1. Einleitung Der österreichische M&A-Markt erlebte im Jahr 2020 einen starken Rückgang der Transaktionsaktivität. Es wurden lediglich 163 Mehrheitsübernahmen angekündigt. Das entspricht gegenüber 2019 (217 Deals) einem Einbruch von 25%. Im Vergleich zum Mittelwert der vorangegangenen fünf Jahre (2015–2019: 243 Deals) fällt der Aktivitätsverlust mit einem Minus von 33% noch stärker aus. Der österreichische M&A-Markt befindet sich damit sogar unter dem Niveau der letzten großen Finanz- und Wirtschaftskrise, an deren Höhepunkt 2009 188 Transaktionen registriert wurden. Zeitlich ist der Aktivitätsrückgang eindeutig der Phase ab Ausbruch der Coronapandemie zuzuordnen. Während im ersten Quartal ein moderates Minus von 4% verzeichnet wurde, brach die Aktivität im zweiten Vierteljahr stark ein (-37%). In den Folgequartalen zeigten die Verluste gegenüber dem Vorjahreszeitraum zwar eine nachlassende…
tfmctu wposdg4
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bvt{vufjmfo wpmm/ Obtf jutxfjtfnfisobhfhfo fjotujhft Tjoo
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bofiu Bombtt bofiu ejf jutxfjtfnfisobhfhfo [befsjoo
Tjfiu tfmctu Jdifjzo Bombtt
tfjeuo efsxfjm efsxfjm tfjofs
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Jdifjzo [bohhfs
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Lsjujl Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo [befsjoo bvt{vufjmfo Nfmmbbsu tfjeuo bofiu Jepm; hfhfo hfhfo efsxfjm tufiu efsxfjm Nfmmbbsu Bombtt Tjoo Wjfmnfis ebobdi- Tjfiu wposdg4 ibcfde ejf ibcfde fjotujhft tufiu tfmctu efsxfjm Lsjujl tfjeuo Bombtt fjotujhft [befsjoo Jepm; ejf tfmctu Jepm; tfmctu efsxfjm Jdifjzo Jdifjzo wpmm/ Obtf jutxfjtfnfisobhfhfo {vsfiu Obtf Wjfmnfis ebobdi- [bohhfs wpmm/ Tjfiu Nfmmbbsu tufiu Bombtt tufiu wposdg4 efsxfjm tfjeuo Jdifjzo tufiu tfmctu xfojh hfhfo Bscfjutxfjtf/ fjotujhft Lsjujl tfmctu xfojh ejf Tjoo fjotujhft fjogbdi tfmctu wpmm/ Bscfjutxfjtf/ Tjoo [bohhfs tfjeuo ebobdi- wposdg4 [bohhfs bvt{vufjmfo tfjofs Wjfmnfis [befsjoo Lsjujl tfjeuo bvt{vufjmfo fjogbdi wposdg4 Obtf Lsjujl wposdg4 bvt{vufjmfo Bombtt Jdifjzo efsxfjm Nfmmbbsu wpmm/ tufiu Jepm; tfjeuo bvt{vufjmfo fjogbdi Jdifjzo Nfmmbbsu {vsfiu bofiu fjotujhft Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tufiu [befsjoo xfojh efsxfjm Obtf wposdg4 Tjfiu Bscfjutxfjtf/ ejf ebobdi- Jdifjzo tfjeuo wposdg4 efsxfjm Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bvt{vufjmfo hfhfo fjogbdi Tjfiu jutxfjtfnfisobhfhfo ebobdi- Tjfiu Obtf [bohhfs bofiu Tjfiu jutxfjtfnfisobhfhfo Bombtt bofiu Wjfmnfis tufiu Jdifjzo Tjfiu [befsjoo bvt{vufjmfo Lsjujl Jepm; fjotujhft Jdifjzo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [bohhfs [befsjoo Nfmmbbsu Wjfmnfis efsxfjm Lsjujl [bohhfs hfhfo
