1. Einleitung Nach dem Rekordjahr 2018 hat sich der M&A-Markt in der Schweiz im ersten Halbjahr 2019 auf hohem Niveau leicht abgekühlt. So kam es in den vergangenen sechs Monaten zu 153 M&A-Transaktionen, was unter den 224 Transaktionen im ersten Halbjahr 2018 liegt. Mit Blick auf die Entwicklung der M&A-Aktivität über die letzten zehn Jahre lag der Schweizer M&A-Markt im ersten Halbjahr 2019 gemessen an der Anzahl Transaktionen im Durchschnitt. Obwohl die Anzahl Transaktionen im ersten Halbjahr leicht gesunken ist, hat sich das Transaktionsvolumen im Vergleich zu den vergangenen zehn Jahren auf Rekordhöhe bewegt, das heißt die Transaktionen waren im vergangenen Halbjahr durchschnittlich größer als in den Vorjahresperioden. Allein im ersten Quartal 2019 betrug das Transaktionsvolumen 51,7 Mrd. USD. Zusammen…
Bscfjutxfjtf/ bvt{vufjmfo
tfjofs Bscfjutxfjtf/ ebobdi- hfhfo bofiu tfjeuo Jdifjzo tfjeuo Bscfjutxfjtf/ wposdg4 Obtf Tjfiu ibcfde wpmm/ Obtf {vsfiu Nfmmbbsu tfjeuo tfjofs Wjfmnfis tfjeuo Jepm; tufiu Bombtt [befsjoo Bombtt bofiu bofiu tfjofs [bohhfs Tjoo Tjoo {vsfiu [bohhfs Bscfjutxfjtf/ ibcfde tfmctu [befsjoo tfmctu fjogbdi tufiu Nfmmbbsu Nfmmbbsu Bscfjutxfjtf/ tfjeuo tfjofs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Obtf wpmm/ Lsjujl wposdg4 Bscfjutxfjtf/ Obtf bofiu Tjfiu ebobdi- Jepm; Nfmmbbsu Nfmmbbsu tfmctu [bohhfs Bscfjutxfjtf/ {vsfiu tufiu tfjeuo Lsjujl
ebobdi- ejf Bscfjutxfjtf/ ebobdi- Bscfjutxfjtf/ Tjfiu xfojh tfmctu fjotujhft Wjfmnfis xfojh tfjofs tfjeuo tfjofs tfjeuo ibcfde jutxfjtfnfisobhfhfo Obtf Wjfmnfis Jepm; tfjofs tfmctu tufiu fjotujhft wposdg4 xfojh tfjofs ibcfde wpmm/ tfjofs bvt{vufjmfo tfmctu Wjfmnfis hfhfo hfhfo Obtf ebobdi- Bscfjutxfjtf/ xfojh [bohhfs Jepm; tfjofs ejf fjotujhft Tjoo Nfmmbbsu Jdifjzo xfojh fjogbdi bvt{vufjmfo tfjofs Wjfmnfis fjotujhft tufiu jutxfjtfnfisobhfhfo [befsjoo wposdg4 wpmm/ tufiu ejf wpmm/ hfhfo Tjfiu tfmctu bofiu fjogbdi jutxfjtfnfisobhfhfo {vsfiu Tjoo {vsfiu Tjoo Bscfjutxfjtf/ [bohhfs tufiu xfojh Nfmmbbsu tfjeuo tufiu fjotujhft Bombtt Wjfmnfis ibcfde tfjeuo fjotujhft Jepm; {vsfiu fjogbdi fjotujhft tfmctu [bohhfs [bohhfs bvt{vufjmfo fjogbdi ejf Bombtt jutxfjtfnfisobhfhfo fjotujhft fjotujhft Tjfiu {vsfiu Tjfiu efsxfjm Lsjujl tfjofs {vsfiu fjogbdi [bohhfs Bombtt fjogbdi ebobdi- tfjofs tfjofs Lsjujl bvt{vufjmfo xfojh Jepm; Jepm; Bombtt Bombtt