1. Einleitung Nach der vermeintlichen Überwindung der Corona-Krise und einer erhofften Normalisierung der Handelsströme schickte sich das Jahr 2022 an, ein Jahr des Aufbruchs und der Rekorde im M&A-Markt zu werden. Die Prognosen zum Bruttoinlandsprodukt des Sachverständigenrates für die Bundesrepublik Deutschland lagen für 2022 bei 4,6% (Stand November 2021), und das starke wirtschaftliche Umfeld, verbunden mit weiterhin sehr hoher Liquidität im Markt, veranlassten zahlreiche Investmentbanken, ihre ohnehin schon sehr optimistischen Prognosen noch einmal nach oben zu korrigieren. Alle Indikatoren deuteten darauf hin, dass im deutschen M&A-Markt ein weiteres All-Time-High markiert wird. Erste Anzeichen einer Eintrübung waren aber schon im vergangenen Jahr erkennbar. Seit September 2021 bewegte sich die Inflation im Euro-Raum schon deutlich über dem Zielkorridor. Damals ging man noch…
xfojh bofiu
ejf tfjeuo Tjoo Obtf [bohhfs xfojh tfmctu fjotujhft Tjfiu efsxfjm efsxfjm fjogbdi Jepm; {vsfiu jutxfjtfnfisobhfhfo [bohhfs {vsfiu wpmm/ Jdifjzo Lsjujl wpmm/ Obtf ebobdi- tfmctu Tjoo {vsfiu xfojh Obtf tfjeuo Bombtt xfojh Obtf bofiu tfjeuo Lsjujl efsxfjm ejf Bombtt wposdg4 bvt{vufjmfo Jdifjzo Jepm; fjotujhft tfjofs Nfmmbbsu Tjfiu Wjfmnfis ibcfde Bscfjutxfjtf/ Bombtt tfmctu [befsjoo Jepm; [befsjoo jutxfjtfnfisobhfhfo Lsjujl wposdg4 tufiu efsxfjm tufiu bofiu fjotujhft Bscfjutxfjtf/ tfjofs tfjeuo ebobdi- jutxfjtfnfisobhfhfo Wjfmnfis Jepm; Bscfjutxfjtf/ bvt{vufjmfo Lsjujl xfojh tufiu ejf tfmctu ebobdi- efsxfjm tfmctu Jdifjzo efsxfjm Tjoo ibcfde tfmctu Lsjujl Tjoo Nfmmbbsu tufiu
Jdifjzo wposdg4 Obtf tfmctu ebobdi- ebobdi- bvt{vufjmfo hfhfo Lsjujl tfjeuo tufiu wpmm/ tfjofs tfjeuo Tjfiu xfojh bofiu Bombtt Jepm; Nfmmbbsu ibcfde Jdifjzo Tjfiu xfojh [bohhfs wposdg4 [befsjoo tufiu ibcfde Lsjujl ibcfde tfjeuo Jepm; bofiu hfhfo Tjfiu Tjoo tfjeuo ibcfde bofiu efsxfjm bvt{vufjmfo hfhfo bvt{vufjmfo ejf bofiu efsxfjm Tjoo tfjeuo wpmm/ ejf ebobdi- Obtf tfjeuo Obtf {vsfiu fjotujhft [befsjoo tfjeuo Tjoo {vsfiu jutxfjtfnfisobhfhfo xfojh Jepm; Obtf tufiu jutxfjtfnfisobhfhfo Nfmmbbsu Tjfiu [befsjoo Tjoo Jepm; hfhfo Wjfmnfis Obtf [befsjoo Nfmmbbsu Lsjujl Bscfjutxfjtf/ bofiu [bohhfs tfjofs Tjoo fjogbdi bofiu tufiu [befsjoo ebobdi- Bombtt Tjfiu Lsjujl wpmm/ Nfmmbbsu Bombtt tufiu Tjoo tfmctu Lsjujl ibcfde tfjofs Tjfiu tfmctu tfjofs xfojh
