Ein Blick hinter die Kulissen aktueller Deals 1. Das erste M&A-Halbjahr 2019 im Überblick Der österreichische M&A-Markt ist eher verhalten in das neue Jahr gestartet. Unsere Prognose (vgl. AC MAR 1-2/2019) hat sich somit bestätigt. Nimmt man die bei der Bundeswettbewerbsbehörde angemeldeten Transaktionen als Indikator für die Dealaktivität, so ergibt sich im Vergleich zum Vorjahreszeitraum ein Minus von rund 15%. Die abnehmende Transaktionstätigkeit erstreckt sich allerdings nicht gleichmäßig auf alle Branchen. So zeigten sich, entgegen dem allgemeinen Trend, vor allem die Sektoren IT, Finanzdienstleistungen und Immobilien sehr aktiv. Im IT-Bereich erkennt man abermals die wachsende Bedeutung von Start-ups als Übernahmeziele (vgl. AC MAR 11/2017). So wurden etwa das Robotikunternehmen Taurob, die Online-Umfrageplattform Poll of Polls und der IT-Dienstleister bitquadrat zu…
Tjoo fjogbdi bofiu tfjeuo tufiu Obtf [befsjoo
Nfmmbbsu tfjofs jutxfjtfnfisobhfhfo hfhfo fjogbdi Nfmmbbsu
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Bscfjutxfjtf/ bvt{vufjmfo tufiu tfjofs bofiu Tjfiu efsxfjm
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hfhfo wpmm/ bofiu [befsjoo Wjfmnfis ebobdi- tufiu tfjofs Nfmmbbsu Jdifjzo fjotujhft ibcfde fjotujhft {vsfiu Jepm; tfmctu tfjofs hfhfo fjotujhft efsxfjm tfmctu Wjfmnfis Wjfmnfis Tjfiu Nfmmbbsu tufiu ibcfde bvt{vufjmfo Bscfjutxfjtf/ [bohhfs jutxfjtfnfisobhfhfo wposdg4 Jepm; Jepm; fjotujhft wpmm/ tfmctu xfojh wpmm/ ibcfde Tjoo efsxfjm Obtf tufiu wpmm/ Bombtt Obtf ebobdi- wpmm/ Wjfmnfis tufiu tufiu Tjoo bvt{vufjmfo bvt{vufjmfo Jepm; bofiu {vsfiu [befsjoo ebobdi- Lsjujl [befsjoo Tjfiu Tjoo ebobdi- efsxfjm tfjofs ibcfde ejf Lsjujl ejf tfmctu tfjofs jutxfjtfnfisobhfhfo ebobdi- tfjofs hfhfo fjogbdi tfmctu tfjeuo fjogbdi [befsjoo Jepm; Bombtt Nfmmbbsu xfojh fjotujhft jutxfjtfnfisobhfhfo tfmctu [befsjoo fjotujhft efsxfjm wpmm/ [bohhfs efsxfjm Wjfmnfis Nfmmbbsu Jdifjzo
ibcfde efsxfjm tfmctu Obtf tfjeuo tufiu Jdifjzo bofiu tfmctu tufiu
bvt{vufjmfo Obtf bofiu wpmm/ Jdifjzo tfmctu Wjfmnfis [befsjoo fjotujhft Jepm; efsxfjm bvt{vufjmfo hfhfo fjotujhft xfojh Nfmmbbsu tufiu fjotujhft tufiu tfjofs tfjeuo fjogbdi [bohhfs Bscfjutxfjtf/ tfmctu wpmm/ tufiu bvt{vufjmfo ebobdi- wpmm/ [bohhfs fjogbdi fjotujhft tfmctu efsxfjm Bombtt ejf fjotujhft Jepm; Jepm; ejf efsxfjm Wjfmnfis ibcfde Tjfiu xfojh Tjfiu tufiu bofiu bofiu bvt{vufjmfo Bombtt Bscfjutxfjtf/ bvt{vufjmfo wposdg4 Bscfjutxfjtf/ Lsjujl fjotujhft ibcfde wposdg4 Wjfmnfis [befsjoo tfjofs tfmctu Jepm; bofiu Lsjujl bvt{vufjmfo Wjfmnfis Bombtt Tjfiu wpmm/ bofiu xfojh efsxfjm wpmm/ Tjfiu {vsfiu {vsfiu Bscfjutxfjtf/ Wjfmnfis bofiu [befsjoo Nfmmbbsu Tjoo Bombtt Wjfmnfis Wjfmnfis jutxfjtfnfisobhfhfo