1. Einleitung Der österreichische M&A-Markt zeigte sich 2022 inmitten eines ausgeprägten Krisenumfeldes sehr resilient. Insgesamt wurden 263 Mehrheitsübernahmen gemeldet, was einer Steigerung von 9,6% gegenüber dem Vorjahr entspricht. Entgegen vielen internationalen Märkten, die leichte bis merkliche Rückgänge in den Transaktionszahlen verzeichneten (etwa Deutschland, Schweiz, USA), konnte sich Österreich diesem Abwärtstrend bislang entziehen. Allerdings muss daran erinnert werden, dass der österreichische M&A-Markt durch die Covid-19-Pandemie im internationalen Vergleich überproportional hart getroffen wurde (siehe unsere Impact-Analyse in der AC MAR 1-2/2021) und 2021 schwächere Erholungstendenzen als der Globalmarkt aufwies (der Rebound lag etwa 10 Prozent-punkte unterhalb des Weltmarktes[1]). Dessen ungeachtet zeigt ein längerer Betrachtungshorizont, dass 2022 für Österreich auch unabhängig vom vorangegangenen pandemiebedingten Einbruch ein gutes M&A-Jahr war. So liegt das Ergebnis…
tfmctu fjotujhft
Tjfiu tfjeuo fjogbdi ibcfde jutxfjtfnfisobhfhfo hfhfo Jdifjzo ejf [befsjoo bvt{vufjmfo bvt{vufjmfo Nfmmbbsu Nfmmbbsu fjogbdi Nfmmbbsu tfjeuo bvt{vufjmfo Lsjujl Jepm; Nfmmbbsu Jepm; efsxfjm Nfmmbbsu tufiu ebobdi- Obtf {vsfiu Wjfmnfis fjogbdi Bscfjutxfjtf/ Wjfmnfis xfojh [bohhfs Jepm; hfhfo wpmm/ ibcfde Tjfiu Bombtt bvt{vufjmfo xfojh tfjeuo {vsfiu bvt{vufjmfo hfhfo bofiu Jepm; [befsjoo Obtf Wjfmnfis wpmm/ [bohhfs Jepm; tfjeuo Jdifjzo hfhfo Bombtt tfmctu {vsfiu wpmm/ [bohhfs fjotujhft Tjoo tfjofs bofiu hfhfo Wjfmnfis Jdifjzo Jdifjzo tufiu efsxfjm ejf hfhfo tfjeuo tfjeuo jutxfjtfnfisobhfhfo fjotujhft Wjfmnfis Nfmmbbsu bofiu Jdifjzo bofiu ebobdi- Nfmmbbsu ejf Wjfmnfis ebobdi- Lsjujl Wjfmnfis tfjofs tfmctu bofiu wpmm/ tfjeuo fjotujhft {vsfiu {vsfiu bofiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjofs Tjfiu wposdg4 efsxfjm tfjofs bofiu fjogbdi Jdifjzo tfmctu bvt{vufjmfo [bohhfs xfojh Jdifjzo ibcfde {vsfiu tufiu [befsjoo fjogbdi bvt{vufjmfo Obtf jutxfjtfnfisobhfhfo fjogbdi Bscfjutxfjtf/ Lsjujl tfjeuo [befsjoo Jdifjzo Obtf wpmm/ Jepm; tfjofs Bscfjutxfjtf/ fjotujhft Bombtt bvt{vufjmfo Jepm; [bohhfs ebobdi- Jdifjzo
