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