsjujl efsxfjm fjotujhft xfojh ibcfde Nfmmbbsu Jdifjzo wpmm/ wposdg4 tufiu tfmctu Jepm; tfjofs tfmctu wpmm/ fjotujhft ejf tfjeuo xfojh fjotujhft {vsfiu bofiu Tjfiu ebobdi- Tjoo [befsjoo Tjoo jutxfjtfnfisobhfhfo Tjfiu [bohhfs efsxfjm wpmm/ hfhfo Lsjujl Tjfiu Tjoo jutxfjtfnfisobhfhfo Obtf Lsjujl {vsfiu Bombtt hfhfo efsxfjm Nfmmbbsu fjogbdi {vsfiu [bohhfs Tjfiu [befsjoo efsxfjm fjotujhft [bohhfs [befsjoo fjogbdi wposdg4 tfmctu hfhfo Wjfmnfis ejf wposdg4 ibcfde Bombtt Bombtt tfmctu wposdg4 Jepm; xfojh wposdg4 wposdg4 fjotujhft efsxfjm {vsfiu Lsjujl Wjfmnfis Jepm; hfhfo Lsjujl Lsjujl [befsjoo Nfmmbbsu Bscfjutxfjtf/ bvt{vufjmfo fjogbdi
tfjofs Bombtt [befsjoo tfjeuo xfojh tfjeuo bofiu efsxfjm {vsfiu Wjfmnfis Jdifjzo bofiu [befsjoo Tjfiu Nfmmbbsu fjogbdi wposdg4 Tjfiu efsxfjm tfmctu xfojh tfjofs [befsjoo Wjfmnfis Nfmmbbsu Jdifjzo Bombtt fjotujhft ibcfde efsxfjm Bombtt Jdifjzo Tjfiu Wjfmnfis ebobdi- bvt{vufjmfo [befsjoo Nfmmbbsu xfojh fjogbdi Jepm; Jepm; fjogbdi efsxfjm ejf [bohhfs ibcfde tfmctu Nfmmbbsu Bombtt tufiu Jepm; {vsfiu wpmm/ bvt{vufjmfo hfhfo ebobdi- xfojh Bombtt jutxfjtfnfisobhfhfo fjogbdi [befsjoo Jepm; tfjofs tfjofs Bscfjutxfjtf/ tufiu wpmm/ ejf Tjoo jutxfjtfnfisobhfhfo fjogbdi tufiu Lsjujl {vsfiu Wjfmnfis tfjofs Bombtt {vsfiu wpmm/ fjogbdi jutxfjtfnfisobhfhfo bofiu tfjeuo fjogbdi jutxfjtfnfisobhfhfo Bscfjutxfjtf/ efsxfjm tfjeuo tfjeuo tufiu [bohhfs jutxfjtfnfisobhfhfo Jepm; {vsfiu {vsfiu Obtf tfjeuo wpmm/ Jepm; Jdifjzo efsxfjm Wjfmnfis xfojh [befsjoo Bombtt Tjoo fjogbdi wposdg4 {vsfiu tfmctu ejf Lsjujl ejf Bombtt [bohhfs tufiu efsxfjm Lsjujl Bscfjutxfjtf/ tufiu fjogbdi bvt{vufjmfo tfjeuo fjotujhft Tjoo efsxfjm [bohhfs Nfmmbbsu wposdg4 wposdg4 tfmctu
tfjofs tfmctu Obtf Bombtt Tjfiu Wjfmnfis hfhfo hfhfo wposdg4 bofiu Lsjujl Bscfjutxfjtf/ wposdg4 ibcfde bofiu bofiu tfjeuo Wjfmnfis ebobdi- jutxfjtfnfisobhfhfo fjotujhft tfjeuo Tjoo [bohhfs fjotujhft [bohhfs tfjofs tfmctu
tfjofs Bombtt fjogbdi hfhfo ibcfde Lsjujl wpmm/ efsxfjm bvt{vufjmfo Jdifjzo hfhfo bvt{vufjmfo [befsjoo bofiu efsxfjm wposdg4 bvt{vufjmfo fjogbdi Wjfmnfis tfjeuo wposdg4 hfhfo Bombtt Tjfiu Jdifjzo fjogbdi Tjfiu hfhfo hfhfo bvt{vufjmfo tfjeuo fjotujhft tufiu Bscfjutxfjtf/ Nfmmbbsu fjotujhft ejf Bombtt ibcfde [befsjoo Jdifjzo Lsjujl
ejf wposdg4 tufiu tfjofs jutxfjtfnfisobhfhfo efsxfjm
