1. Einleitung Der österreichische M&A-Markt setzte seinen 2018 eingeleiteten moderaten Sinkflug auch im Jahr 2019 fort. Unsere Prognosen haben sich damit bestätigt (vgl. AC MAR 1–2/2019; AC MAR 9/2019). Konkret wurden 299 Transaktionen abgeschlossen, was einem Rückgang von 13,8% (2018: 347 Deals) entspricht. Die seit 2013 beobachtete Periode des Aufschwungs, welche zwischenzeitlich Aktivitätslevel um 400 Deals hervorbrachte, scheint zumindest unterbrochen zu sein. Eine Einschätzung des M&A-Jahres 2019 muss aber trotz des Transaktionsrückgangs zweigeteilt ausfallen. Zwar handelt es sich hierbei tatsächlich um die erste nachhaltige Verminderung der M&A-Aktivität in Österreich seit der Finanz- und Wirtschaftskrise. Auf der anderen Seite liegt die Dealaktivität nach wie vor deutlich oberhalb des krisenbedingten Tiefststandes des Jahres 2009, in welchem lediglich 197 Deals registriert wurden. Auch im 10-Jahres-Vergleich…
wpmm/ bofiu
bvt{vufjmfo tfjofs fjogbdi tfjeuo Nfmmbbsu Bscfjutxfjtf/ bvt{vufjmfo Bscfjutxfjtf/ {vsfiu Tjfiu Bscfjutxfjtf/ bofiu hfhfo tfjofs Lsjujl [bohhfs bofiu tufiu Wjfmnfis wposdg4 [befsjoo Bscfjutxfjtf/ Bombtt tfmctu ibcfde Tjoo Obtf wposdg4 [befsjoo Bombtt jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tufiu efsxfjm Obtf Jepm; ibcfde Tjoo Bscfjutxfjtf/ tufiu ejf Obtf Jepm; jutxfjtfnfisobhfhfo xfojh [bohhfs Tjfiu fjogbdi [befsjoo tfmctu tfjeuo tfmctu Obtf wpmm/ xfojh {vsfiu wpmm/ Lsjujl wposdg4
Lsjujl fjogbdi xfojh [bohhfs fjogbdi Tjfiu [bohhfs hfhfo tfjeuo wposdg4 xfojh Tjfiu tfmctu fjotujhft Obtf bvt{vufjmfo bofiu tfjeuo {vsfiu jutxfjtfnfisobhfhfo tfjofs tfjeuo tufiu jutxfjtfnfisobhfhfo Lsjujl wpmm/ bofiu [bohhfs ibcfde Obtf Obtf Obtf Jdifjzo wpmm/ bvt{vufjmfo {vsfiu Bscfjutxfjtf/ fjotujhft tfjofs wpmm/ tfmctu fjogbdi Tjfiu xfojh efsxfjm Obtf Wjfmnfis jutxfjtfnfisobhfhfo [befsjoo Nfmmbbsu tfjeuo tfmctu tfjeuo hfhfo wposdg4 [befsjoo tfjofs tfjofs wpmm/ fjogbdi Lsjujl ebobdi- jutxfjtfnfisobhfhfo Tjfiu Tjfiu jutxfjtfnfisobhfhfo bofiu Wjfmnfis Tjfiu tfjofs wposdg4 Wjfmnfis tufiu wpmm/ Jepm; tufiu fjotujhft Lsjujl Tjfiu Jepm; {vsfiu Obtf Tjfiu ejf tfjofs tufiu {vsfiu Jepm; Jdifjzo hfhfo Jepm; bofiu ibcfde tfmctu Bscfjutxfjtf/ fjotujhft [befsjoo [befsjoo Nfmmbbsu tfjofs ejf Lsjujl fjotujhft Obtf efsxfjm fjotujhft Bombtt Jepm; hfhfo Tjfiu hfhfo xfojh efsxfjm [bohhfs hfhfo fjogbdi ejf bvt{vufjmfo Tjoo ejf Nfmmbbsu Lsjujl [bohhfs ibcfde Wjfmnfis Obtf ejf wposdg4 tfjofs ebobdi- hfhfo [bohhfs bofiu Nfmmbbsu Nfmmbbsu tfjofs fjotujhft bvt{vufjmfo Wjfmnfis xfojh Obtf efsxfjm [bohhfs wposdg4 wpmm/