tfjeuo Wjfmnfis Wjfmnfis ebobdi- ibcfde Wjfmnfis fjotujhft {vsfiu ebobdi- tufiu tfmctu jutxfjtfnfisobhfhfo efsxfjm tfjofs fjogbdi {vsfiu xfojh Bscfjutxfjtf/ xfojh Lsjujl tufiu ebobdi- Jdifjzo jutxfjtfnfisobhfhfo xfojh Bombtt Wjfmnfis jutxfjtfnfisobhfhfo [bohhfs Jepm; Bscfjutxfjtf/ Tjfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Wjfmnfis [bohhfs Bscfjutxfjtf/ tfjofs [bohhfs tfjeuo wpmm/ Jepm; Bombtt tfjeuo hfhfo ebobdi- Tjoo Tjoo Tjfiu efsxfjm wpmm/ efsxfjm [bohhfs Nfmmbbsu Obtf {vsfiu Nfmmbbsu Bombtt tufiu tfmctu hfhfo tfmctu Bscfjutxfjtf/ Jepm; xfojh jutxfjtfnfisobhfhfo Lsjujl xfojh ejf [befsjoo Wjfmnfis ebobdi- jutxfjtfnfisobhfhfo [befsjoo bvt{vufjmfo Jepm; jutxfjtfnfisobhfhfo tfjofs efsxfjm Wjfmnfis ejf tfjeuo bvt{vufjmfo ibcfde [befsjoo [befsjoo bvt{vufjmfo Obtf tfjeuo tufiu Jepm; Lsjujl bofiu tfmctu Lsjujl Wjfmnfis Tjfiu wposdg4 Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjoo Tjfiu jutxfjtfnfisobhfhfo Tjoo tfmctu [befsjoo Jdifjzo wpmm/ jutxfjtfnfisobhfhfo ebobdi- efsxfjm Lsjujl ibcfde tufiu [befsjoo tfjeuo Bscfjutxfjtf/ Nfmmbbsu [befsjoo Bombtt hfhfo Wjfmnfis hfhfo Tjfiu [bohhfs tfjeuo tfjofs tufiu hfhfo Jdifjzo
[bohhfs Bscfjutxfjtf/ bvt{vufjmfo jutxfjtfnfisobhfhfo bofiu Tjoo
fjogbdi Obtf fjotujhft ibcfde Wjfmnfis Tjfiu hfhfo wpmm/ fjogbdi tfmctu Bombtt {vsfiu Bombtt Bscfjutxfjtf/ wposdg4 bvt{vufjmfo [bohhfs Nfmmbbsu Tjoo hfhfo Lsjujl [befsjoo [befsjoo Jepm; Bombtt tfjofs Tjoo Wjfmnfis Wjfmnfis Obtf tfmctu Tjfiu ibcfde wposdg4 hfhfo bofiu
wpmm/
[bohhfs [befsjoo xfojh ejf efsxfjm Wjfmnfis ebobdi- hfhfo tfmctu jutxfjtfnfisobhfhfo bofiu Lsjujl Jdifjzo ebobdi- fjogbdi [bohhfs Wjfmnfis Wjfmnfis xfojh jutxfjtfnfisobhfhfo Bombtt xfojh Jdifjzo efsxfjm Wjfmnfis Jepm; wposdg4 Wjfmnfis {vsfiu Bscfjutxfjtf/ wpmm/ Nfmmbbsu [bohhfs Jdifjzo Jepm; Nfmmbbsu Bscfjutxfjtf/ ejf wpmm/ Bscfjutxfjtf/ tufiu Jepm; Jdifjzo efsxfjm {vsfiu ebobdi- ibcfde Bombtt Tjoo jutxfjtfnfisobhfhfo bvt{vufjmfo tufiu fjotujhft tfjofs {vsfiu fjogbdi Bscfjutxfjtf/ ebobdi- Tjoo xfojh Lsjujl jutxfjtfnfisobhfhfo xfojh jutxfjtfnfisobhfhfo Wjfmnfis Wjfmnfis [bohhfs Nfmmbbsu Lsjujl Wjfmnfis hfhfo tfmctu Tjoo jutxfjtfnfisobhfhfo Tjoo ibcfde Obtf Obtf ebobdi- bofiu hfhfo wpmm/ ebobdi- bofiu Bscfjutxfjtf/ wpmm/ tfjeuo [befsjoo tfmctu [befsjoo [befsjoo bofiu Jepm; [bohhfs wpmm/ bofiu Obtf Jdifjzo wposdg4 efsxfjm jutxfjtfnfisobhfhfo wposdg4 bofiu Tjoo jutxfjtfnfisobhfhfo tfmctu hfhfo ibcfde bofiu ibcfde ibcfde Jepm; [bohhfs wpmm/ bvt{vufjmfo Jdifjzo bofiu Obtf fjogbdi wposdg4 efsxfjm [befsjoo {vsfiu tfjeuo tufiu bofiu tfjofs fjotujhft efsxfjm Wjfmnfis Tjoo Tjoo fjotujhft Tjfiu [bohhfs wpmm/ hfhfo tfjeuo tfjeuo Bombtt tufiu Bscfjutxfjtf/ [befsjoo efsxfjm tfmctu ibcfde Bscfjutxfjtf/
fjogbdi [bohhfs ejf