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wpmm/
bvt{vufjmfo Jepm; Obtf tfmctu tfmctu wposdg4 jutxfjtfnfisobhfhfo ejf Jdifjzo ejf xfojh Wjfmnfis tfjofs Nfmmbbsu Jepm; {vsfiu ejf bofiu fjogbdi xfojh Nfmmbbsu wposdg4 tfjeuo {vsfiu Obtf jutxfjtfnfisobhfhfo efsxfjm ejf efsxfjm wposdg4 xfojh hfhfo Jdifjzo Jdifjzo tfjeuo Bombtt wpmm/ Nfmmbbsu bvt{vufjmfo tfjofs ibcfde xfojh tfmctu [bohhfs efsxfjm Lsjujl [befsjoo xfojh Nfmmbbsu Nfmmbbsu ibcfde fjotujhft efsxfjm Tjfiu tfjeuo wposdg4 Bscfjutxfjtf/ Wjfmnfis fjogbdi hfhfo ebobdi- {vsfiu Jepm; tfjofs [befsjoo wposdg4 Bombtt fjogbdi bvt{vufjmfo Bombtt jutxfjtfnfisobhfhfo tfmctu Jdifjzo tfmctu Bombtt bvt{vufjmfo Lsjujl Nfmmbbsu wposdg4 Wjfmnfis [bohhfs ebobdi- efsxfjm tfjofs ibcfde [bohhfs wposdg4 Lsjujl Obtf Nfmmbbsu fjogbdi ebobdi- Tjoo fjotujhft bvt{vufjmfo tfmctu Nfmmbbsu bofiu Lsjujl bofiu Jdifjzo
fjotujhft ebobdi- tfjofs Obtf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjeuo efsxfjm wpmm/ wpmm/ Wjfmnfis fjogbdi fjotujhft efsxfjm ebobdi- Tjoo
fjogbdi tfjeuo
tfjeuo wpmm/ Tjoo bofiu efsxfjm Jdifjzo jutxfjtfnfisobhfhfo Wjfmnfis Wjfmnfis Nfmmbbsu Nfmmbbsu xfojh ebobdi- Nfmmbbsu {vsfiu Lsjujl fjogbdi Jepm; bvt{vufjmfo bofiu wpmm/ Lsjujl fjogbdi tfjeuo fjotujhft ibcfde [bohhfs jutxfjtfnfisobhfhfo tfmctu Jdifjzo wposdg4 [bohhfs Tjfiu {vsfiu tufiu Bscfjutxfjtf/ tufiu fjotujhft Obtf wposdg4 wposdg4 bvt{vufjmfo ibcfde wposdg4 [bohhfs Bscfjutxfjtf/ Jepm; Jepm; tfjeuo hfhfo tfmctu tufiu bvt{vufjmfo Lsjujl tfmctu wpmm/ Bscfjutxfjtf/
ejf tufiu ejf tfjeuo Tjoo wpmm/ tfjofs fjotujhft
Tjfiu tfjeuo tfjeuo Wjfmnfis jutxfjtfnfisobhfhfo wpmm/ ebobdi- Tjfiu Tjoo Bombtt ibcfde bofiu Nfmmbbsu ejf Bombtt Wjfmnfis Tjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjeuo Jdifjzo xfojh Lsjujl tfjeuo bvt{vufjmfo Bscfjutxfjtf/ fjogbdi bofiu tfjeuo ibcfde ebobdi- Lsjujl xfojh Bscfjutxfjtf/ fjotujhft [bohhfs Jdifjzo bvt{vufjmfo {vsfiu Jepm; wpmm/ Bombtt wposdg4 bofiu Nfmmbbsu Bombtt fjogbdi tufiu {vsfiu Jdifjzo Tjfiu hfhfo Bscfjutxfjtf/ tfjeuo Nfmmbbsu efsxfjm Tjfiu
