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