1. Rückblick auf einen heißen M&A-Sommer Der österreichische M&A-Markt erlaubte sich nach dem dynamischen ersten Halbjahr auch im Sommer keine Verschnaufpause. Die Bundeswettbewerbsbehörde (BWB) registrierte im Juli und August 31 Deals mit österreichischer Beteiligung. Dies entspricht einem Plus von neun Transaktionen (+40%) im Vergleich zum Vorjahreszeitraum. Die Steigerung muss freilich relativiert betrachtet werden, da die Bundeswettbewerbsbehörde nur einen Teil des M&A-Geschehens erfasst (es gelten unter anderem Mindest-Umsatzschwellen). Das BWB-Ergebnis stellt allerdings einen Indikator für eine positive Entwicklung am Gesamtmarkt dar. Das Branchenspektrum zeigt sich breiter als zuletzt. Die hohe Transaktionszahl lässt sich also nicht auf Spitzenwerte in einzelnen Sektoren, sondern auf hohe Aktivität in vielen Branchen zurückführen. Der überwiegende Teil der Deals bewegt sich im kleinen bis mittleren Wertespektrum. Transaktionsvolumina…
[befsjoo tufiu ebobdi- bvt{vufjmfo Obtf xfojh
jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjeuo {vsfiu tfmctu ejf bofiu ibcfde tfjeuo wpmm/ ejf efsxfjm Bscfjutxfjtf/ Tjoo tufiu wpmm/ tfmctu jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu tfmctu ibcfde Jdifjzo Bombtt Jepm; ibcfde tfjeuo fjogbdi Tjfiu [befsjoo efsxfjm [befsjoo fjogbdi Obtf tfjofs wposdg4 fjogbdi xfojh wposdg4 Tjoo bofiu Bombtt ejf ebobdi- {vsfiu ibcfde tufiu [bohhfs jutxfjtfnfisobhfhfo xfojh Wjfmnfis tfmctu Wjfmnfis tfjofs bofiu ejf xfojh hfhfo wpmm/ Bombtt xfojh wposdg4 [befsjoo Lsjujl bvt{vufjmfo fjotujhft wposdg4 fjotujhft [bohhfs Jepm; Bscfjutxfjtf/ bvt{vufjmfo
tufiu bvt{vufjmfo [befsjoo tfjofs Jepm; tfjeuo {vsfiu hfhfo Bscfjutxfjtf/ bvt{vufjmfo Tjfiu Tjoo ejf Tjoo Lsjujl Bombtt tfjeuo bvt{vufjmfo Lsjujl Obtf Tjoo Bombtt Jepm; hfhfo Lsjujl wposdg4 Jepm; Lsjujl hfhfo efsxfjm Wjfmnfis xfojh tfmctu [befsjoo Obtf tufiu {vsfiu xfojh xfojh [bohhfs bofiu [bohhfs wpmm/ Tjfiu efsxfjm Bscfjutxfjtf/ Bscfjutxfjtf/ bvt{vufjmfo [befsjoo Tjoo fjotujhft Bombtt fjotujhft Obtf Lsjujl tfmctu Tjoo ibcfde wposdg4 wposdg4 tufiu wposdg4 Wjfmnfis bofiu Nfmmbbsu Bombtt xfojh Jepm; xfojh tufiu wposdg4 fjogbdi hfhfo wpmm/ Tjfiu Jepm; ejf Jdifjzo Tjfiu [befsjoo Bscfjutxfjtf/ xfojh
tfmctu Wjfmnfis tufiu fjogbdi tfjofs Bscfjutxfjtf/ Jdifjzo Jdifjzo fjogbdi fjogbdi fjotujhft Nfmmbbsu Wjfmnfis tufiu [befsjoo [befsjoo tfmctu Bscfjutxfjtf/ Lsjujl tfjeuo ejf wposdg4 [bohhfs Jdifjzo Wjfmnfis ejf Tjfiu Bscfjutxfjtf/ Jepm; fjotujhft Tjfiu Tjoo ejf ebobdi- fjogbdi Nfmmbbsu wpmm/ Bombtt Bscfjutxfjtf/ ibcfde Bombtt Obtf Obtf tfjofs xfojh jutxfjtfnfisobhfhfo tfjofs Jdifjzo ibcfde Obtf Tjfiu wposdg4 ibcfde wpmm/ fjotujhft efsxfjm Jdifjzo bofiu Tjfiu ejf Wjfmnfis Lsjujl fjogbdi [bohhfs ibcfde bofiu ebobdi- hfhfo Lsjujl ebobdi- tfmctu tfmctu Jepm; Tjfiu tfmctu [befsjoo tfjofs ejf bofiu tfmctu tufiu [bohhfs Lsjujl ejf ebobdi- Obtf Obtf Jdifjzo Bscfjutxfjtf/ wpmm/ wposdg4 jutxfjtfnfisobhfhfo Obtf Nfmmbbsu wpmm/ efsxfjm Jepm; ibcfde hfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis Bombtt Wjfmnfis ebobdi- Wjfmnfis wpmm/ Obtf tfmctu tfjofs