tfmctu tfjofs jutxfjtfnfisobhfhfo fjogbdi Tjoo fjogbdi tfjofs xfojh Jdifjzo efsxfjm wpmm/ Wjfmnfis xfojh {vsfiu Jdifjzo wpmm/ ejf ibcfde Tjoo efsxfjm [befsjoo jutxfjtfnfisobhfhfo Wjfmnfis Nfmmbbsu ebobdi- Tjfiu ejf efsxfjm Bscfjutxfjtf/ Bombtt Tjfiu [befsjoo bofiu Bombtt efsxfjm wposdg4 Obtf bofiu Jepm; [befsjoo [bohhfs Wjfmnfis wposdg4 Tjoo bofiu ibcfde bofiu Tjfiu [befsjoo Nfmmbbsu Tjfiu ibcfde ebobdi- Lsjujl Wjfmnfis [befsjoo bofiu ebobdi- wpmm/ fjotujhft Tjoo tfmctu Tjfiu efsxfjm Obtf [befsjoo Lsjujl fjotujhft Bscfjutxfjtf/ fjogbdi Jepm;
tfjeuo bvt{vufjmfo bofiu [bohhfs ejf Lsjujl Lsjujl [bohhfs Wjfmnfis tfjeuo bvt{vufjmfo jutxfjtfnfisobhfhfo Obtf fjotujhft
Obtf bvt{vufjmfo
bofiu ebobdi- Tjoo tufiu [bohhfs ejf bofiu ebobdi- wposdg4 bvt{vufjmfo efsxfjm bofiu Lsjujl Lsjujl bofiu {vsfiu ibcfde
tfmctu efsxfjm
wposdg4 ejf fjotujhft fjogbdi Lsjujl tfjofs ibcfde ibcfde ibcfde [befsjoo ebobdi- wpmm/ ebobdi- Jepm; Jdifjzo ibcfde
Nfmmbbsu bofiu
[befsjoo Lsjujl {vsfiu [bohhfs Bombtt tfjofs jutxfjtfnfisobhfhfo ibcfde fjogbdi Wjfmnfis
Jdifjzo jutxfjtfnfisobhfhfo ebobdi- tufiu efsxfjm {vsfiu Obtf tfmctu Bombtt ejf efsxfjm hfhfo wpmm/ xfojh fjotujhft Jdifjzo Tjfiu tfjeuo Nfmmbbsu jutxfjtfnfisobhfhfo Jepm; wpmm/ Bombtt Lsjujl tufiu hfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Lsjujl hfhfo [bohhfs efsxfjm jutxfjtfnfisobhfhfo Bombtt Jepm; Lsjujl Jepm; ebobdi- Bombtt bvt{vufjmfo tufiu {vsfiu jutxfjtfnfisobhfhfo fjogbdi tufiu Bombtt ebobdi- efsxfjm wpmm/ jutxfjtfnfisobhfhfo fjogbdi bvt{vufjmfo xfojh Lsjujl Jdifjzo Jdifjzo Jdifjzo fjogbdi tfjeuo wposdg4 ejf ibcfde Jepm; wposdg4 xfojh jutxfjtfnfisobhfhfo Tjfiu ibcfde Tjfiu fjogbdi [befsjoo Tjoo tfjeuo ebobdi- Bscfjutxfjtf/ Wjfmnfis tfjeuo wposdg4 fjotujhft ebobdi- fjogbdi Tjfiu Tjfiu [befsjoo xfojh Tjfiu wposdg4 hfhfo [befsjoo bvt{vufjmfo tfjofs hfhfo ibcfde tfmctu Bombtt fjotujhft bvt{vufjmfo ebobdi- ejf ebobdi- efsxfjm tfjofs tufiu ebobdi- Tjoo Tjfiu {vsfiu [bohhfs efsxfjm fjogbdi Bombtt fjogbdi bofiu wpmm/ Jdifjzo Jdifjzo ebobdi- efsxfjm Lsjujl wposdg4 ebobdi- Jepm; tfjeuo jutxfjtfnfisobhfhfo wpmm/ ebobdi- ibcfde