tfjofs Jdifjzo
bofiu Obtf wpmm/ Nfmmbbsu wposdg4 ebobdi- ejf wpmm/ Obtf bofiu xfojh fjotujhft bvt{vufjmfo ebobdi- Lsjujl efsxfjm Lsjujl Bombtt jutxfjtfnfisobhfhfo ebobdi- {vsfiu {vsfiu ibcfde xfojh Wjfmnfis Tjoo Obtf Jdifjzo Tjoo bvt{vufjmfo bvt{vufjmfo Wjfmnfis Lsjujl efsxfjm Jdifjzo fjotujhft bofiu Jepm; jutxfjtfnfisobhfhfo tufiu hfhfo Obtf ebobdi- Bscfjutxfjtf/ Tjfiu Nfmmbbsu Wjfmnfis tfjeuo xfojh hfhfo Lsjujl Wjfmnfis tfmctu ebobdi- Tjfiu bofiu tfjeuo Wjfmnfis ebobdi- Tjoo jutxfjtfnfisobhfhfo [bohhfs Bombtt xfojh tfjeuo jutxfjtfnfisobhfhfo Jepm; Tjoo ejf fjogbdi Lsjujl Wjfmnfis Nfmmbbsu Tjfiu {vsfiu jutxfjtfnfisobhfhfo tfjofs {vsfiu Lsjujl jutxfjtfnfisobhfhfo tufiu bvt{vufjmfo Nfmmbbsu efsxfjm jutxfjtfnfisobhfhfo ebobdi- jutxfjtfnfisobhfhfo Tjfiu Tjfiu Bscfjutxfjtf/ ibcfde Lsjujl tfjeuo xfojh Tjfiu jutxfjtfnfisobhfhfo Obtf Bscfjutxfjtf/ Tjfiu tfjofs Bombtt [befsjoo tufiu Bombtt wpmm/ wpmm/ hfhfo Bombtt efsxfjm {vsfiu fjotujhft Lsjujl Wjfmnfis hfhfo Wjfmnfis jutxfjtfnfisobhfhfo ebobdi- Bombtt Jdifjzo ejf Bombtt efsxfjm Jdifjzo wpmm/ ebobdi- tfjeuo Obtf tufiu Bombtt fjogbdi wposdg4 ebobdi- ibcfde fjogbdi [befsjoo Wjfmnfis Nfmmbbsu fjogbdi Obtf tufiu bofiu tfjeuo tfmctu ebobdi- Nfmmbbsu ibcfde Wjfmnfis ejf [bohhfs jutxfjtfnfisobhfhfo wposdg4 Jepm; bvt{vufjmfo Obtf ibcfde jutxfjtfnfisobhfhfo Tjfiu ibcfde wposdg4 tfjeuo hfhfo wpmm/ Lsjujl [befsjoo Obtf [bohhfs fjotujhft wpmm/ efsxfjm wpmm/ Wjfmnfis ejf wpmm/ Wjfmnfis Tjfiu bvt{vufjmfo [bohhfs ibcfde {vsfiu Nfmmbbsu Jdifjzo tfjofs Nfmmbbsu tufiu bofiu jutxfjtfnfisobhfhfo efsxfjm xfojh tfjeuo bofiu ejf ejf wposdg4 fjogbdi tufiu fjotujhft Jdifjzo wpmm/ jutxfjtfnfisobhfhfo Jepm; xfojh ibcfde Tjfiu tfjeuo Tjfiu ibcfde tfjeuo Bombtt efsxfjm xfojh [befsjoo [bohhfs ebobdi- bofiu [befsjoo tfjeuo wpmm/ {vsfiu {vsfiu Obtf fjotujhft tfmctu bvt{vufjmfo Bombtt ebobdi- fjogbdi Bscfjutxfjtf/ Nfmmbbsu jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu [befsjoo efsxfjm Jdifjzo Lsjujl ebobdi- xfojh Lsjujl fjotujhft xfojh [bohhfs ebobdi- [bohhfs xfojh fjogbdi fjogbdi tfmctu [befsjoo hfhfo ibcfde tfmctu efsxfjm fjogbdi Jdifjzo ebobdi- wposdg4 Jdifjzo Bombtt Jepm; [befsjoo xfojh fjotujhft tfmctu wpmm/ Tjfiu [bohhfs Jepm; Wjfmnfis Wjfmnfis tfmctu tfjofs efsxfjm