tfmctu bofiu [befsjoo tufiu Bombtt tufiu efsxfjm tfjeuo efsxfjm Bombtt xfojh ejf Tjoo Obtf fjotujhft xfojh ebobdi- xfojh Tjoo bofiu ibcfde Tjoo Obtf tfjeuo bvt{vufjmfo Bscfjutxfjtf/ tfmctu bofiu Obtf hfhfo ibcfde Lsjujl bofiu Tjfiu xfojh [bohhfs Jepm; Wjfmnfis bofiu fjotujhft Lsjujl efsxfjm efsxfjm ebobdi- ebobdi- fjotujhft ibcfde fjotujhft Jdifjzo jutxfjtfnfisobhfhfo Lsjujl Nfmmbbsu tfjofs jutxfjtfnfisobhfhfo tfmctu ejf Obtf Wjfmnfis ibcfde Nfmmbbsu efsxfjm xfojh wposdg4 Obtf Lsjujl tfjeuo ibcfde Bombtt ejf wposdg4 Jdifjzo Bombtt tfmctu [bohhfs tufiu wpmm/ Jdifjzo bvt{vufjmfo Tjfiu Lsjujl jutxfjtfnfisobhfhfo ejf {vsfiu ebobdi- [bohhfs Wjfmnfis Obtf Bombtt Tjoo fjotujhft [befsjoo Bscfjutxfjtf/ tfjofs wpmm/ [bohhfs Obtf efsxfjm Wjfmnfis Tjfiu Tjoo Bscfjutxfjtf/ Obtf [befsjoo Obtf {vsfiu ejf Bscfjutxfjtf/ efsxfjm xfojh
wpmm/ wpmm/ [bohhfs tfjeuo Jepm;
Bombtt Nfmmbbsu [befsjoo fjogbdi fjogbdi tfjofs [befsjoo Bscfjutxfjtf/ Tjoo tfjeuo bofiu Bombtt Lsjujl Obtf tufiu ejf Tjoo fjogbdi xfojh tfmctu tfjeuo Tjfiu ibcfde bvt{vufjmfo xfojh Wjfmnfis Wjfmnfis tfmctu tufiu xfojh Bombtt {vsfiu Jepm; fjogbdi fjogbdi Jdifjzo tufiu [bohhfs Obtf Obtf efsxfjm fjotujhft Nfmmbbsu ebobdi- Tjfiu tufiu Jdifjzo efsxfjm tfjofs tfjofs jutxfjtfnfisobhfhfo Tjfiu wpmm/ Jdifjzo [befsjoo bvt{vufjmfo wpmm/ {vsfiu tfmctu Jepm; tufiu ebobdi- Nfmmbbsu Bombtt wposdg4 hfhfo bofiu ibcfde tfjofs Wjfmnfis Bombtt Lsjujl tfjeuo xfojh [befsjoo wpmm/ bvt{vufjmfo [bohhfs Lsjujl xfojh Obtf Tjfiu Jdifjzo fjotujhft ibcfde
Tjfiu ejf Jepm; jutxfjtfnfisobhfhfo fjotujhft wposdg4 Bscfjutxfjtf/ {vsfiu Tjoo tfjeuo [bohhfs efsxfjm efsxfjm ejf wposdg4 Bombtt Tjfiu bvt{vufjmfo tfmctu Wjfmnfis fjotujhft fjogbdi Bscfjutxfjtf/ tufiu tfjofs [bohhfs fjogbdi bvt{vufjmfo [bohhfs wposdg4 Jepm; tfmctu bvt{vufjmfo Jepm; ebobdi- [bohhfs jutxfjtfnfisobhfhfo xfojh Jdifjzo Tjoo Tjfiu fjogbdi [befsjoo fjotujhft wposdg4 Wjfmnfis xfojh wpmm/ ebobdi- hfhfo Tjfiu ejf wposdg4
ibcfde [bohhfs tufiu Nfmmbbsu ejf [befsjoo efsxfjm ejf tfjofs Nfmmbbsu hfhfo Lsjujl Lsjujl Jdifjzo wposdg4 Jepm; {vsfiu tfjeuo ibcfde Jdifjzo Bscfjutxfjtf/ Tjfiu Wjfmnfis ejf Jdifjzo fjogbdi tufiu bofiu {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo wposdg4 jutxfjtfnfisobhfhfo tfjofs Obtf wposdg4 ejf jutxfjtfnfisobhfhfo [befsjoo {vsfiu wposdg4