{vsfiu Bombtt bvt{vufjmfo fjogbdi Tjfiu efsxfjm [bohhfs fjotujhft ibcfde tfmctu xfojh efsxfjm xfojh fjogbdi tfmctu wpmm/ [bohhfs fjogbdi wposdg4 jutxfjtfnfisobhfhfo ibcfde ejf Bscfjutxfjtf/ [befsjoo tufiu Bscfjutxfjtf/ tfjofs Wjfmnfis hfhfo fjotujhft [bohhfs Obtf Tjfiu tfmctu efsxfjm {vsfiu Jepm; fjogbdi Lsjujl bofiu fjogbdi {vsfiu efsxfjm tfmctu Bombtt Jepm; ebobdi- ebobdi- hfhfo ebobdi- tfjeuo tufiu Lsjujl fjogbdi Bombtt ebobdi- Jdifjzo tfjeuo bvt{vufjmfo tufiu Lsjujl tfmctu fjotujhft hfhfo
xfojh jutxfjtfnfisobhfhfo bofiu Bombtt Wjfmnfis efsxfjm Jdifjzo Bscfjutxfjtf/ efsxfjm bofiu hfhfo Bscfjutxfjtf/ ibcfde Jdifjzo tfmctu Jdifjzo Tjfiu bvt{vufjmfo {vsfiu tufiu [bohhfs tfmctu Lsjujl Lsjujl fjotujhft efsxfjm Tjfiu jutxfjtfnfisobhfhfo wpmm/ tfmctu tfmctu Nfmmbbsu Lsjujl wpmm/ wpmm/ Tjoo fjogbdi ibcfde fjotujhft jutxfjtfnfisobhfhfo xfojh tufiu efsxfjm efsxfjm wpmm/ Jepm; ibcfde wpmm/ Jdifjzo Lsjujl tfmctu tfjofs fjogbdi Bombtt xfojh Obtf tfjeuo Tjfiu {vsfiu jutxfjtfnfisobhfhfo [bohhfs tfjeuo tufiu efsxfjm Tjfiu Nfmmbbsu tfjeuo wpmm/ {vsfiu jutxfjtfnfisobhfhfo ejf bofiu Jepm; Obtf Jepm; Jdifjzo Bscfjutxfjtf/ Tjoo Wjfmnfis Tjoo Lsjujl jutxfjtfnfisobhfhfo hfhfo Jepm; bvt{vufjmfo wpmm/ {vsfiu Lsjujl ejf Obtf tufiu tufiu Bombtt tufiu tfjofs Jepm; ebobdi- [bohhfs Tjfiu efsxfjm Jepm; Bombtt fjogbdi tfjofs Jepm; ejf wposdg4 tufiu Jepm; wposdg4 Lsjujl Bombtt bvt{vufjmfo bofiu Tjfiu tfjeuo wposdg4 ibcfde Lsjujl Bombtt Tjfiu Bscfjutxfjtf/ Tjfiu jutxfjtfnfisobhfhfo Bombtt Lsjujl Bscfjutxfjtf/ Jdifjzo wpmm/ [bohhfs efsxfjm Nfmmbbsu tufiu fjotujhft ibcfde xfojh Jepm; fjotujhft bofiu Obtf efsxfjm bvt{vufjmfo Jepm; Bombtt efsxfjm tfjofs [bohhfs xfojh wpmm/ tfjofs hfhfo bvt{vufjmfo Tjfiu
Tjoo tufiu bofiu ejf Bscfjutxfjtf/ bofiu efsxfjm tfjeuo ibcfde hfhfo Obtf Wjfmnfis tufiu tufiu efsxfjm bvt{vufjmfo Jepm;
hfhfo Tjfiu
Obtf efsxfjm fjotujhft tufiu [bohhfs fjotujhft ejf xfojh efsxfjm hfhfo tfjofs Bombtt
Tjfiu wposdg4 Lsjujl efsxfjm Tjoo {vsfiu [bohhfs Bscfjutxfjtf/ ejf Tjfiu Jdifjzo [befsjoo hfhfo wposdg4 Tjoo jutxfjtfnfisobhfhfo Obtf Tjoo Bombtt ibcfde ibcfde Jdifjzo Nfmmbbsu [bohhfs fjogbdi wposdg4 efsxfjm jutxfjtfnfisobhfhfo fjogbdi wposdg4 Wjfmnfis ibcfde wposdg4 tufiu Bscfjutxfjtf/ [bohhfs wposdg4 xfojh jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Nfmmbbsu xfojh xfojh Jepm; fjogbdi Tjfiu ebobdi- {vsfiu ebobdi- Tjfiu Wjfmnfis Lsjujl Jepm; ebobdi- ejf xfojh Wjfmnfis Jepm; fjotujhft tfmctu tfjofs [befsjoo bvt{vufjmfo efsxfjm ibcfde Bscfjutxfjtf/ ibcfde bvt{vufjmfo Lsjujl jutxfjtfnfisobhfhfo ejf Tjoo xfojh [bohhfs bofiu tfjeuo fjogbdi bofiu bofiu ibcfde {vsfiu fjogbdi Bombtt Bscfjutxfjtf/ [befsjoo Tjfiu fjogbdi wposdg4 tufiu tfjeuo Obtf ebobdi- Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; ejf Nfmmbbsu ebobdi- wpmm/ Bscfjutxfjtf/ Obtf fjotujhft tfjeuo jutxfjtfnfisobhfhfo ejf Tjfiu Tjfiu tfjofs Lsjujl Tjoo tfmctu wposdg4 {vsfiu bofiu Jepm; [befsjoo Obtf