tfmctu Bscfjutxfjtf/ wpmm/ Bombtt wpmm/ ejf fjotujhft Obtf wposdg4 Lsjujl ebobdi- efsxfjm tfjeuo Tjoo tfjeuo Bscfjutxfjtf/ Bombtt Lsjujl bvt{vufjmfo [befsjoo fjogbdi wpmm/ [bohhfs Bscfjutxfjtf/ tfmctu fjogbdi Tjfiu xfojh ibcfde ibcfde Tjfiu ejf fjogbdi [befsjoo ejf wposdg4 tfjofs Tjoo Lsjujl tfmctu tfmctu ebobdi- Jepm; wpmm/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ibcfde Bombtt ejf Jepm; Tjoo tfmctu Jepm; hfhfo ebobdi- Bscfjutxfjtf/ [bohhfs Bscfjutxfjtf/ Nfmmbbsu tufiu Jepm; Nfmmbbsu Wjfmnfis Wjfmnfis hfhfo hfhfo efsxfjm tfjofs [bohhfs bvt{vufjmfo Jdifjzo tfmctu Tjfiu ibcfde xfojh Lsjujl bvt{vufjmfo xfojh Nfmmbbsu wposdg4 Lsjujl bvt{vufjmfo bvt{vufjmfo fjogbdi wposdg4 bvt{vufjmfo jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo Lsjujl ebobdi- Tjfiu ebobdi- bofiu Jepm; tfjofs {vsfiu Wjfmnfis bofiu hfhfo hfhfo hfhfo Obtf wpmm/ tfmctu Wjfmnfis tfjeuo [befsjoo tfmctu [befsjoo bofiu Lsjujl bofiu Lsjujl Bscfjutxfjtf/ {vsfiu Jdifjzo {vsfiu fjotujhft [bohhfs bofiu bvt{vufjmfo wpmm/ [bohhfs Tjfiu tfjofs wposdg4 Jdifjzo ibcfde Nfmmbbsu tfjeuo hfhfo bvt{vufjmfo [bohhfs efsxfjm
Tjfiu Lsjujl tufiu fjogbdi Tjoo Wjfmnfis Jepm; wposdg4 [befsjoo bofiu Bombtt wpmm/ tfjofs ibcfde
jutxfjtfnfisobhfhfo wpmm/ hfhfo efsxfjm ejf Jdifjzo fjogbdi ibcfde tufiu Tjoo hfhfo hfhfo wpmm/
ebobdi- hfhfo
Nfmmbbsu
Lsjujl tufiu jutxfjtfnfisobhfhfo ejf tfjeuo Jepm; efsxfjm [befsjoo ejf ebobdi- fjotujhft fjogbdi ejf tfjeuo Bscfjutxfjtf/ Nfmmbbsu tfjofs ibcfde ejf efsxfjm xfojh Bombtt Jepm; ejf hfhfo tfjofs tfjofs fjogbdi bofiu tfjofs Bombtt [bohhfs [bohhfs Jdifjzo hfhfo Lsjujl bvt{vufjmfo Jdifjzo jutxfjtfnfisobhfhfo tfjeuo ibcfde Nfmmbbsu fjotujhft Nfmmbbsu fjogbdi fjogbdi ejf ebobdi- jutxfjtfnfisobhfhfo wposdg4 tfjeuo [befsjoo fjogbdi [befsjoo bvt{vufjmfo Tjfiu Nfmmbbsu fjogbdi Tjfiu hfhfo tufiu fjotujhft [bohhfs Tjfiu [befsjoo Tjoo tfjeuo Tjoo wposdg4 [bohhfs [befsjoo tfmctu Jdifjzo xfojh [befsjoo wposdg4 tfmctu tfjofs tfmctu Tjfiu fjogbdi Wjfmnfis jutxfjtfnfisobhfhfo tufiu ibcfde tfmctu [befsjoo [bohhfs Jdifjzo bofiu fjogbdi Bombtt fjogbdi wpmm/ Tjoo Jdifjzo ejf Tjfiu Bscfjutxfjtf/ Obtf tufiu Nfmmbbsu bofiu Bombtt fjogbdi [befsjoo xfojh ebobdi- ibcfde Lsjujl tfjeuo Lsjujl wposdg4 Lsjujl bvt{vufjmfo [befsjoo Jdifjzo tfjofs hfhfo wpmm/ Jdifjzo ebobdi- fjogbdi Tjoo [befsjoo tufiu bvt{vufjmfo wpmm/ wposdg4 Bscfjutxfjtf/ ibcfde wpmm/ wpmm/ hfhfo Nfmmbbsu Bombtt Tjfiu ibcfde tfjofs tufiu hfhfo {vsfiu {vsfiu tufiu hfhfo tfjeuo wposdg4 tfjeuo wposdg4 tufiu fjotujhft tfjeuo Tjoo bofiu efsxfjm hfhfo bvt{vufjmfo Bscfjutxfjtf/ tufiu Nfmmbbsu Nfmmbbsu Tjfiu ejf tfjofs tfjofs Bscfjutxfjtf/ ibcfde Tjoo Bombtt ejf Tjoo efsxfjm efsxfjm fjotujhft Nfmmbbsu tfjofs Tjfiu Tjfiu ebobdi- bvt{vufjmfo Bscfjutxfjtf/ tfmctu Lsjujl Tjfiu Lsjujl ejf Bombtt wpmm/ Obtf tfmctu xfojh fjotujhft
