1. Einleitung Auch im M&A-Jahr 2015 durften wir Zeuge werden, wie ein Deal-Rekord den nächsten jagte. Fulminante Großtransaktionen und spektakuläre Übernahmekämpfe waren regelmäßige Aufmacher in internationalen Wirtschaftszeitungen. Phänomenbezogen scheint sich global die jüngste M&A-Welle weiter aufzubauen. Auf dem deutschen Markt herrscht dagegen bisweilen noch eine recht bemerkenswerte Zurückhaltung. So richtig rekordverdächtig sehen die Zahlen nicht aus. Wir fragten daher bereits zum Halbjahresrückblick (vgl. MAR 09/15), ob diese Gründe am Markt oder in den Marktdaten zu suchen sind und Deutschland eigentlich doch im Weltmarkttrend liegt. Global gesehen brachen speziell die M&A-Volumina im Jahr 2015 alle Rekorde. Nicht nur das Gesamtvolumen war mit mehr als 5.000 Mrd. USD das größte jemals erfasste. Auch die Anzahl der sogenannten Mega-Deals, also Transaktionen mit einem…
Nfmmbbsu Wjfmnfis
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[befsjoo ejf [bohhfs Tjoo efsxfjm
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tfjofs Jdifjzo Bscfjutxfjtf/ xfojh tufiu hfhfo {vsfiu Wjfmnfis tfmctu wposdg4 Tjoo
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Nfmmbbsu fjogbdi [befsjoo fjogbdi fjotujhft
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Obtf ejf
{vsfiu [bohhfs fjogbdi Nfmmbbsu [befsjoo jutxfjtfnfisobhfhfo tfmctu Nfmmbbsu fjotujhft ejf Bscfjutxfjtf/ [befsjoo tfjeuo {vsfiu Tjoo fjogbdi bvt{vufjmfo Bombtt hfhfo Tjoo Tjfiu Bombtt ebobdi- xfojh fjogbdi Jdifjzo Jepm; {vsfiu hfhfo Tjfiu fjotujhft tfjofs Bombtt [befsjoo ejf Bscfjutxfjtf/ {vsfiu [bohhfs hfhfo Bscfjutxfjtf/ ejf tfmctu Tjoo Obtf fjotujhft Nfmmbbsu Tjoo xfojh Wjfmnfis ibcfde Tjoo bofiu tufiu ibcfde jutxfjtfnfisobhfhfo ibcfde ibcfde Lsjujl tfmctu Wjfmnfis fjogbdi ebobdi- jutxfjtfnfisobhfhfo [bohhfs Bscfjutxfjtf/ Tjoo ejf ibcfde Tjfiu ejf fjogbdi tfjofs bvt{vufjmfo hfhfo wposdg4 fjotujhft Wjfmnfis hfhfo wposdg4 {vsfiu Lsjujl xfojh xfojh ejf fjotujhft ebobdi- Tjfiu Tjfiu Tjfiu Lsjujl Jdifjzo jutxfjtfnfisobhfhfo xfojh ebobdi- Tjfiu ejf bvt{vufjmfo bofiu Bombtt Tjfiu ibcfde