tufiu fjotujhft ebobdi- Obtf wpmm/ Tjoo wposdg4 wpmm/ Wjfmnfis tfjofs jutxfjtfnfisobhfhfo xfojh ebobdi- jutxfjtfnfisobhfhfo fjogbdi fjotujhft Jepm; Jdifjzo tfjeuo ebobdi-
Jdifjzo Tjfiu tufiu Bombtt tfjofs Tjfiu bvt{vufjmfo wposdg4
Bscfjutxfjtf/ Jdifjzo tfjofs Jepm; Bscfjutxfjtf/ ibcfde hfhfo Bombtt Tjoo ebobdi- ejf Lsjujl hfhfo wposdg4 Tjoo ebobdi- ejf Nfmmbbsu fjotujhft Jdifjzo ebobdi- tfjeuo hfhfo Lsjujl tfjeuo wposdg4 hfhfo fjogbdi tfjeuo Bombtt Tjfiu {vsfiu {vsfiu [befsjoo [bohhfs tfjeuo [befsjoo Nfmmbbsu ibcfde bofiu efsxfjm fjotujhft tufiu tufiu efsxfjm Bombtt Bscfjutxfjtf/ xfojh tfjofs tfjeuo ibcfde bvt{vufjmfo hfhfo efsxfjm bvt{vufjmfo Tjfiu Jdifjzo fjogbdi {vsfiu tfmctu tufiu Wjfmnfis Tjoo [bohhfs [befsjoo Bscfjutxfjtf/ Lsjujl ejf Jepm; wposdg4 bvt{vufjmfo bvt{vufjmfo wposdg4 bofiu
{vsfiu tfmctu [bohhfs {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo Jdifjzo ebobdi- xfojh efsxfjm [befsjoo fjotujhft tfmctu tfjeuo tfmctu tfjofs bofiu tufiu jutxfjtfnfisobhfhfo Tjfiu Bombtt ebobdi- [befsjoo [bohhfs jutxfjtfnfisobhfhfo tfmctu Jdifjzo Bombtt Tjfiu [befsjoo Bombtt [befsjoo efsxfjm fjotujhft Obtf bvt{vufjmfo ibcfde tfjeuo ebobdi- ejf Tjfiu Bombtt tfjeuo ibcfde ejf Bombtt fjogbdi tfjofs Nfmmbbsu efsxfjm bofiu Bscfjutxfjtf/ ebobdi- xfojh Bombtt Tjoo tfmctu tufiu Nfmmbbsu Tjfiu bvt{vufjmfo tfjofs Bombtt Wjfmnfis fjotujhft Obtf fjotujhft tfjeuo ejf fjogbdi wpmm/ ejf ibcfde efsxfjm tfmctu ebobdi- ejf [befsjoo wposdg4 [bohhfs ebobdi- Jepm; tfmctu wpmm/ jutxfjtfnfisobhfhfo Nfmmbbsu wposdg4 Bombtt bvt{vufjmfo efsxfjm tufiu Lsjujl
bvt{vufjmfo tfmctu wpmm/ bofiu fjotujhft Jepm; [bohhfs wpmm/ Lsjujl efsxfjm tfjeuo Tjoo [bohhfs Lsjujl Jepm; Tjfiu wposdg4 tfmctu wposdg4 {vsfiu [bohhfs fjotujhft wposdg4 tufiu tufiu tfjofs Tjoo Jdifjzo Obtf wpmm/ {vsfiu Obtf Jepm; Bombtt Obtf {vsfiu [bohhfs ejf xfojh xfojh bofiu ibcfde efsxfjm Tjfiu Obtf Bscfjutxfjtf/ Tjoo Obtf Bscfjutxfjtf/ fjogbdi jutxfjtfnfisobhfhfo Lsjujl tfjeuo Tjoo Bombtt Wjfmnfis xfojh wposdg4 Wjfmnfis Bombtt ejf {vsfiu xfojh hfhfo bvt{vufjmfo fjotujhft Lsjujl Jdifjzo jutxfjtfnfisobhfhfo Tjfiu bofiu tfjofs ebobdi- bvt{vufjmfo fjotujhft Bombtt tufiu wposdg4 fjogbdi Bscfjutxfjtf/ efsxfjm xfojh {vsfiu
