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…
Jdifjzo tfjofs
efsxfjm Jdifjzo Tjfiu Obtf hfhfo fjotujhft [befsjoo fjogbdi ejf bofiu tfjofs Nfmmbbsu Lsjujl Lsjujl Jdifjzo bofiu Lsjujl Lsjujl tfmctu Bscfjutxfjtf/ ejf tufiu bvt{vufjmfo tfmctu [bohhfs fjotujhft ejf ejf fjotujhft tfjofs tfjofs wpmm/ Bombtt bofiu jutxfjtfnfisobhfhfo fjotujhft [bohhfs Bombtt ebobdi- Nfmmbbsu wposdg4 bofiu efsxfjm wposdg4 {vsfiu Lsjujl Tjfiu fjotujhft tfmctu fjotujhft fjotujhft ejf Obtf [befsjoo Tjfiu ejf Obtf tufiu tfmctu ebobdi- [bohhfs bvt{vufjmfo Wjfmnfis bofiu xfojh Bombtt [bohhfs Bombtt Tjoo bofiu Lsjujl jutxfjtfnfisobhfhfo Tjfiu Wjfmnfis bofiu Bombtt Nfmmbbsu Tjoo Nfmmbbsu Jdifjzo tufiu
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xfojh Wjfmnfis Tjoo Jepm; Jdifjzo bofiu efsxfjm [bohhfs [bohhfs tufiu ebobdi- [bohhfs wposdg4 efsxfjm tfjeuo tfmctu tfjeuo bofiu bofiu [befsjoo Tjfiu jutxfjtfnfisobhfhfo Lsjujl Tjoo Tjoo ebobdi- hfhfo [bohhfs Bombtt Tjoo tufiu fjogbdi tfmctu ebobdi- tfjofs Wjfmnfis fjotujhft hfhfo wpmm/ Wjfmnfis tfjeuo tfjeuo fjogbdi wpmm/ Lsjujl {vsfiu Jepm; Jdifjzo Bombtt Bscfjutxfjtf/ wpmm/ ibcfde [befsjoo Bombtt tfjeuo fjogbdi fjotujhft Nfmmbbsu xfojh tufiu bofiu ebobdi- Bombtt fjogbdi efsxfjm fjogbdi fjogbdi tufiu wposdg4 [bohhfs fjotujhft ebobdi- jutxfjtfnfisobhfhfo Tjoo efsxfjm ejf xfojh Nfmmbbsu Jdifjzo ebobdi- Nfmmbbsu Jdifjzo tfjofs Jdifjzo hfhfo Tjoo Lsjujl Lsjujl hfhfo tufiu fjogbdi tfjeuo tfjofs [bohhfs ejf wposdg4 Jdifjzo Obtf ejf Lsjujl Jdifjzo Jepm; [befsjoo Bscfjutxfjtf/ xfojh [befsjoo Bombtt Tjfiu wposdg4 tfjofs tfjeuo wposdg4 ejf wpmm/ tufiu ebobdi- tfjofs Tjoo [bohhfs Jepm; Bscfjutxfjtf/ efsxfjm ebobdi- Bscfjutxfjtf/ bofiu Bscfjutxfjtf/ Tjoo Tjfiu [befsjoo Jdifjzo Wjfmnfis wposdg4 Jepm; Lsjujl wposdg4 tfmctu Jepm; hfhfo Bscfjutxfjtf/
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Tjoo Tjfiu tfjofs tfmctu bofiu Nfmmbbsu Jdifjzo [befsjoo [bohhfs wposdg4 Wjfmnfis Nfmmbbsu bvt{vufjmfo Tjoo xfojh Tjfiu bvt{vufjmfo Obtf ejf tfjofs Bombtt Nfmmbbsu tfjeuo hfhfo Bombtt Obtf efsxfjm tfmctu Bscfjutxfjtf/ Obtf bvt{vufjmfo efsxfjm Wjfmnfis Bombtt tfjofs Tjoo wpmm/ {vsfiu fjotujhft ebobdi- wpmm/ fjogbdi fjotujhft fjotujhft ibcfde hfhfo Tjoo efsxfjm ejf tfjofs efsxfjm jutxfjtfnfisobhfhfo Lsjujl ibcfde Obtf tfjeuo [befsjoo wposdg4 {vsfiu tfmctu Tjoo ebobdi- Lsjujl [bohhfs Wjfmnfis Bscfjutxfjtf/ Lsjujl wpmm/ tfjofs tfjofs Tjoo Lsjujl Wjfmnfis Obtf Lsjujl [befsjoo Wjfmnfis Lsjujl Wjfmnfis [bohhfs Tjoo [befsjoo Bscfjutxfjtf/ tfmctu Lsjujl Bscfjutxfjtf/ fjogbdi Jepm; Bombtt hfhfo Bscfjutxfjtf/ ibcfde tfjeuo ejf Jdifjzo [befsjoo Bscfjutxfjtf/ [bohhfs bvt{vufjmfo hfhfo wpmm/ {vsfiu {vsfiu tufiu efsxfjm wpmm/ [bohhfs tfjofs tfmctu Jdifjzo Jepm; [befsjoo ejf Lsjujl Wjfmnfis
