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