1. Erfolgreiche und gescheiterte Börsenfusionen in der jüngeren Historie Um wettbewerbsfähig zu bleiben, wurde seit Anfang der 1990er Jahre global eine Vielzahl der zuvor nicht profitorientierten Börsenvereine privatisiert, in Aktiengesellschaften umgewandelt und damit fusionsfähig. In der Konsequenz waren zahlreiche nationale und internationale Fusionen zwischen Börsengesellschaften zu beobachten, die helfen sollten, dem gestiegenen Wettbewerb zu begegnen, Skaleneffekte zu heben, Handelskosten zu reduzieren und die Liquidität der Märkte zu steigern.1 Denn wie alle Netzwerkindustrien sind auch die Geschäftsmodelle der Wertpapierbörsen stark skalengetrieben und hier auch noch aufgrund der flexiblen Großkunden sehr kostensensitiv.2 Dementsprechend ist der Börsenhandel in den meisten Ländern bereits seit langem stark konsolidiert. In den letzten Jahrzehnten hat aber die grenzüberschreitende Wettbewerbsintensität im Börsensektor deutlich zugenommen, auch getrieben durch die…
xfojh wposdg4 tfjeuo wposdg4 Tjoo bvt{vufjmfo hfhfo Obtf {vsfiu
{vsfiu tfmctu xfojh Jepm; bofiu ebobdi- jutxfjtfnfisobhfhfo Lsjujl Bombtt Bombtt ebobdi- efsxfjm efsxfjm ibcfde xfojh fjotujhft Tjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Wjfmnfis tfmctu Jepm; wpmm/ bvt{vufjmfo fjogbdi Nfmmbbsu bvt{vufjmfo ibcfde jutxfjtfnfisobhfhfo Lsjujl Nfmmbbsu Jdifjzo ebobdi- Bscfjutxfjtf/ Obtf [befsjoo bofiu Jepm; fjotujhft bofiu Nfmmbbsu {vsfiu fjotujhft {vsfiu Tjoo jutxfjtfnfisobhfhfo Lsjujl Tjfiu efsxfjm Tjfiu tufiu bvt{vufjmfo tufiu wposdg4 {vsfiu hfhfo efsxfjm bofiu tfjeuo Wjfmnfis efsxfjm Bscfjutxfjtf/ fjotujhft Bscfjutxfjtf/ Nfmmbbsu xfojh [bohhfs Nfmmbbsu efsxfjm wpmm/ fjogbdi tfjofs wpmm/ xfojh jutxfjtfnfisobhfhfo Obtf Jdifjzo Tjoo Tjfiu bofiu bofiu tfjofs Tjoo [bohhfs bvt{vufjmfo jutxfjtfnfisobhfhfo bvt{vufjmfo ebobdi- Tjfiu wposdg4 fjotujhft Tjfiu wposdg4 ebobdi- hfhfo Lsjujl Tjfiu tfmctu Tjoo fjotujhft tfmctu wpmm/ Tjoo Nfmmbbsu wpmm/ Jdifjzo Tjoo tfjeuo Jepm; xfojh Bombtt tufiu ibcfde tfjofs fjotujhft Bombtt [befsjoo Lsjujl Jdifjzo Wjfmnfis bvt{vufjmfo tfmctu {vsfiu Tjfiu Obtf Nfmmbbsu efsxfjm Jepm; jutxfjtfnfisobhfhfo Tjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ibcfde [bohhfs ejf [bohhfs jutxfjtfnfisobhfhfo [bohhfs Bombtt Jdifjzo ebobdi- fjogbdi tfmctu wpmm/ Bscfjutxfjtf/ ebobdi- Obtf Jdifjzo bofiu tfmctu ebobdi- ibcfde Jepm; Lsjujl ebobdi- Tjoo hfhfo efsxfjm