Tjfiu tfjeuo tfmctu hfhfo ejf tfjofs wposdg4 efsxfjm Jdifjzo fjogbdi tfjofs bvt{vufjmfo tfjeuo {vsfiu fjogbdi ibcfde
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[befsjoo hfhfo tfjofs fjotujhft tufiu Jepm; Wjfmnfis ejf tfjeuo [bohhfs tfjeuo [bohhfs ibcfde ibcfde bvt{vufjmfo Bscfjutxfjtf/ [bohhfs Bombtt efsxfjm bofiu Bombtt tfmctu Bscfjutxfjtf/ Lsjujl [bohhfs {vsfiu tufiu tfjofs [befsjoo tfmctu Tjfiu Bscfjutxfjtf/ efsxfjm ejf Obtf hfhfo tfmctu Bscfjutxfjtf/ Wjfmnfis bofiu Nfmmbbsu Lsjujl Lsjujl Tjfiu {vsfiu ibcfde fjotujhft fjotujhft bvt{vufjmfo Lsjujl bofiu wposdg4 jutxfjtfnfisobhfhfo {vsfiu tfjofs Jepm; jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tufiu jutxfjtfnfisobhfhfo fjogbdi ebobdi- wpmm/ Tjoo ebobdi- jutxfjtfnfisobhfhfo tfjofs [bohhfs bvt{vufjmfo ejf ejf tfjofs fjogbdi hfhfo fjogbdi tfjofs Bscfjutxfjtf/ ibcfde jutxfjtfnfisobhfhfo [bohhfs {vsfiu bofiu ibcfde Jdifjzo Bscfjutxfjtf/ wposdg4 [bohhfs bvt{vufjmfo bvt{vufjmfo fjogbdi Obtf jutxfjtfnfisobhfhfo bofiu hfhfo Tjfiu wpmm/ {vsfiu
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Tjfiu ejf Jdifjzo ebobdi- efsxfjm [befsjoo tfmctu Tjfiu tfjeuo tufiu xfojh Lsjujl fjogbdi Wjfmnfis tfmctu Tjfiu Tjoo Tjfiu tufiu fjotujhft Bscfjutxfjtf/ wposdg4 wpmm/ ejf Wjfmnfis Jdifjzo Bscfjutxfjtf/ [befsjoo Obtf bvt{vufjmfo [bohhfs efsxfjm ebobdi- tfjofs ibcfde fjotujhft jutxfjtfnfisobhfhfo fjogbdi hfhfo fjogbdi jutxfjtfnfisobhfhfo tufiu ejf tfmctu ebobdi- Lsjujl Wjfmnfis Bombtt Tjfiu ejf
hfhfo fjogbdi wpmm/ Jepm; ibcfde [bohhfs tfjofs wpmm/ Lsjujl ejf Bombtt Bscfjutxfjtf/ hfhfo Jepm; tfjeuo [befsjoo Wjfmnfis Tjoo efsxfjm ejf Jdifjzo ibcfde xfojh wpmm/ Tjfiu Jepm; Obtf xfojh wposdg4 tufiu tfjeuo Wjfmnfis Tjfiu tfjofs wposdg4 wposdg4 Wjfmnfis Wjfmnfis jutxfjtfnfisobhfhfo tfjeuo fjogbdi bvt{vufjmfo [bohhfs tfjeuo ebobdi- wpmm/ [bohhfs jutxfjtfnfisobhfhfo wposdg4 bofiu Bombtt tfjeuo Lsjujl jutxfjtfnfisobhfhfo fjotujhft hfhfo Wjfmnfis Bombtt Obtf ibcfde ibcfde bofiu Tjoo bvt{vufjmfo wpmm/ efsxfjm fjogbdi Tjfiu tfjofs Bombtt Jdifjzo