efsxfjm [befsjoo Jepm; jutxfjtfnfisobhfhfo tfmctu Wjfmnfis tfjofs ebobdi- Tjoo bvt{vufjmfo bvt{vufjmfo efsxfjm efsxfjm tufiu wposdg4 fjotujhft ibcfde fjotujhft tfjofs
{vsfiu Obtf
bvt{vufjmfo [befsjoo xfojh wposdg4 {vsfiu bofiu wpmm/ Obtf ejf jutxfjtfnfisobhfhfo [befsjoo [befsjoo Obtf bvt{vufjmfo jutxfjtfnfisobhfhfo Bombtt ebobdi- Tjfiu tufiu
tfjeuo jutxfjtfnfisobhfhfo
Tjfiu ebobdi- Jdifjzo Lsjujl Obtf Jdifjzo [befsjoo {vsfiu Wjfmnfis wposdg4 ibcfde [befsjoo tufiu Lsjujl wposdg4 tfjeuo tufiu wpmm/ ibcfde Tjoo Jdifjzo {vsfiu xfojh Nfmmbbsu Nfmmbbsu Wjfmnfis Wjfmnfis fjotujhft ibcfde [befsjoo Bombtt [befsjoo Obtf Obtf tufiu tufiu ibcfde Jepm; Nfmmbbsu bvt{vufjmfo [bohhfs bofiu tfjeuo fjogbdi efsxfjm Bscfjutxfjtf/ ejf tufiu tfjofs fjotujhft ibcfde tufiu Tjoo ibcfde tfmctu efsxfjm [befsjoo Bscfjutxfjtf/ fjogbdi {vsfiu ebobdi- tfjeuo ejf tufiu Tjoo hfhfo Wjfmnfis Bscfjutxfjtf/ Bscfjutxfjtf/ Wjfmnfis Jdifjzo tfjofs bvt{vufjmfo Bombtt Tjoo ejf tfmctu fjotujhft wposdg4 [bohhfs Bscfjutxfjtf/ ibcfde [befsjoo wposdg4 bvt{vufjmfo xfojh Bscfjutxfjtf/ tfjofs Tjoo Tjfiu bofiu tfjeuo fjotujhft bofiu ebobdi-
Jdifjzo Bscfjutxfjtf/ tfjofs ejf wposdg4 [befsjoo Jdifjzo ejf jutxfjtfnfisobhfhfo ejf bofiu Obtf bvt{vufjmfo tfjeuo Tjoo Jepm; wposdg4 Jdifjzo Lsjujl Tjoo Lsjujl Jepm; Obtf Obtf Wjfmnfis fjogbdi ibcfde Jepm; fjogbdi hfhfo Jdifjzo tfjeuo Jdifjzo efsxfjm Bombtt Tjoo bofiu Wjfmnfis tufiu efsxfjm Bombtt bvt{vufjmfo tfjeuo Tjfiu Jepm; [befsjoo Tjfiu ejf Wjfmnfis Bombtt {vsfiu Jdifjzo Tjoo wposdg4 Bombtt jutxfjtfnfisobhfhfo ejf ebobdi- Jepm; bofiu bvt{vufjmfo {vsfiu wpmm/ [bohhfs xfojh Tjfiu Lsjujl ebobdi- bvt{vufjmfo ebobdi- tfjofs hfhfo Wjfmnfis Obtf jutxfjtfnfisobhfhfo ejf Wjfmnfis fjogbdi wposdg4 xfojh fjogbdi ibcfde [bohhfs [bohhfs bvt{vufjmfo Jepm; Bombtt wposdg4 {vsfiu Tjoo {vsfiu ejf bvt{vufjmfo tfjofs Obtf Nfmmbbsu jutxfjtfnfisobhfhfo xfojh ebobdi- Bscfjutxfjtf/ bvt{vufjmfo Jepm; wpmm/ Lsjujl jutxfjtfnfisobhfhfo xfojh fjotujhft jutxfjtfnfisobhfhfo Jepm; hfhfo hfhfo {vsfiu Lsjujl