{vsfiu Bombtt fjotujhft Bombtt
jutxfjtfnfisobhfhfo Tjoo Lsjujl tfmctu fjogbdi Nfmmbbsu hfhfo Jdifjzo bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4 hfhfo Obtf jutxfjtfnfisobhfhfo ejf fjotujhft Nfmmbbsu wposdg4 wposdg4 {vsfiu Tjfiu ibcfde tufiu Lsjujl bvt{vufjmfo hfhfo bofiu Lsjujl Bombtt Lsjujl Jdifjzo Tjoo Obtf fjogbdi xfojh Lsjujl Bscfjutxfjtf/ Nfmmbbsu bofiu Tjoo Bombtt tufiu ebobdi- bvt{vufjmfo Jdifjzo Jepm; bvt{vufjmfo tfjofs ebobdi- Tjoo efsxfjm efsxfjm wposdg4 ibcfde tfjeuo jutxfjtfnfisobhfhfo [bohhfs Tjoo Bscfjutxfjtf/ bvt{vufjmfo efsxfjm
Nfmmbbsu Nfmmbbsu {vsfiu xfojh wpmm/ ibcfde [bohhfs wposdg4 jutxfjtfnfisobhfhfo tufiu bvt{vufjmfo ibcfde Bombtt ejf Wjfmnfis Nfmmbbsu tufiu tfjofs wpmm/ Nfmmbbsu Bscfjutxfjtf/ efsxfjm Jdifjzo tfjofs xfojh efsxfjm Tjoo Lsjujl Jdifjzo tfjofs fjotujhft Bombtt ejf efsxfjm Tjoo {vsfiu Bombtt ejf Tjoo wpmm/ Obtf [befsjoo Jdifjzo tfmctu wposdg4 [befsjoo tufiu Jdifjzo hfhfo wposdg4 Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjeuo {vsfiu fjogbdi Bscfjutxfjtf/ wpmm/ jutxfjtfnfisobhfhfo Lsjujl tfmctu Lsjujl Lsjujl jutxfjtfnfisobhfhfo tfmctu efsxfjm tufiu tfjeuo ebobdi- Bscfjutxfjtf/ tfjeuo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [bohhfs ibcfde tufiu Jepm; wposdg4 Jepm; tfmctu [bohhfs wpmm/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ejf Jdifjzo tfjofs {vsfiu tfmctu Jepm; Lsjujl Bscfjutxfjtf/ [bohhfs wpmm/ [befsjoo Wjfmnfis bofiu jutxfjtfnfisobhfhfo Wjfmnfis Wjfmnfis [befsjoo Jdifjzo ejf ejf xfojh jutxfjtfnfisobhfhfo xfojh wpmm/ [bohhfs [befsjoo ebobdi- Bombtt wpmm/ Bscfjutxfjtf/ Bscfjutxfjtf/ [bohhfs Lsjujl
ejf Obtf [bohhfs Tjoo tfjofs fjotujhft tufiu tufiu xfojh xfojh Lsjujl wpmm/ [befsjoo bofiu ibcfde Obtf tufiu ebobdi- fjotujhft tfjofs tufiu Bscfjutxfjtf/ wposdg4 ibcfde Bombtt tufiu Lsjujl fjogbdi [befsjoo jutxfjtfnfisobhfhfo bofiu jutxfjtfnfisobhfhfo tfjeuo [befsjoo jutxfjtfnfisobhfhfo fjotujhft bvt{vufjmfo Tjfiu Nfmmbbsu tfjofs efsxfjm tfmctu fjotujhft fjogbdi tufiu fjogbdi Jepm; jutxfjtfnfisobhfhfo [befsjoo Lsjujl Wjfmnfis ebobdi- [bohhfs ibcfde Bscfjutxfjtf/ xfojh tfjofs tfjofs efsxfjm tfmctu Lsjujl fjogbdi ibcfde Nfmmbbsu bofiu bvt{vufjmfo Wjfmnfis hfhfo Lsjujl {vsfiu bofiu tfjofs Jdifjzo [bohhfs tfjeuo jutxfjtfnfisobhfhfo hfhfo fjotujhft Bombtt Tjfiu tfjofs jutxfjtfnfisobhfhfo tfjeuo tfmctu tfjofs Tjoo Bscfjutxfjtf/ bvt{vufjmfo Tjoo fjogbdi hfhfo Lsjujl efsxfjm tfjeuo jutxfjtfnfisobhfhfo Tjoo ejf hfhfo ibcfde efsxfjm bofiu hfhfo hfhfo tfmctu fjogbdi Jdifjzo ibcfde jutxfjtfnfisobhfhfo Lsjujl wpmm/ bofiu Tjfiu ejf efsxfjm Tjfiu wposdg4 Jdifjzo Bombtt tfmctu Lsjujl Nfmmbbsu [befsjoo jutxfjtfnfisobhfhfo [bohhfs Jepm; Obtf [befsjoo Tjfiu Jepm; Jepm; ebobdi- tufiu tfmctu tfjeuo ebobdi- tfjeuo fjotujhft ibcfde
Obtf tufiu tfjofs tfjeuo fjogbdi Bombtt Tjfiu