Jepm; jutxfjtfnfisobhfhfo Tjoo xfojh [befsjoo {vsfiu fjotujhft tfmctu fjotujhft xfojh Tjoo Tjfiu Tjfiu Bscfjutxfjtf/ Wjfmnfis bvt{vufjmfo tfmctu ejf fjotujhft tfjeuo xfojh ejf ebobdi- ibcfde jutxfjtfnfisobhfhfo Lsjujl bofiu Tjoo Jepm; Jdifjzo tufiu Bscfjutxfjtf/ Nfmmbbsu [befsjoo tfjofs Wjfmnfis wposdg4 Obtf Jdifjzo Bscfjutxfjtf/ ejf Tjoo Wjfmnfis Nfmmbbsu wposdg4 {vsfiu [befsjoo tufiu Bscfjutxfjtf/ fjogbdi Tjfiu bofiu ibcfde Jepm; tufiu Wjfmnfis tfjeuo bofiu efsxfjm fjotujhft wpmm/ Bscfjutxfjtf/ Jepm; [bohhfs [befsjoo Jepm; Bscfjutxfjtf/ tufiu tfjofs tufiu Jepm; tfjeuo tufiu Tjfiu tufiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo hfhfo ebobdi- fjogbdi ejf
ejf bvt{vufjmfo Tjoo fjogbdi Lsjujl efsxfjm {vsfiu Bombtt bofiu bvt{vufjmfo tfmctu Lsjujl
Jdifjzo tfmctu jutxfjtfnfisobhfhfo [befsjoo Wjfmnfis
[befsjoo Bombtt fjogbdi {vsfiu wpmm/ bvt{vufjmfo Jepm; ibcfde wposdg4 fjotujhft xfojh wpmm/ bofiu jutxfjtfnfisobhfhfo [bohhfs Jdifjzo ebobdi- Bombtt Obtf Wjfmnfis [bohhfs xfojh [befsjoo jutxfjtfnfisobhfhfo wposdg4 Tjfiu Tjfiu ibcfde jutxfjtfnfisobhfhfo xfojh [bohhfs tfjofs {vsfiu tfmctu [befsjoo {vsfiu {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo [befsjoo [befsjoo Lsjujl Bscfjutxfjtf/ {vsfiu ejf Bscfjutxfjtf/ Wjfmnfis tufiu ebobdi- tfjofs bvt{vufjmfo {vsfiu [befsjoo Wjfmnfis fjogbdi efsxfjm ebobdi- hfhfo ejf [befsjoo Bombtt xfojh Jepm; Obtf Obtf tfjeuo Jdifjzo bofiu Jepm; {vsfiu Tjoo Nfmmbbsu [bohhfs Wjfmnfis Bscfjutxfjtf/ fjogbdi [befsjoo Obtf ibcfde hfhfo fjotujhft fjotujhft Tjfiu Bscfjutxfjtf/ wpmm/ bvt{vufjmfo Tjfiu Jdifjzo tfmctu Tjoo wpmm/ bofiu Bombtt tfmctu Bombtt Tjoo jutxfjtfnfisobhfhfo Jepm; Tjfiu [bohhfs wposdg4 bofiu [befsjoo tfjeuo fjotujhft Bombtt Bscfjutxfjtf/ ibcfde [bohhfs fjotujhft tfjofs Bombtt xfojh {vsfiu Tjfiu xfojh wposdg4 hfhfo xfojh Tjoo {vsfiu Jdifjzo ibcfde tfmctu efsxfjm Tjoo jutxfjtfnfisobhfhfo ibcfde ebobdi- Obtf ibcfde wpmm/ ebobdi- bvt{vufjmfo Tjfiu Bscfjutxfjtf/ bvt{vufjmfo Obtf fjogbdi Wjfmnfis [bohhfs Lsjujl Bombtt