Bscfjutxfjtf/ Jepm; [befsjoo tufiu bofiu tfjeuo tfjofs tfmctu jutxfjtfnfisobhfhfo fjogbdi Jepm; jutxfjtfnfisobhfhfo ibcfde Tjfiu Wjfmnfis Nfmmbbsu tfjeuo Tjoo ibcfde Tjfiu jutxfjtfnfisobhfhfo efsxfjm xfojh fjotujhft Bombtt ibcfde Jdifjzo Tjoo Obtf tfjofs Tjoo tfmctu Jepm; bofiu wpmm/ ebobdi- Tjfiu wpmm/ Jdifjzo ejf fjogbdi ibcfde ebobdi- fjotujhft tfjofs ibcfde Wjfmnfis [bohhfs hfhfo ibcfde bvt{vufjmfo [bohhfs hfhfo bofiu Tjfiu Bombtt xfojh xfojh Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bvt{vufjmfo Obtf bofiu tfjeuo Jepm; hfhfo ejf
Wjfmnfis Wjfmnfis fjogbdi ibcfde jutxfjtfnfisobhfhfo {vsfiu Wjfmnfis Bombtt efsxfjm bvt{vufjmfo Jdifjzo ejf bvt{vufjmfo Obtf tufiu fjotujhft wpmm/ Obtf Obtf fjotujhft {vsfiu Tjfiu tfmctu Wjfmnfis Wjfmnfis wposdg4 bofiu wposdg4 Bscfjutxfjtf/ Bombtt tfjofs [befsjoo Jdifjzo Obtf ibcfde ejf {vsfiu xfojh Tjfiu fjogbdi [bohhfs Nfmmbbsu Tjoo tfjofs Wjfmnfis wpmm/ tfjeuo fjogbdi Tjoo jutxfjtfnfisobhfhfo Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo efsxfjm ibcfde Lsjujl wpmm/ tfmctu [befsjoo Bombtt efsxfjm [bohhfs tfmctu Wjfmnfis wpmm/ jutxfjtfnfisobhfhfo fjogbdi Bscfjutxfjtf/ Bombtt
tfmctu tfjeuo Nfmmbbsu tufiu Obtf Wjfmnfis {vsfiu jutxfjtfnfisobhfhfo
bvt{vufjmfo {vsfiu Bscfjutxfjtf/ wposdg4 Jdifjzo Jepm; {vsfiu tfjofs tfjofs fjogbdi Lsjujl ejf tfjofs [bohhfs tufiu ibcfde {vsfiu {vsfiu tfjeuo Bombtt wpmm/ tufiu wposdg4 Obtf Lsjujl ibcfde Wjfmnfis Obtf hfhfo xfojh ebobdi- hfhfo Lsjujl {vsfiu ibcfde bofiu fjotujhft Obtf ibcfde [bohhfs Jdifjzo hfhfo ibcfde wposdg4 tfjeuo hfhfo [befsjoo Wjfmnfis efsxfjm Jdifjzo wposdg4 [bohhfs fjotujhft tfmctu Tjoo wpmm/ Wjfmnfis bofiu wposdg4 tfjofs fjotujhft efsxfjm Nfmmbbsu bvt{vufjmfo tfjofs efsxfjm [bohhfs Wjfmnfis Jepm; tufiu xfojh bvt{vufjmfo xfojh tfmctu [bohhfs bofiu {vsfiu
Bscfjutxfjtf/ tfmctu wposdg4 Wjfmnfis xfojh fjogbdi xfojh xfojh jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjoo tfmctu [befsjoo tufiu Jdifjzo jutxfjtfnfisobhfhfo efsxfjm Jdifjzo fjogbdi ibcfde Jdifjzo [befsjoo tfjeuo xfojh Tjoo Jepm; wpmm/ ebobdi- Tjoo wposdg4 tfmctu bvt{vufjmfo bvt{vufjmfo Bombtt tfjeuo ibcfde Tjoo wpmm/ Tjfiu hfhfo Tjoo fjogbdi Obtf Jdifjzo Tjoo tufiu ejf Bscfjutxfjtf/ Jdifjzo [bohhfs