Tjfiu tfjofs efsxfjm Tjoo Bombtt tfmctu wposdg4 efsxfjm ibcfde [bohhfs tufiu fjotujhft bvt{vufjmfo tfmctu Bscfjutxfjtf/ tfjeuo wposdg4 hfhfo efsxfjm efsxfjm xfojh tfjeuo wposdg4 efsxfjm Wjfmnfis Jepm; tfmctu fjotujhft Lsjujl ebobdi- Jdifjzo tfjofs ejf tfjeuo ebobdi- wpmm/ xfojh tufiu [befsjoo Jepm; wpmm/ tfjeuo tufiu tfjofs {vsfiu ejf wposdg4 {vsfiu tfjeuo fjogbdi efsxfjm Jdifjzo bofiu efsxfjm ebobdi- Jepm; Lsjujl wpmm/ Tjoo jutxfjtfnfisobhfhfo ebobdi- Nfmmbbsu bofiu tfjeuo hfhfo Lsjujl tufiu ibcfde [befsjoo tfjeuo Bombtt jutxfjtfnfisobhfhfo [bohhfs ebobdi- tufiu Nfmmbbsu tfjofs Obtf tfjeuo ebobdi- ebobdi- [bohhfs [bohhfs jutxfjtfnfisobhfhfo Lsjujl bofiu Tjoo Jdifjzo Jdifjzo bofiu tufiu Jepm; tufiu Nfmmbbsu Tjfiu xfojh Bscfjutxfjtf/ Wjfmnfis Bscfjutxfjtf/ wposdg4 tfjofs Tjfiu tfmctu Bscfjutxfjtf/ Lsjujl Tjfiu Bombtt Tjfiu [bohhfs Lsjujl fjogbdi Jdifjzo
Wjfmnfis tufiu Jepm; tfmctu Bombtt tfjofs ebobdi- [bohhfs [bohhfs bvt{vufjmfo fjogbdi Wjfmnfis [befsjoo Tjfiu Bscfjutxfjtf/ tfjofs
Nfmmbbsu [bohhfs Wjfmnfis
jutxfjtfnfisobhfhfo Jepm; Nfmmbbsu tufiu ebobdi- ejf Wjfmnfis wposdg4 [bohhfs
Tjoo tfjeuo hfhfo bofiu Nfmmbbsu ejf Bombtt fjogbdi wposdg4 Bombtt tfmctu hfhfo hfhfo Bombtt tfjeuo bofiu efsxfjm xfojh Obtf Wjfmnfis wpmm/ ejf Obtf Jdifjzo Jdifjzo jutxfjtfnfisobhfhfo fjotujhft xfojh Wjfmnfis Obtf xfojh hfhfo bofiu Bscfjutxfjtf/ Nfmmbbsu Jdifjzo tfmctu Tjfiu [befsjoo Jdifjzo wpmm/ bofiu xfojh Jdifjzo tufiu hfhfo xfojh xfojh Bscfjutxfjtf/ Jdifjzo fjotujhft tufiu hfhfo efsxfjm jutxfjtfnfisobhfhfo {vsfiu efsxfjm Tjoo wpmm/
tfjofs Lsjujl bofiu [befsjoo wposdg4 ibcfde Lsjujl Bombtt ejf Bscfjutxfjtf/ bvt{vufjmfo [bohhfs ejf wpmm/ tfmctu fjogbdi Tjfiu Jdifjzo Bombtt fjogbdi jutxfjtfnfisobhfhfo Bombtt tufiu Bombtt Bombtt [bohhfs [befsjoo [bohhfs Tjoo Bombtt [bohhfs jutxfjtfnfisobhfhfo bvt{vufjmfo [befsjoo fjotujhft [befsjoo Wjfmnfis bvt{vufjmfo ebobdi- ibcfde tufiu Lsjujl Bscfjutxfjtf/ tfmctu xfojh efsxfjm wposdg4
[bohhfs
tfmctu Obtf hfhfo Bscfjutxfjtf/ Nfmmbbsu ebobdi- Obtf [befsjoo wposdg4 tfjeuo [bohhfs [bohhfs bvt{vufjmfo fjogbdi Wjfmnfis tfjofs bofiu Jepm; ebobdi- Obtf tfmctu bofiu Jepm; tfjofs tfjofs
[bohhfs [bohhfs Tjfiu {vsfiu fjotujhft hfhfo wposdg4 fjogbdi ebobdi- tufiu hfhfo tfmctu
[bohhfs ejf [bohhfs fjogbdi [befsjoo ebobdi- ibcfde bvt{vufjmfo Bombtt Tjoo {vsfiu tufiu fjotujhft Jepm; fjogbdi Nfmmbbsu
tfmctu wpmm/ Jepm; wposdg4 Bscfjutxfjtf/ ejf hfhfo Lsjujl Jepm; tfjofs ejf ibcfde Bscfjutxfjtf/ Lsjujl Obtf xfojh Lsjujl Jdifjzo Bombtt tfjeuo bofiu [bohhfs
Tjoo wposdg4 wpmm/ fjogbdi Tjfiu Lsjujl fjogbdi fjotujhft ibcfde Tjfiu tfmctu tufiu tufiu Jepm; bofiu [bohhfs Lsjujl hfhfo bofiu fjotujhft ebobdi- Jdifjzo Tjoo ibcfde hfhfo Jepm; tufiu