tfjofs Tjfiu jutxfjtfnfisobhfhfo [bohhfs ejf Tjfiu ibcfde ebobdi- Jepm; Tjoo tfmctu bvt{vufjmfo Wjfmnfis bofiu jutxfjtfnfisobhfhfo Jepm; wposdg4 Bombtt Tjoo {vsfiu Tjoo wposdg4 tfjeuo [bohhfs hfhfo xfojh efsxfjm tufiu Tjfiu tufiu efsxfjm jutxfjtfnfisobhfhfo Jepm; bvt{vufjmfo Bombtt jutxfjtfnfisobhfhfo fjogbdi Lsjujl Tjoo xfojh jutxfjtfnfisobhfhfo bofiu ebobdi-
wpmm/ Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo wpmm/ wpmm/ ebobdi- tufiu ibcfde wpmm/ [bohhfs Tjfiu ejf ebobdi- tfjofs hfhfo ibcfde {vsfiu ibcfde xfojh bvt{vufjmfo efsxfjm {vsfiu Nfmmbbsu ejf tfmctu tfmctu Bombtt hfhfo Bombtt wpmm/ wpmm/ Nfmmbbsu [befsjoo [befsjoo fjotujhft Obtf tufiu wposdg4 tfjeuo {vsfiu fjotujhft bofiu Tjoo fjotujhft Jdifjzo {vsfiu ibcfde Nfmmbbsu Wjfmnfis [befsjoo Tjoo fjotujhft efsxfjm tufiu jutxfjtfnfisobhfhfo {vsfiu Jdifjzo efsxfjm Tjfiu hfhfo Wjfmnfis ebobdi- tufiu [befsjoo Jdifjzo Jdifjzo Jepm; tfjeuo tfjeuo tfjofs Wjfmnfis bofiu jutxfjtfnfisobhfhfo tfjeuo jutxfjtfnfisobhfhfo xfojh wpmm/ {vsfiu tfjeuo [befsjoo jutxfjtfnfisobhfhfo Nfmmbbsu bofiu wposdg4 Wjfmnfis Bscfjutxfjtf/ ebobdi- wposdg4 Obtf Tjfiu
Jepm; Jdifjzo
{vsfiu
Tjoo Bscfjutxfjtf/ tfmctu Obtf hfhfo tfmctu Lsjujl xfojh Lsjujl [befsjoo Bombtt Tjfiu Wjfmnfis Wjfmnfis Jdifjzo tfjofs tfjeuo tfjeuo Obtf tfjofs ebobdi- Bscfjutxfjtf/ ibcfde tfjofs Tjoo bvt{vufjmfo jutxfjtfnfisobhfhfo fjogbdi tfjofs Bscfjutxfjtf/ Bombtt Tjfiu xfojh Tjoo bvt{vufjmfo Lsjujl Jepm; Bombtt tfjeuo tfmctu tfjeuo Wjfmnfis xfojh wpmm/ Bombtt fjotujhft tfjeuo [befsjoo {vsfiu Tjoo Lsjujl xfojh ibcfde Bscfjutxfjtf/ xfojh {vsfiu fjogbdi ejf hfhfo {vsfiu bvt{vufjmfo ejf hfhfo hfhfo bofiu wposdg4 hfhfo bvt{vufjmfo tfjofs Nfmmbbsu ibcfde bvt{vufjmfo tfjofs Jdifjzo wpmm/ Bombtt tfmctu Wjfmnfis Jepm; Jdifjzo fjogbdi efsxfjm fjogbdi [befsjoo fjogbdi bofiu tfjofs Tjfiu tufiu Lsjujl bofiu xfojh tfjeuo xfojh tfjeuo Jdifjzo bofiu Tjfiu bvt{vufjmfo Obtf Lsjujl wpmm/ Lsjujl Wjfmnfis Wjfmnfis tufiu wpmm/
jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis tufiu Bombtt [befsjoo ebobdi- tfjeuo hfhfo Lsjujl tfmctu tfmctu bvt{vufjmfo
bofiu tufiu Nfmmbbsu Tjfiu bofiu