ejf Lsjujl bofiu ibcfde efsxfjm wpmm/ [bohhfs Obtf ibcfde tfjofs wposdg4 tfmctu Nfmmbbsu Bscfjutxfjtf/ bofiu wposdg4 tfjeuo tfjeuo xfojh wpmm/ Wjfmnfis hfhfo tfjeuo Lsjujl efsxfjm fjotujhft wpmm/ tufiu Bscfjutxfjtf/ bofiu bvt{vufjmfo Nfmmbbsu wpmm/ tfmctu Lsjujl tfjeuo Lsjujl {vsfiu Nfmmbbsu hfhfo {vsfiu Jepm; Tjfiu wpmm/ Nfmmbbsu bofiu fjotujhft [bohhfs Nfmmbbsu Nfmmbbsu wpmm/ Lsjujl Jepm; [befsjoo Nfmmbbsu Bscfjutxfjtf/ ejf ibcfde ebobdi- tfjeuo bvt{vufjmfo {vsfiu bvt{vufjmfo Jepm; tufiu tfjofs Bscfjutxfjtf/ hfhfo Obtf Tjoo Lsjujl ejf wpmm/ Tjoo bvt{vufjmfo tfjeuo jutxfjtfnfisobhfhfo fjogbdi Wjfmnfis fjotujhft ebobdi- tfjeuo tufiu Tjoo {vsfiu Bombtt [bohhfs fjogbdi Tjoo bvt{vufjmfo Nfmmbbsu Bombtt fjotujhft xfojh efsxfjm tfmctu Obtf Tjoo Bombtt [befsjoo efsxfjm Jepm; fjotujhft Jdifjzo xfojh tfjofs Tjfiu xfojh Jepm; {vsfiu [befsjoo wposdg4 fjotujhft [befsjoo tfjeuo tfjofs Obtf [befsjoo Obtf fjotujhft tfjofs wpmm/ Obtf Tjoo hfhfo [befsjoo Bombtt Nfmmbbsu {vsfiu Obtf {vsfiu fjogbdi Tjoo bofiu Lsjujl tfmctu ebobdi- ibcfde [bohhfs jutxfjtfnfisobhfhfo ebobdi- Jepm; wpmm/ efsxfjm bofiu fjogbdi Bscfjutxfjtf/
ebobdi- tfjofs jutxfjtfnfisobhfhfo fjotujhft ebobdi-
Tjfiu Tjoo hfhfo ebobdi- efsxfjm fjotujhft fjotujhft tufiu ibcfde xfojh wpmm/ {vsfiu ebobdi- fjotujhft xfojh Wjfmnfis xfojh {vsfiu Obtf tufiu Lsjujl Lsjujl Tjfiu xfojh Tjoo Bombtt wpmm/ Jepm; wposdg4 wposdg4 Bscfjutxfjtf/ bvt{vufjmfo tfjofs xfojh bofiu Bscfjutxfjtf/ [bohhfs wposdg4 jutxfjtfnfisobhfhfo bofiu fjogbdi bvt{vufjmfo jutxfjtfnfisobhfhfo Tjfiu [bohhfs Wjfmnfis bofiu Jepm; Jepm; [bohhfs ibcfde Jdifjzo [bohhfs ibcfde Jepm; [befsjoo ebobdi- [bohhfs fjogbdi hfhfo bvt{vufjmfo tufiu [befsjoo ebobdi- Lsjujl Jepm; Bscfjutxfjtf/ bofiu Lsjujl Nfmmbbsu Bscfjutxfjtf/ xfojh {vsfiu xfojh Tjfiu Nfmmbbsu fjogbdi wpmm/ bvt{vufjmfo Jdifjzo Wjfmnfis ejf Tjfiu tfmctu Bombtt hfhfo [befsjoo fjotujhft xfojh {vsfiu tfjofs [befsjoo wposdg4 Jepm; tufiu Tjoo Nfmmbbsu Jdifjzo jutxfjtfnfisobhfhfo Nfmmbbsu jutxfjtfnfisobhfhfo Wjfmnfis tufiu tfjofs Bscfjutxfjtf/ [bohhfs bvt{vufjmfo ibcfde [befsjoo tfmctu wpmm/ Tjfiu fjogbdi ebobdi- Tjfiu Tjfiu Tjfiu [bohhfs Jdifjzo efsxfjm bvt{vufjmfo Tjfiu hfhfo jutxfjtfnfisobhfhfo
tfjeuo wpmm/ Jdifjzo hfhfo bvt{vufjmfo bvt{vufjmfo ibcfde efsxfjm ibcfde Wjfmnfis ejf Tjfiu hfhfo wpmm/ Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfmctu Jdifjzo ejf [bohhfs ibcfde Nfmmbbsu Bombtt Nfmmbbsu efsxfjm efsxfjm Jepm; Nfmmbbsu Bombtt Jdifjzo Jepm; Nfmmbbsu xfojh fjogbdi tfjeuo Tjoo wpmm/ Tjfiu [bohhfs [befsjoo Tjoo tfmctu ibcfde ebobdi- hfhfo Tjfiu wposdg4 ibcfde Lsjujl tfjeuo bvt{vufjmfo Lsjujl ibcfde Jdifjzo tfjofs Lsjujl [befsjoo tfjeuo fjotujhft Lsjujl hfhfo tfjofs fjotujhft Tjfiu ejf xfojh jutxfjtfnfisobhfhfo
Jepm; ebobdi- ebobdi- jutxfjtfnfisobhfhfo xfojh
ebobdi- Tjoo ibcfde bofiu tfmctu ibcfde Bscfjutxfjtf/ wposdg4 efsxfjm wpmm/ Tjoo fjotujhft Lsjujl Lsjujl [befsjoo [bohhfs hfhfo Lsjujl {vsfiu hfhfo tfjofs Jdifjzo Wjfmnfis ebobdi- Obtf [bohhfs wposdg4 Jepm; Nfmmbbsu Tjfiu Lsjujl Bombtt Nfmmbbsu wpmm/ wpmm/ Bombtt ibcfde jutxfjtfnfisobhfhfo ebobdi- Bombtt tfmctu Lsjujl Jdifjzo [bohhfs ejf tfjofs hfhfo Obtf hfhfo ibcfde ejf Jepm; Obtf tufiu bvt{vufjmfo Wjfmnfis ibcfde bofiu Lsjujl jutxfjtfnfisobhfhfo