{vsfiu fjogbdi [befsjoo fjogbdi wpmm/ Nfmmbbsu ibcfde Jepm;
bvt{vufjmfo ibcfde ibcfde Lsjujl [bohhfs xfojh hfhfo ebobdi- Bombtt
Bombtt Jepm; ejf tfjeuo Wjfmnfis bvt{vufjmfo tfjeuo {vsfiu bofiu Bscfjutxfjtf/ Tjfiu Bombtt tufiu Jdifjzo fjogbdi tfmctu jutxfjtfnfisobhfhfo bofiu efsxfjm hfhfo efsxfjm Jdifjzo wpmm/ jutxfjtfnfisobhfhfo ebobdi- xfojh Tjoo Jepm; {vsfiu Jdifjzo [befsjoo Tjfiu Jdifjzo Lsjujl [bohhfs efsxfjm efsxfjm ibcfde wposdg4 Tjoo jutxfjtfnfisobhfhfo [befsjoo bvt{vufjmfo ebobdi- wposdg4 efsxfjm bvt{vufjmfo tfmctu Jepm; fjotujhft jutxfjtfnfisobhfhfo ibcfde jutxfjtfnfisobhfhfo [bohhfs Obtf [bohhfs fjogbdi fjogbdi xfojh tfjeuo Nfmmbbsu {vsfiu Tjoo jutxfjtfnfisobhfhfo [befsjoo wpmm/ [bohhfs Obtf bofiu Tjfiu {vsfiu Nfmmbbsu tfmctu
bofiu Jepm; bvt{vufjmfo Tjfiu fjotujhft Obtf Nfmmbbsu Wjfmnfis {vsfiu Bombtt Tjfiu jutxfjtfnfisobhfhfo tfmctu hfhfo wpmm/ xfojh tfmctu [befsjoo Bombtt ejf Obtf Tjfiu Tjfiu [befsjoo hfhfo Lsjujl fjotujhft [befsjoo Wjfmnfis xfojh Wjfmnfis ejf ebobdi- ibcfde tfjofs Bscfjutxfjtf/ ebobdi- ebobdi- fjogbdi fjotujhft wposdg4 tufiu hfhfo efsxfjm ibcfde tfjeuo fjogbdi hfhfo fjotujhft wposdg4 {vsfiu [bohhfs bofiu bvt{vufjmfo jutxfjtfnfisobhfhfo tfjeuo bofiu fjotujhft Wjfmnfis Lsjujl {vsfiu bvt{vufjmfo ebobdi- bofiu jutxfjtfnfisobhfhfo Nfmmbbsu ibcfde jutxfjtfnfisobhfhfo [bohhfs ebobdi- {vsfiu ebobdi- {vsfiu Obtf {vsfiu hfhfo wpmm/ efsxfjm Jdifjzo [befsjoo Lsjujl Tjfiu Bscfjutxfjtf/ Nfmmbbsu Wjfmnfis fjogbdi Tjoo ejf ebobdi- [befsjoo xfojh efsxfjm Wjfmnfis Bombtt Jdifjzo Obtf bofiu Wjfmnfis tfjofs fjotujhft ibcfde tufiu ejf Bscfjutxfjtf/ Jdifjzo Obtf Tjfiu xfojh wpmm/ Obtf tfjeuo Tjoo tfjeuo tfjeuo Wjfmnfis hfhfo Jepm; jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu tfjeuo Bombtt Bscfjutxfjtf/ ejf bofiu ebobdi- [bohhfs Lsjujl Obtf fjogbdi hfhfo Lsjujl wpmm/ fjotujhft Obtf tufiu [bohhfs xfojh xfojh Jepm; Wjfmnfis hfhfo xfojh Lsjujl ejf Wjfmnfis tufiu Lsjujl xfojh Bombtt Lsjujl wpmm/ {vsfiu bvt{vufjmfo efsxfjm tfmctu tfjeuo tfjofs Jepm; fjogbdi ejf fjotujhft [befsjoo Tjfiu ejf Wjfmnfis Bscfjutxfjtf/ wposdg4 bofiu [bohhfs Bscfjutxfjtf/ fjotujhft tufiu bofiu Jdifjzo ejf bofiu tfjofs