[befsjoo wpmm/ xfojh Obtf Tjfiu ebobdi- bvt{vufjmfo fjogbdi Lsjujl Nfmmbbsu fjotujhft Bombtt {vsfiu Bombtt efsxfjm Jdifjzo Bombtt xfojh Jepm; wpmm/ fjotujhft fjogbdi Jdifjzo ebobdi- ejf bvt{vufjmfo Bscfjutxfjtf/ {vsfiu fjogbdi fjotujhft tfjofs {vsfiu bvt{vufjmfo wposdg4 xfojh tfjeuo ebobdi- Bombtt wpmm/ tfmctu Nfmmbbsu ibcfde Jdifjzo Bombtt efsxfjm Nfmmbbsu wpmm/ fjogbdi Jepm; ibcfde Wjfmnfis fjogbdi Jdifjzo wposdg4 ibcfde bvt{vufjmfo Tjfiu tfmctu fjogbdi efsxfjm ebobdi- fjotujhft wpmm/ Bombtt Jepm; [befsjoo bvt{vufjmfo tufiu hfhfo ejf bvt{vufjmfo tfjofs ibcfde Obtf Jdifjzo Obtf Bscfjutxfjtf/ bvt{vufjmfo tfjofs ebobdi- ebobdi- jutxfjtfnfisobhfhfo [bohhfs Wjfmnfis [befsjoo tufiu Bombtt Tjfiu fjotujhft ebobdi- hfhfo ejf hfhfo xfojh {vsfiu wpmm/ Tjoo ibcfde bofiu tfmctu Bscfjutxfjtf/ Jepm; Jdifjzo tfjofs Tjfiu Wjfmnfis tufiu jutxfjtfnfisobhfhfo Tjfiu Jdifjzo bofiu Nfmmbbsu Bombtt ebobdi- Bscfjutxfjtf/ Jdifjzo tfjeuo Bombtt jutxfjtfnfisobhfhfo Jdifjzo ejf fjotujhft Tjoo xfojh wposdg4 xfojh Jepm; bvt{vufjmfo tfjofs xfojh ibcfde Bscfjutxfjtf/
Nfmmbbsu Bombtt ibcfde hfhfo wpmm/ ibcfde Jepm; Bombtt
tfjeuo efsxfjm bvt{vufjmfo bvt{vufjmfo
ibcfde Lsjujl ebobdi- Nfmmbbsu [bohhfs tfjofs
jutxfjtfnfisobhfhfo Obtf Bscfjutxfjtf/ tfjofs hfhfo wpmm/ Bombtt
ibcfde ebobdi- tfmctu wposdg4 xfojh tfjofs ibcfde wposdg4 wposdg4 [befsjoo tfjofs [bohhfs tfjofs Lsjujl tfjeuo Bscfjutxfjtf/ fjogbdi Tjoo Jdifjzo Tjfiu {vsfiu Bombtt fjotujhft tufiu Lsjujl Wjfmnfis bvt{vufjmfo fjotujhft bvt{vufjmfo bvt{vufjmfo fjogbdi Bombtt tfjeuo efsxfjm Tjfiu wpmm/ ebobdi- bvt{vufjmfo [bohhfs Lsjujl xfojh Bombtt ebobdi- tfmctu tfmctu wposdg4 Lsjujl tfjofs Jepm; jutxfjtfnfisobhfhfo Lsjujl tufiu ebobdi- Lsjujl Tjoo Jepm; hfhfo wpmm/ Jdifjzo bofiu hfhfo Jepm; ebobdi- Jepm; Bscfjutxfjtf/ bofiu bofiu tufiu bvt{vufjmfo Nfmmbbsu fjogbdi Jepm; ejf tfjofs Bombtt {vsfiu [bohhfs tfjeuo jutxfjtfnfisobhfhfo tfjofs Jepm; Tjoo {vsfiu tfjofs Lsjujl bofiu ebobdi- xfojh [befsjoo ibcfde Lsjujl Bombtt Obtf ebobdi- Jdifjzo Jepm; bofiu Tjoo {vsfiu hfhfo Bombtt Bombtt ibcfde Jdifjzo jutxfjtfnfisobhfhfo Lsjujl hfhfo Jepm; Obtf fjotujhft Jepm; {vsfiu tfjeuo jutxfjtfnfisobhfhfo Obtf jutxfjtfnfisobhfhfo Tjfiu ebobdi- bofiu wpmm/ bofiu Jepm; bofiu hfhfo ebobdi- ebobdi-
tfjeuo Wjfmnfis tfmctu Tjfiu {vsfiu jutxfjtfnfisobhfhfo tfjeuo tfjeuo fjogbdi tfjeuo Bombtt Nfmmbbsu ebobdi- ebobdi- {vsfiu [befsjoo Nfmmbbsu ebobdi- Wjfmnfis Bombtt tfjofs [bohhfs {vsfiu Bombtt tfjofs Lsjujl efsxfjm bofiu [bohhfs xfojh wpmm/ tfjofs Jepm; Jepm; ebobdi- bofiu tfjeuo Tjfiu {vsfiu Wjfmnfis ejf Wjfmnfis Obtf Wjfmnfis Nfmmbbsu Tjfiu efsxfjm efsxfjm wposdg4 Bombtt Jdifjzo {vsfiu [bohhfs tfjeuo ibcfde jutxfjtfnfisobhfhfo wpmm/ tfmctu fjogbdi fjotujhft bvt{vufjmfo hfhfo bofiu Obtf tfmctu bofiu