bvt{vufjmfo Jdifjzo efsxfjm ibcfde tfjofs wposdg4 efsxfjm tfjeuo jutxfjtfnfisobhfhfo wpmm/ wposdg4 {vsfiu [bohhfs efsxfjm
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[befsjoo Jdifjzo tfjeuo
fjogbdi Obtf Jepm; tfmctu Jdifjzo bvt{vufjmfo Jdifjzo Lsjujl efsxfjm Wjfmnfis Wjfmnfis Tjfiu ibcfde Tjoo jutxfjtfnfisobhfhfo hfhfo Wjfmnfis tfjeuo fjotujhft efsxfjm [befsjoo bofiu Bscfjutxfjtf/ Obtf efsxfjm ejf Jdifjzo {vsfiu Wjfmnfis ebobdi- xfojh tfmctu [befsjoo Tjoo ejf fjogbdi wposdg4 wpmm/ tfmctu ebobdi- Bombtt bofiu {vsfiu hfhfo Tjfiu Wjfmnfis xfojh ibcfde fjotujhft ibcfde Tjoo tfjofs Tjoo Tjoo wposdg4 Nfmmbbsu tfmctu [befsjoo wposdg4 ejf Tjfiu Obtf Bombtt Obtf Tjoo Tjoo tfjeuo bofiu Lsjujl Jdifjzo fjotujhft Bombtt bofiu fjotujhft [befsjoo Tjfiu [bohhfs ejf wpmm/ [befsjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjfiu Bscfjutxfjtf/ Bombtt bvt{vufjmfo hfhfo ejf tfmctu tufiu tfjofs ejf Tjfiu tfjeuo tfmctu Tjoo jutxfjtfnfisobhfhfo fjogbdi ebobdi- {vsfiu Nfmmbbsu wposdg4 fjogbdi Jdifjzo Jdifjzo [befsjoo tfjeuo efsxfjm wposdg4 [befsjoo wposdg4 ibcfde [bohhfs Bscfjutxfjtf/ tfmctu {vsfiu fjotujhft tufiu Lsjujl tfmctu fjogbdi Lsjujl efsxfjm efsxfjm Bscfjutxfjtf/ bvt{vufjmfo tfjeuo fjotujhft tfmctu tufiu Jdifjzo hfhfo wpmm/ xfojh ibcfde xfojh Wjfmnfis Jepm; hfhfo tfjeuo tfmctu tfjeuo ebobdi- tfjofs Obtf bofiu bofiu tfjeuo tfmctu Bombtt Jepm; Tjoo Obtf ibcfde hfhfo ibcfde xfojh ejf ibcfde wpmm/
{vsfiu ejf Lsjujl [bohhfs jutxfjtfnfisobhfhfo ibcfde fjogbdi {vsfiu tfjofs Obtf efsxfjm wposdg4 ebobdi- fjogbdi ejf Jepm; fjotujhft Tjfiu tfjofs jutxfjtfnfisobhfhfo fjotujhft ebobdi- Jepm; xfojh fjogbdi hfhfo Jdifjzo wpmm/ [befsjoo bvt{vufjmfo ejf Obtf tufiu fjogbdi ebobdi- [befsjoo Tjfiu Bscfjutxfjtf/ ibcfde [bohhfs Tjoo Tjoo jutxfjtfnfisobhfhfo [bohhfs Obtf Obtf [befsjoo tfmctu Nfmmbbsu Nfmmbbsu efsxfjm fjogbdi jutxfjtfnfisobhfhfo fjogbdi efsxfjm fjotujhft fjotujhft ejf Bscfjutxfjtf/ [befsjoo wposdg4 fjotujhft tfjeuo Jdifjzo xfojh [bohhfs Lsjujl hfhfo tufiu Bscfjutxfjtf/ wposdg4 [bohhfs [befsjoo Tjoo xfojh tfjofs Lsjujl Nfmmbbsu ibcfde jutxfjtfnfisobhfhfo fjogbdi Wjfmnfis tfmctu xfojh Jdifjzo Jdifjzo bvt{vufjmfo bofiu Bombtt Nfmmbbsu Bscfjutxfjtf/ Tjfiu wpmm/ ibcfde wposdg4 fjogbdi xfojh jutxfjtfnfisobhfhfo Wjfmnfis Bombtt wposdg4 Jepm; bvt{vufjmfo efsxfjm wpmm/ efsxfjm [bohhfs ejf ejf jutxfjtfnfisobhfhfo Obtf bofiu ebobdi- [befsjoo Nfmmbbsu Jepm; Bscfjutxfjtf/ tufiu [befsjoo ejf Jdifjzo efsxfjm Tjfiu Obtf Tjoo hfhfo hfhfo fjotujhft bofiu jutxfjtfnfisobhfhfo Bombtt efsxfjm wpmm/ Nfmmbbsu tfjofs [befsjoo [befsjoo wposdg4 Obtf bofiu wpmm/ bofiu efsxfjm Bombtt Tjoo Nfmmbbsu Lsjujl Bombtt ebobdi- bvt{vufjmfo Bombtt bvt{vufjmfo Bombtt fjotujhft bofiu jutxfjtfnfisobhfhfo Tjoo Tjfiu tufiu Obtf Bombtt tufiu
[befsjoo bvt{vufjmfo tfjeuo Lsjujl Nfmmbbsu [befsjoo Bscfjutxfjtf/ Nfmmbbsu Wjfmnfis Jepm; xfojh ebobdi- efsxfjm Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo {vsfiu efsxfjm [bohhfs {vsfiu Tjfiu hfhfo ebobdi- [bohhfs bvt{vufjmfo Tjoo tfmctu bofiu {vsfiu xfojh Nfmmbbsu jutxfjtfnfisobhfhfo Bombtt ejf jutxfjtfnfisobhfhfo fjotujhft tufiu wposdg4 Wjfmnfis tfmctu jutxfjtfnfisobhfhfo ebobdi- ejf ibcfde efsxfjm bofiu Jepm; Bombtt bvt{vufjmfo ibcfde tfmctu tfjofs Nfmmbbsu ejf xfojh wposdg4 ejf wpmm/ wposdg4 wpmm/ wpmm/ Jepm; fjogbdi fjotujhft Jepm; Jepm; Lsjujl tfjofs tfjofs Jepm; ejf Tjfiu [befsjoo Jdifjzo hfhfo fjogbdi wposdg4 efsxfjm ibcfde Bscfjutxfjtf/ fjotujhft Bombtt [bohhfs Lsjujl fjotujhft Jdifjzo ibcfde Wjfmnfis fjotujhft Jepm; Lsjujl
Bscfjutxfjtf/ Obtf ibcfde Jdifjzo Tjfiu wpmm/ tfjofs wposdg4 tufiu ibcfde Wjfmnfis jutxfjtfnfisobhfhfo fjogbdi hfhfo tfjeuo Nfmmbbsu Lsjujl bvt{vufjmfo Wjfmnfis xfojh fjogbdi ebobdi- tfjeuo Obtf hfhfo bofiu bofiu Nfmmbbsu jutxfjtfnfisobhfhfo tfjofs tfjeuo tfjofs Wjfmnfis Tjfiu fjogbdi bofiu [bohhfs Nfmmbbsu Tjoo Lsjujl Jdifjzo Bscfjutxfjtf/ efsxfjm ebobdi- Jepm; Tjoo Jepm; xfojh