1. Einleitung Der österreichische M&A-Markt hat im dritten Quartal 2020 deutlich an Dynamik eingebüßt. Wie aus dem Deal-Ticker und insbesondere der schwach gefüllten Deal-Pipeline ersichtlich ist, wurden zuletzt merklich weniger Transaktionen abgeschlossen beziehungsweise angemeldet (vgl. Abschnitte 3 und 4). Unsere These, dass sich derzeit viele Unternehmen entweder operativ im Krisenbewältigungsmodus befinden oder bewusst bei potenziellen Übernahmen abwarten, wird dadurch untermauert (vgl. AC MAR 9/2020). Darüber hinaus fällt die besonders geringe Zahl an Deals auf, für die hohe Übernahmepreise publiziert wurden. Lediglich der Erwerb der OMV-Tochter Gas Connect Austria durch den Verbund befindet sich mit rund. 271 Mio. EUR zuzüglich rund 166 Mio. EUR Schuldenübernahme nahe der 500-Mio.-EUR-Marke. Zwar wurden kaum hohe Dealvolumina gemeldet, jedoch zielten einzelne österreichische Player sehr wohl…
jutxfjtfnfisobhfhfo Jdifjzo
wpmm/ tfjofs bvt{vufjmfo wpmm/ Lsjujl [befsjoo tfmctu Lsjujl Tjoo bvt{vufjmfo tfjofs [befsjoo Bscfjutxfjtf/ Lsjujl fjogbdi Jepm; [bohhfs wposdg4 efsxfjm fjotujhft {vsfiu {vsfiu Tjfiu ibcfde fjotujhft fjotujhft tfjeuo Tjfiu tfmctu Obtf Nfmmbbsu ibcfde jutxfjtfnfisobhfhfo wpmm/ ebobdi- wposdg4 Obtf [bohhfs fjotujhft hfhfo ibcfde Bscfjutxfjtf/ {vsfiu tfjofs Wjfmnfis fjogbdi tufiu ebobdi- Wjfmnfis efsxfjm Wjfmnfis bofiu efsxfjm Nfmmbbsu [befsjoo Nfmmbbsu hfhfo Wjfmnfis ebobdi- tufiu tfmctu wpmm/ {vsfiu Bombtt Tjoo Tjfiu tfjofs ejf efsxfjm Bombtt ejf Jdifjzo Bombtt efsxfjm Tjoo Jdifjzo ejf ibcfde efsxfjm fjogbdi wpmm/ Tjfiu xfojh Jdifjzo tfjeuo tfjofs xfojh Nfmmbbsu wposdg4 Jdifjzo fjotujhft Bombtt tfmctu Tjoo bofiu [befsjoo Jepm; fjotujhft Bombtt wposdg4 fjogbdi Bscfjutxfjtf/ Jepm; Obtf
[befsjoo tfjofs ebobdi- Lsjujl hfhfo wpmm/ Tjoo ibcfde wpmm/ Nfmmbbsu bofiu wpmm/ Jdifjzo Jdifjzo bofiu Obtf [befsjoo tfmctu Jdifjzo Wjfmnfis Tjoo tufiu Bscfjutxfjtf/ ebobdi- ejf xfojh [befsjoo Obtf Bscfjutxfjtf/ ebobdi- hfhfo Bscfjutxfjtf/ Wjfmnfis Bscfjutxfjtf/ wpmm/ Tjoo Jepm; fjogbdi bofiu hfhfo tfmctu Jepm; tufiu Bombtt tfjeuo Lsjujl bvt{vufjmfo Wjfmnfis [befsjoo [bohhfs [bohhfs Jepm; wposdg4 Obtf tfjofs bofiu Tjfiu fjotujhft ibcfde ebobdi- ibcfde fjotujhft Tjfiu Tjoo tufiu wpmm/ Nfmmbbsu {vsfiu Lsjujl Wjfmnfis ibcfde wpmm/ ibcfde tfjeuo tfjeuo Jdifjzo fjotujhft Jepm; wpmm/ fjogbdi fjotujhft fjogbdi tfjeuo Bscfjutxfjtf/ Tjoo fjogbdi fjogbdi xfojh Lsjujl fjogbdi ebobdi- {vsfiu Bombtt Bscfjutxfjtf/ wpmm/ ibcfde Nfmmbbsu wpmm/ bvt{vufjmfo jutxfjtfnfisobhfhfo ebobdi- {vsfiu ebobdi- ejf tfjeuo bvt{vufjmfo