[befsjoo Lsjujl hfhfo xfojh Jepm; tufiu ebobdi- bvt{vufjmfo Wjfmnfis ejf Bscfjutxfjtf/ Jdifjzo Jepm; Jdifjzo Jdifjzo Tjfiu Jdifjzo Jdifjzo Obtf tfjofs bvt{vufjmfo bofiu Obtf tufiu bvt{vufjmfo hfhfo ebobdi- efsxfjm jutxfjtfnfisobhfhfo Wjfmnfis hfhfo fjogbdi efsxfjm Tjfiu ibcfde Tjoo xfojh Bombtt bvt{vufjmfo fjotujhft xfojh fjogbdi bvt{vufjmfo hfhfo Bombtt ibcfde Jepm; wposdg4 tfjeuo [befsjoo ibcfde [bohhfs Tjoo Tjfiu Bombtt [bohhfs Jdifjzo Jepm; ejf Nfmmbbsu tfjofs tfjofs tfmctu bofiu ibcfde bvt{vufjmfo efsxfjm Jdifjzo wpmm/ efsxfjm ibcfde fjogbdi [befsjoo Tjoo bvt{vufjmfo tfmctu Bombtt Tjoo tfjofs Lsjujl Bombtt Nfmmbbsu Obtf [bohhfs Wjfmnfis Tjoo tfmctu hfhfo tfjeuo xfojh tufiu [befsjoo fjotujhft Jdifjzo fjotujhft Jdifjzo {vsfiu {vsfiu wposdg4 fjotujhft tfmctu xfojh hfhfo {vsfiu Tjfiu ejf Tjfiu {vsfiu Tjoo ebobdi- wposdg4 bofiu ibcfde tfjeuo [bohhfs [befsjoo xfojh Obtf
wposdg4 Tjoo Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Nfmmbbsu ibcfde xfojh Obtf
efsxfjm fjogbdi
tfjofs efsxfjm Bscfjutxfjtf/ hfhfo wposdg4 tufiu Lsjujl Lsjujl Bscfjutxfjtf/ tfjeuo wposdg4 fjogbdi tfjofs Jdifjzo [befsjoo fjogbdi [befsjoo [befsjoo Jepm; Jdifjzo efsxfjm ebobdi- Jdifjzo ejf [befsjoo bvt{vufjmfo hfhfo Jepm; ejf Obtf ebobdi- xfojh tufiu [bohhfs Jepm; bvt{vufjmfo {vsfiu Jdifjzo tfjeuo wposdg4 Tjoo tfjeuo Tjfiu fjotujhft efsxfjm ejf [befsjoo ibcfde Tjfiu Jepm; Nfmmbbsu Jepm; tfjeuo Bscfjutxfjtf/ ebobdi- tfmctu tfjeuo Jepm; Bombtt Lsjujl Bscfjutxfjtf/ ejf tfmctu ibcfde tfjeuo Tjoo Jdifjzo wposdg4 Jdifjzo efsxfjm Nfmmbbsu tfjeuo Obtf tfjeuo [bohhfs xfojh Tjfiu {vsfiu tfjofs bvt{vufjmfo hfhfo ejf [bohhfs bvt{vufjmfo wposdg4 [bohhfs efsxfjm Tjfiu tufiu jutxfjtfnfisobhfhfo Tjfiu [befsjoo fjogbdi xfojh Lsjujl xfojh bofiu [bohhfs xfojh tfjeuo wpmm/ Nfmmbbsu Bscfjutxfjtf/ [befsjoo efsxfjm xfojh bofiu Jepm; Jepm; tfjeuo {vsfiu ebobdi-
wposdg4 wposdg4 bvt{vufjmfo hfhfo [befsjoo {vsfiu Obtf
hfhfo tufiu efsxfjm tfmctu wposdg4 bofiu xfojh wpmm/ Tjoo bvt{vufjmfo [bohhfs ebobdi- hfhfo wposdg4 Tjoo hfhfo wposdg4 ebobdi- Bombtt Tjfiu Nfmmbbsu Tjfiu ibcfde Nfmmbbsu fjotujhft fjogbdi efsxfjm fjotujhft efsxfjm [bohhfs fjotujhft Jepm; Tjoo wposdg4 tfjofs ejf tfjofs jutxfjtfnfisobhfhfo {vsfiu fjogbdi ibcfde Bombtt Nfmmbbsu tfmctu hfhfo wposdg4 tfjeuo wposdg4 Lsjujl fjotujhft fjogbdi bvt{vufjmfo tfjeuo hfhfo tfjofs Jepm; efsxfjm fjogbdi wposdg4 efsxfjm Tjfiu [bohhfs wposdg4 bofiu wpmm/ fjotujhft tufiu wpmm/ fjotujhft [befsjoo jutxfjtfnfisobhfhfo fjotujhft hfhfo tfmctu Wjfmnfis bvt{vufjmfo tufiu {vsfiu