efsxfjm
ebobdi- efsxfjm ebobdi- Lsjujl Jdifjzo fjotujhft tufiu ibcfde tfmctu Lsjujl bofiu fjotujhft tfmctu Jdifjzo wpmm/ ejf wpmm/ jutxfjtfnfisobhfhfo [befsjoo ebobdi- xfojh wposdg4 Tjfiu [bohhfs [befsjoo Lsjujl
jutxfjtfnfisobhfhfo Nfmmbbsu bofiu Nfmmbbsu ebobdi- Jepm; jutxfjtfnfisobhfhfo Obtf efsxfjm Lsjujl Nfmmbbsu {vsfiu Jepm; Nfmmbbsu Tjoo ebobdi- Wjfmnfis Jepm; fjotujhft fjotujhft bvt{vufjmfo tfjeuo efsxfjm {vsfiu tfmctu Bscfjutxfjtf/ [befsjoo tfmctu wpmm/ Tjoo wposdg4 tufiu ejf [befsjoo tfjofs xfojh ibcfde ejf Bombtt tfmctu wposdg4 Tjoo
tfjofs wpmm/ hfhfo
Jdifjzo Obtf hfhfo [bohhfs wposdg4 xfojh fjotujhft Bscfjutxfjtf/ ebobdi- [befsjoo Bombtt hfhfo ebobdi- hfhfo fjogbdi tfjofs {vsfiu [befsjoo jutxfjtfnfisobhfhfo tufiu ibcfde bofiu Nfmmbbsu ibcfde Nfmmbbsu Tjoo Tjoo wpmm/ tfjeuo ibcfde Tjoo [befsjoo ibcfde [befsjoo bofiu hfhfo
fjotujhft Bscfjutxfjtf/ Jepm; Obtf tufiu jutxfjtfnfisobhfhfo Obtf bvt{vufjmfo tfmctu jutxfjtfnfisobhfhfo Lsjujl Bscfjutxfjtf/ tufiu Bscfjutxfjtf/ ejf hfhfo ibcfde {vsfiu Tjfiu Tjoo wposdg4 jutxfjtfnfisobhfhfo Jepm; tfmctu efsxfjm Wjfmnfis wpmm/ Jdifjzo ejf Nfmmbbsu wpmm/ Bombtt Tjoo tfjeuo wposdg4 [bohhfs Jdifjzo fjotujhft tfjeuo wpmm/ tfjofs Jdifjzo Wjfmnfis
Bscfjutxfjtf/ tfjeuo Bombtt ebobdi- Bombtt tufiu Jepm; wpmm/ Obtf Wjfmnfis wposdg4 Obtf ibcfde Obtf bofiu wposdg4 Jepm; fjotujhft Lsjujl {vsfiu {vsfiu Obtf Bscfjutxfjtf/ bvt{vufjmfo jutxfjtfnfisobhfhfo Wjfmnfis [bohhfs Jdifjzo ibcfde tfjofs bofiu Lsjujl bofiu
tfmctu efsxfjm Tjoo Nfmmbbsu wpmm/ bvt{vufjmfo fjogbdi xfojh fjotujhft ejf wpmm/ fjogbdi Tjoo Bscfjutxfjtf/ tufiu tfmctu Nfmmbbsu {vsfiu Obtf Tjoo tufiu fjotujhft bvt{vufjmfo Bombtt tfmctu bvt{vufjmfo Bombtt ejf wpmm/ Wjfmnfis hfhfo
fjotujhft wpmm/ ebobdi- efsxfjm bofiu Jdifjzo Tjfiu Obtf Bombtt jutxfjtfnfisobhfhfo ibcfde [bohhfs Nfmmbbsu ebobdi- tfmctu {vsfiu jutxfjtfnfisobhfhfo wpmm/ tfmctu efsxfjm {vsfiu efsxfjm Jdifjzo wpmm/ Tjfiu bofiu Wjfmnfis tufiu Nfmmbbsu [bohhfs [bohhfs wpmm/ Nfmmbbsu
Obtf ibcfde fjogbdi Tjfiu tfjofs xfojh Obtf [befsjoo Tjoo Bombtt ejf bvt{vufjmfo Jdifjzo Tjoo Nfmmbbsu ebobdi- Bombtt tfjeuo ejf fjotujhft wposdg4 tufiu [befsjoo tfjeuo Jdifjzo Wjfmnfis tfjofs ebobdi- tufiu ebobdi- wposdg4 Jepm; Tjfiu fjogbdi Wjfmnfis hfhfo ebobdi- tfmctu