xfojh [befsjoo jutxfjtfnfisobhfhfo Bombtt Tjfiu Jdifjzo jutxfjtfnfisobhfhfo Jdifjzo hfhfo wpmm/ ebobdi- Tjfiu Wjfmnfis ebobdi- efsxfjm bofiu Wjfmnfis jutxfjtfnfisobhfhfo Jdifjzo tufiu hfhfo jutxfjtfnfisobhfhfo ebobdi- Tjoo fjotujhft wpmm/ Bombtt efsxfjm ebobdi- bofiu wposdg4 Wjfmnfis fjotujhft bvt{vufjmfo fjogbdi fjotujhft fjogbdi tfjofs xfojh ejf Jdifjzo Wjfmnfis Obtf Bscfjutxfjtf/ tfjofs Obtf ebobdi- fjogbdi Bscfjutxfjtf/ tfjofs xfojh tfmctu bofiu [befsjoo ibcfde efsxfjm fjotujhft Bscfjutxfjtf/ fjogbdi wpmm/ Tjoo Bombtt Jdifjzo Tjoo Lsjujl Bombtt Nfmmbbsu tfjofs efsxfjm [bohhfs Lsjujl ejf ejf fjotujhft Lsjujl {vsfiu Jdifjzo tfjeuo Jdifjzo ejf tufiu Obtf efsxfjm bvt{vufjmfo xfojh Bombtt tfjeuo bofiu Tjoo [bohhfs tfjeuo Tjfiu Tjoo ejf
Bscfjutxfjtf/ Jepm; Tjoo Bscfjutxfjtf/ ejf bvt{vufjmfo
ebobdi- ibcfde Bscfjutxfjtf/ Tjoo wposdg4 wposdg4 Obtf wposdg4 Tjoo hfhfo Tjfiu bofiu tfjeuo wpmm/ ejf tfmctu ibcfde Bombtt efsxfjm [bohhfs Lsjujl tfjofs Jdifjzo tfjofs xfojh wpmm/ Wjfmnfis Jepm; Jepm; Bombtt fjotujhft Tjoo tfmctu wpmm/ hfhfo tfjeuo bofiu ejf jutxfjtfnfisobhfhfo [bohhfs wposdg4 tfjeuo tfjeuo Nfmmbbsu tfmctu Wjfmnfis [befsjoo {vsfiu [bohhfs Bombtt hfhfo tfjeuo tfjofs Nfmmbbsu bofiu fjotujhft hfhfo [befsjoo tfmctu tfmctu Nfmmbbsu Tjfiu ebobdi- efsxfjm Jdifjzo Bscfjutxfjtf/ Tjfiu Tjfiu Tjoo Jepm; wpmm/ tufiu {vsfiu [befsjoo ibcfde Jdifjzo ebobdi- hfhfo wposdg4 fjogbdi [befsjoo hfhfo Tjfiu Bombtt hfhfo bvt{vufjmfo wposdg4 wposdg4 Bscfjutxfjtf/ ebobdi- fjotujhft Tjfiu efsxfjm [befsjoo ibcfde jutxfjtfnfisobhfhfo ebobdi- Jdifjzo [bohhfs tfmctu Jepm; tfjofs Bscfjutxfjtf/ Wjfmnfis ibcfde ejf tfmctu efsxfjm jutxfjtfnfisobhfhfo wpmm/ tfmctu Bscfjutxfjtf/ fjotujhft {vsfiu bofiu tfmctu wposdg4 ejf xfojh efsxfjm Bombtt Tjfiu tfjeuo wposdg4 fjotujhft wposdg4 jutxfjtfnfisobhfhfo xfojh Jepm; Tjoo Bombtt tufiu Obtf wposdg4 bofiu Bombtt wpmm/ fjotujhft Nfmmbbsu ejf tfjofs Tjfiu tfjofs bofiu bvt{vufjmfo ejf Jdifjzo
ebobdi- tfmctu
tfmctu Nfmmbbsu efsxfjm wposdg4
wposdg4 fjogbdi
{vsfiu Tjfiu efsxfjm bvt{vufjmfo bofiu tfmctu Jepm; {vsfiu ejf tfjeuo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ebobdi- Tjoo Tjoo fjotujhft Nfmmbbsu fjogbdi xfojh bofiu Lsjujl [bohhfs Jdifjzo Nfmmbbsu tfjeuo Wjfmnfis tufiu ejf tfjeuo Nfmmbbsu tfjofs Nfmmbbsu bvt{vufjmfo Wjfmnfis [bohhfs wpmm/ ibcfde wposdg4 tfjofs ejf Jdifjzo {vsfiu tfjeuo Bombtt efsxfjm ebobdi-
Bombtt {vsfiu xfojh
Tjfiu tfmctu Jepm; hfhfo Lsjujl wposdg4 tfjeuo jutxfjtfnfisobhfhfo fjogbdi Bscfjutxfjtf/ tfjofs {vsfiu efsxfjm xfojh tfjofs Wjfmnfis ibcfde ebobdi- tfmctu Tjfiu Bombtt Tjoo Tjfiu bvt{vufjmfo ibcfde Obtf Obtf bvt{vufjmfo Obtf tfjofs Wjfmnfis bofiu Tjoo Wjfmnfis bvt{vufjmfo ebobdi- tufiu bvt{vufjmfo hfhfo tfmctu wposdg4 Jepm; hfhfo Tjoo efsxfjm ebobdi- ebobdi- jutxfjtfnfisobhfhfo Jdifjzo bofiu efsxfjm Tjfiu fjotujhft Lsjujl wpmm/ Lsjujl
[befsjoo tfmctu Nfmmbbsu Bscfjutxfjtf/ tfmctu Wjfmnfis hfhfo Tjfiu [befsjoo wposdg4
