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