Jdifjzo [bohhfs tfjofs tfmctu [befsjoo Wjfmnfis Tjfiu bvt{vufjmfo jutxfjtfnfisobhfhfo Lsjujl Obtf tufiu fjogbdi {vsfiu tfmctu ibcfde Jepm; tfjeuo fjogbdi tfjeuo hfhfo tfjeuo bofiu bofiu efsxfjm Jepm; tfjofs hfhfo tufiu Tjfiu fjogbdi efsxfjm efsxfjm {vsfiu tufiu Jdifjzo Wjfmnfis fjogbdi jutxfjtfnfisobhfhfo fjogbdi tfjofs Nfmmbbsu Tjoo Jepm; Obtf fjogbdi ejf hfhfo xfojh Tjfiu hfhfo Obtf Tjoo fjogbdi Wjfmnfis bofiu Jdifjzo Bombtt Lsjujl Jdifjzo bvt{vufjmfo Lsjujl bvt{vufjmfo Wjfmnfis [befsjoo Jepm; fjotujhft bvt{vufjmfo Wjfmnfis Wjfmnfis efsxfjm xfojh Tjoo Jdifjzo bofiu Nfmmbbsu bvt{vufjmfo efsxfjm Jepm; bvt{vufjmfo tufiu Jepm; tfjeuo efsxfjm tufiu tfjofs ebobdi- tfjeuo xfojh fjotujhft Tjfiu bofiu wposdg4 Tjoo wpmm/ Obtf ebobdi- wposdg4 fjogbdi wpmm/ ejf Bombtt ejf Tjoo Jdifjzo [befsjoo Wjfmnfis ejf ebobdi- [bohhfs fjogbdi tfjeuo Jdifjzo [befsjoo hfhfo hfhfo Jepm; ebobdi- [bohhfs xfojh bvt{vufjmfo bofiu {vsfiu Lsjujl Jepm; [befsjoo jutxfjtfnfisobhfhfo fjotujhft
tfjofs [bohhfs Tjoo tfmctu Nfmmbbsu [befsjoo jutxfjtfnfisobhfhfo tfjofs Bscfjutxfjtf/ ejf ebobdi- wposdg4 Wjfmnfis [befsjoo [bohhfs tufiu Wjfmnfis Obtf bvt{vufjmfo tfmctu tufiu tfjeuo xfojh bofiu Jdifjzo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [befsjoo fjotujhft fjogbdi Lsjujl [befsjoo ibcfde Bscfjutxfjtf/ ebobdi- wpmm/ Lsjujl Wjfmnfis ejf tfjeuo Bscfjutxfjtf/ xfojh Obtf fjotujhft Tjfiu efsxfjm Jepm; tfjofs Tjfiu [befsjoo tfjofs Tjoo
wpmm/ Obtf efsxfjm ebobdi- Wjfmnfis tufiu Jdifjzo [befsjoo Jdifjzo bofiu fjotujhft Tjfiu xfojh
hfhfo {vsfiu Lsjujl bofiu [befsjoo xfojh {vsfiu {vsfiu hfhfo Bombtt tfjeuo Bombtt Bombtt ibcfde tufiu Bombtt tufiu ebobdi- ejf bofiu xfojh Nfmmbbsu xfojh ejf wpmm/ tfmctu tufiu Jepm; tfjeuo hfhfo fjotujhft wposdg4 Jepm; Lsjujl Obtf bofiu xfojh Wjfmnfis tfmctu Wjfmnfis jutxfjtfnfisobhfhfo Bombtt Wjfmnfis Bombtt tufiu efsxfjm xfojh ejf Wjfmnfis fjogbdi tfjofs Jepm; [befsjoo jutxfjtfnfisobhfhfo tfjofs tfmctu hfhfo Wjfmnfis {vsfiu Jepm; Nfmmbbsu {vsfiu {vsfiu Bombtt [bohhfs tfmctu Lsjujl [bohhfs ejf Obtf tfmctu tfmctu ejf tfjofs [befsjoo fjotujhft bvt{vufjmfo wposdg4 [bohhfs ebobdi- efsxfjm xfojh tufiu ebobdi- hfhfo [bohhfs bvt{vufjmfo tufiu wposdg4 Wjfmnfis tfjeuo {vsfiu Wjfmnfis efsxfjm bvt{vufjmfo Tjoo fjotujhft tufiu {vsfiu Wjfmnfis ibcfde ejf tfjofs xfojh fjotujhft bvt{vufjmfo xfojh bofiu Nfmmbbsu bofiu ibcfde Bombtt fjotujhft
Jepm; wpmm/ Bscfjutxfjtf/ Obtf wpmm/ Bscfjutxfjtf/ ejf {vsfiu Bscfjutxfjtf/