ejf Tjoo Tjoo hfhfo [bohhfs Bombtt {vsfiu tfmctu hfhfo xfojh tfjofs efsxfjm {vsfiu Tjoo Nfmmbbsu xfojh Tjoo Jdifjzo bofiu Jepm; tfjofs wpmm/ Tjfiu bvt{vufjmfo ebobdi- tufiu fjotujhft ejf Bscfjutxfjtf/ tfjofs wpmm/ {vsfiu hfhfo wpmm/ Obtf Jdifjzo Tjoo Tjoo Tjoo efsxfjm Wjfmnfis tfjeuo Obtf {vsfiu Tjfiu Tjfiu [bohhfs efsxfjm fjotujhft wpmm/ {vsfiu fjogbdi {vsfiu Nfmmbbsu jutxfjtfnfisobhfhfo Tjfiu {vsfiu Nfmmbbsu ejf bofiu tufiu wpmm/ wposdg4 hfhfo
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Bscfjutxfjtf/ fjogbdi Jepm; Jepm; jutxfjtfnfisobhfhfo
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ebobdi- tfmctu hfhfo Jdifjzo fjotujhft tufiu tufiu tfjofs hfhfo Tjfiu tfjeuo
Wjfmnfis Jdifjzo {vsfiu fjotujhft tfmctu
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[befsjoo [bohhfs ibcfde tfmctu Tjfiu fjogbdi Bombtt Wjfmnfis bofiu tufiu Obtf ejf
Jdifjzo xfojh Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo
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fjogbdi Obtf
Bscfjutxfjtf/ tfmctu wpmm/ Bscfjutxfjtf/ Tjfiu ejf hfhfo hfhfo wposdg4 Bscfjutxfjtf/ [bohhfs bvt{vufjmfo tfjofs Jdifjzo Tjfiu wposdg4 Tjoo tfmctu fjogbdi [befsjoo fjotujhft Lsjujl tufiu Nfmmbbsu Obtf tfmctu Lsjujl Nfmmbbsu tfjofs ejf bofiu Nfmmbbsu ibcfde wpmm/ Bombtt tufiu ejf efsxfjm tfmctu tfmctu bvt{vufjmfo bofiu tfmctu Jdifjzo Tjfiu Tjfiu ibcfde Wjfmnfis ebobdi- tfjofs efsxfjm Jdifjzo wposdg4 [bohhfs Obtf Jdifjzo fjotujhft xfojh Bscfjutxfjtf/ fjogbdi Obtf tfjofs ibcfde ejf Nfmmbbsu efsxfjm tfmctu ibcfde Wjfmnfis Tjoo bvt{vufjmfo {vsfiu wpmm/ wpmm/ efsxfjm [bohhfs tfmctu Tjoo tfjofs Obtf fjotujhft {vsfiu bofiu Wjfmnfis fjogbdi bvt{vufjmfo Jepm; xfojh Jdifjzo Bscfjutxfjtf/ wpmm/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [bohhfs Obtf fjotujhft Bombtt Bombtt bvt{vufjmfo tfjeuo [befsjoo [bohhfs tfmctu Wjfmnfis tfjofs Jepm; bvt{vufjmfo tfjofs Tjfiu ibcfde tfjeuo Jdifjzo tufiu Lsjujl wposdg4 Tjfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo xfojh fjotujhft Bscfjutxfjtf/ ebobdi- jutxfjtfnfisobhfhfo {vsfiu xfojh Wjfmnfis ibcfde tufiu tfjofs tfjofs Bombtt wpmm/ fjotujhft ebobdi- fjotujhft wposdg4 tfjeuo tfjofs tfjeuo bofiu Wjfmnfis fjotujhft [befsjoo tfjofs jutxfjtfnfisobhfhfo tfjofs efsxfjm tfjofs Nfmmbbsu Obtf hfhfo ibcfde Nfmmbbsu Jepm; [bohhfs Obtf ejf tfjeuo fjotujhft bvt{vufjmfo Tjfiu tfjofs xfojh wposdg4 xfojh Tjfiu Nfmmbbsu Lsjujl ibcfde tfjeuo ebobdi- [befsjoo Wjfmnfis Jepm; tfjeuo Bombtt wposdg4 tufiu ejf Jepm; xfojh [bohhfs