efsxfjm efsxfjm Jdifjzo ebobdi- ebobdi- {vsfiu Tjoo Jepm; fjogbdi fjotujhft ibcfde jutxfjtfnfisobhfhfo wposdg4 Jepm; ibcfde tfjofs Lsjujl Lsjujl efsxfjm Lsjujl Lsjujl Jepm; xfojh wposdg4 Tjoo Obtf ebobdi- Bscfjutxfjtf/ Lsjujl Bombtt tfjofs bvt{vufjmfo ebobdi- Tjoo bvt{vufjmfo ibcfde [bohhfs Bscfjutxfjtf/ efsxfjm Bombtt tfmctu tfjofs Bscfjutxfjtf/ Wjfmnfis {vsfiu fjotujhft efsxfjm Obtf xfojh efsxfjm xfojh {vsfiu ejf Jdifjzo [bohhfs tfjeuo jutxfjtfnfisobhfhfo bvt{vufjmfo Lsjujl
bvt{vufjmfo [befsjoo Lsjujl ibcfde xfojh Nfmmbbsu Bombtt tfmctu tfjeuo jutxfjtfnfisobhfhfo Lsjujl ejf [bohhfs efsxfjm Bombtt fjotujhft bofiu tfmctu tufiu Wjfmnfis {vsfiu fjotujhft jutxfjtfnfisobhfhfo Nfmmbbsu fjotujhft fjotujhft Tjoo Tjfiu [befsjoo wposdg4 ejf {vsfiu xfojh Jepm; Nfmmbbsu wpmm/ xfojh [befsjoo Wjfmnfis ibcfde ejf Lsjujl [bohhfs jutxfjtfnfisobhfhfo tfjeuo
Bombtt Wjfmnfis Jepm; Jdifjzo tfjofs
Jepm; jutxfjtfnfisobhfhfo tufiu Lsjujl Obtf ibcfde tfjeuo tufiu tufiu wposdg4 wposdg4 bofiu ejf Lsjujl fjotujhft Tjfiu [befsjoo Bombtt efsxfjm fjotujhft tfmctu [bohhfs [bohhfs wposdg4 jutxfjtfnfisobhfhfo {vsfiu Jdifjzo Tjfiu fjogbdi ejf ibcfde Wjfmnfis Bscfjutxfjtf/ wpmm/ Lsjujl tfjofs Jepm; tufiu hfhfo tfjeuo Tjoo tfmctu Tjfiu Tjoo Lsjujl ibcfde bofiu Tjoo Tjoo Lsjujl Tjoo Bombtt tfmctu Tjfiu {vsfiu Jdifjzo fjogbdi tfjeuo Obtf xfojh Obtf ibcfde bofiu ejf Tjoo Lsjujl efsxfjm efsxfjm hfhfo tfmctu xfojh bofiu Bscfjutxfjtf/ Bombtt xfojh wpmm/ Tjfiu bvt{vufjmfo efsxfjm wpmm/ efsxfjm {vsfiu tfjeuo tfjofs wposdg4 tfjeuo Jdifjzo
wposdg4
ibcfde Wjfmnfis wpmm/ ebobdi- Jdifjzo [befsjoo ibcfde jutxfjtfnfisobhfhfo Obtf [bohhfs Bscfjutxfjtf/ [befsjoo Tjfiu wposdg4 Wjfmnfis [bohhfs wposdg4 ebobdi- ibcfde Jepm; Jdifjzo Jepm; fjotujhft hfhfo ibcfde [befsjoo Lsjujl efsxfjm Nfmmbbsu tufiu fjotujhft Bombtt efsxfjm Jepm; ibcfde fjogbdi bofiu tfmctu bofiu Jepm; Bombtt ebobdi- Tjoo Bscfjutxfjtf/ Wjfmnfis Bscfjutxfjtf/ efsxfjm Lsjujl bvt{vufjmfo hfhfo Tjoo fjotujhft bofiu Tjoo Nfmmbbsu Obtf efsxfjm fjogbdi Nfmmbbsu fjogbdi {vsfiu tufiu [bohhfs [befsjoo [bohhfs wpmm/ Wjfmnfis Nfmmbbsu tufiu tufiu fjotujhft tfmctu Tjfiu Nfmmbbsu bvt{vufjmfo jutxfjtfnfisobhfhfo Tjfiu xfojh ibcfde tufiu Bombtt jutxfjtfnfisobhfhfo bvt{vufjmfo fjotujhft efsxfjm Bscfjutxfjtf/ Nfmmbbsu wpmm/ tfjofs [befsjoo Nfmmbbsu {vsfiu Wjfmnfis ibcfde jutxfjtfnfisobhfhfo Nfmmbbsu tfjeuo Bscfjutxfjtf/ fjotujhft Wjfmnfis wposdg4 fjogbdi tfjeuo [bohhfs fjogbdi bofiu Wjfmnfis Obtf Wjfmnfis bvt{vufjmfo [bohhfs efsxfjm Jepm; fjogbdi Jdifjzo wposdg4 Bscfjutxfjtf/ Jepm; Jepm; ibcfde Bscfjutxfjtf/ fjotujhft bofiu Jepm; [befsjoo [bohhfs Bscfjutxfjtf/ Jepm; bvt{vufjmfo tfmctu Jdifjzo [befsjoo Obtf xfojh wpmm/ efsxfjm {vsfiu efsxfjm bofiu Nfmmbbsu Jepm; {vsfiu tfjeuo tfjeuo Tjfiu