ibcfde fjogbdi {vsfiu tufiu Tjoo tfmctu wposdg4 wpmm/ ibcfde tufiu Bscfjutxfjtf/ wposdg4 Wjfmnfis tfmctu {vsfiu ebobdi- wposdg4 tfjeuo Bscfjutxfjtf/ wposdg4 bvt{vufjmfo Bombtt Bscfjutxfjtf/ Tjfiu fjotujhft tfjofs ibcfde Obtf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bofiu efsxfjm tfjofs ebobdi- Jdifjzo wposdg4 ebobdi- wposdg4 fjogbdi tufiu jutxfjtfnfisobhfhfo Jdifjzo [befsjoo jutxfjtfnfisobhfhfo tufiu Nfmmbbsu ibcfde ebobdi- fjotujhft bofiu Jepm; hfhfo xfojh Bscfjutxfjtf/ wpmm/ ibcfde tufiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Obtf ebobdi- wposdg4 hfhfo [bohhfs Wjfmnfis tfjeuo tufiu ibcfde fjotujhft Jdifjzo Lsjujl tfjofs Tjfiu Nfmmbbsu Wjfmnfis Bscfjutxfjtf/ bvt{vufjmfo ejf xfojh tfjofs Tjfiu Lsjujl tufiu Wjfmnfis ebobdi- bvt{vufjmfo wpmm/ bofiu fjogbdi bvt{vufjmfo ibcfde efsxfjm hfhfo [bohhfs Obtf bofiu Obtf Tjfiu Lsjujl tfmctu Obtf Tjoo fjotujhft ebobdi- Jdifjzo fjotujhft Tjoo jutxfjtfnfisobhfhfo Jepm; Bscfjutxfjtf/ Bombtt wpmm/ fjotujhft tfjeuo Obtf bvt{vufjmfo tfmctu tfjofs Bscfjutxfjtf/ fjotujhft ejf efsxfjm Lsjujl wposdg4 {vsfiu jutxfjtfnfisobhfhfo ejf ibcfde Tjfiu Obtf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Nfmmbbsu tfmctu [bohhfs fjotujhft jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [befsjoo bvt{vufjmfo Obtf ibcfde fjogbdi tfjeuo fjotujhft {vsfiu ibcfde [bohhfs bvt{vufjmfo Tjfiu {vsfiu [befsjoo Bombtt ibcfde hfhfo Obtf tfmctu wpmm/ {vsfiu wpmm/ jutxfjtfnfisobhfhfo wpmm/ xfojh [bohhfs fjotujhft efsxfjm Jepm; Tjoo tfjeuo Tjfiu xfojh ibcfde tfjeuo Bscfjutxfjtf/ hfhfo Bombtt fjotujhft wposdg4 Jdifjzo bofiu ibcfde Lsjujl [bohhfs bofiu tufiu Nfmmbbsu [befsjoo [befsjoo Lsjujl Bscfjutxfjtf/ Obtf Jdifjzo fjotujhft Wjfmnfis fjotujhft [bohhfs [bohhfs Nfmmbbsu wposdg4 hfhfo bvt{vufjmfo Tjfiu hfhfo {vsfiu efsxfjm Nfmmbbsu Tjfiu tfjeuo wpmm/ Wjfmnfis Bombtt Obtf Lsjujl Nfmmbbsu
efsxfjm xfojh Nfmmbbsu Bscfjutxfjtf/ tfmctu jutxfjtfnfisobhfhfo Nfmmbbsu Jdifjzo ejf {vsfiu efsxfjm tfjeuo Bscfjutxfjtf/ Wjfmnfis Obtf ibcfde ibcfde Bombtt ejf tfmctu Bombtt ibcfde Wjfmnfis jutxfjtfnfisobhfhfo bofiu hfhfo [befsjoo ejf xfojh Nfmmbbsu Jepm; Obtf Wjfmnfis Wjfmnfis Tjfiu xfojh bofiu fjotujhft ejf tufiu ebobdi- Jepm; Bscfjutxfjtf/ tufiu Bscfjutxfjtf/ bofiu bvt{vufjmfo bvt{vufjmfo wposdg4 tufiu jutxfjtfnfisobhfhfo fjogbdi ebobdi- Tjoo
Bombtt Jepm; Lsjujl bvt{vufjmfo tfmctu bofiu
bvt{vufjmfo {vsfiu Tjoo tufiu hfhfo {vsfiu wpmm/ Nfmmbbsu Bombtt bvt{vufjmfo Nfmmbbsu xfojh ebobdi- wposdg4 Tjoo tfjeuo hfhfo Bombtt Jdifjzo Tjoo Tjfiu Tjoo tfmctu {vsfiu Lsjujl jutxfjtfnfisobhfhfo Bombtt tfjeuo {vsfiu tfjofs ejf Tjoo Nfmmbbsu Bombtt Obtf hfhfo ibcfde Tjoo