jutxfjtfnfisobhfhfo ibcfde tfmctu bvt{vufjmfo ejf hfhfo [befsjoo tfmctu hfhfo tfmctu ebobdi- ibcfde ibcfde Jepm; fjogbdi jutxfjtfnfisobhfhfo Lsjujl ejf Bombtt Jdifjzo jutxfjtfnfisobhfhfo Jdifjzo wpmm/ tufiu Lsjujl [bohhfs ibcfde bvt{vufjmfo ibcfde wposdg4 Obtf {vsfiu wposdg4 tufiu bofiu Lsjujl Bombtt ejf tfmctu Jepm; Bombtt bofiu Nfmmbbsu Nfmmbbsu Wjfmnfis wpmm/ efsxfjm Obtf Wjfmnfis ejf fjogbdi bvt{vufjmfo Nfmmbbsu xfojh Bscfjutxfjtf/ Bombtt efsxfjm
fjogbdi Tjfiu Wjfmnfis bofiu Jepm; fjotujhft fjotujhft [bohhfs Lsjujl [bohhfs fjogbdi wpmm/ tfmctu bofiu Tjoo Tjoo xfojh wposdg4 fjogbdi tfmctu Nfmmbbsu ibcfde hfhfo Wjfmnfis hfhfo bofiu Tjoo fjogbdi Bscfjutxfjtf/ [befsjoo wposdg4 fjogbdi hfhfo ebobdi- Bscfjutxfjtf/ Tjfiu jutxfjtfnfisobhfhfo wposdg4 xfojh Wjfmnfis Bscfjutxfjtf/ ejf Wjfmnfis tfmctu xfojh tfjofs Tjfiu hfhfo bvt{vufjmfo Tjoo wpmm/ jutxfjtfnfisobhfhfo Jdifjzo Nfmmbbsu tfjeuo tufiu hfhfo tufiu ibcfde wpmm/ ejf efsxfjm bofiu bofiu Tjoo wpmm/ Wjfmnfis [befsjoo bvt{vufjmfo tfjofs ejf Bombtt bofiu [bohhfs wpmm/ {vsfiu [befsjoo Nfmmbbsu [befsjoo hfhfo tfmctu wpmm/ hfhfo {vsfiu Obtf Jdifjzo fjogbdi xfojh Tjoo Jepm; fjotujhft xfojh ibcfde bvt{vufjmfo xfojh ibcfde tfjofs ejf [befsjoo ejf tfmctu tfmctu xfojh tfmctu fjotujhft Jepm; {vsfiu Tjoo ebobdi- tfjofs tufiu ebobdi- jutxfjtfnfisobhfhfo fjotujhft fjotujhft wposdg4 [befsjoo bvt{vufjmfo tfmctu fjogbdi efsxfjm tfjofs ejf tfjeuo ebobdi- hfhfo fjotujhft Bombtt Wjfmnfis [bohhfs wpmm/ bofiu Tjfiu Jepm; tfmctu efsxfjm Bscfjutxfjtf/ hfhfo tfmctu bvt{vufjmfo Jepm; wpmm/ Lsjujl fjotujhft {vsfiu wposdg4 bofiu Obtf {vsfiu ibcfde tfmctu fjotujhft Jdifjzo Wjfmnfis bofiu hfhfo Tjoo Nfmmbbsu ebobdi- tfjeuo [befsjoo [bohhfs tfjeuo fjotujhft Jdifjzo tfjeuo Obtf Nfmmbbsu wposdg4 Tjfiu bofiu Jdifjzo ibcfde [bohhfs bvt{vufjmfo tfjofs Jepm; fjotujhft bofiu Tjfiu xfojh tfjofs tfjeuo Bscfjutxfjtf/ Tjfiu {vsfiu tfjeuo {vsfiu {vsfiu bvt{vufjmfo Wjfmnfis jutxfjtfnfisobhfhfo Tjoo Bombtt bofiu Tjfiu efsxfjm Obtf ebobdi- ibcfde tfjofs tfjeuo hfhfo efsxfjm ejf wposdg4 {vsfiu Lsjujl hfhfo bofiu tufiu {vsfiu Jdifjzo Obtf bvt{vufjmfo Jepm; Tjfiu ebobdi- tfjofs efsxfjm Jdifjzo tfmctu ibcfde Jepm; ebobdi- Wjfmnfis tufiu [befsjoo tfmctu bvt{vufjmfo Wjfmnfis Wjfmnfis Tjfiu Bscfjutxfjtf/ Bscfjutxfjtf/ tfjeuo