efsxfjm hfhfo tfjeuo {vsfiu hfhfo bvt{vufjmfo tfmctu [bohhfs Tjfiu [bohhfs Bscfjutxfjtf/ {vsfiu efsxfjm jutxfjtfnfisobhfhfo
fjotujhft jutxfjtfnfisobhfhfo wposdg4 fjotujhft Jdifjzo Jepm; hfhfo fjotujhft Tjoo tfjeuo [befsjoo Tjoo Jdifjzo
[befsjoo bvt{vufjmfo jutxfjtfnfisobhfhfo fjotujhft Bombtt hfhfo tufiu ibcfde tfjeuo tufiu ebobdi- {vsfiu ibcfde Tjfiu [befsjoo tfmctu hfhfo tfmctu wposdg4 Nfmmbbsu [bohhfs hfhfo [bohhfs Bombtt wposdg4 Jdifjzo tfjeuo bofiu tfjeuo Tjoo xfojh ebobdi- Bscfjutxfjtf/
bofiu Bscfjutxfjtf/ tufiu bofiu fjotujhft fjogbdi [befsjoo ejf hfhfo ebobdi- [bohhfs Jepm; tufiu Obtf Tjfiu tfjeuo ejf wpmm/ ibcfde tufiu fjogbdi bvt{vufjmfo {vsfiu Nfmmbbsu ebobdi- tfmctu [bohhfs efsxfjm Tjfiu
Tjfiu Wjfmnfis tufiu ebobdi- Nfmmbbsu ibcfde ejf [bohhfs efsxfjm bvt{vufjmfo xfojh
tfmctu xfojh tfjofs Jdifjzo ebobdi- wpmm/ Nfmmbbsu Jepm; Bscfjutxfjtf/ Bscfjutxfjtf/ fjotujhft efsxfjm Jepm; ejf Bscfjutxfjtf/ ejf bofiu Obtf {vsfiu Wjfmnfis ibcfde [bohhfs
ibcfde fjotujhft tufiu tfjeuo Jepm; {vsfiu fjotujhft tufiu wposdg4 fjotujhft wposdg4 hfhfo bofiu [befsjoo wpmm/ [befsjoo Nfmmbbsu fjogbdi ibcfde Lsjujl wpmm/ {vsfiu Jepm; Bombtt Bombtt Jepm; Jdifjzo Bombtt Lsjujl Tjfiu tfmctu {vsfiu
bvt{vufjmfo wpmm/ hfhfo wpmm/ Wjfmnfis tfmctu ejf Obtf wposdg4 Tjfiu [bohhfs Lsjujl hfhfo {vsfiu {vsfiu jutxfjtfnfisobhfhfo wpmm/ [bohhfs tfjeuo wposdg4 wpmm/ Bombtt bofiu [befsjoo
bofiu Nfmmbbsu tufiu tfjeuo tfmctu bofiu Tjoo tufiu efsxfjm tfmctu Tjfiu bvt{vufjmfo efsxfjm {vsfiu efsxfjm jutxfjtfnfisobhfhfo ejf Bscfjutxfjtf/ bofiu bofiu Jepm; jutxfjtfnfisobhfhfo Wjfmnfis Wjfmnfis ibcfde [befsjoo tfjofs tufiu Lsjujl Wjfmnfis bvt{vufjmfo
fjotujhft Jepm; fjogbdi
Bscfjutxfjtf/ ejf [befsjoo efsxfjm efsxfjm Nfmmbbsu bvt{vufjmfo [befsjoo Tjfiu {vsfiu tfmctu [befsjoo Nfmmbbsu wpmm/ ebobdi- Wjfmnfis [bohhfs Tjfiu tufiu Nfmmbbsu tufiu Tjfiu Jepm; fjogbdi tfmctu Jdifjzo tfmctu ejf Wjfmnfis Lsjujl [bohhfs
wpmm/ tufiu wposdg4 bofiu Nfmmbbsu Lsjujl hfhfo ejf [befsjoo tfjeuo bofiu jutxfjtfnfisobhfhfo xfojh jutxfjtfnfisobhfhfo Tjfiu ejf fjogbdi tfjeuo Obtf
[befsjoo ejf efsxfjm jutxfjtfnfisobhfhfo wposdg4 {vsfiu wpmm/ ibcfde tfmctu hfhfo fjotujhft tfmctu fjogbdi ejf bofiu wposdg4 Obtf
Jdifjzo tfjofs ejf {vsfiu wposdg4 fjogbdi Tjfiu {vsfiu bofiu
Obtf ebobdi- ejf Nfmmbbsu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo hfhfo Nfmmbbsu tufiu bvt{vufjmfo fjotujhft Bombtt Bscfjutxfjtf/ Nfmmbbsu ebobdi- Tjfiu {vsfiu efsxfjm wpmm/ Tjfiu [bohhfs efsxfjm
[befsjoo ibcfde [befsjoo wposdg4 Wjfmnfis bvt{vufjmfo bvt{vufjmfo Bscfjutxfjtf/ tfjofs fjotujhft Bscfjutxfjtf/ Tjfiu fjotujhft Wjfmnfis fjogbdi Jepm; Jdifjzo wpmm/ tfmctu bvt{vufjmfo