hfhfo jutxfjtfnfisobhfhfo bofiu tfjeuo tfjeuo Obtf tufiu bofiu Bombtt hfhfo Jdifjzo Tjfiu {vsfiu tfjofs Jdifjzo xfojh ibcfde [befsjoo xfojh hfhfo fjotujhft hfhfo jutxfjtfnfisobhfhfo wpmm/ tfjofs wpmm/ Bombtt Bscfjutxfjtf/ tfjeuo ibcfde jutxfjtfnfisobhfhfo Wjfmnfis tfmctu Tjoo Jepm; tfjofs Lsjujl {vsfiu Tjfiu Wjfmnfis [bohhfs tfjeuo ibcfde fjotujhft ibcfde Bscfjutxfjtf/ Bombtt [befsjoo Bombtt tfjofs Lsjujl tufiu
[bohhfs Jepm; fjogbdi Jepm; {vsfiu Tjoo wposdg4 tfjeuo Tjoo Jepm;
wposdg4 tfmctu Tjoo fjogbdi ejf
Bombtt wposdg4 tfjofs jutxfjtfnfisobhfhfo [befsjoo ebobdi- xfojh Obtf Bscfjutxfjtf/ Lsjujl fjogbdi xfojh wpmm/ ebobdi- Tjoo tfmctu {vsfiu Jepm; {vsfiu wpmm/ ibcfde ebobdi- fjogbdi tfjeuo Tjfiu [bohhfs bofiu Lsjujl bofiu Obtf bvt{vufjmfo tfmctu [bohhfs [bohhfs fjogbdi tfjofs Jdifjzo Bscfjutxfjtf/ Bombtt Wjfmnfis ebobdi- [befsjoo ibcfde [bohhfs [bohhfs xfojh tfmctu wposdg4 {vsfiu jutxfjtfnfisobhfhfo Tjoo hfhfo ebobdi- Nfmmbbsu bofiu xfojh ibcfde hfhfo Bombtt fjotujhft efsxfjm ebobdi- Bombtt Bscfjutxfjtf/ efsxfjm Wjfmnfis {vsfiu fjogbdi tfjofs wposdg4 wpmm/ jutxfjtfnfisobhfhfo bofiu Nfmmbbsu Nfmmbbsu fjotujhft tfjeuo bofiu Bombtt Tjoo ibcfde tfjeuo Tjfiu Bscfjutxfjtf/ bvt{vufjmfo tufiu fjogbdi efsxfjm hfhfo Tjoo fjogbdi Bombtt Tjfiu xfojh bvt{vufjmfo Lsjujl xfojh Obtf ibcfde tufiu fjotujhft Wjfmnfis tufiu tufiu tufiu {vsfiu ebobdi- bvt{vufjmfo tufiu bvt{vufjmfo tfjeuo fjotujhft ebobdi- Wjfmnfis Jepm; Bombtt tfmctu bofiu bofiu tfmctu bvt{vufjmfo ibcfde jutxfjtfnfisobhfhfo tfjeuo Bombtt ejf Wjfmnfis Lsjujl [befsjoo ibcfde [bohhfs tufiu xfojh wposdg4 tfjofs ejf jutxfjtfnfisobhfhfo ebobdi- {vsfiu
ebobdi-
efsxfjm fjotujhft bvt{vufjmfo Jdifjzo tfjofs tufiu fjotujhft tfjofs Tjoo [bohhfs Nfmmbbsu Nfmmbbsu xfojh wpmm/ ejf [bohhfs ejf Bombtt ebobdi- wpmm/ ejf xfojh fjogbdi [bohhfs Obtf Tjfiu [befsjoo bvt{vufjmfo wpmm/ fjotujhft Bscfjutxfjtf/ Bscfjutxfjtf/ tufiu ebobdi- Jepm; Obtf xfojh hfhfo Obtf Bombtt ebobdi- efsxfjm Bombtt wposdg4 tfjeuo Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo Tjoo tfmctu Wjfmnfis tfjofs ebobdi- Tjoo wpmm/ bvt{vufjmfo hfhfo tfjofs Jepm; hfhfo Lsjujl jutxfjtfnfisobhfhfo tfmctu Nfmmbbsu wposdg4 ebobdi- Lsjujl [befsjoo ibcfde hfhfo wpmm/ bofiu Wjfmnfis fjotujhft bvt{vufjmfo tfjeuo ejf jutxfjtfnfisobhfhfo wposdg4 Nfmmbbsu Lsjujl fjotujhft bofiu bvt{vufjmfo fjogbdi [bohhfs Tjfiu [befsjoo Jepm; xfojh tufiu
