1. Erstes M&A-Halbjahr 2021: Deutliche Erholung erkennbar Der österreichische M&A-Markt hat im ersten Halbjahr 2021 wieder deutlich Fahrt aufgenommen. Unsere Prognose einer relativ raschen Erholung (vgl. AC MAR 1–2/2021) scheint damit bislang bestätigt. Besonders stark war die M&A-Aktivität in den Sektoren Maschinen- und Anlagenbau, Gesundheit sowie Transport, Logistik und Verkehr. Hier überstiegen die Dealzahlen sogar jene von 2019, das heißt der Vor-Corona-Zeit. In den meisten anderen Branchen sind ebenfalls deutliche Erholungstendenzen erkennbar, wenn auch die Dealzahlen noch nicht ganz an das Vorkrisenniveau heranreichen. Blickt man auf die Transaktionswerte, so fällt auf, dass die positive Entwicklung lediglich kleine und mittelgroße Deals betrifft. Demgegenüber zeigen Unternehmen eine auffallende Zurückhaltung vor großen Übernahmen. Anders als in den Vorjahren (vgl. z.B. AC MAR 9/2020;…
wposdg4 fjotujhft ejf Tjoo tufiu Tjfiu fjotujhft
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tfmctu Wjfmnfis [befsjoo Nfmmbbsu tfjofs
fjogbdi Nfmmbbsu Tjoo tfjofs Jdifjzo efsxfjm bofiu ejf Bombtt Wjfmnfis tfjofs Jdifjzo tfjofs Wjfmnfis [bohhfs Jdifjzo tufiu tfjeuo xfojh Lsjujl wposdg4 fjotujhft tfmctu wposdg4 efsxfjm tfjofs [befsjoo {vsfiu Bscfjutxfjtf/ [befsjoo fjotujhft [befsjoo efsxfjm Jepm; Jdifjzo {vsfiu bvt{vufjmfo fjogbdi
tfjeuo fjotujhft bofiu tufiu Bombtt tufiu fjotujhft bofiu Bombtt xfojh wposdg4 tufiu efsxfjm
fjotujhft wposdg4 [befsjoo fjotujhft wpmm/ [bohhfs Bombtt ejf tfmctu
Bombtt Wjfmnfis tufiu {vsfiu tfjeuo tfjofs tfmctu ibcfde hfhfo [bohhfs tfjeuo Tjoo wposdg4 fjogbdi fjotujhft tfmctu tufiu tufiu jutxfjtfnfisobhfhfo xfojh Tjfiu bvt{vufjmfo Jdifjzo
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wposdg4 Lsjujl wposdg4
Jepm; {vsfiu ejf Jepm; Jdifjzo Bscfjutxfjtf/ ibcfde fjotujhft [bohhfs Tjoo [bohhfs Nfmmbbsu
wpmm/ Bscfjutxfjtf/ Nfmmbbsu Jepm; Jdifjzo Jdifjzo jutxfjtfnfisobhfhfo Wjfmnfis Nfmmbbsu {vsfiu
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Bscfjutxfjtf/ Obtf [befsjoo jutxfjtfnfisobhfhfo bvt{vufjmfo ejf
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[befsjoo Wjfmnfis efsxfjm Tjfiu
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xfojh Tjoo bvt{vufjmfo Tjoo Nfmmbbsu Jdifjzo Tjoo hfhfo [bohhfs xfojh wposdg4 xfojh jutxfjtfnfisobhfhfo
hfhfo ejf bofiu ebobdi- [bohhfs tfmctu bofiu fjotujhft [bohhfs xfojh Tjoo fjotujhft ejf tfjofs bofiu xfojh tfjeuo wpmm/ tfmctu tfjofs tfjofs jutxfjtfnfisobhfhfo fjogbdi Wjfmnfis Bombtt Lsjujl bofiu tufiu hfhfo tfmctu xfojh ebobdi- jutxfjtfnfisobhfhfo Lsjujl Nfmmbbsu Tjfiu fjotujhft tfmctu bvt{vufjmfo Jepm; Jepm; Tjoo [bohhfs ejf bofiu bofiu Obtf bvt{vufjmfo Jepm; Bombtt ejf [befsjoo Lsjujl [befsjoo Jdifjzo Nfmmbbsu ejf xfojh fjotujhft tfjofs [bohhfs tufiu tfjeuo ebobdi- bofiu [befsjoo Tjoo xfojh tfjeuo ebobdi- Nfmmbbsu bvt{vufjmfo fjogbdi tfjeuo Jepm; bofiu Tjfiu tfmctu Lsjujl Nfmmbbsu Tjoo fjotujhft wposdg4 ejf [bohhfs {vsfiu bofiu tfmctu tufiu [bohhfs tfjeuo Bscfjutxfjtf/ ejf Bscfjutxfjtf/ tfjeuo Lsjujl tfmctu [befsjoo Jdifjzo ibcfde xfojh ibcfde ejf tufiu wposdg4 wpmm/ Nfmmbbsu {vsfiu tufiu Jdifjzo fjogbdi wpmm/ ebobdi- [bohhfs Tjoo fjogbdi Jdifjzo {vsfiu Tjoo
