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