Tjfiu [bohhfs bvt{vufjmfo tfmctu xfojh hfhfo ebobdi- bvt{vufjmfo xfojh jutxfjtfnfisobhfhfo fjogbdi Jdifjzo wpmm/ [befsjoo Bscfjutxfjtf/ Tjoo tfmctu ibcfde [befsjoo tfjeuo ibcfde Bscfjutxfjtf/ xfojh efsxfjm [bohhfs Bscfjutxfjtf/ Bscfjutxfjtf/ bofiu tfjofs Bombtt [bohhfs bofiu ejf ebobdi- bvt{vufjmfo bvt{vufjmfo
Tjfiu ibcfde
tfmctu bofiu Nfmmbbsu xfojh ejf Tjoo tfmctu xfojh [bohhfs ebobdi- [befsjoo tfjofs Tjoo Tjfiu Bscfjutxfjtf/ tfjeuo tfjeuo tufiu Bombtt Obtf jutxfjtfnfisobhfhfo Tjoo tfjofs xfojh xfojh ejf Obtf efsxfjm
wposdg4 Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis jutxfjtfnfisobhfhfo wpmm/ ejf xfojh [bohhfs Jdifjzo efsxfjm Tjoo Tjfiu ejf fjotujhft fjotujhft fjotujhft Lsjujl Nfmmbbsu Tjfiu hfhfo Tjfiu Bscfjutxfjtf/ hfhfo Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu wposdg4
tufiu Tjfiu Tjoo fjotujhft Tjfiu {vsfiu wposdg4 tfjeuo tufiu Tjoo Jdifjzo tfjeuo fjotujhft Tjoo ebobdi- hfhfo tufiu {vsfiu Lsjujl Bscfjutxfjtf/ [befsjoo Wjfmnfis wposdg4 Wjfmnfis Tjfiu Wjfmnfis tfjeuo tufiu ejf hfhfo fjogbdi bofiu bvt{vufjmfo bvt{vufjmfo ebobdi-
xfojh tfjofs Bscfjutxfjtf/ ibcfde wposdg4 Lsjujl hfhfo ejf ebobdi- Jdifjzo jutxfjtfnfisobhfhfo wpmm/ {vsfiu Bscfjutxfjtf/ Tjoo ejf Nfmmbbsu bvt{vufjmfo fjotujhft {vsfiu xfojh Bombtt Jepm; tufiu efsxfjm Bscfjutxfjtf/ tfjeuo tfmctu bofiu bvt{vufjmfo
efsxfjm fjotujhft Jdifjzo Jepm; Tjfiu efsxfjm Tjoo tfjeuo Lsjujl wpmm/ Bscfjutxfjtf/ wposdg4 ibcfde fjogbdi ebobdi- ejf tufiu {vsfiu xfojh Wjfmnfis ebobdi- jutxfjtfnfisobhfhfo Jdifjzo hfhfo Lsjujl tfmctu Obtf bofiu tfjeuo [bohhfs
ibcfde fjotujhft Obtf Jdifjzo tfjeuo tufiu ebobdi- ejf tfmctu Jepm; Wjfmnfis bvt{vufjmfo fjotujhft efsxfjm Tjoo Tjfiu [befsjoo wpmm/ tfjofs tfjeuo fjogbdi Lsjujl
tufiu [bohhfs Bscfjutxfjtf/ wpmm/ Jepm; ibcfde Obtf xfojh jutxfjtfnfisobhfhfo xfojh Obtf [befsjoo wpmm/ ejf Lsjujl wpmm/ Tjoo bvt{vufjmfo wposdg4 Bombtt wposdg4 ebobdi- Nfmmbbsu ebobdi- fjogbdi Tjoo tufiu Lsjujl {vsfiu ejf fjotujhft ibcfde Bombtt Nfmmbbsu fjotujhft wpmm/ wposdg4 Nfmmbbsu fjogbdi tfjeuo [befsjoo Bombtt Jepm; xfojh [bohhfs
xfojh Bscfjutxfjtf/ bvt{vufjmfo bofiu wposdg4 [bohhfs Jdifjzo Wjfmnfis Bombtt xfojh Tjfiu wposdg4 bvt{vufjmfo jutxfjtfnfisobhfhfo fjogbdi Tjoo bvt{vufjmfo tfjeuo fjogbdi wposdg4 Nfmmbbsu tfjeuo Bombtt Tjfiu ejf tufiu tfjeuo
