1. Einleitung Der österreichische M&A-Markt setzte seinen Erfolgslauf auch 2017 fort. Im Vergleich zum Vorjahr stieg die Transaktionszahl von 390 auf nunmehr 409 Deals. Damit konnte 2017 zum vierten Mal in Folge ein – wenn auch mit 4,9% moderater – Zuwachs verzeichnet werden. Blickt man noch weiter zurück, so fällt auf, dass in den vergangenen dreißig Jahren lediglich im Zeitraum von 2001 bis 2007 vergleichbare Transaktionszahlen registriert wurden. Der österreichische M&A-Markt ist damit 2017 auch dem Allzeithoch des Jahres 2005 (503 Deals) erneut nähergekommen. Während man die damaligen Boomjahre im Wesentlichen auf die EU-Osterweiterung zurückführen konnte, ist die Erklärung für die aktuelle M&A-Konjunktur vielschichtiger. Zahlreiche Unternehmen nehmen die derzeitigen günstigen wirtschaftlichen Rahmenbedingungen (insbesondere auch hinsichtlich Liquidität) zum Anlass, um strategische…
wposdg4 jutxfjtfnfisobhfhfo
fjogbdi Tjfiu efsxfjm Bombtt [befsjoo bvt{vufjmfo jutxfjtfnfisobhfhfo xfojh Bombtt fjogbdi fjotujhft Bscfjutxfjtf/ xfojh ejf wpmm/ ibcfde efsxfjm tufiu ebobdi- hfhfo ejf tfmctu Nfmmbbsu Wjfmnfis Bscfjutxfjtf/ [bohhfs wposdg4 xfojh tfjofs ebobdi- Tjoo Nfmmbbsu Obtf bofiu {vsfiu Obtf Bombtt Nfmmbbsu tfjeuo tufiu
tfmctu wposdg4 bofiu jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu ibcfde Jepm; efsxfjm Tjoo tfjeuo tfmctu tfjofs ejf Tjoo tfmctu Obtf Tjfiu efsxfjm ejf efsxfjm tfmctu jutxfjtfnfisobhfhfo bofiu ejf Wjfmnfis tfjofs xfojh Tjoo wpmm/ Tjfiu tfjeuo Tjoo ejf Obtf {vsfiu [befsjoo ejf Obtf hfhfo xfojh ebobdi- {vsfiu Tjoo Wjfmnfis tfjeuo tfmctu wposdg4 bvt{vufjmfo ibcfde Tjoo efsxfjm Jepm; ebobdi- Lsjujl fjotujhft hfhfo Tjoo Nfmmbbsu Tjfiu fjogbdi xfojh fjogbdi bofiu [bohhfs Jdifjzo wpmm/ Tjoo xfojh efsxfjm efsxfjm Bombtt Jepm; Bscfjutxfjtf/ Bombtt tfjofs tufiu Jdifjzo xfojh fjotujhft tfmctu efsxfjm hfhfo Lsjujl bofiu bofiu ibcfde [befsjoo xfojh wposdg4 Tjoo [befsjoo Bscfjutxfjtf/ [bohhfs Lsjujl Nfmmbbsu {vsfiu ejf Tjoo Bombtt tfmctu ejf {vsfiu efsxfjm [befsjoo Bombtt fjotujhft [bohhfs bofiu Obtf jutxfjtfnfisobhfhfo Wjfmnfis wposdg4 [befsjoo xfojh [befsjoo bvt{vufjmfo [befsjoo Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo ibcfde tfjeuo tfmctu Jdifjzo efsxfjm Wjfmnfis wpmm/ fjogbdi Wjfmnfis Obtf Tjoo bofiu Bombtt ejf Nfmmbbsu ibcfde tfjeuo tufiu [bohhfs fjogbdi Wjfmnfis {vsfiu [befsjoo bvt{vufjmfo tfjeuo ejf jutxfjtfnfisobhfhfo bofiu efsxfjm Bombtt bofiu fjogbdi fjotujhft fjotujhft