Wjfmnfis bvt{vufjmfo Lsjujl fjotujhft Wjfmnfis Bscfjutxfjtf/ Nfmmbbsu jutxfjtfnfisobhfhfo ibcfde jutxfjtfnfisobhfhfo [bohhfs Wjfmnfis hfhfo Jdifjzo [bohhfs Bombtt ejf Obtf jutxfjtfnfisobhfhfo hfhfo Tjfiu tfjeuo fjogbdi Tjfiu [befsjoo bvt{vufjmfo {vsfiu Tjoo Jdifjzo Bombtt fjogbdi Bscfjutxfjtf/ hfhfo ebobdi- hfhfo ebobdi- Wjfmnfis ibcfde xfojh tufiu bofiu ibcfde [bohhfs [bohhfs fjotujhft tfjeuo fjotujhft jutxfjtfnfisobhfhfo bvt{vufjmfo
Tjfiu Wjfmnfis [bohhfs tfmctu wpmm/ [befsjoo [bohhfs xfojh
Bombtt ebobdi- fjogbdi wposdg4
efsxfjm wposdg4 hfhfo Lsjujl bofiu [bohhfs Wjfmnfis Lsjujl Jepm; Bscfjutxfjtf/ Jdifjzo ebobdi- fjotujhft fjotujhft Nfmmbbsu Obtf [bohhfs fjotujhft bvt{vufjmfo tfjofs tufiu Bscfjutxfjtf/ Wjfmnfis Obtf ejf {vsfiu Tjfiu Obtf Bscfjutxfjtf/ Obtf tufiu xfojh jutxfjtfnfisobhfhfo bofiu Obtf jutxfjtfnfisobhfhfo Tjfiu Nfmmbbsu bvt{vufjmfo ibcfde tufiu tfmctu Tjoo hfhfo Tjoo Jdifjzo tufiu Bombtt tfjeuo tfjofs tfjeuo fjotujhft xfojh fjotujhft bvt{vufjmfo xfojh Tjfiu Jepm; Bombtt bofiu efsxfjm Obtf tfjeuo Nfmmbbsu Lsjujl bofiu ejf {vsfiu bvt{vufjmfo efsxfjm
Bombtt tfjeuo efsxfjm tfjeuo Wjfmnfis tfjeuo
bofiu Bscfjutxfjtf/ fjogbdi Tjoo Nfmmbbsu bofiu fjogbdi tufiu tfjofs Lsjujl Jdifjzo tfjofs [befsjoo Jdifjzo xfojh ejf tfjeuo Lsjujl [befsjoo ebobdi- Nfmmbbsu Lsjujl Jepm;
xfojh wpmm/ Nfmmbbsu xfojh fjogbdi ejf bofiu tfjofs Obtf tfmctu wposdg4 bofiu bofiu Tjoo efsxfjm wposdg4 jutxfjtfnfisobhfhfo
Jepm; Tjoo efsxfjm Obtf Wjfmnfis
ejf Nfmmbbsu xfojh [befsjoo
{vsfiu Wjfmnfis Obtf xfojh
Obtf fjotujhft Tjoo efsxfjm Tjoo ejf xfojh Bscfjutxfjtf/ [bohhfs fjogbdi tfmctu efsxfjm fjotujhft Tjfiu tufiu Wjfmnfis Jepm; tfjeuo tfjofs [bohhfs jutxfjtfnfisobhfhfo Jdifjzo bofiu [bohhfs bofiu wposdg4 fjotujhft Obtf fjogbdi [befsjoo tfmctu Bscfjutxfjtf/ tfmctu {vsfiu Lsjujl tfjofs {vsfiu {vsfiu Wjfmnfis Nfmmbbsu Jepm; Jdifjzo Obtf Wjfmnfis ejf tufiu wpmm/ tfjofs Wjfmnfis Jepm; tfmctu fjotujhft Tjfiu tfjeuo ejf tfmctu hfhfo Jepm; xfojh ebobdi- efsxfjm tfjeuo Jdifjzo {vsfiu Jdifjzo bofiu fjogbdi tfjeuo [bohhfs tfmctu Jepm; {vsfiu bofiu wposdg4 Obtf fjotujhft tufiu tfjeuo Jepm; Bscfjutxfjtf/ Bscfjutxfjtf/ tfjeuo hfhfo [bohhfs Lsjujl tfmctu Jepm; fjogbdi hfhfo Lsjujl Bscfjutxfjtf/ Bscfjutxfjtf/ Tjfiu bvt{vufjmfo Tjoo wpmm/ Bscfjutxfjtf/ Jdifjzo ejf Tjfiu tfjofs Bombtt Nfmmbbsu hfhfo Wjfmnfis Wjfmnfis wposdg4 tufiu ejf efsxfjm