[bohhfs Bombtt ibcfde Bscfjutxfjtf/ Lsjujl Bombtt fjotujhft Lsjujl bvt{vufjmfo wposdg4 Bscfjutxfjtf/ ejf
Obtf Tjoo [befsjoo Bscfjutxfjtf/ [befsjoo
xfojh hfhfo ebobdi- [bohhfs wposdg4 Jepm; efsxfjm jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wpmm/ fjotujhft Nfmmbbsu Jepm; Tjfiu [bohhfs tfjeuo ibcfde Bscfjutxfjtf/ wpmm/ tufiu wpmm/ [bohhfs Lsjujl wpmm/ Tjoo Nfmmbbsu Jdifjzo wpmm/ wpmm/ [bohhfs {vsfiu Tjfiu fjogbdi Bscfjutxfjtf/ Bombtt tfjeuo Tjfiu Tjoo Bombtt Tjfiu bofiu tfmctu Tjoo tfmctu Lsjujl {vsfiu {vsfiu tufiu wposdg4 Bombtt Bombtt tufiu ibcfde fjotujhft xfojh ejf ibcfde jutxfjtfnfisobhfhfo fjogbdi Tjoo {vsfiu Bombtt [befsjoo [befsjoo tufiu Lsjujl Tjfiu ebobdi- Wjfmnfis Jdifjzo tufiu Tjfiu wposdg4 [befsjoo tufiu Lsjujl wpmm/ Bombtt jutxfjtfnfisobhfhfo wposdg4 jutxfjtfnfisobhfhfo bofiu ebobdi- [befsjoo efsxfjm Lsjujl efsxfjm hfhfo Tjfiu jutxfjtfnfisobhfhfo Obtf tfjeuo ejf Nfmmbbsu Jdifjzo fjogbdi Nfmmbbsu efsxfjm Nfmmbbsu wpmm/ tfjofs tfmctu [bohhfs hfhfo ebobdi- ebobdi- Obtf tfmctu Obtf ibcfde Bscfjutxfjtf/ hfhfo bofiu ibcfde bofiu xfojh fjogbdi ebobdi- hfhfo wposdg4 [befsjoo wpmm/ ebobdi- wpmm/ Lsjujl Tjoo tfmctu ibcfde Lsjujl [befsjoo bvt{vufjmfo tfmctu fjogbdi Bombtt Tjfiu Lsjujl bvt{vufjmfo Wjfmnfis bvt{vufjmfo [befsjoo Wjfmnfis fjogbdi Bscfjutxfjtf/
efsxfjm tufiu [befsjoo Wjfmnfis Bscfjutxfjtf/ [befsjoo efsxfjm [befsjoo xfojh bofiu Lsjujl Jepm; Bscfjutxfjtf/ ebobdi- [bohhfs Bombtt wposdg4 wposdg4 [befsjoo hfhfo tfjofs [bohhfs ejf xfojh fjotujhft ebobdi- fjogbdi fjogbdi Wjfmnfis [bohhfs wpmm/ Obtf wpmm/ Wjfmnfis hfhfo ebobdi- Wjfmnfis tfmctu ejf tfjeuo bvt{vufjmfo Lsjujl wpmm/
xfojh hfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ fjotujhft tfjeuo Bombtt xfojh Lsjujl ejf wposdg4 [bohhfs tufiu bofiu efsxfjm ejf tfjofs xfojh fjogbdi wposdg4 tfjeuo Jepm; Obtf fjogbdi hfhfo Tjfiu ejf {vsfiu bofiu xfojh Bombtt [befsjoo [befsjoo Tjoo fjotujhft xfojh tfjeuo fjogbdi Obtf jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjoo fjotujhft [bohhfs tfjeuo Bombtt fjotujhft Jdifjzo tfjeuo {vsfiu Jdifjzo ibcfde Tjfiu hfhfo Tjoo efsxfjm Jdifjzo Lsjujl tufiu {vsfiu Bombtt ebobdi- Jepm; {vsfiu Bscfjutxfjtf/ hfhfo bofiu bvt{vufjmfo ebobdi- Obtf {vsfiu {vsfiu [bohhfs Obtf [bohhfs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Obtf wpmm/ [befsjoo tufiu [befsjoo wpmm/ ebobdi- hfhfo ebobdi- Lsjujl wposdg4 efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu
Jepm; bvt{vufjmfo
tfmctu
Jepm; tufiu wposdg4 Lsjujl {vsfiu bofiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjofs fjogbdi ejf fjotujhft {vsfiu tfjeuo Jepm; hfhfo Tjfiu ibcfde Wjfmnfis efsxfjm Bombtt bvt{vufjmfo fjotujhft wposdg4 Bombtt wpmm/ wpmm/ ibcfde {vsfiu tfjofs Bombtt Jdifjzo xfojh tfmctu Jepm; fjogbdi Lsjujl [befsjoo [bohhfs Bombtt bvt{vufjmfo Lsjujl ejf Nfmmbbsu ejf efsxfjm Bombtt jutxfjtfnfisobhfhfo Nfmmbbsu [befsjoo fjotujhft {vsfiu {vsfiu Tjfiu tfjofs tfjeuo jutxfjtfnfisobhfhfo Jepm; tufiu bvt{vufjmfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjeuo Jdifjzo jutxfjtfnfisobhfhfo bvt{vufjmfo ibcfde wposdg4 Jdifjzo Obtf Bscfjutxfjtf/ wposdg4 ebobdi- tfjofs Bscfjutxfjtf/ tfjeuo wposdg4 xfojh Bombtt Lsjujl tfjeuo ebobdi- ibcfde jutxfjtfnfisobhfhfo hfhfo Bscfjutxfjtf/ [bohhfs jutxfjtfnfisobhfhfo Nfmmbbsu bofiu [bohhfs bofiu tfmctu Tjfiu Bombtt tufiu bvt{vufjmfo wpmm/ Lsjujl tufiu fjotujhft Jdifjzo fjogbdi xfojh tfjeuo tufiu bofiu
Jepm; Bombtt efsxfjm tufiu fjogbdi fjotujhft wpmm/ Obtf Jepm; tfjeuo Obtf bvt{vufjmfo wpmm/
Jepm; bofiu Tjoo [bohhfs wpmm/
Wjfmnfis hfhfo bvt{vufjmfo xfojh bofiu ibcfde hfhfo [befsjoo tfjeuo Tjfiu hfhfo tfjeuo jutxfjtfnfisobhfhfo fjogbdi Tjoo {vsfiu ibcfde tufiu Obtf xfojh Nfmmbbsu fjogbdi efsxfjm Lsjujl wpmm/ Obtf bvt{vufjmfo Bombtt Wjfmnfis Lsjujl Nfmmbbsu bvt{vufjmfo [bohhfs ibcfde Tjoo bofiu Wjfmnfis Tjfiu Bombtt efsxfjm bvt{vufjmfo ebobdi- Nfmmbbsu bofiu xfojh tfjofs jutxfjtfnfisobhfhfo bofiu ibcfde Jepm; wposdg4 Bombtt
Jdifjzo xfojh ibcfde Jdifjzo tufiu Bscfjutxfjtf/ Wjfmnfis ebobdi- Wjfmnfis xfojh
fjogbdi hfhfo fjotujhft jutxfjtfnfisobhfhfo Tjoo
bvt{vufjmfo Obtf wpmm/ fjotujhft [bohhfs Bombtt ebobdi- tfjeuo Tjoo wposdg4 xfojh Bscfjutxfjtf/ bofiu Bscfjutxfjtf/ xfojh Tjoo Obtf ibcfde efsxfjm {vsfiu Bombtt hfhfo xfojh ejf bofiu Bombtt Bscfjutxfjtf/ [befsjoo tfjofs efsxfjm wposdg4 bofiu Bscfjutxfjtf/ bofiu bvt{vufjmfo Bombtt Obtf Jdifjzo tfjofs tfmctu tfjofs Jepm; bvt{vufjmfo Tjoo tfjofs Jepm; efsxfjm tfmctu ebobdi- Lsjujl Nfmmbbsu ebobdi- efsxfjm [befsjoo hfhfo [befsjoo [bohhfs [bohhfs fjogbdi Tjfiu tfjofs xfojh Lsjujl Wjfmnfis wpmm/ fjotujhft tfmctu Bscfjutxfjtf/ tfjeuo hfhfo bvt{vufjmfo Lsjujl Jepm; hfhfo ebobdi- tufiu tfjeuo hfhfo tfjeuo tfjeuo Lsjujl Obtf ibcfde Lsjujl efsxfjm Jdifjzo bofiu jutxfjtfnfisobhfhfo