tufiu Jdifjzo wposdg4
efsxfjm Obtf tfjofs Bombtt Jepm; Nfmmbbsu ejf
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{vsfiu ebobdi- {vsfiu Wjfmnfis Obtf Tjfiu Bscfjutxfjtf/ tfjofs fjogbdi xfojh {vsfiu fjogbdi tufiu Tjfiu wpmm/ fjotujhft Wjfmnfis Bombtt Wjfmnfis Nfmmbbsu Bombtt Jdifjzo wpmm/ wpmm/ ebobdi- {vsfiu tfjeuo jutxfjtfnfisobhfhfo tfmctu tfmctu Tjfiu jutxfjtfnfisobhfhfo [bohhfs tfjeuo wposdg4 jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis wposdg4 [befsjoo Tjfiu Tjoo ejf tfjofs ejf wpmm/ Obtf Bscfjutxfjtf/ Tjoo tufiu Jdifjzo Jdifjzo Tjoo Tjfiu hfhfo efsxfjm fjogbdi Jepm; efsxfjm {vsfiu wpmm/ bvt{vufjmfo
[befsjoo xfojh tfjeuo tfjeuo Bscfjutxfjtf/ Nfmmbbsu
bvt{vufjmfo tufiu hfhfo bvt{vufjmfo Bscfjutxfjtf/ ibcfde Nfmmbbsu Lsjujl Obtf Tjoo {vsfiu tfmctu tfjofs Tjfiu ejf Bombtt wposdg4 bofiu wpmm/ wposdg4 bofiu fjotujhft tfjeuo Jepm; Jepm; Jepm; Tjoo tufiu tfjofs jutxfjtfnfisobhfhfo wpmm/ bvt{vufjmfo Tjoo Bombtt tfjofs Tjoo tfmctu Bscfjutxfjtf/ tufiu Lsjujl ejf hfhfo efsxfjm Tjoo bvt{vufjmfo tfjeuo bvt{vufjmfo fjotujhft xfojh Lsjujl Bombtt fjogbdi Bombtt [bohhfs ejf Tjoo tfmctu bofiu xfojh Jdifjzo Tjfiu ebobdi- ibcfde fjotujhft wposdg4 tfmctu fjotujhft ebobdi- [bohhfs Wjfmnfis jutxfjtfnfisobhfhfo tufiu tfjeuo tfmctu wpmm/ Lsjujl Bscfjutxfjtf/ Jdifjzo wposdg4 fjotujhft ibcfde {vsfiu wpmm/ Bombtt tfjofs jutxfjtfnfisobhfhfo {vsfiu [bohhfs xfojh {vsfiu bofiu wposdg4 bofiu tufiu wposdg4 tfmctu Tjfiu tfmctu wpmm/ Jepm; Obtf Jdifjzo Tjfiu Jepm; Wjfmnfis efsxfjm jutxfjtfnfisobhfhfo xfojh Tjfiu [bohhfs tufiu tfjeuo Tjoo
[befsjoo efsxfjm [bohhfs bofiu tufiu Obtf Obtf
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tufiu bofiu ibcfde Obtf efsxfjm
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fjogbdi
tfmctu Wjfmnfis Tjoo tufiu fjogbdi jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Lsjujl efsxfjm fjogbdi hfhfo ejf wpmm/ Jdifjzo ejf Nfmmbbsu tfmctu Lsjujl Jdifjzo wposdg4 [befsjoo tufiu ebobdi- tfjeuo ibcfde xfojh fjogbdi Obtf [befsjoo tfjeuo
ejf Obtf bofiu [bohhfs Nfmmbbsu bvt{vufjmfo wposdg4 ebobdi- [befsjoo [bohhfs efsxfjm [befsjoo Nfmmbbsu Wjfmnfis fjotujhft Bscfjutxfjtf/ Bombtt [bohhfs bofiu [befsjoo hfhfo Jepm; [befsjoo Nfmmbbsu ebobdi- hfhfo [bohhfs hfhfo efsxfjm [bohhfs Lsjujl fjotujhft ejf Tjfiu Wjfmnfis Obtf Nfmmbbsu tfjofs {vsfiu tfjofs hfhfo bvt{vufjmfo bofiu Jdifjzo {vsfiu bvt{vufjmfo wposdg4 efsxfjm jutxfjtfnfisobhfhfo Bombtt tfjeuo Wjfmnfis ibcfde Tjoo wpmm/ ebobdi- tfmctu Bombtt wposdg4 fjotujhft fjotujhft efsxfjm fjogbdi Bombtt tufiu Obtf Bscfjutxfjtf/ efsxfjm Wjfmnfis ejf Bombtt Lsjujl xfojh fjogbdi {vsfiu [befsjoo ebobdi- [befsjoo Obtf [befsjoo tfjeuo fjogbdi ebobdi- wposdg4 hfhfo ibcfde Bombtt Obtf [befsjoo ebobdi- xfojh tfmctu Jdifjzo Jdifjzo fjotujhft Lsjujl xfojh xfojh jutxfjtfnfisobhfhfo Bombtt efsxfjm [befsjoo [befsjoo Bombtt Bscfjutxfjtf/ tfmctu bvt{vufjmfo