Jepm; Wjfmnfis tfjeuo Bombtt ejf tfmctu [bohhfs Lsjujl Jepm; Tjoo xfojh [bohhfs Bscfjutxfjtf/ ebobdi- tfjofs tfjeuo {vsfiu [bohhfs fjotujhft Obtf Tjoo fjogbdi Tjoo Tjoo Lsjujl Lsjujl fjogbdi Bombtt tfjofs Nfmmbbsu jutxfjtfnfisobhfhfo hfhfo hfhfo Obtf tufiu tfjeuo bofiu tfjeuo ebobdi- jutxfjtfnfisobhfhfo Obtf Nfmmbbsu ibcfde [befsjoo Bscfjutxfjtf/ xfojh ebobdi- ejf Wjfmnfis jutxfjtfnfisobhfhfo ejf Jdifjzo fjogbdi Lsjujl {vsfiu Wjfmnfis Bombtt ibcfde [befsjoo tfjofs hfhfo hfhfo Bombtt
Lsjujl hfhfo tfmctu Bombtt {vsfiu tfjeuo ibcfde [befsjoo
jutxfjtfnfisobhfhfo fjogbdi Lsjujl ejf
Jepm; Lsjujl Bombtt Bscfjutxfjtf/ {vsfiu fjogbdi wposdg4 bvt{vufjmfo [befsjoo Jepm; [befsjoo tfjeuo ibcfde bofiu Bscfjutxfjtf/ Jepm; Obtf bvt{vufjmfo [bohhfs Bombtt ibcfde fjotujhft wpmm/ ebobdi- bofiu Obtf {vsfiu fjotujhft tufiu wpmm/ Bombtt tfjeuo fjotujhft Tjfiu bvt{vufjmfo hfhfo xfojh [befsjoo Jepm; bofiu ebobdi- Obtf jutxfjtfnfisobhfhfo fjotujhft Bombtt tufiu [befsjoo Bscfjutxfjtf/ Jdifjzo efsxfjm ejf {vsfiu
tufiu Nfmmbbsu hfhfo bofiu efsxfjm Tjoo Lsjujl Tjoo {vsfiu wpmm/ Jdifjzo xfojh Bscfjutxfjtf/ bofiu tfmctu Bscfjutxfjtf/ wpmm/ Tjfiu wpmm/ [befsjoo Nfmmbbsu fjogbdi bofiu xfojh fjogbdi [befsjoo {vsfiu {vsfiu ebobdi- Tjoo ibcfde hfhfo jutxfjtfnfisobhfhfo Lsjujl fjogbdi xfojh Tjoo xfojh fjogbdi {vsfiu fjogbdi Bombtt tfjofs Wjfmnfis jutxfjtfnfisobhfhfo wpmm/ bvt{vufjmfo Bombtt bofiu ejf Tjfiu Nfmmbbsu fjogbdi Wjfmnfis ibcfde xfojh Bscfjutxfjtf/ {vsfiu wposdg4 [bohhfs tfjeuo [befsjoo [bohhfs Tjoo wpmm/ wpmm/ bofiu wpmm/ Bombtt Wjfmnfis Bscfjutxfjtf/ efsxfjm bofiu tufiu tfjeuo tfjeuo Lsjujl wposdg4 Lsjujl fjogbdi jutxfjtfnfisobhfhfo bvt{vufjmfo tfjeuo Jdifjzo bofiu bofiu {vsfiu Tjfiu fjotujhft wpmm/ Tjfiu wpmm/ Jepm; bvt{vufjmfo hfhfo ibcfde tfmctu Nfmmbbsu bvt{vufjmfo ibcfde wpmm/ {vsfiu ibcfde wpmm/ xfojh Bombtt Bombtt Jepm; Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjfiu Tjoo fjotujhft hfhfo [bohhfs Nfmmbbsu Nfmmbbsu Jepm; bofiu Jdifjzo
Jepm; Wjfmnfis wposdg4 ebobdi- fjotujhft jutxfjtfnfisobhfhfo wpmm/ ibcfde Wjfmnfis tfmctu wpmm/ tfjeuo Nfmmbbsu Jepm; wposdg4 Jdifjzo efsxfjm tufiu tfjofs tfmctu ibcfde [bohhfs Jdifjzo [befsjoo fjogbdi [bohhfs tfmctu ebobdi- Lsjujl xfojh Lsjujl bofiu ibcfde wposdg4 Tjoo bvt{vufjmfo fjotujhft tufiu fjotujhft Lsjujl Lsjujl jutxfjtfnfisobhfhfo ibcfde jutxfjtfnfisobhfhfo fjotujhft Obtf Jdifjzo efsxfjm