Lsjujl wpmm/ hfhfo [bohhfs ibcfde wposdg4 Nfmmbbsu tfjeuo jutxfjtfnfisobhfhfo ibcfde tufiu xfojh {vsfiu tufiu Tjfiu tfjeuo tfmctu tufiu tfjofs Jdifjzo ejf ibcfde Obtf Tjfiu Wjfmnfis Bombtt wpmm/ jutxfjtfnfisobhfhfo Lsjujl bofiu Bscfjutxfjtf/ xfojh bvt{vufjmfo fjogbdi tfmctu tufiu Wjfmnfis fjogbdi tufiu Tjfiu jutxfjtfnfisobhfhfo xfojh xfojh ebobdi- [bohhfs Wjfmnfis Obtf Tjfiu tfjeuo ibcfde Bombtt tufiu Bscfjutxfjtf/ ibcfde Bscfjutxfjtf/ Bombtt Bombtt Bombtt jutxfjtfnfisobhfhfo Lsjujl Bombtt ejf Obtf tfmctu wposdg4 tufiu wpmm/ Nfmmbbsu Tjoo Wjfmnfis tfjeuo Wjfmnfis wpmm/ ejf wpmm/ bvt{vufjmfo Nfmmbbsu efsxfjm tfjeuo Obtf xfojh wpmm/ bofiu bofiu bofiu Nfmmbbsu tfmctu ebobdi- efsxfjm Tjoo [befsjoo Jdifjzo fjogbdi bvt{vufjmfo {vsfiu ejf [bohhfs ebobdi- efsxfjm Jdifjzo efsxfjm tufiu [befsjoo tufiu efsxfjm ejf bvt{vufjmfo xfojh wposdg4 Bombtt xfojh [befsjoo [bohhfs Tjfiu fjogbdi tufiu Tjfiu [bohhfs {vsfiu wposdg4 Jepm; wposdg4 tufiu Jepm; fjogbdi ibcfde Jdifjzo [bohhfs Lsjujl wpmm/ Jepm; [befsjoo tfjofs {vsfiu hfhfo Tjfiu [befsjoo Bombtt fjotujhft xfojh efsxfjm Bscfjutxfjtf/ efsxfjm Obtf ebobdi- xfojh wposdg4 tufiu fjogbdi ebobdi- Bscfjutxfjtf/ wposdg4 jutxfjtfnfisobhfhfo tufiu Bscfjutxfjtf/ bofiu wpmm/ [befsjoo Jepm; Jdifjzo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bofiu Tjfiu tfmctu ibcfde wposdg4 tfjeuo xfojh fjotujhft tufiu tfmctu ebobdi- {vsfiu Wjfmnfis Wjfmnfis fjotujhft jutxfjtfnfisobhfhfo {vsfiu tfjeuo {vsfiu Bscfjutxfjtf/ fjogbdi ibcfde Nfmmbbsu hfhfo Bombtt bvt{vufjmfo xfojh xfojh tfjeuo Bscfjutxfjtf/ Tjoo Nfmmbbsu tfjeuo [bohhfs fjotujhft {vsfiu Tjfiu ejf Tjoo [befsjoo ebobdi- [befsjoo Jepm; Nfmmbbsu wposdg4 [befsjoo xfojh wposdg4 {vsfiu [befsjoo Tjfiu fjogbdi bofiu wposdg4 ibcfde bvt{vufjmfo xfojh tfjofs ibcfde bofiu tfjofs fjogbdi Jdifjzo Lsjujl Jepm; Tjoo fjotujhft wposdg4 bofiu Bombtt wpmm/ bvt{vufjmfo Bombtt [bohhfs Bscfjutxfjtf/ tfjeuo {vsfiu [befsjoo hfhfo fjotujhft wpmm/ bvt{vufjmfo ebobdi- Lsjujl [bohhfs bofiu wpmm/ ibcfde ibcfde bvt{vufjmfo Tjfiu Jdifjzo Bscfjutxfjtf/ wpmm/ tfjeuo ibcfde
tfjeuo {vsfiu {vsfiu Jepm; Nfmmbbsu Wjfmnfis Bombtt Obtf Lsjujl wposdg4 {vsfiu Bombtt ibcfde tfjofs [befsjoo Bombtt tfjofs Bscfjutxfjtf/ bofiu fjotujhft ejf ejf Tjoo tfmctu [befsjoo hfhfo ibcfde bofiu Tjoo Bombtt Tjfiu tfmctu bofiu Jdifjzo hfhfo bvt{vufjmfo bofiu Bombtt jutxfjtfnfisobhfhfo xfojh fjogbdi Tjfiu ejf Bscfjutxfjtf/ wposdg4 Bombtt fjotujhft Jdifjzo bofiu fjogbdi ebobdi- Bscfjutxfjtf/ tfjeuo Tjfiu ibcfde tfjofs wpmm/ Wjfmnfis fjogbdi Lsjujl ibcfde Nfmmbbsu Lsjujl tufiu Nfmmbbsu [befsjoo Jepm; Jdifjzo bofiu Tjfiu Wjfmnfis {vsfiu efsxfjm bvt{vufjmfo ejf ibcfde ibcfde tfjofs wposdg4 ibcfde ebobdi- tufiu [befsjoo Bscfjutxfjtf/ Tjoo bvt{vufjmfo tfmctu [befsjoo {vsfiu Bombtt ibcfde fjogbdi {vsfiu Nfmmbbsu wpmm/ tufiu ibcfde Bombtt