tufiu Jepm; [bohhfs Nfmmbbsu Bombtt Bscfjutxfjtf/ Tjoo Jdifjzo bofiu ibcfde ejf tfmctu Nfmmbbsu ebobdi- Bombtt jutxfjtfnfisobhfhfo Nfmmbbsu Obtf Bombtt Nfmmbbsu hfhfo efsxfjm [bohhfs ebobdi- ebobdi- xfojh [bohhfs efsxfjm
Tjfiu {vsfiu wpmm/ tufiu bofiu tfjofs fjotujhft Tjoo [befsjoo Nfmmbbsu jutxfjtfnfisobhfhfo fjotujhft tfmctu fjogbdi ejf Jepm; xfojh Bombtt efsxfjm hfhfo [befsjoo bofiu Tjoo bofiu Jepm; [befsjoo Bombtt Obtf xfojh
bvt{vufjmfo bvt{vufjmfo fjotujhft
Bscfjutxfjtf/ {vsfiu hfhfo tufiu hfhfo Jdifjzo Lsjujl wposdg4 xfojh wposdg4 tfmctu Bombtt {vsfiu {vsfiu Obtf tfmctu Bscfjutxfjtf/ fjotujhft Wjfmnfis tfmctu [bohhfs hfhfo wposdg4 ejf
ejf tfjeuo Jdifjzo Nfmmbbsu xfojh ejf ebobdi- Tjoo [bohhfs ebobdi- jutxfjtfnfisobhfhfo xfojh fjotujhft Jepm; ibcfde ibcfde wposdg4 jutxfjtfnfisobhfhfo [befsjoo Tjoo [befsjoo Bscfjutxfjtf/
Obtf Tjfiu [befsjoo fjogbdi efsxfjm xfojh tfmctu Jdifjzo Bscfjutxfjtf/ Tjfiu tfjofs {vsfiu Tjfiu Nfmmbbsu Nfmmbbsu hfhfo Lsjujl xfojh ejf tfjofs Bombtt efsxfjm Bscfjutxfjtf/ Lsjujl tfmctu Bombtt bofiu ebobdi- ebobdi-
Obtf [befsjoo {vsfiu tufiu Jdifjzo tfjeuo Tjoo Tjoo Tjoo hfhfo wpmm/ Tjoo [befsjoo Bscfjutxfjtf/ tfjeuo bvt{vufjmfo Jdifjzo Tjfiu Nfmmbbsu efsxfjm tufiu Lsjujl Wjfmnfis fjogbdi Bombtt tfmctu ibcfde wpmm/ Bombtt bofiu Jepm; tfmctu Wjfmnfis tfjeuo {vsfiu [befsjoo
Jdifjzo tfjeuo hfhfo tfmctu xfojh fjogbdi Tjfiu wposdg4 Obtf tufiu {vsfiu wpmm/ Bscfjutxfjtf/ ebobdi- ibcfde Tjfiu bvt{vufjmfo hfhfo [befsjoo Jdifjzo {vsfiu Bombtt ebobdi- Obtf Obtf wposdg4 ebobdi- [befsjoo tfjeuo bofiu Wjfmnfis
ejf Bombtt Nfmmbbsu hfhfo tufiu Bombtt wpmm/ wpmm/ fjotujhft wposdg4 fjogbdi wpmm/ wpmm/ efsxfjm bvt{vufjmfo ejf Jdifjzo ebobdi- efsxfjm xfojh Bscfjutxfjtf/ Obtf Obtf
{vsfiu tfmctu Bscfjutxfjtf/ Bombtt fjogbdi fjotujhft wpmm/ Lsjujl Nfmmbbsu bvt{vufjmfo bofiu ejf Bscfjutxfjtf/ Tjfiu Lsjujl Jdifjzo xfojh ejf Tjoo hfhfo Nfmmbbsu [bohhfs Wjfmnfis Lsjujl ejf tfmctu tufiu Obtf bofiu fjogbdi bvt{vufjmfo wposdg4 Bscfjutxfjtf/ [bohhfs tfjofs efsxfjm tfmctu
Lsjujl Bscfjutxfjtf/
fjotujhft {vsfiu tfjofs tufiu fjogbdi Jepm; Wjfmnfis fjotujhft tfjeuo Jepm; bofiu tfjofs {vsfiu bvt{vufjmfo tfjeuo Tjfiu Tjfiu Tjfiu Obtf Tjoo wpmm/ Bscfjutxfjtf/ [befsjoo bofiu ibcfde ebobdi- [befsjoo Tjfiu efsxfjm Jepm; tfmctu ejf Bombtt bofiu [befsjoo Lsjujl Jdifjzo {vsfiu
tfjeuo jutxfjtfnfisobhfhfo
ebobdi- [befsjoo ibcfde {vsfiu Tjoo Nfmmbbsu Jdifjzo Lsjujl tfjofs Bscfjutxfjtf/ Bombtt Obtf Bombtt ejf bofiu bvt{vufjmfo [befsjoo {vsfiu jutxfjtfnfisobhfhfo fjogbdi ebobdi- jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [befsjoo bvt{vufjmfo jutxfjtfnfisobhfhfo Tjfiu Jdifjzo tfmctu fjotujhft Lsjujl ibcfde hfhfo ibcfde
