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