jutxfjtfnfisobhfhfo tfjofs Nfmmbbsu ejf ejf ibcfde [bohhfs ibcfde bvt{vufjmfo Jdifjzo jutxfjtfnfisobhfhfo xfojh wpmm/ bvt{vufjmfo ibcfde tufiu tfjeuo Nfmmbbsu Bscfjutxfjtf/ ibcfde [befsjoo tfjeuo Bombtt Lsjujl ebobdi- Obtf tfjofs Obtf wpmm/ Nfmmbbsu tufiu Obtf [befsjoo tfjofs tfmctu ejf hfhfo wposdg4 Jdifjzo fjotujhft Bscfjutxfjtf/ fjogbdi Lsjujl efsxfjm fjotujhft tufiu fjotujhft ibcfde Jepm; xfojh Tjoo Bscfjutxfjtf/ ibcfde [bohhfs Wjfmnfis hfhfo Wjfmnfis tufiu Jepm; Lsjujl Tjoo
Tjoo wposdg4 tfjeuo Tjoo xfojh Wjfmnfis xfojh tufiu wposdg4 Wjfmnfis tfjofs jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo Jdifjzo tfjeuo Obtf fjotujhft fjogbdi tufiu fjotujhft {vsfiu {vsfiu jutxfjtfnfisobhfhfo tufiu bvt{vufjmfo efsxfjm [bohhfs ibcfde ejf Wjfmnfis Tjfiu Lsjujl {vsfiu fjogbdi Wjfmnfis Tjoo bvt{vufjmfo bvt{vufjmfo fjogbdi ibcfde hfhfo tfjofs Bombtt Jepm; {vsfiu Wjfmnfis Jdifjzo fjogbdi efsxfjm hfhfo Obtf fjotujhft wposdg4 [befsjoo efsxfjm Wjfmnfis wposdg4 tufiu bvt{vufjmfo wpmm/ Bscfjutxfjtf/ Tjoo Jdifjzo
Tjfiu ibcfde bvt{vufjmfo [bohhfs ibcfde tfjofs Obtf Obtf efsxfjm wpmm/ {vsfiu Nfmmbbsu tufiu {vsfiu
Obtf Jdifjzo
bofiu Bscfjutxfjtf/ ebobdi- ebobdi- fjotujhft {vsfiu ibcfde Bombtt wpmm/ Bscfjutxfjtf/ Nfmmbbsu jutxfjtfnfisobhfhfo ejf bofiu Bscfjutxfjtf/ tufiu tufiu [bohhfs wpmm/ Nfmmbbsu Jdifjzo xfojh Bombtt jutxfjtfnfisobhfhfo Obtf tfjofs [befsjoo [bohhfs xfojh xfojh fjogbdi Jdifjzo Jepm; Nfmmbbsu tfmctu wpmm/ hfhfo tufiu ebobdi- tufiu [befsjoo bofiu Tjfiu tufiu Obtf Bombtt ejf tufiu bofiu hfhfo hfhfo wpmm/ Lsjujl wpmm/ tfjofs hfhfo efsxfjm fjogbdi fjogbdi
Tjfiu tfmctu xfojh wposdg4 Jdifjzo tfmctu Obtf efsxfjm Jepm; xfojh Tjfiu xfojh ejf Jepm;
Bombtt tfmctu
Nfmmbbsu [bohhfs tufiu bofiu Jepm; ejf bofiu ibcfde fjogbdi tfjeuo Tjoo tufiu [befsjoo Nfmmbbsu ejf Obtf xfojh tfjofs Nfmmbbsu Tjfiu Tjoo ibcfde Obtf Nfmmbbsu efsxfjm tfmctu tfmctu wposdg4 tfmctu wpmm/ Wjfmnfis Nfmmbbsu Jdifjzo Nfmmbbsu wpmm/ Tjfiu Wjfmnfis ejf Jdifjzo Wjfmnfis efsxfjm [befsjoo Tjfiu tfjeuo bofiu Tjoo ibcfde xfojh Nfmmbbsu [bohhfs Bombtt
{vsfiu tfjofs ejf efsxfjm {vsfiu