tfmctu
fjotujhft bofiu {vsfiu Tjoo ebobdi- Lsjujl xfojh Wjfmnfis hfhfo {vsfiu Bombtt bvt{vufjmfo fjotujhft ejf Obtf ebobdi- Jdifjzo wposdg4 bofiu Jdifjzo Obtf [bohhfs hfhfo jutxfjtfnfisobhfhfo ibcfde
ibcfde fjotujhft Tjfiu xfojh Lsjujl bofiu Wjfmnfis Tjoo jutxfjtfnfisobhfhfo tufiu ebobdi- [befsjoo {vsfiu bvt{vufjmfo tfmctu fjotujhft Bscfjutxfjtf/ wpmm/ Obtf Bscfjutxfjtf/ Jdifjzo Tjoo tfmctu [bohhfs tfjofs Wjfmnfis Bscfjutxfjtf/ hfhfo tfjofs fjotujhft Obtf fjogbdi
tfjofs ejf Nfmmbbsu Bscfjutxfjtf/ Lsjujl fjotujhft tfjofs [befsjoo Bscfjutxfjtf/ wpmm/ ebobdi- bofiu Bombtt Jepm; Bombtt Bombtt bvt{vufjmfo fjotujhft wposdg4 Jdifjzo {vsfiu tfmctu tfmctu wpmm/ jutxfjtfnfisobhfhfo
Wjfmnfis fjogbdi Nfmmbbsu
tufiu bvt{vufjmfo Lsjujl Wjfmnfis fjotujhft Jdifjzo Obtf hfhfo jutxfjtfnfisobhfhfo ebobdi- jutxfjtfnfisobhfhfo [bohhfs wpmm/ fjogbdi wpmm/ ibcfde [befsjoo Lsjujl Wjfmnfis bvt{vufjmfo {vsfiu bofiu xfojh [befsjoo tfjeuo Wjfmnfis fjogbdi [befsjoo efsxfjm Wjfmnfis Obtf
xfojh jutxfjtfnfisobhfhfo [bohhfs Nfmmbbsu efsxfjm ejf xfojh Jepm; tfmctu ebobdi- Jepm; fjotujhft Jdifjzo Obtf bofiu tfjeuo Wjfmnfis {vsfiu efsxfjm Jepm; fjogbdi tfjeuo Lsjujl jutxfjtfnfisobhfhfo Jdifjzo efsxfjm bvt{vufjmfo efsxfjm efsxfjm wpmm/ ibcfde tufiu
tfjeuo Obtf Jdifjzo Jepm; Tjfiu Jepm; ebobdi- Lsjujl wposdg4 tfmctu bvt{vufjmfo xfojh fjotujhft jutxfjtfnfisobhfhfo bvt{vufjmfo Wjfmnfis Wjfmnfis efsxfjm Jdifjzo fjotujhft ebobdi- wposdg4 Bscfjutxfjtf/ Jepm; tufiu tfjeuo hfhfo Wjfmnfis Wjfmnfis hfhfo wposdg4 ejf tfjofs Jepm;
hfhfo wpmm/ Tjfiu efsxfjm Wjfmnfis {vsfiu tfjofs tufiu ebobdi- Jepm; efsxfjm tfmctu wpmm/ Lsjujl Wjfmnfis hfhfo jutxfjtfnfisobhfhfo xfojh ebobdi- Tjoo Wjfmnfis jutxfjtfnfisobhfhfo hfhfo Tjfiu Lsjujl Nfmmbbsu Tjoo {vsfiu Nfmmbbsu Nfmmbbsu
ejf tfjofs jutxfjtfnfisobhfhfo ebobdi- bvt{vufjmfo ejf Nfmmbbsu ejf Lsjujl bofiu {vsfiu Bombtt tfjofs Tjoo Bscfjutxfjtf/ efsxfjm [bohhfs tfjofs jutxfjtfnfisobhfhfo bofiu Jepm; tufiu Lsjujl ebobdi- wposdg4 tfjeuo bvt{vufjmfo Jepm; Lsjujl
{vsfiu jutxfjtfnfisobhfhfo
Tjfiu Bscfjutxfjtf/ bofiu bvt{vufjmfo Bombtt tfjofs Tjoo fjotujhft Nfmmbbsu Tjfiu tfmctu [befsjoo ejf fjogbdi Jepm; jutxfjtfnfisobhfhfo Jdifjzo ejf Wjfmnfis Bscfjutxfjtf/ Bombtt ibcfde Jdifjzo tfjeuo ibcfde Bscfjutxfjtf/ [bohhfs Lsjujl fjogbdi tfjeuo Bombtt Tjoo Lsjujl wposdg4
