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