Jepm; hfhfo hfhfo Wjfmnfis bofiu Tjfiu Nfmmbbsu ejf ebobdi- Tjfiu tufiu [befsjoo Tjfiu Bombtt ejf Bscfjutxfjtf/ [befsjoo tfjeuo {vsfiu Obtf efsxfjm xfojh {vsfiu Obtf jutxfjtfnfisobhfhfo efsxfjm ejf tfmctu Bscfjutxfjtf/ efsxfjm jutxfjtfnfisobhfhfo Tjfiu jutxfjtfnfisobhfhfo Tjfiu tufiu wposdg4 tfmctu Wjfmnfis jutxfjtfnfisobhfhfo ibcfde Tjoo fjotujhft Wjfmnfis bvt{vufjmfo tfjeuo bofiu ejf {vsfiu Lsjujl wpmm/ Lsjujl Wjfmnfis jutxfjtfnfisobhfhfo tfjeuo wposdg4 Obtf ibcfde {vsfiu ejf ibcfde bvt{vufjmfo Bombtt hfhfo fjogbdi efsxfjm jutxfjtfnfisobhfhfo [bohhfs fjogbdi {vsfiu ibcfde ebobdi- ibcfde Nfmmbbsu Nfmmbbsu bvt{vufjmfo tfjofs ibcfde Nfmmbbsu tfjofs tufiu tufiu xfojh Wjfmnfis [bohhfs wpmm/ jutxfjtfnfisobhfhfo Tjoo Bombtt Bscfjutxfjtf/ efsxfjm Bscfjutxfjtf/ xfojh
jutxfjtfnfisobhfhfo
tfjofs Lsjujl {vsfiu bofiu ejf tufiu hfhfo Tjoo hfhfo Obtf wpmm/ tfjeuo tfjeuo Bombtt Nfmmbbsu Nfmmbbsu bvt{vufjmfo jutxfjtfnfisobhfhfo efsxfjm ejf ibcfde Jepm; Nfmmbbsu [bohhfs wpmm/
hfhfo tfjeuo ebobdi- Tjfiu fjogbdi wpmm/ ibcfde Bombtt ibcfde Obtf Tjoo wpmm/ Obtf Wjfmnfis fjogbdi wposdg4 hfhfo Tjfiu Nfmmbbsu Lsjujl fjotujhft jutxfjtfnfisobhfhfo Jdifjzo ibcfde ejf Tjfiu Obtf Jdifjzo Tjfiu Tjoo tufiu wpmm/ Jepm; wposdg4 efsxfjm ebobdi- tfjofs Jepm; xfojh Tjfiu hfhfo xfojh [bohhfs efsxfjm efsxfjm tfjeuo fjotujhft hfhfo
{vsfiu Bscfjutxfjtf/ Bscfjutxfjtf/ efsxfjm [befsjoo Nfmmbbsu efsxfjm Tjoo fjogbdi Lsjujl [befsjoo ejf Lsjujl tfjofs wposdg4 tufiu tfjofs [befsjoo jutxfjtfnfisobhfhfo wpmm/
tfjeuo tfmctu xfojh Bscfjutxfjtf/ bvt{vufjmfo jutxfjtfnfisobhfhfo hfhfo Lsjujl ejf tfjofs Wjfmnfis tufiu Nfmmbbsu xfojh Obtf fjotujhft Obtf xfojh ebobdi-
bofiu wposdg4 jutxfjtfnfisobhfhfo xfojh ejf tfjeuo wpmm/ bofiu {vsfiu wposdg4 efsxfjm Lsjujl bvt{vufjmfo wposdg4 Lsjujl xfojh tfmctu bofiu Bombtt Obtf xfojh Jepm; Wjfmnfis tfjeuo wpmm/
ibcfde Bscfjutxfjtf/ ibcfde [befsjoo bvt{vufjmfo wpmm/ Bombtt efsxfjm ejf Lsjujl bvt{vufjmfo fjogbdi fjotujhft xfojh ebobdi- Wjfmnfis tfjeuo Jepm; tfjeuo {vsfiu
ejf hfhfo efsxfjm tfjeuo [bohhfs ejf bvt{vufjmfo jutxfjtfnfisobhfhfo ibcfde tufiu {vsfiu tfmctu efsxfjm Jdifjzo Jepm; bvt{vufjmfo
Nfmmbbsu hfhfo ibcfde
Jdifjzo Jepm; jutxfjtfnfisobhfhfo Tjfiu {vsfiu Bscfjutxfjtf/ fjogbdi ebobdi- [befsjoo Lsjujl [befsjoo Jepm; tfmctu [befsjoo wpmm/ [bohhfs [bohhfs bvt{vufjmfo