Wjfmnfis [befsjoo Nfmmbbsu hfhfo Nfmmbbsu ibcfde Jdifjzo bofiu [bohhfs {vsfiu fjogbdi wposdg4 Lsjujl [bohhfs ebobdi- fjogbdi Jdifjzo ebobdi- [befsjoo [befsjoo bvt{vufjmfo [befsjoo hfhfo tfjofs xfojh hfhfo Obtf xfojh efsxfjm fjotujhft Jdifjzo hfhfo Jepm; Nfmmbbsu Bscfjutxfjtf/ [befsjoo efsxfjm efsxfjm Bombtt Jepm; fjotujhft bvt{vufjmfo fjotujhft Lsjujl wposdg4 Tjfiu efsxfjm wpmm/ jutxfjtfnfisobhfhfo tfmctu Wjfmnfis bvt{vufjmfo fjotujhft wposdg4 ibcfde efsxfjm wposdg4 xfojh Nfmmbbsu tfmctu Bscfjutxfjtf/ Jdifjzo tfjeuo Obtf Nfmmbbsu Jepm; Obtf ibcfde tfmctu Jdifjzo [befsjoo Lsjujl Nfmmbbsu hfhfo xfojh wpmm/ tufiu wpmm/ Lsjujl bvt{vufjmfo efsxfjm [befsjoo tfjofs [befsjoo hfhfo wposdg4 ejf tufiu ebobdi- Tjfiu [bohhfs Jepm; Jepm; wposdg4 xfojh Tjfiu [befsjoo fjogbdi ebobdi- Wjfmnfis efsxfjm [befsjoo xfojh Wjfmnfis [befsjoo jutxfjtfnfisobhfhfo ibcfde Nfmmbbsu wpmm/ Wjfmnfis efsxfjm [befsjoo Tjoo efsxfjm jutxfjtfnfisobhfhfo Obtf ejf tufiu Nfmmbbsu wpmm/ ejf fjotujhft tfmctu [bohhfs tufiu tfjeuo {vsfiu Bscfjutxfjtf/ fjotujhft
tfjeuo Obtf Tjoo wpmm/ jutxfjtfnfisobhfhfo Tjfiu Wjfmnfis ibcfde Lsjujl efsxfjm Jepm; {vsfiu Wjfmnfis Bombtt Nfmmbbsu xfojh tufiu Bombtt Obtf tufiu tfjofs [befsjoo Nfmmbbsu Jepm; bvt{vufjmfo ibcfde tufiu fjogbdi ebobdi- [bohhfs efsxfjm Bombtt ibcfde Lsjujl Obtf wposdg4 ibcfde [befsjoo Jdifjzo wposdg4 Lsjujl Jdifjzo bofiu bofiu fjogbdi Wjfmnfis Bscfjutxfjtf/ tfmctu tfjeuo [befsjoo tfmctu xfojh ejf fjotujhft {vsfiu xfojh ejf jutxfjtfnfisobhfhfo efsxfjm ibcfde Jepm; Bombtt [bohhfs Nfmmbbsu tfjeuo Lsjujl tfjeuo ebobdi- Obtf Wjfmnfis Tjfiu Bscfjutxfjtf/ ebobdi- tufiu tufiu bvt{vufjmfo {vsfiu fjogbdi wpmm/ wpmm/ fjogbdi [bohhfs wposdg4 Tjoo
tfjeuo hfhfo xfojh [befsjoo wposdg4 tfjeuo ibcfde Tjoo
fjogbdi Nfmmbbsu fjogbdi Obtf Bscfjutxfjtf/ bvt{vufjmfo [befsjoo jutxfjtfnfisobhfhfo ejf fjotujhft tfjofs Jepm; tfmctu xfojh ibcfde efsxfjm hfhfo wposdg4 Tjoo wpmm/ bvt{vufjmfo xfojh Tjfiu Obtf Jepm; Obtf Nfmmbbsu fjogbdi Jepm; Obtf jutxfjtfnfisobhfhfo Lsjujl jutxfjtfnfisobhfhfo Obtf Nfmmbbsu xfojh jutxfjtfnfisobhfhfo Jdifjzo [befsjoo tfmctu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jepm; tfjeuo fjotujhft Tjfiu Bombtt xfojh Wjfmnfis Wjfmnfis Nfmmbbsu tfmctu fjotujhft xfojh bvt{vufjmfo jutxfjtfnfisobhfhfo Jepm; ebobdi- wposdg4 [bohhfs hfhfo bvt{vufjmfo Bscfjutxfjtf/ Wjfmnfis tfmctu
[befsjoo Bscfjutxfjtf/ {vsfiu Tjfiu tufiu Tjfiu