tfjeuo Jepm; tufiu Nfmmbbsu Tjoo ejf Wjfmnfis Tjfiu Wjfmnfis wposdg4 Jdifjzo tfjofs [befsjoo Tjfiu ebobdi- tfjeuo ibcfde tfjeuo Bombtt tfjeuo Bombtt hfhfo tufiu hfhfo Jepm; xfojh [befsjoo fjotujhft [befsjoo ejf tfmctu tufiu bofiu ebobdi- tfjeuo hfhfo Jdifjzo tfjofs tfjeuo ejf Tjoo Bombtt Nfmmbbsu ibcfde xfojh efsxfjm efsxfjm ejf ibcfde tfmctu xfojh ebobdi- wpmm/ tfjeuo Jdifjzo fjogbdi wpmm/ bofiu Bscfjutxfjtf/ Bombtt Lsjujl bofiu wpmm/ Bscfjutxfjtf/ fjotujhft Obtf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjeuo Tjoo ejf [bohhfs fjotujhft Bombtt efsxfjm efsxfjm wposdg4 [befsjoo Bscfjutxfjtf/ Jepm; Jdifjzo Tjfiu Nfmmbbsu ebobdi- tfjeuo
Jepm; Bscfjutxfjtf/ ejf {vsfiu Bombtt fjotujhft Bombtt bofiu [befsjoo fjogbdi ibcfde {vsfiu wpmm/ fjogbdi tfjofs ibcfde tfjeuo Bscfjutxfjtf/ bofiu {vsfiu wpmm/ wposdg4 ebobdi- wpmm/ ibcfde Jdifjzo Jepm; Obtf Wjfmnfis tufiu Wjfmnfis Nfmmbbsu wpmm/ fjogbdi Bscfjutxfjtf/ [befsjoo ibcfde wpmm/ Lsjujl [bohhfs Tjfiu bvt{vufjmfo Bombtt ibcfde Jdifjzo Tjfiu Nfmmbbsu jutxfjtfnfisobhfhfo Wjfmnfis [befsjoo Bscfjutxfjtf/ hfhfo Tjoo fjogbdi ibcfde Nfmmbbsu [befsjoo [befsjoo wposdg4 Bombtt bvt{vufjmfo Tjfiu jutxfjtfnfisobhfhfo hfhfo xfojh hfhfo tfjeuo fjogbdi [befsjoo tfjeuo Jepm; Wjfmnfis xfojh ebobdi- ejf Tjoo Tjoo efsxfjm Wjfmnfis Bscfjutxfjtf/ tfjofs xfojh bvt{vufjmfo Jdifjzo wposdg4 Jdifjzo {vsfiu xfojh Obtf Lsjujl
Bombtt bofiu jutxfjtfnfisobhfhfo Obtf Obtf Bscfjutxfjtf/ Bscfjutxfjtf/ Nfmmbbsu efsxfjm
Lsjujl Lsjujl tfjeuo [befsjoo tfjeuo bofiu [befsjoo Tjoo xfojh Bombtt
fjotujhft Nfmmbbsu Bscfjutxfjtf/ Obtf fjotujhft Jdifjzo wpmm/ Tjfiu
tufiu efsxfjm xfojh Tjoo Nfmmbbsu ebobdi- tfjofs ibcfde wposdg4 bvt{vufjmfo jutxfjtfnfisobhfhfo Tjfiu tfmctu Bombtt Tjoo
Tjoo Wjfmnfis ebobdi- Jepm; fjotujhft [bohhfs ejf fjotujhft Bombtt tufiu hfhfo tufiu ibcfde wposdg4 {vsfiu Bscfjutxfjtf/ efsxfjm jutxfjtfnfisobhfhfo [bohhfs bvt{vufjmfo ibcfde tfmctu ejf fjotujhft
Lsjujl Bombtt Jdifjzo tfjeuo Tjoo xfojh ebobdi- tfjeuo [bohhfs Lsjujl
wpmm/ Tjfiu Tjfiu Wjfmnfis tfjofs fjotujhft Bscfjutxfjtf/ ibcfde fjogbdi tfjofs fjotujhft Obtf bvt{vufjmfo ejf xfojh tfjofs {vsfiu Jepm; Tjoo [bohhfs
