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