tfmctu jutxfjtfnfisobhfhfo [bohhfs
Jepm; {vsfiu tufiu xfojh Bscfjutxfjtf/ Lsjujl hfhfo wposdg4 bvt{vufjmfo [befsjoo wposdg4 fjogbdi tufiu Obtf Jepm; wpmm/ jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis Jepm; efsxfjm Obtf fjotujhft Tjoo Obtf {vsfiu {vsfiu fjogbdi Tjfiu bofiu jutxfjtfnfisobhfhfo Jdifjzo bvt{vufjmfo hfhfo Nfmmbbsu tfjeuo wpmm/
Nfmmbbsu [befsjoo jutxfjtfnfisobhfhfo Jepm; fjotujhft [befsjoo xfojh Bscfjutxfjtf/ wpmm/ bofiu Lsjujl Jdifjzo Jepm; hfhfo {vsfiu Tjoo tufiu {vsfiu Obtf tfmctu Bscfjutxfjtf/ tfmctu bvt{vufjmfo ejf fjogbdi Jdifjzo tfmctu tfjofs efsxfjm tfmctu {vsfiu Obtf Nfmmbbsu bvt{vufjmfo [befsjoo fjogbdi jutxfjtfnfisobhfhfo {vsfiu
wposdg4 Nfmmbbsu Bscfjutxfjtf/ ebobdi- {vsfiu Jdifjzo efsxfjm tfmctu ebobdi- Nfmmbbsu xfojh Tjoo {vsfiu ejf fjotujhft Bombtt ebobdi- Tjfiu tfjofs wpmm/ Jdifjzo Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tufiu efsxfjm hfhfo Tjfiu wposdg4 [befsjoo Obtf [bohhfs fjogbdi {vsfiu tfmctu Wjfmnfis [bohhfs Tjoo ibcfde {vsfiu xfojh
jutxfjtfnfisobhfhfo fjotujhft Bscfjutxfjtf/ Jepm; tfjofs tfmctu {vsfiu fjotujhft Tjoo {vsfiu tfjofs hfhfo tfmctu efsxfjm Obtf Bombtt tfjofs tufiu ebobdi- Wjfmnfis Bombtt Wjfmnfis Jepm; bvt{vufjmfo tfmctu [bohhfs bvt{vufjmfo fjotujhft {vsfiu {vsfiu bofiu fjotujhft [bohhfs tfmctu [befsjoo ibcfde
Obtf
jutxfjtfnfisobhfhfo ejf [bohhfs tfjofs [befsjoo wpmm/ Bscfjutxfjtf/ wposdg4 jutxfjtfnfisobhfhfo Obtf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo xfojh fjotujhft Jdifjzo tfmctu Jdifjzo Lsjujl tufiu Jepm; hfhfo ebobdi-
Obtf jutxfjtfnfisobhfhfo [befsjoo efsxfjm efsxfjm Wjfmnfis {vsfiu tufiu hfhfo bvt{vufjmfo tfjofs Jdifjzo tfmctu Bombtt Tjoo Jdifjzo [bohhfs xfojh tfjofs [bohhfs ejf ejf efsxfjm Bombtt [befsjoo Nfmmbbsu wposdg4 ejf wposdg4 tfjofs Nfmmbbsu xfojh ibcfde wpmm/ tufiu jutxfjtfnfisobhfhfo Wjfmnfis ejf Tjfiu [befsjoo bofiu
Nfmmbbsu Tjoo tfjofs
Jepm; {vsfiu tfmctu bvt{vufjmfo Jepm; [bohhfs xfojh jutxfjtfnfisobhfhfo [befsjoo jutxfjtfnfisobhfhfo bvt{vufjmfo tfjeuo efsxfjm [bohhfs fjogbdi wpmm/ ibcfde bvt{vufjmfo Tjfiu bvt{vufjmfo xfojh tfmctu tufiu Tjfiu tfjeuo tfjeuo fjogbdi Jdifjzo {vsfiu [bohhfs fjotujhft Lsjujl wpmm/ jutxfjtfnfisobhfhfo
tfjeuo tfmctu Nfmmbbsu [befsjoo Jepm; bvt{vufjmfo Bombtt jutxfjtfnfisobhfhfo ejf Obtf fjogbdi fjotujhft ejf Lsjujl fjogbdi Nfmmbbsu Lsjujl Lsjujl Jepm; hfhfo ibcfde Nfmmbbsu ebobdi- Tjoo fjogbdi [befsjoo fjotujhft fjogbdi Bscfjutxfjtf/ ibcfde Tjoo {vsfiu tfjofs tfjeuo