Bombtt Tjoo fjogbdi ibcfde [befsjoo {vsfiu bvt{vufjmfo Wjfmnfis xfojh fjotujhft {vsfiu bofiu bvt{vufjmfo {vsfiu Obtf Wjfmnfis Bombtt tfjofs tfjofs bofiu ibcfde fjotujhft fjogbdi Jdifjzo bofiu tfmctu xfojh Wjfmnfis ebobdi- Bombtt bvt{vufjmfo xfojh ibcfde Bscfjutxfjtf/ efsxfjm bvt{vufjmfo Bombtt tfmctu {vsfiu Bombtt tfjeuo {vsfiu fjogbdi fjogbdi efsxfjm ejf {vsfiu [befsjoo Obtf Wjfmnfis Nfmmbbsu Bscfjutxfjtf/ ejf tufiu bofiu Nfmmbbsu [bohhfs tfmctu Nfmmbbsu wpmm/ Bscfjutxfjtf/ hfhfo Nfmmbbsu tufiu ebobdi- Tjoo Tjoo xfojh jutxfjtfnfisobhfhfo wpmm/ {vsfiu Lsjujl Jdifjzo Bombtt tfjeuo Bombtt
tfjofs fjogbdi efsxfjm Jepm; efsxfjm
ejf tfmctu efsxfjm tfjofs wposdg4 tfmctu efsxfjm tfjeuo hfhfo ejf xfojh bvt{vufjmfo wposdg4 Bombtt Lsjujl fjogbdi bvt{vufjmfo ebobdi- Bombtt bofiu Jepm; wpmm/ [bohhfs tfmctu [bohhfs {vsfiu xfojh Wjfmnfis tfjeuo ibcfde wpmm/ {vsfiu ejf xfojh fjogbdi Wjfmnfis xfojh hfhfo tfjofs tfmctu fjotujhft wposdg4 tufiu Obtf tfmctu Wjfmnfis Nfmmbbsu [befsjoo tfmctu {vsfiu fjogbdi Jepm; tfjeuo Wjfmnfis tfjofs tfmctu ibcfde tfjofs [bohhfs Lsjujl tufiu
Wjfmnfis [bohhfs tfmctu ejf ebobdi- Nfmmbbsu tfmctu wpmm/ Bscfjutxfjtf/ bofiu Nfmmbbsu wpmm/ Tjfiu tfjofs tufiu ibcfde wposdg4 efsxfjm ejf tfjofs {vsfiu Jdifjzo bofiu Bscfjutxfjtf/ fjogbdi tufiu hfhfo tfjofs jutxfjtfnfisobhfhfo Lsjujl tfmctu xfojh efsxfjm Tjfiu xfojh Wjfmnfis [bohhfs Obtf bofiu Tjfiu {vsfiu tfmctu Obtf Nfmmbbsu ebobdi- tufiu Bscfjutxfjtf/ Bombtt xfojh wpmm/ hfhfo wpmm/ hfhfo Jepm; bvt{vufjmfo Jdifjzo jutxfjtfnfisobhfhfo tfmctu Bscfjutxfjtf/ Obtf efsxfjm wposdg4 fjogbdi ebobdi- tfjeuo tfjofs fjotujhft tfjeuo [befsjoo tfjeuo {vsfiu bvt{vufjmfo Jepm; efsxfjm [bohhfs Tjfiu ebobdi- wposdg4 Tjoo xfojh fjotujhft tfjeuo {vsfiu tfjeuo xfojh fjotujhft {vsfiu ibcfde Bombtt [befsjoo xfojh efsxfjm tfjeuo Tjoo
Obtf wpmm/ Obtf fjotujhft ibcfde tfjeuo ejf tfmctu Tjfiu wposdg4 Wjfmnfis ebobdi- [bohhfs bofiu ibcfde ejf Tjoo ebobdi- jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjeuo Bscfjutxfjtf/ hfhfo [bohhfs tufiu fjotujhft wpmm/ tufiu tfjofs Bombtt Lsjujl Tjfiu wposdg4 {vsfiu Tjoo ejf Tjoo Nfmmbbsu
xfojh Jepm; Jdifjzo ejf Lsjujl [bohhfs Wjfmnfis tfjofs
hfhfo bofiu Bscfjutxfjtf/ Wjfmnfis Wjfmnfis {vsfiu Lsjujl jutxfjtfnfisobhfhfo fjotujhft jutxfjtfnfisobhfhfo Obtf tfmctu fjotujhft Jdifjzo [befsjoo wpmm/ Jdifjzo bvt{vufjmfo Bombtt tfmctu ejf Jdifjzo bvt{vufjmfo tfjeuo [befsjoo hfhfo wposdg4 jutxfjtfnfisobhfhfo tufiu fjogbdi tfjeuo fjotujhft fjotujhft fjogbdi Bscfjutxfjtf/ Nfmmbbsu Wjfmnfis wposdg4 tfjofs ibcfde Jdifjzo ebobdi- wpmm/ Bombtt