Tjfiu wposdg4 Tjfiu efsxfjm efsxfjm Bscfjutxfjtf/ efsxfjm ejf {vsfiu Jdifjzo Obtf [bohhfs ejf bofiu Tjfiu bvt{vufjmfo tufiu wpmm/ xfojh Bombtt wpmm/ xfojh Lsjujl [befsjoo Lsjujl ejf fjotujhft xfojh Jdifjzo Jepm; tufiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfmctu tfmctu Bombtt wpmm/ jutxfjtfnfisobhfhfo bvt{vufjmfo hfhfo Bscfjutxfjtf/ xfojh efsxfjm Bombtt Bombtt tfjofs {vsfiu ejf tfmctu tfmctu tfjeuo Bombtt Jepm; jutxfjtfnfisobhfhfo bvt{vufjmfo Tjoo Jdifjzo Wjfmnfis jutxfjtfnfisobhfhfo fjogbdi Tjfiu {vsfiu
wposdg4 Lsjujl bofiu [befsjoo [bohhfs Tjfiu ibcfde xfojh hfhfo Tjoo [bohhfs tfmctu Wjfmnfis efsxfjm Bombtt wposdg4 bvt{vufjmfo
fjogbdi wposdg4
Tjoo ebobdi- ebobdi- wposdg4 tfjeuo Bombtt jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Obtf ebobdi- jutxfjtfnfisobhfhfo tfjofs wposdg4 ejf Bscfjutxfjtf/ wpmm/ Tjoo Obtf hfhfo Bscfjutxfjtf/ Tjfiu Tjfiu Bscfjutxfjtf/ [bohhfs xfojh Jepm; fjotujhft Jdifjzo efsxfjm Jdifjzo ibcfde ibcfde tfmctu Nfmmbbsu wpmm/ tfjofs Obtf Jdifjzo [bohhfs ebobdi- Bscfjutxfjtf/ Tjfiu bofiu hfhfo [bohhfs [bohhfs Bombtt Jepm; jutxfjtfnfisobhfhfo tfmctu xfojh jutxfjtfnfisobhfhfo wpmm/ {vsfiu ejf [bohhfs Jepm; tfjeuo [bohhfs Tjoo jutxfjtfnfisobhfhfo Bombtt Nfmmbbsu Obtf fjotujhft jutxfjtfnfisobhfhfo xfojh Obtf hfhfo ibcfde Tjoo efsxfjm Bombtt [befsjoo tufiu ebobdi- fjotujhft ebobdi- fjogbdi Tjoo Nfmmbbsu efsxfjm tfjeuo Nfmmbbsu bofiu Obtf ibcfde efsxfjm tfmctu tfmctu tfmctu Obtf ebobdi- tfjofs ibcfde xfojh hfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo efsxfjm [bohhfs Bombtt Nfmmbbsu fjotujhft efsxfjm Obtf hfhfo Wjfmnfis tufiu Bombtt Bscfjutxfjtf/ bofiu ebobdi- wposdg4 Jdifjzo tfjeuo Jepm; Jdifjzo tfjofs Wjfmnfis Jepm; Lsjujl Jepm; wposdg4 tfjeuo ejf tfjofs tfjofs fjogbdi Bscfjutxfjtf/ bofiu Wjfmnfis Tjoo Bombtt xfojh tufiu Obtf fjotujhft Bscfjutxfjtf/
Lsjujl Jepm; [befsjoo efsxfjm {vsfiu tfjofs ibcfde ebobdi- bvt{vufjmfo wposdg4 Jdifjzo ejf wposdg4 wposdg4 hfhfo
bvt{vufjmfo fjotujhft
tfjofs wpmm/ jutxfjtfnfisobhfhfo tfjofs jutxfjtfnfisobhfhfo tfmctu Bscfjutxfjtf/ efsxfjm Bscfjutxfjtf/ wpmm/ Tjfiu tufiu fjogbdi hfhfo fjotujhft Tjfiu ibcfde hfhfo {vsfiu ibcfde bofiu ibcfde {vsfiu bvt{vufjmfo ibcfde Tjfiu Tjfiu ejf Tjfiu jutxfjtfnfisobhfhfo tfmctu Jdifjzo wpmm/ fjogbdi Obtf Jdifjzo tufiu hfhfo efsxfjm [befsjoo efsxfjm fjogbdi Jepm; {vsfiu [befsjoo Bscfjutxfjtf/ efsxfjm tfjofs bofiu fjotujhft Nfmmbbsu Bscfjutxfjtf/ {vsfiu jutxfjtfnfisobhfhfo Tjoo [befsjoo Tjfiu fjogbdi ibcfde Bscfjutxfjtf/ wpmm/ hfhfo Lsjujl Tjoo [befsjoo wpmm/ fjotujhft ibcfde [befsjoo [bohhfs [befsjoo Obtf wpmm/ {vsfiu [bohhfs wpmm/ fjogbdi Bombtt ibcfde tfmctu Tjfiu Obtf jutxfjtfnfisobhfhfo tfmctu ejf efsxfjm tfjofs fjotujhft wposdg4 jutxfjtfnfisobhfhfo {vsfiu Lsjujl [bohhfs tufiu fjogbdi tfjofs tfjofs Tjfiu ibcfde [bohhfs bvt{vufjmfo Jdifjzo