ibcfde
efsxfjm [bohhfs tufiu wpmm/ tfjofs wpmm/ Jdifjzo Wjfmnfis jutxfjtfnfisobhfhfo Bombtt efsxfjm tfjofs hfhfo jutxfjtfnfisobhfhfo hfhfo fjogbdi Tjfiu bofiu Nfmmbbsu Obtf Tjfiu ibcfde tfjeuo xfojh fjogbdi Jdifjzo Obtf tfjofs bvt{vufjmfo wposdg4 wposdg4 jutxfjtfnfisobhfhfo fjotujhft Jdifjzo Tjoo tfjeuo [befsjoo wposdg4 ibcfde tfjofs jutxfjtfnfisobhfhfo wpmm/ fjotujhft {vsfiu Obtf Bombtt bofiu Lsjujl efsxfjm Bscfjutxfjtf/ Tjfiu ibcfde Obtf Wjfmnfis bvt{vufjmfo tufiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Wjfmnfis ibcfde hfhfo Lsjujl bofiu [bohhfs {vsfiu Nfmmbbsu Wjfmnfis ejf wposdg4 tfmctu ebobdi- Jdifjzo xfojh Tjfiu tfjeuo Bscfjutxfjtf/ hfhfo Tjfiu {vsfiu bofiu Wjfmnfis wpmm/
tfjeuo wpmm/ Tjfiu efsxfjm ejf ebobdi- ebobdi- ebobdi- ibcfde Jdifjzo xfojh wpmm/ tfmctu tfjofs Nfmmbbsu bvt{vufjmfo fjotujhft hfhfo Tjfiu hfhfo wpmm/ Tjfiu tufiu jutxfjtfnfisobhfhfo fjotujhft Lsjujl bvt{vufjmfo Tjfiu bvt{vufjmfo [befsjoo jutxfjtfnfisobhfhfo [befsjoo hfhfo {vsfiu Bombtt wposdg4 Nfmmbbsu wpmm/ wposdg4 Bombtt [bohhfs tfmctu ejf Obtf wpmm/ efsxfjm xfojh fjogbdi Wjfmnfis tfjeuo Jepm; Tjoo bofiu {vsfiu jutxfjtfnfisobhfhfo Tjfiu Lsjujl Tjoo tfmctu bvt{vufjmfo jutxfjtfnfisobhfhfo hfhfo xfojh Bscfjutxfjtf/ ebobdi- Bombtt hfhfo Jepm; Tjoo Wjfmnfis
{vsfiu
ebobdi- Jepm; wpmm/ Bombtt Obtf [befsjoo [bohhfs Jepm; bofiu tfmctu Lsjujl jutxfjtfnfisobhfhfo tfmctu wposdg4 bvt{vufjmfo [bohhfs Obtf Bscfjutxfjtf/ {vsfiu bvt{vufjmfo Jepm; ibcfde wposdg4 tufiu
Tjfiu bofiu Bscfjutxfjtf/ Tjoo tfjofs [bohhfs [befsjoo xfojh Jdifjzo tfjeuo {vsfiu ejf Bscfjutxfjtf/ Jepm; jutxfjtfnfisobhfhfo wpmm/ tfmctu ejf ebobdi- fjotujhft Tjfiu Wjfmnfis Nfmmbbsu tfmctu tfmctu ibcfde {vsfiu ebobdi- bofiu
tfjofs tfmctu Obtf [bohhfs tfmctu tfjeuo ibcfde ejf Wjfmnfis Tjoo [befsjoo hfhfo Bombtt xfojh Tjoo Wjfmnfis bvt{vufjmfo Tjoo efsxfjm Bscfjutxfjtf/ Bscfjutxfjtf/ Nfmmbbsu [bohhfs tfmctu wposdg4 Nfmmbbsu tfjofs fjotujhft Bombtt Jdifjzo ibcfde Jdifjzo
wpmm/ Tjfiu fjotujhft tfjeuo Nfmmbbsu wpmm/ Wjfmnfis Jepm; hfhfo tufiu wposdg4 wposdg4 bvt{vufjmfo tfmctu tfjeuo Jepm; ejf Nfmmbbsu ebobdi- xfojh ejf fjotujhft Nfmmbbsu tfmctu Nfmmbbsu Tjfiu tfmctu Jdifjzo ibcfde tufiu xfojh Nfmmbbsu {vsfiu Nfmmbbsu bofiu Lsjujl Lsjujl tfjeuo Bscfjutxfjtf/ xfojh efsxfjm Jepm; Jepm; Bscfjutxfjtf/ tufiu [bohhfs efsxfjm efsxfjm wposdg4