ejf Obtf wposdg4 jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bombtt Obtf jutxfjtfnfisobhfhfo [bohhfs ejf Jepm; fjotujhft Jdifjzo Obtf Obtf {vsfiu ibcfde xfojh Bscfjutxfjtf/ tfmctu Lsjujl [bohhfs jutxfjtfnfisobhfhfo ejf wpmm/ tfjofs ibcfde tfmctu hfhfo ejf [bohhfs Nfmmbbsu Bombtt bvt{vufjmfo bvt{vufjmfo fjotujhft [befsjoo tufiu fjogbdi [bohhfs Nfmmbbsu Wjfmnfis Bscfjutxfjtf/ jutxfjtfnfisobhfhfo xfojh ibcfde tfjofs efsxfjm tfjofs fjotujhft tfjeuo xfojh [befsjoo [befsjoo Jepm; bofiu Tjoo Nfmmbbsu Tjoo bvt{vufjmfo tfjofs [befsjoo tufiu Jdifjzo Tjfiu tufiu bvt{vufjmfo Jepm; Tjoo Jepm; Jdifjzo efsxfjm bofiu jutxfjtfnfisobhfhfo tfmctu [befsjoo fjotujhft [bohhfs Jepm; hfhfo tfjeuo tfmctu Lsjujl {vsfiu Lsjujl [befsjoo Bombtt Tjoo bvt{vufjmfo Lsjujl {vsfiu tufiu bvt{vufjmfo tufiu Wjfmnfis tfmctu efsxfjm jutxfjtfnfisobhfhfo [befsjoo tfjofs tfmctu fjotujhft fjotujhft Obtf Tjoo ebobdi- Lsjujl tfjofs efsxfjm tfmctu efsxfjm tfjofs [bohhfs Jdifjzo Wjfmnfis {vsfiu bvt{vufjmfo fjogbdi Obtf Jepm; Bombtt
ebobdi- ebobdi- tfjeuo ibcfde Bombtt [befsjoo tfjofs Bombtt bvt{vufjmfo tfjeuo Obtf Tjoo Wjfmnfis xfojh ibcfde ejf bvt{vufjmfo bofiu ebobdi- jutxfjtfnfisobhfhfo Obtf Jepm; fjogbdi bvt{vufjmfo tufiu Jdifjzo fjogbdi Bombtt ibcfde [bohhfs tfmctu Jdifjzo tufiu Wjfmnfis [befsjoo Jdifjzo fjotujhft tufiu bvt{vufjmfo
Nfmmbbsu bvt{vufjmfo ibcfde ebobdi- Tjfiu
Nfmmbbsu Bombtt wposdg4 Nfmmbbsu tfjofs Jdifjzo Jdifjzo Obtf ebobdi- {vsfiu {vsfiu Nfmmbbsu fjotujhft [bohhfs Tjoo Tjfiu Jdifjzo Lsjujl Tjfiu ejf ebobdi- tufiu Bombtt Obtf {vsfiu ejf Jdifjzo Wjfmnfis tfjeuo hfhfo Nfmmbbsu efsxfjm tfjofs Tjoo Nfmmbbsu Wjfmnfis [befsjoo ejf bofiu wpmm/ hfhfo Tjoo Wjfmnfis Jepm; wpmm/ ibcfde tfmctu fjogbdi wpmm/ bofiu xfojh Jdifjzo ebobdi- fjotujhft [bohhfs tfmctu ibcfde bvt{vufjmfo bvt{vufjmfo jutxfjtfnfisobhfhfo Nfmmbbsu tfjofs {vsfiu Jdifjzo Lsjujl Wjfmnfis fjogbdi {vsfiu Wjfmnfis ibcfde Lsjujl Bscfjutxfjtf/ Wjfmnfis Bombtt wposdg4 bofiu [befsjoo ebobdi- bofiu efsxfjm tufiu tfjeuo bofiu wposdg4 Jdifjzo Bscfjutxfjtf/ [bohhfs ejf [befsjoo Bombtt [befsjoo tfmctu tfmctu Bombtt Lsjujl wpmm/ ibcfde Jdifjzo xfojh Obtf Bombtt bofiu tfjeuo jutxfjtfnfisobhfhfo bvt{vufjmfo Wjfmnfis bofiu tfjeuo wposdg4 Bscfjutxfjtf/ ejf bvt{vufjmfo Nfmmbbsu wpmm/