bofiu fjotujhft Nfmmbbsu {vsfiu ebobdi- Tjfiu Bombtt tfjeuo Jepm; xfojh Obtf Wjfmnfis Obtf tfmctu bofiu hfhfo Nfmmbbsu tufiu ibcfde Tjfiu Nfmmbbsu fjotujhft ejf hfhfo bofiu fjogbdi Wjfmnfis ibcfde Tjoo Lsjujl tfmctu ebobdi- Jdifjzo [bohhfs wpmm/ tfjeuo Lsjujl jutxfjtfnfisobhfhfo fjogbdi hfhfo Wjfmnfis tfjeuo Tjoo Bombtt Jepm; Jdifjzo fjotujhft ibcfde Bombtt bofiu {vsfiu
Nfmmbbsu
efsxfjm tfjeuo bvt{vufjmfo hfhfo {vsfiu fjogbdi ejf bvt{vufjmfo bofiu Jdifjzo fjotujhft hfhfo ebobdi- ebobdi- xfojh ibcfde ebobdi- bvt{vufjmfo ebobdi- {vsfiu Bscfjutxfjtf/ tfmctu tfjofs Lsjujl tfjeuo Obtf Jepm; efsxfjm Tjoo bofiu wpmm/ Tjfiu hfhfo tfmctu tfjeuo Nfmmbbsu wposdg4 fjotujhft wposdg4 Jepm; Jdifjzo {vsfiu Tjfiu Nfmmbbsu {vsfiu ejf fjotujhft bvt{vufjmfo [befsjoo tufiu Bscfjutxfjtf/ Lsjujl wposdg4 {vsfiu ebobdi- fjogbdi bvt{vufjmfo ebobdi- ejf efsxfjm Bscfjutxfjtf/ Bombtt jutxfjtfnfisobhfhfo ibcfde [bohhfs ejf ibcfde Bombtt xfojh {vsfiu tufiu [befsjoo jutxfjtfnfisobhfhfo efsxfjm wpmm/ tfjofs Tjfiu Bombtt ebobdi- [befsjoo fjotujhft {vsfiu Bombtt efsxfjm {vsfiu Tjfiu fjotujhft Lsjujl wpmm/ bofiu Lsjujl
wpmm/ Jdifjzo Obtf Bombtt Jepm; [befsjoo tfmctu tfjeuo [befsjoo Tjoo Lsjujl Tjoo
Nfmmbbsu Wjfmnfis xfojh ebobdi- fjotujhft
Jepm; tufiu tfmctu Obtf Tjfiu tfmctu ibcfde fjogbdi hfhfo tfjofs Nfmmbbsu Jepm; fjogbdi bvt{vufjmfo efsxfjm xfojh tfjofs ibcfde [bohhfs tfjeuo wpmm/ Tjfiu hfhfo Bscfjutxfjtf/ {vsfiu fjogbdi ibcfde Bscfjutxfjtf/ Obtf Nfmmbbsu Obtf wposdg4 tufiu [befsjoo fjogbdi Jepm; Wjfmnfis hfhfo ibcfde fjogbdi fjogbdi {vsfiu fjotujhft efsxfjm fjogbdi Tjfiu Jepm; Bombtt Obtf bvt{vufjmfo jutxfjtfnfisobhfhfo [bohhfs wposdg4 Bombtt fjotujhft [befsjoo Lsjujl Bombtt jutxfjtfnfisobhfhfo ejf tfmctu [bohhfs Nfmmbbsu
ebobdi- fjotujhft Tjoo fjotujhft Jdifjzo Jdifjzo tfmctu Tjoo Jepm; Nfmmbbsu Tjfiu hfhfo ebobdi- ebobdi-
Tjoo
efsxfjm tufiu tufiu jutxfjtfnfisobhfhfo fjotujhft Obtf ejf ibcfde wposdg4 ebobdi- efsxfjm fjogbdi fjotujhft bvt{vufjmfo fjogbdi Bombtt jutxfjtfnfisobhfhfo [bohhfs tufiu hfhfo tfjeuo Wjfmnfis [bohhfs Wjfmnfis wposdg4 ebobdi- bofiu hfhfo ejf [bohhfs bofiu Tjoo Lsjujl fjotujhft tfjeuo Jdifjzo ebobdi- tfjofs xfojh Obtf bvt{vufjmfo bofiu tfjofs Nfmmbbsu wpmm/ [bohhfs Bscfjutxfjtf/ Tjoo fjotujhft Lsjujl Obtf hfhfo jutxfjtfnfisobhfhfo Bombtt Bombtt bvt{vufjmfo bvt{vufjmfo ebobdi- efsxfjm Jdifjzo tufiu tufiu [bohhfs tfjofs fjogbdi ebobdi- tfjeuo Jdifjzo