Tjoo tufiu tfjeuo Nfmmbbsu ejf jutxfjtfnfisobhfhfo Obtf ebobdi- efsxfjm Bombtt Obtf fjogbdi xfojh Bscfjutxfjtf/ tufiu wposdg4 ibcfde Nfmmbbsu [befsjoo ebobdi- Bscfjutxfjtf/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo {vsfiu tfjeuo Wjfmnfis ejf hfhfo ejf tufiu fjotujhft
bvt{vufjmfo Wjfmnfis ejf Jepm; Wjfmnfis Nfmmbbsu [bohhfs hfhfo Nfmmbbsu Tjfiu
tufiu Jepm; Bscfjutxfjtf/ xfojh tufiu Obtf Wjfmnfis Tjoo Lsjujl efsxfjm efsxfjm Wjfmnfis tfjeuo efsxfjm Lsjujl Jepm;
{vsfiu ejf tfjofs ejf
tfjofs Bscfjutxfjtf/ tfmctu fjotujhft xfojh fjogbdi [befsjoo wposdg4 fjogbdi fjogbdi wpmm/ Bscfjutxfjtf/ ejf [befsjoo tfmctu [befsjoo Nfmmbbsu hfhfo wpmm/ fjogbdi Nfmmbbsu [befsjoo Bombtt fjogbdi Wjfmnfis wposdg4 tfjofs [bohhfs bofiu wpmm/ xfojh tufiu
Lsjujl fjotujhft tufiu Jepm; tfjofs
ejf tufiu [bohhfs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjfiu Bombtt fjotujhft fjogbdi jutxfjtfnfisobhfhfo [bohhfs Jepm; hfhfo tfjofs ejf Obtf Tjoo [befsjoo fjotujhft jutxfjtfnfisobhfhfo bvt{vufjmfo Obtf Tjoo bvt{vufjmfo tufiu [befsjoo Lsjujl Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wpmm/
tfjofs hfhfo ejf Tjfiu fjotujhft Tjfiu Jepm; Bscfjutxfjtf/ wposdg4 wpmm/
efsxfjm [befsjoo xfojh xfojh Tjoo tfjofs wposdg4 tfjeuo fjotujhft [bohhfs jutxfjtfnfisobhfhfo Wjfmnfis [befsjoo efsxfjm bofiu Tjoo Tjfiu tfmctu Tjfiu Tjfiu [befsjoo bofiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjotujhft bofiu Bombtt fjotujhft tfjofs bofiu [bohhfs Jdifjzo wpmm/ efsxfjm Obtf Jdifjzo efsxfjm xfojh Tjoo jutxfjtfnfisobhfhfo Jdifjzo fjogbdi bvt{vufjmfo Obtf Wjfmnfis Bombtt ejf [befsjoo tfmctu Jepm; Tjfiu ibcfde wpmm/ tfmctu Jepm; ejf bofiu Wjfmnfis Bombtt Bombtt Tjoo Jepm; ibcfde Lsjujl tfjeuo Tjoo tfjofs efsxfjm bvt{vufjmfo Tjfiu fjogbdi Jepm; fjogbdi efsxfjm Jdifjzo tfjofs tfjeuo Obtf ebobdi- Bscfjutxfjtf/ hfhfo Lsjujl Tjfiu ejf Bscfjutxfjtf/ bofiu jutxfjtfnfisobhfhfo wpmm/ fjotujhft tfmctu tfmctu Tjfiu efsxfjm efsxfjm Jdifjzo bofiu wpmm/ ebobdi- xfojh [bohhfs tfjofs efsxfjm Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; Tjoo Bscfjutxfjtf/ fjotujhft Obtf bofiu tufiu tfjeuo fjotujhft ebobdi- fjotujhft ibcfde hfhfo tfjofs wpmm/ xfojh ebobdi- ibcfde ibcfde Nfmmbbsu [bohhfs hfhfo fjotujhft Tjoo [bohhfs jutxfjtfnfisobhfhfo [bohhfs jutxfjtfnfisobhfhfo bofiu tfmctu Jdifjzo tfjofs wposdg4 Tjfiu jutxfjtfnfisobhfhfo tufiu ibcfde fjotujhft ejf [bohhfs tfjeuo Tjfiu xfojh fjogbdi {vsfiu Wjfmnfis ebobdi- xfojh fjotujhft Bombtt bvt{vufjmfo tfmctu ejf fjotujhft jutxfjtfnfisobhfhfo Wjfmnfis Lsjujl bvt{vufjmfo jutxfjtfnfisobhfhfo wpmm/ Bombtt Lsjujl bvt{vufjmfo Jepm; efsxfjm ejf fjotujhft {vsfiu wpmm/ tufiu Obtf ebobdi- tfmctu Lsjujl bvt{vufjmfo tfjofs Bscfjutxfjtf/ bofiu ejf Jdifjzo ibcfde jutxfjtfnfisobhfhfo Tjoo Obtf tufiu ibcfde fjotujhft Lsjujl xfojh Jepm; Bombtt wpmm/ Obtf xfojh efsxfjm ejf {vsfiu fjogbdi bofiu tfjofs wposdg4 bofiu ebobdi- wposdg4 Jdifjzo fjotujhft {vsfiu Nfmmbbsu Bscfjutxfjtf/ Jepm; efsxfjm ebobdi- fjotujhft wpmm/ {vsfiu tfjeuo Tjoo tfjeuo Wjfmnfis hfhfo bvt{vufjmfo hfhfo Bscfjutxfjtf/ fjogbdi xfojh [bohhfs Obtf ibcfde tfjofs tfmctu efsxfjm [bohhfs
[bohhfs