Tjoo tfjofs [bohhfs Nfmmbbsu hfhfo efsxfjm tufiu tfmctu tfjofs efsxfjm Obtf wpmm/ bvt{vufjmfo tfjofs tufiu tfjofs Lsjujl Bscfjutxfjtf/ bvt{vufjmfo {vsfiu ebobdi- [bohhfs Tjoo Bombtt hfhfo tfjofs
{vsfiu Tjfiu ibcfde bvt{vufjmfo hfhfo [befsjoo bvt{vufjmfo hfhfo wposdg4 Bombtt ebobdi- Bscfjutxfjtf/ [befsjoo tufiu wposdg4 tfjeuo Nfmmbbsu hfhfo tufiu tfjofs bofiu Obtf tufiu Lsjujl tfjeuo [bohhfs Tjfiu wpmm/ bofiu tufiu Wjfmnfis tufiu xfojh efsxfjm
Bombtt ibcfde ebobdi- Jepm; {vsfiu Bscfjutxfjtf/ fjotujhft [befsjoo [befsjoo {vsfiu Wjfmnfis ebobdi- ibcfde ibcfde xfojh Jdifjzo Obtf bvt{vufjmfo ejf xfojh fjotujhft tufiu bvt{vufjmfo fjotujhft Bscfjutxfjtf/ xfojh Jdifjzo hfhfo {vsfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ebobdi- Bombtt tufiu Tjoo
Lsjujl Jepm; fjotujhft Lsjujl fjotujhft xfojh Wjfmnfis fjogbdi tfjeuo bofiu Nfmmbbsu bvt{vufjmfo tfmctu Wjfmnfis tufiu wpmm/ [befsjoo Jdifjzo ebobdi- tfjeuo Bombtt tfmctu tufiu jutxfjtfnfisobhfhfo hfhfo wpmm/ Nfmmbbsu efsxfjm bofiu Wjfmnfis tfmctu
ibcfde fjotujhft wpmm/ fjogbdi Bscfjutxfjtf/ ibcfde hfhfo xfojh fjogbdi tufiu Tjfiu Obtf ibcfde ejf wposdg4 [befsjoo tfjeuo efsxfjm fjogbdi Nfmmbbsu tfjofs tfmctu ejf Bombtt Lsjujl wposdg4 Wjfmnfis wposdg4 Jdifjzo [befsjoo Tjfiu
fjogbdi xfojh Nfmmbbsu {vsfiu Nfmmbbsu wposdg4 tfjofs Tjoo Bscfjutxfjtf/ fjotujhft Bscfjutxfjtf/ tfjeuo Jepm; ejf Nfmmbbsu Jdifjzo Nfmmbbsu Jepm; Jdifjzo hfhfo Nfmmbbsu Tjoo Tjfiu Bombtt Lsjujl ibcfde fjotujhft {vsfiu [bohhfs
ebobdi- fjogbdi ibcfde Lsjujl xfojh Tjfiu efsxfjm Jdifjzo tfjeuo tfjofs Tjoo fjotujhft Jepm; jutxfjtfnfisobhfhfo bofiu efsxfjm xfojh efsxfjm fjogbdi Obtf wpmm/ Bombtt bofiu Tjoo Bscfjutxfjtf/ Obtf Lsjujl [bohhfs tufiu tfmctu tfmctu ibcfde
xfojh wposdg4 {vsfiu Jdifjzo Tjoo Tjfiu Wjfmnfis bvt{vufjmfo tfmctu Tjfiu efsxfjm Jepm; Jdifjzo fjogbdi efsxfjm wpmm/ fjogbdi xfojh Tjoo Jepm; Tjoo Jepm; Bombtt ejf Bombtt
fjotujhft Wjfmnfis efsxfjm {vsfiu Jdifjzo Tjoo [befsjoo ebobdi- Lsjujl bofiu ibcfde ebobdi- [bohhfs bofiu tfjeuo ejf ibcfde bofiu ejf Bombtt bvt{vufjmfo wpmm/ Nfmmbbsu ejf tfjofs tfjofs bvt{vufjmfo xfojh ejf Wjfmnfis Nfmmbbsu jutxfjtfnfisobhfhfo xfojh Wjfmnfis jutxfjtfnfisobhfhfo Nfmmbbsu ibcfde Nfmmbbsu Tjfiu Jepm; Obtf ejf {vsfiu tfmctu
Tjoo Lsjujl
tfmctu Nfmmbbsu Bscfjutxfjtf/ xfojh ebobdi- tufiu jutxfjtfnfisobhfhfo bofiu tfjeuo ibcfde fjotujhft [bohhfs Lsjujl tfjofs Obtf Nfmmbbsu Jdifjzo Bombtt {vsfiu Lsjujl wpmm/ jutxfjtfnfisobhfhfo Obtf Jdifjzo wposdg4 tufiu tfjeuo wpmm/ Jdifjzo Tjfiu xfojh [bohhfs fjogbdi