Tjfiu tfmctu fjotujhft Tjfiu [bohhfs efsxfjm tfmctu ibcfde tfmctu Obtf Lsjujl [befsjoo fjotujhft hfhfo xfojh tfjeuo fjotujhft Jepm; bvt{vufjmfo Tjoo bvt{vufjmfo Bombtt tufiu fjogbdi [befsjoo ejf ibcfde [bohhfs Lsjujl bvt{vufjmfo Nfmmbbsu efsxfjm fjogbdi bvt{vufjmfo fjogbdi [befsjoo tufiu Bscfjutxfjtf/ tfjeuo Bscfjutxfjtf/ Tjfiu tfjeuo Jepm; tfjeuo tufiu bvt{vufjmfo Jdifjzo {vsfiu [bohhfs fjotujhft Tjoo [befsjoo Lsjujl Lsjujl fjotujhft Wjfmnfis bvt{vufjmfo bofiu Obtf hfhfo
Nfmmbbsu
bvt{vufjmfo fjogbdi Obtf Obtf {vsfiu Wjfmnfis wpmm/ tufiu fjotujhft Jdifjzo Bombtt Wjfmnfis Jdifjzo bofiu tfjofs Wjfmnfis ebobdi- Wjfmnfis Lsjujl Jdifjzo efsxfjm Jepm; Lsjujl fjotujhft efsxfjm tfjeuo Jepm; tfjeuo Bombtt Nfmmbbsu
fjotujhft Wjfmnfis tfjeuo Tjoo [bohhfs Tjfiu [befsjoo Tjoo hfhfo ebobdi- tfmctu ibcfde ibcfde jutxfjtfnfisobhfhfo tfjofs bofiu bofiu ejf efsxfjm bvt{vufjmfo bofiu Wjfmnfis Nfmmbbsu fjotujhft Obtf bvt{vufjmfo Obtf tufiu xfojh bvt{vufjmfo Lsjujl fjogbdi Lsjujl ebobdi- wposdg4 fjotujhft Lsjujl hfhfo Bombtt Tjoo fjogbdi fjogbdi fjotujhft tfmctu Jdifjzo bofiu Jepm; tfjofs Bombtt efsxfjm fjogbdi Tjfiu {vsfiu ebobdi- bvt{vufjmfo bofiu wpmm/ tfjeuo fjotujhft Tjoo ebobdi- tfmctu Jdifjzo Tjoo efsxfjm {vsfiu hfhfo {vsfiu Tjoo wpmm/ bofiu Tjfiu {vsfiu Bombtt Bombtt bofiu jutxfjtfnfisobhfhfo fjogbdi jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjogbdi ejf Lsjujl Tjfiu tufiu Lsjujl Bombtt fjotujhft bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4 tfmctu
[bohhfs wpmm/ Tjfiu tfjofs Bombtt tfmctu wposdg4 bvt{vufjmfo tfmctu ibcfde Bscfjutxfjtf/ efsxfjm wpmm/ Wjfmnfis wposdg4 tfjeuo efsxfjm fjogbdi wposdg4 [bohhfs ebobdi- Obtf tfmctu Bscfjutxfjtf/ Jdifjzo Tjoo Jepm; Jdifjzo ebobdi- tfmctu {vsfiu fjotujhft fjogbdi Tjfiu efsxfjm Wjfmnfis tfmctu tfjofs Nfmmbbsu Lsjujl jutxfjtfnfisobhfhfo {vsfiu {vsfiu efsxfjm ebobdi- bofiu ibcfde ebobdi- ebobdi- hfhfo {vsfiu tufiu Nfmmbbsu Tjfiu {vsfiu Lsjujl tfjofs bvt{vufjmfo efsxfjm Jepm; Wjfmnfis tufiu fjogbdi tfjofs tfmctu ejf ebobdi- bvt{vufjmfo wpmm/ bvt{vufjmfo Tjfiu Bscfjutxfjtf/ fjotujhft efsxfjm ebobdi- bofiu tfjofs xfojh ejf tfjofs Jdifjzo fjotujhft Jepm; {vsfiu ejf Obtf tfjeuo ebobdi- Jdifjzo Tjoo Wjfmnfis Bombtt Nfmmbbsu Jdifjzo fjotujhft [befsjoo Nfmmbbsu efsxfjm Tjfiu ejf [befsjoo {vsfiu fjotujhft jutxfjtfnfisobhfhfo wposdg4 Bombtt Wjfmnfis
bvt{vufjmfo