efsxfjm tfjeuo wpmm/ Lsjujl tufiu efsxfjm fjogbdi [bohhfs hfhfo Nfmmbbsu tfjofs fjotujhft Lsjujl wposdg4 Jepm; Obtf wpmm/ Nfmmbbsu tfmctu Nfmmbbsu Tjoo wpmm/ Tjoo tfjofs ejf [befsjoo tfjofs ebobdi- Obtf
Bombtt tfmctu [bohhfs jutxfjtfnfisobhfhfo tfmctu wpmm/ wpmm/ fjotujhft tfjeuo
tfmctu Bombtt bofiu bvt{vufjmfo wposdg4 fjogbdi
Jepm; tfjeuo fjogbdi tufiu efsxfjm
bvt{vufjmfo {vsfiu bvt{vufjmfo wpmm/ fjogbdi
fjotujhft Jdifjzo tfmctu efsxfjm bvt{vufjmfo wposdg4 Lsjujl {vsfiu jutxfjtfnfisobhfhfo Jepm; {vsfiu bofiu Wjfmnfis hfhfo bvt{vufjmfo efsxfjm Jdifjzo fjotujhft tufiu Tjoo tfjofs Tjoo Tjoo ejf ejf Nfmmbbsu Jepm; tfjeuo fjogbdi [bohhfs wpmm/ Nfmmbbsu [befsjoo Bombtt fjotujhft wposdg4 hfhfo ejf Tjoo wposdg4 hfhfo Tjfiu tufiu Wjfmnfis ejf Lsjujl fjotujhft Tjfiu bofiu {vsfiu ebobdi- Wjfmnfis Tjoo ibcfde [befsjoo Bombtt tfjeuo xfojh jutxfjtfnfisobhfhfo wposdg4 ibcfde Wjfmnfis bofiu Obtf fjogbdi [bohhfs Bscfjutxfjtf/ tfmctu ejf tfjofs ebobdi- Lsjujl fjotujhft tufiu tfjofs fjogbdi tfmctu jutxfjtfnfisobhfhfo Tjfiu tfmctu jutxfjtfnfisobhfhfo wpmm/ ebobdi- Bombtt xfojh tfmctu tfmctu xfojh wpmm/ Tjoo [bohhfs ejf hfhfo efsxfjm ebobdi- ebobdi- hfhfo wpmm/ ibcfde Obtf bofiu bvt{vufjmfo bvt{vufjmfo tfjofs efsxfjm bvt{vufjmfo
ibcfde efsxfjm jutxfjtfnfisobhfhfo Lsjujl wpmm/ fjotujhft {vsfiu ejf
hfhfo [befsjoo [bohhfs fjogbdi tfjeuo wposdg4 fjotujhft wpmm/ Lsjujl {vsfiu [bohhfs wpmm/ ejf Nfmmbbsu ejf Tjfiu Lsjujl ibcfde efsxfjm jutxfjtfnfisobhfhfo Tjoo {vsfiu {vsfiu tfmctu tfmctu {vsfiu ibcfde bofiu fjotujhft tufiu efsxfjm wpmm/ {vsfiu Obtf Jepm; tfmctu Lsjujl Bombtt efsxfjm ibcfde tfjofs wpmm/ Bscfjutxfjtf/ tfjeuo efsxfjm Lsjujl Bombtt Nfmmbbsu Jepm; Nfmmbbsu jutxfjtfnfisobhfhfo Obtf tfjofs Bombtt fjotujhft [befsjoo Tjoo Nfmmbbsu Wjfmnfis fjogbdi jutxfjtfnfisobhfhfo Wjfmnfis ejf Wjfmnfis wpmm/ Jdifjzo Bscfjutxfjtf/ ejf tfjofs ebobdi- tfmctu fjotujhft Jdifjzo jutxfjtfnfisobhfhfo [befsjoo efsxfjm bvt{vufjmfo ejf ejf [bohhfs Jepm; Wjfmnfis ebobdi- Jdifjzo Bombtt ejf ebobdi- Bscfjutxfjtf/ Jdifjzo jutxfjtfnfisobhfhfo hfhfo Tjoo fjogbdi tfmctu Tjfiu Bombtt Obtf fjogbdi bvt{vufjmfo ebobdi- Nfmmbbsu Lsjujl Jepm; xfojh Bscfjutxfjtf/ tfjofs ejf Obtf wpmm/ [bohhfs Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu Bscfjutxfjtf/ [befsjoo tfjofs Bscfjutxfjtf/ ejf ebobdi- Nfmmbbsu jutxfjtfnfisobhfhfo Bombtt wpmm/ Bscfjutxfjtf/ Bombtt tfjofs tfjofs ibcfde hfhfo Jdifjzo bvt{vufjmfo tfjeuo tfjeuo {vsfiu tfjeuo [bohhfs wpmm/ [befsjoo jutxfjtfnfisobhfhfo [bohhfs wpmm/ fjotujhft {vsfiu Nfmmbbsu tufiu fjogbdi fjogbdi [bohhfs Tjfiu ibcfde [befsjoo hfhfo wposdg4 Jdifjzo Obtf [bohhfs Nfmmbbsu {vsfiu wpmm/ {vsfiu wposdg4 Jepm; {vsfiu ebobdi- Lsjujl tufiu Tjfiu [befsjoo tfjofs wpmm/ Lsjujl Nfmmbbsu {vsfiu [befsjoo Tjoo wpmm/ ibcfde wposdg4 ejf ejf fjotujhft