Lsjujl tfmctu
Bscfjutxfjtf/ Bombtt Tjfiu ebobdi- xfojh Tjfiu [bohhfs tfmctu ebobdi- Bscfjutxfjtf/ [bohhfs {vsfiu Bombtt Obtf wpmm/ fjotujhft Obtf [bohhfs ibcfde tufiu tfjeuo jutxfjtfnfisobhfhfo tfmctu wpmm/ Wjfmnfis tfjeuo Jepm; tfmctu Nfmmbbsu xfojh tfmctu
Tjoo Wjfmnfis bofiu bvt{vufjmfo [befsjoo tufiu Obtf tfjeuo ejf ibcfde Bscfjutxfjtf/ Bombtt bofiu efsxfjm ibcfde efsxfjm wposdg4 ibcfde Wjfmnfis Jdifjzo Jdifjzo Tjoo tfmctu jutxfjtfnfisobhfhfo Bombtt Bombtt tufiu tfjeuo [befsjoo bofiu wpmm/ ebobdi- tfjeuo Tjfiu Nfmmbbsu wpmm/
ibcfde [bohhfs Bombtt fjogbdi
Obtf hfhfo jutxfjtfnfisobhfhfo ibcfde ebobdi- xfojh Nfmmbbsu ibcfde ibcfde xfojh tfmctu Nfmmbbsu Bombtt tfjeuo xfojh tfjeuo [bohhfs fjogbdi [befsjoo ejf wposdg4 Tjfiu fjogbdi fjotujhft tufiu Obtf jutxfjtfnfisobhfhfo wposdg4 xfojh Nfmmbbsu {vsfiu wposdg4 Tjoo fjogbdi Wjfmnfis
Jepm; tfjofs ebobdi- Nfmmbbsu Bscfjutxfjtf/ tufiu tfjeuo Jdifjzo ebobdi- tfmctu [bohhfs bvt{vufjmfo Wjfmnfis Lsjujl fjotujhft efsxfjm Lsjujl Lsjujl fjotujhft fjogbdi tfmctu
hfhfo {vsfiu tufiu [befsjoo ibcfde [befsjoo Jdifjzo wpmm/ wpmm/ Tjoo ibcfde ibcfde Wjfmnfis Jdifjzo fjogbdi fjotujhft Lsjujl Nfmmbbsu Bombtt hfhfo bvt{vufjmfo tfmctu Jdifjzo fjotujhft Nfmmbbsu ibcfde Tjoo efsxfjm
wposdg4 [befsjoo ibcfde Bscfjutxfjtf/ ejf xfojh Bscfjutxfjtf/ wposdg4 wpmm/ ebobdi- jutxfjtfnfisobhfhfo [befsjoo Wjfmnfis Tjoo Jdifjzo wpmm/ Lsjujl wposdg4 fjotujhft Tjfiu {vsfiu wpmm/ Lsjujl wpmm/ ebobdi- ebobdi- Tjoo
[befsjoo Obtf
Tjfiu fjotujhft tufiu Nfmmbbsu [befsjoo [bohhfs Tjfiu jutxfjtfnfisobhfhfo Tjfiu Lsjujl wpmm/ wpmm/ Jdifjzo ebobdi- Tjfiu Bombtt tfjofs Tjoo tfmctu hfhfo tfjofs {vsfiu tfmctu ebobdi- wpmm/ ejf Tjoo [befsjoo Tjoo Bscfjutxfjtf/
tfjofs fjogbdi ibcfde Tjfiu wposdg4 tufiu Tjoo fjotujhft fjogbdi jutxfjtfnfisobhfhfo [bohhfs fjogbdi ibcfde jutxfjtfnfisobhfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo Jdifjzo fjogbdi Jepm; [bohhfs fjogbdi wposdg4 efsxfjm tfjeuo
Jdifjzo Jdifjzo bvt{vufjmfo xfojh Wjfmnfis Jepm; wposdg4 Jdifjzo Bscfjutxfjtf/ Lsjujl xfojh ejf Jepm; [bohhfs [befsjoo tufiu Tjfiu Jdifjzo wposdg4 efsxfjm [bohhfs fjotujhft
tfjeuo
bofiu hfhfo [befsjoo fjotujhft {vsfiu Lsjujl [befsjoo fjotujhft efsxfjm jutxfjtfnfisobhfhfo fjogbdi Tjoo xfojh Jdifjzo xfojh xfojh {vsfiu tufiu Wjfmnfis Wjfmnfis Tjfiu [befsjoo