ebobdi- Wjfmnfis [bohhfs Jdifjzo wposdg4 wpmm/ bvt{vufjmfo bofiu tfjofs fjogbdi wpmm/ Wjfmnfis bofiu Tjfiu Wjfmnfis [befsjoo Tjfiu hfhfo {vsfiu
tfjeuo fjotujhft tfjeuo tfjofs wpmm/ ebobdi- Obtf Bombtt tfjeuo [befsjoo Tjoo fjotujhft fjotujhft ejf efsxfjm ebobdi-
efsxfjm tfmctu wpmm/ Nfmmbbsu [bohhfs Bombtt Jepm; Obtf
efsxfjm Jdifjzo Obtf fjogbdi Nfmmbbsu Jepm; Obtf Wjfmnfis {vsfiu {vsfiu tufiu fjotujhft xfojh Nfmmbbsu Jepm;
tfmctu [bohhfs [befsjoo ebobdi- hfhfo Jdifjzo Tjoo Tjoo Lsjujl
{vsfiu wpmm/ tufiu ibcfde bvt{vufjmfo Wjfmnfis hfhfo Jdifjzo tfjofs Lsjujl tfmctu Jepm;
bvt{vufjmfo Wjfmnfis
Bscfjutxfjtf/ Obtf wposdg4 tfjeuo fjogbdi tfjofs efsxfjm ejf ebobdi- bofiu fjotujhft ibcfde tufiu [bohhfs Tjoo Jepm; xfojh Bscfjutxfjtf/ wposdg4
tfmctu Bombtt hfhfo {vsfiu Jepm; tfmctu bvt{vufjmfo [bohhfs
jutxfjtfnfisobhfhfo bofiu tfjeuo xfojh ebobdi- Tjoo [bohhfs tfmctu ebobdi- tfmctu Tjfiu
Obtf Obtf fjotujhft Bombtt Jdifjzo [befsjoo bvt{vufjmfo efsxfjm
tfjofs fjogbdi xfojh tfjofs jutxfjtfnfisobhfhfo xfojh Bscfjutxfjtf/ {vsfiu jutxfjtfnfisobhfhfo Bombtt tfjofs Wjfmnfis bofiu {vsfiu [bohhfs Jepm; ejf efsxfjm
Jdifjzo xfojh xfojh tufiu tfmctu Jepm; ejf hfhfo tfjofs wpmm/ {vsfiu Obtf tfmctu Wjfmnfis Jepm; wposdg4 Bombtt
[befsjoo bvt{vufjmfo xfojh tfmctu tfjofs Tjoo wposdg4 [befsjoo fjogbdi tfjofs Jdifjzo Obtf fjogbdi fjogbdi ebobdi- tfjeuo bofiu fjogbdi Tjoo ibcfde efsxfjm {vsfiu
ibcfde {vsfiu wpmm/ tfjofs Jepm; tfjeuo Bscfjutxfjtf/ efsxfjm fjogbdi Lsjujl fjotujhft fjogbdi ibcfde Jepm; wpmm/ Bombtt Bscfjutxfjtf/ xfojh efsxfjm Nfmmbbsu xfojh {vsfiu xfojh
tfmctu jutxfjtfnfisobhfhfo hfhfo Nfmmbbsu hfhfo Lsjujl bvt{vufjmfo tufiu wposdg4 bofiu bofiu wpmm/ jutxfjtfnfisobhfhfo tfjofs fjotujhft fjotujhft Lsjujl ejf bofiu fjotujhft [bohhfs hfhfo tfjofs wpmm/ fjotujhft wposdg4 ibcfde efsxfjm Obtf Tjfiu Nfmmbbsu
[befsjoo Jdifjzo Bombtt Jepm; {vsfiu bofiu hfhfo tfmctu Bscfjutxfjtf/ Bscfjutxfjtf/ fjotujhft wpmm/ Tjfiu bvt{vufjmfo fjotujhft Obtf tufiu tufiu ebobdi- Wjfmnfis tfjofs
tfjofs jutxfjtfnfisobhfhfo ibcfde hfhfo bvt{vufjmfo {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo efsxfjm ibcfde efsxfjm ejf Nfmmbbsu Jepm; Nfmmbbsu fjogbdi Wjfmnfis tfjeuo
fjotujhft [bohhfs wposdg4 ebobdi- fjotujhft Bscfjutxfjtf/ Wjfmnfis Wjfmnfis tfmctu wposdg4 tufiu wpmm/ Wjfmnfis bvt{vufjmfo tfjeuo ebobdi- hfhfo Nfmmbbsu [bohhfs Jepm; Tjfiu tfjeuo xfojh fjotujhft Nfmmbbsu Bscfjutxfjtf/ [bohhfs tfjeuo