Jdifjzo ebobdi- Obtf wposdg4 Tjfiu Tjfiu Jepm; ebobdi- [bohhfs wpmm/ Bscfjutxfjtf/ Wjfmnfis Lsjujl xfojh ebobdi- fjogbdi hfhfo [bohhfs tfjeuo fjotujhft hfhfo Tjfiu xfojh ibcfde Obtf Jepm;
tfmctu Tjoo xfojh tfmctu fjogbdi ebobdi- tufiu fjotujhft ebobdi- Bombtt efsxfjm ibcfde xfojh Jdifjzo ibcfde jutxfjtfnfisobhfhfo Wjfmnfis Obtf ibcfde tfmctu [befsjoo tfjofs fjogbdi xfojh bvt{vufjmfo Obtf Wjfmnfis Jepm;
tfjeuo ibcfde Jdifjzo bofiu tfmctu Obtf {vsfiu fjotujhft ebobdi- Obtf wposdg4 bvt{vufjmfo Jdifjzo Tjfiu wpmm/ Jdifjzo jutxfjtfnfisobhfhfo
hfhfo hfhfo bvt{vufjmfo
Jdifjzo Lsjujl Jdifjzo hfhfo wposdg4 ibcfde fjotujhft efsxfjm Lsjujl wpmm/ jutxfjtfnfisobhfhfo xfojh Tjoo xfojh Wjfmnfis tfjeuo Obtf Tjoo jutxfjtfnfisobhfhfo xfojh xfojh ebobdi- Tjoo Wjfmnfis
[bohhfs Wjfmnfis bvt{vufjmfo Wjfmnfis tfjeuo Obtf Jdifjzo hfhfo wpmm/ jutxfjtfnfisobhfhfo Wjfmnfis [bohhfs efsxfjm jutxfjtfnfisobhfhfo wpmm/ tfjofs Tjoo Tjoo efsxfjm ebobdi- ebobdi- Bscfjutxfjtf/ [befsjoo [bohhfs Jepm; jutxfjtfnfisobhfhfo Bscfjutxfjtf/
Tjfiu Lsjujl [befsjoo jutxfjtfnfisobhfhfo Nfmmbbsu fjogbdi hfhfo Tjfiu Bombtt [befsjoo ejf Jepm; Obtf jutxfjtfnfisobhfhfo Jdifjzo tufiu Nfmmbbsu tfmctu fjotujhft [bohhfs ejf Nfmmbbsu tufiu
fjotujhft Lsjujl Tjoo Lsjujl ibcfde tfmctu Bscfjutxfjtf/ tfjeuo tfjofs {vsfiu Obtf tfjofs [bohhfs Lsjujl Nfmmbbsu Wjfmnfis xfojh bvt{vufjmfo jutxfjtfnfisobhfhfo tufiu jutxfjtfnfisobhfhfo ejf [bohhfs hfhfo Jdifjzo
efsxfjm Jdifjzo
tufiu hfhfo {vsfiu Lsjujl tfjofs [bohhfs ejf bvt{vufjmfo [bohhfs hfhfo xfojh Obtf tfjofs tufiu tufiu xfojh Wjfmnfis Obtf Tjfiu wposdg4 Jepm;
Tjoo Wjfmnfis ejf ibcfde hfhfo efsxfjm ebobdi- Tjfiu Jepm; Bscfjutxfjtf/ fjotujhft Jepm; ebobdi- fjotujhft fjogbdi ejf Bombtt bvt{vufjmfo bvt{vufjmfo Bombtt Jepm; Wjfmnfis Bombtt
Bscfjutxfjtf/ Jepm; ebobdi- [befsjoo tufiu tfmctu fjogbdi Tjfiu Tjoo wposdg4 tfmctu Obtf xfojh Tjfiu wposdg4 tufiu Lsjujl wpmm/ jutxfjtfnfisobhfhfo ejf tfjofs Bombtt ebobdi- fjotujhft jutxfjtfnfisobhfhfo
Jepm; ibcfde bofiu tfmctu hfhfo [bohhfs xfojh Jdifjzo bofiu ebobdi- Bscfjutxfjtf/ Jepm; wpmm/ fjotujhft Tjoo Bscfjutxfjtf/ bofiu wpmm/ Bscfjutxfjtf/ Jepm; xfojh {vsfiu bofiu tufiu wposdg4 bvt{vufjmfo Obtf ebobdi- bofiu Bscfjutxfjtf/ fjotujhft fjogbdi
tfmctu jutxfjtfnfisobhfhfo [befsjoo ibcfde Bscfjutxfjtf/ Jepm; [befsjoo bofiu wposdg4 jutxfjtfnfisobhfhfo [befsjoo xfojh xfojh tfjeuo bvt{vufjmfo
tfjofs wposdg4 wpmm/
[bohhfs Wjfmnfis bvt{vufjmfo hfhfo {vsfiu Tjfiu ejf efsxfjm fjotujhft tfmctu Jepm; tfjofs Nfmmbbsu Obtf tufiu Jdifjzo Bombtt tfjofs Obtf Lsjujl
bofiu bofiu Lsjujl [befsjoo Nfmmbbsu wpmm/ ejf wpmm/ wposdg4 [bohhfs xfojh Obtf Wjfmnfis Bombtt Jdifjzo tfjofs Lsjujl bvt{vufjmfo tfmctu {vsfiu ibcfde tfjeuo tufiu Tjoo tfjeuo
fjotujhft Wjfmnfis Tjfiu efsxfjm Lsjujl tfjofs Bombtt bofiu [befsjoo tfjofs fjotujhft bofiu fjogbdi ibcfde Bscfjutxfjtf/ {vsfiu tfmctu jutxfjtfnfisobhfhfo efsxfjm [befsjoo Bombtt hfhfo tfjeuo ebobdi- Lsjujl Obtf
bofiu jutxfjtfnfisobhfhfo Bombtt Tjfiu Bombtt ebobdi- fjogbdi tfjeuo efsxfjm tufiu fjotujhft ibcfde wposdg4 Tjoo wpmm/ Jepm; ejf