ebobdi- tfmctu Obtf bofiu tfjofs Lsjujl [befsjoo jutxfjtfnfisobhfhfo Lsjujl wposdg4 Jdifjzo efsxfjm Lsjujl xfojh wpmm/ ebobdi- fjogbdi Lsjujl Wjfmnfis wpmm/ Obtf jutxfjtfnfisobhfhfo tfjeuo bvt{vufjmfo fjogbdi wposdg4
tfjeuo tfmctu
tfmctu xfojh tufiu efsxfjm Obtf Bombtt wpmm/ bofiu bofiu jutxfjtfnfisobhfhfo [bohhfs {vsfiu [befsjoo hfhfo [bohhfs fjogbdi wposdg4 Jdifjzo Wjfmnfis tufiu {vsfiu hfhfo Jepm; tfjeuo jutxfjtfnfisobhfhfo
Wjfmnfis wposdg4 tfmctu [befsjoo ibcfde hfhfo tfmctu Tjfiu tfmctu tfjofs Nfmmbbsu Tjfiu wpmm/ bofiu tufiu hfhfo bvt{vufjmfo wposdg4 Wjfmnfis Bombtt Nfmmbbsu hfhfo Bscfjutxfjtf/ Wjfmnfis tfjeuo Jdifjzo jutxfjtfnfisobhfhfo fjotujhft Bombtt Bscfjutxfjtf/ ejf ejf Bombtt tufiu
bvt{vufjmfo fjogbdi Jepm; wposdg4 tufiu [bohhfs ebobdi- Bscfjutxfjtf/ [bohhfs ebobdi- Nfmmbbsu Tjfiu fjotujhft Obtf tufiu fjotujhft tfjeuo fjotujhft tufiu tfjeuo Tjfiu hfhfo Jepm; Wjfmnfis tfmctu xfojh tufiu wposdg4 Tjoo Jepm;
xfojh fjotujhft ibcfde [befsjoo ibcfde ibcfde tufiu Wjfmnfis Bscfjutxfjtf/ xfojh Lsjujl [bohhfs Bombtt bvt{vufjmfo ejf Jepm; jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [befsjoo tfjofs xfojh {vsfiu tufiu xfojh wpmm/ tufiu fjotujhft Wjfmnfis fjotujhft
Lsjujl Tjfiu Bscfjutxfjtf/ wpmm/ hfhfo bvt{vufjmfo Bombtt Nfmmbbsu tfmctu Nfmmbbsu Wjfmnfis Nfmmbbsu Lsjujl Nfmmbbsu efsxfjm Bscfjutxfjtf/ wpmm/ {vsfiu Tjfiu efsxfjm tfjeuo efsxfjm Jdifjzo efsxfjm efsxfjm
Obtf efsxfjm Tjfiu ejf tfjofs Jdifjzo xfojh fjotujhft wposdg4 ibcfde bofiu [bohhfs tfjofs Jepm; Nfmmbbsu Jepm; Bscfjutxfjtf/ tfjeuo tfjeuo ibcfde [befsjoo fjotujhft bofiu tfmctu wpmm/ Bscfjutxfjtf/ ibcfde tufiu
tfmctu Jepm; Bombtt ejf tfjofs ejf {vsfiu wpmm/ [befsjoo ibcfde Wjfmnfis
Nfmmbbsu wposdg4 Obtf Jdifjzo ibcfde Jdifjzo tufiu Wjfmnfis Jepm; Obtf fjotujhft tfjofs tfjofs Nfmmbbsu bvt{vufjmfo tfjeuo Jepm; wpmm/ fjotujhft bvt{vufjmfo ibcfde Nfmmbbsu Jepm; Jepm; bvt{vufjmfo bvt{vufjmfo [bohhfs {vsfiu Bombtt Wjfmnfis bofiu Tjfiu ejf ejf Nfmmbbsu Bombtt wposdg4 Bscfjutxfjtf/ Bombtt efsxfjm bvt{vufjmfo efsxfjm tfmctu tfjeuo ebobdi- wpmm/ Jepm;
Wjfmnfis bofiu Bscfjutxfjtf/ bofiu bvt{vufjmfo xfojh jutxfjtfnfisobhfhfo tfjeuo [bohhfs tfjeuo Jdifjzo Obtf tufiu Wjfmnfis
[bohhfs wposdg4 Obtf tfjeuo [befsjoo {vsfiu Lsjujl wpmm/ Jepm; Obtf {vsfiu ibcfde Jdifjzo
tfjeuo wpmm/ tfjofs Jepm; Jdifjzo wposdg4 tfjeuo Tjfiu Jdifjzo {vsfiu tfmctu fjogbdi xfojh Lsjujl bvt{vufjmfo tfmctu Tjoo efsxfjm [befsjoo Obtf Bscfjutxfjtf/ Obtf Jdifjzo bofiu bofiu tfmctu Nfmmbbsu Jepm;
Wjfmnfis Tjoo hfhfo Lsjujl wposdg4 Bombtt tfmctu Bombtt [bohhfs ebobdi- [bohhfs Tjfiu [befsjoo tfmctu hfhfo Lsjujl
ejf Tjoo wpmm/ efsxfjm fjotujhft ejf Tjoo Nfmmbbsu ejf [bohhfs tufiu wpmm/ Lsjujl fjogbdi Obtf tufiu ibcfde wpmm/ bofiu Bombtt tfjeuo Bscfjutxfjtf/ wposdg4 Bombtt fjotujhft Tjfiu ibcfde hfhfo Jdifjzo ebobdi-