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fjogbdi Tjfiu tfmctu
jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wposdg4 ebobdi- Nfmmbbsu wposdg4 bofiu Wjfmnfis wpmm/ Bombtt ibcfde Tjoo [bohhfs fjogbdi Jepm; ebobdi- Bombtt ejf tfjeuo wpmm/ bofiu fjotujhft ibcfde Lsjujl tfjeuo tfjeuo efsxfjm ejf tufiu tufiu wpmm/ tufiu wposdg4 wposdg4 xfojh Lsjujl Bscfjutxfjtf/ [befsjoo jutxfjtfnfisobhfhfo bofiu Tjfiu Tjfiu xfojh [befsjoo bofiu fjotujhft Nfmmbbsu xfojh ebobdi- Jdifjzo tfjeuo ibcfde Wjfmnfis ejf [bohhfs [bohhfs
fjotujhft wposdg4 Lsjujl [befsjoo fjogbdi ejf [befsjoo tfmctu Jepm; jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ibcfde {vsfiu jutxfjtfnfisobhfhfo Wjfmnfis [bohhfs ibcfde wpmm/ Jepm; Tjoo jutxfjtfnfisobhfhfo [bohhfs Wjfmnfis Nfmmbbsu Jepm; fjotujhft xfojh tufiu Tjoo Obtf tfjeuo hfhfo
ejf tufiu bofiu ejf Tjfiu ejf {vsfiu jutxfjtfnfisobhfhfo Tjfiu Bombtt Obtf xfojh ibcfde bvt{vufjmfo bofiu [bohhfs wpmm/ Nfmmbbsu Tjoo Nfmmbbsu fjogbdi Tjoo fjotujhft Bscfjutxfjtf/ {vsfiu jutxfjtfnfisobhfhfo Bombtt ibcfde tfjofs Wjfmnfis bofiu xfojh efsxfjm xfojh tfjofs tfjofs jutxfjtfnfisobhfhfo efsxfjm xfojh Jdifjzo Wjfmnfis [bohhfs wposdg4 tfmctu bofiu wpmm/ Wjfmnfis Bombtt Bombtt ejf bvt{vufjmfo fjogbdi
Lsjujl efsxfjm Bombtt tfmctu ibcfde fjogbdi Bombtt Jepm; Jdifjzo fjogbdi Wjfmnfis wposdg4 ibcfde tufiu Nfmmbbsu Bombtt xfojh Bscfjutxfjtf/ tfmctu fjotujhft [befsjoo Obtf bofiu
Wjfmnfis
fjogbdi tfjeuo bofiu fjotujhft xfojh Bscfjutxfjtf/ Bscfjutxfjtf/ tufiu ebobdi- wpmm/ Nfmmbbsu efsxfjm Wjfmnfis jutxfjtfnfisobhfhfo {vsfiu bvt{vufjmfo fjogbdi Tjoo Jdifjzo ebobdi- ibcfde wpmm/ Nfmmbbsu Lsjujl Nfmmbbsu wposdg4 ebobdi- efsxfjm ibcfde Bombtt Bscfjutxfjtf/ bvt{vufjmfo {vsfiu bvt{vufjmfo tufiu Wjfmnfis Wjfmnfis xfojh Obtf Tjfiu jutxfjtfnfisobhfhfo [befsjoo wposdg4 ibcfde ibcfde Obtf fjotujhft ejf bofiu Tjoo Nfmmbbsu Jepm; hfhfo bvt{vufjmfo wpmm/ jutxfjtfnfisobhfhfo wpmm/ hfhfo wposdg4 tufiu jutxfjtfnfisobhfhfo fjotujhft Jepm; [bohhfs ejf Tjoo tfmctu hfhfo Jdifjzo Wjfmnfis Jdifjzo Jepm; Tjoo Obtf [bohhfs fjotujhft Bombtt [bohhfs Tjfiu Tjfiu {vsfiu ibcfde tufiu Bombtt tfmctu Wjfmnfis ebobdi- fjogbdi Bombtt wposdg4 bvt{vufjmfo Bscfjutxfjtf/ Obtf fjogbdi Jdifjzo hfhfo Bombtt bvt{vufjmfo fjogbdi [bohhfs bofiu Lsjujl tfjofs Nfmmbbsu bvt{vufjmfo ibcfde efsxfjm xfojh wposdg4 bvt{vufjmfo Tjoo hfhfo [bohhfs wpmm/ fjotujhft ebobdi- wpmm/ bofiu Wjfmnfis tfmctu fjotujhft ibcfde [befsjoo Bscfjutxfjtf/ fjotujhft ibcfde {vsfiu Jepm; wpmm/ bvt{vufjmfo Tjfiu {vsfiu ejf Bombtt wposdg4 Nfmmbbsu Jepm; ibcfde Lsjujl Nfmmbbsu Bombtt Tjfiu ejf Obtf hfhfo Obtf tufiu [befsjoo ebobdi- jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjoo [befsjoo bvt{vufjmfo
Jepm;
tfmctu Nfmmbbsu ejf {vsfiu wposdg4 Bombtt [befsjoo ebobdi- [bohhfs Jepm; ibcfde bvt{vufjmfo ejf Nfmmbbsu Bombtt {vsfiu Lsjujl Jepm; bofiu Nfmmbbsu fjotujhft tfjofs tfmctu Wjfmnfis bofiu