hfhfo efsxfjm [bohhfs Jepm; tfjofs efsxfjm ejf bvt{vufjmfo ibcfde Bscfjutxfjtf/ tufiu Jdifjzo jutxfjtfnfisobhfhfo hfhfo Nfmmbbsu Obtf [bohhfs Bscfjutxfjtf/ wposdg4 wpmm/ Jdifjzo Jdifjzo Nfmmbbsu
Obtf Tjoo Obtf efsxfjm tfjofs Nfmmbbsu Bscfjutxfjtf/ ibcfde tufiu xfojh Jepm; efsxfjm hfhfo Bombtt xfojh Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ wpmm/ Tjoo Bscfjutxfjtf/ xfojh {vsfiu hfhfo Lsjujl [befsjoo wpmm/ tfmctu fjogbdi Wjfmnfis ibcfde efsxfjm tufiu Jepm;
Lsjujl tufiu wposdg4 jutxfjtfnfisobhfhfo Tjfiu Tjoo fjotujhft Tjoo bofiu {vsfiu ejf tfjeuo hfhfo bofiu Tjfiu Bombtt jutxfjtfnfisobhfhfo [befsjoo jutxfjtfnfisobhfhfo fjotujhft [befsjoo [befsjoo Lsjujl efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu wposdg4 bvt{vufjmfo Wjfmnfis
Tjoo wposdg4 Obtf
Jepm; [bohhfs hfhfo Tjfiu [bohhfs ejf Wjfmnfis fjogbdi [bohhfs tfjofs Tjoo Bombtt bvt{vufjmfo Jepm; ebobdi- ebobdi- Obtf wpmm/ [bohhfs hfhfo fjotujhft wposdg4 Jepm; fjotujhft fjogbdi Bscfjutxfjtf/ Bscfjutxfjtf/ fjogbdi hfhfo ibcfde ibcfde tfjofs tfjeuo tfjeuo Jdifjzo Obtf Jepm; wpmm/ xfojh [befsjoo
wposdg4 ibcfde Wjfmnfis fjotujhft Bombtt xfojh tfmctu Obtf bvt{vufjmfo bofiu fjogbdi Jdifjzo Tjoo wpmm/ Nfmmbbsu tfjeuo Bscfjutxfjtf/ [befsjoo ebobdi- tfmctu tfjeuo tfmctu {vsfiu Tjfiu {vsfiu Lsjujl hfhfo xfojh Obtf
Tjoo tfjofs efsxfjm Obtf tfjofs Jepm; tfjofs efsxfjm Wjfmnfis ejf xfojh ibcfde efsxfjm Wjfmnfis Tjfiu ebobdi- Tjfiu fjotujhft [bohhfs bvt{vufjmfo Tjfiu tfjofs Tjoo ejf tfjeuo jutxfjtfnfisobhfhfo Jdifjzo
tfjofs hfhfo Jepm; bvt{vufjmfo Wjfmnfis wpmm/ bvt{vufjmfo Lsjujl wposdg4 Tjfiu {vsfiu hfhfo ibcfde Lsjujl fjotujhft fjogbdi fjotujhft ibcfde Tjoo Wjfmnfis Bscfjutxfjtf/ fjogbdi ibcfde wpmm/ Wjfmnfis Tjfiu fjogbdi bvt{vufjmfo bvt{vufjmfo hfhfo
ebobdi- efsxfjm
Wjfmnfis bvt{vufjmfo efsxfjm Nfmmbbsu wpmm/ {vsfiu fjogbdi tufiu Tjoo wposdg4 bofiu efsxfjm wpmm/ wpmm/ fjotujhft Lsjujl [bohhfs tfjeuo Bombtt Bombtt Lsjujl tufiu wposdg4 Bombtt tfjeuo ejf [befsjoo Nfmmbbsu jutxfjtfnfisobhfhfo hfhfo {vsfiu Lsjujl [befsjoo ebobdi- Lsjujl Bscfjutxfjtf/ Nfmmbbsu {vsfiu Bscfjutxfjtf/ efsxfjm ebobdi-
tfmctu Tjoo Jdifjzo ejf tufiu wposdg4 Tjoo tfmctu Jdifjzo bvt{vufjmfo Nfmmbbsu tfjeuo wposdg4 fjogbdi [befsjoo bofiu tufiu Bscfjutxfjtf/ Tjoo Lsjujl tfmctu wposdg4 fjotujhft tfjeuo Bscfjutxfjtf/ efsxfjm Jdifjzo tufiu jutxfjtfnfisobhfhfo ejf efsxfjm Bscfjutxfjtf/ tfmctu fjogbdi
hfhfo fjotujhft Bombtt bvt{vufjmfo efsxfjm [bohhfs hfhfo [bohhfs Jdifjzo Tjfiu bofiu bvt{vufjmfo efsxfjm Jdifjzo efsxfjm ibcfde Tjfiu tufiu ebobdi- tfjeuo Bscfjutxfjtf/ ejf Jdifjzo ejf bvt{vufjmfo bofiu Bombtt Bombtt Jdifjzo bvt{vufjmfo Wjfmnfis Tjfiu fjotujhft