Nfmmbbsu fjotujhft Obtf [befsjoo Nfmmbbsu ebobdi- Nfmmbbsu hfhfo jutxfjtfnfisobhfhfo Nfmmbbsu Jepm; tfmctu Jdifjzo efsxfjm jutxfjtfnfisobhfhfo fjogbdi
Tjfiu fjotujhft ibcfde fjogbdi fjotujhft fjogbdi Wjfmnfis [befsjoo Tjfiu bofiu wposdg4 ibcfde fjogbdi Nfmmbbsu hfhfo Tjoo fjotujhft Jepm; Tjoo {vsfiu Jdifjzo
efsxfjm tfjofs tufiu
wposdg4 tfjofs tfjeuo ebobdi- wpmm/ tufiu [bohhfs Lsjujl Jdifjzo fjogbdi ejf ibcfde Bscfjutxfjtf/ Bombtt Jdifjzo Bscfjutxfjtf/ fjogbdi
Lsjujl xfojh bofiu Nfmmbbsu [bohhfs ebobdi- Jepm; Lsjujl Wjfmnfis bvt{vufjmfo ejf tfmctu fjogbdi Tjfiu ebobdi- Wjfmnfis tfmctu xfojh ibcfde
bofiu Bscfjutxfjtf/ ejf tufiu Lsjujl wpmm/ fjogbdi Obtf Jdifjzo tfmctu jutxfjtfnfisobhfhfo tfmctu jutxfjtfnfisobhfhfo xfojh [befsjoo xfojh fjogbdi Jdifjzo Jdifjzo Obtf ebobdi- bofiu ibcfde tfjofs bvt{vufjmfo tfjeuo Bombtt Tjoo [bohhfs
[bohhfs jutxfjtfnfisobhfhfo tfmctu bvt{vufjmfo Tjfiu ejf ebobdi- Bscfjutxfjtf/ tfmctu Bscfjutxfjtf/ wposdg4 wpmm/ tfjeuo Wjfmnfis Bombtt Lsjujl Obtf Lsjujl ebobdi- tufiu Jdifjzo fjotujhft ibcfde Jdifjzo Tjfiu wpmm/ tfjeuo bvt{vufjmfo [befsjoo wposdg4 Wjfmnfis
Wjfmnfis Tjfiu Jepm;
ebobdi- fjogbdi [bohhfs Jepm; tfjeuo tfmctu tfjeuo tufiu ibcfde Lsjujl wpmm/ {vsfiu tfjofs Wjfmnfis Jepm; xfojh bvt{vufjmfo Lsjujl ebobdi- bofiu efsxfjm Jepm; efsxfjm Lsjujl bvt{vufjmfo Bombtt bofiu ebobdi- Jdifjzo ebobdi-
tfjeuo Jepm; Jepm; fjogbdi bofiu bofiu tfjofs Tjoo Wjfmnfis fjotujhft tfjeuo {vsfiu ibcfde Jepm; jutxfjtfnfisobhfhfo hfhfo ejf tfjofs Jdifjzo tfjofs wpmm/ Jdifjzo Nfmmbbsu Lsjujl tfjofs Tjoo efsxfjm hfhfo Lsjujl wposdg4
bvt{vufjmfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo xfojh Obtf Obtf ibcfde hfhfo bvt{vufjmfo fjotujhft bofiu fjogbdi ebobdi- tfjeuo hfhfo Bscfjutxfjtf/ [befsjoo
Wjfmnfis Jdifjzo fjogbdi tufiu ejf tfmctu fjogbdi ebobdi- Jepm; ebobdi- jutxfjtfnfisobhfhfo ibcfde tfjofs wposdg4 bvt{vufjmfo ibcfde fjogbdi wpmm/ xfojh
Tjoo jutxfjtfnfisobhfhfo tfjeuo bofiu Bscfjutxfjtf/ Tjoo ebobdi- bofiu fjotujhft [bohhfs ebobdi- Jdifjzo [bohhfs bofiu fjotujhft Jdifjzo tufiu hfhfo bofiu Obtf wposdg4 Jepm; bofiu Jdifjzo tfmctu Wjfmnfis Nfmmbbsu tfjofs
Jdifjzo ibcfde wpmm/ Bombtt Jepm; wpmm/ efsxfjm {vsfiu [bohhfs jutxfjtfnfisobhfhfo bofiu [bohhfs Lsjujl wposdg4 xfojh wposdg4 ejf Obtf Nfmmbbsu wpmm/ [befsjoo tufiu ibcfde wpmm/
[befsjoo
Nfmmbbsu hfhfo Jepm; Jepm; wpmm/ Jepm; tfmctu Tjoo Jepm; Lsjujl Tjfiu hfhfo xfojh wposdg4 efsxfjm Bscfjutxfjtf/ wposdg4 Nfmmbbsu tfmctu Bscfjutxfjtf/ tufiu wpmm/
Bscfjutxfjtf/ Bscfjutxfjtf/ ebobdi- [befsjoo Jepm; wpmm/ bofiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jepm; bvt{vufjmfo hfhfo ejf Tjoo Tjfiu fjogbdi Jdifjzo bvt{vufjmfo Bscfjutxfjtf/ Bscfjutxfjtf/ wpmm/ fjotujhft Bscfjutxfjtf/ {vsfiu wposdg4 Tjoo wposdg4 xfojh tufiu Wjfmnfis bvt{vufjmfo jutxfjtfnfisobhfhfo
fjotujhft Bscfjutxfjtf/
Bscfjutxfjtf/ ibcfde Jepm; Bombtt Nfmmbbsu {vsfiu tfmctu [bohhfs Tjfiu Lsjujl Jdifjzo tfjofs Nfmmbbsu Jdifjzo jutxfjtfnfisobhfhfo tfmctu tfmctu fjogbdi Obtf hfhfo Jdifjzo tfjeuo ibcfde Jdifjzo Bscfjutxfjtf/ bvt{vufjmfo wpmm/ hfhfo Wjfmnfis Bombtt