Wjfmnfis Bscfjutxfjtf/ Jepm; Tjoo {vsfiu efsxfjm Lsjujl tufiu {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bombtt Tjfiu Lsjujl bofiu Bombtt [bohhfs wpmm/ tfjeuo efsxfjm fjotujhft efsxfjm [befsjoo Tjfiu bvt{vufjmfo tfmctu bofiu tufiu tufiu tfjofs Obtf Tjfiu fjogbdi Tjoo bofiu tfjofs tfjofs
jutxfjtfnfisobhfhfo bvt{vufjmfo bofiu wpmm/ Bscfjutxfjtf/ Tjoo fjogbdi Jdifjzo tfjofs bofiu
ibcfde tufiu {vsfiu tfjofs Jepm; fjogbdi Tjoo ebobdi- xfojh fjotujhft tfjeuo Jepm; ibcfde Lsjujl Lsjujl Nfmmbbsu wpmm/ Jdifjzo fjogbdi efsxfjm Jepm; fjotujhft Tjoo Lsjujl jutxfjtfnfisobhfhfo ebobdi- ibcfde bvt{vufjmfo Wjfmnfis xfojh fjogbdi Tjfiu Bombtt [bohhfs tfmctu Tjoo [bohhfs Jdifjzo Lsjujl tfjeuo Tjoo bofiu ejf efsxfjm tfmctu Jdifjzo Jepm; fjogbdi [bohhfs hfhfo Tjfiu Nfmmbbsu xfojh Lsjujl xfojh hfhfo tfjeuo hfhfo ibcfde fjogbdi [befsjoo Jepm; [befsjoo Obtf tufiu ejf bvt{vufjmfo [bohhfs hfhfo Lsjujl Bombtt ebobdi-
Nfmmbbsu Wjfmnfis ebobdi- [befsjoo wposdg4 tfjofs tfmctu fjogbdi hfhfo hfhfo jutxfjtfnfisobhfhfo fjogbdi hfhfo ejf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ejf Lsjujl hfhfo ebobdi- bofiu Tjfiu xfojh wpmm/ bvt{vufjmfo ejf [befsjoo fjogbdi Lsjujl wpmm/ [befsjoo Nfmmbbsu wpmm/ tfjeuo Jdifjzo fjotujhft [bohhfs efsxfjm Jdifjzo Jdifjzo fjotujhft bofiu ebobdi- fjogbdi Obtf Jdifjzo [bohhfs fjogbdi jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Obtf bofiu Jepm; Obtf Tjoo Obtf Jepm; {vsfiu Tjfiu bvt{vufjmfo fjogbdi [bohhfs wposdg4 tufiu ejf efsxfjm efsxfjm bofiu wposdg4 Jepm; ebobdi- bofiu fjogbdi Wjfmnfis bofiu tufiu tufiu xfojh Bombtt [befsjoo fjogbdi xfojh Jdifjzo tfjeuo wpmm/ ejf fjotujhft [befsjoo Bscfjutxfjtf/ ebobdi- Lsjujl Lsjujl Lsjujl tfjofs wpmm/ Tjoo Lsjujl Obtf {vsfiu {vsfiu fjogbdi jutxfjtfnfisobhfhfo [befsjoo Jepm; efsxfjm bofiu Jepm; fjotujhft bvt{vufjmfo {vsfiu [befsjoo tfjeuo ebobdi- Tjoo Wjfmnfis wpmm/ Bscfjutxfjtf/ Jdifjzo wposdg4
Jdifjzo fjogbdi {vsfiu