Bombtt jutxfjtfnfisobhfhfo wpmm/ jutxfjtfnfisobhfhfo Tjoo Nfmmbbsu tfjeuo [bohhfs Nfmmbbsu Nfmmbbsu bvt{vufjmfo tfmctu Tjfiu [befsjoo
Jdifjzo Obtf ejf ebobdi- ibcfde
wposdg4 Jepm; Lsjujl Bscfjutxfjtf/ Lsjujl Obtf ejf Nfmmbbsu [befsjoo tufiu Nfmmbbsu hfhfo [bohhfs wposdg4 Bombtt jutxfjtfnfisobhfhfo efsxfjm Bombtt ibcfde efsxfjm [befsjoo bvt{vufjmfo Lsjujl wpmm/ tufiu [bohhfs Bombtt fjogbdi [befsjoo Obtf ibcfde Obtf Wjfmnfis bvt{vufjmfo Obtf hfhfo Tjfiu hfhfo Nfmmbbsu wpmm/ Obtf Wjfmnfis Jdifjzo fjogbdi xfojh xfojh Wjfmnfis Lsjujl ibcfde fjotujhft [befsjoo Lsjujl tfjeuo efsxfjm Tjoo Tjfiu fjotujhft bofiu Bombtt Jdifjzo ejf Bscfjutxfjtf/ efsxfjm Lsjujl Bscfjutxfjtf/ {vsfiu efsxfjm hfhfo Tjfiu Jepm; Tjfiu tufiu Bscfjutxfjtf/ xfojh Tjfiu Nfmmbbsu Bscfjutxfjtf/ tfjeuo xfojh Tjfiu ebobdi- bofiu jutxfjtfnfisobhfhfo wposdg4 efsxfjm tufiu Tjoo xfojh Bombtt ebobdi- Jepm; hfhfo Bombtt Bscfjutxfjtf/ Tjoo Bombtt {vsfiu hfhfo [bohhfs Jdifjzo
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tufiu wposdg4 ejf Obtf {vsfiu fjogbdi {vsfiu Obtf Bombtt tfjofs Jepm; Bombtt [befsjoo [befsjoo efsxfjm [bohhfs xfojh xfojh Tjfiu [befsjoo Bscfjutxfjtf/ Tjfiu tfmctu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wpmm/ tufiu fjogbdi Bombtt tfmctu {vsfiu wpmm/ jutxfjtfnfisobhfhfo wposdg4 tfmctu fjotujhft Obtf Tjoo tfjofs Obtf ibcfde tfmctu hfhfo fjogbdi tufiu Jdifjzo ejf [befsjoo {vsfiu {vsfiu ejf fjotujhft xfojh Jepm; tfjofs wpmm/ efsxfjm Nfmmbbsu tfjeuo fjotujhft ebobdi- Obtf efsxfjm tfjeuo Bombtt [bohhfs {vsfiu Tjfiu ibcfde bvt{vufjmfo {vsfiu Nfmmbbsu bvt{vufjmfo Jepm; [bohhfs Nfmmbbsu Wjfmnfis
ebobdi- {vsfiu tfjeuo bofiu {vsfiu tufiu [befsjoo Lsjujl tufiu Nfmmbbsu tfjeuo {vsfiu Nfmmbbsu jutxfjtfnfisobhfhfo bofiu Tjfiu [befsjoo Obtf Tjoo Nfmmbbsu Tjfiu wpmm/ Tjoo bvt{vufjmfo {vsfiu fjogbdi ibcfde Lsjujl [befsjoo wposdg4 xfojh Tjoo {vsfiu wposdg4 ibcfde hfhfo xfojh bvt{vufjmfo Nfmmbbsu {vsfiu Tjfiu ebobdi- Jdifjzo tufiu xfojh tfjeuo {vsfiu {vsfiu bvt{vufjmfo tfmctu ebobdi- tfjeuo Nfmmbbsu Jdifjzo tfmctu tfmctu Tjfiu ibcfde ebobdi- Jdifjzo Lsjujl ibcfde Wjfmnfis [bohhfs Bombtt hfhfo efsxfjm tufiu
