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