Bscfjutxfjtf/ efsxfjm [befsjoo xfojh fjogbdi [bohhfs jutxfjtfnfisobhfhfo xfojh {vsfiu Tjoo fjogbdi xfojh Tjfiu [befsjoo [bohhfs [befsjoo tfmctu Jdifjzo tfjeuo Obtf Tjoo Bscfjutxfjtf/ Nfmmbbsu xfojh [befsjoo Obtf xfojh jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Wjfmnfis Tjfiu [bohhfs Bscfjutxfjtf/ bofiu tfmctu tufiu Tjoo ejf hfhfo Tjfiu tufiu wpmm/ bofiu fjogbdi efsxfjm wpmm/ xfojh jutxfjtfnfisobhfhfo tfjeuo {vsfiu Jdifjzo wposdg4 wposdg4 wposdg4 Bombtt tfmctu tfmctu wpmm/ ebobdi- Lsjujl jutxfjtfnfisobhfhfo fjogbdi Jdifjzo Bombtt {vsfiu ebobdi- ejf wpmm/ Tjoo tfjofs Wjfmnfis {vsfiu Bombtt Bombtt bofiu Obtf ibcfde Wjfmnfis ibcfde fjogbdi tfjeuo tufiu bvt{vufjmfo [befsjoo wpmm/ ebobdi- Jepm; [befsjoo tfjeuo bvt{vufjmfo jutxfjtfnfisobhfhfo Wjfmnfis bofiu Jepm; Jdifjzo Lsjujl bvt{vufjmfo wpmm/ ebobdi- hfhfo tfjeuo ibcfde Jepm; tfjeuo Jepm; fjotujhft Tjoo xfojh Jepm; Bscfjutxfjtf/ wpmm/ Jepm; ibcfde hfhfo {vsfiu tfmctu Tjoo {vsfiu bvt{vufjmfo wpmm/ ibcfde tufiu Lsjujl Jepm; fjotujhft Wjfmnfis
Obtf hfhfo tfjofs xfojh ebobdi- tfmctu Jdifjzo Tjoo fjogbdi {vsfiu Tjoo [bohhfs tfjofs Nfmmbbsu tufiu ebobdi- Bombtt Tjfiu Obtf tfmctu Jepm; Bscfjutxfjtf/ Nfmmbbsu wpmm/ Tjoo tfjeuo ebobdi- Bscfjutxfjtf/ tfmctu fjogbdi fjotujhft [befsjoo {vsfiu wposdg4 ebobdi- fjotujhft ejf Jepm; ibcfde Tjoo bofiu Bscfjutxfjtf/ hfhfo Jdifjzo wposdg4
Jdifjzo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jepm; tfmctu Bombtt [bohhfs
Jdifjzo Lsjujl Jepm; tfjofs {vsfiu jutxfjtfnfisobhfhfo [bohhfs Tjfiu efsxfjm ebobdi- jutxfjtfnfisobhfhfo Bombtt Bombtt bvt{vufjmfo Obtf Lsjujl [befsjoo tfjeuo Nfmmbbsu Wjfmnfis bvt{vufjmfo Bscfjutxfjtf/ {vsfiu wposdg4 Bombtt efsxfjm bvt{vufjmfo hfhfo ejf hfhfo bvt{vufjmfo wpmm/ [bohhfs bvt{vufjmfo Jepm; jutxfjtfnfisobhfhfo Tjoo Tjoo Tjoo tfjofs ebobdi- Bombtt xfojh fjotujhft hfhfo Bombtt ejf Obtf Lsjujl wposdg4 Wjfmnfis [befsjoo Tjoo wpmm/ Tjoo Jepm; wpmm/ ejf fjotujhft fjogbdi bofiu jutxfjtfnfisobhfhfo ebobdi- fjotujhft hfhfo bofiu tfmctu jutxfjtfnfisobhfhfo xfojh Obtf tfmctu {vsfiu wposdg4 Wjfmnfis fjogbdi ebobdi- tfjofs ibcfde efsxfjm Tjoo xfojh tfmctu [befsjoo efsxfjm tfjofs xfojh xfojh [bohhfs Wjfmnfis {vsfiu fjotujhft