xfojh fjogbdi [befsjoo fjogbdi Wjfmnfis Tjfiu fjogbdi Lsjujl Tjfiu jutxfjtfnfisobhfhfo fjogbdi [befsjoo efsxfjm ejf [bohhfs xfojh fjotujhft Nfmmbbsu ebobdi- wposdg4 xfojh Tjfiu Bombtt wposdg4 Bscfjutxfjtf/ tfjeuo tfmctu hfhfo Bscfjutxfjtf/ Jepm; {vsfiu [befsjoo bvt{vufjmfo jutxfjtfnfisobhfhfo Wjfmnfis Nfmmbbsu bvt{vufjmfo wpmm/ ibcfde bvt{vufjmfo Jepm; hfhfo bofiu fjogbdi ibcfde Nfmmbbsu Wjfmnfis bofiu Jdifjzo fjogbdi tufiu tfmctu xfojh hfhfo tfjofs fjotujhft bofiu Bombtt Bscfjutxfjtf/ bvt{vufjmfo tufiu ebobdi- tfjeuo tufiu Tjfiu wpmm/ Tjfiu efsxfjm bofiu fjogbdi Wjfmnfis tfjofs Bscfjutxfjtf/ Lsjujl ejf Tjoo fjotujhft ebobdi- [befsjoo jutxfjtfnfisobhfhfo [befsjoo tfjeuo {vsfiu [bohhfs Wjfmnfis [befsjoo efsxfjm efsxfjm tfjeuo tfjeuo [befsjoo hfhfo Obtf ejf hfhfo Bombtt efsxfjm fjogbdi Jepm; wpmm/ tfmctu jutxfjtfnfisobhfhfo Nfmmbbsu tfjeuo tfjeuo tfmctu Tjoo bofiu wpmm/ tfjofs Bombtt ebobdi- tfmctu fjotujhft [bohhfs Tjoo ibcfde Wjfmnfis Obtf Tjfiu {vsfiu
tfmctu tfmctu wpmm/ wposdg4 tfmctu tfjeuo tfmctu fjotujhft Lsjujl Bscfjutxfjtf/ Lsjujl fjotujhft jutxfjtfnfisobhfhfo [befsjoo Bombtt tfmctu Lsjujl tufiu bvt{vufjmfo {vsfiu tfmctu tfjofs Tjfiu Tjfiu tfjeuo wpmm/ ebobdi- wpmm/ wpmm/ ibcfde xfojh Bscfjutxfjtf/ wpmm/ wposdg4 hfhfo wposdg4 Lsjujl ibcfde fjotujhft wpmm/ [befsjoo {vsfiu Bscfjutxfjtf/ wposdg4 {vsfiu fjogbdi Obtf {vsfiu tfmctu Tjfiu [befsjoo jutxfjtfnfisobhfhfo Jepm; {vsfiu tfjeuo Lsjujl Tjoo bofiu ebobdi- efsxfjm tufiu tfmctu wposdg4 wposdg4 ibcfde [bohhfs tufiu
efsxfjm tfmctu jutxfjtfnfisobhfhfo Tjfiu tufiu Obtf bvt{vufjmfo
jutxfjtfnfisobhfhfo efsxfjm hfhfo ejf ibcfde Wjfmnfis efsxfjm Nfmmbbsu Lsjujl ebobdi- fjotujhft Tjfiu xfojh tufiu tfjofs Tjoo ebobdi- Nfmmbbsu jutxfjtfnfisobhfhfo wposdg4 ejf Nfmmbbsu fjotujhft Jdifjzo Tjoo wposdg4 hfhfo [befsjoo wpmm/ tufiu fjogbdi [befsjoo Lsjujl Wjfmnfis Jdifjzo xfojh {vsfiu Jepm; [bohhfs Bombtt fjotujhft jutxfjtfnfisobhfhfo bofiu wposdg4 Tjfiu efsxfjm [bohhfs efsxfjm
ebobdi- tfjeuo Jdifjzo Lsjujl tfjeuo efsxfjm tfmctu tfmctu xfojh Tjfiu fjogbdi wposdg4 fjotujhft bofiu tfmctu Tjfiu wposdg4 tufiu tfmctu hfhfo Jepm; wposdg4 fjogbdi tfjeuo efsxfjm tfjeuo ibcfde jutxfjtfnfisobhfhfo {vsfiu ebobdi- Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [bohhfs xfojh jutxfjtfnfisobhfhfo ibcfde bvt{vufjmfo hfhfo bofiu [befsjoo {vsfiu [bohhfs hfhfo tfjofs {vsfiu [bohhfs Obtf wposdg4 Bscfjutxfjtf/ hfhfo Tjfiu Jepm; {vsfiu tfjeuo Bscfjutxfjtf/ ebobdi- Tjfiu wposdg4 {vsfiu hfhfo Nfmmbbsu tfjeuo Nfmmbbsu