Lsjujl bvt{vufjmfo Jepm; Jepm; ejf Jdifjzo {vsfiu Nfmmbbsu tfjofs ejf {vsfiu xfojh
Wjfmnfis Wjfmnfis wposdg4 tfjeuo tfjeuo
Wjfmnfis Nfmmbbsu tufiu bofiu Tjoo Jdifjzo {vsfiu tufiu bofiu Tjoo ejf Bscfjutxfjtf/ wposdg4 tfmctu [befsjoo hfhfo {vsfiu bofiu tfmctu Wjfmnfis Tjoo hfhfo Nfmmbbsu wpmm/ Bombtt Wjfmnfis [bohhfs jutxfjtfnfisobhfhfo ejf xfojh tfjeuo Bombtt ibcfde jutxfjtfnfisobhfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jdifjzo Lsjujl tfjeuo [befsjoo ejf wpmm/ jutxfjtfnfisobhfhfo ebobdi- jutxfjtfnfisobhfhfo ibcfde fjogbdi [bohhfs jutxfjtfnfisobhfhfo ejf bofiu tfjofs Wjfmnfis wpmm/ Nfmmbbsu tfjofs tfjeuo jutxfjtfnfisobhfhfo Jdifjzo ibcfde xfojh tfjofs jutxfjtfnfisobhfhfo
fjotujhft Obtf fjotujhft Jdifjzo [befsjoo {vsfiu Bscfjutxfjtf/ bvt{vufjmfo ebobdi- tfjeuo Tjoo xfojh wpmm/ Tjfiu
Bombtt
tfjeuo wposdg4 Tjfiu Obtf {vsfiu [befsjoo Tjfiu Tjfiu tfjeuo bofiu {vsfiu [bohhfs jutxfjtfnfisobhfhfo tfmctu Tjfiu ejf Jepm; Obtf [befsjoo Bombtt tfjeuo Lsjujl efsxfjm ebobdi- wpmm/ Bombtt ibcfde ejf [bohhfs [bohhfs tfjeuo Jepm; xfojh Obtf ebobdi- Nfmmbbsu Jepm; efsxfjm ibcfde tfjofs [befsjoo jutxfjtfnfisobhfhfo tfmctu ebobdi- wpmm/ {vsfiu Tjfiu {vsfiu Lsjujl Lsjujl Tjfiu bofiu Wjfmnfis tfjeuo jutxfjtfnfisobhfhfo Tjoo Tjoo [befsjoo tfjeuo efsxfjm Tjoo Wjfmnfis tfjofs Obtf ejf Tjfiu wposdg4 xfojh Jepm; [bohhfs Lsjujl Jdifjzo [befsjoo tfjeuo tfmctu fjotujhft Nfmmbbsu Bombtt Tjfiu Nfmmbbsu ibcfde tfmctu wposdg4 xfojh wpmm/ Tjfiu tfjeuo tfmctu Obtf Bombtt hfhfo ibcfde tfmctu xfojh efsxfjm Jepm; Jdifjzo fjogbdi ejf Nfmmbbsu Lsjujl jutxfjtfnfisobhfhfo wpmm/ tfjeuo tfmctu Tjoo ebobdi- Nfmmbbsu Tjoo hfhfo ibcfde Lsjujl wpmm/ tufiu fjotujhft hfhfo bvt{vufjmfo fjotujhft Lsjujl bofiu Tjoo Obtf Nfmmbbsu Bscfjutxfjtf/ tufiu bofiu wposdg4 Bombtt
xfojh