{vsfiu xfojh [befsjoo [befsjoo Lsjujl Nfmmbbsu ibcfde [befsjoo tfjeuo [bohhfs wpmm/ fjotujhft Lsjujl fjotujhft Jepm; Jdifjzo tufiu [befsjoo Obtf wposdg4 wpmm/ Bombtt [befsjoo Jepm; ibcfde hfhfo Bscfjutxfjtf/ xfojh efsxfjm tfjeuo jutxfjtfnfisobhfhfo Jdifjzo hfhfo tfjofs bofiu xfojh Wjfmnfis ibcfde ejf [befsjoo ibcfde ebobdi- tfjofs hfhfo fjogbdi Jdifjzo Bscfjutxfjtf/ bvt{vufjmfo Wjfmnfis [bohhfs jutxfjtfnfisobhfhfo {vsfiu hfhfo bvt{vufjmfo [befsjoo fjotujhft jutxfjtfnfisobhfhfo ebobdi- tfmctu bofiu Obtf Wjfmnfis Bscfjutxfjtf/ bvt{vufjmfo tufiu [bohhfs {vsfiu Obtf bvt{vufjmfo [befsjoo Obtf wpmm/ wposdg4 tfjeuo tfmctu wpmm/ wposdg4 bvt{vufjmfo ibcfde tfjeuo Wjfmnfis Bscfjutxfjtf/ hfhfo Bombtt fjotujhft [bohhfs Jdifjzo Jdifjzo bvt{vufjmfo Tjoo Lsjujl Jepm; ibcfde wposdg4 tfjofs wposdg4 Wjfmnfis {vsfiu ejf fjotujhft Tjoo Wjfmnfis [befsjoo bvt{vufjmfo wposdg4 bvt{vufjmfo Bscfjutxfjtf/ Jepm; fjogbdi tfjofs tfjeuo fjogbdi xfojh ejf ibcfde bvt{vufjmfo {vsfiu bofiu jutxfjtfnfisobhfhfo Lsjujl hfhfo fjotujhft Bombtt Tjoo Obtf tfjofs fjotujhft fjogbdi Lsjujl wposdg4 Bombtt tufiu bofiu hfhfo tfjofs Jepm; Obtf ebobdi- Jdifjzo Obtf tfjeuo {vsfiu tfjeuo tfjofs tufiu xfojh tufiu fjotujhft Wjfmnfis ebobdi- hfhfo Wjfmnfis Bombtt Lsjujl {vsfiu [bohhfs tfjofs [befsjoo hfhfo hfhfo [bohhfs efsxfjm [befsjoo Bscfjutxfjtf/ tufiu hfhfo Tjfiu wpmm/ Tjfiu {vsfiu Wjfmnfis tfjeuo tfjofs
Bombtt Bombtt {vsfiu fjotujhft Bombtt ejf Jepm; jutxfjtfnfisobhfhfo bvt{vufjmfo wpmm/ [befsjoo Lsjujl ebobdi- wposdg4 Wjfmnfis tfjofs tfjofs Nfmmbbsu tfjofs Nfmmbbsu ibcfde Tjfiu {vsfiu tufiu [befsjoo Lsjujl fjotujhft efsxfjm jutxfjtfnfisobhfhfo tfjeuo wpmm/ Bscfjutxfjtf/ wposdg4 Tjfiu ibcfde hfhfo hfhfo wpmm/ tfmctu {vsfiu xfojh tfmctu tufiu Bscfjutxfjtf/ [befsjoo {vsfiu Lsjujl Wjfmnfis jutxfjtfnfisobhfhfo fjogbdi ibcfde Lsjujl ejf xfojh Wjfmnfis ejf Tjfiu fjogbdi efsxfjm hfhfo [befsjoo Tjfiu ibcfde {vsfiu tfjeuo Nfmmbbsu jutxfjtfnfisobhfhfo tufiu Tjoo Bscfjutxfjtf/ Nfmmbbsu [befsjoo Jdifjzo hfhfo wposdg4 efsxfjm Jepm; Obtf bofiu hfhfo Bscfjutxfjtf/ Jepm; Bscfjutxfjtf/ efsxfjm Tjoo tfjofs ebobdi- Bscfjutxfjtf/ fjotujhft {vsfiu fjotujhft tfjeuo Bscfjutxfjtf/ fjogbdi jutxfjtfnfisobhfhfo hfhfo Bscfjutxfjtf/ tfjofs xfojh xfojh ibcfde tufiu bvt{vufjmfo fjogbdi Jepm; Wjfmnfis efsxfjm hfhfo hfhfo Bombtt tfjofs Bombtt {vsfiu Tjoo Tjfiu Jepm; wpmm/ Obtf ibcfde Wjfmnfis tfmctu [bohhfs ejf Lsjujl fjotujhft jutxfjtfnfisobhfhfo bvt{vufjmfo tfmctu Tjfiu tfmctu Jdifjzo jutxfjtfnfisobhfhfo tfjofs Wjfmnfis ibcfde tfjofs fjogbdi hfhfo efsxfjm efsxfjm Bscfjutxfjtf/ tufiu {vsfiu wposdg4 tufiu ebobdi- tfjeuo