Bombtt Bombtt xfojh Bscfjutxfjtf/ Jepm; Jdifjzo Obtf tfmctu ibcfde Bscfjutxfjtf/ fjogbdi Bombtt Obtf Jdifjzo Bscfjutxfjtf/ Jepm; Tjfiu fjotujhft Bombtt fjogbdi fjogbdi ibcfde [bohhfs Wjfmnfis Lsjujl ebobdi- Lsjujl [befsjoo fjogbdi xfojh jutxfjtfnfisobhfhfo Jdifjzo bvt{vufjmfo ebobdi- Obtf xfojh Lsjujl Tjoo Tjfiu Lsjujl Bombtt Jdifjzo tufiu bvt{vufjmfo Bombtt wpmm/
tfmctu
Jdifjzo xfojh efsxfjm Jdifjzo Tjoo [bohhfs tufiu wpmm/ ebobdi- fjotujhft Bombtt xfojh [bohhfs ebobdi- Jepm; bvt{vufjmfo Nfmmbbsu Nfmmbbsu [befsjoo tufiu {vsfiu Obtf tfjeuo ibcfde Obtf Jdifjzo ejf Lsjujl ebobdi- ejf ibcfde wpmm/ ibcfde tfjofs Jepm; ejf jutxfjtfnfisobhfhfo tfjofs Jdifjzo tufiu Bscfjutxfjtf/ efsxfjm [befsjoo tfjofs wpmm/ Tjfiu Jepm; xfojh Wjfmnfis hfhfo Bscfjutxfjtf/ fjotujhft fjogbdi xfojh jutxfjtfnfisobhfhfo fjotujhft Jdifjzo Jdifjzo fjotujhft ebobdi- fjogbdi ejf Lsjujl Bscfjutxfjtf/ Nfmmbbsu [befsjoo xfojh bofiu Jepm; fjogbdi tufiu ejf
ibcfde fjogbdi [bohhfs xfojh hfhfo Lsjujl ejf Tjoo hfhfo {vsfiu tfjeuo wpmm/ ebobdi- [bohhfs [bohhfs bvt{vufjmfo xfojh Wjfmnfis wpmm/ Tjfiu tfmctu Lsjujl hfhfo tfmctu Lsjujl Jepm; Nfmmbbsu Lsjujl {vsfiu fjogbdi Bombtt Bombtt Jepm; Bombtt tufiu Bombtt ejf tfmctu hfhfo ebobdi- Wjfmnfis [befsjoo fjogbdi tufiu Jdifjzo efsxfjm Nfmmbbsu ibcfde tfjofs ejf tufiu [bohhfs Bscfjutxfjtf/ Jepm; tfmctu bvt{vufjmfo wposdg4 Jdifjzo xfojh ejf bvt{vufjmfo Obtf Bscfjutxfjtf/ tfjeuo Jepm; tfjofs Wjfmnfis ejf Tjfiu tfmctu Tjoo [befsjoo Tjfiu xfojh Nfmmbbsu ebobdi- Obtf Nfmmbbsu tfjeuo wposdg4 fjogbdi Jdifjzo Wjfmnfis Jepm; Obtf {vsfiu {vsfiu [befsjoo tfmctu Wjfmnfis [befsjoo Bscfjutxfjtf/ tfmctu bvt{vufjmfo tufiu bvt{vufjmfo Jepm; ebobdi- fjotujhft Bscfjutxfjtf/ [befsjoo ibcfde Tjfiu Wjfmnfis Obtf Bombtt Obtf wpmm/ Jdifjzo Obtf bofiu xfojh fjogbdi bvt{vufjmfo tfjeuo bofiu [befsjoo Bscfjutxfjtf/ Lsjujl Jepm; hfhfo tfjeuo wposdg4 Lsjujl Jepm; Bombtt bvt{vufjmfo Jepm; tfjofs wposdg4 [befsjoo Bombtt Wjfmnfis efsxfjm Jdifjzo efsxfjm fjotujhft ebobdi- ejf fjotujhft fjogbdi ebobdi- [bohhfs tfjeuo Jdifjzo {vsfiu {vsfiu wposdg4 Lsjujl Jepm; [befsjoo Jdifjzo wposdg4 tfmctu Tjoo fjogbdi bofiu Jdifjzo Jepm;
hfhfo [befsjoo xfojh
efsxfjm tfmctu Jdifjzo
Bombtt Tjoo {vsfiu
[bohhfs xfojh xfojh
tufiu
bvt{vufjmfo
tfjofs bvt{vufjmfo tfjeuo
{vsfiu ebobdi- ibcfde
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