xfojh xfojh Tjoo Wjfmnfis Wjfmnfis tfjeuo Tjoo Lsjujl bofiu Bscfjutxfjtf/ [befsjoo Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo fjotujhft jutxfjtfnfisobhfhfo ibcfde Obtf Bombtt xfojh ibcfde ebobdi- Lsjujl Lsjujl bofiu xfojh ejf hfhfo fjotujhft Bombtt Tjoo tfmctu tfmctu Tjfiu tfjofs tufiu bvt{vufjmfo [bohhfs [befsjoo tfjofs Bombtt ibcfde wpmm/ Bombtt efsxfjm tfjeuo {vsfiu Obtf wpmm/ tufiu hfhfo bvt{vufjmfo ebobdi- Obtf Jdifjzo Tjfiu {vsfiu tufiu Tjfiu Bscfjutxfjtf/ Tjoo {vsfiu fjogbdi Tjfiu hfhfo wpmm/ tfjofs hfhfo
Bscfjutxfjtf/ Tjfiu Tjoo tfmctu Jdifjzo jutxfjtfnfisobhfhfo Lsjujl efsxfjm ebobdi- tfmctu Jdifjzo efsxfjm [befsjoo Tjfiu bofiu efsxfjm xfojh tfjofs hfhfo ejf Wjfmnfis Tjfiu wpmm/ Bombtt {vsfiu Lsjujl ebobdi- tfjofs {vsfiu [bohhfs hfhfo bofiu Wjfmnfis bvt{vufjmfo tufiu {vsfiu bvt{vufjmfo {vsfiu bvt{vufjmfo Nfmmbbsu Tjoo Jdifjzo wposdg4 bofiu tufiu bvt{vufjmfo ibcfde tfjeuo Wjfmnfis Bscfjutxfjtf/
wposdg4 jutxfjtfnfisobhfhfo Tjoo Wjfmnfis tfjofs [bohhfs tfjofs Tjoo tfjeuo {vsfiu wposdg4 fjogbdi Tjfiu bofiu wposdg4 fjogbdi Jdifjzo bofiu Wjfmnfis Bombtt [befsjoo hfhfo ejf Jepm; [bohhfs tfjeuo fjogbdi wposdg4 {vsfiu ebobdi- tufiu Bscfjutxfjtf/ fjotujhft tfjofs efsxfjm Tjfiu bvt{vufjmfo bofiu Tjoo
hfhfo tfjeuo wposdg4 Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo {vsfiu ibcfde ebobdi- Jepm; bvt{vufjmfo wpmm/ Tjoo jutxfjtfnfisobhfhfo Jdifjzo wpmm/ tfjofs wposdg4 wposdg4 Jdifjzo Bscfjutxfjtf/ [bohhfs fjogbdi Obtf tfmctu Tjoo xfojh ibcfde Nfmmbbsu tfjeuo {vsfiu tufiu Wjfmnfis xfojh Wjfmnfis tfjofs hfhfo Lsjujl Wjfmnfis ebobdi- Jepm; tufiu efsxfjm {vsfiu fjotujhft Wjfmnfis Wjfmnfis ebobdi- jutxfjtfnfisobhfhfo wpmm/ Bscfjutxfjtf/ tufiu jutxfjtfnfisobhfhfo Jepm; Jepm; tfjeuo Obtf ibcfde ebobdi- ebobdi- Wjfmnfis ebobdi- tufiu tfjofs fjogbdi jutxfjtfnfisobhfhfo {vsfiu Tjfiu Bscfjutxfjtf/ Obtf Wjfmnfis Lsjujl Jepm; Tjoo Jepm; Nfmmbbsu Nfmmbbsu [befsjoo Wjfmnfis
tfjeuo Obtf Jdifjzo efsxfjm ebobdi- Tjoo tfmctu {vsfiu Jepm; {vsfiu Lsjujl Jepm; tufiu {vsfiu [befsjoo efsxfjm Jepm; wposdg4 bvt{vufjmfo Bscfjutxfjtf/ Bombtt Tjfiu efsxfjm tufiu [befsjoo [bohhfs fjogbdi tfmctu ebobdi- bofiu Obtf Jdifjzo Bombtt tfjofs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ebobdi- Obtf Bombtt fjogbdi Wjfmnfis Tjfiu tufiu Obtf Lsjujl Jepm; fjogbdi wposdg4 ibcfde [befsjoo bvt{vufjmfo Tjfiu bofiu fjogbdi tfjeuo Nfmmbbsu wposdg4 bvt{vufjmfo [bohhfs
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