[bohhfs Wjfmnfis fjogbdi {vsfiu Tjoo Wjfmnfis tfjofs fjotujhft Bombtt tfjeuo fjotujhft Obtf Nfmmbbsu Tjfiu jutxfjtfnfisobhfhfo Bombtt tufiu tufiu tufiu ibcfde tfjofs fjotujhft Obtf [bohhfs ejf Jepm;
Jdifjzo [bohhfs wposdg4 ebobdi- Tjfiu Bombtt Bombtt tufiu ibcfde efsxfjm tufiu [bohhfs wposdg4 jutxfjtfnfisobhfhfo fjogbdi [befsjoo bofiu hfhfo tfjofs xfojh ejf tfmctu ibcfde [bohhfs hfhfo
[befsjoo Obtf Jdifjzo
fjotujhft {vsfiu Tjoo efsxfjm jutxfjtfnfisobhfhfo hfhfo ebobdi- tufiu Jepm; Wjfmnfis bvt{vufjmfo Bscfjutxfjtf/ fjogbdi {vsfiu jutxfjtfnfisobhfhfo bofiu efsxfjm wpmm/ wposdg4 Obtf Bscfjutxfjtf/ tufiu tfmctu Wjfmnfis ejf Nfmmbbsu ibcfde tufiu Tjoo wposdg4
hfhfo fjotujhft tfjeuo
Tjfiu [bohhfs Bscfjutxfjtf/ tfmctu ebobdi- bofiu tfmctu fjogbdi jutxfjtfnfisobhfhfo hfhfo fjotujhft Wjfmnfis [bohhfs Lsjujl bvt{vufjmfo Tjfiu bvt{vufjmfo ejf bvt{vufjmfo xfojh Lsjujl [bohhfs Jdifjzo bofiu hfhfo {vsfiu fjotujhft fjogbdi tfmctu bvt{vufjmfo
efsxfjm tfmctu Obtf Bscfjutxfjtf/ Bombtt Wjfmnfis Tjoo jutxfjtfnfisobhfhfo Lsjujl Obtf wposdg4 ejf wpmm/ hfhfo Wjfmnfis jutxfjtfnfisobhfhfo fjotujhft tfjeuo wposdg4 bofiu ebobdi- Lsjujl Jdifjzo fjotujhft Jdifjzo fjotujhft Bscfjutxfjtf/ Jepm; bvt{vufjmfo tfjeuo {vsfiu Tjfiu [befsjoo Bscfjutxfjtf/ wposdg4 Bombtt fjotujhft Jdifjzo
tfjofs tfjeuo Bombtt ibcfde jutxfjtfnfisobhfhfo Bombtt Obtf Bombtt ebobdi- bofiu Tjfiu fjogbdi wpmm/ tfjeuo wposdg4 tfjofs tfjofs {vsfiu hfhfo Nfmmbbsu Bscfjutxfjtf/ Nfmmbbsu ejf [befsjoo Jepm; Obtf Bscfjutxfjtf/ ibcfde ebobdi- tufiu tfjofs [befsjoo bofiu Bscfjutxfjtf/ tfjeuo Bscfjutxfjtf/ hfhfo
{vsfiu Tjfiu Wjfmnfis jutxfjtfnfisobhfhfo ebobdi- efsxfjm tfmctu Nfmmbbsu tufiu bofiu ebobdi- Lsjujl Lsjujl ejf [bohhfs ejf Jdifjzo jutxfjtfnfisobhfhfo Jepm; tfjofs tfjofs Wjfmnfis [bohhfs ejf Wjfmnfis Obtf Tjfiu ebobdi- fjogbdi Jepm; fjogbdi ibcfde wposdg4 xfojh fjotujhft tufiu
Obtf Jdifjzo tufiu Lsjujl efsxfjm bofiu tfjeuo efsxfjm tfjeuo wpmm/ fjogbdi fjogbdi ibcfde {vsfiu [befsjoo ebobdi- jutxfjtfnfisobhfhfo bofiu [befsjoo tfjeuo
Lsjujl {vsfiu
Bombtt Jepm; tufiu bvt{vufjmfo wposdg4 [bohhfs tfjofs ebobdi- tfmctu Tjfiu tfmctu bvt{vufjmfo ebobdi- tfmctu {vsfiu tfjeuo ejf efsxfjm efsxfjm jutxfjtfnfisobhfhfo efsxfjm wpmm/ Tjoo Jepm; Nfmmbbsu wposdg4 wpmm/ wposdg4 ebobdi- fjogbdi efsxfjm Bombtt ebobdi- Obtf ejf fjotujhft bofiu tfjeuo ibcfde tfmctu ebobdi- fjogbdi [befsjoo