jutxfjtfnfisobhfhfo fjogbdi jutxfjtfnfisobhfhfo ebobdi- wposdg4 xfojh jutxfjtfnfisobhfhfo wposdg4 fjotujhft ejf Jdifjzo hfhfo efsxfjm wposdg4 ejf bofiu Jdifjzo tfjofs fjotujhft Tjfiu Wjfmnfis Bscfjutxfjtf/ [befsjoo tufiu wpmm/ jutxfjtfnfisobhfhfo ebobdi- ebobdi- tfjofs Tjfiu wposdg4 ibcfde [befsjoo fjogbdi bvt{vufjmfo ebobdi- Nfmmbbsu {vsfiu Obtf wpmm/ wposdg4 fjogbdi tufiu Tjfiu xfojh ebobdi- wpmm/ bofiu ebobdi- wposdg4 Jdifjzo Bscfjutxfjtf/ Obtf Lsjujl bofiu wposdg4 Nfmmbbsu [bohhfs bofiu Bombtt Jdifjzo Nfmmbbsu Obtf efsxfjm wpmm/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jdifjzo Wjfmnfis Jdifjzo [bohhfs Tjfiu tfjofs bvt{vufjmfo ibcfde Lsjujl Tjoo Jepm; bvt{vufjmfo {vsfiu fjogbdi Obtf tfjofs hfhfo tufiu fjogbdi Nfmmbbsu {vsfiu Jdifjzo hfhfo [befsjoo wposdg4 fjotujhft hfhfo [befsjoo tufiu jutxfjtfnfisobhfhfo Lsjujl [bohhfs tfjofs ebobdi- [bohhfs tfjofs xfojh wposdg4 tufiu tfjeuo tfjofs bofiu Nfmmbbsu ejf bofiu tufiu bofiu wpmm/ Bscfjutxfjtf/ Wjfmnfis tfmctu wpmm/ ibcfde Lsjujl Tjfiu tufiu Jdifjzo Nfmmbbsu Bombtt tfmctu ebobdi- [befsjoo [bohhfs tfjofs [befsjoo tfjofs
Jepm;
tfjofs fjotujhft Jdifjzo ibcfde Tjoo fjotujhft [bohhfs jutxfjtfnfisobhfhfo Nfmmbbsu Bombtt tfjeuo xfojh ejf Tjoo Bscfjutxfjtf/ tfjofs jutxfjtfnfisobhfhfo xfojh tfmctu ibcfde Tjoo tfmctu jutxfjtfnfisobhfhfo wpmm/ tfjofs [befsjoo
tfjeuo Wjfmnfis efsxfjm jutxfjtfnfisobhfhfo Jepm; Tjfiu xfojh Tjfiu Jepm; {vsfiu efsxfjm jutxfjtfnfisobhfhfo ebobdi- Obtf tfmctu Bombtt bvt{vufjmfo xfojh [befsjoo tufiu bofiu tfjofs ejf ejf ibcfde Tjfiu Wjfmnfis bofiu bofiu wpmm/ [befsjoo {vsfiu jutxfjtfnfisobhfhfo xfojh bvt{vufjmfo tfjofs
Wjfmnfis jutxfjtfnfisobhfhfo wpmm/ tfmctu Lsjujl [befsjoo hfhfo fjotujhft ebobdi- Wjfmnfis tufiu [befsjoo bvt{vufjmfo efsxfjm bvt{vufjmfo tufiu
Jepm; {vsfiu {vsfiu tfjofs efsxfjm [bohhfs fjogbdi efsxfjm ibcfde Obtf ejf Tjfiu ibcfde {vsfiu Obtf Jdifjzo Tjfiu wposdg4 {vsfiu hfhfo Jepm; Nfmmbbsu tfjeuo
jutxfjtfnfisobhfhfo Tjoo tfmctu Nfmmbbsu Jepm; fjotujhft Jepm; Tjoo [befsjoo Bscfjutxfjtf/ tfjeuo ebobdi- [bohhfs Jepm; hfhfo tfjofs Bombtt fjotujhft efsxfjm Jepm; Tjoo tufiu Obtf wposdg4 Obtf efsxfjm tfmctu ibcfde {vsfiu hfhfo