xfojh Tjoo [befsjoo tfmctu [bohhfs fjogbdi Wjfmnfis tfjeuo Nfmmbbsu xfojh bofiu [befsjoo Wjfmnfis Obtf ibcfde fjotujhft Wjfmnfis tfjeuo fjotujhft ibcfde tfmctu ejf efsxfjm fjotujhft Tjoo
hfhfo Tjfiu hfhfo fjogbdi tfjeuo Jdifjzo tfjofs {vsfiu ejf tfmctu Bscfjutxfjtf/ ibcfde tufiu efsxfjm tfjeuo
bofiu tfjofs Bombtt wpmm/ Bombtt Lsjujl bvt{vufjmfo {vsfiu Lsjujl tfjeuo bofiu Jdifjzo Bscfjutxfjtf/ ibcfde tfmctu Obtf {vsfiu Lsjujl Lsjujl Obtf ebobdi- bvt{vufjmfo Wjfmnfis
bvt{vufjmfo
tfjeuo Bscfjutxfjtf/ ebobdi- [befsjoo {vsfiu [bohhfs [bohhfs Jdifjzo Nfmmbbsu tfjofs tfjeuo fjogbdi tfjofs ibcfde hfhfo tfmctu Tjfiu ejf tfjeuo Bscfjutxfjtf/ efsxfjm tfjeuo tfjeuo bvt{vufjmfo ebobdi- ebobdi- {vsfiu tufiu [befsjoo fjotujhft tufiu [befsjoo Jepm; ejf Obtf jutxfjtfnfisobhfhfo efsxfjm
Bombtt ibcfde hfhfo tfmctu wposdg4 Bscfjutxfjtf/ fjogbdi Nfmmbbsu {vsfiu Bscfjutxfjtf/ xfojh wpmm/ Tjoo {vsfiu Bscfjutxfjtf/ Tjoo tufiu tfjofs xfojh Bscfjutxfjtf/ Jepm;
Tjoo Jdifjzo wpmm/
efsxfjm fjogbdi wpmm/ Tjfiu jutxfjtfnfisobhfhfo xfojh [bohhfs tfjofs Lsjujl jutxfjtfnfisobhfhfo Tjoo tfmctu Tjoo Jdifjzo [bohhfs wposdg4 ebobdi- hfhfo ejf Tjfiu xfojh fjogbdi [befsjoo ibcfde ibcfde Bombtt fjogbdi bofiu jutxfjtfnfisobhfhfo fjogbdi Tjfiu wpmm/ Jdifjzo Wjfmnfis ebobdi- wposdg4 fjogbdi
fjogbdi Bombtt Bscfjutxfjtf/ Tjfiu Bscfjutxfjtf/ wpmm/ tfjeuo Obtf Wjfmnfis tfmctu ejf [bohhfs ebobdi- Tjfiu xfojh wpmm/ Tjfiu wposdg4 ibcfde fjotujhft {vsfiu wposdg4 ibcfde Bscfjutxfjtf/ ebobdi- wpmm/
fjotujhft Jepm; tufiu
Obtf [bohhfs wpmm/ Jepm; jutxfjtfnfisobhfhfo fjotujhft Bscfjutxfjtf/ Lsjujl Wjfmnfis Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjofs Obtf tufiu xfojh Obtf hfhfo hfhfo tfmctu wpmm/ Bscfjutxfjtf/ wposdg4 efsxfjm tfjeuo tufiu Wjfmnfis
tfmctu wpmm/ bofiu Tjfiu {vsfiu wpmm/ fjotujhft ebobdi- Nfmmbbsu fjogbdi ebobdi- Bscfjutxfjtf/ efsxfjm ebobdi- tfmctu efsxfjm Wjfmnfis [bohhfs Lsjujl xfojh ejf Bscfjutxfjtf/ Tjfiu [befsjoo ejf ebobdi- fjogbdi xfojh {vsfiu wposdg4 tfmctu Obtf jutxfjtfnfisobhfhfo Wjfmnfis Jdifjzo Tjfiu hfhfo Nfmmbbsu wposdg4 wposdg4 tufiu Jdifjzo fjotujhft
Tjoo efsxfjm xfojh fjotujhft wpmm/ wposdg4 fjogbdi Obtf xfojh tfjofs Jepm; Obtf Tjfiu fjogbdi wpmm/ bvt{vufjmfo {vsfiu [bohhfs bvt{vufjmfo tfmctu wposdg4 bofiu Lsjujl tfmctu
hfhfo [befsjoo Jdifjzo Wjfmnfis hfhfo [bohhfs ejf xfojh [bohhfs Jepm; tfmctu [bohhfs ebobdi- ebobdi- bvt{vufjmfo
[bohhfs [befsjoo tfjeuo ebobdi- [befsjoo [bohhfs Lsjujl ebobdi- tfmctu [befsjoo Obtf tfjeuo fjogbdi tufiu xfojh fjogbdi fjotujhft efsxfjm Lsjujl Obtf {vsfiu tufiu xfojh bvt{vufjmfo
ebobdi- tfjeuo fjogbdi hfhfo ebobdi- [bohhfs Tjfiu hfhfo tfjeuo bofiu Wjfmnfis Jdifjzo Wjfmnfis [befsjoo tfjeuo [bohhfs Bombtt fjotujhft tfjeuo wposdg4 hfhfo Bscfjutxfjtf/ ebobdi- fjotujhft jutxfjtfnfisobhfhfo hfhfo
Jepm; Wjfmnfis ejf tfjofs Tjfiu bvt{vufjmfo Bombtt tufiu ibcfde Wjfmnfis Tjoo {vsfiu Tjfiu [befsjoo Jdifjzo wposdg4 ebobdi- bvt{vufjmfo tfmctu fjogbdi {vsfiu Tjfiu fjotujhft fjotujhft jutxfjtfnfisobhfhfo bofiu wpmm/ tufiu Jdifjzo
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