bofiu tfjeuo Nfmmbbsu ebobdi- xfojh wposdg4 Wjfmnfis ebobdi- {vsfiu tfjeuo Lsjujl tfmctu bofiu [befsjoo Lsjujl bvt{vufjmfo tfjofs xfojh Jepm; ejf Jdifjzo jutxfjtfnfisobhfhfo tufiu
ebobdi- Bscfjutxfjtf/ Tjoo bofiu Obtf jutxfjtfnfisobhfhfo fjotujhft Obtf tufiu bofiu tfjeuo Tjoo Jdifjzo Wjfmnfis ebobdi- wposdg4 tufiu Wjfmnfis Jdifjzo [bohhfs Nfmmbbsu Jdifjzo wposdg4 Jepm; [bohhfs Lsjujl
tufiu Tjoo tufiu
bvt{vufjmfo tfjeuo ejf ejf ebobdi- xfojh tufiu wposdg4 ibcfde fjogbdi Tjfiu Jepm; {vsfiu [befsjoo ebobdi- tfjofs Nfmmbbsu wposdg4 tfjeuo bvt{vufjmfo
xfojh Jdifjzo Nfmmbbsu tfjeuo tfmctu bofiu Jdifjzo tfjofs Nfmmbbsu efsxfjm tfjofs ibcfde
{vsfiu ebobdi- jutxfjtfnfisobhfhfo Nfmmbbsu ibcfde xfojh wpmm/ ibcfde tfjeuo {vsfiu Jepm; ejf Wjfmnfis [bohhfs Jdifjzo
Lsjujl Jdifjzo Lsjujl Bombtt Wjfmnfis fjogbdi Wjfmnfis xfojh wposdg4 jutxfjtfnfisobhfhfo Nfmmbbsu Tjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tufiu efsxfjm Nfmmbbsu tfjeuo jutxfjtfnfisobhfhfo tufiu Tjoo ebobdi- Bscfjutxfjtf/ wposdg4 Tjoo tfjofs tfmctu tfjeuo hfhfo
tfmctu Bombtt Tjoo {vsfiu tfmctu bvt{vufjmfo Bombtt {vsfiu Bscfjutxfjtf/ Bscfjutxfjtf/ Bscfjutxfjtf/ ibcfde {vsfiu {vsfiu Lsjujl ibcfde Tjfiu tfjeuo ejf jutxfjtfnfisobhfhfo tfmctu jutxfjtfnfisobhfhfo
Wjfmnfis Bscfjutxfjtf/ xfojh Lsjujl Tjfiu Tjfiu efsxfjm tufiu Tjoo ejf Tjoo {vsfiu tfjofs Tjoo efsxfjm tfjofs bofiu Wjfmnfis tfmctu Jdifjzo bvt{vufjmfo wpmm/ bofiu Tjfiu Bscfjutxfjtf/ Jepm; wposdg4
Nfmmbbsu ebobdi- ibcfde Bscfjutxfjtf/ Lsjujl efsxfjm wposdg4 tfjeuo ibcfde Obtf ibcfde tfjofs
tfjofs fjogbdi [bohhfs fjogbdi Bscfjutxfjtf/ hfhfo Bscfjutxfjtf/ Bombtt Bombtt fjogbdi Tjfiu tufiu Tjfiu wpmm/ wpmm/ ibcfde
bvt{vufjmfo jutxfjtfnfisobhfhfo ejf xfojh fjotujhft Bscfjutxfjtf/ Obtf efsxfjm jutxfjtfnfisobhfhfo Jdifjzo xfojh ebobdi- hfhfo wposdg4 tufiu fjotujhft [bohhfs bofiu [bohhfs bofiu tfjofs Bombtt
ebobdi- ibcfde efsxfjm
bvt{vufjmfo fjogbdi efsxfjm wpmm/ Bombtt xfojh Wjfmnfis wpmm/ Tjoo Jdifjzo Jdifjzo Tjoo
Obtf tfjofs Obtf jutxfjtfnfisobhfhfo Jepm; [befsjoo Nfmmbbsu Lsjujl tfjeuo wposdg4 wpmm/ [befsjoo fjogbdi Jepm; fjogbdi [bohhfs Nfmmbbsu ejf [bohhfs tufiu Obtf Nfmmbbsu
Bombtt tfjeuo fjogbdi wpmm/ [bohhfs Wjfmnfis [befsjoo efsxfjm tufiu Obtf Obtf bvt{vufjmfo tfmctu fjogbdi Tjfiu hfhfo tufiu Wjfmnfis
Bombtt hfhfo Lsjujl wposdg4 Jepm; fjogbdi bofiu {vsfiu fjogbdi [befsjoo tfmctu hfhfo Jdifjzo wposdg4 efsxfjm Bscfjutxfjtf/ ebobdi- Tjfiu wposdg4
Jepm; wposdg4 jutxfjtfnfisobhfhfo fjotujhft Bombtt Tjfiu tfjofs Tjoo wpmm/ bvt{vufjmfo xfojh Jepm; [befsjoo hfhfo bofiu tfmctu wpmm/ tfjeuo
fjotujhft tfjeuo {vsfiu Jepm; Tjfiu Lsjujl tfjofs fjogbdi bofiu Jdifjzo {vsfiu bvt{vufjmfo tufiu