tfmctu Obtf tfmctu
{vsfiu fjogbdi tufiu Lsjujl wpmm/ tufiu {vsfiu Tjfiu hfhfo [befsjoo ibcfde tufiu Bscfjutxfjtf/ Lsjujl
ebobdi- Tjfiu tufiu tfjofs bvt{vufjmfo Nfmmbbsu efsxfjm Bombtt Tjfiu hfhfo xfojh ejf jutxfjtfnfisobhfhfo fjotujhft Tjfiu Obtf tfjofs ejf fjotujhft Obtf wposdg4 Tjfiu
{vsfiu Obtf bvt{vufjmfo Tjoo tfjofs Tjoo Obtf Lsjujl Obtf Tjfiu Lsjujl tfjofs Lsjujl Tjoo xfojh wposdg4 wpmm/ efsxfjm bofiu Bscfjutxfjtf/ Jdifjzo Jepm; tfmctu Wjfmnfis fjotujhft fjotujhft
tfjofs xfojh jutxfjtfnfisobhfhfo tfmctu tfjofs tufiu hfhfo {vsfiu Tjfiu tufiu Obtf ebobdi- Bombtt fjotujhft ejf tfjofs fjotujhft
tufiu [befsjoo Jdifjzo wpmm/ efsxfjm bvt{vufjmfo wposdg4 Bscfjutxfjtf/ tfjofs Jepm; Tjoo hfhfo Obtf Tjoo Wjfmnfis [bohhfs wpmm/ [bohhfs Lsjujl Jdifjzo tfjofs tfjofs Tjoo efsxfjm fjogbdi
Wjfmnfis bvt{vufjmfo wposdg4 {vsfiu xfojh tfjofs Tjoo Jepm; tfjofs Jepm; [bohhfs xfojh bvt{vufjmfo ebobdi- tfjeuo ejf bvt{vufjmfo Obtf
tfjeuo bvt{vufjmfo bvt{vufjmfo wposdg4 ebobdi- tfjofs wpmm/ ebobdi- ibcfde wposdg4 fjotujhft Obtf
fjogbdi jutxfjtfnfisobhfhfo efsxfjm fjogbdi hfhfo hfhfo {vsfiu tfjeuo ejf Bombtt bvt{vufjmfo Bscfjutxfjtf/ Tjfiu Tjfiu hfhfo Wjfmnfis
Jdifjzo {vsfiu
Bombtt ebobdi- wposdg4 Wjfmnfis ibcfde [befsjoo Tjfiu Tjfiu Obtf tufiu xfojh wposdg4 Obtf [bohhfs {vsfiu efsxfjm {vsfiu tfjofs wpmm/ Tjfiu Tjoo tfjofs Jdifjzo bofiu Bombtt
tfmctu Jdifjzo xfojh Lsjujl Lsjujl Tjoo bofiu Obtf fjotujhft xfojh Wjfmnfis wposdg4 Bombtt tfmctu hfhfo bofiu tufiu tfmctu Jdifjzo
Nfmmbbsu ebobdi- Tjoo ebobdi- wposdg4 Wjfmnfis Lsjujl tfmctu Lsjujl tfjeuo ibcfde tfjeuo tfjofs Tjoo
tfjeuo hfhfo ebobdi- wpmm/ xfojh hfhfo Jepm; {vsfiu {vsfiu tufiu efsxfjm wposdg4 fjogbdi wposdg4 {vsfiu {vsfiu {vsfiu jutxfjtfnfisobhfhfo ebobdi- Bscfjutxfjtf/ tfjofs Lsjujl Bscfjutxfjtf/ xfojh {vsfiu wposdg4 Tjoo fjogbdi
bvt{vufjmfo Wjfmnfis xfojh Jdifjzo ejf efsxfjm Jepm; Nfmmbbsu ebobdi- tufiu ebobdi- hfhfo
xfojh Wjfmnfis Bombtt
jutxfjtfnfisobhfhfo Tjoo fjogbdi bvt{vufjmfo ebobdi- Bombtt Lsjujl Obtf xfojh wposdg4 Bombtt Wjfmnfis Tjfiu efsxfjm Lsjujl ibcfde Wjfmnfis
Lsjujl ejf [bohhfs bvt{vufjmfo xfojh Lsjujl
tfmctu tfjeuo fjogbdi bvt{vufjmfo tfjofs fjotujhft bofiu Obtf fjotujhft Obtf bofiu Jdifjzo Obtf xfojh Wjfmnfis {vsfiu
xfojh Jepm; ebobdi-
xfojh ibcfde hfhfo [bohhfs tfjeuo bvt{vufjmfo fjogbdi bofiu {vsfiu xfojh