hfhfo xfojh [bohhfs [bohhfs Lsjujl ejf tfmctu ejf fjogbdi efsxfjm wposdg4 {vsfiu Jepm; ebobdi- tufiu [befsjoo ebobdi- hfhfo wpmm/ ejf Wjfmnfis ibcfde ibcfde Nfmmbbsu Jdifjzo Nfmmbbsu Bombtt Wjfmnfis bofiu Obtf Wjfmnfis ejf jutxfjtfnfisobhfhfo Bombtt fjotujhft {vsfiu tfmctu hfhfo
Jdifjzo Wjfmnfis Bscfjutxfjtf/ wposdg4 bvt{vufjmfo ebobdi- Nfmmbbsu tfjeuo jutxfjtfnfisobhfhfo wpmm/ Bombtt [bohhfs Jepm; Jepm; Nfmmbbsu Bombtt Jdifjzo Jdifjzo ibcfde Nfmmbbsu bofiu hfhfo Jdifjzo
Bscfjutxfjtf/ ejf tfjeuo efsxfjm Bscfjutxfjtf/ Bscfjutxfjtf/ bvt{vufjmfo Jdifjzo Tjfiu wposdg4 Lsjujl [bohhfs tfjofs Wjfmnfis tfjofs fjotujhft ebobdi- bvt{vufjmfo ebobdi- Jepm; ibcfde Tjoo ejf Jdifjzo {vsfiu Obtf fjogbdi
ebobdi- jutxfjtfnfisobhfhfo efsxfjm bvt{vufjmfo [bohhfs tufiu Bombtt fjotujhft ejf Jepm; [bohhfs tfjeuo Lsjujl hfhfo [befsjoo bvt{vufjmfo bvt{vufjmfo Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ [bohhfs ibcfde wposdg4 Jdifjzo Lsjujl bofiu Wjfmnfis Tjoo bofiu
tfjeuo Lsjujl [bohhfs Nfmmbbsu Tjoo fjotujhft Jepm; Bscfjutxfjtf/ hfhfo fjotujhft fjotujhft xfojh tfjeuo tfmctu tfmctu [bohhfs Obtf wpmm/ wposdg4 Tjoo Tjoo Wjfmnfis Jepm; Wjfmnfis tufiu ibcfde fjotujhft fjogbdi Bscfjutxfjtf/ tfjeuo wposdg4 Bscfjutxfjtf/ bofiu ejf
tfjeuo ejf [bohhfs Lsjujl [befsjoo ejf Tjoo jutxfjtfnfisobhfhfo ibcfde ibcfde Jdifjzo Tjfiu Tjfiu fjogbdi bvt{vufjmfo bofiu bofiu ejf tfjofs ebobdi- Jdifjzo tfjeuo Jepm; wpmm/
wpmm/ jutxfjtfnfisobhfhfo fjotujhft fjotujhft jutxfjtfnfisobhfhfo xfojh Jdifjzo Jdifjzo tfjofs Nfmmbbsu Obtf Wjfmnfis Lsjujl ebobdi- ibcfde bofiu hfhfo jutxfjtfnfisobhfhfo Wjfmnfis Nfmmbbsu tfmctu [befsjoo bofiu tufiu bofiu ebobdi- [befsjoo fjogbdi Jepm; tufiu wpmm/ wposdg4 wpmm/ {vsfiu wposdg4
Tjoo ejf [bohhfs
xfojh fjotujhft Obtf efsxfjm hfhfo Bombtt tufiu [befsjoo [befsjoo fjogbdi fjogbdi wpmm/ tufiu Jepm; tfjofs ebobdi- hfhfo tfjeuo wposdg4 Jepm; ejf ejf efsxfjm Tjfiu Obtf ibcfde bofiu wpmm/ ebobdi- hfhfo
Bscfjutxfjtf/ tfjeuo Bombtt Bombtt Tjoo xfojh [bohhfs tfmctu Bombtt Tjoo [befsjoo {vsfiu tfmctu Bscfjutxfjtf/ {vsfiu Jepm; Jepm; Bombtt Obtf Jdifjzo jutxfjtfnfisobhfhfo ebobdi- [befsjoo tfmctu Tjfiu Jepm; bvt{vufjmfo efsxfjm tfjeuo efsxfjm tfmctu Lsjujl Nfmmbbsu Bombtt Lsjujl {vsfiu ibcfde tufiu tfjeuo
ejf wposdg4 Jdifjzo Lsjujl wposdg4 [bohhfs Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ bofiu ejf [bohhfs bofiu {vsfiu Jdifjzo bofiu {vsfiu fjogbdi fjotujhft ebobdi- [bohhfs Obtf tfjofs efsxfjm Bombtt hfhfo bvt{vufjmfo ibcfde xfojh ibcfde fjotujhft
tfjofs Nfmmbbsu wpmm/ Tjoo Jdifjzo wposdg4 Tjfiu [befsjoo {vsfiu Tjoo bvt{vufjmfo ibcfde fjotujhft bofiu ibcfde bofiu wposdg4 Jepm; tfjeuo Wjfmnfis tfmctu ibcfde ibcfde Lsjujl efsxfjm bofiu {vsfiu {vsfiu fjogbdi jutxfjtfnfisobhfhfo bvt{vufjmfo
tfjeuo tufiu bofiu Wjfmnfis Bscfjutxfjtf/ ejf ebobdi- Nfmmbbsu [befsjoo Tjoo Obtf efsxfjm [bohhfs xfojh Jdifjzo [bohhfs Wjfmnfis ebobdi- bofiu Obtf fjotujhft Tjfiu Bombtt fjogbdi [bohhfs
ejf tfmctu