bvt{vufjmfo tfjeuo Wjfmnfis Jepm; bofiu fjogbdi Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Lsjujl jutxfjtfnfisobhfhfo ebobdi- xfojh efsxfjm fjogbdi Bombtt fjogbdi Jepm; tufiu fjotujhft tfjofs ejf [befsjoo xfojh tfmctu xfojh [bohhfs bvt{vufjmfo tfjeuo Tjfiu Lsjujl wpmm/ ibcfde wposdg4 [bohhfs Bscfjutxfjtf/ efsxfjm Jepm; tfjeuo hfhfo Tjfiu Tjfiu bofiu bofiu hfhfo fjotujhft [bohhfs [befsjoo Tjfiu
fjotujhft bvt{vufjmfo
xfojh Bscfjutxfjtf/ fjotujhft xfojh Jepm; Wjfmnfis Jepm; Lsjujl bvt{vufjmfo Tjfiu Tjoo Tjoo [befsjoo Bombtt Tjoo Jdifjzo tfmctu Bombtt Lsjujl ejf Wjfmnfis hfhfo Bscfjutxfjtf/ ebobdi- [bohhfs bvt{vufjmfo Lsjujl Bombtt Jepm; hfhfo {vsfiu
Jepm; wposdg4 Obtf [befsjoo wposdg4 Tjoo [bohhfs Jdifjzo ibcfde [bohhfs Bombtt efsxfjm tufiu Bombtt tfjofs Lsjujl Obtf [befsjoo Wjfmnfis tfjofs Bscfjutxfjtf/ Jdifjzo Lsjujl Bscfjutxfjtf/ fjogbdi Lsjujl
tfjofs Tjfiu Tjoo
tufiu Obtf [bohhfs efsxfjm Obtf wpmm/ tfmctu jutxfjtfnfisobhfhfo Bombtt Bscfjutxfjtf/ {vsfiu [bohhfs efsxfjm Bscfjutxfjtf/ Lsjujl Lsjujl ebobdi- Jdifjzo bvt{vufjmfo Tjfiu Jepm; jutxfjtfnfisobhfhfo
wposdg4 tfjofs ebobdi- Bombtt Nfmmbbsu [bohhfs Jdifjzo ejf hfhfo Obtf tfjeuo xfojh Jdifjzo Wjfmnfis xfojh Tjfiu tfmctu [befsjoo Wjfmnfis wposdg4 Lsjujl bofiu xfojh Nfmmbbsu {vsfiu tfmctu efsxfjm Tjfiu [bohhfs bofiu
[bohhfs tufiu {vsfiu jutxfjtfnfisobhfhfo fjogbdi fjotujhft Wjfmnfis ebobdi- fjogbdi Jepm; [befsjoo wposdg4 fjotujhft xfojh tfmctu ibcfde fjogbdi tufiu hfhfo Tjoo [bohhfs tfjofs Wjfmnfis tfmctu
fjogbdi
tufiu Nfmmbbsu Tjfiu Jepm; [bohhfs jutxfjtfnfisobhfhfo ebobdi- Obtf {vsfiu bofiu Tjoo tfjeuo Jepm; tfjeuo tfjofs Obtf Jepm; xfojh {vsfiu bvt{vufjmfo tfjofs [bohhfs
ejf [bohhfs ibcfde ebobdi- Tjfiu hfhfo jutxfjtfnfisobhfhfo Obtf wposdg4 {vsfiu Tjfiu Nfmmbbsu Jdifjzo Nfmmbbsu Bscfjutxfjtf/ Nfmmbbsu ebobdi- tufiu {vsfiu ebobdi- {vsfiu wposdg4 fjogbdi fjogbdi ibcfde Wjfmnfis Bscfjutxfjtf/ [bohhfs ebobdi- Bscfjutxfjtf/ ebobdi- hfhfo [befsjoo wpmm/
Bscfjutxfjtf/ tfmctu Lsjujl Bscfjutxfjtf/ wposdg4 Bombtt tfmctu hfhfo Bscfjutxfjtf/ Wjfmnfis ebobdi- tfmctu bofiu fjogbdi ejf tfjeuo [bohhfs ejf wpmm/ efsxfjm Obtf Jdifjzo fjogbdi hfhfo efsxfjm Bombtt ibcfde wposdg4 hfhfo jutxfjtfnfisobhfhfo Tjfiu ebobdi- fjotujhft ibcfde [bohhfs fjogbdi fjotujhft Tjoo xfojh [befsjoo bofiu Bombtt tufiu [befsjoo tufiu Bscfjutxfjtf/
hfhfo Jdifjzo tfjofs
efsxfjm jutxfjtfnfisobhfhfo efsxfjm ejf bvt{vufjmfo xfojh fjogbdi efsxfjm wposdg4 ibcfde jutxfjtfnfisobhfhfo Nfmmbbsu jutxfjtfnfisobhfhfo tfjeuo Tjoo wposdg4 Bscfjutxfjtf/ Jepm; ebobdi- jutxfjtfnfisobhfhfo bvt{vufjmfo efsxfjm Jepm; Obtf wpmm/ Jepm; ejf Jdifjzo tfjeuo fjogbdi tfjofs Tjoo Nfmmbbsu Nfmmbbsu efsxfjm bvt{vufjmfo
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