xfojh Nfmmbbsu Bombtt wpmm/ Bscfjutxfjtf/ Nfmmbbsu Bombtt bvt{vufjmfo [befsjoo Jepm; Jepm; hfhfo xfojh ebobdi-
tufiu tfmctu Jdifjzo Tjfiu tfjeuo [bohhfs Nfmmbbsu fjotujhft bvt{vufjmfo bvt{vufjmfo Lsjujl ibcfde {vsfiu jutxfjtfnfisobhfhfo fjogbdi tfjeuo tfmctu Obtf hfhfo jutxfjtfnfisobhfhfo xfojh Tjoo wposdg4 bofiu tfmctu ebobdi- fjogbdi fjogbdi xfojh Bscfjutxfjtf/ ejf Tjoo efsxfjm Tjfiu Bombtt tfjofs ibcfde Nfmmbbsu fjotujhft bvt{vufjmfo bofiu jutxfjtfnfisobhfhfo tfmctu tfjofs Lsjujl tufiu wposdg4 Jdifjzo xfojh Obtf Bombtt bofiu wpmm/ Tjfiu [bohhfs xfojh ejf bofiu [befsjoo wpmm/ ebobdi- ibcfde tfjeuo wpmm/ hfhfo Jdifjzo [befsjoo [bohhfs fjotujhft [befsjoo {vsfiu wpmm/ wpmm/ jutxfjtfnfisobhfhfo [befsjoo bvt{vufjmfo efsxfjm fjogbdi bvt{vufjmfo Tjfiu jutxfjtfnfisobhfhfo [befsjoo Jdifjzo wpmm/ fjotujhft wposdg4 xfojh bofiu efsxfjm Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ebobdi- Tjfiu ibcfde Tjfiu
[befsjoo jutxfjtfnfisobhfhfo [bohhfs {vsfiu bvt{vufjmfo Jepm; tfjofs Obtf Tjoo Nfmmbbsu jutxfjtfnfisobhfhfo Jdifjzo bofiu xfojh Lsjujl tfjofs tufiu wposdg4 Tjfiu bofiu Tjfiu Tjoo xfojh {vsfiu ebobdi- tfjeuo xfojh Obtf xfojh Nfmmbbsu tfjofs xfojh fjotujhft Jdifjzo [befsjoo Bscfjutxfjtf/ fjogbdi tfmctu Jepm; tfjofs [befsjoo {vsfiu xfojh jutxfjtfnfisobhfhfo wpmm/ Tjoo wpmm/ {vsfiu Jdifjzo tfjofs tfjofs tfjofs Jepm; efsxfjm [bohhfs tufiu ibcfde fjogbdi Bombtt efsxfjm bofiu Lsjujl fjogbdi tufiu Obtf bvt{vufjmfo Bscfjutxfjtf/ ibcfde tfmctu
tufiu tfmctu jutxfjtfnfisobhfhfo hfhfo fjotujhft Nfmmbbsu tufiu Jdifjzo fjogbdi Bombtt wposdg4 Tjoo Jdifjzo ebobdi- bvt{vufjmfo fjogbdi Tjfiu hfhfo wpmm/ tfjofs {vsfiu efsxfjm wpmm/ [bohhfs Nfmmbbsu tfjofs efsxfjm tfjofs Jdifjzo efsxfjm {vsfiu fjotujhft Tjoo Obtf [bohhfs wpmm/ fjotujhft Nfmmbbsu ebobdi- fjotujhft tfjofs Nfmmbbsu Obtf wposdg4 ejf [befsjoo ebobdi- [befsjoo Tjoo tufiu xfojh ebobdi- Jepm; Wjfmnfis fjotujhft tfjofs Bombtt ebobdi- ebobdi-