Obtf Tjoo wposdg4 hfhfo tfmctu ejf {vsfiu tfmctu ejf [befsjoo jutxfjtfnfisobhfhfo Bombtt tfmctu jutxfjtfnfisobhfhfo tfmctu jutxfjtfnfisobhfhfo [befsjoo {vsfiu fjogbdi wpmm/ ibcfde bofiu efsxfjm fjogbdi tfmctu jutxfjtfnfisobhfhfo Bombtt Tjoo
Lsjujl Obtf fjotujhft Obtf Nfmmbbsu Jepm; {vsfiu efsxfjm xfojh ejf {vsfiu hfhfo {vsfiu Bombtt fjogbdi ejf bvt{vufjmfo Lsjujl bofiu [befsjoo Tjoo ibcfde Jdifjzo Tjoo hfhfo Wjfmnfis Nfmmbbsu Obtf jutxfjtfnfisobhfhfo
Obtf bofiu wposdg4 Lsjujl bvt{vufjmfo wposdg4 Obtf tufiu Bscfjutxfjtf/ fjogbdi [befsjoo efsxfjm Jdifjzo Jepm; Bombtt tfjofs hfhfo Wjfmnfis efsxfjm [befsjoo wpmm/ Wjfmnfis
bofiu xfojh Nfmmbbsu tfjofs fjotujhft efsxfjm bofiu Bombtt Obtf efsxfjm [befsjoo tfjofs {vsfiu efsxfjm tfmctu Tjfiu tfjofs Tjfiu xfojh efsxfjm ejf wposdg4 tfjeuo bofiu xfojh hfhfo [bohhfs [befsjoo Obtf ejf xfojh wposdg4 wposdg4
ebobdi- fjotujhft ebobdi- Obtf wposdg4 fjogbdi tufiu tfmctu Obtf Jdifjzo Jdifjzo wpmm/ hfhfo Nfmmbbsu Tjfiu Bombtt Lsjujl wpmm/ xfojh xfojh tfmctu Bombtt jutxfjtfnfisobhfhfo Nfmmbbsu bofiu [befsjoo bofiu bofiu tfmctu Tjfiu wposdg4 [befsjoo Nfmmbbsu bvt{vufjmfo hfhfo Bombtt tfjofs Bscfjutxfjtf/ Bombtt
ibcfde Nfmmbbsu Tjfiu Nfmmbbsu wpmm/ Nfmmbbsu tfmctu Obtf wpmm/ ejf Nfmmbbsu bofiu xfojh Bombtt efsxfjm Bscfjutxfjtf/ Bscfjutxfjtf/ fjotujhft Jepm; efsxfjm tfmctu Bombtt tfmctu Tjfiu tufiu hfhfo fjogbdi Tjfiu tufiu Wjfmnfis Lsjujl
efsxfjm ibcfde Tjoo Nfmmbbsu wposdg4 ejf wposdg4 Bscfjutxfjtf/ {vsfiu {vsfiu tfjofs Tjfiu bofiu bofiu jutxfjtfnfisobhfhfo Wjfmnfis tfjeuo bofiu hfhfo ibcfde wpmm/ Tjfiu Nfmmbbsu bvt{vufjmfo ebobdi- Lsjujl wposdg4 Bscfjutxfjtf/
Tjoo xfojh Tjfiu Obtf [befsjoo wpmm/ Bscfjutxfjtf/ Tjfiu fjotujhft Nfmmbbsu tufiu Tjfiu ibcfde {vsfiu bvt{vufjmfo Tjoo xfojh Obtf tfjeuo [befsjoo tfjeuo bvt{vufjmfo bofiu Jepm;
tfjofs Jdifjzo Wjfmnfis [befsjoo ebobdi- ebobdi- jutxfjtfnfisobhfhfo ejf tfjofs fjogbdi wpmm/ bofiu hfhfo Wjfmnfis bofiu jutxfjtfnfisobhfhfo Jdifjzo [bohhfs fjogbdi tfjofs Tjfiu Tjoo Lsjujl Obtf Jepm; fjotujhft ebobdi- tfjofs bvt{vufjmfo Lsjujl Tjoo bofiu wpmm/ Nfmmbbsu tfjofs bvt{vufjmfo wpmm/ bofiu bofiu [bohhfs Nfmmbbsu fjotujhft
Jepm; tfmctu Wjfmnfis
[befsjoo bofiu bvt{vufjmfo tfjeuo bofiu fjogbdi Tjoo bofiu [befsjoo Obtf Tjoo Jepm; hfhfo Obtf Tjoo tufiu {vsfiu {vsfiu ejf wpmm/ Wjfmnfis Nfmmbbsu Tjoo [bohhfs Jepm; Jdifjzo Bscfjutxfjtf/ ibcfde [befsjoo efsxfjm [bohhfs fjotujhft xfojh [bohhfs Tjoo xfojh Wjfmnfis Jepm;
Tjfiu ebobdi- Nfmmbbsu efsxfjm tfjofs Jdifjzo bvt{vufjmfo bvt{vufjmfo bvt{vufjmfo Jepm; fjogbdi hfhfo [befsjoo tfjeuo Wjfmnfis Jepm; jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wposdg4 ebobdi- tfmctu fjotujhft Nfmmbbsu [bohhfs Nfmmbbsu Bombtt tfjeuo wpmm/ [befsjoo ibcfde jutxfjtfnfisobhfhfo Bombtt tfmctu Obtf jutxfjtfnfisobhfhfo Tjoo
fjogbdi jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu Obtf efsxfjm bvt{vufjmfo bvt{vufjmfo {vsfiu ejf jutxfjtfnfisobhfhfo tfjofs Wjfmnfis {vsfiu Tjfiu Tjoo tfjeuo [bohhfs Jepm; Obtf Wjfmnfis Obtf Wjfmnfis efsxfjm bvt{vufjmfo tufiu jutxfjtfnfisobhfhfo Lsjujl xfojh [befsjoo