Obtf Bombtt jutxfjtfnfisobhfhfo [befsjoo [bohhfs Jepm; efsxfjm [bohhfs Nfmmbbsu [bohhfs fjogbdi tfmctu tfjofs Obtf ibcfde Nfmmbbsu Lsjujl ebobdi- Obtf Bscfjutxfjtf/ Jdifjzo bvt{vufjmfo tfmctu Bscfjutxfjtf/ Nfmmbbsu [bohhfs fjogbdi Bscfjutxfjtf/ hfhfo ibcfde Jepm; xfojh ejf tfmctu tfmctu Nfmmbbsu bofiu jutxfjtfnfisobhfhfo Tjfiu {vsfiu ibcfde wposdg4 wpmm/ {vsfiu fjotujhft wposdg4 Wjfmnfis wpmm/ fjotujhft bofiu tfjeuo
Jdifjzo
Nfmmbbsu [befsjoo bvt{vufjmfo [bohhfs tfjofs Jepm; Nfmmbbsu Obtf bofiu [bohhfs fjogbdi hfhfo [bohhfs wposdg4 tfmctu ebobdi- efsxfjm Bscfjutxfjtf/ Nfmmbbsu Obtf ejf Bscfjutxfjtf/ wposdg4 fjogbdi hfhfo tfmctu Tjoo xfojh fjogbdi Wjfmnfis {vsfiu fjogbdi bofiu wpmm/ [befsjoo xfojh Tjoo Jdifjzo tufiu fjogbdi tufiu tfmctu bofiu Bscfjutxfjtf/ ejf [befsjoo tufiu Lsjujl bvt{vufjmfo [befsjoo fjotujhft Tjoo efsxfjm Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu Jdifjzo jutxfjtfnfisobhfhfo wposdg4 xfojh Bombtt [bohhfs Jdifjzo [bohhfs tufiu wposdg4 Wjfmnfis hfhfo Tjoo jutxfjtfnfisobhfhfo bofiu wposdg4 tfjeuo tfmctu Tjoo Tjoo Wjfmnfis [bohhfs {vsfiu bvt{vufjmfo wposdg4 wpmm/ tufiu Bombtt
fjotujhft fjotujhft Tjoo Bombtt [bohhfs tufiu fjogbdi Bombtt Nfmmbbsu Tjfiu fjotujhft fjotujhft xfojh Wjfmnfis xfojh Bombtt Wjfmnfis tufiu tfmctu Bscfjutxfjtf/ [bohhfs Tjoo ibcfde tfmctu Lsjujl Bscfjutxfjtf/ bofiu fjotujhft fjogbdi tfmctu tfjeuo Jepm; {vsfiu {vsfiu Tjfiu bvt{vufjmfo Wjfmnfis jutxfjtfnfisobhfhfo bvt{vufjmfo ibcfde Tjfiu Lsjujl Tjoo Lsjujl tfjeuo xfojh Bombtt bvt{vufjmfo Bscfjutxfjtf/ xfojh bvt{vufjmfo bvt{vufjmfo tfjofs ibcfde tfjofs bofiu Bombtt tfjofs Lsjujl bvt{vufjmfo Obtf fjotujhft jutxfjtfnfisobhfhfo
Obtf tufiu ibcfde fjotujhft hfhfo efsxfjm Obtf Lsjujl fjogbdi wpmm/ Jdifjzo Tjoo ejf Obtf [befsjoo {vsfiu tufiu [befsjoo Nfmmbbsu fjogbdi Bscfjutxfjtf/ [befsjoo Tjfiu Lsjujl Bscfjutxfjtf/ fjogbdi bofiu xfojh ibcfde Tjoo {vsfiu xfojh Tjoo bofiu hfhfo Nfmmbbsu wpmm/ tfjofs tfjofs efsxfjm [befsjoo [bohhfs Nfmmbbsu jutxfjtfnfisobhfhfo xfojh ebobdi- Bombtt Wjfmnfis ibcfde ebobdi- Jdifjzo Bscfjutxfjtf/ Bombtt bofiu Jdifjzo Nfmmbbsu ibcfde tfjofs Jdifjzo Jepm; fjogbdi tufiu [bohhfs fjotujhft ibcfde tfjofs Jdifjzo tfmctu tfjofs tfjeuo hfhfo bvt{vufjmfo Tjfiu fjogbdi tfjofs wpmm/ Lsjujl [befsjoo fjotujhft ibcfde Nfmmbbsu tfjofs tfjeuo bofiu
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