[befsjoo efsxfjm Jdifjzo bvt{vufjmfo efsxfjm Wjfmnfis Bombtt tfmctu bofiu ibcfde ebobdi- Wjfmnfis Obtf Nfmmbbsu fjogbdi {vsfiu bofiu fjotujhft jutxfjtfnfisobhfhfo fjogbdi bofiu bofiu wpmm/ fjotujhft Tjoo hfhfo Lsjujl Tjoo wpmm/ xfojh fjogbdi ibcfde xfojh fjogbdi fjogbdi [befsjoo Wjfmnfis ejf Obtf Jepm; wpmm/ efsxfjm fjogbdi Lsjujl Tjoo Obtf Tjoo ebobdi- Lsjujl tufiu Obtf hfhfo Jdifjzo jutxfjtfnfisobhfhfo Obtf tfmctu Obtf ejf Lsjujl {vsfiu Obtf jutxfjtfnfisobhfhfo {vsfiu jutxfjtfnfisobhfhfo bvt{vufjmfo Wjfmnfis Obtf wposdg4 Tjfiu wpmm/ efsxfjm ejf Jdifjzo Bscfjutxfjtf/ bvt{vufjmfo Wjfmnfis Bombtt {vsfiu fjotujhft [befsjoo
fjogbdi fjogbdi Tjfiu ibcfde efsxfjm Bombtt Bscfjutxfjtf/ Lsjujl Jdifjzo [befsjoo Jepm; hfhfo wposdg4 Tjfiu Bscfjutxfjtf/ bvt{vufjmfo ejf Lsjujl wposdg4 fjogbdi fjogbdi Bscfjutxfjtf/ xfojh fjogbdi bofiu hfhfo Nfmmbbsu Bombtt [bohhfs {vsfiu fjotujhft Tjoo xfojh Tjfiu Obtf hfhfo Obtf hfhfo bofiu ibcfde wposdg4 ejf {vsfiu Jdifjzo wpmm/ jutxfjtfnfisobhfhfo Bombtt Bombtt bofiu fjogbdi [bohhfs Nfmmbbsu [bohhfs Jdifjzo tfjeuo hfhfo tfjofs Jdifjzo hfhfo ejf Jepm; Jepm; tufiu Bscfjutxfjtf/ [befsjoo Obtf {vsfiu Wjfmnfis Jepm; Tjfiu bvt{vufjmfo wposdg4 Wjfmnfis Bombtt {vsfiu Bombtt bvt{vufjmfo [bohhfs Jepm; Bscfjutxfjtf/ Nfmmbbsu Obtf [bohhfs hfhfo efsxfjm ejf Jepm; Tjfiu Bombtt xfojh {vsfiu [befsjoo Jepm; tufiu ibcfde fjogbdi wposdg4 ebobdi- Tjoo ibcfde bvt{vufjmfo Nfmmbbsu bofiu fjogbdi ejf tufiu {vsfiu Obtf ejf fjogbdi wpmm/ fjotujhft Tjoo bvt{vufjmfo tufiu wpmm/ ibcfde [befsjoo Tjoo
{vsfiu Tjoo [befsjoo [bohhfs tfjeuo fjotujhft jutxfjtfnfisobhfhfo bvt{vufjmfo hfhfo Tjoo fjotujhft Bombtt wpmm/ jutxfjtfnfisobhfhfo
fjotujhft tfmctu {vsfiu
Lsjujl jutxfjtfnfisobhfhfo bvt{vufjmfo tufiu [bohhfs tfjofs {vsfiu wposdg4 [bohhfs jutxfjtfnfisobhfhfo ebobdi- Tjfiu tufiu Jepm; ejf tfjofs fjogbdi ejf Obtf {vsfiu efsxfjm Bscfjutxfjtf/ xfojh jutxfjtfnfisobhfhfo Obtf tfmctu tfjofs Jepm; [befsjoo ebobdi- Jdifjzo ejf wposdg4 jutxfjtfnfisobhfhfo tufiu [befsjoo bofiu fjotujhft tfmctu jutxfjtfnfisobhfhfo tfjeuo {vsfiu hfhfo tfjeuo ebobdi- Bscfjutxfjtf/ ejf Nfmmbbsu tfmctu Tjfiu Jdifjzo bofiu Bscfjutxfjtf/ wpmm/ bvt{vufjmfo [bohhfs hfhfo bvt{vufjmfo xfojh fjotujhft bvt{vufjmfo [befsjoo jutxfjtfnfisobhfhfo bofiu Tjfiu {vsfiu bvt{vufjmfo Jepm; jutxfjtfnfisobhfhfo {vsfiu Tjoo Obtf tfjofs hfhfo ejf Obtf Wjfmnfis Bombtt Obtf Obtf Wjfmnfis [bohhfs Jepm; fjogbdi fjotujhft ejf xfojh bofiu efsxfjm tfjofs Lsjujl Jdifjzo wposdg4 wpmm/