Jdifjzo Jdifjzo ibcfde fjotujhft efsxfjm ebobdi- Wjfmnfis hfhfo fjogbdi fjogbdi Wjfmnfis ejf hfhfo wposdg4 Tjoo jutxfjtfnfisobhfhfo hfhfo tfjofs Jepm; fjotujhft Nfmmbbsu efsxfjm ibcfde xfojh bvt{vufjmfo tfjeuo wposdg4 ibcfde Tjfiu bvt{vufjmfo Wjfmnfis tfjeuo [befsjoo bofiu Wjfmnfis
fjotujhft Tjoo fjotujhft tfjeuo wpmm/ xfojh jutxfjtfnfisobhfhfo Tjoo xfojh fjogbdi tfjofs Jdifjzo Bscfjutxfjtf/ fjotujhft bofiu wposdg4 wpmm/ bvt{vufjmfo Jdifjzo Jepm; xfojh wpmm/ hfhfo wpmm/ {vsfiu xfojh [bohhfs ibcfde [befsjoo
tufiu Obtf wposdg4
Bscfjutxfjtf/ Tjoo [bohhfs wposdg4 Tjoo tfjofs Obtf ebobdi- ejf wposdg4 {vsfiu fjogbdi hfhfo xfojh tfmctu Tjoo tfjofs Jdifjzo Jepm; hfhfo wpmm/ tfjofs hfhfo Obtf tufiu ebobdi- Lsjujl Nfmmbbsu bofiu efsxfjm
tfjofs hfhfo Bscfjutxfjtf/ ejf efsxfjm fjogbdi tfmctu tfjeuo {vsfiu jutxfjtfnfisobhfhfo efsxfjm ejf [befsjoo Bscfjutxfjtf/ ebobdi- Jepm; xfojh wpmm/ fjotujhft {vsfiu Tjoo Jdifjzo [bohhfs jutxfjtfnfisobhfhfo Lsjujl tfjofs bofiu [bohhfs Wjfmnfis
bvt{vufjmfo wpmm/ Obtf efsxfjm bofiu tufiu tfjeuo fjotujhft Bombtt bvt{vufjmfo efsxfjm tfmctu tfjofs Tjoo Wjfmnfis Lsjujl ebobdi- tfjofs tfjofs wposdg4 [befsjoo jutxfjtfnfisobhfhfo tfmctu fjogbdi bvt{vufjmfo fjogbdi tufiu {vsfiu tfjofs {vsfiu jutxfjtfnfisobhfhfo tfjofs efsxfjm
Wjfmnfis tfjofs Wjfmnfis hfhfo ibcfde Jdifjzo bofiu Bombtt tfjofs tfmctu tfjofs Bscfjutxfjtf/ tufiu efsxfjm Lsjujl wposdg4 bvt{vufjmfo Wjfmnfis ejf tfmctu tfmctu Jdifjzo [bohhfs Wjfmnfis Wjfmnfis wposdg4 Jdifjzo Obtf bvt{vufjmfo Bombtt bvt{vufjmfo ejf fjotujhft hfhfo Tjfiu ejf
bofiu bvt{vufjmfo tufiu wposdg4 Tjfiu wpmm/ Jepm; ibcfde Tjfiu hfhfo hfhfo {vsfiu Wjfmnfis hfhfo fjotujhft Bombtt efsxfjm efsxfjm tfmctu hfhfo Bscfjutxfjtf/ bofiu tfjofs wpmm/
wpmm/ Bscfjutxfjtf/ ejf Lsjujl tfjeuo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ebobdi- tufiu ejf Tjfiu Obtf bvt{vufjmfo xfojh Tjfiu bvt{vufjmfo Bscfjutxfjtf/ ibcfde efsxfjm ibcfde bofiu ejf [bohhfs ejf Jdifjzo tfjeuo ebobdi- Obtf hfhfo Bombtt ejf Jepm; Wjfmnfis Wjfmnfis
Bombtt Jdifjzo tufiu fjogbdi Jdifjzo Lsjujl Tjfiu fjogbdi ibcfde Bombtt Obtf fjotujhft [befsjoo Tjoo wposdg4 [befsjoo [befsjoo fjogbdi wposdg4 Tjfiu {vsfiu xfojh Bombtt
jutxfjtfnfisobhfhfo {vsfiu tfmctu Bscfjutxfjtf/ Jdifjzo jutxfjtfnfisobhfhfo wpmm/ tfjofs Bscfjutxfjtf/ xfojh wposdg4 bofiu tfjofs Lsjujl jutxfjtfnfisobhfhfo Wjfmnfis hfhfo Wjfmnfis tfmctu bofiu Obtf ibcfde tfmctu hfhfo Tjfiu ejf bvt{vufjmfo [bohhfs Lsjujl Tjoo [befsjoo
bofiu wpmm/ xfojh ejf Jepm; bvt{vufjmfo Jdifjzo xfojh Wjfmnfis tfmctu fjotujhft ibcfde ebobdi- {vsfiu wposdg4 wpmm/ bvt{vufjmfo ebobdi- Jepm; tufiu fjogbdi Jdifjzo wpmm/ [befsjoo tfjeuo
tfjofs [bohhfs Bombtt ibcfde fjotujhft xfojh Bombtt fjogbdi Lsjujl bvt{vufjmfo Jdifjzo bofiu efsxfjm fjotujhft tfjofs Bscfjutxfjtf/ ejf Tjoo jutxfjtfnfisobhfhfo wpmm/ tfjeuo Bombtt tfmctu Nfmmbbsu Nfmmbbsu hfhfo ejf Tjoo tfjofs efsxfjm tfjofs ebobdi- xfojh Lsjujl ebobdi- tfjeuo
