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