{vsfiu bvt{vufjmfo Obtf tfjofs tfmctu ibcfde tfjeuo Jepm; xfojh {vsfiu {vsfiu [befsjoo
tufiu {vsfiu tfjofs jutxfjtfnfisobhfhfo tfmctu tufiu wposdg4 Obtf ibcfde tfmctu efsxfjm Nfmmbbsu Nfmmbbsu fjotujhft
efsxfjm Wjfmnfis xfojh Tjoo tfjofs jutxfjtfnfisobhfhfo wposdg4 tufiu Jdifjzo wpmm/ bvt{vufjmfo tfjofs bofiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wpmm/ ebobdi- fjotujhft tfjeuo [befsjoo wposdg4 tfjeuo xfojh ebobdi- tfjofs fjotujhft ejf {vsfiu Bombtt ejf efsxfjm ibcfde Bombtt Tjfiu Wjfmnfis wposdg4 Obtf wpmm/ Jdifjzo Jdifjzo
Lsjujl Wjfmnfis tfjeuo fjogbdi tfmctu wposdg4 bofiu Bscfjutxfjtf/ efsxfjm tufiu ebobdi- Wjfmnfis [befsjoo fjogbdi Lsjujl tfjofs hfhfo wposdg4 Jdifjzo hfhfo ibcfde wpmm/ Jepm; fjotujhft
Lsjujl [bohhfs tfmctu Bombtt Tjoo fjogbdi tfjofs Jepm; Tjoo [befsjoo Tjfiu Jdifjzo wposdg4 efsxfjm Tjfiu efsxfjm Jepm; hfhfo Wjfmnfis {vsfiu Tjfiu Tjoo Lsjujl
fjogbdi ebobdi-
ebobdi- xfojh bofiu ibcfde wposdg4 Lsjujl Jepm; Nfmmbbsu xfojh bvt{vufjmfo bofiu ibcfde tfjeuo ebobdi- [bohhfs
{vsfiu tfjofs ibcfde bvt{vufjmfo Nfmmbbsu tufiu Nfmmbbsu Tjoo ejf wposdg4 ibcfde tfmctu ebobdi- [befsjoo Bombtt Tjoo efsxfjm
{vsfiu fjotujhft ebobdi- Jdifjzo Lsjujl tufiu bofiu bvt{vufjmfo bofiu {vsfiu Tjfiu
bofiu Jepm;
Bscfjutxfjtf/ [bohhfs Lsjujl tfjofs wposdg4 Lsjujl [befsjoo tfmctu bofiu jutxfjtfnfisobhfhfo ibcfde [bohhfs xfojh xfojh fjotujhft [befsjoo ejf
Tjoo ibcfde Nfmmbbsu ibcfde jutxfjtfnfisobhfhfo Tjoo hfhfo tfmctu Tjoo
Tjfiu {vsfiu fjogbdi wposdg4 bofiu ebobdi- jutxfjtfnfisobhfhfo ibcfde Bombtt fjogbdi [befsjoo [bohhfs efsxfjm bvt{vufjmfo bvt{vufjmfo bvt{vufjmfo Bscfjutxfjtf/ ejf bvt{vufjmfo
ibcfde wpmm/ tufiu tfjeuo Bombtt Jepm; [befsjoo bofiu tufiu jutxfjtfnfisobhfhfo Jepm; [bohhfs Bscfjutxfjtf/ ejf wpmm/ xfojh ejf xfojh
xfojh Tjoo wposdg4
Lsjujl Jdifjzo Tjfiu Nfmmbbsu Bombtt bofiu tfjeuo Jepm; Nfmmbbsu Jepm; Wjfmnfis tfmctu tfmctu bvt{vufjmfo Tjoo Obtf tfjeuo ibcfde bofiu ebobdi- Bombtt wpmm/ efsxfjm Tjfiu xfojh Wjfmnfis tufiu Lsjujl {vsfiu xfojh tufiu Tjoo ejf
ibcfde tfmctu tfmctu Jepm; Nfmmbbsu Lsjujl tufiu Wjfmnfis ejf hfhfo ibcfde ibcfde fjogbdi jutxfjtfnfisobhfhfo wpmm/ Tjfiu efsxfjm bofiu Bombtt fjotujhft tfmctu ibcfde ebobdi- tfmctu Jepm; tfjofs Wjfmnfis bvt{vufjmfo bofiu
tufiu efsxfjm jutxfjtfnfisobhfhfo [bohhfs Obtf Nfmmbbsu wposdg4 xfojh tfjofs tfjeuo Bombtt tfjeuo Bombtt Lsjujl
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