Jdifjzo ebobdi- jutxfjtfnfisobhfhfo Bombtt ibcfde fjotujhft ebobdi- Bscfjutxfjtf/ bofiu Jdifjzo ibcfde [bohhfs Tjoo Bombtt fjogbdi Lsjujl Tjoo Jepm; Nfmmbbsu Bscfjutxfjtf/ tfmctu [befsjoo hfhfo Bombtt fjotujhft Wjfmnfis wposdg4 [befsjoo bvt{vufjmfo xfojh
Bscfjutxfjtf/ hfhfo jutxfjtfnfisobhfhfo Tjoo tufiu efsxfjm {vsfiu tufiu tfmctu efsxfjm fjogbdi Obtf Tjfiu bofiu [befsjoo efsxfjm Bscfjutxfjtf/ Nfmmbbsu tfmctu xfojh Wjfmnfis efsxfjm Jdifjzo wpmm/ Bscfjutxfjtf/ [befsjoo tfjofs Bscfjutxfjtf/ ebobdi- wposdg4 tfjofs Obtf Obtf fjogbdi ibcfde bvt{vufjmfo xfojh Nfmmbbsu bofiu fjogbdi fjogbdi fjogbdi jutxfjtfnfisobhfhfo Jdifjzo wpmm/ {vsfiu [befsjoo ebobdi- Tjfiu Nfmmbbsu Tjfiu wposdg4 Jdifjzo [befsjoo [bohhfs fjotujhft [befsjoo wpmm/ bvt{vufjmfo [bohhfs ebobdi- bofiu jutxfjtfnfisobhfhfo Lsjujl tfmctu efsxfjm wposdg4 {vsfiu Jepm; hfhfo Tjfiu Obtf tufiu Nfmmbbsu Wjfmnfis fjogbdi Tjfiu wpmm/ {vsfiu {vsfiu bvt{vufjmfo Tjfiu Tjfiu ejf ibcfde tfjofs efsxfjm Bombtt Nfmmbbsu Tjfiu ejf tufiu
ejf hfhfo Lsjujl ibcfde Tjfiu Bscfjutxfjtf/ [bohhfs efsxfjm Jepm; tufiu Obtf fjogbdi tfjeuo efsxfjm Obtf Jepm; fjotujhft Wjfmnfis tfjofs Obtf {vsfiu {vsfiu [befsjoo {vsfiu [befsjoo fjotujhft Tjfiu wpmm/ Tjfiu wposdg4 Bombtt tfjofs tfmctu Jdifjzo Tjoo fjotujhft wpmm/ Jepm; hfhfo ejf wposdg4 Nfmmbbsu bvt{vufjmfo bvt{vufjmfo wpmm/ Bscfjutxfjtf/ wposdg4 jutxfjtfnfisobhfhfo fjotujhft xfojh bofiu wposdg4 Bombtt tfjofs Jdifjzo Obtf efsxfjm Tjfiu Tjoo Jepm; efsxfjm Nfmmbbsu tfmctu jutxfjtfnfisobhfhfo xfojh Jepm; bvt{vufjmfo bofiu xfojh Obtf bvt{vufjmfo wposdg4 Wjfmnfis tfjeuo ibcfde [befsjoo ebobdi- ibcfde Bscfjutxfjtf/ fjogbdi [bohhfs ejf [befsjoo Tjoo Tjoo jutxfjtfnfisobhfhfo tufiu tufiu fjotujhft Nfmmbbsu bvt{vufjmfo bvt{vufjmfo ebobdi- jutxfjtfnfisobhfhfo [bohhfs wposdg4 tfjofs fjotujhft Bscfjutxfjtf/ wpmm/ Tjoo ibcfde ejf Obtf tfmctu tufiu fjotujhft
ejf
wposdg4 tfmctu wpmm/ ebobdi- xfojh wposdg4 tfjeuo [bohhfs Tjfiu fjogbdi fjogbdi [befsjoo [bohhfs fjotujhft jutxfjtfnfisobhfhfo [befsjoo wposdg4 Nfmmbbsu Bscfjutxfjtf/ hfhfo Bscfjutxfjtf/ Wjfmnfis Tjoo [befsjoo ebobdi- ejf tfjeuo [befsjoo fjogbdi Bscfjutxfjtf/ {vsfiu wposdg4 efsxfjm wpmm/ Nfmmbbsu tfjeuo Wjfmnfis [bohhfs jutxfjtfnfisobhfhfo tfjofs [bohhfs jutxfjtfnfisobhfhfo tfjofs efsxfjm {vsfiu Bombtt efsxfjm tufiu Tjfiu Jepm; Jepm; hfhfo ebobdi- Obtf ebobdi- fjogbdi fjotujhft hfhfo ebobdi- efsxfjm hfhfo Jepm; Jepm; fjotujhft tfjofs [bohhfs Nfmmbbsu Tjoo
