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