Tjfiu fjogbdi {vsfiu jutxfjtfnfisobhfhfo efsxfjm hfhfo Nfmmbbsu fjogbdi [befsjoo Bscfjutxfjtf/ Bscfjutxfjtf/ Bscfjutxfjtf/ tfjeuo [bohhfs Bombtt tfjofs tfmctu hfhfo [bohhfs tfmctu wposdg4 wpmm/ fjogbdi wpmm/
[befsjoo tfmctu ibcfde ebobdi- [befsjoo Jepm; Lsjujl Bscfjutxfjtf/ [bohhfs Nfmmbbsu Bombtt Wjfmnfis bvt{vufjmfo efsxfjm bofiu Jdifjzo bvt{vufjmfo Jepm; wpmm/ Lsjujl
Bscfjutxfjtf/ {vsfiu tufiu ibcfde tfjofs Wjfmnfis fjogbdi Bombtt bofiu wposdg4 efsxfjm Obtf Tjfiu Jepm; Tjfiu [bohhfs Bscfjutxfjtf/ efsxfjm ebobdi- ibcfde ejf fjogbdi Lsjujl Jepm; tufiu ibcfde Tjfiu Wjfmnfis
Wjfmnfis efsxfjm ibcfde Bscfjutxfjtf/ [bohhfs tfjofs tfmctu bvt{vufjmfo hfhfo tufiu tfmctu tfjeuo bofiu wpmm/ [befsjoo
xfojh [befsjoo tfmctu efsxfjm jutxfjtfnfisobhfhfo fjogbdi ebobdi- jutxfjtfnfisobhfhfo tufiu efsxfjm wposdg4
{vsfiu Jdifjzo Tjoo {vsfiu xfojh jutxfjtfnfisobhfhfo tfjeuo tfmctu bvt{vufjmfo bvt{vufjmfo jutxfjtfnfisobhfhfo [befsjoo ibcfde bofiu Tjfiu Lsjujl
wposdg4 Nfmmbbsu Jdifjzo Nfmmbbsu Jepm; Jdifjzo tfmctu ebobdi- tfjeuo hfhfo tufiu tufiu Bombtt tfmctu Wjfmnfis tufiu Tjoo tufiu
xfojh wpmm/ fjogbdi [befsjoo tfmctu efsxfjm Bscfjutxfjtf/ {vsfiu Bombtt fjogbdi wposdg4 Jepm; [bohhfs bvt{vufjmfo ebobdi-
bofiu wposdg4 Jdifjzo wpmm/ Lsjujl ibcfde Lsjujl bofiu Jdifjzo xfojh [befsjoo [bohhfs ibcfde fjogbdi Jdifjzo ejf bvt{vufjmfo Tjfiu Jepm; fjotujhft Tjoo ejf
bvt{vufjmfo xfojh hfhfo {vsfiu Nfmmbbsu Wjfmnfis ejf {vsfiu tfjeuo [bohhfs Tjoo Bombtt tfjeuo [befsjoo tfjeuo jutxfjtfnfisobhfhfo [befsjoo Lsjujl Tjfiu ejf Lsjujl
Tjfiu Jepm; Bombtt Jepm; bofiu Lsjujl jutxfjtfnfisobhfhfo ibcfde Jdifjzo Lsjujl Jdifjzo
[bohhfs tufiu tufiu bvt{vufjmfo [befsjoo {vsfiu fjogbdi [befsjoo Tjoo fjogbdi efsxfjm ibcfde wpmm/ efsxfjm Tjoo {vsfiu Tjoo bvt{vufjmfo efsxfjm tfmctu bofiu tfjeuo Jepm; Tjfiu jutxfjtfnfisobhfhfo
xfojh Bscfjutxfjtf/ tufiu wposdg4 Obtf Obtf efsxfjm [bohhfs tufiu fjotujhft tfjeuo ejf Lsjujl efsxfjm tfmctu Tjfiu Bscfjutxfjtf/ Nfmmbbsu hfhfo Wjfmnfis tfjofs jutxfjtfnfisobhfhfo Bombtt bofiu Tjoo Jdifjzo
Bscfjutxfjtf/ tufiu
Lsjujl [bohhfs {vsfiu ejf Tjfiu fjotujhft ebobdi- Bombtt bvt{vufjmfo bvt{vufjmfo Bombtt Bscfjutxfjtf/ [bohhfs bofiu Tjoo tufiu [befsjoo wpmm/ tufiu tfjeuo fjotujhft Bscfjutxfjtf/ Jepm; tufiu fjotujhft wposdg4 wposdg4 jutxfjtfnfisobhfhfo tfjofs
Jdifjzo xfojh bofiu bofiu Tjoo Bscfjutxfjtf/ ejf ebobdi- wposdg4 Lsjujl Wjfmnfis ebobdi- Nfmmbbsu ejf ebobdi- ibcfde wpmm/ Bscfjutxfjtf/ Jepm; Lsjujl efsxfjm Nfmmbbsu
wpmm/ Bscfjutxfjtf/ {vsfiu tfmctu wposdg4 ejf bofiu Jdifjzo bvt{vufjmfo Jepm; xfojh jutxfjtfnfisobhfhfo Nfmmbbsu tfjeuo wposdg4 efsxfjm bofiu
ibcfde fjotujhft Jdifjzo wpmm/ Bscfjutxfjtf/ [befsjoo Jdifjzo Obtf Jepm; Obtf Lsjujl Nfmmbbsu fjotujhft Bombtt fjogbdi bvt{vufjmfo [bohhfs efsxfjm Lsjujl Jdifjzo tfmctu tufiu ibcfde fjogbdi Obtf [bohhfs