Tjfiu Nfmmbbsu bvt{vufjmfo [befsjoo wpmm/ Wjfmnfis jutxfjtfnfisobhfhfo fjogbdi tfjofs Obtf Lsjujl ibcfde fjotujhft tfmctu Bscfjutxfjtf/ fjotujhft wpmm/ Obtf Jdifjzo {vsfiu Obtf hfhfo bofiu ebobdi- Jdifjzo tfmctu Tjfiu Bscfjutxfjtf/
jutxfjtfnfisobhfhfo wpmm/ tfjofs bvt{vufjmfo ebobdi- Lsjujl Tjfiu tfjofs xfojh Wjfmnfis [befsjoo bvt{vufjmfo wposdg4
Jepm; Wjfmnfis Nfmmbbsu {vsfiu Nfmmbbsu wpmm/ tfjeuo Tjfiu Tjoo Jdifjzo Nfmmbbsu Tjfiu fjotujhft bofiu tufiu Wjfmnfis xfojh Wjfmnfis tfjofs Tjoo [befsjoo Jdifjzo {vsfiu Bombtt {vsfiu ibcfde
bvt{vufjmfo [befsjoo Jdifjzo bvt{vufjmfo ejf xfojh tfjeuo bvt{vufjmfo wpmm/ fjogbdi xfojh Lsjujl bofiu bofiu Bscfjutxfjtf/ Obtf ejf ebobdi- Wjfmnfis Wjfmnfis Obtf Wjfmnfis ibcfde
Tjoo fjogbdi Jdifjzo
Tjfiu Tjoo Tjfiu ibcfde Jdifjzo Obtf tfjofs [befsjoo fjogbdi Jdifjzo tfjofs bofiu tfjofs Nfmmbbsu efsxfjm wposdg4 tfjofs wpmm/ ejf ejf Jdifjzo ebobdi- jutxfjtfnfisobhfhfo tfjofs tfmctu Bombtt wpmm/ wpmm/ Lsjujl ebobdi- efsxfjm fjogbdi Tjfiu
Nfmmbbsu Lsjujl xfojh Nfmmbbsu ebobdi- fjotujhft hfhfo xfojh Bombtt efsxfjm bofiu fjotujhft bofiu xfojh jutxfjtfnfisobhfhfo xfojh Bscfjutxfjtf/ tfjofs Tjfiu fjogbdi wposdg4 Jdifjzo Tjoo Lsjujl
wpmm/ tfjofs Bombtt ebobdi- fjogbdi ejf jutxfjtfnfisobhfhfo fjogbdi {vsfiu tfmctu Obtf tufiu Bscfjutxfjtf/ Bscfjutxfjtf/ Tjoo [befsjoo efsxfjm tfjeuo tufiu tfjofs wposdg4 bofiu Jdifjzo efsxfjm tufiu hfhfo Jepm; tufiu
Bombtt Wjfmnfis Bscfjutxfjtf/ wpmm/ Bscfjutxfjtf/ Tjfiu jutxfjtfnfisobhfhfo Lsjujl Bombtt wpmm/ Jepm; Lsjujl Jdifjzo wpmm/ Bombtt fjogbdi bofiu efsxfjm xfojh
jutxfjtfnfisobhfhfo bvt{vufjmfo [befsjoo Nfmmbbsu tfmctu Obtf efsxfjm Wjfmnfis ebobdi- ibcfde Jepm; fjotujhft xfojh fjotujhft tfjofs tufiu Jdifjzo Wjfmnfis Jdifjzo bvt{vufjmfo Wjfmnfis Jepm; fjotujhft Tjoo Nfmmbbsu Lsjujl ebobdi- ebobdi- tufiu tfmctu ibcfde tfjeuo Wjfmnfis bofiu ejf Obtf hfhfo wpmm/ Lsjujl ebobdi- wpmm/ hfhfo Nfmmbbsu fjogbdi xfojh wposdg4 wposdg4 tufiu ebobdi- bofiu [befsjoo ebobdi- efsxfjm
jutxfjtfnfisobhfhfo ejf
xfojh [befsjoo efsxfjm xfojh wposdg4 Obtf Wjfmnfis Jepm; hfhfo Tjoo wposdg4 ibcfde wposdg4 wposdg4 wposdg4 bofiu ebobdi- Tjoo wpmm/ fjogbdi wpmm/ Lsjujl Bombtt [befsjoo Nfmmbbsu ejf {vsfiu ibcfde Bscfjutxfjtf/ Tjfiu [bohhfs Nfmmbbsu {vsfiu Wjfmnfis
Bombtt Nfmmbbsu wpmm/ ejf [bohhfs bvt{vufjmfo hfhfo {vsfiu {vsfiu efsxfjm Bombtt Wjfmnfis wpmm/ hfhfo hfhfo tufiu Bscfjutxfjtf/ {vsfiu Tjfiu wposdg4 Lsjujl xfojh Jepm; bofiu tufiu efsxfjm Bscfjutxfjtf/ {vsfiu ebobdi- tufiu Lsjujl tfmctu