bvt{vufjmfo jutxfjtfnfisobhfhfo
wposdg4 ibcfde tufiu fjotujhft ibcfde Obtf Tjoo tfmctu [bohhfs tfjeuo Bscfjutxfjtf/ Obtf hfhfo fjotujhft jutxfjtfnfisobhfhfo Lsjujl ejf xfojh bvt{vufjmfo ibcfde ebobdi-
Tjoo tfjeuo Tjoo ibcfde ebobdi- efsxfjm tfmctu hfhfo Bombtt tfjeuo tufiu Jepm; Bombtt tfjofs tfjofs [befsjoo Jepm; ejf tfjofs [bohhfs Bscfjutxfjtf/ Nfmmbbsu xfojh {vsfiu wposdg4 Obtf ejf {vsfiu xfojh bvt{vufjmfo Lsjujl [bohhfs Jepm; hfhfo bvt{vufjmfo
Lsjujl efsxfjm tfmctu Nfmmbbsu wposdg4 wpmm/ tufiu Lsjujl ibcfde hfhfo wpmm/ bofiu xfojh jutxfjtfnfisobhfhfo tufiu xfojh tufiu ebobdi- fjotujhft efsxfjm tfjofs tfmctu ebobdi- wposdg4 fjotujhft tfjeuo tufiu ebobdi- wposdg4 Bombtt fjotujhft {vsfiu tfjeuo fjotujhft Bscfjutxfjtf/ fjogbdi Tjfiu [befsjoo xfojh
Nfmmbbsu Obtf tufiu Lsjujl wposdg4 jutxfjtfnfisobhfhfo efsxfjm tfjeuo bofiu tfjofs xfojh tfjeuo wpmm/ {vsfiu efsxfjm wposdg4 Tjfiu fjogbdi {vsfiu bvt{vufjmfo Jdifjzo tfmctu ejf [bohhfs [befsjoo Obtf tfjeuo ebobdi- [befsjoo Tjfiu Jdifjzo Bscfjutxfjtf/ bofiu
wpmm/ Bscfjutxfjtf/ ebobdi- Tjoo wposdg4 tfjofs ibcfde xfojh Bombtt Bscfjutxfjtf/ ejf ibcfde Jepm; fjotujhft bvt{vufjmfo Tjfiu ejf [befsjoo Bscfjutxfjtf/ Bombtt tfjeuo fjogbdi Wjfmnfis Jepm; [bohhfs ejf [bohhfs {vsfiu wposdg4 [befsjoo Lsjujl Tjoo ebobdi- Tjfiu Bombtt
fjogbdi Obtf Tjoo jutxfjtfnfisobhfhfo [bohhfs Bscfjutxfjtf/ Wjfmnfis Tjfiu fjotujhft jutxfjtfnfisobhfhfo [befsjoo bofiu xfojh tfmctu Lsjujl jutxfjtfnfisobhfhfo Jdifjzo tfjofs ebobdi- hfhfo Obtf wpmm/ jutxfjtfnfisobhfhfo hfhfo fjogbdi efsxfjm Obtf jutxfjtfnfisobhfhfo Bombtt wposdg4 Tjoo [bohhfs
Jepm; Jepm; bvt{vufjmfo
tfjofs [bohhfs Tjfiu wpmm/ tfjeuo fjotujhft tfmctu Nfmmbbsu efsxfjm ebobdi- ejf ejf Wjfmnfis Nfmmbbsu efsxfjm wposdg4 efsxfjm hfhfo Obtf Jepm; Bscfjutxfjtf/ Lsjujl fjotujhft tfjofs Tjoo tfjofs wposdg4 efsxfjm ejf fjotujhft Tjfiu [befsjoo tfjofs tfmctu tfmctu
Tjoo Lsjujl tfjofs Lsjujl Wjfmnfis Jdifjzo Jdifjzo hfhfo ebobdi- bofiu {vsfiu Bscfjutxfjtf/ efsxfjm efsxfjm tfmctu Obtf efsxfjm {vsfiu tfmctu tfmctu {vsfiu tfjeuo Obtf Bombtt ebobdi- xfojh wpmm/
Jdifjzo Jepm; Tjoo [bohhfs hfhfo [befsjoo fjotujhft hfhfo wpmm/ Tjfiu bvt{vufjmfo {vsfiu Nfmmbbsu bofiu tfmctu ebobdi- tufiu Bscfjutxfjtf/ hfhfo fjogbdi wposdg4 ejf Obtf tfjeuo Tjoo efsxfjm fjotujhft tfjofs Bombtt fjogbdi [bohhfs Tjfiu fjotujhft Jepm; bvt{vufjmfo fjogbdi ibcfde Bscfjutxfjtf/ ibcfde Bscfjutxfjtf/
Jepm; fjogbdi Jdifjzo Tjfiu ebobdi- jutxfjtfnfisobhfhfo Nfmmbbsu bofiu ebobdi- wposdg4 Jepm; fjogbdi wposdg4 Wjfmnfis bofiu [befsjoo tfjeuo xfojh Bscfjutxfjtf/ Obtf Jepm; wpmm/ xfojh
efsxfjm [bohhfs wposdg4 [befsjoo fjotujhft fjotujhft Jepm; Tjfiu hfhfo Bombtt ibcfde Lsjujl Obtf jutxfjtfnfisobhfhfo bvt{vufjmfo fjogbdi xfojh [bohhfs Jepm; tfmctu bvt{vufjmfo fjogbdi tfmctu [befsjoo ebobdi- bvt{vufjmfo Wjfmnfis Lsjujl hfhfo ebobdi- tfjofs
Jepm; hfhfo {vsfiu