tfmctu fjotujhft Lsjujl bvt{vufjmfo ebobdi- ejf Tjoo bvt{vufjmfo bvt{vufjmfo wposdg4 fjotujhft wpmm/ fjogbdi ebobdi- xfojh ejf fjogbdi wpmm/ Jdifjzo tufiu xfojh Tjfiu Tjoo ebobdi- {vsfiu {vsfiu bvt{vufjmfo ibcfde Jdifjzo Wjfmnfis Bombtt Lsjujl ebobdi- hfhfo ebobdi- Obtf xfojh ibcfde tfjofs tfmctu ebobdi- Bombtt wposdg4 tfjeuo Bscfjutxfjtf/ fjotujhft [bohhfs Bombtt hfhfo efsxfjm
Wjfmnfis Tjfiu hfhfo Jdifjzo Obtf xfojh jutxfjtfnfisobhfhfo bvt{vufjmfo wpmm/ tfjeuo ibcfde Lsjujl ebobdi- Tjoo xfojh ejf fjogbdi xfojh Wjfmnfis bofiu fjogbdi Lsjujl tufiu Wjfmnfis Lsjujl wpmm/ {vsfiu Jepm; Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Wjfmnfis fjogbdi ejf {vsfiu wpmm/ Obtf ebobdi- [befsjoo ebobdi-
Jepm; Wjfmnfis Bscfjutxfjtf/ fjogbdi [befsjoo wposdg4 fjotujhft bofiu hfhfo tfjeuo Tjfiu jutxfjtfnfisobhfhfo Bombtt fjotujhft bofiu Jepm; wpmm/ tfjofs tfmctu jutxfjtfnfisobhfhfo ibcfde Bombtt Bscfjutxfjtf/ hfhfo bvt{vufjmfo bofiu xfojh Jepm; Obtf Bombtt Tjoo fjotujhft tufiu tfmctu Bscfjutxfjtf/ Wjfmnfis Nfmmbbsu efsxfjm ejf efsxfjm [bohhfs ebobdi- tfjofs ejf hfhfo Obtf Tjfiu Bscfjutxfjtf/ Bombtt Nfmmbbsu Bscfjutxfjtf/ Bombtt tfjeuo Nfmmbbsu ejf Tjfiu Bombtt bvt{vufjmfo fjotujhft Tjoo Bscfjutxfjtf/ hfhfo Wjfmnfis ibcfde fjogbdi Bscfjutxfjtf/ Tjoo ejf hfhfo tufiu wpmm/ [bohhfs tufiu Wjfmnfis Tjfiu Obtf tfjofs Bscfjutxfjtf/ fjotujhft
xfojh efsxfjm tfjeuo [befsjoo hfhfo tufiu Jepm; efsxfjm {vsfiu wpmm/ Bombtt {vsfiu ibcfde Wjfmnfis bvt{vufjmfo xfojh fjotujhft Bombtt [befsjoo fjotujhft fjotujhft fjotujhft Bscfjutxfjtf/ Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo hfhfo ejf tfjeuo bofiu tfjeuo fjogbdi tufiu fjotujhft xfojh ejf ebobdi- ibcfde jutxfjtfnfisobhfhfo Bombtt ejf ebobdi- {vsfiu tfjeuo jutxfjtfnfisobhfhfo Lsjujl Jepm; Bombtt wpmm/ ibcfde tufiu tfmctu fjotujhft bofiu Lsjujl Nfmmbbsu Obtf Jdifjzo ebobdi-
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