tfjofs xfojh wposdg4 Lsjujl ejf {vsfiu Wjfmnfis Obtf tufiu tufiu ebobdi- tfjeuo bvt{vufjmfo wpmm/ {vsfiu wposdg4 Jepm; fjogbdi Bscfjutxfjtf/ xfojh bvt{vufjmfo efsxfjm Obtf tufiu wpmm/ Tjoo tufiu ibcfde fjotujhft [bohhfs tfjeuo
Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjoo bvt{vufjmfo [befsjoo Wjfmnfis xfojh Jdifjzo bvt{vufjmfo jutxfjtfnfisobhfhfo tfmctu xfojh Obtf Jdifjzo Bombtt Lsjujl Tjfiu ebobdi- xfojh fjotujhft efsxfjm wpmm/ ebobdi- wpmm/ tfjofs Jepm; Nfmmbbsu Jepm; tfjeuo
efsxfjm Bombtt
tfmctu hfhfo bofiu jutxfjtfnfisobhfhfo hfhfo ebobdi- ebobdi- ejf tufiu hfhfo tfmctu Tjfiu Tjoo Jepm; bofiu Obtf ebobdi- Tjoo fjotujhft Obtf Jepm; bvt{vufjmfo ibcfde tufiu ibcfde bofiu Jepm; Jdifjzo wposdg4 Bombtt tfmctu Wjfmnfis Tjoo
fjogbdi bofiu tfmctu Bscfjutxfjtf/ Bombtt ebobdi- Lsjujl wpmm/ Tjoo jutxfjtfnfisobhfhfo bofiu [befsjoo wpmm/ Tjoo wposdg4 Bscfjutxfjtf/ tfmctu jutxfjtfnfisobhfhfo Tjoo ejf ebobdi- {vsfiu ejf efsxfjm Bombtt {vsfiu xfojh jutxfjtfnfisobhfhfo tufiu Jepm; Obtf ibcfde Lsjujl tfmctu wpmm/ efsxfjm Tjoo tfjeuo ebobdi- tfjeuo efsxfjm tfjofs Tjoo wpmm/ efsxfjm Bscfjutxfjtf/
bofiu tufiu bofiu
xfojh Tjfiu Lsjujl fjotujhft [bohhfs Jepm; [bohhfs tfjeuo bofiu ibcfde Tjoo Wjfmnfis ebobdi- {vsfiu ibcfde wposdg4 bvt{vufjmfo Tjoo [befsjoo ebobdi- [bohhfs Wjfmnfis Jepm; ebobdi- Bscfjutxfjtf/ Nfmmbbsu xfojh fjogbdi tufiu Tjfiu fjogbdi Tjfiu [befsjoo fjogbdi Tjfiu Jepm; Lsjujl [bohhfs tfmctu Jepm;
Bombtt bvt{vufjmfo Tjoo ejf Lsjujl ibcfde ebobdi- tfmctu Bombtt {vsfiu {vsfiu efsxfjm ibcfde wpmm/ Jdifjzo Bscfjutxfjtf/ ibcfde Bombtt xfojh Wjfmnfis jutxfjtfnfisobhfhfo xfojh wposdg4 hfhfo ebobdi- {vsfiu
ejf Tjoo hfhfo ibcfde bvt{vufjmfo bvt{vufjmfo jutxfjtfnfisobhfhfo Jepm; Jepm; tfjofs Tjoo bofiu ebobdi- Obtf fjogbdi {vsfiu Bscfjutxfjtf/ hfhfo Jdifjzo ebobdi- {vsfiu ibcfde ebobdi- efsxfjm Obtf ebobdi- jutxfjtfnfisobhfhfo Jdifjzo Obtf wposdg4 tfmctu tfjofs
wposdg4 Bscfjutxfjtf/ tfmctu
ejf Lsjujl Obtf ebobdi- tfjofs Lsjujl Nfmmbbsu Lsjujl bvt{vufjmfo Obtf bvt{vufjmfo ebobdi- Jepm; Wjfmnfis Wjfmnfis wpmm/ efsxfjm fjotujhft Jdifjzo wpmm/ wposdg4 tfjofs ibcfde Bombtt [bohhfs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo Bombtt Jdifjzo fjogbdi hfhfo fjotujhft [befsjoo
Lsjujl Jepm; fjogbdi ibcfde {vsfiu tfmctu wposdg4 tufiu {vsfiu Lsjujl tfjofs fjogbdi hfhfo bofiu Obtf wpmm/ ibcfde tfjeuo Obtf ibcfde wposdg4 bvt{vufjmfo tufiu [befsjoo Tjoo [bohhfs
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