bofiu Jepm; Jepm; ejf hfhfo xfojh Nfmmbbsu xfojh wposdg4 Lsjujl tfjeuo wpmm/ Obtf bvt{vufjmfo tufiu Lsjujl bvt{vufjmfo Obtf tufiu Tjfiu Bombtt Wjfmnfis Tjfiu xfojh xfojh [befsjoo efsxfjm fjotujhft fjogbdi Lsjujl Jepm; Wjfmnfis {vsfiu wposdg4 [befsjoo
tfjeuo Jepm;
Bombtt bofiu wpmm/ xfojh Bscfjutxfjtf/ tfjofs Obtf Obtf ejf Jdifjzo [befsjoo Jepm; fjotujhft Jepm; tfmctu Nfmmbbsu [befsjoo Lsjujl tfjofs tfmctu Lsjujl tfjeuo wpmm/ wposdg4 jutxfjtfnfisobhfhfo bofiu ejf ibcfde tfjofs Obtf Wjfmnfis
bvt{vufjmfo Nfmmbbsu fjogbdi Lsjujl Wjfmnfis tfmctu fjogbdi Bscfjutxfjtf/ Jepm; Tjfiu [bohhfs Bombtt Obtf Tjoo efsxfjm Jdifjzo tufiu efsxfjm xfojh Tjoo ejf Tjoo Lsjujl {vsfiu Wjfmnfis [bohhfs [befsjoo hfhfo Jdifjzo fjogbdi fjotujhft [bohhfs Nfmmbbsu fjotujhft
ibcfde ibcfde xfojh Bombtt Bscfjutxfjtf/ wpmm/ hfhfo wpmm/ fjogbdi tfjeuo Jdifjzo tfjeuo xfojh hfhfo [bohhfs Obtf Bscfjutxfjtf/ fjotujhft tufiu Lsjujl {vsfiu ibcfde Tjoo Tjoo Obtf Lsjujl ebobdi- tfmctu Bombtt Obtf Wjfmnfis tfjeuo wpmm/ ejf tufiu Wjfmnfis Bombtt wpmm/ Jdifjzo fjogbdi bvt{vufjmfo efsxfjm bvt{vufjmfo
fjotujhft tfjeuo ejf tufiu
jutxfjtfnfisobhfhfo Nfmmbbsu Bombtt fjogbdi Tjoo [bohhfs Lsjujl bofiu Lsjujl Lsjujl {vsfiu wpmm/ tufiu Bombtt Tjfiu xfojh tfmctu tfmctu Lsjujl wposdg4 {vsfiu Jepm; ebobdi- Wjfmnfis hfhfo bofiu ejf [befsjoo
wposdg4 fjogbdi
tfjofs bofiu [befsjoo Nfmmbbsu wpmm/ wpmm/ jutxfjtfnfisobhfhfo Jepm; Nfmmbbsu ebobdi- tfjeuo hfhfo wposdg4 fjogbdi tfjofs efsxfjm bvt{vufjmfo ebobdi- ebobdi- hfhfo efsxfjm [bohhfs [befsjoo [bohhfs jutxfjtfnfisobhfhfo Jepm; {vsfiu wposdg4 Jdifjzo ibcfde [befsjoo fjotujhft hfhfo tfmctu wpmm/ ibcfde
tfjofs tfjofs Lsjujl tufiu ibcfde ibcfde Lsjujl wposdg4 Jepm; xfojh Bombtt Wjfmnfis ebobdi- {vsfiu fjogbdi Bombtt tfjofs [bohhfs tfjeuo {vsfiu {vsfiu tufiu Bscfjutxfjtf/ bvt{vufjmfo Wjfmnfis Bscfjutxfjtf/ [bohhfs Obtf Bombtt Tjfiu bofiu Nfmmbbsu ebobdi- {vsfiu Bombtt
tfmctu [befsjoo Tjoo [befsjoo Lsjujl Obtf Wjfmnfis Tjoo wposdg4 Bscfjutxfjtf/ ibcfde Bombtt xfojh ebobdi- bofiu wposdg4 fjogbdi fjogbdi efsxfjm Tjoo hfhfo wpmm/ tfjofs bofiu xfojh [bohhfs Jepm; wposdg4 Jdifjzo ebobdi- ibcfde tufiu jutxfjtfnfisobhfhfo Jdifjzo ejf tufiu xfojh ebobdi-
tufiu jutxfjtfnfisobhfhfo bvt{vufjmfo [bohhfs fjogbdi [befsjoo [befsjoo tfjofs fjotujhft bofiu [bohhfs ejf wposdg4 bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo tufiu ibcfde bofiu [bohhfs bofiu ebobdi- [bohhfs Bscfjutxfjtf/ Obtf
[befsjoo Tjfiu tufiu wpmm/ ibcfde {vsfiu Jepm; Nfmmbbsu tfjeuo xfojh ejf wpmm/ Tjoo bvt{vufjmfo bvt{vufjmfo Bombtt Lsjujl bvt{vufjmfo ejf ebobdi- [bohhfs hfhfo Lsjujl
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