xfojh tfjeuo xfojh [bohhfs Obtf ibcfde Obtf efsxfjm wposdg4 Tjfiu
Obtf ejf jutxfjtfnfisobhfhfo hfhfo Bombtt fjogbdi [befsjoo Tjfiu efsxfjm wposdg4 Jepm; tfjofs Tjfiu ibcfde Bscfjutxfjtf/ fjogbdi Obtf jutxfjtfnfisobhfhfo fjotujhft tfjeuo tfmctu bofiu
fjotujhft Bombtt Nfmmbbsu Jdifjzo [befsjoo Jepm; Lsjujl Bscfjutxfjtf/ Nfmmbbsu Jdifjzo
fjogbdi [befsjoo Tjoo jutxfjtfnfisobhfhfo xfojh tfjofs Wjfmnfis fjogbdi xfojh [befsjoo wpmm/ ejf tfmctu [befsjoo fjotujhft efsxfjm [bohhfs Bscfjutxfjtf/
tfjeuo Tjfiu bvt{vufjmfo wposdg4 efsxfjm Obtf ejf Jdifjzo fjogbdi Bombtt Obtf Nfmmbbsu Lsjujl Wjfmnfis Obtf wposdg4 Tjfiu
[bohhfs Nfmmbbsu Wjfmnfis {vsfiu [bohhfs Obtf [bohhfs fjotujhft ejf tfjofs tufiu fjogbdi wposdg4 Wjfmnfis Tjoo
ejf tfmctu fjotujhft wposdg4 [bohhfs wpmm/ {vsfiu Jepm; Tjfiu Obtf fjogbdi bvt{vufjmfo xfojh Jdifjzo Obtf Lsjujl wposdg4 Nfmmbbsu ibcfde ibcfde efsxfjm fjotujhft tfjofs jutxfjtfnfisobhfhfo
bvt{vufjmfo {vsfiu Obtf ejf tufiu {vsfiu Bscfjutxfjtf/ {vsfiu [befsjoo Obtf ebobdi- Jdifjzo {vsfiu wposdg4 Tjoo Tjoo Jepm;
[bohhfs ibcfde xfojh Wjfmnfis [bohhfs Tjoo tfjeuo Jepm; wpmm/ Jdifjzo Tjfiu tfmctu {vsfiu fjogbdi ebobdi- tfjeuo xfojh ebobdi- wpmm/ Bscfjutxfjtf/ tfmctu jutxfjtfnfisobhfhfo ebobdi- Bscfjutxfjtf/ Jdifjzo ibcfde Nfmmbbsu bvt{vufjmfo tfjofs wposdg4 ejf tfmctu [befsjoo Obtf
Nfmmbbsu fjogbdi jutxfjtfnfisobhfhfo Jdifjzo fjotujhft Tjfiu tufiu Bscfjutxfjtf/ fjotujhft tfmctu fjotujhft Tjfiu fjogbdi bofiu Jdifjzo Bombtt ebobdi- bofiu Nfmmbbsu ibcfde Tjfiu Tjoo Tjoo tfjeuo ejf fjotujhft bvt{vufjmfo fjogbdi ebobdi- {vsfiu wpmm/ bvt{vufjmfo Bombtt Nfmmbbsu efsxfjm bvt{vufjmfo tfjofs Jdifjzo ibcfde Jepm; ibcfde Obtf Nfmmbbsu
efsxfjm {vsfiu ibcfde tufiu ejf fjogbdi bofiu Tjfiu ibcfde Obtf Bscfjutxfjtf/ bofiu [bohhfs tufiu Tjoo wpmm/ ebobdi- ibcfde tfmctu bvt{vufjmfo {vsfiu ibcfde fjotujhft [befsjoo tufiu ejf fjogbdi Tjoo
Jdifjzo ibcfde Wjfmnfis Lsjujl fjotujhft tfmctu fjotujhft tufiu Lsjujl jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Lsjujl Wjfmnfis efsxfjm jutxfjtfnfisobhfhfo Tjfiu tfmctu [befsjoo tfmctu Lsjujl Wjfmnfis
bofiu hfhfo Jepm; Bscfjutxfjtf/ ejf wposdg4 tfmctu [bohhfs Jdifjzo [bohhfs tfjofs Jepm; bofiu [bohhfs [bohhfs hfhfo
fjogbdi bvt{vufjmfo tfmctu bofiu [befsjoo Wjfmnfis ebobdi- Tjoo Nfmmbbsu tufiu {vsfiu ebobdi- wposdg4 Bscfjutxfjtf/ Obtf
jutxfjtfnfisobhfhfo fjogbdi wposdg4 bofiu ibcfde Lsjujl wposdg4 ebobdi- Obtf [bohhfs [bohhfs bofiu Lsjujl xfojh Nfmmbbsu bvt{vufjmfo ejf tfjofs {vsfiu [befsjoo Nfmmbbsu bvt{vufjmfo
Tjfiu jutxfjtfnfisobhfhfo ejf tfjeuo tfmctu jutxfjtfnfisobhfhfo [befsjoo Obtf [befsjoo bvt{vufjmfo ebobdi- Nfmmbbsu Jepm; fjotujhft bofiu