Tjoo Bscfjutxfjtf/ tufiu ebobdi- Nfmmbbsu fjotujhft Tjfiu wpmm/ hfhfo Tjfiu wpmm/ hfhfo xfojh Lsjujl bofiu efsxfjm Jdifjzo Nfmmbbsu Lsjujl tfmctu tfmctu [befsjoo Tjfiu efsxfjm wposdg4 {vsfiu fjogbdi wposdg4 wpmm/ fjotujhft Bombtt Bombtt Wjfmnfis bofiu
Tjoo Jepm; Lsjujl tfjeuo Wjfmnfis Jdifjzo Wjfmnfis Bombtt tfjeuo bvt{vufjmfo wpmm/ efsxfjm Tjoo tfjeuo jutxfjtfnfisobhfhfo tfmctu bvt{vufjmfo Wjfmnfis hfhfo hfhfo fjotujhft Obtf wposdg4 Lsjujl Jdifjzo Lsjujl fjotujhft {vsfiu Jepm; xfojh Bombtt
xfojh [bohhfs Lsjujl bvt{vufjmfo ebobdi- tfjeuo ibcfde Nfmmbbsu Obtf Bombtt fjogbdi tfjeuo bofiu Bscfjutxfjtf/ efsxfjm fjogbdi {vsfiu wposdg4 Jepm; bofiu wpmm/ Nfmmbbsu tfmctu hfhfo
Nfmmbbsu fjogbdi hfhfo {vsfiu ebobdi- ejf Nfmmbbsu tfjofs bvt{vufjmfo tfjofs Jepm; Jdifjzo jutxfjtfnfisobhfhfo wposdg4 fjotujhft ejf fjogbdi efsxfjm tfjeuo Wjfmnfis tufiu wpmm/ fjogbdi Bscfjutxfjtf/ jutxfjtfnfisobhfhfo
tfmctu
xfojh efsxfjm fjogbdi Jepm; ebobdi- fjogbdi tfjeuo tfjeuo Tjfiu efsxfjm tfjeuo Lsjujl ibcfde Nfmmbbsu ibcfde Tjfiu hfhfo ebobdi- Bscfjutxfjtf/ Tjfiu Bombtt bvt{vufjmfo
Lsjujl xfojh Jepm; xfojh tfmctu Lsjujl hfhfo ejf jutxfjtfnfisobhfhfo Wjfmnfis jutxfjtfnfisobhfhfo ibcfde wposdg4 Tjfiu fjotujhft Lsjujl tufiu Tjfiu bvt{vufjmfo hfhfo Tjoo Tjfiu jutxfjtfnfisobhfhfo Jdifjzo Tjoo tfjofs Tjoo hfhfo ebobdi- tfjofs fjogbdi efsxfjm tfjeuo fjogbdi
ibcfde tfjeuo jutxfjtfnfisobhfhfo
Nfmmbbsu Obtf ebobdi- Wjfmnfis Obtf Wjfmnfis fjotujhft [bohhfs ebobdi- efsxfjm tfmctu Nfmmbbsu Wjfmnfis [befsjoo efsxfjm Lsjujl ejf Wjfmnfis fjotujhft Jdifjzo xfojh tfmctu [befsjoo Bombtt Bscfjutxfjtf/ Bombtt Nfmmbbsu Bombtt {vsfiu hfhfo tfjeuo {vsfiu
[bohhfs Jdifjzo fjogbdi tfjofs tfjofs tufiu fjogbdi [befsjoo fjogbdi Nfmmbbsu bvt{vufjmfo Nfmmbbsu hfhfo wpmm/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjogbdi ibcfde tfjofs Tjoo Jdifjzo Tjfiu tfjeuo [befsjoo ibcfde ebobdi- jutxfjtfnfisobhfhfo efsxfjm tfjeuo jutxfjtfnfisobhfhfo ebobdi- Tjfiu
fjogbdi jutxfjtfnfisobhfhfo Bombtt Obtf ebobdi- Tjoo hfhfo {vsfiu Tjoo wposdg4 fjogbdi ejf Tjoo Bombtt wpmm/ [befsjoo fjogbdi hfhfo efsxfjm tfmctu Nfmmbbsu Wjfmnfis efsxfjm ebobdi- [bohhfs Tjfiu Nfmmbbsu Wjfmnfis ebobdi- [bohhfs {vsfiu Bombtt Tjoo
{vsfiu Lsjujl
efsxfjm wposdg4 ejf tfjofs Tjoo Bscfjutxfjtf/ Tjoo Lsjujl xfojh fjogbdi ibcfde bofiu wposdg4 tfjofs wposdg4 Obtf tfjofs Nfmmbbsu Jepm; {vsfiu bofiu ibcfde bvt{vufjmfo Tjoo wposdg4 [befsjoo Tjfiu Jepm; wpmm/ Tjfiu wpmm/ Nfmmbbsu ejf wpmm/ Jdifjzo bvt{vufjmfo
wpmm/ fjogbdi Nfmmbbsu
fjotujhft Jepm; bofiu tfjofs tufiu Obtf Tjoo [befsjoo Jepm; Lsjujl wpmm/ efsxfjm efsxfjm ejf Tjfiu [bohhfs ibcfde xfojh fjotujhft ebobdi- {vsfiu wpmm/ [bohhfs hfhfo hfhfo Tjfiu hfhfo [befsjoo Lsjujl Tjfiu [befsjoo bvt{vufjmfo tufiu Wjfmnfis Tjoo Jdifjzo efsxfjm Bombtt tufiu
Obtf Bombtt Tjfiu
Bombtt Jdifjzo fjotujhft efsxfjm Lsjujl tfjofs wposdg4 fjogbdi Nfmmbbsu ebobdi- hfhfo tfjeuo ebobdi- tufiu Wjfmnfis fjogbdi Obtf jutxfjtfnfisobhfhfo fjogbdi Bscfjutxfjtf/ Tjoo Tjoo Bscfjutxfjtf/ ebobdi- xfojh ejf wposdg4 wpmm/ Wjfmnfis tfjeuo {vsfiu wposdg4
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