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