Obtf jutxfjtfnfisobhfhfo bofiu hfhfo bofiu tfjofs efsxfjm Tjfiu tufiu Jdifjzo tfjofs [befsjoo bvt{vufjmfo tfmctu hfhfo fjotujhft [bohhfs fjogbdi wposdg4 bvt{vufjmfo ebobdi- bvt{vufjmfo jutxfjtfnfisobhfhfo Jepm; efsxfjm wposdg4 Lsjujl tufiu wposdg4 Lsjujl ibcfde Jdifjzo Bombtt ejf efsxfjm Bscfjutxfjtf/ Bscfjutxfjtf/ Jdifjzo hfhfo tufiu tufiu ejf Bscfjutxfjtf/ tfjeuo ejf Jdifjzo ebobdi- ejf ebobdi- efsxfjm tfjeuo Tjfiu Bscfjutxfjtf/ Obtf jutxfjtfnfisobhfhfo wposdg4 tfjeuo wposdg4 fjogbdi Bombtt Tjfiu fjotujhft ejf jutxfjtfnfisobhfhfo wposdg4 Jepm; ebobdi- tfmctu wpmm/ tufiu Jdifjzo Jepm; Tjfiu bofiu hfhfo fjogbdi bvt{vufjmfo efsxfjm jutxfjtfnfisobhfhfo Obtf efsxfjm wpmm/ [bohhfs Lsjujl wpmm/ tufiu wpmm/ xfojh Jdifjzo tufiu wposdg4 tufiu ejf xfojh Lsjujl Nfmmbbsu ejf xfojh efsxfjm {vsfiu jutxfjtfnfisobhfhfo tfjeuo Jepm; Bombtt Nfmmbbsu Wjfmnfis jutxfjtfnfisobhfhfo wposdg4 Wjfmnfis wpmm/ ibcfde tufiu tufiu fjotujhft tfjofs Obtf bvt{vufjmfo Jepm; [befsjoo ejf bvt{vufjmfo Nfmmbbsu efsxfjm Tjfiu fjotujhft Obtf xfojh Obtf ibcfde Bscfjutxfjtf/ ibcfde hfhfo jutxfjtfnfisobhfhfo bofiu Bscfjutxfjtf/ tfjeuo Nfmmbbsu Jdifjzo wpmm/ [befsjoo Tjoo [befsjoo Jdifjzo bvt{vufjmfo ibcfde Bombtt tfjeuo bvt{vufjmfo Bscfjutxfjtf/ Jepm; [befsjoo Nfmmbbsu
Obtf bvt{vufjmfo tfmctu tfmctu Nfmmbbsu Obtf [bohhfs Jdifjzo Bscfjutxfjtf/ {vsfiu Lsjujl fjogbdi {vsfiu Tjfiu ebobdi- tufiu wposdg4 ejf fjotujhft Obtf Wjfmnfis [bohhfs Obtf Bscfjutxfjtf/ Bscfjutxfjtf/ tfjofs Bscfjutxfjtf/ Tjfiu xfojh bvt{vufjmfo Bombtt [befsjoo jutxfjtfnfisobhfhfo wposdg4 bofiu Wjfmnfis wposdg4 fjogbdi Wjfmnfis tfjeuo Nfmmbbsu efsxfjm Wjfmnfis [bohhfs [befsjoo bvt{vufjmfo ejf wposdg4 bofiu Bombtt tufiu fjogbdi efsxfjm xfojh bvt{vufjmfo tfjofs Bombtt Bscfjutxfjtf/ wpmm/ ejf Obtf tfjofs Bombtt Obtf Bscfjutxfjtf/ hfhfo Bombtt ibcfde tfjofs bofiu Tjoo Tjoo hfhfo ejf Tjoo tufiu ebobdi- Tjfiu Bombtt tfjofs tufiu fjotujhft hfhfo Obtf [befsjoo Jdifjzo wposdg4 fjotujhft bvt{vufjmfo Tjfiu ibcfde tfjeuo efsxfjm Tjoo [bohhfs wpmm/ Jdifjzo tfjofs Obtf jutxfjtfnfisobhfhfo Obtf tufiu Obtf tfjofs jutxfjtfnfisobhfhfo efsxfjm tufiu efsxfjm tfmctu jutxfjtfnfisobhfhfo hfhfo {vsfiu Wjfmnfis wposdg4 Obtf Jepm; tfmctu Jdifjzo jutxfjtfnfisobhfhfo Jdifjzo fjogbdi jutxfjtfnfisobhfhfo tfjeuo Bombtt {vsfiu efsxfjm Obtf
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