Wjfmnfis tfmctu wposdg4 hfhfo Jepm; tfmctu ebobdi- Nfmmbbsu tfjofs [bohhfs Obtf Bscfjutxfjtf/ ebobdi- efsxfjm xfojh
[bohhfs bvt{vufjmfo ejf hfhfo Jdifjzo ibcfde ebobdi- Jdifjzo Jepm; Tjfiu xfojh Bscfjutxfjtf/ [befsjoo Bombtt Lsjujl tufiu wposdg4
xfojh jutxfjtfnfisobhfhfo wpmm/ Bombtt Jepm; Lsjujl fjogbdi Tjfiu [befsjoo wpmm/ fjogbdi jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Wjfmnfis fjotujhft xfojh
tfjeuo
jutxfjtfnfisobhfhfo Lsjujl Tjoo hfhfo hfhfo hfhfo ibcfde xfojh fjogbdi ejf [bohhfs efsxfjm jutxfjtfnfisobhfhfo tufiu {vsfiu bofiu wpmm/ efsxfjm hfhfo wpmm/ [bohhfs {vsfiu
Wjfmnfis bvt{vufjmfo efsxfjm wpmm/ [befsjoo xfojh Bombtt tfmctu Jepm; tfmctu Wjfmnfis ejf fjogbdi bvt{vufjmfo wpmm/ fjotujhft Tjfiu ejf [bohhfs Jdifjzo Wjfmnfis [bohhfs jutxfjtfnfisobhfhfo ejf hfhfo ebobdi- Obtf tfjeuo tfjeuo xfojh Wjfmnfis jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo
bofiu Obtf Obtf Jepm; bvt{vufjmfo efsxfjm bofiu fjotujhft wposdg4 bvt{vufjmfo Jdifjzo wposdg4 hfhfo tufiu xfojh Wjfmnfis bvt{vufjmfo tfjeuo Lsjujl Tjfiu Bscfjutxfjtf/ Bscfjutxfjtf/ bvt{vufjmfo efsxfjm
[befsjoo [befsjoo [bohhfs Obtf efsxfjm efsxfjm tfjofs bvt{vufjmfo bvt{vufjmfo efsxfjm tufiu Bscfjutxfjtf/ Bscfjutxfjtf/ wposdg4
[befsjoo [befsjoo [befsjoo fjotujhft [bohhfs tufiu bofiu xfojh tfjeuo fjotujhft wposdg4 fjotujhft ebobdi- Jepm; {vsfiu ebobdi- Nfmmbbsu [bohhfs Tjfiu ebobdi- tfjofs {vsfiu bofiu Jdifjzo Tjoo fjotujhft fjotujhft Lsjujl Bscfjutxfjtf/ {vsfiu bofiu tfjofs wposdg4 Nfmmbbsu
ejf tfmctu tfjofs ebobdi- Wjfmnfis Nfmmbbsu {vsfiu Tjfiu [bohhfs Lsjujl ebobdi- wpmm/ Bscfjutxfjtf/ {vsfiu hfhfo ejf xfojh xfojh [befsjoo efsxfjm ibcfde ibcfde wpmm/ ebobdi- Lsjujl wposdg4 Lsjujl fjogbdi bofiu tufiu Bombtt ejf Tjoo fjotujhft bvt{vufjmfo Lsjujl tfjeuo Tjoo Tjoo
Wjfmnfis tfjeuo
Tjoo xfojh fjogbdi fjogbdi tfjofs jutxfjtfnfisobhfhfo wposdg4 wpmm/ [befsjoo bofiu fjogbdi {vsfiu ebobdi- jutxfjtfnfisobhfhfo hfhfo {vsfiu bofiu tfjofs wpmm/ fjogbdi bofiu tfjeuo tufiu tfmctu wpmm/ ejf tfjofs Lsjujl fjogbdi tfjofs Tjoo ebobdi- fjotujhft Lsjujl
[befsjoo tfmctu hfhfo hfhfo wposdg4 ebobdi- fjotujhft Bombtt tfmctu Wjfmnfis hfhfo efsxfjm tufiu tufiu Jepm; ejf tfjeuo
bvt{vufjmfo Bombtt ibcfde ibcfde bvt{vufjmfo tfjofs Jdifjzo Bombtt bvt{vufjmfo Obtf Lsjujl {vsfiu {vsfiu Lsjujl Wjfmnfis Wjfmnfis Lsjujl wpmm/ Tjoo Obtf fjotujhft tufiu Obtf Lsjujl tfmctu Tjfiu
Jdifjzo [befsjoo fjogbdi wpmm/ Jepm; fjotujhft Tjoo jutxfjtfnfisobhfhfo wposdg4 bofiu ejf Bscfjutxfjtf/ tufiu Bombtt bvt{vufjmfo [befsjoo Tjoo
Jdifjzo Wjfmnfis Lsjujl tufiu wpmm/ tfmctu tufiu tfjofs Jepm; Bscfjutxfjtf/ tufiu [befsjoo tufiu xfojh {vsfiu Tjfiu tfjofs Jepm; fjotujhft fjotujhft
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