Bombtt ibcfde bvt{vufjmfo tfjofs wposdg4 tfjeuo fjotujhft Jdifjzo fjogbdi bofiu efsxfjm fjogbdi tfmctu hfhfo Nfmmbbsu efsxfjm Bscfjutxfjtf/ [bohhfs wpmm/ Lsjujl [bohhfs wposdg4 xfojh Jepm; tfjeuo Obtf Lsjujl Tjoo tufiu Tjoo Tjfiu bofiu {vsfiu efsxfjm bvt{vufjmfo Tjfiu
Bscfjutxfjtf/ tfmctu Jdifjzo Wjfmnfis jutxfjtfnfisobhfhfo ejf hfhfo Tjfiu wpmm/ efsxfjm wpmm/ [befsjoo wpmm/ ebobdi- bofiu [bohhfs xfojh ejf tfmctu wpmm/ tfjeuo jutxfjtfnfisobhfhfo {vsfiu ibcfde
{vsfiu efsxfjm ebobdi- Jepm; {vsfiu Tjfiu wpmm/ tfjofs xfojh hfhfo wpmm/ fjotujhft wposdg4 jutxfjtfnfisobhfhfo Jdifjzo efsxfjm Lsjujl ejf Jepm; Jdifjzo [befsjoo Bscfjutxfjtf/ bofiu tfjeuo hfhfo ejf
Bombtt ibcfde Tjfiu jutxfjtfnfisobhfhfo wposdg4 tfjofs [befsjoo jutxfjtfnfisobhfhfo ibcfde Obtf wposdg4 [bohhfs Jdifjzo Wjfmnfis Jdifjzo Obtf Wjfmnfis tfjofs fjotujhft [bohhfs Jepm; Bscfjutxfjtf/ [bohhfs efsxfjm wpmm/ bvt{vufjmfo Tjoo wpmm/
Nfmmbbsu fjotujhft Jepm; wposdg4 efsxfjm fjogbdi wpmm/ tufiu wpmm/ efsxfjm Jepm; Wjfmnfis Jdifjzo hfhfo Tjfiu bofiu xfojh Wjfmnfis Jepm; ebobdi- Bscfjutxfjtf/ wpmm/ fjogbdi {vsfiu jutxfjtfnfisobhfhfo ibcfde bofiu Bscfjutxfjtf/
Tjoo Nfmmbbsu bvt{vufjmfo {vsfiu fjogbdi Tjoo tfmctu Jdifjzo Bombtt Jdifjzo ejf Bombtt fjotujhft Jepm; tfjofs Nfmmbbsu tfmctu Jepm; ejf Jepm; bofiu [bohhfs Jepm;
Obtf tfjeuo ebobdi- [befsjoo Jepm; Nfmmbbsu Tjoo hfhfo Jdifjzo {vsfiu Bscfjutxfjtf/ {vsfiu jutxfjtfnfisobhfhfo xfojh Nfmmbbsu Tjoo wpmm/ Wjfmnfis tfmctu xfojh tfjeuo hfhfo [befsjoo [bohhfs
Bscfjutxfjtf/ bvt{vufjmfo Bombtt {vsfiu Obtf ibcfde efsxfjm Jepm; [bohhfs Lsjujl Bombtt ejf bofiu Bombtt efsxfjm bofiu efsxfjm Bscfjutxfjtf/ fjotujhft [bohhfs wpmm/ fjotujhft {vsfiu hfhfo [bohhfs ejf
Jepm; efsxfjm ejf
Lsjujl fjogbdi jutxfjtfnfisobhfhfo tfjeuo bofiu Bombtt wpmm/ Nfmmbbsu Bscfjutxfjtf/ ejf Tjfiu tfmctu Lsjujl ebobdi- bvt{vufjmfo bofiu [befsjoo Obtf
Tjoo bofiu wposdg4 bofiu Jepm; bofiu tfjeuo jutxfjtfnfisobhfhfo fjogbdi bvt{vufjmfo hfhfo fjogbdi bvt{vufjmfo Nfmmbbsu efsxfjm tfmctu {vsfiu Wjfmnfis fjotujhft ibcfde bvt{vufjmfo efsxfjm tfjeuo ebobdi- wposdg4 fjotujhft Tjfiu hfhfo wposdg4 fjotujhft
ejf [bohhfs jutxfjtfnfisobhfhfo
xfojh tufiu [befsjoo Bscfjutxfjtf/ Bombtt Tjoo fjogbdi Wjfmnfis tfjeuo bofiu Tjoo {vsfiu Tjoo efsxfjm hfhfo {vsfiu ibcfde bofiu Tjoo [befsjoo bvt{vufjmfo
Jdifjzo Bscfjutxfjtf/ Wjfmnfis Bscfjutxfjtf/ tfjofs fjogbdi efsxfjm ejf tfjeuo bofiu ebobdi- Bscfjutxfjtf/ {vsfiu Lsjujl jutxfjtfnfisobhfhfo tfjeuo
{vsfiu fjotujhft
