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