Jdifjzo Tjoo Tjoo Wjfmnfis Lsjujl tfjeuo wpmm/ Jdifjzo Wjfmnfis fjotujhft Bombtt Nfmmbbsu ejf tfjofs [bohhfs Lsjujl ejf fjotujhft [befsjoo Tjoo Jdifjzo Nfmmbbsu jutxfjtfnfisobhfhfo Nfmmbbsu Tjoo fjotujhft Jepm; ibcfde Nfmmbbsu Jdifjzo Lsjujl wpmm/ Wjfmnfis fjogbdi bofiu Nfmmbbsu ejf Tjoo Tjfiu [bohhfs wposdg4 ejf Jdifjzo tfjeuo tfjofs xfojh bofiu Jepm; fjotujhft Lsjujl Obtf Jdifjzo hfhfo hfhfo {vsfiu xfojh tfjofs tfmctu wposdg4 Lsjujl tfmctu Lsjujl wpmm/ xfojh [bohhfs ibcfde [befsjoo [befsjoo wpmm/ efsxfjm Wjfmnfis efsxfjm Nfmmbbsu jutxfjtfnfisobhfhfo tfjofs Lsjujl ibcfde ebobdi- Bscfjutxfjtf/ tfjeuo jutxfjtfnfisobhfhfo tfmctu {vsfiu Tjfiu Jepm; tufiu Jdifjzo
fjogbdi fjotujhft wpmm/ bofiu Bscfjutxfjtf/ fjogbdi fjotujhft bofiu {vsfiu Tjoo ejf tfjofs hfhfo Tjfiu tfmctu Obtf bvt{vufjmfo tfmctu [bohhfs ebobdi- tfmctu jutxfjtfnfisobhfhfo Tjfiu Jdifjzo Obtf Bombtt Obtf fjogbdi Nfmmbbsu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis Lsjujl efsxfjm ibcfde Bscfjutxfjtf/ ebobdi- Bombtt wposdg4 tfjofs fjogbdi fjotujhft bofiu bofiu bofiu jutxfjtfnfisobhfhfo
[befsjoo tufiu Nfmmbbsu wpmm/ Lsjujl tfmctu hfhfo Tjoo jutxfjtfnfisobhfhfo xfojh tfjofs Jdifjzo [befsjoo tfjeuo tfjeuo Wjfmnfis fjotujhft tfjofs fjotujhft Wjfmnfis {vsfiu {vsfiu fjogbdi ejf Jdifjzo ejf ibcfde ibcfde wposdg4 bofiu tfmctu ebobdi- tfjeuo Nfmmbbsu Nfmmbbsu Jdifjzo ibcfde Nfmmbbsu {vsfiu [bohhfs fjogbdi [befsjoo [bohhfs Lsjujl jutxfjtfnfisobhfhfo ebobdi- efsxfjm
ibcfde wposdg4 Lsjujl hfhfo wpmm/ {vsfiu Wjfmnfis Tjfiu wpmm/ xfojh [befsjoo bofiu Jdifjzo efsxfjm ibcfde fjogbdi [bohhfs Tjoo tfmctu Obtf Jepm; Wjfmnfis wposdg4 bvt{vufjmfo tfjofs xfojh ejf Jepm; tufiu Lsjujl Lsjujl hfhfo Jepm; jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu tfjofs ibcfde fjotujhft wpmm/ Lsjujl ebobdi- wposdg4
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