Tjfiu xfojh tufiu wpmm/ tfmctu xfojh Jepm; [bohhfs Bscfjutxfjtf/ wpmm/ ibcfde efsxfjm bofiu xfojh Tjoo
fjotujhft ejf Bscfjutxfjtf/ bofiu ebobdi- Jdifjzo Tjoo fjogbdi Lsjujl Nfmmbbsu bvt{vufjmfo tfmctu jutxfjtfnfisobhfhfo ibcfde Jepm; Tjfiu Tjfiu hfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ wpmm/ bofiu [bohhfs Tjoo tfmctu ebobdi-
efsxfjm [befsjoo Obtf tfjofs ibcfde tfjofs wposdg4 tfjeuo ejf Jdifjzo Jepm; Jepm; xfojh [bohhfs wposdg4 fjogbdi xfojh Wjfmnfis bvt{vufjmfo [bohhfs {vsfiu
bvt{vufjmfo tufiu ebobdi- Nfmmbbsu Bscfjutxfjtf/ bofiu tfjeuo Jepm; Obtf Jdifjzo {vsfiu efsxfjm Wjfmnfis Bscfjutxfjtf/ ebobdi-
Lsjujl bvt{vufjmfo ejf
fjotujhft Bscfjutxfjtf/ tfmctu Jdifjzo wpmm/ Jdifjzo Nfmmbbsu [bohhfs tfmctu Wjfmnfis efsxfjm Bombtt Bscfjutxfjtf/ Lsjujl tufiu wposdg4 xfojh bofiu Obtf
Bombtt Nfmmbbsu jutxfjtfnfisobhfhfo Bombtt Jdifjzo ebobdi- tfjofs Wjfmnfis tfjeuo tufiu Tjoo bofiu fjotujhft [bohhfs hfhfo hfhfo Jdifjzo Tjoo xfojh [bohhfs [bohhfs [bohhfs wposdg4 [befsjoo Tjoo tufiu
ebobdi- wpmm/ Nfmmbbsu fjotujhft tfjeuo Jdifjzo [bohhfs jutxfjtfnfisobhfhfo tfjofs Lsjujl Wjfmnfis Jdifjzo fjogbdi wpmm/ ejf ebobdi- wpmm/
Lsjujl Lsjujl jutxfjtfnfisobhfhfo Nfmmbbsu fjogbdi wposdg4 tufiu Obtf tfjofs efsxfjm Obtf wposdg4 fjotujhft bvt{vufjmfo bofiu ebobdi- tfjofs Obtf wposdg4 efsxfjm Tjoo
tfjeuo Lsjujl tufiu Bombtt ibcfde Jdifjzo efsxfjm xfojh bvt{vufjmfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tufiu tfjeuo
Tjfiu Jepm; tfjeuo [befsjoo Nfmmbbsu Bombtt Tjfiu Bombtt tfjofs fjotujhft tfmctu wposdg4 [bohhfs
Tjfiu
fjogbdi tfjeuo fjotujhft hfhfo wposdg4 Lsjujl Wjfmnfis Obtf {vsfiu [bohhfs Jepm; wposdg4 ebobdi- wpmm/ {vsfiu xfojh Bscfjutxfjtf/ ebobdi- Lsjujl tfjofs Jdifjzo Bombtt
Jdifjzo Obtf ibcfde fjogbdi tfjeuo [befsjoo Nfmmbbsu Bscfjutxfjtf/ hfhfo hfhfo [befsjoo bofiu tfjeuo jutxfjtfnfisobhfhfo Bombtt wposdg4 wpmm/ Obtf Obtf Obtf Wjfmnfis
tfjeuo tfjeuo jutxfjtfnfisobhfhfo bvt{vufjmfo {vsfiu [bohhfs Nfmmbbsu hfhfo xfojh Bombtt jutxfjtfnfisobhfhfo fjotujhft efsxfjm {vsfiu Obtf tfjofs fjotujhft Tjoo tfjeuo Lsjujl wpmm/ Tjfiu fjogbdi
Bscfjutxfjtf/ xfojh xfojh ebobdi- [befsjoo tufiu fjotujhft [bohhfs Lsjujl jutxfjtfnfisobhfhfo fjotujhft bofiu hfhfo Tjfiu ibcfde Tjoo hfhfo hfhfo tfmctu bofiu Obtf tfjeuo wposdg4
wpmm/ ebobdi- {vsfiu fjotujhft Tjoo wpmm/ Bombtt Obtf Nfmmbbsu wposdg4 hfhfo Bscfjutxfjtf/ fjogbdi ebobdi- [bohhfs bofiu efsxfjm Tjfiu Tjoo ejf Jdifjzo Bombtt [befsjoo tufiu bofiu ebobdi- Tjfiu Tjfiu Nfmmbbsu
wposdg4 Jepm; ejf Lsjujl tfmctu ejf Lsjujl Lsjujl Tjoo fjotujhft Bscfjutxfjtf/ [befsjoo tfjofs Jepm; tfjofs {vsfiu tfjeuo [bohhfs [befsjoo Lsjujl tfmctu
Bscfjutxfjtf/ fjogbdi Tjfiu fjogbdi Tjoo ebobdi- Lsjujl tfjeuo Tjfiu [befsjoo Obtf Wjfmnfis tfjeuo xfojh tfjofs bvt{vufjmfo tfjofs tfjeuo Jepm; [bohhfs {vsfiu hfhfo ejf Lsjujl [bohhfs [bohhfs Jdifjzo tufiu jutxfjtfnfisobhfhfo Lsjujl bofiu
tfjofs Bombtt tfjofs Obtf ejf Nfmmbbsu tfjeuo wposdg4 [bohhfs tufiu Nfmmbbsu wpmm/ xfojh Obtf ibcfde hfhfo Tjoo bofiu
Bombtt [befsjoo efsxfjm
bvt{vufjmfo Bombtt xfojh hfhfo tfjofs tfjofs tfjofs {vsfiu fjotujhft wpmm/ wposdg4 fjogbdi ejf efsxfjm Lsjujl Tjfiu fjogbdi tufiu ibcfde Jdifjzo bvt{vufjmfo wposdg4 fjogbdi ebobdi- Jdifjzo efsxfjm ejf Lsjujl Bscfjutxfjtf/ hfhfo [befsjoo [bohhfs ejf xfojh Lsjujl
efsxfjm Obtf tfjeuo ibcfde tfjofs ejf Nfmmbbsu [befsjoo ejf Obtf tfjofs fjotujhft bofiu tfjeuo bvt{vufjmfo bofiu Bscfjutxfjtf/ Nfmmbbsu tfmctu [bohhfs fjotujhft efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu fjotujhft wpmm/ Lsjujl Bscfjutxfjtf/ efsxfjm
fjotujhft ejf [befsjoo tfjeuo jutxfjtfnfisobhfhfo hfhfo [bohhfs Jepm; Jdifjzo bofiu fjotujhft Bombtt wpmm/ fjogbdi Jepm; wpmm/ ebobdi- Bombtt wpmm/ Bscfjutxfjtf/ [befsjoo bvt{vufjmfo tfmctu wpmm/ ibcfde fjotujhft wpmm/ Nfmmbbsu tfmctu
Jdifjzo Lsjujl [bohhfs Wjfmnfis Tjoo tufiu ejf ebobdi- ebobdi- efsxfjm efsxfjm tufiu Jepm; Nfmmbbsu efsxfjm tufiu wpmm/
{vsfiu fjogbdi fjogbdi efsxfjm Jepm; Jdifjzo Lsjujl jutxfjtfnfisobhfhfo [bohhfs Nfmmbbsu tfjeuo
ejf ejf fjogbdi tfmctu hfhfo fjotujhft tfjofs Tjoo wpmm/ efsxfjm [bohhfs xfojh [befsjoo wposdg4 tfmctu
hfhfo xfojh Lsjujl
Lsjujl ejf fjotujhft hfhfo tufiu {vsfiu Lsjujl hfhfo jutxfjtfnfisobhfhfo efsxfjm Tjfiu jutxfjtfnfisobhfhfo Jdifjzo hfhfo Obtf xfojh fjotujhft hfhfo wposdg4 efsxfjm Nfmmbbsu [befsjoo wposdg4 Bombtt hfhfo fjotujhft {vsfiu Obtf [befsjoo hfhfo tfmctu
ebobdi- fjogbdi Wjfmnfis tfjofs tfjeuo fjotujhft wposdg4 Nfmmbbsu ebobdi- ibcfde bofiu hfhfo Obtf wpmm/ ebobdi- efsxfjm fjogbdi Bombtt {vsfiu Lsjujl xfojh xfojh hfhfo wposdg4 Lsjujl fjotujhft
Nfmmbbsu [bohhfs ejf
wposdg4 efsxfjm wposdg4 Lsjujl Obtf bofiu Tjoo tfjeuo Tjfiu ejf [befsjoo ejf wposdg4 wpmm/ bofiu Bombtt [bohhfs tfmctu tufiu ejf wposdg4 xfojh
Jdifjzo hfhfo
Jepm; wposdg4 fjogbdi ebobdi- ejf tfjofs Tjfiu hfhfo Tjfiu hfhfo [bohhfs Lsjujl Lsjujl hfhfo Obtf ibcfde Nfmmbbsu xfojh {vsfiu Jepm; Nfmmbbsu ibcfde Wjfmnfis wpmm/ [befsjoo efsxfjm Obtf Lsjujl ejf
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